Bain Capital Private Credit 8-K

What Happened

• Bain Capital Private Credit filed an 8-K (Feb 27, 2026) announcing a regular distribution for Class I common shares of $0.1875 per share (gross and net). The record date is Feb 27, 2026 and the payment is expected on or about March 31, 2026 (cash or reinvestment).
• The filing also reported the Fund’s January 31, 2026 net asset value (NAV) and portfolio snapshot: Class I NAV was $25.97 per share; aggregate NAV was $983.1 million; the investment portfolio fair value was $1,853.8 million with $950.9 million principal debt outstanding.

Key Details

• Distribution: Class I — $0.1875 per share; no shareholder servicing/distribution fee; payable ~Mar 31, 2026; record date Feb 27, 2026.
• NAV and balance sheet (as of Jan 31, 2026): NAV per Class I share $25.97; aggregate NAV $983.1M; portfolio fair value $1,853.8M; principal debt outstanding $950.9M.
• Leverage: debt-to-equity ≈ 0.97x; net debt-to-equity (debt less cash/unsettled trades) ≈ 0.89x.
• Portfolio mix (by fair value): 89% first‑lien senior secured debt, 1% second lien, 5% subordinated debt, 1% preferred equity, 2% common equity, 2% investment vehicle; 93% of debt investments are floating rate.
• Offering status: continuous public offering up to $2.0B; as of Feb 2, 2026 the Fund had issued 38,831,640 Class I shares for total consideration of $993.9M.

Why It Matters

• The declared distribution is income for shareholders and may be taken in cash or reinvested, affecting yield and share count for investors.
• The NAV and portfolio breakdown show the Fund is heavily invested in first‑lien, senior secured and mostly floating‑rate debt, which can help income adjust with interest rates.
• Leverage is near 1.0x (0.97x), with net leverage somewhat lower (0.89x); investors should consider how that leverage level, portfolio composition, and ongoing share issuance under the $2.0B offering affect risk, income, and NAV dilution.