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First Lien Senior Secured Loan - Revolver SOFR Spread 4.75% Interest Rate 8.45% Maturity Date 4/15/20322026-03-310001899017Consumer Goods: Non-Durable Summer Fridays, LLC First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.92% Maturity Date 5/16/2031ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2025-12-310001899017ck0001899017:LEPCPCo-InvestLPMember2026-01-012026-03-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Psychiatric Medical Care LLC First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.41% Maturity Date 7/1/20322025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Odyssey Behavioral Health First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 9.12% Maturity Date 5/21/20312025-12-310001899017Non-Controlled/Non-Affiliate Investments High Tech Industries HG Insights, Inc. 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First Lien Senior Secured Loan SOFR Spread 6.50% Interest Rate 10.17% Maturity Date 8/27/20302026-03-310001899017Aerospace & Defense ATS First Lien Senior Secured Loan SOFR Spread 5.75% Interest Rate 9.42% Maturity Date 7/12/2029ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017ck0001899017:EnduranceHoldcoLimitedMember2025-01-012025-12-310001899017Non-Controlled/Non-Affiliate Investments Hotel, Gaming & Leisure City BBQ First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.35% Interest Rate 9.02% Maturity Date 9/4/20302026-03-310001899017Non-Controlled/Non Affiliate Investments Services: Business Allbridge First Lien Senior Secured Loan - Revolver Maturity Date 6/5/20302025-12-310001899017ck0001899017:GovineerSolutionsFkaBlackMountainMemberck0001899017:RevolverCommitmentMember2026-03-310001899017ck0001899017:OwlAcquisitionLLCMemberck0001899017:RevolverCommitmentMember2026-03-310001899017ck0001899017:WUHoldcoIncMemberck0001899017:RevolverCommitmentMember2025-12-310001899017Non-Controlled/Non Affiliate Investments Containers, Packaging & Glass Five Star First Lien Senior Secured Loan SOFR Spread 4.25% Interest Rate 7.99% Maturity Date 5/5/20292025-12-310001899017ck0001899017:FirstLienSeniorSecuredLoansMember2025-01-012025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business Advanced Aircrew First Lien Senior Secured Loan SOFR Spread 6.50% Interest Rate 10.22% Maturity Date 7/26/20302025-12-310001899017us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:WarrantMember2026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 7/31/20262025-01-012025-12-310001899017ck0001899017:RecoupmentOfExpenseSupportMember2024-08-012024-08-310001899017us-gaap:InterestRateSwapMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments High Tech Industries Galanthus Group Holdings, Limited First Lien Senior Secured Loan - Delayed Draw Maturity Date 12/24/20312025-12-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:AccidentCareAllianceHoldcoLLCMember2025-12-310001899017ck0001899017:BainCapitalSeniorLoanProgramIILLCMemberck0001899017:ConsumerGoodsNonDurableSectorMember2025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Accident Care Alliance Holdco LLC First Lien Senior Secured Loan - Revolver SOFR Spread 5.00% Interest Rate 8.70% Maturity Date 8/20/20302025-12-310001899017ck0001899017:BlackrockLiquidityFundsTFundInstitutionalShareClassMember2025-12-310001899017Healthcare & Pharmaceuticals Odyssey Behavioral Health First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 9.12% Maturity Date 5/21/2031ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals AOM Infusion First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.00% Interest Rate 8.69% Maturity Date 3/19/20322026-03-310001899017Non-Controlled/Non Affiliate Investments Telecommunications Allo Holdco Borrower LLC Subordinated Debt 7.50% (8.00% PIK) Interest Rate 15.50% Maturity Date 4/16/20322025-12-310001899017us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001899017:SecondLienSeniorSecuredLoansMemberus-gaap:MeasurementInputComparabilityAdjustmentMember2025-12-310001899017Non-Controlled/Non-Affiliate Investments Aerospace & Defense Saturn Purchaser Corp. 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First Lien Senior Secured Loan - Revolver Maturity Date 3/17/20332026-03-310001899017ck0001899017:ServicesBusinessMemberck0001899017:BainCapitalSeniorLoanProgramIILLCMember2025-12-310001899017Non-Controlled/Non Affiliate Investments Aerospace & Defense BTX Precision First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.00% Interest Rate 8.67% Maturity Date 7/25/20302026-03-310001899017ck0001899017:CapitalEquipmentSectorMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Automotive JHCC Holdings, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.25% Interest Rate 8.92% Maturity Date 9/9/20272025-12-310001899017ck0001899017:SummerFridaysLLCMemberck0001899017:RevolverCommitmentMember2026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Monarch Finco, LLC First Lien Senior Secured Loan - Revolver Maturity Date 10/29/20322025-12-310001899017ck0001899017:RecoupmentOfExpenseSupportMember2024-01-012024-01-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries SensorTower Equity Interest2026-03-310001899017Aerospace & Defense BTX Precision First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.00% Interest Rate 8.67% Maturity Date 7/25/2030ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Wells Fargo Settlement Date 9/16/20262026-03-310001899017ck0001899017:RevolverCommitmentMemberck0001899017:RocSkincareMember2026-03-310001899017us-gaap:ForeignExchangeForwardMember2025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Pharmacy Partners First Lien Senior Secured Loan - Revolver Maturity Date 2/28/20292026-03-310001899017ck0001899017:ServicesConsumerMember2026-01-012026-03-310001899017country:GB2026-03-310001899017ck0001899017:GoldmanSachsRevolvingCreditFacilityMember2024-03-220001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:AvalonBidcoLimitedMember2026-03-310001899017us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberck0001899017:FirstLienSeniorSecuredLoansMember2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:MasterConcessionAirMember2025-12-310001899017ck0001899017:SmbcRevolvingCreditFacilityMemberck0001899017:AbrLoanMembersrt:MaximumMember2026-01-012026-03-310001899017ck0001899017:BainCapitalSeniorLoanProgramIILLCMemberck0001899017:InvestmentsOperationsMemberck0001899017:InvestmentConcentrationRiskMember2026-03-310001899017ck0001899017:TransportationCargoSectorMember2025-12-310001899017Non-Controlled/Non-Affiliate Investments Aerospace & Defense Saturn Purchaser Corp. 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First Lien Senior Secured Loan - Delayed Draw Maturity Date 2/6/20322026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Insurance Simplicity First Lien Senior Secured Loan - Revolver Maturity Date 12/31/20312026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Hudson River Trading LLC First Lien Senior Secured Loan SOFR Spread 2.50% Interest Rate 6.18% Maturity Date 3/18/20302026-03-310001899017ck0001899017:SpindriftMember2025-01-012025-12-310001899017us-gaap:FairValueInputsLevel2Memberck0001899017:Series2025SeniorNotesMemberck0001899017:TrancheAMember2025-12-310001899017Non-Controlled/Non-Affiliate Investments Capital Equipment Minus Forty QBD Corp. 