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  4. [10-Q] Bain Capital Specialty Finance, Inc. Quarterly Earnings Report

Bain Capital Specialty Finance lists loans and equity

Listed investment details include contractual loan rates, payment-in-kind components, maturity dates, equity holdings and foreign-currency contracts.

Available on EDGAR Accepted by SEC EDGAR
Filing Impact
(Moderate)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Form Type
10-Q

Rhea-AI Filing Summary

Bain Capital Specialty Finance, Inc. lists debt and equity investments across industries including transportation, healthcare, technology and business services. The positions include first- and second-lien senior secured loans, subordinated debt, preferred equity, equity interests and warrants, as well as foreign-currency contracts and interest-rate swaps.

Examples include Gulf Winds International’s first lien senior secured loan, with a 10.72% interest rate, a 1.00% PIK component and a December 16, 2028 maturity; Red Nucleus’s first lien senior secured loan, with a 9.02% interest rate and an October 17, 2031 maturity; and Chartbeat’s subordinated debt, with a 16.00% PIK interest rate and an October 4, 2030 maturity.

Interest rate 10.72% Gulf Winds International first lien senior secured loan
PIK component 1.00% Gulf Winds International first lien senior secured loan
Maturity date December 16, 2028 Gulf Winds International first lien senior secured loan
PIK interest rate 16.00% Chartbeat subordinated debt
Maturity date October 4, 2030 Chartbeat subordinated debt
Interest rate 9.02% Red Nucleus first lien senior secured loan
First Lien Senior Secured Loan financial
"First Lien Senior Secured Loan SOFR Spread 6.00%"
A first lien senior secured loan is a debt where the lender has the top legal claim on a borrower’s specific assets and is paid before other creditors if the borrower defaults. Think of it like a first mortgage on a house: the lender has the strongest right to the property used as collateral. For investors this matters because these loans typically carry lower risk and priority in recovery, often offering lower yields than unsecured debt but greater protection if the borrower runs into trouble.
PIK financial
"Spread 6.00% (1.00% PIK)"
Payment In Kind (PIK) refers to interest or dividends paid with additional securities instead of cash. The company adds interest to the principal or issues more bonds/shares rather than paying cash. PIK conserves cash short-term but is riskier as debt compounds over time.
SOFR Spread financial
"SOFR Spread 6.00%"
Delayed Draw financial
"First Lien Senior Secured Loan - Delayed Draw"
Forward Foreign Currency Exchange Contracts financial
"Forward Foreign Currency Exchange Contracts Counterparty BNP Paribas"
Interest Rate Swap financial
"Interest Rate Swap Hedged Items March 2031 Notes"
An interest rate swap is a financial agreement where two parties exchange interest payments on a set amount of money over time. Typically, one side pays a fixed interest rate, while the other pays a variable rate that can change with market conditions. This helps investors manage or reduce their exposure to interest rate fluctuations, much like locking in a mortgage rate to avoid future cost increases.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does BCSF's Gulf Winds International loan mature?
BCSF lists the Gulf Winds International first lien senior secured loan with a December 16, 2028 maturity, a 10.72% interest rate and a 1.00% PIK component.

