Private company

Bain Capital Private Credit

Bain Capital Private Credit is a trust registered in the United States, based in Boston, active since 2021.2

Last updated Oct 20, 2026.

Overview

$71.2MNet income, fiscal 20253
  • HeadquartersBoston, United States2
  • Incorporated inDE4
  • Business address200 Clarendon Street, Boston, Ma 021164
  • Filer category, Emerging growth company4
  • Legal formStatutory Trust2
  • Kind of organizationTrust2
  • LEI254900E8RWS7VR4YII162
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O WILMINGTON TRUST, NATIONAL ASSOCIATION, 19890 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 64884112

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Bain Capital Private Credit (the “Company”) was formed on December 21, 2021 as a Delaware statutory trust structured as an externally managed, closed-end, non-diversified management investment company. The Company commenced investment operations on November 28, 2023. The Company elected on February 3, 2023 to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company has elected to be treated, and intends to operate in a manner so as to continuously qualify, for U.S. federal income tax purposes as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.7%Return on equity3
0.85×Debt to equity3

Financial statements

Net income673$71.2M in 2025
-$20.0M0$20.0M$40.0M$60.0M$80.0M2021: $0$020212022: -$1.1M-$1.1M20222023: $2.8M$2.8M20232024: $28.4M$28.4M2024+919%2025: $71.2M$71.2M2025+151%
Fiscal year20212022202320242025
Interest$07$772.0K3$17.3M3$38.6M3
Income tax$06$06$07
Net income$06-$1.1M7$2.8M3$28.4M3$71.2M3

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Corporate structure

Bain Capital Private Credit sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Bain Capital Private Credit

  • Bain Capital Credit, LP Filed SCHEDULE 13G/A on Bain Capital Private Credit, latest Aug 13, 2026 (3 filings since Apr 28, 2025)
  • Bain Capital Private Credit Offshore Access Fund General Partner, LLC Filed SCHEDULE 13G on Bain Capital Private Credit, latest Aug 13, 2026
  • Bain Capital DCB Investments, LP Filed SCHEDULE 13D/A on Bain Capital Private Credit, latest Jul 6, 2026 (10 filings since Feb 7, 2025)
  • Bain Capital Asset Management, LP Filed SCHEDULE 13G/A on Bain Capital Private Credit, latest Jan 8, 2026 (2 filings since Nov 14, 2025)
  • Bain Capital SIP Investments, LP Filed SCHEDULE 13D/A on Bain Capital Private Credit, latest Feb 4, 2025 (15 filings since Dec 7, 2023)
  • Bain Capital Private Credit Boston, Massachusetts, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Bain Capital Private Credit reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$32.1M3 Dec 31, 2025$15.4M3 Dec 31, 2024+108.0%

Properties, in its own words

We maintain our principal executive office at 200 Clarendon Street, 37th Floor, Boston, Massachusetts 02116. We do not own any real estate or other physical properties materially important to our operations. We believe that our present facilities are adequate to meet our current needs. If new or additional space is required, we believe that adequate facilities are available at competitive prices in the same area.

Item 2 of the 10-K filed Mar 12, 2026.5

Leadership

Who has led Bain Capital Private Credit, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael A. Ewald2022

Chief financial officer

  1. Sally F. Dornaus2022
2025
Board members and other officers (11)

Timeline

  1. Oct 8, 20268-K Entered a material agreement; New debt or obligation; Other events23
  2. Oct 1, 20268-K Other events24
  3. Sep 25, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events25
  4. Aug 25, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events26
  5. Jul 24, 20268-K Regulation FD disclosure; Other events27
  6. Jul 17, 20268-K Entered a material agreement; New debt or obligation28
  7. Jul 6, 20268-K Entered a material agreement; New debt or obligation29
  8. Jun 25, 20268-K Regulation FD disclosure; Other events30
  9. May 29, 20268-K Regulation FD disclosure; Other events31
  10. May 27, 20268-K Entered a material agreement; New debt or obligation32
  11. May 22, 20268-K Shareholder vote33
  12. Apr 29, 20268-K Regulation FD disclosure; Other events34
  13. Apr 19, 2022New chief executive Michael A. Ewald becomes CEO11
  14. Dec 21, 2021Founded Bain Capital Private Credit is founded2

Filings

185 filings to the SEC since October 2021: 4 annual reports, 11 quarterly reports, 63 major events, 25 insider forms, 31 large holders, 51 other. The latest 20:

  1. Oct 8, 20268-K EDGAR
  2. Oct 1, 20268-K EDGAR
  3. Sep 25, 20268-K EDGAR
  4. Aug 25, 20268-K EDGAR
  5. Aug 14, 202610-Q EDGAR
  6. Aug 13, 2026SCHEDULE 13G/A EDGAR
  7. Aug 13, 2026SCHEDULE 13G EDGAR
  8. Aug 3, 2026SC TO-I EDGAR
  9. Aug 3, 2026SC TO-I/A EDGAR
  10. Jul 24, 20268-K EDGAR
  11. Jul 17, 20268-K EDGAR
  12. Jul 6, 2026SCHEDULE 13D/A EDGAR
  13. Jul 6, 20268-K EDGAR
  14. Jun 25, 20268-K EDGAR
  15. Jun 18, 2026424B3 EDGAR
  16. May 29, 20268-K EDGAR
  17. May 27, 20268-K EDGAR
  18. May 22, 20268-K EDGAR
  19. May 14, 202610-Q EDGAR
  20. May 14, 2026SCHEDULE 13G/A EDGAR

The 185 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 4 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 1, 2026Bain Capital DCB Investments (GP), LLC10% ownerBuy1,159,304Form 4
Feb 28, 2025Bain Capital DCB Investments, LP10% ownerBuy508,208$25.58$13.0MForm 4
Feb 28, 2025Bain Capital DCB Investments, LP10% ownerBuy507,598Form 4
Feb 1, 2025Bain Capital SIP Investments (GP), LLC10% ownerSale3,480,000$25.00$87.0MForm 4
Jul 18, 2023BCSF Advisors, LP10% ownerBuy20,000$25.00$500.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Bain Capital Private Credit is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBain Capital Private Credit1
  • CIK0001899017
  • Employer ID (EIN)87-69847495
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Business address200 Clarendon Street, Boston, MA 021161
  • Phone617.516.20001
  • Shares outstanding0 Common Class S shares; 0 Common Class D shares; 38,616,075 Common Class I shares as of Mar 12, 20265
  • Public float$0 as of Dec 31, 20253
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceDec 22, 20211
  • Filings191 in all: 8-K (63), 3 (19), SC 13D/A (12), 10-Q (11), SC TO-I (11), SC TO-I/A (11), SCHEDULE 13D/A (11), 4 (5)1
    All 29 form types

    40-17G (5), 424B3 (5), 10-K (4), 40-APP/A (4), 486BPOS (3), CORRESP (3), N-2/A (3), SCHEDULE 13G/A (3), 40-APP (2), EFFECT (2), N-2 (2), SCHEDULE 13D (2), SCHEDULE 13G (2), 4/A (1), 8-A12G (1), APP NTC (1), APP ORDR (1), DEF 14A (1), N-54A (1), N-6F (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 20, 2026
    Latest 8-K (8-K) Oct 8, 2026

Securities registered for trading

ClassSymbolExchange
Class S Common shares of beneficial interest, par value $0.01
Class D Common shares of beneficial interest, par value $0.01
Class I Common shares of beneficial interest, par value $0.01

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Bain Capital Private Credit names in Item 1A of its 10-K filed Mar 12, 2026: 75 risks under these headings, as written.5

