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


	As of March 31, 2026
		Amortized Cost		Percentage of Total Portfolio				Fair Value		Percentage of Total Portfolio
First Lien Senior Secured Loan	$		1,671,244		67.2	%	$		1,631,124		66.0	%
Second Lien Senior Secured Loan			29,846		1.2				30,069		1.2
Subordinated Debt			88,992		3.6				81,721		3.3
Preferred Equity			126,322		5.1				165,100		6.7
Equity Interest			130,526		5.3				167,325		6.8
Warrants			—		—				768		0.0
Subordinated Notes in Investment Vehicles (1)			369,709		14.9				357,639		14.5
Preferred Equity Interest in Investment Vehicles (1)			10		0.0				1,836		0.1
Equity Interests in Investment Vehicles (1)			66,209		2.7				35,216		1.4
Total	$		2,482,858		100.0	%	$		2,470,798		100.0	%

(1)

Represents debt and equity investment in ISLP and SLP.

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 Loans	$	1,625,569		64.9	%	$	1,598,731		63.8	%
Second Lien Senior Secured Loans		29,819		1.2			30,020		1.2
Subordinated Debt		99,272		4.0			95,687		3.8
Preferred Equity		121,965		4.9			157,244		6.3
Equity Interests		199,100		8.0			226,663		9.0
Warrants		—		0.0			1,045		0.0
Subordinated Notes in Investment Vehicles (1)		360,724		14.4			348,654		13.9
Preferred Equity Interest in Investment Vehicles (1)		10		0.0			1,836		0.1
Equity Interests in Investment Vehicles (1)		66,208		2.6			48,561		1.9
Total	$	2,502,667		100.0	%	$	2,508,441		100.0	%

(1)

Represents debt and equity investment in ISLP and SLP.

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


	As of March 31, 2026
		Amortized Cost		Percentage of Total Portfolio				Fair Value		Percentage of Total Portfolio
USA	$		2,235,249		90.1	%	$		2,178,973		88.3	%
United Kingdom			58,325		2.4				59,437		2.4
Belgium			32,431		1.3				53,697		2.2
Cayman Islands			33,292		1.3				49,616		2.0
Canada			35,398		1.4				36,741		1.5
Australia			7,346		0.3				22,482		0.9
Luxembourg			21,375		0.9				22,308		0.9
Germany			21,004		0.8				13,502		0.5
Ireland			16,929		0.7				12,462		0.5
Jersey			6,576		0.3				6,580		0.3
Guernsey			5,867		0.2				5,830		0.2
Netherlands			4,480		0.2				4,537		0.2
France			3,447		0.1				3,514		0.1
Bermuda			752		0.0				751		0.0
New Zealand			387		0.0				368		0.0
Total	$		2,482,858		100.0	%	$		2,470,798		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	$	2,196,416		87.8	%	$	2,159,520		86.0	%
Cayman Islands		100,047		4.0			106,554		4.1
United Kingdom		55,273		2.2			58,396		2.3
Belgium		31,971		1.3			54,971		2.2
Canada		35,522		1.4			36,714		1.5
Luxembourg		20,836		0.8			22,312		0.9
Australia		5,534		0.2			20,114		0.8
Germany		20,482		0.8			16,371		0.7
Ireland		14,534		0.6			10,380		0.4
Italy		6,112		0.2			6,715		0.3
Jersey		6,343		0.3			6,460		0.3
France		3,802		0.2			3,932		0.2
Guernsey		3,753		0.1			3,832		0.2
Netherlands		1,678		0.1			1,826		0.1
New Zealand		364		0.0			344		0.0
Total	$	2,502,667		100.0	%	$	2,508,441		100.0	%