What rate does BCSF list for Chartbeat subordinated debt?
The Chartbeat subordinated debt is listed with a 16.00% PIK interest rate and an October 4, 2030 maturity date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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First Lien Senior Secured Loan - Revolver Maturity Date 3/1/20292026-09-300001655050bcsf:InvestmentHoldingMemberbcsf:UtilitiesWaterMember2026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments High Tech Industries HG Insights, Inc. First Lien Senior Secured Loan SOFR Floor 1.00% Spread 7.50% Interest Rate 11.40% Maturity Date 6/16/20312026-09-300001655050country:AU2026-01-012026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Morgan Stanley Settlement Date 03/08/20272026-01-012026-09-300001655050bcsf:NafincoMemberbcsf:DelayedDrawCommitmentMember2025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberAutomotive Cardo First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.98% Maturity Date 5/12/20282025-12-310001655050bcsf:InvestmentHoldingMemberbcsf:FireFinanceSectorMember2025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:TransportationConsumerSectorMember2025-12-310001655050us-gaap:FairValueInputsLevel3Memberbcsf:ValuationTechniqueComparableCompanyMultipleMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberbcsf:EquitySecuritiesThreeMember2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberFIRE: Finance Allworth Financial Group, L.P. First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.47% Maturity Date 12/23/20272025-12-310001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals StateServ Acquisition, Inc. First Lien Senior Secured Loan SOFR Spread 4.50% Interest Rate 8.25% Maturity Date 7/18/20332026-09-300001655050Non-controlled/Non-Affiliated Investments High Tech Industries Appriss Holdings, Inc. Equity Interest2026-09-300001655050bcsf:InvestmentHoldingMember2025-01-012025-12-310001655050us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655050bcsf:ClassAJRTwoZeroOneEightOneNotesMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2026-04-060001655050Non-controlled/Non-Affiliated Investments Construction & Building Elk Preferred Equity2025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Environmental Industries Reconomy First Lien Senior Secured Loan - Delayed Draw SOFR Spread 6.50% Interest Rate 10.57% Maturity Date 7/12/20292026-09-300001655050us-gaap:FairValueInputsLevel3Memberbcsf:FirstLienSeniorSecuredLoansFourMemberbcsf:ValuationTechniqueCollateralCoverageAnalysisMemberbcsf:MeasurementInputRecoveryRateMember2026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberEnvironmental Industries Reconomy First Lien Senior Secured Loan - Revolver SOFR Spread 6.50% Interest Rate 10.17% Maturity Date 7/12/20292025-12-310001655050bcsf:InvestmentHoldingMemberbcsf:UtilitiesWaterMember2025-12-310001655050Investment BCC Jetstream Holdings Aviation (Off I), LLC Acquisition Date 06/01/20172026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Hotel, Gaming & Leisure Awayday First Lien Senior Secured Loan SOFR Floor 1.00% Spread 4.75% Interest Rate 8.82% Maturity Date 5/6/20322026-09-300001655050us-gaap:InvestmentUnaffiliatedIssuerMemberbcsf:MediaDiversifiedAndProductionMember2026-09-300001655050bcsf:Notes2019OneMember2026-09-300001655050bcsf:DelayedDrawCommitmentMemberbcsf:RedNucleusMember2025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:ClassATwoRTwoZeroOneEightOneNotesMember2025-08-130001655050bcsf:InternationalSeniorLoanProgramLlcMemberbcsf:FireFinanceMember2026-09-300001655050bcsf:DelayedDrawCommitmentMemberbcsf:TLSapphireParentIncMember2026-09-300001655050bcsf:BcsfAdvisorsMemberbcsf:SubscriptionAgreementsMember2025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberCapital Equipment Goodfellow First Lien Senior Secured Loan SOFR Floor 1.00% Spread 5.00% Interest Rate 9.07% Maturity Date 2/10/20322026-09-300001655050Non-controlled/Non-Affiliated Investments Telecommunications Taoglas First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.00% Interest Rate 10.07% Maturity Date 2/28/2029 One2026-09-300001655050Non-controlled/Non-Affiliated Investments Environmental Industries Humic Acquisition Holdings, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.75% Interest Rate 9.54% Maturity Date 10/21/20312026-09-300001655050bcsf:InternationalSeniorLoanProgramLLCMember2026-01-012026-09-300001655050Metals & Mining Elevation NewCo, LLC First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.00% Interest Rate 10.07% Maturity Date 8/1/2031bcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050us-gaap:FairValueInputsLevel3Memberbcsf:ValuationTechniqueComparableCompanyMultipleMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberbcsf:EquitySecuritiesThreeMember2025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Five Standard Chartered Settlement Date 04/22/20272026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Retail Galeria Preferred Equity One2026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Settlement Date 01/22/2027 Two2026-01-012026-09-300001655050Investment Ventiv Holdco, Inc. Acquisition Date 9/3/20192025-01-012025-12-310001655050Non-controlled/Non-Affiliated Investments Construction & Building Chase Industries, Inc. First Lien Senior Secured Loan SOFR Spread 5.65% (1.50% PIK) Interest Rate 10.82% Maturity Date 11/11/20272025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Wells Fargo Settlement Date 11/20/20262025-01-012025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberFIRE: Insurance Simplicity First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.40% Maturity Date 12/31/20312025-12-310001655050us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty US Bank Settlement Date 05/07/20272026-01-012026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:MediaDiversifiedAndProductionMember2026-09-300001655050Goldman Sachs US Treasury Liquid Reserves Fund [Member]2026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Consumer Vasa Fitness Buyer, Inc. First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.25% Interest Rate 10.25% Maturity Date 8/15/20302026-09-300001655050bcsf:UtilitiesElectricMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:ClasscRSeniorDeferrableFloatingRateNotesMember2025-08-132025-08-130001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberConstruction & Building AGS American Glass Services Acquisition, LLC First Lien Senior Secured Loan SOFR Floor 1.00% Spread 5.50% Interest Rate 9.32% Maturity Date 7/24/20312026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business Datix Bidco Limited First Lien Senior Secured Loan - Revolver Maturity Date 10/30/20302026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business Webcentral First Lien Senior Secured Loan - Delayed Draw SOFR Spread 6.00% Interest Rate 9.90% Maturity Date 12/18/20302026-09-300001655050bcsf:InvestmentHoldingMemberbcsf:ServicesConsumerMember2026-09-300001655050Investment SensorTower Acquisition Date 03/15/20242026-01-012026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberbcsf:GoldmanSachsFinancialSquareGovernmentFundInstitutionalShareClassMember2025-12-310001655050Goldman Sachs Financial Square Government Fund Institutional Share Class [Member]2026-09-300001655050Aerospace & Defense BTX Precision First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.00% Interest Rate 8.90% Maturity Date 7/25/2030bcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals AEG Vision First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.75% Interest Rate 9.97% Maturity Date 3/27/20272026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Standard Chartered Settlement Date 09/10/20262025-12-310001655050Non-controlled/Non-Affiliated Investments Capital Equipment Goodfellow First Lien Senior Secured Loan - Delayed Draw EURIBOR Spread 5.25% Interest Rate 7.27% Maturity Date 2/10/2032 One2025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberServices: Consumer Vasa Fitness Buyer, Inc. First Lien Senior Secured Loan SOFR Spread 6.35% Interest Rate 10.07% Maturity Date 8/15/20302025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberbcsf:ISLPCreditFacilityMember2025-06-242025-06-240001655050Investment DTIQ Acquisition Date 09/15/20252026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Capital Equipment EXT Acquisitions, Inc. Lien Senior Secured Loan - Revolver Maturity Date 12/19/20312025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Standard Chartered Settlement Date 03/10/20262025-01-012025-12-310001655050us-gaap:InvestmentUnaffiliatedIssuerMemberbcsf:UtilitiesWaterMember2026-09-300001655050Consumer goods: Durable New Milani Group LLC First Lien Senior Secured Loan SOFR Floor 1.00% Spread 4.75% Interest Rate 8.82% Maturity Date 6/26/2031bcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050Non-controlled/Non-Affiliated Investments FIRE: Finance Endurance Holdco Limited Preferred Equity Spread 12.50% PIK Interest Rate 12.50%2025-12-310001655050bcsf:DelayedDrawCommitmentMemberbcsf:AGSAmericanGlassServicesAcquisitionLLCMember2026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberHealthcare & Pharmaceuticals Mertus 522. GmbH First Lien Senior Secured Loan EURIBOR Spread 4.00% (3.00% PIK) Interest Rate 9.12% Maturity Date 5/28/20282025-12-310001655050Non-controlled/Non-Affiliated Investments Construction & Building Service Master First Lien Senior Secured Loan - Revolver Maturity Date 12/31/20292026-09-300001655050us-gaap:FairValueInputsLevel2Memberbcsf:Notes2019OneMember2025-12-310001655050Non-controlled/Non-Affiliated Investments Services: Consumer Vasa Fitness, LLC First Lien Senior Secured Loan - Revolver Maturity Date 8/15/20302026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 6/17/20262025-01-012025-12-310001655050country:BE2025-01-012025-12-310001655050Investment Eagle Rock Capital Corporation Acquisition Date 12/09/20212026-01-012026-09-3000016550502019-02-010001655050Transportation: Cargo ICAT Logistics, Inc. First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.25% Interest Rate 10.15% Maturity Date 3/1/2029bcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business Morrow Sodali First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.48% Interest Rate 9.20% Maturity Date 4/25/20282025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberHealthcare & Pharmaceuticals StateServ Acquisition, Inc. First Lien Senior Secured Loan SOFR Spread 4.50% Interest Rate 8.25% Maturity Date 7/18/20332026-09-300001655050bcsf:ImageTrendMemberbcsf:RevolverCommitmentMember2026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty BNP Paribas Settlement Date 10/19/20262026-09-300001655050Non-controlled/Non-Affiliated Investments Wholesale Chex Finer Foods, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 6.00% Interest Rate 10.07% Maturity Date 6/6/20312026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty One Morgan Stanley Settlement Date 03/10/20262025-01-012025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberConsumer Goods: Wholesale WSP First Lien Senior Secured Loan Spread 8.00% PIK Interest Rate 8.00% Maturity Date 4/27/20282025-12-310001655050bcsf:InvestmentHoldingMemberbcsf:MediaAdvertisingPrintingAndPublishingMember2026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments High Tech Industries Superna Inc. First Lien Senior Secured Loan - Revolver Maturity Date 3/6/20282025-12-310001655050Non-controlled/Non-Affiliated Investments FIRE: Finance LEP SAL Co-Invest, L.P. Equity Interest2025-12-310001655050us-gaap:ConstructionSectorMemberbcsf:InvestmentHoldingMember2025-01-012025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberServices: Business Parcel2Go Equity Interest2025-12-310001655050Non-controlled/Non-Affiliated Investments Transportation: Cargo ICAT Logistics, Inc. First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 6.25% Interest Rate 10.01% Maturity Date 3/1/20292026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberTransportation: Cargo Gulf Winds International First Lien Senior Secured Loan SOFR Spread 6.00% (1.00% PIK) Interest Rate 10.72% Maturity Date 12/16/20282025-12-310001655050us-gaap:WarrantMember2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberHealthcare & Pharmaceuticals AOM Infusion First Lien Senior Secured Loan SOFR Floor 0.75% Spread 5.00% Interest Rate 9.04% Maturity Date 3/19/20322026-09-300001655050Non-controlled/Non-Affiliated Investments Aerospace & Defense Whitcraft-Paradigm First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.00% Interest Rate 9.07% Maturity Date 2/15/2029 One2026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Morgan Stanley Settlement Date 09/16/20262025-01-012025-12-310001655050bcsf:DelayedDrawCommitmentMemberbcsf:PPTGroupMember2025-12-310001655050bcsf:G702BuyerIncMemberbcsf:RevolverCommitmentMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Capital Equipment Accelevation LLC First Lien Senior Secured Loan SOFR Floor 0.75% Spread 5.25% Interest Rate 9.15% Maturity Date 1/2/20312026-09-300001655050bcsf:SubstantialHoldcoLimitedMemberbcsf:DelayedDrawCommitmentMember2025-12-310001655050Non-controlled/Non-Affiliated Investments Capital Equipment AXH Air Coolers First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.20% Maturity Date 10/31/2029 One2025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Goldman Sachs Settlement Date 04/02/20262025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberConstruction & Building Service Master First Lien Senior Secured Loan SOFR Spread 5.86% (1.00% PIK) Interest Rate 10.58% Maturity Date 8/16/20272025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberHigh Tech Industries New Gen Holding First Lien Senior Secured Loan EURIBOR Spread 3.00% (4.25% PIK) Interest Rate 10.32% Maturity Date 5/28/20312026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberbcsf:MediaBroadcastingAndSubscriptionMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Beacon Specialized Living First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.50% Interest Rate 9.57% Maturity Date 3/27/20282026-09-300001655050Investment BCC ESI Investments 1, LLC Acquisition Date 05/08/20262026-01-012026-09-300001655050bcsf:FireRealEstateSectorMemberbcsf:InvestmentHoldingMember2026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Media: Advertising, Printing & Publishing Facts Global Energy First Lien Senior Secured - Delayed Draw Loan SOFR Floor 1.00% Spread 5.75% Interest Rate 9.45% Maturity Date 12/20/20312026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty BNP Paribas Settlement Date 7/31/2026 One2025-12-310001655050us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business iBanFirst Preferred Equity2026-09-300001655050Non-controlled/Non-Affiliated Investments FIRE: Finance Endurance Holdco Limited Preferred Equity Spread 12.50% PIK Interest Rate 12.50%2026-09-300001655050Non-controlled/Non-Affiliated Investments Consumer goods: Durable Kids2, LLC First Lien Senior Secured Loan - Revolver SOFR Floor 1.00% Spread 6.00% Interest Rate 9.75% Maturity Date 4/14/20312026-09-300001655050bcsf:EquityInterestMemberbcsf:ControlledAffiliatedEntityMemberbcsf:LightningHoldingsBLlcMember2025-01-012025-12-310001655050bcsf:SecoviaFerroBuyerLLCMemberbcsf:DelayedDrawCommitmentMember2026-09-300001655050country:KY2026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Capital Equipment PPT Group First Lien Senior Secured Loan - Delayed Draw SONIA Spread 5.50% Interest Rate 9.43% Maturity Date 2/28/20312025-12-310001655050Non-controlled/Non-Affiliated Investments Transportation: Consumer PrimeFlight Acquisition LLC First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.35% Maturity Date 5/1/20292025-12-310001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals AEG Vision First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.75% Interest Rate 9.97% Maturity Date 3/27/2027 One2026-09-300001655050Investment MZR Aggregator Acquisition Date 12/22/20202026-01-012026-09-300001655050bcsf:WholesaleMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655050Non-controlled/Non-Affiliated Investments Construction & Building Service Master First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.75% PIK Interest Rate 10.75% Maturity Date 12/31/2029 One2026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberHealthcare & Pharmaceuticals Mertus 522. GmbH First Lien Senior Secured Loan EURIBOR Spread 4.00% (3.00% PIK) Interest Rate 9.13% Maturity Date 5/28/20282025-12-310001655050Non-controlled/Non-Affiliated Investments High Tech Industries NearMap First Lien Senior Secured Loan - Revolver Maturity Date 12/9/2028 One2025-12-310001655050us-gaap:FairValueInputsLevel3Memberbcsf:PreferredStockTwoMemberbcsf:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2025-12-310001655050Non-controlled/Non-Affiliated Investments Construction & Building TL Sapphire Parent, Inc. First Lien Senior Secured Loan - Delayed Draw SOFR Floor 0.75% Spread 5.00% Interest Rate 8.89% Maturity Date 1/24/20332026-09-300001655050Investment Legacy Corporate Lending HoldCo, LLC Acquisition Date 04/21/20232026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Construction & Building Zeus Fire & Security First Lien Senior Secured Loan SOFR Spread 5.00% Interest Rate 8.85% Maturity Date 12/11/20302025-12-310001655050Non-controlled/Non-Affiliated Investments Services: Consumer MZR Buyer, LLC First Lien Senior Secured Loan - Revolver SOFR Floor 1.00% Spread 6.75% (0.50% PIK) Interest Rate 11.13% Maturity Date 12/22/2028 One2026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Two Morgan Stanley Settlement Date 11/06/20262025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:WholesaleMember2025-12-310001655050bcsf:NonControlledAffiliatedAndControlledEntityMember2024-12-310001655050bcsf:ElectronicMerchantSystemsMemberbcsf:RevolverCommitmentMember2025-12-310001655050Non-controlled/Non-Affiliated Investments Capital Equipment TCFIII Owl Finance, LLC Subordinated Debt Spread 12.00% PIK Interest Rate 12.00% Maturity Date 1/30/20272025-12-310001655050Non-controlled/Non-Affiliated Investments FIRE: Finance Lagerbox First Lien Senior Secured Loan EURIBOR Spread 3.50% Interest Rate 5.55% Maturity Date 12/20/20282025-12-310001655050us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcsf:ValuationTechniqueComparableCompanyMultipleMemberbcsf:EquitySecuritiesFourMemberbcsf:MeasurementInputBookValueMultipleMember2025-12-310001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Sunmed Group Holdings, LLC First Lien Senior Secured Loan - Revolver Maturity Date 6/16/20272025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Two Morgan Stanley Settlement Date 06/08/20262025-01-012025-12-310001655050bcsf:LegacyCorporateLendingHoldcoLlcMemberbcsf:PreferredEquityMemberbcsf:ControlledAffiliatedEntityMember2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:ClassCNotesTwoZeroTwoFourOneNotesMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Metals & Mining Lindstrom, LLC First Lien Senior Secured Loan - Revolver SOFR Spread 5.50% Interest Rate 9.20% Maturity Date 12/30/20322025-12-310001655050Non-controlled/Non-Affiliated Investments Services: Business Advanced Aircrew First Lien Senior Secured Loan SOFR Spread 6.50% Interest Rate 10.22% Maturity Date 7/26/20302025-12-310001655050bcsf:EquityInterestMemberbcsf:ControlledAffiliatedEntityMemberbcsf:LightningHoldingsBLlcMember2025-12-310001655050bcsf:FireInsuranceMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2025-12-310001655050Non-controlled/Non-Affiliated Investments Consumer goods: Durable TLC Purchaser, Inc. First Lien Senior Secured Loan SOFR Floor 1.00% Spread 5.50% Interest Rate 9.74% Maturity Date 10/11/20272026-09-300001655050bcsf:EfficientCollaborativeRetailMarketingCompanyLLCMemberbcsf:RevolverCommitmentMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Construction & Building Service Master First Lien Senior Secured Loan SOFR Spread 6.01% (1.00% PIK) Interest Rate 10.86% Maturity Date 12/31/2029 One2025-12-310001655050bcsf:Notes595PercentDueMarch2030Member2025-01-012025-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberHealthcare & Pharmaceuticals Beacon Specialized Living First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.17% Maturity Date 3/25/20282025-12-310001655050bcsf:DatixBidcoLimitedMemberbcsf:RevolverCommitmentMember2025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberServices: Business Cube First Lien Senior Secured Loan - Delayed Draw SOFR Spread 3.00% (4.44% PIK) Interest Rate 11.48% Maturity Date 5/21/20312026-09-300001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals RedMed Operations (Collage Rehabilitation) First Lien Senior Secured Loan - Delayed Draw Maturity Date 2/28/20312026-09-300001655050bcsf:OwlAcquisitionLLCMemberbcsf:DelayedDrawCommitmentMember2026-09-300001655050bcsf:InvestmentHoldingMemberbcsf:MediaDiversifiedAndProductionMember2025-12-310001655050bcsf:UtilitiesWaterMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberAerospace & Defense Heads Up Technologies, Inc. First Lien Senior Secured Loan SOFR Floor 0.75% Spread 5.00% Interest Rate 9.07% Maturity Date 7/23/20302026-09-300001655050Non-controlled/Non-Affiliated Investments Hotel, Gaming & Leisure Le Berger SA First Lien Senior Secured Loan - Delayed Draw EURIBOR Floor 1.00% Spread 3.75% Interest Rate 6.34% Maturity Date 2/21/20282026-09-300001655050us-gaap:InvestmentAffiliatedIssuerControlledMemberbcsf:TransportationCargoMember2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:CapitalEquipmentSectorMember2025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty US Bank Settlement Date 4/14/20262025-01-012025-12-310001655050bcsf:BccJetstreamHoldingsAviationOnIiLlcMemberbcsf:ControlledAffiliatedEntityMemberbcsf:FirstLienSeniorSecuredLoanMember2025-12-310001655050us-gaap:DomesticCountryMember2026-07-012026-09-300001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Beacon Specialized Living First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.50% Interest Rate 9.17% Maturity Date 3/25/20282025-12-310001655050bcsf:RevolverCommitmentMemberbcsf:FiftyUSBidcoIncMember2025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 8/20/2026 Two2025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberRetail Thrasio, LLC First Lien Senior Secured Loan SOFR Spread 10.11% PIK Interest Rate 13.84% Maturity Date 6/18/20292025-12-310001655050bcsf:DelayedDrawCommitmentMemberbcsf:FiduciaireJean-MarcFaberMember2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberTransportation: Consumer PrimeFlight Acquisition LLC First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.35% Maturity Date 5/1/20292025-12-310001655050us-gaap:PreferredStockMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050bcsf:Notes2025OneMember2025-07-080001655050Interest Rate Swap Hedged Items March 2030 Notes Counterparty Wells Fargo Settlement Date 3/15/20302026-09-300001655050bcsf:InterestRateFloorFourMember2025-01-012025-12-310001655050Investment Advanced Aircrew Acquisition Date 7/26/20242025-01-012025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberHigh Tech Industries Onventis First Lien Senior Secured Loan - 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GmbH First Lien Senior Secured Loan EURIBOR Spread 3.75% (2.75% PIK) Interest Rate 8.99% Maturity Date 5/28/20282026-09-300001655050bcsf:InternationalSeniorLoanProgramLLCMember2022-12-300001655050Non-controlled/Non-Affiliated Investments Beverage, Food, & Tobacco INW Manufacturing, LLC First Lien Senior Secured Loan SOFR Floor 1.00% Spread 5.75% Interest Rate 9.50% Maturity Date 1/23/20312026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberHigh Tech Industries PlentyMarkets First Lien Senior Secured Loan - Delayed Draw EURIBOR 3.25% (3.70% PIK) Interest Rate 9.31% Maturity Date 4/2/20322026-09-300001655050bcsf:PreferredEquityInterestInInvestmentVehiclesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty BNP Paribas Settlement Date 07/26/20272026-09-300001655050Investment Service Master Acquisition Date 08/16/20212026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Media: Advertising, Printing & Publishing TGI Sport Bidco Pty Ltd First Lien Senior Secured Loan - Delayed Draw SOFR Floor 0.50% Spread 5.75% Interest Rate 9.77% Maturity Date 4/28/20282026-09-300001655050bcsf:InvestmentHoldingMemberbcsf:ServicesConsumerMember2026-01-012026-09-300001655050us-gaap:SubordinatedDebtMember2025-01-012025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 6/8/2026 One2025-12-310001655050bcsf:AllbridgeMemberbcsf:RevolverCommitmentMember2025-12-310001655050bcsf:SubordinatedNoteInInvestmentVehiclesMember2026-09-300001655050bcsf:AdministratorMemberus-gaap:OtherGeneralAndAdministrativeExpense2025-07-012025-09-300001655050Non-controlled/Non-Affiliated Investments Media: Diversified & Production Owl Acquisition, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Floor 0.75% Spread 4.75% Interest Rate 8.49% Maturity Date 4/17/20322026-09-300001655050Healthcare & Pharmaceuticals AEG Vision First Lien Senior Secured Loan SOFR Spread 5.90% Interest Rate 9.57% Maturity Date 3/27/2027bcsf:BainCapitalSeniorLoanProgramLlcMember2025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Settlement Date 09/02/20272026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty BNP Paribas Settlement Date 06/02/20262025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Standard Chartered Settlement Date 01/09/20262025-01-012025-12-310001655050bcsf:SumitomoCreditFacilityMember2021-12-242021-12-240001655050bcsf:InvestmentHoldingMemberbcsf:ServicesBusinessMember2026-09-300001655050bcsf:EquityInterestsInInvestmentVehiclesMember2026-01-012026-09-300001655050bcsf:BccJetstreamHoldingsAviationOffILlcMemberbcsf:EquityInterestMemberbcsf:ControlledAffiliatedEntityMember2026-09-300001655050Non-controlled/Non-Affiliated Investments High Tech Industries PayRange Equity Interest2025-12-310001655050bcsf:ClassBRTwoZeroOneEightOneNotesMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2026-04-060001655050Non-controlled/Non-Affiliated Investments Automotive JHCC Holdings, LLC First Lien Senior Secured Loan - Revolver Prime Spread 4.25% Interest Rate 11.75% Maturity Date 9/9/20272025-12-310001655050Non-controlled/Non-Affiliated Investments Services: Business Pure Wafer Equity Interest2025-12-310001655050Non-controlled/Non-Affiliated Investments Utilities: Water Vessco Water First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.50% Interest Rate 8.22% Maturity Date 7/24/20312025-12-310001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals CRH Healthcare Purchaser, Inc. 