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First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.75% Interest Rate 8.42% Maturity Date 8/2/20322026-03-310001899017ck0001899017:HighTechIndustriesMember2025-12-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001899017ck0001899017:GalanthusGroupHoldingsLimitedMemberck0001899017:DelayedDrawCommitment1Member2025-12-310001899017Non-Controlled/Non-Affiliate Investments Consumer Goods: Non-Durable Summer Fridays, LLC First Lien Senior Secured Loan SOFR 5.25% Interest Rate 8.92% Maturity Date 5/16/20312025-12-310001899017ck0001899017:RevolverCommitmentMemberck0001899017:PsychiatricMedicalCareLLCMember2025-12-310001899017Automotive Intoxalock First Lien Senior Secured Loan SOFR Spread 5.10% Interest Rate 8.77% Maturity Date 11/1/2028ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Beverage, Food & Tobacco BCC CPK Investments 2, LP Equity Interest2026-03-310001899017Hotel, Gaming & Leisure City BBQ First Lien Senior Secured Loan SOFR Spread 5.35% Interest Rate 9.10% Maturity Date 9/4/2030ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2025-12-310001899017us-gaap:PreferredStockMember2025-01-012025-12-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Tartan Bidco Pty. 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First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.65% (1.50% PIK) Interest Rate 10.82% Maturity Date 11/11/20272025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Psychiatric Medical Care LLC First Lien Senior Secured Loan - Revolver Maturity Date 7/1/20322025-12-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:QPEAlpha4PtyLtdACN664132530Member2026-03-310001899017Non-Controlled/Non-Affiliate Investments Metals & Mining Elevation NewCo Intermediate, LLC Equity Interest2025-12-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries Harbor IT, LLC First Lien Senior Secured Loan - Delayed Draw Maturity Date 3/13/20312026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:PRGXMember2026-03-310001899017Non-Controlled/Non Affiliate Investments Aerospace & Defense Polar Technology Buyer Ltd First Lien Senior Secured Loan - Revolver Maturity Date 2/27/20322026-03-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals EHE Health First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.17% Maturity Date 8/7/20302025-12-310001899017us-gaap:InvestmentUnaffiliatedIssuerMemberck0001899017:HighTechIndustriesMember2026-03-310001899017ck0001899017:RevolverCommitmentMemberck0001899017:LogrhythmMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Services: Consumer Spotless Brands First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.00% Interest Rate 8.66% Maturity Date 7/25/20282026-03-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals AOM Infusion First Lien Senior Secured Loan SOFR Spread 5.00% Interest Rate 8.69% Maturity Date 3/19/20322025-12-310001899017country:NZ2025-01-012025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business Cube First Lien Senior Secured Loan - Delayed Draw SOFR Spread 3.00% (4.40% PIK) Interest Rate 11.10% Maturity Date 5/20/20312026-03-310001899017ck0001899017:SauceCoHoldCoLLCMemberck0001899017:RevolverCommitmentMember2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:WealthEnhancementGroupWegMember2025-12-310001899017country:NL2025-01-012025-12-310001899017ck0001899017:BainCapitalSeniorLoanProgramLlcMemberck0001899017:MMCLOWH1CreditFacilityMember2025-03-190001899017Non-Controlled/Non-Affiliate Investments Hotel, Gaming, & Leisure Pollo Tropical First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 9.07% Maturity Date 10/23/20292025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals USME Holdco LLC Subordinated Debt Spread 17.00% PIK Interest Rate 17% Maturity Date 5/26/20312026-03-310001899017us-gaap:ConstructionSectorMember2026-01-012026-03-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries Chartbeat Subordinated Debt SOFR Spread 16.00% PIK Interest Rate 16.00% Maturity Date 10/4/20302026-03-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Vatica Health, Inc. 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First Lien Senior Secured Loan - Revolver SOFR Spread 5.65% (1.50% PIK) Interest Rate 10.82% Maturity Date 11/11/20272025-12-310001899017ck0001899017:AllbridgeMemberck0001899017:DelayedDrawCommitmentMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Services: Consumer CorePower Yoga, LLC First Lien Senior Secured Loan - Revolver Maturity Date 4/30/20312026-03-310001899017Construction & Building G702 Buyer, Inc. First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.45% Maturity Date 7/2/2031ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017us-gaap:WarrantMember2025-01-012025-12-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:SecondLienSeniorSecuredLoanMember2025-12-310001899017Non-Controlled/Non Affiliate Investments Metals & Mining Elevation NewCo, LLC First Lien Senior Secured Loan - Revolver Maturity Date 8/1/20312025-12-310001899017Non-Controlled/Non-Affiliate Investments Wholesale SureWerx First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.95% Maturity Date 12/28/20292026-03-310001899017Non-Controlled/Non Affiliate Investments Aerospace & Defense Heads Up Technologies, Inc. Second Lien Senior Secured Loan SOFR Spread 8.25% Interest Rate 11.95% Maturity Date 7/23/20312026-03-310001899017ck0001899017:KAMCHoldingsIncMemberck0001899017:RevolverCommitmentMember2025-12-310001899017ck0001899017:WholesaleMember2025-01-012025-12-310001899017us-gaap:AutomotiveSectorMemberck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017ck0001899017:SmbcRevolvingCreditFacilityMember2025-12-310001899017Non-Controlled/Non-Affiliate Investments Beverage, Food & Tobacco SauceCo HoldCo, LLC First Lien Senior Secured Loan - Revolver SOFR Spread 5.75% Interest Rate 9.44% Maturity Date 5/13/20302025-12-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:AccidentCareAllianceHoldcoLLCMember2026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Monarch Finco, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.25% Interest Rate 7.92% Maturity Date 10/29/20322026-03-310001899017Non-Controlled/Non-Affiliate Investments High Tech Industries Access First Lien Senior Secured Loan SONIA Spread 5.25% Interest Rate 8.97% Maturity Date 6/28/20292025-12-310001899017Non-Controlled/Non-Affiliate Investments Construction & Building AGS American Glass Services Acquisition, LLC First Lien Senior Secured Loan - Revolver SOFR Spread 5.50% Interest Rate 9.17% Maturity Date 7/24/20312026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 9/25/20262026-01-012026-03-310001899017Non-Controlled/Non-Affiliate Investments Construction & Building Chase Industries, Inc, First Lien Senior Secured Loan SOFR Spread 65% (1.50% PIK) Interest Rate 10.82% Maturity Date 11/11/20272026-03-310001899017us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberck0001899017:FirstLienSeniorSecuredLoansMember2025-12-310001899017Non-Controlled/Non-Affiliate Investments Hotel, Gaming & Leisure Awayday First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.92% Maturity Date 5/6/2032 One2025-12-310001899017Non-Controlled/Non-Affiliate Investments Automotive Caliber First Lien Senior Secured Loan SOFR Spread 2.50% Interest Rate 6.22% Maturity Date 1/30/20312025-12-310001899017us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2026-03-310001899017Non-Controlled/Non Affiliate Investments FIRE: Finance Legacy Corporate Lending HoldCo, LLC Equity Interest2025-12-310001899017ck0001899017:BtxPrecisionMemberck0001899017:RevolverCommitmentMember2025-12-310001899017ck0001899017:GoldmanSachsRevolvingCreditFacilityMember2026-01-012026-03-310001899017us-gaap:InvestmentUnaffiliatedIssuerMemberck0001899017:FireInsuranceMember2025-12-310001899017us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2026-01-012026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 10/2/20262025-12-310001899017us-gaap:PreferredStockMemberck0001899017:BainCapitalSeniorLoanProgramLlcMember2025-12-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:MeasurementInputBookValueMultipleMemberck0001899017:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 7/31/20262025-12-3100018990172026-01-012026-03-310001899017ck0001899017:PrecisionConceptsParentIncMemberck0001899017:RevolverCommitmentMember2026-03-310001899017ck0001899017:CommonClassIMember2026-05-140001899017ck0001899017:BainCapitalSeniorLoanProgramIILLCMemberck0001899017:InterestRateFloorOneMember2026-01-012026-03-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries Chartbeat Warrants2026-03-310001899017ck0001899017:CommonClassIMember2026-01-310001899017ck0001899017:SONIAPlusSixPointFourTwoPercentageMember2026-01-012026-03-310001899017us-gaap:PreferredStockMemberck0001899017:BCCCPKInvestments2LPEquityInterestMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001899017ck0001899017:MonarchFincoLLCMemberck0001899017:DelayedDrawCommitmentMember2026-03-310001899017ck0001899017:SmbcRevolvingCreditFacilityMemberck0001899017:RfrLoanMembersrt:MinimumMember2026-01-012026-03-310001899017Non-Controlled/Non Affiliate Investments Services: Business Advanced Aircrew First Lien Senior Secured Loan - Revolver Maturity Date 7/26/20302025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business Alogent Holdings, Inc. 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First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.45% Maturity Date 2/6/20322026-03-310001899017Non-Controlled/Non-Affiliate Investments Aerospace & Defense BTX Precision First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.42% Maturity Date 7/25/20302026-03-310001899017ck0001899017:UnreimbursedExpenseSupportMember2024-04-012024-04-300001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:ICATLogisticsIncMember2025-12-310001899017ck0001899017:UtilitiesWaterMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business AMI First Lien Senior Secured Loan - Revolver Maturity Date 10/17/20312025-12-310001899017Non-Controlled/Non-Affiliate Investments Consumer Goods: Durable New Milani Group LLC First Lien Senior Secured Loan - Delayed Draw Maturity Date 6/26/20312026-03-310001899017ck0001899017:BainCapitalSeniorLoanProgramIILLCMemberck0001899017:AerospaceAndDefenseSectorMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Capital Equipment AeriTek Global CAD Acquisition Inc. First Lien Senior Secured Loan - Revolver SOFR Spread 6.50% Interest Rate 10.32% Maturity Date 8/27/20302026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:OwlAcquisitionLLCMember2026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 4/16/20262025-12-310001899017Non-Controlled/Non-Affiliate Investments Metals & Mining Lindstrom, LLC First Lien Senior Secured Loan - Revolver SOFR Spread 5.50% Interest Rate 9.20% Maturity Date 12/30/20322026-03-310001899017ck0001899017:ReimbursementEligibilityExpirationDateJanuaryThirtyOneThousandTwentySevenMember2024-01-012024-01-310001899017Services: Business Allbridge First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.20% Maturity Date 6/5/2030ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:R1RCMIncMember2026-03-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:SubordinatedNoteInInvestmentVehiclesMember2026-03-310001899017ck0001899017:AmountOfExpenseSupportMember2024-07-012024-07-310001899017us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001899017ck0001899017:UnreimbursedExpenseSupportMember2024-01-012024-01-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:LightspeedBuyerIncMember2026-03-310001899017Non-Controlled/Non Affiliate Investments Services: Consumer Vasa Fitness Buyer, Inc. First Lien Senior Secured Loan SOFR Spread 6.35% Interest Rate 10.02% Maturity Date 8/15/20302026-03-310001899017Non-Controlled/Non-Affiliate Investments Wholesale Fifty U.S. Bidco Inc First Lien Senior Secured Loan - Revolver SOFR Spread 5.00% Interest Rate 8.67% Maturity Date 8/1/20312025-12-310001899017ck0001899017:ContainersPackagingAndGlassMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001899017ck0001899017:MasterConcessionAirMemberck0001899017:RevolverCommitmentMember2025-12-310001899017Non-Controlled/Non-Affiliate Investments Consumer Goods: Durable New Milani Group LLC First Lien Senior Secured Loan - Delayed Draw Maturity Date 6/26/20312025-12-310001899017Non-Controlled/Non-Affiliate Investments Healthcare & Pharmaceuticals Vatica Health, Inc. First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.45% Maturity Date 10/31/20322025-12-310001899017ck0001899017:HealthcareAndPharmaceuticalsMember2025-12-310001899017country:AU2025-12-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:SpotlessBrandsLlcMember2026-03-310001899017ck0001899017:SONIAPlusSixPointThreeEightPercentageMember2025-12-310001899017us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-12-310001899017Non-controlled/Non-Affiliated Investments FIRE: Insurance Simplicity First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.75% Interest Rate 8.45% Maturity Date 12/31/20312026-03-310001899017ck0001899017:HotelGamingAndLeisureMember2025-12-310001899017country:DE2026-01-012026-03-310001899017Non-Controlled/Non-Affiliate Investments Wholesale Chex Finer Foods, LLC First Lien Senior Secured Loan SOFR Spread 6.00% Interest Rate 9.74% Maturity Date 6/6/20312025-12-310001899017Non-Controlled/Non-Affiliate Investments Services: Business PRGX First Lien Senior Secured Loan - Delayed Draw Maturity Date 12/20/20302026-03-310001899017Healthcare & Pharmaceuticals Pharmacy Partners First Lien Senior Secured Loan SOFR Spread 6.50% Interest Rate 10.17% Maturity Date 