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


	As of March 31, 2026
		Amortized Cost		Percentage of Total Portfolio				Fair Value		Percentage of Total Portfolio
Investment Vehicles (2)	$		435,928		17.7	%	$		394,691		16.1	%
High Tech Industries			254,788		10.4				265,783		10.9
Services: Business			228,103		9.2				248,936		10.1
Healthcare & Pharmaceuticals			216,073		8.7				211,199		8.5
Aerospace & Defense			165,044		6.6				173,680		7.0
FIRE: Finance (1)			114,379		4.6				133,385		5.4
Beverage, Food & Tobacco			132,041		5.3				130,146		5.3
Transportation: Cargo			100,320		4.0				111,437		4.5
Environmental Industries			99,000		4.0				99,008		4.0
Automotive			102,659		4.1				94,680		3.8
Construction & Building			85,329		3.4				86,448		3.5
Consumer Goods: Non-Durable			71,132		2.9				67,906		2.7
Services: Consumer			65,128		2.6				62,701		2.5
Telecommunications			55,713		2.2				55,175		2.2
Capital Equipment			38,117		1.5				48,225		2.0
Chemicals, Plastics & Rubber			47,896		1.9				46,585		1.9
Consumer Goods: Durable			41,170		1.7				39,901		1.6
FIRE: Insurance (1)			35,006		1.4				35,104		1.4
Hotel, Gaming & Leisure			32,611		1.3				32,923		1.3
Transportation: Consumer			31,539		1.3				31,849		1.3
Media: Diversified & Production			36,877		1.5				28,832		1.2
Wholesale			37,762		1.5				23,396		0.9
Retail			26,460		1.1				19,180		0.8
Containers, Packaging & Glass			9,680		0.4				9,769		0.4
Utilities: Electric			8,009		0.3				7,946		0.3
Media: Advertising, Printing & Publishing			4,673		0.2				4,277		0.2
Utilities: Water			3,056		0.1				3,080		0.1
Media: Broadcasting & Subscription			2,879		0.1				2,927		0.1
FIRE: Real Estate(1)			779		0.0				864		0.0
Metals & Mining			707		0.0				765		0.0
Total	$		2,482,858		100.0	%	$		2,470,798		100.0	%

(1)

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

(2)

Represents debt and equity investment in ISLP and SLP.

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
Investment Vehicles (2)	$	426,942		17.1	%	$	399,051		15.9	%
High Tech Industries		250,660		10.0			271,004		10.8
Services: Business		228,836		9.1			253,954		10.1
Aerospace & Defense		237,633		9.5			235,307		9.4
Healthcare & Pharmaceuticals		213,870		8.5			210,063		8.4
Beverage, Food & Tobacco		116,454		4.7			115,105		4.6
FIRE: Finance (1)		101,357		4.0			114,894		4.6
Transportation: Cargo		96,830		3.9			108,504		4.3
Automotive		111,100		4.4			105,969		4.2
Environmental Industries		85,843		3.4			87,491		3.5
Construction & Building		76,871		3.1			77,815		3.1
Consumer Goods: Non-Durable		70,788		2.8			67,550		2.7
Services: Consumer		64,981		2.6			62,729		2.5
Capital Equipment		49,524		2.0			56,654		2.3
Telecommunications		54,768		2.2			54,019		2.2
Consumer Goods: Durable		53,098		2.1			51,259		2.0
Chemicals, Plastics & Rubber		48,895		2.0			47,767		1.9
FIRE: Insurance (1)		30,653		1.2			30,829		1.2
Media: Diversified & Production		34,714		1.4			29,461		1.2
Transportation: Consumer		25,839		1.0			26,118		1.0
Hotel, Gaming & Leisure		24,284		1.0			24,708		1.0
Wholesale		29,346		1.2			24,546		1.0
Retail		26,314		1.1			17,613		0.7
Containers, Packaging & Glass		9,079		0.4			9,182		0.4
Metals & Mining		9,184		0.4			9,158		0.4
Utilities: Electric		8,023		0.3			8,020		0.3
Media: Broadcasting & Subscription		2,876		0.1			2,954		0.1
Media: Advertising, Printing & Publishing		3,090		0.1			2,857		0.1
Utilities: Water		2,731		0.1			2,757		0.1
Consumer goods: Wholesale		8,084		0.3			1,103		0.0
Total	$	2,502,667		100.0	%	$	2,508,441		100.0	%

(1)

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

Unconsolidated Significant Subsidiary

The following unconsolidated subsidiaries are considered significant subsidiaries under SEC Regulation S-X Rule 10-01(b)(1) and Regulation S-X Rule 4-08(g) as of March 31, 2026. Accordingly, summarized, comparative financial information is presented below for the unconsolidated significant subsidiaries: the International Senior Loan Program, LLC (“ISLP”), Bain Capital Senior Loan Program, LLC (“SLP”), and Legacy Corporate Lending HoldCo, LLC (“Legacy Corporate Lending”).