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First Lien Senior Secured Loan SOFR Floor 0.75% Spread 4.75% Interest Rate 9.01% Maturity Date 7/2/20312026-09-300001655050Investment AQ Software Corporation Acquisition Date 12/10/20212026-01-012026-09-300001655050us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2026-09-300001655050Investment Grammer Investment Holdings LLC Acquisition Date 10/1/20182025-01-012025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 7/16/20262025-01-012025-12-310001655050Non-controlled/Non-Affiliated Investments Automotive Chilton First Lien Senior Secured Loan - Revolver SOFR Floor 1.00% Spread 5.50% Interest Rate 9.26% Maturity Date 2/5/20312026-09-300001655050Non-controlled/Non-Affiliated Investments Beverage, Food & Tobacco Hellers Subordinated Debt Spread 15.00% PIK Interest Rate 15.00% Maturity Date 3/27/20312025-12-310001655050Retail New Look Vision Group First Lien Senior Secured Loan - Delayed Draw CORRA Floor 1.00% Spread 5.25% Interest Rate 7.69% Maturity Date 5/26/2028bcsf:InternationalSeniorLoanProgramLlcMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Hotel, Gaming & Leisure Pollo Tropical First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 9.07% Maturity Date 10/23/20292025-12-3100016550502022-02-092022-02-090001655050Transportation: Cargo Gulf Winds International First Lien Senior Secured Loan SOFR Spread 6.00% (1.00% PIK) Interest Rate 10.72% Maturity Date 12/16/2028 Onebcsf:BainCapitalSeniorLoanProgramLlcMember2025-12-310001655050Interest Rate Swap Hedged Items March 2030 Notes Counterparty Wells Fargo Settlement Date 3/15/20302026-01-012026-09-300001655050bcsf:ClassAOneRTwoZeroOneEightOneNotesMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Aerospace & Defense Whitcraft-Paradigm First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.00% Interest Rate 9.07% Maturity Date 2/15/20292026-09-300001655050bcsf:NewLookVisionGroupMemberbcsf:RevolverCommitmentMember2026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberServices: Business Opus2 First Lien Senior Secured Loan SONIA Spread 5.00% Interest Rate 8.76% Maturity Date 5/8/20282026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberServices: Consumer Vasa Fitness Buyer, Inc. 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Holdings B, LLC Acquisition Date 05/07/20262026-01-012026-09-300001655050Investment Service Master Acquisition Date 8/16/20212025-01-012025-12-310001655050us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-09-300001655050us-gaap:FairValueInputsLevel3Memberbcsf:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputRevenueMultipleMemberbcsf:EquitySecuritiesThreeMember2025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberMedia: Advertising, Printing & Publishing TGI Sport Bidco Pty Ltd First Lien Senior Secured Loan - Delayed Draw SONIA Floor 0.50% Spread 5.75% Interest Rate 9.51% Maturity Date 4/28/20282026-09-300001655050Non-controlled/Non-Affiliated Investments Media: Advertising, Printing & Publishing Facts Global Energy First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.25% Interest Rate 9.05% Maturity Date 12/20/20312025-12-310001655050Non-controlled/Non-Affiliated Investments Wholesale Abracon Group Holding, LLC. First Lien Senior Secured Loan - Revolver SOFR Spread 2.05% (4.60% PIK) Interest Rate 10.54% Maturity Date 7/6/20282025-12-310001655050Non-controlled/Non-Affiliated Investments FIRE: Finance Sikich Warrants2025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberEnvironmental Industries Reconomy First Lien Senior Secured Loan SONIA Spread 6.50% Interest Rate 10.22% Maturity Date 7/12/20292025-12-310001655050Non-controlled/Non-Affiliated Investments High Tech Industries Eleven Software First Lien Senior Secured Loan - Revolver Maturity Date 5/14/20292026-09-300001655050Non-controlled/Non-Affiliated Investments High Tech Industries Cloud Technology Solutions First Lien Senior Secured Loan - Delayed Draw SONIA Spread 2.52% (5.48% PIK) Interest Rate 11.90% Maturity Date 10/17/20312025-12-310001655050Non-controlled/Non-Affiliated Investments Chemicals, Plastics, & Rubber Plaskolite PPC Intermediate II LLC First Lien Senior Secured Loan SOFR Floor 1.00% Spread 4.00% (4.00% PIK) Interest Rate 11.76% Maturity Date 5/9/20302026-09-300001655050bcsf:SubordinatedNoteInvestmentVehicleMemberbcsf:ControlledAffiliatedEntityMemberbcsf:InternationalSeniorLoanProgramLlcMember2025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberAerospace & Defense Ansett Aviation Training Equity Interest2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberConsumer goods: Durable Tangent Technologies Holdings, LLC First Lien Senior Secured Loan SOFR Floor 1.00% Spread 5.25% Interest Rate 9.15% Maturity Date 8/2/20322026-09-300001655050Investment PPT Group Acquisition Date 02/28/20252026-01-012026-09-300001655050bcsf:ClassA3RRSeniorSecuredFloatingRateNotesMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business Pure Wafer First Lien Senior Secured Loan - Revolver Maturity Date 11/12/20302026-09-300001655050Investment Fineline Technologies, Inc. Acquisition Date 02/22/20212026-01-012026-09-300001655050bcsf:ICATLogisticsIncMemberbcsf:RevolverCommitment1Member2026-09-300001655050Wholesale Chex Finer Foods, LLC First Lien Senior Secured Loan SOFR Spread 6.00% Interest Rate 9.74% Maturity Date 6/6/2031bcsf:BainCapitalSeniorLoanProgramLlcMember2025-12-310001655050Non-controlled/Non-Affiliated Investments FIRE: Finance Parmenion First Lien Senior Secured Loan SONIA Spread 5.50% Interest Rate 9.25% Maturity Date 5/23/20292026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Goldman Sachs Settlement Date 04/02/20262025-01-012025-12-310001655050Non-controlled/Non-Affiliated Investments High Tech Industries Applitools First Lien Senior Secured Loan - Revolver SOFR Floor 0.75% Spread 5.75% PIK Interest Rate 9.50% Maturity Date 5/25/20282026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberHotel, Gaming & Leisure Awayday First Lien Senior Secured Loan SOFR Floor 1.00% Spread 4.75% Interest Rate 8.82% Maturity Date 5/6/20322026-09-300001655050Containers, Packaging & Glass Precision Concepts Canada Corporation First Lien Senior Secured Loan SOFR Spread 4.75% Interest Rate 8.57% Maturity Date 8/2/2032bcsf:BainCapitalSeniorLoanProgramLlcMember2025-12-310001655050Non-controlled/Non-Affiliated Investments High Tech Industries Appriss Holdings, Inc. First Lien Senior Secured Loan SOFR Floor 1.00% Spread 4.75% Interest Rate 8.75% Maturity Date 5/6/20302026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:ClassCRTwoZeroTwoThreeOneNoteMember2026-01-012026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty One Bank of New York Mellon Settlement Date 6/15/20262025-12-310001655050Non-controlled/Non-Affiliated Investments High Tech Industries LogRhythm First Lien Senior Secured Loan - Revolver Maturity Date 7/2/20292025-12-310001655050bcsf:InvestmentHoldingMemberus-gaap:RetailSectorMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business TEI Holdings First Lien Senior Secured Loan SOFR Spread 4.00% Interest Rate 7.67% Maturity Date 4/9/20312025-12-310001655050bcsf:ClassAOneRTwoZeroTwoThreeOneNotesMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Hotel, Gaming & Leisure City BBQ First Lien Senior Secured Loan SOFR Floor 1.00% Spread 5.35% Interest Rate 9.24% Maturity Date 9/4/20302026-09-300001655050Non-controlled/Non-Affiliated Investments Capital Equipment Goodfellow First Lien Senior Secured Loan SOFR Floor 1.00% Spread 5.00% Interest Rate 9.07% Maturity Date 2/10/20322026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Goldman Sachs Settlement Date 03/08/20272026-09-300001655050bcsf:ClassATwoNotesTwoZeroTwoFourOneNotesMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberWholesale SureWerx First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.92% Maturity Date 12/28/20292025-12-310001655050Non-controlled/Non-Affiliated Investments Media: Advertising, Printing & Publishing Facts Global Energy First Lien Senior Secured - 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Preferred Equity Spread 10.00% Interest Rate 10.00%2026-09-300001655050bcsf:Notes2018OneMember2024-03-132024-03-130001655050us-gaap:FairValueInputsLevel3Memberbcsf:FirstLienSeniorSecuredLoansTwoMemberbcsf:ValuationTechniqueComparableCompanyMultipleMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001655050us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcsf:FirstLienSeniorSecuredLoansTwoMemberbcsf:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-09-300001655050bcsf:BccJetstreamHoldingsAviationOffILlcMemberbcsf:EquityInterestMemberbcsf:ControlledAffiliatedEntityMember2026-01-012026-09-300001655050Non-Controlled/Non-Affiliate Investments Hotel, Gaming & Leisure Awayday First Lien Senior Secured Loan - SOFR Spread 5.25% Interest Rate 8.92% Maturity Date 5/6/20322025-12-310001655050Non-controlled/Non-Affiliated Investments Telecommunications Meriplex Communications, Ltd. First Lien Senior Secured Loan - Revolver SOFR Spread 5.10% Interest Rate 8.82% Maturity Date 7/17/20282025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:ClassAOneLTwoZeroOneEightOneNotesMember2026-04-060001655050Non-controlled/Non-Affiliated Investments Services: Business Beneficium First Lien Senior Secured Loan - Delayed Draw Maturity Date 6/28/20312025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberHigh Tech Industries Superna Inc. First Lien Senior Secured Loan SOFR Spread 6.50% Interest Rate 10.24% Maturity Date 3/6/20282025-12-310001655050bcsf:ClassA-TwoLoansTwoZeroTwoFive-OneNotesMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050bcsf:InvestmentHoldingMemberbcsf:MetalsMiningMember2025-12-310001655050Non-controlled/Non-Affiliated Investments FIRE: Finance PMA First Lien Senior Secured Loan - Revolver Maturity Date 1/31/20312025-12-310001655050Investment AQ Software Corporation Acquisition Date 12/29/20222026-01-012026-09-300001655050bcsf:WalkerEdisonMemberbcsf:FirstLienSeniorSecuredLoanDelayedDrawMemberbcsf:NonControlledAffiliatedEntityMember2025-01-012025-12-310001655050Containers, Packaging & Glass ASP-r-pac Acquisition Co LLC First Lien Senior Secured Loan SOFR Spread 6.26% Interest Rate 10.10% Maturity Date 12/29/2027bcsf:BainCapitalSeniorLoanProgramLlcMember2025-12-310001655050us-gaap:InvestmentAffiliatedIssuerControlledMemberbcsf:ServicesBusinessMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Apollo Intelligence First Lien Senior Secured Loan SOFR Spread 5.75% Interest Rate 9.50% Maturity Date 5/31/20282025-12-310001655050bcsf:Notes2.55PercentDueOctober2026Member2026-07-012026-09-300001655050Non-controlled/Non-Affiliated Investments Capital Equipment Ergotron Acquisition LLC First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.97% Maturity Date 7/6/20282025-12-310001655050Non-controlled/Non-Affiliated Investments Construction & Building Service Master First Lien Senior Secured Loan - Revolver SOFR Spread 6.75% PIK Interest Rate 11.09% Maturity Date 8/16/20272026-09-300001655050bcsf:SupernaIncMemberbcsf:RevolverCommitmentMember2025-12-310001655050Non-controlled/Non-Affiliated Investments FIRE: Finance Allworth Financial Group, L.P. First Lien Senior Secured Loan - Revolver Maturity Date 12/23/20272025-12-310001655050Non-controlled/Non-Affiliated Investments Services: Business DTIQ First Lien Senior Secured Loan SOFR Spread 7.50% Interest Rate 11.22% Maturity Date 9/30/20292025-12-310001655050Non-controlled/Non-Affiliated Investments FIRE: Insurance Simplicity First Lien Senior Secured Loan - Revolver Maturity Date 12/31/20312026-09-300001655050Investment Rydoo Acquisition Date 9/26/20242025-01-012025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberServices: Business Pure Wafer First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.50% Interest Rate 9.50% Maturity Date 11/12/20302026-09-300001655050Non-controlled/Non-Affiliated Investments Telecommunications Taoglas First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.00% Interest Rate 10.07% Maturity Date 2/28/20292026-09-3000016550502025-01-012025-12-310001655050Non-controlled/Non-Affiliated Investments Construction & Building AGS American Services Investments, L.P. 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First Lien Senior Secured Loan - Revolver Maturity Date 4/21/20332026-09-300001655050Investment DTIQ Acquisition Date 09/30/20242026-01-012026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty One Standard Chartered Settlement Date 04/22/20272026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberEnvironmental Industries Reconomy First Lien Senior Secured Loan - Delayed Draw EURIBOR Spread 6.25% Interest Rate 8.84% Maturity Date 7/12/20292026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Wells Fargo Settlement Date 11/20/20262025-12-310001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals WSHP Cottonwood Buyer, LLC First Lien Senior Secured Loan - Delayed Draw Maturity Date 12/20/20322026-09-300001655050bcsf:WUHoldcoIncMemberbcsf:RevolverCommitmentMember2026-09-300001655050Investment Endurance Holdco Limited Acquisition Date 11/14/20252025-01-012025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty US Bank Settlement Date 7/31/20262025-12-310001655050Controlled Affiliate Investments Aerospace & Defense Gale Aviation (Offshore) Co Equity Interest2025-12-310001655050Wholesale WSP First Lien Senior Secured Loan SOFR Spread 8.00%PIK Interest Rate 8.00% Maturity Date 4/27/2028bcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050us-gaap:FairValueInputsLevel3Memberbcsf:ValuationTechniqueCollateralCoverageAnalysisMemberbcsf:SubordinatedNoteInInvestmentVehiclesMemberbcsf:MeasurementInputRecoveryRateMember2025-12-310001655050bcsf:InternationalSeniorLoanProgramLlcMemberHealthcare & Pharmaceuticals Pharmathen First Lien Senior Secured Loan- Revolver EURIBOR Spread 7.18% PIK Interest Rate 9.30% Maturity Date 1/19/20292026-09-300001655050bcsf:InvestmentHoldingMemberbcsf:HighTechIndustriesMember2026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberServices: Business Easy Ice First Lien Senior Secured Loan SOFR Spread 5.40% Interest Rate 9.24% Maturity Date 10/30/20302025-12-310001655050Non-controlled/Non-Affiliated Investments Aerospace & Defense Mach Acquisition, LLC First Lien Senior Secured Loan - Revolver SOFR Floor 1.00% Spread 7.00% Interest Rate 11.18% Maturity Date 4/19/20272026-09-300001655050country:GG2026-01-012026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:ClassATwoRTwoZeroOneEightOneNotesMember2026-01-012026-09-300001655050bcsf:SubordinatedNoteInvestmentVehicleMemberbcsf:ControlledAffiliatedEntityMemberbcsf:InternationalSeniorLoanProgramLlcMember2024-12-310001655050srt:MinimumMember2026-01-012026-09-300001655050us-gaap:HealthcareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Consumer CorePower Yoga, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.25% Interest Rate 9.32% Maturity Date 04/30/2031 One2026-09-300001655050us-gaap:InvestmentUnaffiliatedIssuerMemberbcsf:TransportationCargoMember2026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberHealthcare & Pharmaceuticals Pharmathen First Lien Senior Secured Loan- Revolver EURIBOR Spread 7.18% PIK Interest Rate 9.30% Maturity Date 1/19/2029 One2025-12-310001655050Non-controlled/Non-Affiliated Investments Automotive Chilton First Lien Senior Secured Loan - Revolver SOFR Spread 5.50% Interest Rate 9.40% Maturity Date 2/5/20312025-12-310001655050us-gaap:InterestRateSwapMemberbcsf:WellsFargoMember2025-12-310001655050bcsf:NonControlledAffiliatedEntityMemberbcsf:DcBloxIncMemberbcsf:PreferredEquityMember2025-01-012025-12-310001655050Non-controlled/Non-Affiliated Investments High Tech Industries SensorTower Equity Interest2026-09-300001655050Non-controlled/Non-Affiliated Investments Automotive Gills Point S First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.50% Interest Rate 9.86% Maturity Date 5/17/20292025-12-310001655050bcsf:BCSFAdvisorsLpMember2025-12-310001655050us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberbcsf:SecondLienSeniorSecuredLoanMemberus-gaap:MeasurementInputComparabilityAdjustmentMember2025-12-310001655050bcsf:ChexFinerFoodsLLCMemberbcsf:DelayedDrawCommitmentMember2025-12-310001655050Non-controlled/Non-Affiliated Investments Aerospace & Defense Robinson Helicopter Equity Interest2026-09-300001655050Investment Taoglas Acquisition Date 6/27/20242025-01-012025-12-310001655050us-gaap:FairValueInputsLevel3Memberbcsf:FirstLienSeniorSecuredLoansThreeMemberbcsf:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputRevenueMultipleMember2026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Six Standard Chartered Settlement Date 10/02/20262026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Settlement Date 10/28/20272026-01-012026-09-300001655050us-gaap:ShareDistributionMember2025-02-270001655050bcsf:InternationalSeniorLoanProgramLlcMemberbcsf:InvestmentsOperationsMemberbcsf:InvestmentConcentrationRiskMember2025-12-310001655050bcsf:OSPARAPurchaserLLCMemberbcsf:RevolverCommitmentMember2026-09-300001655050bcsf:NonControlledAffiliatedEntityMember2024-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty Bank of New York Mellon Settlement Date 3/27/20262025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:ClassATwoRTwoZeroOneEightOneNotesMember2025-08-132025-08-130001655050us-gaap:InvestmentUnaffiliatedIssuerMemberbcsf:TransportationConsumerSectorMember2026-09-300001655050bcsf:DelayedDrawCommitmentMemberbcsf:HellersMember2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberConstruction & Building TL Sapphire Parent, Inc. First Lien Senior Secured Loan SOFR Floor 0.75% Spread 5.00% Interest Rate 8.73% Maturity Date 1/24/20332026-09-300001655050bcsf:SurreyBidcoLimitedMemberbcsf:ControlledAffiliatedEntityMemberbcsf:FirstLienSeniorSecuredLoanMember2026-01-012026-09-300001655050Investment BCC High Divide 1, LLC (High Divide) Acquisition Date 06/10/20262026-01-012026-09-300001655050us-gaap:FairValueInputsLevel3Memberbcsf:ValuationTechniqueComparableCompanyMultipleMemberus-gaap:MeasurementInputRevenueMultipleMemberbcsf:EquitySecuritiesThreeMember2026-09-300001655050bcsf:AlogentHoldingsIncMemberbcsf:RevolverCommitmentMember2026-09-300001655050bcsf:ControlledAffiliatedEntityMemberbcsf:FirstLienSeniorSecuredLoanMemberbcsf:Parcel2GoMember2025-01-012025-12-310001655050Forward Foreign Currency Exchange Contracts Counterparty US Bank Settlement Date 04/12/20272026-01-012026-09-300001655050bcsf:ChemicalsPlasticsAndRubberMemberbcsf:InvestmentHoldingMember2025-12-310001655050bcsf:SubordinatedNoteInvestmentVehicleMemberbcsf:ControlledAffiliatedEntityMemberbcsf:InternationalSeniorLoanProgramLlcMember2026-01-012026-09-300001655050us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberbcsf:EquitySecuritiesOneMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001655050bcsf:FirstLienSeniorSecuredLoanDelayedDrawMemberbcsf:NonControlledAffiliatedEntityMemberbcsf:WalkerEdisonFourMember2025-01-012025-12-310001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals EHE Health Equity Interest2026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:ClassDRTwoZeroOneEightOneNotesMember2026-01-012026-09-300001655050us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AutomotiveSectorMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Consumer MZR Aggregator Equity Interest2026-09-300001655050bcsf:VaroESIBuyerLLCMemberbcsf:RevolverCommitmentMember2026-09-300001655050bcsf:InterestRateFloorFiveMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2025-01-012025-12-310001655050country:BE2026-01-012026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Morgan Stanley Settlement Date 04/22/20272026-01-012026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberServices: Business Parcel2Go Equity Interest2026-09-300001655050Non-controlled/Non-Affiliated Investments Consumer goods: Non-durable Solaray, LLC First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.00% (1.75% PIK) Interest Rate 10.95% Maturity Date 3/27/20292026-09-300001655050Investment BCSF Project Aberdeen, LLC Acquisition Date 07/03/20242026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Transportation: Consumer PrimeFlight Acquisition LLC First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.17% Maturity Date 5/1/20292025-12-310001655050bcsf:LindstromLLCMemberbcsf:RevolverCommitmentMember2026-09-300001655050us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberbcsf:EquitySecuritiesOneMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2026-09-300001655050Investment Thrasio, LLC Acquisition Date 06/18/20242026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Aerospace & Defense Bridger Aerospace Group Holdings, Inc. First Lien Senior Secured Loan - Delayed Draw SOFR Spread 6.00% Interest Rate 9.70% Maturity Date 10/28/20302025-12-310001655050Non-controlled/Non-Affiliated Investments Services: Consumer Master ConcessionAir First Lien Senior Secured Loan - Revolver SOFR Floor 3.00% Spread 8.50% Interest Rate 12.34% Maturity Date 6/21/20292026-09-300001655050us-gaap:InvestmentUnaffiliatedIssuerMember2026-07-012026-09-300001655050bcsf:InvestmentVehiclesMemberbcsf:InvestmentHoldingMember2026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Telecommunications Substantial Holdco Limited First Lien Senior Secured Loan - Subordinated Debt 8.00% (4.00% PIK) Interest Rate 12.00% Maturity Date 4/20/20302026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Three Morgan Stanley Settlement Date 09/10/20262025-12-310001655050Non-controlled/Non-Affiliated Investments Services: Business SoftCo Equity Interest2025-12-310001655050bcsf:BccJetstreamHoldingsAviationOnIiLlcMemberbcsf:ControlledAffiliatedEntityMemberbcsf:FirstLienSeniorSecuredLoanMember2026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Transportation: Cargo REP Coinvest III-A Omni, L.P. Equity Interest2026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business Darcy Partners First Lien Senior Secured Loan SOFR Floor 1.00% Spread 7.50% Interest Rate 11.70% Maturity Date 6/1/20282026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMembercountry:US2026-01-012026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberbcsf:ClassDRTwoZeroOneEightOneNotesMember2026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business Easy Ice First Lien Senior Secured Loan SOFR Floor 1.00 Spread 5.25% Interest Rate 9.22% Maturity Date 10/30/20302026-09-300001655050Non-controlled/Non-Affiliated Investments Aerospace & Defense OSP ARA Purchaser, LLC First Lien Senior Secured Loan-Revolver SOFR Floor 1.00% Spread 5.25% Interest Rate 9.02% Maturity Date Maturity Date 7/14/20332026-09-300001655050bcsf:O2025Q3DividendsMember2025-09-302025-09-300001655050Non-controlled/Non-Affiliated Investments Automotive Gills Point S First Lien Senior Secured Loan SOFR Spread 5.50% Interest Rate 9.95% Maturity Date 5/17/20292025-12-310001655050bcsf:FireInsuranceMemberbcsf:InvestmentHoldingMember2026-01-012026-09-300001655050Forward Foreign Currency Exchange Contracts Counterparty Eleven Standard Chartered Settlement Date 10/02/20262025-01-012025-12-310001655050Investment Grammer Investment Holdings LLC Acquisition Date 10/01/20182026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business masLabor Equity Interest2026-09-300001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals SunMed Group Holdings, LLC First Lien Senior Secured Loan SOFR Spread 5.60% Interest Rate 9.44% Maturity Date 6/16/20282025-12-310001655050bcsf:RevolverCommitmentMemberbcsf:MorrowSodaliMember2025-12-310001655050us-gaap:DomesticCountryMember2025-07-012025-09-300001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Red Nucleus First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.25% Interest Rate 9.22% Maturity Date 10/17/20312025-12-310001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Psychiatric Medical Care LLC First Lien Senior Secured Loan - Revolver Maturity Date 7/1/20322026-09-300001655050Investment Eleven Software Acquisition Date 04/25/20222026-01-012026-09-300001655050Investment Galeria Acquisition Date 8/1/20242025-01-012025-12-310001655050Non-controlled/Non-Affiliated Investments High Tech Industries Chartbeat Warrants2025-12-310001655050us-gaap:InvestmentUnaffiliatedIssuerMemberbcsf:MediaAdvertisingPrintingAndPublishingMember2025-12-310001655050Non-controlled/Non-Affiliated Investments Aerospace & Defense Precision Ultimate Holdings, LLC Equity Interest One2025-12-310001655050Investment BCSF ServiceMaster Investments, LLC Acquisition Date 08/08/20252026-01-012026-09-300001655050FIRE: Insurance Simplicity First Lien Senior Secured Loan SOFR Floor 0.75% Spread 5.00% Interest Rate 9.07% Maturity Date 12/31/2031bcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-300001655050bcsf:InternationalSeniorLoanProgramLlcMemberHealthcare & Pharmaceuticals Mertus 522. GmbH First Lien Senior Secured Loan EURIBOR Spread 3.75% (2.75% PIK) Interest Rate 8.99% Maturity Date 5/28/20282026-09-300001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberHealthcare & Pharmaceuticals Pharmacy Partners First Lien Senior Secured Loan SOFR Spread 6.50% Interest Rate 10.32% Maturity Date 2/28/20292025-12-310001655050bcsf:ClassD-OneNotesTwoZeroTwoFive-OneNotesMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2026-01-012026-09-300001655050Investment Hollywood LP Acquisition Date 04/16/20252026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments Services: Business iBanFirst First Lien Senior Secured Loan EURIBOR Spread 9.75% PIK Interest Rate 11.77% Maturity Date 7/13/2028 Two2025-12-310001655050bcsf:PRGXMemberbcsf:DelayedDrawCommitmentMember2025-12-310001655050Investment Applitools Acquisition Date 07/18/20252026-01-012026-09-300001655050Investment Utimaco Acquisition Date 6/28/20222025-01-012025-12-310001655050Non-controlled/Non-Affiliated Investments Services: Business SoftCo Equity Interest2026-09-300001655050Non-controlled/Non-Affiliated Investments Healthcare & Pharmaceuticals Odyssey Behavioral Health First Lien Senior Secured Loan - Revolver Maturity Date 11/21/20302025-12-310001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberServices: Consumer Spotless Brands First Lien Senior Secured Loan - Delayed Draw SOFR Spread 5.50% Interest Rate 9.37% Maturity Date 7/25/20282025-12-310001655050Non-controlled/Non-Affiliated Investments Beverage, Food & Tobacco BCSF Project Aberdeen, LLC Equity Interest2026-09-300001655050us-gaap:IPOMember2018-11-190001655050bcsf:BainCapitalSeniorLoanProgramLlcMemberServices: Business Morrow Sodali First Lien Senior Secured Loan SOFR Spread 5.35% Interest Rate 9.07% Maturity Date 4/25/20282025-12-310001655050Investment Spindrift Acquisition Date 02/19/20252026-01-012026-09-300001655050Non-controlled/Non-Affiliated Investments FIRE: Finance Wealth Enhancement Group (WEG) First Lien Senior Secured Loan - Delayed Draw SOFR Spread 4.50% Interest Rate 8.16% Maturity Date 10/4/20282025-12-310001655050Non-Controlled/Affiliated Investments Wholesale Abracon Borrower, LLC. First Lien Senior Secured Loan - Revolver SOFR Floor 2.00% Spread 5.50% Interest Rate 9.72% Maturity Date 6/10/20302026-09-300001655050bcsf:SubordinatedNoteInvestmentVehicleMemberbcsf:ControlledAffiliatedEntityMemberbcsf:BainCapitalSeniorLoanProgramLlcMember2026-09-30iso4217:AUDiso4217:EURxbrli:purebcsf:Loanbcsf:Itemiso4217:CADiso4217:NZDxbrli:sharesiso4217:GBPbcsf:Borroweriso4217:USDxbrli:sharesiso4217:USDiso4217:NOK