2/28/2029ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001899017:ValuationTechniqueComparableCompanyMultipleMemberck0001899017:FirstLienSeniorSecuredLoansMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001899017ck0001899017:McLarensAcquisitionIncMemberck0001899017:DelayedDrawCommitmentMember2026-03-310001899017country:US2025-12-310001899017ck0001899017:GalanthusGroupHoldingsLimitedMemberck0001899017:DelayedDrawCommitment2Member2026-03-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries Appriss First Lien Senior Secured Loan - Revolver SOFR Spread 5.00% Interest Rate 8.71% Maturity Date 3/10/20312026-03-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Odyssey Behavioral Health First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.91% Maturity Date 5/21/20312026-03-310001899017us-gaap:SubsequentEventMember2026-04-010001899017Non-controlled/Non-Affiliated Investments FIRE: Finance PMA First Lien Senior Secured Loan - Revolver Maturity Date 1/31/20312025-12-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:NewMilaniGroupLLCMember2026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 8/10/20262026-01-012026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:BridgerAerospaceGroupHoldingsIncMember2025-12-310001899017ck0001899017:CubeMemberck0001899017:DelayedDrawCommitment1Member2026-03-310001899017Metals & Mining Elevation NewCo, LLC First Lien Senior Secured Loan SOFR Spread 5.75% Interest Rate 9.45% Maturity Date 8/1/2031ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Aerospace & Defense Polar Technology Group LLC Equity Interest2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:NewMilaniGroupLLCMember2025-12-310001899017Non-Controlled/Non Affiliate Investments FIRE: Finance Legacy Corporate Lending HoldCo, LLC Equity Interest One2026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 3/30/20262025-01-012025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals AEG Vision First Lien Senior Secured Loan SOFR Spread 5.90% Interest Rate 9.60% Maturity Date 3/27/20272026-03-310001899017ck0001899017:AGSAmericanGlassServicesAcquisitionLLCMemberck0001899017:RevolverCommitmentMember2025-12-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001899017:FirstLienSeniorSecuredLoansMember2025-12-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:ChoreoMember2026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance PMA First Lien Senior Secured Loan SOFR spread 4.75% Interest Rate 8.42% Maturity Date 1/31/20312025-12-310001899017us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2026-03-310001899017ck0001899017:CityBbqMemberck0001899017:RevolverCommitmentMember2026-03-310001899017ck0001899017:JpmRevolvingCreditFacilityMember2024-12-130001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:BlackbirdPurchaserIncMember2026-03-310001899017ck0001899017:SmbcRevolvingCreditFacilityMemberck0001899017:RfrLoanMembersrt:MaximumMember2024-12-182024-12-180001899017ck0001899017:LegacyCorporateLendingHoldcoLlcMember2026-01-012026-03-310001899017ck0001899017:SONIAPlusSixPointThreeEightPercentageMember2025-01-012025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business Alogent Holdings, Inc. First Lien Senior Secured Loan SOFR Spread 6.50% Interest Rate 10.17% Maturity Date 1/21/20322026-03-310001899017us-gaap:InvestmentAffiliatedIssuerControlledMemberck0001899017:InvestmentVehiclesMember2026-03-310001899017ck0001899017:BLIBuyerIncMemberck0001899017:RevolverCommitmentMember2025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business Alogent Holdings, Inc. First Lien Senior Secured Loan - Revolver Maturity Date 1/21/20322026-03-310001899017ck0001899017:TwoThousandTwentySixOneNotesMemberck0001899017:ClassDNotesMember2026-01-012026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty BNP Paribas Settlement Date 7/31/20262025-01-012025-12-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 3/30/20272026-03-310001899017Non-Controlled/Non Affiliate Investments Containers, Packaging & Glass Technimark First Lien Senior Secured Loan SOFR Spread 3.25% Interest Rate 6.98% Maturity Date 4/14/20312025-12-310001899017ck0001899017:UnreimbursedExpenseSupportMember2024-02-012024-02-290001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:HarborITLLCMember2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:DiscoverySeniorLivingMember2026-03-310001899017ck0001899017:CommonClassSMember2026-03-310001899017ck0001899017:SubordinatedNoteInInvestmentVehiclesMember2025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business Allbridge First Lien Senior Secured Loan - Delayed Draw Maturity Date 6/5/20302025-12-310001899017us-gaap:FairValueInputsLevel1Member2026-03-310001899017ck0001899017:CapitalEquipmentSectorMember2025-12-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries Govineer Solutions (fka Black Mountain) First Lien Senior Secured Loan - Revolver SOFR Spread 5.00% Interest Rate 8.67% Maturity Date 10/7/20302026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 6/15/20262025-01-012025-12-310001899017ck0001899017:ChexFinerFoodsLLCMemberck0001899017:RevolverCommitmentMember2025-12-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Avalon Bidco Limited First Lien Senior Secured Loan SONIA Spread 6.25% Interest Rate 10.22% Maturity Date 4/16/20322025-12-310001899017ck0001899017:IncentiveFeeBasedOnIncomeMember2026-01-012026-03-310001899017Non-Controlled/Non-Affiliate Investments Capital Equipment PPT Group First Lien Senior Secured Loan SONIA Spread 5.50% Interest Rate 9.24% Maturity Date 2/28/20312026-03-310001899017Services: Business AMI First Lien Senior Secured Loan SOFR Spread 5.00% Interest Rate 8.90% Maturity Date 10/17/2031ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017ck0001899017:BainCapitalSeniorLoanProgramIILLCMemberck0001899017:ContainersPackagingGlassMember2026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty BNP Paribas Settlement Date 7/31/20262026-03-310001899017Non-Controlled/Non Affiliate Investments Containers, Packaging & Glass Precision Concepts Parent Inc. First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.75% Interest Rate 8.59% Maturity Date 8/2/20322025-12-310001899017Non-Controlled/Non-Affiliate Investments Capital Equipment Alliance Laundry First Lien Senior Secured Loan SOFR Spread 2.25% Interest Rate 5.92% Maturity Date 8/19/20312026-03-310001899017us-gaap:AdministrativeServiceMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2025-12-310001899017us-gaap:InvestmentUnaffiliatedIssuerMemberck0001899017:ConsumerGoodsNonDurableSectorMember2025-12-310001899017us-gaap:EquitySecuritiesMember2024-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals EHE Health First Lien Senior Secured Loan - Revolver Maturity Date 8/7/20302025-12-310001899017Controlled Affiliate Investments Investment Vehicles Bain Capital Senior Loan Program II, LLC Subordinated Note Investment Vehicles Spread 10.00% Interest Rate 10.00% Maturity Date 12/24/20362026-03-310001899017ck0001899017:FiveLargestInvesteeMemberck0001899017:BainCapitalSeniorLoanProgramIILLCMemberck0001899017:InvestmentsOperationsMemberck0001899017:InvestmentConcentrationRiskMember2025-12-310001899017ck0001899017:AmberstoneCo.Ltd.Member2024-12-270001899017Non-Controlled/Non Affiliate Investments Aerospace & Defense Bridger Aerospace Group Holdings, Inc. 