The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):


	As of December 31, 2025
		Amortized Cost		Percentage of Total Portfolio				Fair Value		Percentage of Total Portfolio
First Lien Senior Secured Loan	$		1,464,929		88.0	%	$		1,467,754		87.3	%
Second Lien Senior Secured Loan			18,757		1.1				18,749		1.1
Subordinated Debt			103,042		6.2				103,961		6.2
Preferred Equity			22,927		1.4				24,362		1.4
Equity Interest			28,187		1.7				37,894		2.3
Warrants			—		—				1,233		0.1
Subordinated Notes in Investment Vehicles (1)			20,240		1.2				20,240		1.2
Preferred Equity Interest in Investment Vehicles (1)			10		0.0				87		0.0
Equity Interests in Investment Vehicles (1)			6,900		0.4				6,978		0.4
Total	$		1,664,992		100.0	%	$		1,681,258		100.0	%

(1) Represents debt and equity investment in SLP II.

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


	As of December 31, 2024
		Amortized Cost		Percentage of Total Portfolio				Fair Value		Percentage of Total Portfolio
First Lien Senior Secured Loan	$		687,623		95.9	%	$		685,846		95.7	%
Preferred Equity			14,360		2.0				14,694		2.0
Equity Interest			9,529		1.3				10,984		1.5
Subordinated Debt			5,399		0.8				5,147		0.7
Warrants		—		—					628		0.1
Total	$		716,911		100.0	%	$		717,299		100.0	%

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):


	As of December 31, 2025
		Amortized Cost		Percentage of Total Portfolio				Fair Value		Percentage of Total Portfolio
USA	$		1,495,779		89.9	%	$		1,506,911		89.7	%
United Kingdom			79,946		4.8				80,952		4.8
Germany			17,872		1.1				18,545		1.1
Canada			17,243		1.0				17,335		1.0
Luxembourg			10,770		0.6				11,550		0.7
Jersey			10,995		0.7				11,187		0.7
France			6,585		0.4				6,829		0.4
Italy			6,111		0.4				6,716		0.4
Belgium			5,958		0.4				6,528		0.4
Ireland			4,837		0.3				5,535		0.3
Australia			4,117		0.2				4,248		0.3
Guernsey			2,174		0.1				2,207		0.1
Netherlands			1,887		0.1				2,039		0.1
New Zealand			718		0.0				676		0.0
Total	$		1,664,992		100.0	%	$		1,681,258		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
		Amortized Cost		Percentage of Total Portfolio				Fair Value		Percentage of Total Portfolio
USA	$		641,360		89.4	%	$		644,060		89.7	%
United Kingdom			42,061		5.9				40,976		5.7
Germany			15,618		2.2				15,121		2.1
Italy			5,348		0.7				5,102		0.7
Ireland			4,839		0.7				4,774		0.7
Luxembourg			4,122		0.6				3,980		0.6
Netherlands			1,626		0.2				1,511		0.2
Belgium			1,232		0.2				1,143		0.2
New Zealand			705		0.1				632		0.1
Total	$		716,911		100.0	%	$		717,299		100.0	%

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):


	As of December 31, 2025
		Amortized Cost		Percentage of Total Portfolio				Fair Value		Percentage of Total Portfolio
Healthcare & Pharmaceuticals	$		257,286		15.4	%	$		258,539		15.3	%
Services: Business			190,261		11.4				193,995		11.5
High Tech Industries			183,877		11.0				192,933		11.4
Services: Consumer			114,846		6.9				114,416		6.8
Aerospace & Defense			105,993		6.4				106,963		6.4
Beverage, Food & Tobacco			89,097		5.4				91,293		5.4
FIRE: Finance (1)			85,078		5.1				87,455		5.2
Consumer Goods: Non-Durable			64,071		3.8				64,164		3.8
Metals & Mining			52,405		3.1				52,308		3.1
Hotel, Gaming & Leisure			49,072		2.9				49,720		3.0
Wholesale			51,560		3.1				47,251		2.8
Capital Equipment			46,134		2.8				46,460		2.8
Construction & Building			42,950		2.6				43,003		2.6
Chemicals, Plastics & Rubber			40,818		2.5				39,978		2.4
Containers, Packaging & Glass			37,656		2.3				37,920		2.3
Utilities: Electric			33,527		2.0				33,499		2.0
Environmental Industries			32,688		2.0				33,248		2.0
FIRE: Insurance (1)			29,585		1.8				29,827		1.8
Transportation: Cargo			29,808		1.8				29,569		1.8
Investment Vehicles (2)			27,150		1.6				27,305		1.6
Automotive			23,779		1.4				23,783		1.4
Telecommunications			23,731		1.4				23,739		1.4
Consumer Goods: Durable			18,691		1.1				18,780		1.1
Media: Advertising, Printing & Publishing			17,514		1.1				17,223		1.0
Utilities: Water			12,606		0.8				12,700		0.8
Retail			4,809		0.3				5,187		0.3
Total	$		1,664,992		100.0	%	$		1,681,258		100.0	%