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

 

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2026

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __ to __

 

Commission file number: 814-01175

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

81-2878769

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

 

200 Clarendon Street, 37th Floor

 

Boston, MA

02116

(Address of Principal Executive Office)

(Zip Code)

 

(617) 516‑2000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

BCSF

 

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

As of November 9, 2026, the registrant had 64,868,507 shares of common stock outstanding.

 

 

 

TABLE OF CONTENTS

 

 

Page

PART I

FINANCIAL INFORMATION

3

 

Item 1.

Consolidated Financial Statements

3

 

 

 

Consolidated Statements of Assets and Liabilities as of September 30, 2026 (unaudited) and December 31, 2025

3

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025 (unaudited)

4

 

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2026 and 2025 (unaudited)

5

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025 (unaudited)

6

 

 

 

Consolidated Schedules of Investments as of September 30, 2026 (unaudited) and December 31, 2025

7

 

 

 

Notes to Consolidated Financial Statements (unaudited)

55

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

134

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

156

 

Item 4.

Controls and Procedures

157

 

PART II

OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

157

 

Item 1A.

Risk Factors

158

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

158

 

Item 3.

Default Upon Senior Securities

158

 

Item 4.

Mine Safety Disclosures

158

 

Item 5.

Other Information

158

 

Item 6.

Exhibits

159

 

Signatures

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

 

FORWARD-LOOKING STATEMENTS

Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”), BCSF Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended December 31, 2025 and in our filings with the Securities and Exchange Commission (the “SEC”). Except as otherwise specified in this Quarterly Report, the terms
“we”, “us”, “our”, and the “Company” refer to Bain Capital Specialty Finance, Inc.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.

ii

 

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

 

 

As of

 

 

As of

 

 

 

September 30, 2026

 

 

December 31, 2025

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled/non-affiliate investments (amortized cost of $1,686,467 and $1,891,513, respectively)

 

$

 

1,682,370

 

 

$

 

1,905,297

 

Non-controlled/affiliate investments (amortized cost of $44,550 and $7,504, respectively)

 

 

 

56,832

 

 

 

 

18,674

 

Controlled affiliate investments (amortized cost of $553,204 and $603,650, respectively)

 

 

 

531,132

 

 

 

 

584,470

 

Cash and cash equivalents

 

 

 

25,690

 

 

 

 

23,092

 

Foreign cash (cost of $2,309 and $2,477, respectively)

 

 

 

2,854

 

 

 

 

3,151

 

Restricted cash and cash equivalents

 

 

 

30,110

 

 

 

 

32,667

 

Collateral on derivatives

 

 

 

31,781

 

 

 

 

10,993

 

Deferred financing costs

 

 

 

5,432

 

 

 

 

3,543

 

Interest receivable on investments

 

 

 

36,526

 

 

 

 

38,023

 

Interest rate swap

 

 

 

—

 

 

 

 

7,976

 

Receivable for sales and paydowns of investments

 

 

 

16,878

 

 

 

 

28,856

 

Prepaid insurance

 

 

 

438

 

 

 

 

489

 

Unrealized appreciation on forward currency exchange contracts

 

 

 

3,462

 

 

 

 

—

 

Dividend receivable

 

 

 

3,866

 

 

 

 

5,354

 

Total Assets

 

$

 

2,427,371

 

 

$

 

2,662,585

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $14,714 and $10,110, respectively)

 

$

 

1,300,111

 

 

$

 

1,470,796

 

Interest rate swap

 

 

 

24,873

 

 

 

 

—

 

Interest payable

 

 

 

10,502

 

 

 

 

12,376

 

Payable for investments purchased

 

 

 

700

 

 

 

 

2,110

 

Collateral payable on derivatives

 

 

 

—

 

 

 

 

12,907

 

Unrealized depreciation on forward currency exchange contracts

 

 

 

—

 

 

 

 

9,061

 

Base management fee payable

 

 

 

8,779

 

 

 

 

9,408

 

Incentive fee payable

 

 

 

—

 

 

 

 

5,877

 

Accounts payable and accrued expenses

 

 

 

12,580

 

 

 

 

12,910

 

Distributions payable

 

 

 

—

 

 

 

 

9,730

 

Total Liabilities

 

 

 

1,357,545

 

 

 

 

1,545,175

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies (See Note 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,868,507 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively

 

 

 

65

 

 

 

 

65

 

Paid in capital in excess of par value

 

 

 

1,161,110

 

 

 

 

1,161,110

 

Total distributable loss

 

 

 

(91,349

)

 

 

 

(43,765

)

Total Net Assets

 

 

 

1,069,826

 

 

 

 

1,117,410

 

Total Liabilities and Total Net Assets

 

$

 

2,427,371

 

 

$

 

2,662,585

 

 

 

 

 

 

 

 

 

 

Net asset value per share

 

$

 

16.49

 

 

$

 

17.23

 

See Notes to Consolidated Financial Statements

3

 

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled/non-affiliate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

 

34,572

 

 

$

 

43,677

 

 

$

 

111,700

 

 

$

 

129,641

 

Dividend income

 

 

 

841

 

 

 

 

600

 

 

 

 

2,114

 

 

 

 

5,265

 

PIK income

 

 

 

7,499

 

 

 

 

7,462

 

 

 

 

23,735

 

 

 

 

21,569

 

Other income

 

 

 

1,154

 

 

 

 

1,538

 

 

 

 

4,397

 

 

 

 

8,529

 

Total investment income from non-controlled/non-affiliate investments

 

 

 

44,066

 

 

 

 

53,277

 

 

 

 

141,946

 

 

 

 

165,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled/affiliate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

 

166

 

 

 

 

—

 

 

 

 

204

 

 

 

 

135

 

PIK income

 

 

 

395

 

 

 

 

—

 

 

 

 

395

 

 

 

 

30

 

Other income

 

 

 

26

 

 

 

 

67

 

 

 

 

91

 

 

 

 

109

 

Total investment income from non-controlled/affiliate investments

 

 

 

587

 

 

 

 

67

 

 

 

 

690

 

 

 

 

274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from controlled affiliate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

 

10,270

 

 

 

 

10,273

 

 

 

 

27,639

 

 

 

 

29,228

 

Dividend income

 

 

 

4,929

 

 

 

 

3,581

 

 

 

 

18,097

 

 

 

 

10,490

 

PIK income

 

 

 

1

 

 

 

 

2

 

 

 

 

3

 

 

 

 

8

 

Total investment income from controlled affiliate investments

 

 

 

15,200

 

 

 

 

13,856

 

 

 

 

45,739

 

 

 

 

39,726

 

Total investment income

 

 

 

59,853

 

 

 

 

67,200

 

 

 

 

188,375

 

 

 

 

205,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt financing expenses

 

 

 

20,140

 

 

 

 

20,310

 

 

 

 

61,056

 

 

 

 

60,986

 

Base management fee

 

 

 

8,778

 

 

 

 

9,430

 

 

 

 

26,856

 

 

 

 

27,755

 

Incentive fee

 

 

 

—

 

 

 

 

4,599

 

 

 

 

6,419

 

 

 

 

12,267

 

Professional fees

 

 

 

608

 

 

 

 

713

 

 

 

 

1,920

 

 

 

 

2,141

 

Directors fees

 

 

 

180

 

 

 

 

182

 

 

 

 

540

 

 

 

 

538

 

Other general and administrative expenses

 

 

 

1,707

 

 

 

 

1,965

 

 

 

 

5,537

 

 

 

 

6,464

 

Total expenses, net of fee waivers

 

 

 

31,413

 

 

 

 

37,199

 

 

 

 

102,328

 

 

 

 

110,151

 

Net investment income before taxes

 

 

 

28,440

 

 

 

 

30,001

 

 

 

 

86,047

 

 

 

 

94,853

 

Income tax expense, including excise tax

 

 

 

731

 

 

 

 

801

 

 

 

 

2,369

 

 

 

 

2,953

 

Net investment income

 

 

 

27,709

 

 

 

 

29,200

 

 

 

 

83,678

 

 

 

 

91,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on non-controlled/non-affiliate investments

 

 

 

(10,004

)

 

 

 

1,345

 

 

 

 

(13,412

)

 

 

 

(14,780

)

Net realized gain (loss) on non-controlled/affiliate investments

 

 

 

(52

)

 

 

 

(11,081

)

 

 

 

(6,650

)

 

 

 

(14,759

)

Net realized gain (loss) on controlled affiliate investments

 

 

 

(459

)

 

 

 

—

 

 

 

 

(13,984

)

 

 

 

—

 

Net realized gain (loss) on foreign currency transactions

 

 

 

831

 

 

 

 

335

 

 

 

 

8

 

 

 

 

667

 

Net realized gain (loss) on forward currency exchange contracts

 

 

 

(2,097

)

 

 

 

(1,016

)

 

 

 

(8,222

)

 

 

 

(4,830

)

Net change in unrealized appreciation on foreign currency translation

 

 

 

233

 

 

 

 

(183

)

 

 

 

(129

)

 

 

 

1,736

 

Net change in unrealized appreciation on forward currency exchange contracts

 

 

 

2,763

 

 

 

 

3,023

 

 

 

 

12,523

 

 

 

 

(14,124

)

Net change in unrealized appreciation on non-controlled/non-affiliate investments

 

 

 

3,234

 

 

 

 

(485

)

 

 

 

(27,313

)

 

 

 

31,015

 

Net change in unrealized appreciation on non-controlled/affiliate investments

 

 

 

1,649

 

 

 

 

12,459

 

 

 

 

10,544

 

 

 

 

9,214

 

Net change in unrealized appreciation on controlled affiliate investments

 

 

 

(7,101

)

 

 

 

(14,894

)

 

 

 

(2,892

)

 

 

 

(15,067

)

Total net loss

 

 

 

(11,003

)

 

 

 

(10,497

)

 

 

 

(49,527

)

 

 

 

(20,928

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

 

16,706

 

 

$

 

18,703

 

 

$

 

34,151

 

 

$

 

70,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net investment income per share of common stock

 

$

 

0.43

 

 

$

 

0.45

 

 

$

 

1.29

 

 

$

 

1.42

 

Basic and diluted increase in net assets resulting from operations per share of common stock

 

$

 

0.26

 

 

$

 

0.29

 

 

$

 

0.53

 

 

$

 

1.10

 

Basic and diluted weighted average common stock outstanding

 

 

 

64,868,507

 

 

 

 

64,868,507

 

 

 

 

64,868,507

 

 

 

 

64,805,106

 

 

See Notes to Consolidated Financial Statements

4

 

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

 

27,709

 

 

$

 

29,200

 

 

$

 

83,678

 

 

$

 

91,900

 

Net realized loss

 

 

 

(11,781

)

 

 

 

(10,417

)

 

 

 

(42,260

)

 

 

 

(33,702

)

Net change in unrealized appreciation

 

 

 

778

 

 

 

 

(80

)

 

 

 

(7,267

)

 

 

 

12,774

 

Net increase in net assets resulting from operations

 

 

 

16,706

 

 

 

 

18,703

 

 

 

 

34,151

 

 

 

 

70,972

 

Stockholder distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from distributable earnings

 

 

 

(27,245

)

 

 

 

(29,191

)

 

 

 

(81,735

)

 

 

 

(87,573

)

Net decrease in net assets resulting from stockholder distributions

 

 

 

(27,245

)

 

 

 

(29,191

)

 

 

 

(81,735

)

 

 

 

(87,573

)

Capital share transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuances of common stock (net of offering and underwriting costs)

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

4,552

 

Shares issued in connection with dividend reinvestment plan

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

924

 

Net increase in net assets resulting from capital share transactions

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

5,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total decrease in net assets

 

 

 

(10,539

)

 

 

 

(10,488

)

 

 

 

(47,584

)

 

 

 

(11,125

)

Net assets at beginning of period

 

 

 

1,080,365

 

 

 

 

1,139,035

 

 

 

 

1,117,410

 

 

 

 

1,139,672

 

Net assets at end of period

 

$

 

1,069,826

 

 

$

 

1,128,547

 

 

$

 

1,069,826

 

 

$

 

1,128,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per share of common stock

 

$

 

16.49

 

 

$

 

17.40

 

 

$

 

16.49

 

 

$

 

17.40

 

Common stock outstanding at end of period

 

 

 

64,868,507

 

 

 

 

64,868,507

 

 

 

 

64,868,507

 

 

 

 

64,868,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Consolidated Financial Statements

5

 

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

 

 

 

For the Nine Months Ended September 30,

 

 

 

 

2026

 

 

 

2025

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

 

34,151

 

 

$

 

70,972

 

Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

(521,192

)

 

 

 

(1,150,381

)

Proceeds from principal payments and sales of investments

 

 

 

745,665

 

 

 

 

1,052,024

 

Net realized (gain) loss from investments

 

 

 

34,046

 

 

 

 

29,539

 

Net realized (gain) loss on foreign currency transactions

 

 

 

(8

)

 

 

 

(667

)

Net change in unrealized appreciation on forward currency exchange contracts

 

 

 

(12,523

)

 

 

 

14,124

 

Net change in unrealized appreciation on investments

 

 

 

19,661

 

 

 

 

(25,162

)

Net change in unrealized appreciation on foreign currency translation

 

 

 

129

 

 

 

 

(1,736

)

Increase in investments due to PIK

 

 

 

(26,791

)

 

 

 

(23,351

)

Accretion of discounts and amortization of premiums

 

 

 

(2,714

)

 

 

 

(3,788

)

Amortization of deferred financing costs and debt issuance costs

 

 

 

4,508

 

 

 

 

3,844

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Collateral on derivatives

 

 

 

(20,788

)

 

 

 

(1,355

)

Interest receivable on investments

 

 

 

1,497

 

 

 

 

1,923

 

Interest rate swap

 

 

 

(231

)

 

 

 

(112

)

Prepaid insurance

 

 

 

51

 

 

 

 

(530

)

Dividend receivable

 

 

 

1,488

 

 

 

 

1,688

 

Interest payable

 

 

 

(1,874

)

 

 

 

(915

)

Collateral payable on derivatives

 

 

 

(12,907

)

 

 

 

8,310

 

Base management fee payable

 

 

 

(629

)

 

 

 

270

 

Incentive fee payable

 

 

 

(5,877

)

 

 

 

(97

)

Accounts payable and accrued expenses

 

 

 

(330

)

 

 

 

27,773

 

Net cash provided by operating activities

 

 

 

235,332

 

 

 

 