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First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.75% Interest Rate 8.47% Maturity Date 12/23/20272025-12-310001899017Non-Controlled/Non-Affiliate Investments Wholesale Fifty U.S. Bidco Inc First Lien Senior Secured Loan - Revolver SOFR Spread 5.00% Interest Rate 8.70% Maturity Date 8/1/20312026-03-310001899017Non-Controlled/Non-Affiliate Investments Services: Consumer Spotless Brands First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.00% Interest Rate 8.87% Maturity Date 7/25/20282025-12-310001899017ck0001899017:InterestRateFloorThreeMemberck0001899017:BainCapitalSeniorLoanProgramIILLCMember2025-01-012025-12-310001899017ck0001899017:BCCCPKInvestments2LPMember2026-01-012026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty BNP Paribas Settlement Date 9/16/20262026-01-012026-03-310001899017us-gaap:ForeignExchangeForwardMember2026-03-310001899017Interest Rate Swap Hedged Items Series 2025 Senior Notes, Tranche B Notes Counterparty BNP Paribas Settlement Date 11/29/20282026-03-310001899017ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2025-01-012025-03-310001899017Non-Controlled/Non Affiliate Investments Services: Business AMI First Lien Senior Secured Loan - Revolver Maturity Date 10/17/20312026-03-310001899017ck0001899017:FireInsuranceMember2025-01-012025-12-310001899017ck0001899017:RevolverCommitmentMemberck0001899017:CorePowerYogaLLCMember2025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals RedMed Operations First Lien Senior Secured Loan - Revolver SOFR Spread 5.00% Interest Rate 8.68% Maturity Date 2/28/20312026-03-310001899017country:IE2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:VesscoWaterMember2025-12-310001899017Non-Controlled/Non Affiliate Investments Consumer goods: Non-durable WU Holdco, Inc. First Lien Senior Secured Loan - Revolver SOFR Spread 4.75% Interest Rate 8.40% Maturity Date 4/15/20322025-12-310001899017Non-Controlled/Non-Affiliate Investments Services: Business PRGX First Lien Senior Secured Loan - Delayed Draw2025-12-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 12/16/20262026-01-012026-03-310001899017ck0001899017:MetalsAndMiningMember2026-01-012026-03-310001899017Non-Controlled/Non-Affiliate Investments Beverage, Food & Tobacco Hellers Subordinated Debt Spread 15.00% PIK Interest Rate 15.00% Maturity Date 3/27/20312026-03-310001899017us-gaap:InvestmentUnaffiliatedIssuerMemberck0001899017:TransportationCargoMember2025-12-310001899017FIRE: Finance PMA First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.45% Maturity Date 1/31/2031ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017Non-Controlled/Non Affiliate Investments Containers, Packaging & Glass ASP-r-pac Acquisition Co LLC First Lien Senior Secured Loan SOFR Spread 6.26% Interest Rate 10.10% Maturity Date 12/29/20272025-12-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries PayRange First Lien Senior Secured Loan - Revolver Maturity Date 10/31/20302026-03-310001899017Services: Business Pure Wafer First Lien Senior Secured Loan SOFR Spread 5.35% Interest Rate 9.02% Maturity Date 11/12/2030ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:DiscoverySeniorLivingMember2025-12-310001899017ck0001899017:ElectronicMerchantSystemsMember2026-01-012026-03-310001899017ck0001899017:ZeusFireSecurityMemberck0001899017:RevolverCommitmentMember2025-12-310001899017Non-Controlled/Non-Affiliate Investments Services: Consumer Master ConcessionAir First Lien Senior Secured Loan - Delayed Draw SOFR Spread 8.75% Interest Rate 12.64% Maturity Date 6/21/20292025-12-310001899017Non-Controlled/Non-Affiliate Investments Services: Business Rydoo Preferred Equity2026-03-310001899017Non-Controlled/Non Affiliate Investments Services: Business Vasa Fitness, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Spread 6.35% Interest Rate 10.08% Maturity Date 8/15/20302025-12-310001899017Forward Foreign Currency Exchange Contracts Counterparty Wells Fargo Settlement Date 1/7/20272026-03-310001899017ck0001899017:EXTAcquisitionsIncMemberck0001899017:DelayedDrawCommitmentMember2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:NafincoMember2025-12-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Sikich Warrants2026-03-310001899017Non-Controlled/Non-Affiliate Investments High Tech Industries LogRhythm First Lien Senior Secured Loan SOFR Spread 7.50% Interest Rate 11.34% Maturity Date 7/2/20292025-12-310001899017country:GB2025-01-012025-12-310001899017Non-Controlled/Non-Affiliate Investments Hotel, Gaming & Leisure City BBQ First Lien Senior Secured Loan - Revolver Maturity Date 9/4/20302025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals CRH Healthcare Purchaser, Inc. First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.92% Maturity Date 9/17/20312025-12-310001899017ck0001899017:RedNucleusMemberck0001899017:RevolverCommitmentMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Services: Consumer Owl Acquisition, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.75% Interest Rate 8.69% Maturity Date 4/17/20322025-12-310001899017ck0001899017:SmbcRevolvingCreditFacilityMemberck0001899017:RfrLoanMembersrt:MaximumMember2026-01-012026-03-310001899017Non-Controlled/Non-Affiliate Investments Services: Business HLSG Intermediate, LLC First Lien Senior Secured Loan - Revolver Maturity Date 2/2/20332026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:ChiltonMember2026-03-310001899017us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberck0001899017:PreferredEquityInterestInInvestmentVehiclesMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Capital Equipment AeriTek Global CAD Acquisition Inc. First Lien Senior Secured Loan - Revolver SOFR Spread 6.50% Interest Rate 10.32% Maturity Date 8/27/20302025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Vatica Health, Inc. First Lien Senior Secured Loan - Revolver Maturity Date 10/31/20322025-12-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:OghBidcoLimitedMember2026-03-310001899017Non-controlled/Non-Affiliated Investments Environmental Industries Reconomy First Lien Senior Secured Loan SONIA Spread 6.50% Interest Rate 10.22% Maturity Date 7/12/20292025-12-310001899017us-gaap:PreferredStockMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberck0001899017:BainCapitalSeniorLoanProgramIILLCPreferredEquityInterestInvestmentVehiclesMember2026-01-012026-03-310001899017us-gaap:RelatedPartyMember2026-01-012026-03-310001899017ck0001899017:UtilitiesWaterMember2025-01-012025-12-310001899017ck0001899017:Series2025SeniorNotesMemberck0001899017:TrancheANotesMember2026-01-012026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Real Estate BDC Mezz Lender, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.50% Interest Rate 8.17% Maturity Date 