  • Risks Relating to Our Business and Structure
  • We have limited operating history.
  • We may be unable to meet our investment objectives or investment strategy.
  • There may be limited liquidity and restrictions on withdrawal on an investment in the Company.
  • There may be risks regarding distributions and repurchases of Common Shares.
  • We are dependent upon key personnel of Bain Capital Credit and our Advisor.
  • We may not replicate the historical results achieved by Bain Capital Credit, or by our Advisor or its affiliates.
  • The due diligence process that our Advisor undertakes in connection with our investments may not reveal all the facts that may be relevant in connection with an investment.
  • Adverse developments in the credit markets may impair our ability to enter into new debt financing arrangements.
  • Our executive officers and Trustees, our Advisor, Bain Capital Credit and their affiliates, officers, directors and employees may face certain conflicts of interest.
  • Bain Capital Credit’s Credit Committee, our Advisor or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.
  • Our management and incentive fee structure may create incentives for our Advisor that are not fully aligned with the interests of our shareholders and may induce our Advisor to make speculative investments.
The other 64 risks
  • Conflicts created by the valuation process for certain portfolio holdings.
  • Conflicts may arise related to other arrangements with Bain Capital Credit and our Advisor’s other affiliates.
  • Our Advisor has limited liability and is entitled to indemnification under the Investment Advisory Agreement.
  • We operate in an increasingly competitive market for investment opportunities, which could reduce returns and result in losses.
  • We may need to raise additional capital.
  • Our business could be adversely affected in the event we default under our debt agreements.
  • Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.
  • We are and may be subject to restrictions under our debt agreements and any future credit or other borrowing facility that could adversely impact our business.
  • The majority of our portfolio investments are recorded at fair value and, as a result, there may be uncertainty as to the value of our portfolio investments.
  • New or modified laws or regulations governing our operations could adversely affect our business.
  • We are subject to certain risks related to being an “emerging growth company”.
  • Changes to U.S. tariff and import or export regulations may negatively impact our business.
  • The Board may change our investment objectives, operating policies and strategies without prior notice or shareholder approval.
  • Provisions of the Delaware Statutory Trust Act and of our Declaration of Trust and Bylaws could deter takeover attempts.
  • Provisions in our Declaration of Trust could make it more difficult for a potential acquirer to acquire us.
  • Our Declaration of Trust requires, to the fullest extent permitted by law and except for claims arising under federal or state securities laws, that derivative actions brought in our name, actions against our Trustees, officers, other employees or shareholders for breach of fiduciary duty and other similar actions may be brought in a federal or state court located in the state of Delaware.
  • Our Advisor has the ability to terminate the Investment Advisory Agreement on 120 days’ written notice and our Administrator has the ability to terminate the Administration Agreement on 60 days’ written notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • Risks Relating to the 1940 Act
  • We and our Advisor are subject to regulations and SEC oversight. If we or they fail to comply with applicable requirements, it may adversely impact our results relative to companies that are not subject to such regulations.
  • Our ability to enter into transactions with our affiliates is restricted.
  • Our ability to sell or otherwise exit investments also invested in by other Bain Capital Credit investment vehicles is restricted.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.
  • Certain investors are limited in their ability to make significant investments in us.
  • Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interest rates may make it more difficult for portfolio companies to make periodic payments on their loans.
  • Our debt investments may be risky, and we could lose all or part of our investments.
  • We may hold the debt securities of leveraged companies.
  • We invest in middle market companies, which involve higher risks than investments in larger companies.
  • The lack of liquidity in our investments may adversely affect our business.
  • Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.
  • Our investments in secured loans may nonetheless expose us to losses from default and foreclosure.
  • Our investments in mezzanine debt and other junior securities are subordinate to senior indebtedness of the applicable company and are subject to greater risk.
  • Our prospective portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
  • Our loans may have limited amortization requirements.
  • We may invest in high yield debt, or junk bonds, which has greater credit and liquidity risk than more highly rated debt obligations.
  • We may invest in equity securities, which generally have greater price volatility than fixed income securities.
  • The prices of the financial instruments in which we invest may be highly volatile.
  • Our investment in entire portfolios may not be as successful as acquiring the assets individually.
  • Investments in financially troubled companies involve significantly greater risk than investments in non-troubled companies.
  • Investments in “event-driven” special situations may not fully insulate us from risks inherent in our planned activities.
  • We may be subject to lender liability and equitable subordination.
  • Participation on creditors’ committees may expose our Advisor to liability.
  • We cannot assure the accuracy of projections and forecasts used by our Advisor.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer or industry.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies, and such portfolio companies may not generate sufficient cash flow to service their debt obligations to us.
  • The disposition of our investments may result in contingent liabilities.
  • We may be subject to risks under hedging transactions and may become subject to risk if we invest in non-U.S. securities.
  • Our investments in OID and PIK interest income may expose us to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash.
  • We are subject to risks associated with investing alongside other third parties.
  • We may be subject to risks related to investments in companies in the software industry.
  • Federal Income Tax and Other Tax Risks
  • We will be subject to corporate-level income tax if we are unable to qualify as a RIC.
  • Shareholders may be required to pay tax in excess of the cash they receive.
  • We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
  • We may be subject to withholding of U.S. federal income tax on distributions for non-U.S. shareholders.
  • We may retain income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax, reducing the amount available for distribution to taxpayers.
  • Our business may be adversely affected if we fail to maintain our qualification as a RIC.
  • We may be impacted by changes in federal tax legislation.
  • Risks Relating to Our Common Shares
  • There is a risk that shareholders may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.
  • Our shareholders may experience dilution in their ownership percentage.
  • We may incur significant costs as a result of being a public company.
  • General Risk Factors
  • Global capital markets could enter a period of severe disruption and instability. These conditions have historically affected and could again materially and adversely affect debt and equity capital markets in the United States and around the world and our business.
  • Economic recessions or downturns could impair our portfolio companies, and defaults by our portfolio companies will harm our operating results.
  • The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business and operations.
  • We are highly dependent on information systems, and systems failures or cyber-attacks could significantly disrupt our business, which may, in turn, negatively affect the value of our Common Shares and our ability to pay distributions.

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.

Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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