2,373

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Borrowings on debt

 

 

 

755,000

 

 

 

 

1,164,615

 

Repayments on debt

 

 

 

(888,000

)

 

 

 

(1,061,199

)

Payments of financing costs

 

 

 

(11,003

)

 

 

 

(9,336

)

Proceeds from issuances of common stock (net of offering and underwriting costs)

 

 

 

—

 

 

 

 

4,552

 

Purchase of common shares issued in connection with dividend reinvestment plan

 

 

 

—

 

 

 

 

924

 

Stockholder distributions paid

 

 

 

(91,464

)

 

 

 

(116,626

)

Net cash used in financing activities

 

 

 

(235,467

)

 

 

 

(17,070

)

Net decrease in cash, foreign cash, restricted cash and cash equivalents

 

 

 

(135

)

 

 

 

(14,697

)

Effect of foreign currency exchange rates

 

 

 

(121

)

 

 

 

2,403

 

Cash, foreign cash, restricted cash and cash equivalents, beginning of period

 

 

 

58,910

 

 

 

 

99,066

 

Cash, foreign cash, restricted cash and cash equivalents, end of period

 

$

 

58,654

 

 

$

 

86,772

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash interest paid during the period

 

$

 

58,422

 

 

$

 

58,057

 

Cash paid for excise taxes during the period

 

$

 

3,429

 

 

$

 

3,337

 

 

 

 

 

As of September 30,

 

 

 

 

2026

 

 

 

2025

 

Cash and cash equivalents

 

$

 

25,690

 

 

$

 

40,874

 

Restricted cash and cash equivalents

 

 

 

30,110

 

 

 

 

26,168

 

Foreign cash

 

 

 

2,854

 

 

 

 

19,730

 

Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows

 

$

 

58,654

 

 

$

 

86,772

 

See Notes to Consolidated Financial Statements

6

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ATS (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.75%

 

9.50%

 

7/12/2029

 

$

 

4,900

 

 

 

4,863

 

 

 

4,900

 

 

 

ATS (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/12/2029

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

BCC ESI Investments 1, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

130

 

 

 

130

 

 

 

130

 

 

 

Bridger Aerospace Group Holdings, Inc. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

9.90%

 

10/28/2030

 

$

 

5,061

 

 

 

5,017

 

 

 

5,010

 

 

 

Bridger Aerospace Group Holdings, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

6.00%

 

9.90%

 

10/28/2030

 

$

 

675

 

 

 

663

 

 

 

647

 

 

 

Bridger Aerospace Group Holdings, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

10/28/2030

 

$

 

—

 

 

 

(7

)

 

 

(8

)

 

 

BTX Precision (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

7/25/2030

 

$

 

7,549

 

 

 

7,502

 

 

 

7,549

 

 

 

BTX Precision (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.75%

 

8.59%

 

7/25/2030

 

$

 

1,428

 

 

 

1,419

 

 

 

1,428

 

 

 

BTX Precision (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00%

 

8.73%

 

7/25/2030

 

$

 

10,375

 

 

 

10,338

 

 

 

10,375

 

 

 

BTX Precision (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

7/25/2030

 

$

 

5,900

 

 

 

5,860

 

 

 

5,900

 

 

 

BTX Precision (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/25/2030

 

$

 

—

 

 

 

(23

)

 

 

—

 

 

 

GSP Holdings, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

2.89% (2.86% PIK)

 

9.97%

 

11/5/2027

 

$

 

1,204

 

 

 

1,203

 

 

 

1,144

 

 

 

GSP Holdings, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

2.89% (2.86% PIK)

 

9.97%

 

11/6/2027

 

$

 

10,232

 

 

 

10,324

 

 

 

9,720

 

 

 

GSP Holdings, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

2.89% (2.86% PIK)

 

9.97%

 

11/6/2027

 

$

 

80

 

 

 

80

 

 

 

76

 

 

 

GSP Holdings, LLC (4)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

2.89% (2.86% PIK)

 

9.97%

 

11/5/2027

 

$

 

4,964

 

 

 

4,984

 

 

 

4,715

 

 

 

Heads Up Technologies, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.00%

 

9.07%

 

7/23/2030

 

$

 

214

 

 

 

213

 

 

 

214

 

 

 

Heads Up Technologies, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/23/2030

 

$

 

—

 

 

 

(7

)

 

 

—

 

 

 

Heads Up Technologies, Inc. (4)

 

Second Lien Senior Secured Loan

 

SOFR

 

0.75%

 

2.75% (6.00% PIK)

 

12.82%

 

7/23/2031

 

$

 

9,869

 

 

 

9,828

 

 

 

9,869

 

 

 

Lyntris Inc. (6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

330

 

 

 

837

 

 

 

3,502

 

 

 

Mach Acquisition, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

7.15%

 

10.88%

 

4/19/2027

 

$

 

9,173

 

 

 

9,171

 

 

 

9,173

 

 

 

Mach Acquisition, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

7.00%

 

11.18%

 

4/19/2027

 

$

 

7,532

 

 

 

7,530

 

 

 

7,532

 

 

 

OSP ARA Purchaser, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

7/14/2033

 

$

 

—

 

 

 

(29

)

 

 

(30

)

 

 

OSP ARA Purchaser, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

7/14/2033

 

$

 

—

 

 

 

(9

)

 

 

(9

)

 

 

OSP ARA Purchaser, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.25%

 

9.02%

 

7/14/2033

 

$

 

367

 

 

 

350

 

 

 

349

 

 

 

Precision Ultimate Holdings, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,417

 

 

 

1,417

 

 

 

314

 

 

 

Precision Ultimate Holdings, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

620

 

 

 

781

 

 

 

1,287

 

 

 

Robinson Helicopter (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,592

 

 

 

507

 

 

 

2,551

 

 

 

Saturn Purchaser Corp. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.50%

 

8.31%

 

7/22/2030

 

$

 

13,281

 

 

 

13,171

 

 

 

13,283

 

 

 

Saturn Purchaser Corp. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/22/2030

 

$

 

—

 

 

 

(48

)

 

 

—

 

 

 

Solairus (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

7/22/2030

 

$

 

—

 

 

 

(13

)

 

 

—

 

 

 

Varo ESI Buyer, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.26%

 

5/10/2032

 

$

 

2,586

 

 

 

2,573

 

 

 

2,573

 

 

 

 

 

 

 

7

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Varo ESI Buyer, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

5/10/2032

 

$

 

—

 

 

 

(2

)

 

 

(3

)

 

 

 

Whitcraft-Paradigm (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

2/15/2029

 

$

 

10,079

 

 

 

10,033

 

 

 

10,079

 

 

 

 

Whitcraft-Paradigm (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

2/15/2029

 

$

 

2,641

 

 

 

2,624

 

 

 

2,641

 

 

 

 

Whitcraft-Paradigm (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

2/15/2029

 

$

 

2,279

 

 

 

2,279

 

 

 

2,279

 

 

 

 

Whitcraft-Paradigm (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

2/15/2029

 

$

 

255

 

 

 

255

 

 

 

255

 

 

 

 

Whitcraft-Paradigm (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

2/15/2029

 

$

 

1,228

 

 

 

1,176

 

 

 

1,228

 

 

 

 

Aerospace & Defense Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

114,990

 

$

 

118,673

 

 

 

11.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Trailer Rental Group (4)

 

Subordinated Debt

 

—

 

—

 

14.25% PIK

 

14.25%

 

12/1/2028

 

$

 

25,127

 

 

 

25,051

 

 

 

22,361

 

 

 

 

American Trailer Rental Group (4)

 

Subordinated Debt

 

—

 

—

 

14.25% PIK

 

14.25%

 

12/1/2028

 

$

 

20,122

 

 

 

20,037

 

 

 

17,908

 

 

 

 

American Trailer Rental Group (4)

 

Subordinated Debt

 

—

 

—

 

14.25% PIK

 

14.25%

 

12/1/2028

 

$

 

6,506

 

 

 

6,477

 

 

 

5,791

 

 

 

 

Cardo (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

—

 

5.00%

 

8.98%

 

5/30/2028

 

$

 

98

 

 

 

97

 

 

 

98

 

 

 

 

Chilton (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.26%

 

2/5/2031

 

$

 

6,403

 

 

 

6,369

 

 

 

5,538

 

 

 

 

Chilton (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

2/5/2031

 

$

 

—

 

 

 

(18

)

 

 

—

 

 

 

 

Chilton (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.50%

 

9.26%

 

2/5/2031

 

$

 

1,835

 

 

 

1,814

 

 

 

1,322

 

 

 

 

Gills Point S (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.50% (1.50% PIK)

 

9.73%

 

5/17/2029

 

$

 

12,421

 

 

 

12,421

 

 

 

12,111

 

 

 

 

Gills Point S (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.40% (1.50% PIK)

 

9.73%

 

5/17/2029

 

$

 

3,999

 

 

 

3,975

 

 

 

3,899

 

 

 

 

Gills Point S (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.40% (1.50% PIK)

 

9.73%

 

5/17/2029

 

$

 

3,651

 

 

 

3,635

 

 

 

3,560

 

 

 

 

Gills Point S (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.26%

 

5/17/2029

 

$

 

844

 

 

 

839

 

 

 

823

 

 

 

 

Gills Point S (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

4.50% (1.50% PIK)

 

9.73%

 

5/17/2029

 

$

 

7,353

 

 

 

7,353

 

 

 

7,169

 

 

 

 

Gills Point S (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

4.50% (1.50% PIK)

 

9.73%

 

5/17/2029

 

$

 

1,245

 

 

 

1,235

 

 

 

1,214

 

 

 

 

Gills Point S (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.40%

 

9.23%

 

5/17/2029

 

$

 

1,802

 

 

 

1,783

 

 

 

1,681

 

 

 

 

Gills Point S (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

2

 

 

 

215

 

 

 

25

 

 

 

 

Gills Point S (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

1

 

 

 

159

 

 

 

319

 

 

 

 

Intoxalock (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

8.79%

 

11/1/2028

 

$

 

11,791

 

 

 

11,743

 

 

 

11,791

 

 

 

 

Intoxalock (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

11/1/2028

 

$

 

—

 

 

 

(12

)

 

 

—

 

 

 

 

Automotive Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

103,173

 

$

 

95,610

 

 

 

8.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, Food, & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AgroFresh Solutions (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.50%

 

4/1/2030

 

$

 

6,802

 

 

 

6,724

 

 

 

6,734

 

 

 

 

AgroFresh Solutions (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.50%

 

4/1/2030

 

$

 

6,041

 

 

 

5,932

 

 

 

5,981

 

 

 

 

AgroFresh Solutions (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.50%

 

9.50%

 

4/2/2029

 

$

 

2,568

 

 

 

2,525

 

 

 

2,518

 

 

 

 

 

8

 

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, Food, & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCC CPK investments 1, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

370

 

 

 

370

 

 

 

370

 

 

 

 

BCC Trillium Foods Investments 1, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

3

 

 

 

2,531

 

 

 

3,944

 

 

 

 

BCSF Project Aberdeen, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

2,217

 

 

 

2,217

 

 

 

2,239

 

 

 

 

CPK IPCO Buyer LLC (4)

 

Subordinated Debt

 

—

 

—

 

12.00%

 

12.00%

 

12/22/2031

 

$

 

598

 

 

 

590

 

 

 

589

 

 

 

 

Hellers (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

BBSY

 

—

 

4.00% (1.88% PIK)

 

10.70%

 

9/30/2030

 

AUD

 

51

 

 

 

35

 

 

 

51

 

 

 

 

Hellers (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

BKBM

 

1.00%

 

4.00% (1.88% PIK)

 

9.15%

 

9/30/2030

 

NZ$

 

47

 

 

 

28

 

 

 

26

 

 

 

 

Hellers (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

9/30/2030

 

NZ$

 

—

 

 

 

(12

)

 

 

(2

)

 

 

 

Hellers (4)(7)

 

Subordinated Debt

 

—

 

—

 

15.00% PIK

 

15.00%

 

3/27/2031

 

NZ$

 

592

 

 

 

361

 

 

 

331

 

 

 

 

INW Manufacturing, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.75%

 

9.50%

 

1/23/2031

 

$

 

12,264

 

 

 

12,161

 

 

 

12,141

 

 

 

 

SauceCo HoldCo, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.75%

 

9.82%

 

5/13/2030

 

$

 

70,822

 

 

 

68,951

 

 

 

70,821

 

 

 

 

SauceCo HoldCo, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.75%

 

9.51%

 

5/13/2030

 

$

 

6,156

 

 

 

6,125

 

 

 

6,156

 

 

 

 

Shennong Buyer, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

5/6/2033

 

$

 

305

 

 

 

303

 

 

 

303

 

 

 

 

Shennong Buyer, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

5/6/2033

 

$

 

1,527

 

 

 

1,511

 

 

 

1,510

 

 

 

 

Spindrift (4)

 

Subordinated Debt

 

—

 

—

 

13.75% PIK

 

13.75%

 

2/19/2033

 

$

 

1,745

 

 

 

1,708

 

 

 

1,745

 

 

 

 

Spindrift (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1

 

 

 

500

 

 

 

569

 

 

 

 

Beverage, Food, & Tobacco Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

112,560

 

$

 

116,026

 

 

 

10.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accelevation LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.25%

 

9.15%

 

1/2/2031

 

$

 

6,000

 

 

 

5,914

 

 

 

6,000

 

 

 

 

Accelevation LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

1/2/2031

 

$

 

—

 

 

 

(13

)

 

 

—

 

 

 

 

AeriTek Global CAD Acquisition Inc. (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75%

 

10.51%

 

8/27/2030

 

$

 

471

 

 

 

465

 

 

 

464

 

 

 

 

AeriTek Global CAD Acquisition Inc. (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.75%

 

10.51%

 

8/27/2030

 

$

 

21

 

 

 

20

 

 

 

20

 

 

 

 

AXH Air Coolers (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.17%

 

10/31/2029

 

$

 

7,400

 

 

 

7,357

 

 

 

7,400

 

 

 

 

AXH Air Coolers (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.17%

 

10/31/2029

 

$

 

3,274

 

 

 

3,258

 

 

 

3,274

 

 

 

 

AXH Air Coolers (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.50%

 

9.23%

 

10/31/2029

 

$

 

8,631

 

 

 

8,610

 

 

 

8,631

 

 

 

 

AXH Air Coolers (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

10/31/2029

 

$

 

—

 

 

 

(28

)

 

 

—

 

 

 

 

AXH Air Coolers (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

3,417

 

 

 

1,103

 

 

 

14,011

 

 

 

 

East BCC Coinvest II, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,419

 

 

 

1,229

 

 

 

—

 

 

 

 

Engineered Products Co., LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

4.50%

 

8.47%

 

8/12/2031

 

$

 

103

 

 

 

97

 

 

 

103

 

 

 

 

Ergotron Acquisition LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.25%

 

9.15%

 

7/6/2028

 

$

 

10,780

 

 

 

10,701

 

 

 

10,780

 

 

 

 

EXT Acquisitions, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.25%

 

9.08%

 

12/19/2031

 

$

 

291

 

 

 

291

 

 

 

291

 

 

 

 

EXT Acquisitions, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/19/2031

 

$

 

—

 

 

 

(2

)

 

 

—

 

 

 

 

Goodfellow (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

2/10/2032

 

$

 

50

 

 

 

50

 

 

 

50

 

 

 

 

 

9

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodfellow (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

1.00%

 

5.00%

 

7.59%

 

2/10/2032

 

€

 

50

 

 

 

51

 

 

 

56

 

 

 

 

Goodfellow (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

1.00%

 

5.00%

 

8.73%

 

2/10/2032

 

£

 

50

 

 

 

65

 

 

 

66

 

 

 

 

Goodfellow (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

1.00%

 

5.00%

 

7.59%

 

2/10/2032

 

€

 

50

 

 

 

51

 

 

 

56

 

 

 

 

PPT Group (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

—

 

5.50%

 

9.25%

 

2/28/2031

 

£

 

6,089

 

 

 

7,612

 

 

 

7,989

 

 

 

 

PPT Group (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

—

 

5.50%

 

9.25%

 

2/28/2031

 

£

 

219

 

 

 

286

 

 

 

232

 

 

 

 

PPT Group (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

2/28/2031

 

£

 

—

 

 

 

(12

)

 

 

(29

)

 

 

 

PPT Group (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

376

 

 

 

376

 

 

 

253

 

 

 

 

Capital Equipment Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

47,481

 

$

 

59,647

 

 

 

5.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics, & Rubber

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AP Plastics Group, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.75%

 

8.53%

 

8/12/2030

 

$

 

13,480

 

 

 

13,317

 

 

 

13,480

 

 

 

 

AP Plastics Group, LLC (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

4.75%

 

8.53%

 

8/10/2030

 

$

 

110

 

 

 

110

 

 

 

110

 

 

 

 

AP Plastics Group, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

8/12/2030

 

$

 

—

 

 

 

(3

)

 

 

—

 

 

 

 

Duraco (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.50%

 

6.50%

 

10.23%

 

6/6/2029

 

$

 

7,268

 

 

 

7,190

 

 

 

6,905

 

 

 

 

Duraco (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.50%

 

6.50%

 

10.58%

 

6/6/2029

 

$

 

597

 

 

 

577

 

 

 

498

 

 

 

 

Plaskolite PPC Intermediate II LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.00% (4.00% PIK)

 

11.76%

 

5/9/2030

 

$

 

7,369

 

 

 

7,259

 

 

 

7,258

 

 

 

 

Plaskolite PPC Intermediate II LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

7.00%

 

10.76%

 

2/7/2030

 

$

 

270

 

 

 

260

 

 

 

260

 

 

 

 

V Global Holdings LLC (4)

 

First Lien Senior Secured Loan

 

EURIBOR

 

0.75%

 