2/1/20292026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:TartanBidcoPtyLtdMember2026-03-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries PlentyMarkets First Lien Senior Secured Loan - Delayed Draw EURIBOR Spread 2.80% (3.70% PIK) Interest Rate 8.45% Maturity Date 4/2/20322026-03-310001899017ck0001899017:SummerFridaysLLCMemberck0001899017:RevolverCommitmentMember2025-12-310001899017ck0001899017:SmbcRevolvingCreditFacilityMember2025-01-012025-03-310001899017ck0001899017:SensortowerMember2025-01-012025-12-310001899017ck0001899017:PayRangeMember2025-01-012025-12-310001899017us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001899017:SecondLienSeniorSecuredLoansMemberus-gaap:MeasurementInputComparabilityAdjustmentMember2026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 12/16/20262025-01-012025-12-310001899017ck0001899017:TwoThousandTwentySixOneNotesMemberck0001899017:ClassBNotesMember2026-03-310001899017ck0001899017:AmountOfExpenseSupportMember2024-01-012024-01-310001899017ck0001899017:ServicesBusinessMember2026-01-012026-03-310001899017Non-controlled/Non-Affiliated Investments Environmental Industries Meteor UK Bidco Limited First Lien Senior Secured Loan - Delayed Draw SONIA Spread 5.00% Interest Rate 8.95% Maturity Date 5/14/20322025-12-310001899017Non-Controlled/Non-Affiliate Investments Construction & Building TL Sapphire Parent, Inc. First Lien Senior Secured Loan -SOFR Spread 5.00% Interest Rate 8.67% Maturity Date 1/22/20332026-03-310001899017us-gaap:FairValueInputsLevel2Memberck0001899017:FirstLienSeniorSecuredLoansMember2025-12-310001899017ck0001899017:BCCHGSInvestments2LPMember2025-01-012025-12-310001899017ck0001899017:CommonClassDMember2025-03-310001899017Non-Controlled/Non-Affiliate Investments Capital Equipment EXT Acquisitions, Inc. First Lien Senior Secured Loan - Delayed Draw Maturity Date 12/19/20312026-03-310001899017ck0001899017:BcsfAdvisorsLpMember2025-12-310001899017ck0001899017:SecondLienSeniorSecuredLoanMember2026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 3/30/2026 One2025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business Cube First Lien Senior Secured Loan - Delayed Draw SOFR Spread 3.00% (4.40% PIK) Interest Rate 11.07% Maturity Date 5/20/20312025-12-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 3/30/20272026-01-012026-03-310001899017ck0001899017:LegacyCorporateLendingHoldcoLlcClassBCommonEquityMemberus-gaap:CommonClassBMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Avalon Bidco Limited First Lien Senior Secured Loan - Delayed Draw SONIA Spread 6.25% Interest Rate 9.99% Maturity Date 4/16/20322026-03-310001899017ck0001899017:ZeusFireSecurityMemberck0001899017:RevolverCommitmentMember2026-03-310001899017ck0001899017:FirstLienSeniorSecuredLoansMember2026-03-310001899017ck0001899017:HotelGamingAndLeisureMember2026-01-012026-03-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Red Nucleus First Lien Senior Secured Loan - Revolver SOFR Spread 5.25% Interest Rate 9.06% Maturity Date 10/17/20312026-03-310001899017ck0001899017:HealthcareAndPharmaceuticalsMemberck0001899017:BainCapitalSeniorLoanProgramIILLCMember2025-12-310001899017ck0001899017:GoldmanSachsRevolvingCreditFacilityMember2025-12-310001899017ck0001899017:MetalsAndMiningMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001899017ck0001899017:BainCapitalSeniorLoanProgramIILLCMemberck0001899017:AerospaceAndDefenseSectorMember2025-12-310001899017ck0001899017:NonControlledAffiliateAndControlledAffiliateInvestmentsMember2026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Real Estate BDC JH Senior Lender, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Spread 3.25% Interest Rate 6.92% Maturity Date 3/16/20292026-03-310001899017Non-Controlled/Non-Affiliate Investments Beverage, Food & Tobacco Spindrift Subordinated Debt Spread 13.75%PIK Interest Rate 13.75% Maturity Date 2/19/20332025-12-310001899017ck0001899017:CommonClassDMember2026-03-310001899017Non-Controlled/Non Affiliate Investments Aerospace & Defense BTX Precision First Lien Senior Secured Loan SOFR Spread 5.00% Interest Rate 8.67% Maturity Date 7/25/20302026-03-310001899017ck0001899017:Series2025SeniorNotesMemberck0001899017:TrancheANotesMember2025-01-012025-03-310001899017Non-Controlled/Non Affiliate Investments Services: Business Allbridge First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.17% Maturity Date 6/5/20302025-12-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 6/15/20262025-12-310001899017Non-Controlled/Non-Affiliate Investments Wholesale Abracon Group Holding, LLC. First Lien Senior Secured Loan SOFR Spread 2.05% (4.60% PIK) Interest Rate 10.54% Maturity Date 7/6/20282025-12-310001899017ck0001899017:BeverageFoodandTobaccoSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001899017Non-Controlled/Non Affiliate Investments Media: Advertising, Printing & Publishing Facts Global Energy First Lien Senior Secured Loan - Delayed Draw Maturity Date 12/20/20312025-12-310001899017Non-Controlled/Non-Affiliate Investments Hotel, Gaming & Leisure Awayday First Lien Senior Secured Loan - Delayed Draw Maturity Date 5/6/20322025-12-310001899017ck0001899017:MetalsAndMiningMember2025-01-012025-12-310001899017ck0001899017:AllbridgeMemberck0001899017:RevolverCommitmentMember2025-12-310001899017Non-Controlled/Non-Affiliate Investments High Tech Industries Galanthus Group Holdings, Limited First Lien Senior Secured Loan - Delayed Draw Maturity Date 6/24/20312025-12-310001899017Interest Rate Swap Hedged Items Series 2025 Senior Notes, Tranche A Notes Counterparty BNP Paribas Settlement Date 11/29/20282026-01-012026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Allworth Financial Group, L.P. First Lien Senior Secured Loan - Revolver Maturity Date 12/23/20272026-03-310001899017Forward Foreign Currency Exchange Contracts Counterparty Wells Fargo Settlement Date 2/23/20272026-03-310001899017ck0001899017:RevolverCommitmentMemberck0001899017:HumicAcquisitionHoldingsLLCMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Services: Consumer CorePower Yoga, LLC First Lien Senior Secured Loan - Delayed Draw Maturity Date 4/30/20312026-03-310001899017Healthcare & Pharmaceuticals Red Nucleus First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 9.02% Maturity Date 10/17/2031ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2025-12-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries PayRange First Lien Senior Secured Loan SOFR Spread 5.00% Interest Rate 8.67% Maturity Date 10/31/20302026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Insurance Asurion, LLC First Lien Senior Secured Loan SOFR Spread 3.75% Interest Rate 7.42% Maturity Date 2/23/20332026-03-310001899017ck0001899017:RevolverCommitmentMemberck0001899017:TLSapphireParentIncMember2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:WSHPCottonwoodBuyerLLCMember2026-03-310001899017ck0001899017:ServicesBusinessMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Hotel, Gaming & Leisure Awayday First Lien Senior Secured Loan - Revolver Maturity