Bain Capital Credit, LP

2. Key Holdings

The portfolio is dominated by two primary positions:

• BAIN CAP SPECIALTY FIN INC (59.27%): This is the portfolio's anchor, holding $168.47 million across 11.82 million shares. As a position representing nearly 60% of the entire portfolio, this suggests a significant alignment between the filer and the issuer. Given Bain Capital Credit's role as a specialty finance manager, this likely represents a proprietary managed account or a Business Development Company (BDC) structure where the firm has substantial insider control or strategic interest. The performance of this single security is the primary driver of the portfolio's overall returns.
• BKLN - Invesco Senior Loan ETF (39.85%): The second largest holding is the $113.26 million allocation to the Invesco Senior Loan ETF. This position provides liquidity and exposure to a basket of senior secured bank loans (leveraged loans). By holding 5.41 million shares, the firm gains broad market exposure to the floating rate credit market, which serves as a hedge against rising interest rates and a diversifier to the concentrated idiosyncratic risk of the top holding.
• SRLN - SSGA Active ETF (0.88%): This is a residual position of $2.50 million, which was significantly reduced during the quarter. It now represents a negligible portion of the portfolio's risk profile.