International Senior Loan Program, LLC

On February 9, 2021, the Company and Pantheon (“Pantheon”), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC (“ISLP”), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. The Company and Pantheon committed to initially provide $138.3 million of debt and $46.1 million of equity capital, to ISLP. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. Pursuant to the terms of the transaction, Pantheon invested $50.0 million to acquire a 29.5% stake in ISLP. The Company contributed debt investments of $317.1 million for a 70.5% stake in ISLP, and received a one-time gross distribution of $190.2 million in cash in consideration of contributing such investments. On December 14, 2023, the Company

and Pantheon entered into the second amendment to the amended and restated limited liability company agreement which, among other things, increased capital commitments and changed the proportionate share ownership. The Company and Pantheon agreed to contribute an additional $5.0 million and $45.3 million, respectively, which resulted in new ownership stakes of 64.0% and 36.0%, respectively. As of March 31, 2026, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $31.6 million. As of December 31, 2025, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $43.6 million.

As of March 31, 2026, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of March 31, 2026, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and has $0.0 million in unfunded capital contributions.

As of December 31, 2025, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and had $0.0 million in unfunded capital contributions. As of December 31, 2025, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and had $0.0 million in unfunded capital contributions.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. Since inception, the Company has sold $1,192.7 million of its investments to ISLP. 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 ISLP 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 ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members. The Company measures the fair value of ISLP in accordance with ASC 820, using the net asset value (or its equivalent) as a practical expedient. The Company and Pantheon each appointed two members to ISLP’s four-person Member Designees’ Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.

As of March 31, 2026, ISLP had $711.9 million in debt and equity investments, at fair value. As of December 31, 2025, ISLP had $733.1 million in debt and equity investments, at fair value.

Additionally, on February 9, 2021, ISLP, through a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at LIBOR (or an alternative risk-free interest rate index) plus 225 basis points with JP Morgan (the “ISLP Credit Facility Tranche A”).

On February 4, 2022, ISLP entered into the second amended and restated credit agreement, which among other things formed an additional tranche (“ISLP Credit Facility Tranche B” and collectively with ISLP Credit Facility Tranche A, the “ISLP Credit Facilities”) with an initial financing limit of $50.0 million on May 31, 2022, and $200.0 million on August 31, 2022, bringing the total facility size to $500.0 million.

On June 30, 2023, ISLP entered into the third amendment and restated credit agreement, which among other things, replaced LIBOR with Term SOFR and consolidated Tranche A and Tranche B, with a size of $500.0 million.

On September 11, 2023, ISLP entered into the fourth amended and restated credit agreement, which among other things, extended the maturity to February 9, 2027, modified concentration limitations and changed the interest rate to SOFR (or an alternative risk-free interest rate index) plus 246 basis points.

On June 24, 2025, the ISLP Credit Facility Tranche A and ISLP Credit Facility Tranche B were terminated.

On June 24, 2025, ISLP, through a wholly-owned subsidiary, entered into a €375.0 million senior secured revolving credit facility which bears interest at SOFR (or an alternative risk-free interest rate index) plus 195 basis points with Deutsche Bank (the “ISLP Credit Facility”). The maturity date of the ISLP Credit Facility is June 24, 2030.

As of March 31, 2026, the ISLP Credit Facility had $372.5 million of outstanding debt under the credit facility. As of December 31, 2025 the ISLP Credit Facility had $381.4 million of outstanding debt under the credit facility. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the three months ended March 31, 2026 and year ended December 31, 2025 were 5.1% and 5.8%, respectively.

Note 3. Investments

Unconsolidated Significant Subsidiary

International Senior Loan Program, LLC