Date 5/6/20322026-03-310001899017Non-Controlled/Non-Affiliate Investments Construction & Building Chase Industries, Inc. First Lien Senior Secured Loan - Revolver SOFR Spread 5.65% (1.50% PIK) Interest Rate 10.85 % Maturity Date 11/11/20272026-03-310001899017Non-Controlled/Non-Affiliate Investments Media: Advertising, Printing & Publishing OGH Bidco Limited First Lien Senior Secured Loan - Delayed Draw SOFR Spread 6.50% Interest Rate 10.16% Maturity Date 9/2/20292026-03-310001899017Non-controlled/Non-Affiliated Investments High Tech Industries Harbor IT, LLC First Lien Senior Secured Loan SOFR Spread 5.00% Interest Rate 8.67% Maturity Date 3/13/20312026-03-310001899017ck0001899017:RevolverCommitmentMemberck0001899017:PureWaferMember2025-12-310001899017us-gaap:SubordinatedDebtMember2025-01-012025-12-310001899017Non-Controlled/Non Affiliate Investments Utilities: Water Vessco Water First Lien Senior Secured Loan - Delayed Draw Maturity Date 7/24/20312025-12-310001899017ck0001899017:ChiltonMemberck0001899017:RevolverCommitmentMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Aerospace & Defense Saturn Purchaser Corp. First Lien Senior Secured Loan SOFR Spread 4.85% Interest Rate 8.52% Maturity Date 7/22/20302026-03-310001899017us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001899017Non-Controlled/Non-Affiliate Investments High Tech Industries Proofpoint, Inc. 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First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.95% Maturity Date 7/23/20302026-03-310001899017ck0001899017:ServicesConsumerMemberck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:SubstantialHoldcoLimitedMember2025-12-310001899017us-gaap:FairValueInputsLevel2Memberck0001899017:Series2025SeniorNotesMemberck0001899017:TrancheBMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments High Tech Industries Galanthus Group Holdings, Limited First Lien Senior Secured Loan - Delayed Draw Maturity Date 12/24/2031 One2025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business Discovery Senior Living First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.75% Interest Rate 8.47% Maturity Date 3/18/2030 One2025-12-310001899017ck0001899017:MediaAdvertisingPrintingAndPublishingMember2026-03-310001899017country:FR2025-12-310001899017Forward Foreign Currency Exchange Contracts Counterparty BNP Paribas Settlement Date 6/25/20262026-01-012026-03-310001899017ck0001899017:GalanthusGroupHoldingsLimitedMemberck0001899017:DelayedDrawCommitment2Member2025-12-310001899017ck0001899017:BainCapitalSeniorLoanProgramIILLCMemberContainers, Packaging & Glass Precision Concepts Parent Inc. First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.42% Maturity Date 8/2/2032 One2026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Insurance Simplicity First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.45% Maturity Date 12/31/20312026-03-310001899017Non-Controlled/Non Affiliate Investments Transportation: Cargo ICAT Logistics, Inc. First Lien Senior Secured Loan SOFR Spread 6.25% Interest Rate 9.92% Maturity Date 3/1/20292026-03-310001899017Non-Controlled/Non-Affiliate Investments Automotive Chilton First Lien Senior Secured Loan - Delayed Draw Maturity Date 2/5/20312025-12-310001899017ck0001899017:BeverageFoodAndTobaccoMember2025-12-310001899017Non-Controlled/Non Affiliate Investments Containers, Packaging & Glass Precision Concepts Parent Inc. First Lien Senior Secured Loan - Revolver SOFR Spread 4.75% Interest Rate 8.59% Maturity Date 8/2/20322025-12-310001899017Non-Controlled/Non-Affiliate Investments Hotel, Gaming & Leisure Le Berger SA First Lien Senior Secured Loan - Delayed Draw EURIBOR Spread 3.75% Interest Rate 5.77% Maturity Date 2/21/20282025-12-310001899017Services: Business Electronic Merchant Systems First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.42% Maturity Date 8/1/2030ck0001899017:BainCapitalSeniorLoanProgramIILLCMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Services: Business Pure Wafer First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.35% Interest Rate 9.07% Maturity Date 11/12/20302025-12-310001899017ck0001899017:ElevationNewCoIntermediateLLCMember2026-01-012026-03-310001899017ck0001899017:BainCapitalSeniorLoanProgramIILLCMemberHotel, Gaming & Leisure City BBQ First Lien Senior Secured Loan SOFR Spread 5.35% Interest Rate 9.03% Maturity Date 9/4/20302026-03-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:MeasurementInputBookValueMultipleMemberck0001899017:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:PreferredStockMember2025-12-310001899017Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 9/16/20262026-01-012026-03-310001899017Non-Controlled/Non Affiliate Investments Hotel, Gaming, & Leisure Pollo Tropical First Lien Senior Secured Loan - Revolver Maturity Date 10/23/20292025-12-310001899017ck0001899017:SubordinatedNoteInInvestmentVehiclesMemberus-gaap:FairValueInputsLevel3Memberck0001899017:MeasurementInputRecoveryRateMemberck0001899017:ValuationTechniqueCollateralCoverageMember2025-12-310001899017ck0001899017:OdysseyBehavioralHealthMember2026-01-012026-03-310001899017us-gaap:InvestmentUnaffiliatedIssuerMemberck0001899017:TransportationCargoMember2026-03-310001899017ck0001899017:ChemicalsPlasticsAndRubberMember2026-01-012026-03-310001899017Non-Controlled/Non Affiliate Investments Consumer goods: Non-durable WU Holdco, Inc. First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.42% Maturity Date 4/15/20322025-12-310001899017Non-Controlled/Non Affiliate Investments Environmental Industries Humic Acquisition Holdings, LLC First Lien Senior Secured Loan SOFR Spread 5.75% Interest Rate 9.42% Maturity Date 10/21/20312026-03-310001899017Non-Controlled/Non Affiliate Investments Containers, Packaging & Glass Five Star First Lien Senior Secured Loan SOFR Spread 4.25% Interest Rate 9.92% Maturity Date 5/5/20292026-03-310001899017Non-Controlled/Non-Affiliate Investments Wholesale Chex Finer Foods, LLC First Lien Senior Secured Loan - Revolver Maturity Date 6/6/20312025-12-310001899017ck0001899017:SmbcRevolvingCreditFacilityMember2024-09-272024-09-270001899017ck0001899017:RevolverCommitmentMemberck0001899017:OdysseyBehavioralHealthMember2026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Daintree Bidco Pty Ltd ACN 686 668 619 First Lien Senior Secured Loan BBSY Spread 5.00% Interest Rate 9.04% Maturity Date 11/25/20322026-03-310001899017ck0001899017:FireFinanceSectorMember2026-03-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Pharmacy Partners First Lien Senior Secured Loan - Revolver Maturity Date 2/28/20292025-12-310001899017ck0001899017:PPTGroupMember2025-01-012025-12-310001899017ck0001899017:ServicesBusinessMember2025-01-012025-12-310001899017Non-Controlled/Non Affiliate Investments Services: Business BLI Buyer, Inc. 