5.75%

 

8.26%

 

12/22/2027

 

€

 

99

 

 

 

104

 

 

 

105

 

 

 

 

V Global Holdings LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.75%

 

9.63%

 

1/2/2029

 

$

 

15,463

 

 

 

15,113

 

 

 

14,688

 

 

 

 

V Global Holdings LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.75%

 

9.63%

 

1/2/2029

 

$

 

166

 

 

 

163

 

 

 

158

 

 

 

 

V Global Holdings LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

5.75%

 

9.74%

 

1/2/2029

 

$

 

5,193

 

 

 

5,211

 

 

 

4,709

 

 

 

 

Chemicals, Plastics, & Rubber Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

49,301

 

$

 

48,171

 

 

 

4.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Building

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGS American Glass Services Acquisition, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.32%

 

7/24/2031

 

$

 

145

 

 

 

144

 

 

 

145

 

 

 

 

AGS American Glass Services Acquisition, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

5.50%

 

9.45%

 

7/24/2031

 

$

 

748

 

 

 

747

 

 

 

748

 

 

 

 

AGS American Glass Services Acquisition, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/24/2031

 

$

 

—

 

 

 

(2

)

 

 

—

 

 

 

 

AGS American Services Investments, L.P. (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

3

 

 

 

338

 

 

 

354

 

 

 

 

BCSF ServiceMaster Investments, LLC (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

—

 

 

 

28

 

 

 

—

 

 

 

 

Elk (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

72

 

 

 

722

 

 

 

1,247

 

 

 

 

Elk (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1

 

 

 

7

 

 

 

671

 

 

 

 

G702 Buyer, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.75%

 

9.01%

 

7/2/2031

 

$

 

158

 

 

 

156

 

 

 

158

 

 

 

 

G702 Buyer, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/2/2031

 

$

 

—

 

 

 

(9

)

 

 

—

 

 

 

 

 

10

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Building

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meteor UK Bidco Limited (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

—

 

5.00%

 

8.73%

 

5/14/2032

 

£

 

8,104

 

 

 

10,797

 

 

 

10,712

 

 

 

 

Meteor UK Bidco Limited (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

—

 

5.00%

 

8.73%

 

5/14/2032

 

£

 

4,858

 

 

 

6,461

 

 

 

6,422

 

 

 

 

Meteor UK Bidco Limited (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

11/14/2031

 

£

 

—

 

 

 

—

 

 

 

(8

)

 

 

 

Service Master (4)(8)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75% PIK

 

10.77%

 

8/16/2027

 

$

 

8,024

 

 

 

7,571

 

 

 

5,416

 

 

 

 

Service Master (4)(8)

 

First Lien Senior Secured Loan

 

SOFR

 

—

 

6.75% PIK

 

10.77%

 

8/16/2027

 

$

 

3,348

 

 

 

3,174

 

 

 

2,260

 

 

 

 

Service Master (4)(8)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75% PIK

 

10.76%

 

8/16/2027

 

$

 

1,668

 

 

 

1,572

 

 

 

1,126

 

 

 

 

Service Master (4)(8)

 

First Lien Senior Secured Loan

 

SOFR

 

—

 

6.75% PIK

 

10.73%

 

8/16/2027

 

$

 

979

 

 

 

924

 

 

 

661

 

 

 

 

Service Master (4)(8)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75% PIK

 

10.75%

 

12/31/2029

 

$

 

4,141

 

 

 

3,922

 

 

 

2,795

 

 

 

 

Service Master (4)(8)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75% PIK

 

10.75%

 

12/31/2029

 

$

 

138

 

 

 

127

 

 

 

105

 

 

 

 

Service Master (4)(5)(8)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

—

 

6.75% PIK

 

11.09%

 

8/16/2027

 

$

 

18,511

 

 

 

18,325

 

 

 

12,172

 

 

 

 

Service Master (4)(8)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.75% PIK

 

11.09%

 

12/31/2029

 

$

 

664

 

 

 

39

 

 

 

448

 

 

 

 

Service Master (4)(5)(8)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/31/2029

 

$

 

—

 

 

 

—

 

 

 

(523

)

 

 

 

Service Master (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Service Master (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

—

 

 

 

169

 

 

 

—

 

 

 

 

TL Sapphire Parent, Inc. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.00%

 

8.73%

 

1/24/2033

 

$

 

4,975

 

 

 

4,955

 

 

 

4,925

 

 

 

 

TL Sapphire Parent, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

5.00%

 

8.89%

 

1/24/2033

 

$

 

963

 

 

 

960

 

 

 

950

 

 

 

 

TL Sapphire Parent, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

5.00%

 

8.75%

 

1/24/2033

 

$

 

308

 

 

 

300

 

 

 

291

 

 

 

 

Zeus Fire & Security (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

8.73%

 

12/11/2030

 

$

 

4,455

 

 

 

4,431

 

 

 

4,455

 

 

 

 

Zeus Fire & Security (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

12/11/2030

 

$

 

8,696

 

 

 

8,696

 

 

 

8,696

 

 

 

 

Zeus Fire & Security (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

12/11/2030

 

$

 

1,053

 

 

 

1,040

 

 

 

1,053

 

 

 

 

Construction & Building Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

75,594

 

$

 

65,279

 

 

 

6.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer goods: Durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kids2, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

9.76%

 

4/14/2031

 

$

 

8,802

 

 

 

8,720

 

 

 

8,714

 

 

 

 

Kids2, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.00%

 

9.75%

 

4/14/2031

 

$

 

529

 

 

 

513

 

 

 

512

 

 

 

 

New Milani Group LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.75%

 

8.82%

 

6/26/2031

 

$

 

828

 

 

 

821

 

 

 

828

 

 

 

 

New Milani Group LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

6/26/2031

 

$

 

—

 

 

 

(2

)

 

 

—

 

 

 

 

New Milani Group LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

6/26/2031

 

$

 

—

 

 

 

(10

)

 

 

—

 

 

 

 

Stanton Carpet (4)

 

Second Lien Senior Secured Loan

 

SOFR

 

1.00%

 

9.00%

 

12.90%

 

4/1/2028

 

$

 

11,434

 

 

 

11,353

 

 

 

11,434

 

 

 

 

Tangent Technologies Holdings, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.15%

 

8/2/2032

 

$

 

667

 

 

 

663

 

 

 

663

 

 

 

 

Tangent Technologies Holdings, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.25%

 

9.32%

 

8/2/2032

 

$

 

111

 

 

 

105

 

 

 

104

 

 

 

 

TLC Holdco LP (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,281

 

 

 

1,221

 

 

 

1,039

 

 

 

 

TLC Purchaser, Inc. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.74%

 

10/11/2027

 

$

 

12,946

 

 

 

12,905

 

 

 

12,947

 

 

 

 

 

11

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer goods: Durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TLC Purchaser, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.76%

 

10.10%

 

10/11/2027

 

$

 

1,938

 

 

 

1,930

 

 

 

1,938

 

 

 

 

TLC Purchaser, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.50%

 

9.52%

 

10/11/2027

 

$

 

9,140

 

 

 

9,166

 

 

 

9,140

 

 

 

 

Consumer goods: Durable Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

47,385

 

$

 

47,319

 

 

 

4.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer goods: Non-durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Evriholder (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.50%

 

6.75%

 

10.85%

 

1/24/2028

 

$

 

5,591

 

 

 

5,573

 

 

 

5,563

 

 

 

 

Fineline Technologies, Inc. (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

939

 

 

 

939

 

 

 

1,288

 

 

 

 

Hempz (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.32%

 

10/25/2029

 

$

 

220

 

 

 

219

 

 

 

214

 

 

 

 

Hempz (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

10/25/2029

 

$

 

—

 

 

 

(10

)

 

 

(46

)

 

 

 

Orchard Park BidCo, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

4/21/2033

 

$

 

—

 

 

 

(3

)

 

 

(14

)

 

 

 

Orchard Park BidCo, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

4/21/2033

 

$

 

—

 

 

 

(7

)

 

 

(8

)

 

 

 

RoC Skincare (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.01%

 

2/21/2031

 

$

 

9,750

 

 

 

9,655

 

 

 

9,750

 

 

 

 

RoC Skincare (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

2/21/2030

 

$

 

—

 

 

 

(18

)

 

 

—

 

 

 

 

Solaray, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00% (1.75% PIK)

 

10.58%

 

3/27/2029

 

$

 

29,393

 

 

 

29,393

 

 

 

27,043

 

 

 

 

Solaray, LLC (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00% (1.75% PIK)

 

10.95%

 

3/27/2029

 

$

 

13,536

 

 

 

13,529

 

 

 

12,454

 

 

 

 

Solaray, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

—

 

5.50%

 

9.33%

 

3/27/2029

 

$

 

2,135

 

 

 

2,120

 

 

 

2,135

 

 

 

 

SRP Parent Inc. (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

SRP Parent Inc. (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

—

 

 

 

—

 

 

 

1,006

 

 

 

 

SRP Parent Inc. (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

10.00%

 

10.00%

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Summer Fridays, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.32%

 

5/16/2031

 

$

 

459

 

 

 

453

 

 

 

450

 

 

 

 

Summer Fridays, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

5/16/2031

 

$

 

—

 

 

 

(10

)

 

 

(17

)

 

 

 

WU Holdco, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

4/19/2032

 

$

 

—

 

 

 

(11

)

 

 

—

 

 

 

 

WU Holdco, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

4/15/2032

 

$

 

—

 

 

 

(14

)

 

 

—

 

 

 

 

Consumer goods: Non-durable Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

61,808

 

$

 

59,818

 

 

 

5.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers, Packaging, & Glass

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASP-r-pac Acquisition Co LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.25%

 

9.09%

 

12/31/2030

 

$

 

4,668

 

 

 

4,620

 

 

 

4,667

 

 

 

 

ASP-r-pac Acquisition Co LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/31/2030

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Precision Concepts Parent Inc. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

4.75%

 

8.57%

 

8/2/2032

 

$

 

712

 

 

 

709

 

 

 

705

 

 

 

 

Precision Concepts Parent Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

4.75%

 

8.57%

 

8/2/2032

 

$

 

77

 

 

 

74

 

 

 

74

 

 

 

 

Containers, Packaging, & Glass Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

5,403

 

$

 

5,446

 

 

 

0.5

%

 

12

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCC HGS Investments 1, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

8

 

 

 

1,241

 

 

 

1,055

 

 

 

 

FC DOLMANS B.V. (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

1.00%

 

5.25%

 

7.84%

 

3/4/2033

 

€

 

2,437

 

 

 

2,826

 

 

 

2,760

 

 

 

 

FC DOLMANS B.V. (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

1.00%

 

5.25%

 

7.84%

 

3/4/2033

 

€

 

361

 

 

 

414

 

 

 

402

 

 

 

 

Humic Acquisition Holdings, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.75%

 

9.65%

 

10/21/2031

 

$

 

14,409

 

 

 

14,353

 

 

 

14,193

 

 

 

 

Humic Acquisition Holdings, LLC (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.75%

 

9.54%

 

10/21/2031

 

$

 

7,260

 

 

 

7,257

 

 

 

7,151

 

 

 

 

Humic Acquisition Holdings, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.75%

 

9.65%

 

10/21/2031

 

$

 

3,598

 

 

 

3,580

 

 

 

3,535

 

 

 

 

Reconomy (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

—

 

6.50%

 

10.23%

 

7/12/2029

 

£

 

68

 

 

 

83

 

 

 

90

 

 

 

 

Reconomy (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

—

 

6.25%

 

8.84%

 

7/12/2029

 

€

 

27

 

 

 

28

 

 

 

30

 

 

 

 

Reconomy (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

6.50%

 

10.57%

 

7/12/2029

 

£

 

6,642

 

 

 

8,797

 

 

 

8,773

 

 

 

 

Secovia Ferro Buyer LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.27%

 

8/11/2032

 

$

 

6,835

 

 

 

6,801

 

 

 

6,801

 

 

 

 

Secovia Ferro Buyer LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

8/11/2032

 

$

 

—

 

 

 

(8

)

 

 

(8

)

 

 

 

Secovia Ferro Buyer LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.50%

 

9.40%

 

8/11/2032

 

$

 

311

 

 

 

302

 

 

 

301

 

 

 

 

STAX Engineering, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.50%

 

10.57%

 

6/20/2033

 

$

 

13,025

 

 

 

12,896

 

 

 

12,895

 

 

 

 

STAX Engineering, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

6.50%

 

10.34%

 

6/20/2033

 

$

 

3,361

 

 

 

3,327

 

 

 

3,290

 

 

 

 

STAX Engineering, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

6/20/2033

 

$

 

—

 

 

 

(32

)

 

 

(34

)

 

 

 

STAX Holding, Inc. (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

1,739

 

 

 

1,739

 

 

 

2,054

 

 

 

 

Titan Cloud Software, Inc (4)

 

First Lien Senior Secured Loan

 

SOFR

 

—

 

5.85%

 

9.67%

 

9/7/2029

 

$

 

27,578

 

 

 

27,479

 

 

 

27,579

 

 

 

 

Titan Cloud Software, Inc (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.75%

 

9.83%

 

9/7/2029

 

$

 

12,264

 

 

 

12,223

 

 

 

12,264

 

 

 

 

Titan Cloud Software, Inc (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

9/7/2028

 

$

 

—

 

 

 

(18

)

 

 

—

 

 

 

 

Titan Cloud Software, Inc (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

3,532

 

 

 

3,532

 

 

 

4,704

 

 

 

 

Environmental Industries Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

106,820

 

$

 

107,835

 

 

 

10.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIRE: Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalon Bidco Limited (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

1.00%

 

6.50%

 

10.24%

 

4/16/2032

 

£

 

50

 

 

 

65

 

 

 

66

 

 

 

 

Avalon Bidco Limited (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

1.00%

 

6.50%

 

10.24%

 

4/16/2032

 

£

 

4,127

 

 

 

5,434

 

 

 

5,415

 

 

 

 

BCSF LI, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.50%

 

4.25%

 

8.07%

 

10/29/2032

 

$

 

33

 

 

 

33

 

 

 

33

 

 

 

 

BCSF LI, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.50%

 

4.25%

 

8.07%

 

10/29/2032

 

$

 

36

 

 

 

36

 

 

 

36

 

 

 

 

BCSF LI, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

10/29/2032

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Choreo (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.25%

 

9.32%

 

2/18/2028

 

$

 

5,756

 

 

 

5,756

 

 

 

5,757

 

 

 

 

Congress Wealth (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

16

 

 

 

—

 

 

 

19

 

 

 

 

Daintree Bidco Pty Ltd (4)(7)

 

First Lien Senior Secured Loan

 

BBSY

 

—

 

5.00%

 

9.47%

 

4/11/2033

 

AUD

 

1,113

 

 

 

711

 

 

 

773

 

 

 

 

Endurance Holdco Limited (4)(7)(11)

 

Preferred Equity

 

—

 

—

 

12.50% PIK

 

12.50%

 

—

 

 

 

3,345

 

 

 

4,335

 

 

 

4,399

 

 

 

 

 

13

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIRE: Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insigneo Financial Group LLC (4)

 

First Lien Senior Secured Loan

 

—

 

—

 

10.00% PIK

 

10.00%

 

8/1/2027

 

$

 

1,983

 

 

 

1,983

 

 

 

1,983

 

 

 

 

Insigneo Financial Group LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.35%

 

10.31%

 

8/1/2028

 

$

 

267

 

 

 

264

 

 

 

267

 

 

 

 

Insigneo Financial Group LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

534

 

 

 

535

 

 

 

3,545

 

 

 

 

LEP SAL Co-Invest, L.P. (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,000

 

 

 

1,317

 

 

 

1,393

 

 

 

 

Parmenion (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

—

 

5.50%

 

9.25%

 

5/23/2029

 

£

 

295

 

 

 

371

 

 

 

392

 

 

 

 

PMA (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.75%

 

8.82%

 

1/31/2031

 

$

 

58

 

 

 

57

 

 

 

58

 

 

 

 

PMA (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

1/31/2031

 

$

 

—

 

 

 

(13

)

 

 

—

 

 

 

 

Sikich (4)(11)

 

Preferred Equity

 

—

 

—

 

13.00% PIK

 

13.00%

 

—

 

 

 

51

 

 

 

5,036

 

 

 

5,068

 

 

 

 

Sikich (4)(6)(11)

 

Warrants

 

—

 

—

 

—

 

—

 

—

 

 

 

5

 

 

 

—

 

 

 

541

 

 

 

 

Sikich (4)(6)(11)

 

Warrants

 

—

 

—

 

—

 

—

 

—

 

 

 

2

 

 

 

—

 

 

 

155

 

 

 

 

FIRE: Finance Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

25,920

 

$

 

29,900

 

 

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIRE: Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comet BidCo Limited (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

8.82%

 

1/30/2032

 

$

 

755

 

 

 

752

 

 

 

744

 

 

 

 

Comet BidCo Limited (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

1/30/2032

 

$

 

—

 

 

 

—

 

 

 

(2

)

 

 

 

Comet BidCo Limited (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

1/30/2032

 

$

 

—

 

 

 

(2

)

 

 

(6

)

 

 

 

McLarens Acquisition Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.75%

 

8.63%

 

12/20/2027

 

$

 

247

 

 

 

245

 

 

 

247

 

 

 

 

McLarens Acquisition Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.75%

 

8.63%

 

12/20/2027

 

$

 

94

 

 

 

94

 

 

 

94

 

 

 

 

McLarens Acquisition Inc. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

4.75%

 

8.63%

 

12/19/2027

 

$

 

411

 

 

 

407

 

 

 

410

 

 

 

 

McLarens Acquisition Inc. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

4.75%

 

8.63%

 

12/20/2027

 

$

 

7

 

 

 

7

 

 

 

7

 

 