(1)

Finance, Insurance, and Real Estate (“FIRE”).

(2)

Represents debt and equity investment in SLP II.

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


	As of December 31, 2024
		Amortized Cost		Percentage of Total Portfolio				Fair Value		Percentage of Total Portfolio
Services: Business	$		108,936		15.3	%	$		108,807		15.1	%
Healthcare & Pharmaceuticals			100,642		14.0				100,803		14.0
High Tech Industries			84,472		11.8				85,545		11.9
Hotel, Gaming & Leisure			69,425		9.7				70,016		9.8
Aerospace & Defense			46,012		6.4				46,349		6.5
Consumer Goods: Non-durable			37,942		5.3				38,180		5.3
FIRE: Finance(1)			28,037		3.9				28,413		4.0
Wholesale			28,449		4.0				25,901		3.6
FIRE: Insurance(1)			23,597		3.3				23,621		3.3
Chemicals, Plastics & Rubber			21,759		3.0				21,505		3.0
Construction & Building			19,553		2.7				19,678		2.7
Automotive			18,381		2.6				18,476		2.6
Transportation: Cargo			17,225		2.4				17,322		2.4
Capital Equipment			15,231		2.1				15,461		2.2
Media: Advertising, Printing & Publishing			15,964		2.2				14,976		2.1
Beverage, Food & Tobacco			14,309		2.0				14,429		2.0
Banking, Finance, Insurance & Real Estate			13,048		1.8				13,665		1.9
Containers, Packaging & Glass			10,306		1.4				10,597		1.5
Environmental Industries			9,384		1.3				9,227		1.3
Consumer Goods: Durable			8,369		1.2				8,369		1.2
Utilities: Water			7,717		1.1				7,806		1.1
Services: Consumer			7,294		1.0				7,336		1.0
Retail			6,028		0.8				5,927		0.8
Media: Diversified & Production			2,928		0.4				2,971		0.4
Forest Products & Paper			1,903		0.3				1,919		0.3
Total	$		716,911		100.0	%	$		717,299		100.0	%

(1)

Finance, Insurance, and Real Estate (“FIRE”).

Bain Capital Senior Loan Program II, LLC

On December 27, 2024, the Company and an entity advised by Amberstone Co., Ltd. (“Amberstone”), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program II, LLC (“SLP II”). Pursuant to an amended and restated limited liability company agreement between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP II. Total initial capital commitments to SLP II are $100 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP II will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Investment decisions and all other material decisions in respect of SLP II must be approved by representatives of the Company and Amberstone. Effective as of November 18, 2025, the Company and Amberstone each made an additional $100 million capital commitment to SLP II. As of December 31, 2025, the total capital commitments to SLP II were $300 million.

As of December 31, 2025, the Company’s investment in SLP II consisted of subordinated notes of $20.2 million, preferred equity interests of $0.1 million and equity interests of $7.0 million. As of December 31, 2024, SLP II had not commenced operations and the Company had no investment in SLP II.

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

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

On March 19, 2025, SLP II, through SLP 2 MM CLO WH 1, LLC, a Delaware limited liability company and a wholly-owned subsidiary, entered into a $100.0 million senior secured revolving credit facility which bears interest at SOFR plus 200 basis points with NatWest Markets Plc, subject to leverage and borrowing base restrictions (the “MM CLO WH 1 Credit Facility”). The maturity date of the MM CLO WH 1 Credit Facility is March 19, 2029. With an effective rate of 6.1% per annum, as of December 31, 2025, the MM CLO WH 1 Credit Facility had $98.3 million of outstanding debt under the credit facility.

Note 3. Investments

Bain Capital Senior Loan Program II, LLC