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First Lien Senior Secured Loan SOFR Spread 5.75% Interest Rate 9.42% Maturity Date 12/19/20302025-12-310001899017us-gaap:WarrantMember2025-12-3100018990172025-01-012025-12-310001899017ck0001899017:Series2025SeniorNotesMemberck0001899017:TrancheANotesMember2026-03-310001899017ck0001899017:InterestRateFloorThreeMember2026-01-012026-03-310001899017ck0001899017:AlogentHoldingsIncMemberck0001899017:RevolverCommitmentMember2026-03-310001899017ck0001899017:SubordinatedNoteInInvestmentVehiclesMember2026-01-012026-03-310001899017ck0001899017:TwoThousandTwentySixOneNotesMemberck0001899017:BainCapitalSeniorLoanProgramLlcMember2026-03-310001899017us-gaap:FairValueInputsLevel3Memberck0001899017:SmbcRevolvingCreditFacilityMember2025-12-310001899017ck0001899017:RecoupmentOfExpenseSupportMember2024-04-012024-04-300001899017Non-Controlled/Non-Affiliate Investments Services: Consumer CorePower Yoga, LLC First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.95% Maturity Date 4/30/20312026-03-310001899017us-gaap:FairValueInputsLevel2Memberck0001899017:FirstLienSeniorSecuredLoansMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Media: Advertising, Printing & Publishing OGH Bidco Limited First Lien Senior Secured Loan - Delayed Draw SONIA Spread 6.25% Interest Rate 9.98% Maturity Date 6/29/20292026-03-310001899017Non-Controlled/Non Affiliate Investments Services: Business DSN (Dealer Services Network) First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.16% Maturity Date 2/9/20272025-12-310001899017ck0001899017:ReimbursementEligibilityExpirationDateNovemberThirtyTwoThousandTwentySixMemberck0001899017:RecoupmentOfExpenseSupportMember2026-01-012026-03-310001899017ck0001899017:DelayedDrawCommitmentMemberck0001899017:ZeusFireSecurityMember2026-03-310001899017Non-Controlled/Non-Affiliate Investments Wholesale Chex Finer Foods, LLC First Lien Senior Secured Loan SOFR Spread 6.00% Interest Rate 9.67% Maturity Date 6/6/20312026-03-310001899017Non-Controlled/Non Affiliate Investments Services: Business DTIQ Equity Interest One2026-03-310001899017ck0001899017:Series2025SeniorNotesMemberck0001899017:TrancheAMember2026-03-310001899017Non-controlled/Non-Affiliated Investments FIRE: Finance Tartan Bidco Pty. Ltd. First Lien Senior Secured Loan - Delayed Draw Maturity Date 12/31/20272025-12-310001899017Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals WellSky First Lien Senior Secured Loan SOFR Spread 2.86% Interest Rate 6.53% Maturity Date 3/10/20282026-03-31iso4217:AUDck0001899017:Segmentiso4217:EURxbrli:pureiso4217:NZDxbrli:sharesck0001899017:Loaniso4217:GBPck0001899017:Borroweriso4217:USDxbrli:sharesiso4217:USDck0001899017:Period\n\n#  \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n \n\n(Mark One)\n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from __ to __\n\n \n\nCommission file number: 814-01474\n\nBAIN CAPITAL PRIVATE CREDIT\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\nDelaware\n\n \n\n87-6984749\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n \n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n \n\n \n\n200 Clarendon Street, 37th Floor\n\nBoston, MA\n\n \n\n02116\n\n(Address of Principal Executive Office)\n\n \n\n(Zip Code)\n\n \n\n(617) 516-2000\n\n(Registrant’s Telephone Number, Including Area Code)\n\nFormer Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nNone\n\n \n\nN/A\n\n \n\nN/A\n\n \n\n \n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate 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.\n\n \n\nLarge accelerated filer\n\n \n\n☐\n\nAccelerated filer\n\n☐\n\n \n\n \n\n \n\n \n\nNon-accelerated filer\n\n \n\n☒\n\nSmaller reporting company\n\n☐\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEmerging growth company\n\n☒\n\n \n\nIf 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. ☒\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nThe Registrant’s common shares of beneficial interest (“Common Shares”), $0.01 par value per share, outstanding as of May 14, 2026 were 0, 0 and 40,166,573 of Class S, Class D and Class I Common Shares, respectively. Common Shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at this time.\n\n \n\n \n\n#  \n\nTABLE OF CONTENTS\n\n \n\n \n\n \n\nPage\n\n[PART I](#financial_info)\n\n[FINANCIAL INFORMATION](#financial_info)\n\n \n\n[Item 1.](#item_1_consolidated_financial_statements)\n\n# Consolidated Financial Statements:\n\n[3](#item_1_consolidated_financial_statements)\n\n \n\n# Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025\n\n[3](#consolidated_statements_of_a_l)\n\n \n\n[Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)](#statement_of_operations)\n\n[5](#statement_of_operations)\n\n \n\n[Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (unaudited)](#scna)\n\n[6](#scna)\n\n \n\n[Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)](#fs_cashflow)\n\n[7](#fs_cashflow)\n\n \n\n[Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025](#cq_soi)\n\n[9](#cq_soi)\n\n \n\n[Notes to Consolidated Financial Statements (unaudited)](#notes_to_financial_statements)\n\n[37](#notes_to_financial_statements)\n\n[Item 2.](#item_2_managements_discussion)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_2_managements_discussion)\n\n[87](#item_2_managements_discussion)\n\n[Item 3.](#quantitative_and_qualitative_disclosures)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#quantitative_and_qualitative_disclosures)\n\n[123](#quantitative_and_qualitative_disclosures)\n\n[Item 4.](#controls_procedures)\n\n[Controls and Procedures](#controls_procedures)\n\n[123](#controls_procedures)\n\n[PART II](#other_information)\n\n[OTHER INFORMATION](#other_information)\n\n \n\n[Item 1.](#legal_proceedings)\n\n[Legal Proceedings](#legal_proceedings)\n\n[125](#legal_proceedings)\n\n[Item 1A.](#risk_factors)\n\n[Risk Factors](#risk_factors)\n\n[125](#risk_factors)\n\n[Item 2.](#unregistered_sales)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#unregistered_sales)\n\n[129](#unregistered_sales)\n\n[Item 3.](#senior_securities)\n\n[Defaults Upon Senior Securities](#senior_securities)\n\n[130](#senior_securities)\n\n[Item 4.](#mine_safety_disclosures)\n\n[Mine Safety Disclosures](#mine_safety_disclosures)\n\n[130](#mine_safety_disclosures)\n\n[Item 5.](#item5otherinfo)\n\n[Other Information](#item5otherinfo)\n\n[130](#item5otherinfo)\n\n[Item 6.](#exhibits)\n\n[Exhibits, Consolidated Financial Statement Schedules](#exhibits)\n\n[131](#exhibits)\n\n[Signatures](#signatures)\n\n \n\n[135](#signatures)\n\n \n\ni\n\n#  \n\n# FORWARD-LOOKING STATEMENTS\n\nStatements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Bain Capital Private Credit (the “Company”, “we”, “our” and “us”), BCPC Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part 1, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended December 31, 2025 and in our filings with the Securities and Exchange Commission (the “SEC”). Except as otherwise specified in this Quarterly Report, the terms “we”, “us”, “our”, and the “Company” refer to Bain Capital Private Credit.\n\nAlthough we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.\n\n#  \n\nii\n\n#  \n\n# PART I. FINANCIAL INFORMATION"}