 

 

McLarens Acquisition Inc. (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/19/2027

 

£

 

—

 

 

 

(2

)

 

 

—

 

 

 

 

McLarens Acquisition Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/20/2027

 

$

 

—

 

 

 

(1

)

 

 

—

 

 

 

 

McLarens Acquisition Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/20/2027

 

$

 

—

 

 

 

(4

)

 

 

(4

)

 

 

 

MRHT (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

—

 

5.00%

 

7.51%

 

5/17/2032

 

€

 

2,558

 

 

 

2,982

 

 

 

2,748

 

 

 

 

MRHT (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

EURIBOR

 

—

 

5.00%

 

7.47%

 

11/10/2031

 

€

 

340

 

 

 

385

 

 

 

340

 

 

 

 

Simplicity (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

12/31/2031

 

$

 

—

 

 

 

(54

)

 

 

—

 

 

 

 

Simplicity (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/31/2031

 

$

 

—

 

 

 

(33

)

 

 

—

 

 

 

 

FIRE: Insurance Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

4,776

 

$

 

4,578

 

 

 

0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIRE: Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lagerbox (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

1.00%

 

3.50%

 

6.00%

 

12/20/2028

 

€

 

750

 

 

 

779

 

 

 

852

 

 

 

 

FIRE: Real Estate Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

779

 

$

 

852

 

 

 

0.1

%

 

14

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare & Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accident Care Alliance Holdco LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00%

 

8.75%

 

8/20/2030

 

$

 

1,261

 

 

 

1,259

 

 

 

1,261

 

 

 

Accident Care Alliance Holdco LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

9.03%

 

8/20/2030

 

$

 

1,645

 

 

 

1,635

 

 

 

1,645

 

 

 

AEG Vision (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.75%

 

9.97%

 

3/27/2027

 

$

 

440

 

 

 

438

 

 

 

440

 

 

 

AEG Vision (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.75%

 

9.97%

 

3/27/2027

 

$

 

39,287

 

 

 

39,171

 

 

 

39,286

 

 

 

AEG Vision (4)(12)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.75%

 

9.97%

 

3/27/2027

 

$

 

10,094

 

 

 

10,086

 

 

 

10,094

 

 

 

AEG Vision (4)(12)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.75%

 

9.97%

 

3/27/2027

 

$

 

8,316

 

 

 

8,302

 

 

 

8,316

 

 

 

Alldent Holding GmbH (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

—

 

5.50%

 

7.95%

 

11/29/2032

 

€

 

1,600

 

 

 

1,838

 

 

 

1,809

 

 

 

Alldent Holding GmbH (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

11/29/2032

 

€

 

—

 

 

 

—

 

 

 

(2

)

 

 

AOM Infusion (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

5.00%

 

9.04%

 

3/19/2032

 

$

 

339

 

 

 

335

 

 

 

339

 

 

 

AOM Infusion (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

3/19/2032

 

$

 

—

 

 

 

(80

)

 

 

—

 

 

 

AOM Infusion (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

3/19/2032

 

$

 

—

 

 

 

(3

)

 

 

—

 

 

 

Apollo Intelligence (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

2.50% (3.75% PIK)

 

10.00%

 

6/1/2028

 

$

 

14,808

 

 

 

14,863

 

 

 

14,512

 

 

 

Apollo Intelligence (4)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

2.50% (3.75% PIK)

 

10.00%

 

6/1/2028

 

$

 

10,015

 

 

 

9,995

 

 

 

9,815

 

 

 

Apollo Intelligence (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

34

 

 

 

3,378

 

 

 

1,769

 

 

 

Athena Parent Holdings, L.P. (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

4

 

 

 

403

 

 

 

438

 

 

 

Beacon Specialized Living (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.57%

 

3/27/2028

 

$

 

4,888

 

 

 

4,854

 

 

 

4,888

 

 

 

Beacon Specialized Living (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.50%

 

9.57%

 

3/25/2028

 

$

 

4,798

 

 

 

4,716

 

 

 

4,798

 

 

 

Beacon Specialized Living (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

3/27/2028

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

Caregiver (4)

 

First Lien Senior Secured Loan

 

—

 

—

 

16.50% PIK

 

16.50%

 

1/1/2030

 

$

 

655

 

 

 

645

 

 

 

645

 

 

 

Caregiver (4)

 

Subordinated Debt

 

—

 

—

 

16.50% PIK

 

16.50%

 

1/1/2030

 

$

 

11,130

 

 

 

11,051

 

 

 

10,991

 

 

 

CB Titan Holdings, Inc. (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

1,953

 

 

 

1,953

 

 

 

—

 

 

 

CRH Healthcare Purchaser, Inc. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.33%

 

9/17/2031

 

$

 

7,281

 

 

 

7,249

 

 

 

7,172

 

 

 

CRH Healthcare Purchaser, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

9/17/2031

 

$

 

—

 

 

 

(4

)

 

 

(30

)

 

 

CRH Healthcare Purchaser, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

9/17/2031

 

$

 

—

 

 

 

(3

)

 

 

(12

)

 

 

EHE Health (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.57%

 

8/7/2030

 

$

 

10,678

 

 

 

10,604

 

 

 

10,518

 

 

 

EHE Health (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

8/7/2030

 

$

 

—

 

 

 

—

 

 

 

(52

)

 

 

EHE Health (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

2,178

 

 

 

2,178

 

 

 

1,743

 

 

 

Great Expressions Dental Center PC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

1.00% (3.00% PIK)

 

7.88%

 

4/30/2028

 

$

 

10,105

 

 

 

10,133

 

 

 

8,336

 

 

 

HealthDrive (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

5.00%

 

8.90%

 

8/20/2029

 

$

 

673

 

 

 

663

 

 

 

673

 

 

 

HealthDrive (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

8/20/2029

 

$

 

734

 

 

 

734

 

 

 

734

 

 

 

HealthDrive (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

18

 

 

 

1,822

 

 

 

2,658

 

 

 

Lightspeed Buyer, Inc. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.50%

 

8.57%

 

2/6/2032

 

$

 

8,295

 

 

 

8,239

 

 

 

8,212

 

 

 

 

15

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare & Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lightspeed Buyer, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

2/6/2032

 

$

 

—

 

 

 

(19

)

 

 

(58

)

 

 

 

Lightspeed Buyer, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

4.50%

 

8.57%

 

2/6/2032

 

$

 

813

 

 

 

800

 

 

 

794

 

 

 

 

Mertus 522. GmbH (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

—

 

3.75% (2.75% PIK)

 

8.99%

 

5/28/2028

 

€

 

236

 

 

 

263

 

 

 

264

 

 

 

 

Mertus 522. GmbH (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

—

 

4.00% (2.50% PIK)

 

9.57%

 

5/28/2028

 

€

 

139

 

 

 

152

 

 

 

156

 

 

 

 

Nafinco (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

1.00%

 

5.25%

 

7.85%

 

8/29/2031

 

€

 

52

 

 

 

56

 

 

 

59

 

 

 

 

Nafinco (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

1.00%

 

5.25%

 

7.85%

 

8/29/2031

 

€

 

1,573

 

 

 

1,641

 

 

 

1,772

 

 

 

 

Odyssey Behavioral Health (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.01%

 

5/21/2031

 

$

 

1,595

 

 

 

1,580

 

 

 

1,595

 

 

 

 

Odyssey Behavioral Health (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

11/21/2030

 

$

 

—

 

 

 

(63

)

 

 

—

 

 

 

 

Odyssey Behavioral Health (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

22

 

 

 

2,234

 

 

 

2,119

 

 

 

 

Pharmacy Partners (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

2/28/2029

 

$

 

—

 

 

 

(33

)

 

 

—

 

 

 

 

Pharmathen (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

EURIBOR

 

—

 

12.50%

 

15.08%

 

12/31/2026

 

€

 

569

 

 

 

654

 

 

 

646

 

 

 

 

Premier Imaging, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.52% (1.48% PIK)

 

10.34%

 

10/31/2027

 

$

 

7,835

 

 

 

7,803

 

 

 

6,425

 

 

 

 

Premier Imaging, LLC (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

4.52% (1.48% PIK)

 

10.34%

 

10/31/2027

 

$

 

2,096

 

 

 

2,087

 

 

 

1,719

 

 

 

 

Psychiatric Medical Care LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.75%

 

8.48%

 

7/1/2032

 

$

 

176

 

 

 

174

 

 

 

176

 

 

 

 

Psychiatric Medical Care LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/1/2032

 

$

 

—

 

 

 

(21

)

 

 

—

 

 

 

 

QPE Alpha 4 Pty Ltd (4)(7)

 

First Lien Senior Secured Loan

 

BBSY

 

—

 

5.00%

 

9.56%

 

2/5/2032

 

AUD

 

1,612

 

 

 

1,110

 

 

 

1,099

 

 

 

 

QPE Alpha 4 Pty Ltd (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

BBSY

 

—

 

5.00%

 

9.56%

 

2/5/2032

 

AUD

 

25

 

 

 

15

 

 

 

14

 

 

 

 

Red Nucleus (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

5.25%

 

8.66%

 

10/17/2031

 

$

 

1,172

 

 

 

1,154

 

 

 

1,091

 

 

 

 

Red Nucleus (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

5.25%

 

9.06%

 

10/17/2031

 

$

 

1,163

 

 

 

1,139

 

 

 

1,109

 

 

 

 

RedMed Operations (Collage Rehabilitation) (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

2/28/2031

 

$

 

357

 

 

 

356

 

 

 

357

 

 

 

 

RedMed Operations (Collage Rehabilitation) (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

2/28/2031

 

$

 

—

 

 

 

(5

)

 

 

—

 

 

 

 

RedMed Operations (Collage Rehabilitation) (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

8.89%

 

2/28/2031

 

$

 

210

 

 

 

202

 

 

 

210

 

 

 

 

StateServ Acquisition, Inc. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

—

 

4.50%

 

8.25%

 

7/18/2033

 

$

 

6,000

 

 

 

5,955

 

 

 

5,955

 

 

 

 

StateServ Acquisition, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

7/18/2033

 

$

 

—

 

 

 

—

 

 

 

(9

)

 

 

 

StateServ Acquisition, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/18/2033

 

$

 

—

 

 

 

(12

)

 

 

(18

)

 

 

 

Sunmed Group Holdings, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.50%

 

9.42%

 

6/16/2028

 

$

 

8,364

 

 

 

8,320

 

 

 

8,364

 

 

 

 

Sunmed Group Holdings, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

6/16/2027

 

$

 

—

 

 

 

3

 

 

 

—

 

 

 

 

USME Holdco LLC (4)

 

Subordinated Debt

 

—

 

—

 

17.00% PIK

 

17.00%

 

5/26/2031

 

$

 

6,197

 

 

 

6,153

 

 

 

6,073

 

 

 

 

Vatica Health, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

10/29/2032

 

$

 

—

 

 

 

(8

)

 

 

—

 

 

 

 

WSHP Cottonwood Buyer, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

12/20/2032

 

$

 

5,822

 

 

 

5,795

 

 

 

5,793

 

 

 

 

WSHP Cottonwood Buyer, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

12/20/2032

 

$

 

—

 

 

 

(7

)

 

 

(20

)

 

 

 

WSHP Cottonwood Buyer, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/20/2032

 

$

 

—

 

 

 

(13

)

 

 

(15

)

 

 

 

Healthcare & Pharmaceuticals Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

203,919

 

$

 

196,666

 

 

 

18.4

%

 

16

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High Tech Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

—

 

5.00%

 

8.73%

 

6/28/2029

 

£

 

80

 

 

 

100

 

 

 

106

 

 

 

Applitools (4)(7)(8)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

6.25% PIK

 

10.32%

 

5/25/2029

 

$

 

32,706

 

 

 

31,669

 

 

 

24,449

 

 

 

Applitools (4)(5)(8)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

5.75% PIK

 

9.50%

 

5/25/2028

 

$

 

1,054

 

 

 

1,019

 

 

 

181

 

 

 

Applitools (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

8,297

 

 

 

4,762

 

 

 

—

 

 

 

Applitools (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

20

 

 

 

11

 

 

 

—

 

 

 

Appriss (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

3/10/2031

 

$

 

—

 

 

 

(20

)

 

 

—

 

 

 

Appriss Holdings, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.75%

 

8.75%

 

5/6/2030

 

$

 

5,483

 

 

 

5,468

 

 

 

5,483

 

 

 

Appriss Holdings, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

5/6/2030

 

$

 

—

 

 

 

(3

)

 

 

—

 

 

 

Appriss Holdings, Inc. (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

2,136

 

 

 

1,606

 

 

 

2,167

 

 

 

AQ Software Corporation (4)(11)

 

Preferred Equity

 

SOFR

 

—

 

10.00% PIK

 

13.85%

 

—

 

 

 

3

 

 

 

3,442

 

 

 

3,027

 

 

 

AQ Software Corporation (4)(11)

 

Preferred Equity

 

SOFR

 

—

 

10.00% PIK

 

13.85%

 

—

 

 

 

2

 

 

 

2,066

 

 

 

1,817

 

 

 

AQ Software Corporation (4)(11)

 

Preferred Equity

 

SOFR

 

—

 

10.00% PIK

 

13.85%

 

—

 

 

 

2

 

 

 

2,385

 

 

 

2,113

 

 

 

AQ Software Corporation (4)(11)

 

Preferred Equity

 

SOFR

 

—

 

10.00% PIK

 

13.85%

 

—

 

 

 

1

 

 

 

909

 

 

 

800

 

 

 

Chartbeat (4)

 

Subordinated Debt

 

—

 

—

 

16.00% PIK

 

16.00%

 

10/4/2030

 

$

 

7,663

 

 

 

7,589

 

 

 

7,395

 

 

 

Chartbeat (4)

 

Subordinated Debt

 

—

 

—

 

16.00% PIK

 

16.00%

 

10/4/2030

 

$

 

6,831

 

 

 

6,757

 

 

 

6,592

 

 

 

Chartbeat (4)(6)(11)

 

Warrants

 

—

 

—

 

—

 

—

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

Cloud Technology Solutions (CTS) (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

1.00%

 

7.00% PIK

 

10.75%

 

10/17/2031

 

£

 

2,256

 

 

 

2,893

 

 

 

2,877

 

 

 

Cloud Technology Solutions (CTS) (4)(6)(7)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

4,835

 

 

 

5,937

 

 

 

5,755

 

 

 

Eagle Rock Capital Corporation (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

2,429

 

 

 

2,429

 

 

 

6,509

 

 

 

Eleven Software (4)

 

First Lien Senior Secured Loan

 

SOFR

 

—

 

8.25%

 

12.57%

 

5/14/2029

 

$

 

7,439

 

 

 

7,402

 

 

 

7,439

 

 

 

Eleven Software (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

5/14/2029

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

Eleven Software (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

896

 

 

 

896

 

 

 

1,410

 

 

 

Eleven Software (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

109

 

 

 

109

 

 

 

183

 

 

 

G-3 Frax Acquisition LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

9.82%

 

1/30/2032

 

$

 

919

 

 

 

912

 

 

 

903

 

 

 

G-3 Frax Acquisition LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.00%

 

9.89%

 

1/30/2032

 

$

 

48

 

 

 

48

 

 

 

46

 

 

 

Harbor IT, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.25%

 

5.00%

 

8.90%

 

3/13/2031

 

$

 

534

 

 

 

531

 

 

 

529

 

 

 

Harbor IT, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

3/13/2031

 

$

 

—

 

 

 

(1

)

 

 

(5

)

 

 

Harbor IT, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.25%

 

5.00%

 

8.90%

 

3/13/2031

 

$

 

16

 

 

 

16

 

 

 

15

 

 

 

HG Insights, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

7.50%

 

11.40%

 

6/16/2031

 

$

 

10,604

 

 

 

10,423

 

 

 

10,604

 

 

 

HG Insights, Inc. (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

505

 

 

 

777

 

 

 

1,072

 

 

 

LogRhythm, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

7.50% PIK

 

11.32%

 

7/2/2029

 

$

 

4,234

 

 

 

4,145

 

 

 

3,641

 

 

 

LogRhythm, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.50%

 

9.23%

 

7/2/2029

 

$

 

146

 

 

 

139

 

 

 

29

 

 

 

 

17

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High Tech Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NearMap (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.50%

 

8.23%

 

12/10/2029

 

$

 

17,672

 

 

 

17,647

 

 

 

17,672

 

 

 

NearMap (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/9/2028

 

$

 

—

 

 

 

(12

)

 

 

—

 

 

 

NearMap (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/9/2028

 

$

 

—

 

 

 

(10

)

 

 

—

 

 

 

NearMap (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/9/2028

 

$

 

—

 

 

 

(27

)

 

 

—

 

 

 

New Gen Holding (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

—

 

3.00% (4.25% PIK)

 

10.32%

 

5/28/2031

 

€

 

3,118

 

 

 

3,502

 

 

 

3,515

 

 

 

ORBCOMM Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.25%

 

9.15%

 

4/27/2032

 

$

 

778

 

 

 

770

 

 

 

774

 

 

 

ORBCOMM Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

5.25%

 

9.15%

 

4/27/2032

 

$

 

41

 

 

 

40

 

 

 

40

 

 

 

ORBCOMM Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

5.25%

 

8.96%

 

4/27/2032

 

$

 

10

 

 

 

8

 

 

 

9

 

 

 

PayRange (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

10/31/2030

 

$

 

—

 

 

 

(28

)

 

 

—

 

 

 

PayRange (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

4,527

 

 

 

4,527

 

 

 

6,020

 

 

 

PlentyMarkets (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

—

 

3.25% (3.70% PIK)

 

9.31%

 

4/2/2032

 

€

 

1,608

 

 

 

1,867

 

 

 

1,790

 

 

 

Pricelabs Revenue Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

—

 

4.75%

 

8.82%

 

3/17/2033

 

$

 

54

 

 

 

54

 

 

 

54

 

 

 

Pricelabs Revenue Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

3/17/2033

 

$

 

—

 

 

 

(3

)

 

 

(6

)

 

 

Pricelabs Revenue Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

3/17/2033

 

$

 

—

 

 

 

(3

)

 

 

(3

)

 

 

RetailNext (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.09%

 

12/5/2030

 

$

 

17,007

 

 

 

16,878

 

 

 

17,007

 

 

 

RetailNext (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.25%

 

9.09%

 

12/5/2030

 

$

 

1,707

 

 

 

1,686

 

 

 

1,707

 

 

 

Revalize, Inc. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

4.75% (1.75% PIK)

 

10.72%

 

4/15/2027

 

$

 

5,332

 

 

 

5,325

 

 

 

4,985

 

 

 

Revalize, Inc. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

4.75% (1.75% PIK)

 

10.72%

 

4/16/2029

 

$

 

2,000

 

 

 

1,998

 

 

 

1,870

 

 

 

Revalize, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.25%

 

10.47%

 

4/15/2027

 

$

 

603

 

 

 

602

 

 

 

516

 

 

 

SensorTower (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

2.00%

 

7.50%

 

11.48%

 

3/15/2029

 

$

 

1,520

 

 

 

1,507

 

 

 

1,520

 

 

 

SensorTower (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

3/15/2029

 

$

 

—

 

 

 

(8

)

 

 

—

 

 

 

SensorTower (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

156

 

 

 

2,400

 

 

 

14,961

 

 

 

Superna Inc. (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.50%

 

10.59%

 

3/6/2028

 

$

 

4,108

 

 

 

4,093

 

 

 

4,108

 

 

 

Superna Inc. (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

3/6/2028

 

$

 

—

 

 

 

(6

)

 

 

—

 

 

 

Superna Inc. (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

3/6/2028

 

$

 

—

 

 

 

(6

)

 

 

—

 

 

 

Superna Inc. (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,463

 

 

 

1,463

 

 

 

4,677

 

 

 

Utimaco (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.50%

 

9.58%

 

5/14/2029

 

$

 

192

 

 

 

191

 

 

 

192

 

 

 

Utimaco (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.50%

 

9.58%

 

5/14/2029

 

$

 

94

 

 

 

93

 

 

 

94

 

 

 

Utimaco (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

0.75%

 

5.50%

 

7.98%

 

5/14/2029

 

€

 

67

 

 

 

72

 

 

 

76

 

 

 

Utimaco (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

2

 

 

 

2,158

 

 

 

3,042

 

 

 

Utimaco (4)(6)(7)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

2

 

 

 

2,158

 

 

 

3,042

 

 

 

Ventiv Holdco, Inc. (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

529

 

 

 

2,833

 

 

 

909

 

 

 

Wasabi Technologies LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.50%

 

10.23%

 

4/8/2031

 

$

 

9,455

 

 

 

9,279

 

 

 

9,266

 

 

 

 

18

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High Tech Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wasabi Technologies LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

4/8/2031

 

$

 

—

 

 

 

(39

)

 

 

(86

)

 

 

 

Wasabi Technologies LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

4/8/2031

 

$

 

—

 

 

 

(11

)

 

 

(12

)

 

 

 

High Tech Industries Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

185,414

 

$

 

192,876

 

 

 

18.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel, Gaming, & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Awayday (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.75%

 

8.82%

 

5/6/2032

 

$

 

6,893

 

 

 

6,832

 

 

 

6,893

 

 

 

 

Awayday (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

5/6/2032

 

$

 

—

 

 

 

(10

)

 

 

—

 

 

 

 

City BBQ (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.35%

 

9.24%

 

9/4/2030

 

$

 

9,184

 

 

 

9,129

 

 

 

9,047

 

 

 

 

City BBQ (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.35%

 

9.24%

 

9/4/2030

 

$

 

7,145

 

 

 

7,145

 

 

 

6,947

 

 

 

 

City BBQ (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

9/4/2030

 

$

 

—

 

 

 

(27

)

 

 

(71

)

 

 

 

City BBQ (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

5

 

 

 

1,271

 

 

 

1,560

 

 

 

 

Le Berger SA (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

1.00%

 

3.75%

 

6.34%

 

2/21/2028

 

€

 

500

 

 

 

522

 

 

 

568

 

 

 

 

Pyramid Global Hospitality (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.25%

 

5.25%

 

9.00%

 

1/19/2028

 

$

 

9,428

 

 

 

9,346

 

 

 

9,427

 

 

 

 

Pyramid Global Hospitality (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

1/19/2028

 

$

 

—

 

 

 

(8

)

 

 

—

 

 

 

 

Hotel, Gaming, & Leisure Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

34,200

 

$

 

34,371

 

 

 

3.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media: Advertising, Printing & Publishing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Facts Global Energy (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.50%

 

9.38%

 

12/20/2031

 

$

 

3,469

 

 

 

3,433

 

 

 

3,154

 

 

 

 

Facts Global Energy (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.75%

 

9.45%

 

12/20/2031

 

$

 

50

 

 

 

50

 

 

 

48

 

 

 

 

Facts Global Energy (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.75%

 

9.45%

 

12/20/2031

 

$

 

50

 

 

 

50

 

 

 

48

 

 

 

 

OGH Bidco Limited (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

—

 

6.50%

 

10.23%

 

6/29/2029

 

£

 

139

 

 

 

165

 

 

 

172

 

 

 

 

OGH Bidco Limited (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

—

 

6.25%

 

10.03%

 

6/29/2029

 

£

 

2,217

 

 

 

2,642

 

 

 

2,372

 

 

 

 

TGI Sport Bidco Pty Ltd (4)(7)

 

First Lien Senior Secured Loan

 

BBSY

 

—

 

5.75%

 

10.34%

 

4/28/2028

 

AUD

 

99

 

 

 

76

 

 

 

69

 

 

 

 

TGI Sport Bidco Pty Ltd (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.50%

 

5.75%

 

9.77%

 

4/28/2028

 

AUD

 

106

 

 

 

73

 

 

 

72

 

 

 

 

TGI Sport Bidco Pty Ltd (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

0.50%

 

5.75%

 

9.51%

 

4/28/2028

 

£

 

70

 

 

 

89

 

 

 

92

 

 

 

 

Media: Advertising, Printing & Publishing Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

6,578

 

$

 

6,027

 

 

 

0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media: Broadcasting & Subscription

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lightning Finco Limited (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

6.18%

 

10.27%

 

8/31/2028

 

$

 

1,443

 

 

 

1,443

 

 

 

1,436

 

 

 

 

Lightning Finco Limited (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

0.75%

 

5.75%

 

8.35%

 

8/31/2028

 

€

 

1,300

 

 

 

1,440

 

 

 

1,469

 

 

 

 

Media: Broadcasting & Subscription Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

2,883

 

$

 

2,905

 

 

 

0.3

%

 

19

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media: Diversified & Production

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficient Collaborative Retail Marketing Company, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

7.50% (1.00% PIK)

 

12.84%

 

11/30/2026

 

$

 

18,610

 

 

 

15,656

 

 

 

13,959

 

 

 

 

Efficient Collaborative Retail Marketing Company, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

7.50% (1.00% PIK)

 

12.84%

 

11/30/2026

 

$

 

12,105

 

 

 

10,302

 

 

 

9,078

 

 

 

 

Efficient Collaborative Retail Marketing Company, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.50%

 

10.84%

 

11/30/2026

 

$

 

1,263

 

 

 

1,255

 

 

 

1,263

 

 

 

 

Owl Acquisition, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.75%

 

8.48%

 

4/17/2032

 

$

 

637

 

 

 

635

 

 

 

608

 

 

 

 

Owl Acquisition, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

4.75%

 

8.49%

 

4/17/2032

 

$

 

198

 

 

 

197

 

 

 

149

 

 

 

 

Owl Acquisition, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

4.75%

 

8.82%

 

4/17/2032

 

$

 

292

 

 

 

285

 

 

 

185

 

 

 

 

Media: Diversified & Production Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

28,330

 

$

 

25,242

 

 

 

2.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCC High Divide 1, LLC (High Divide) (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

51

 

 

 

—

 

 

 

24

 

 

 

 

Elevation NewCo Intermediate, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

112

 

 

 

—

 

 

 

268

 

 

 

 

Elevation NewCo, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.00%

 

10.07%

 

8/1/2031

 

$

 

109

 

 

 

105

 

 

 

109

 

 

 

 

Lindstrom, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

12/30/2032

 

$

 

—

 

 

 

(18

)

 

 

(7

)

 

 

 

Metals & Mining Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

87

 

$

 

394

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Galeria (4)(6)(7)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

1,238

 

 

 

1,461

 

 

 

704

 

 

 

 

Galeria (4)(6)(7)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

646

 

 

 

710

 

 

 

367

 

 

 

 

Galeria (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

101

 

 

 

22

 

 

 

—

 

 

 

 

New Look Vision Group (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

5.25%

 

9.32%

 

5/26/2028

 

$

 

158

 

 

 

158

 

 

 

158

 

 

 

 

New Look Vision Group (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

CORRA

 

1.00%

 

5.25%

 

7.69%

 

5/26/2028

 

CAD

 

30

 

 

 

24

 

 

 

21

 

 

 

 

New Look Vision Group (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

CORRA

 

1.00%

 

5.25%

 

7.69%

 

5/26/2028

 

CAD

 

3

 

 

 

3

 

 

 

2

 

 

 

 

New Look Vision Group (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

CORRA

 

—

 

5.25%

 

7.67%

 

5/26/2028

 

CAD

 

145

 

 

 

98

 

 

 

102

 

 

 

 

Thrasio, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

8.00%

 

12.01%

 

6/18/2029

 

$

 

123

 

 

 

108

 

 

 

123

 

 

 

 

Thrasio, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

70

 

 

 

6,997

 

 

 

—

 

 

 

 

Thrasio, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

8

 

 

 

777

 

 

 

—

 

 

 

 

Retail Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

10,358

 

$

 

1,477

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACAMS (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

12/30/2031

 

$

 

5,165

 

 

 

5,119

 

 

 

5,139

 

 

 

 

ACAMS (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

12/30/2031

 

$

 

113

 

 

 

98

 

 

 

105

 

 

 

 

ACAMS (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

3,337

 

 

 

3,337

 

 

 

3,385

 

 

 

 

 

20

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Aircrew (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.50%

 

10.40%

 

7/26/2030

 

$

 

5,005

 

 

 

4,969

 

 

 

5,005

 

 

 

Advanced Aircrew (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.50%

 

10.40%

 

7/26/2030

 

$

 

93

 

 

 

93

 

 

 

93

 

 

 

Advanced Aircrew (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

592

 

 

 

592

 

 

 

481

 

 

 

Allbridge (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.57%

 

6/5/2030

 

$

 

8,886

 

 

 

8,841

 

 

 

8,886

 

 

 

Allbridge (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

6/5/2030

 

$

 

—

 

 

 

(18

)

 

 

—

 

 

 

Alogent Holdings, Inc. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.50%

 

10.23%

 

1/21/2032

 

$

 

1,504

 

 

 

1,491

 

 

 

1,489

 

 

 

Alogent Holdings, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

1/21/2032

 

$

 

—

 

 

 

—

 

 

 

(56

)

 

 

Alogent Holdings, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

1/21/2032

 

$

 

—

 

 

 

(14

)

 

 

(16

)

 

 

Anybill Financial Services, Inc. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

9.84%

 

7/30/2032

 

$

 

9,990

 

 

 

9,891

 

 

 

9,890

 

 

 

BCSF Darcy Investments, LLC (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

126

 

 

 

223

 

 

 

168

 

 

 

Beneficium (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

1.00%

 

5.75%

 

9.48%

 

6/28/2031

 

£

 

7,497

 

 

 

9,407

 

 

 

9,810

 

 

 

Beneficium (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

6/28/2031

 

£

 

—

 

 

 

—

 

 

 

(144

)

 

 

BLI Buyer, Inc. (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

10/31/2031

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

BLI Buyer, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

10/31/2031

 

$

 

161

 

 

 

151

 

 

 

161

 

 

 

Brook Bidco (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

—

 

2.67% (4.83% PIK)

 

11.81%

 

7/7/2028

 

$

 

2,590

 

 

 

2,392

 

 

 

2,357

 

 

 

Brook Bidco (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

—

 

1.88% (5.37% PIK)

 

11.26%

 

7/10/2028

 

£

 

999

 

 

 

1,347

 

 

 

1,208

 

 

 

Brook Bidco (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

1.89% (5.51% PIK)

 

11.37%

 

7/10/2028

 

£

 

404

 

 

 

532

 

 

 

483

 

 

 

Brook Bidco (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

1.85% (5.40% PIK)

 

11.37%

 

7/10/2028

 

£

 

144

 

 

 

201

 

 

 

173

 

 

 

Brook Bidco (4)(6)(7)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

11,656

 

 

 

9,941

 

 

 

5,266

 

 

 

Cube (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

3.00% (4.45% PIK)

 

11.52%

 

5/21/2031

 

$

 

312

 

 

 

310

 

 

 

312

 

 

 

Cube (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

3.00% (4.45% PIK)

 

11.52%

 

5/21/2031

 

$

 

81

 

 

 

109

 

 

 

106

 

 

 

Cube (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

3.00% (4.44% PIK)

 

11.48%

 

5/21/2031

 

$

 

57

 

 

 

57

 

 

 

57

 

 

 

Cube (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

—

 

10.00% PIK

 

13.75%

 

5/22/2032

 

£

 

2,334

 

 

 

3,190

 

 

 

3,100

 

 

 

Darcy Partners (4)

 

First Lien Senior Secured Loan

 

SOFR

 

—

 

7.75%

 

11.46%

 

6/1/2028

 

$

 

1,469

 

 

 

1,464

 

 

 

1,465

 

 

 

Darcy Partners (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

7.50%

 

11.70%

 

6/1/2028

 

$

 

1,015

 

 

 

1,006

 

 

 

1,012

 

 

 

Darcy Partners (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

7.50%

 

11.70%

 

6/1/2028

 

$

 

244

 

 

 

244

 

 

 

243

 

 

 

Darcy Partners (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

359

 

 

 

360

 

 

 

479

 

 

 

Datix Bidco Limited (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.50%

 

4.75%

 

8.48%

 

4/30/2031

 

$

 

5,126

 

 

 

5,054

 

 

 

5,126

 

 

 

Datix Bidco Limited (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

4/30/2031

 

$

 

—

 

 

 

(19

)

 

 

—

 

 

 

Datix Bidco Limited (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

10/30/2030

 

$

 

—

 

 

 

(26

)

 

 

—

 

 

 

Discovery Senior Living (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

4.75%

 

8.65%

 

3/18/2030

 

$

 

5,633

 

 

 

5,607

 

 

 

5,597

 

 

 

Discovery Senior Living (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

3/18/2030

 

$

 

—

 

 

 

(16

)

 

 

(12

)

 

 

DTIQ (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

3.50%

 

7.50%

 

11.40%

 

9/30/2029

 

$

 

33,101

 

 

 

32,707

 

 

 

33,097

 

 

 

 

21

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTIQ (4)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

3.50%

 

7.50%

 

11.40%

 

9/30/2029

 

$

 

4,032

 

 

 

4,032

 

 

 

4,032

 

 

 

DTIQ (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

3,995

 

 

 

—

 

 

 

—

 

 

 

DTIQ (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,985

 

 

 

681

 

 

 

1,210

 

 

 

E-Tech Group (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

4/9/2030

 

$

 

—

 

 

 

(8

)

 

 

—

 

 

 

Easy Ice (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.22%

 

10/30/2030

 

$

 

7,860

 

 

 

7,776

 

 

 

7,860

 

 

 

Easy Ice (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.25%

 

9.47%

 

10/30/2030

 

$

 

6,498

 

 

 

6,444

 

 

 

6,498

 

 

 

Easy Ice (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.40%

 

9.47%

 

10/30/2030

 

$

 

1,194

 

 

 

1,140

 

 

 

1,194

 

 

 

Eide Bailly Advisory LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

7/29/2033

 

$

 

—

 

 

 

(8

)

 

 

(6

)

 

 

Eide Bailly Advisory LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/29/2033

 

$

 

—

 

 

 

(11

)

 

 

(8

)

 

 

Electronic Merchant Systems (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.50%

 

8.40%

 

8/1/2030

 

$

 

4,061

 

 

 

4,012

 

 

 

4,061

 

 

 

Electronic Merchant Systems (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

8/1/2030

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

Electronic Merchant Systems (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

148

 

 

 

1,042

 

 

 

2,695

 

 

 

Elevator Holdco Inc. (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

2

 

 

 

2,448

 

 

 

3,037

 

 

 

Fiduciaire Jean-Marc Faber (FJMF) (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

1.00%

 

5.75%

 

8.24%

 

4/5/2032

 

€

 

2,092

 

 

 

2,410

 

 

 

2,341

 

 

 

Fiduciaire Jean-Marc Faber (FJMF) (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

1.00%

 

5.75%

 

8.24%

 

4/5/2032

 

€

 

50

 

 

 

55

 

 

 

56

 

 

 

Fiduciaire Jean-Marc Faber (FJMF) (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

4/5/2032

 

€

 

—

 

 

 

(20

)

 

 

(28

)

 

 

HLSG Intermediate, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

4.75%

 

8.49%

 

2/2/2033

 

$

 

910

 

 

 

901

 

 

 

905

 

 

 

HLSG Intermediate, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

4.75%

 

8.49%

 

2/2/2033

 

$

 

162

 

 

 

162

 

 

 

162

 

 

 

HLSG Intermediate, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

2/2/2033

 

$

 

—

 

 

 

(9

)

 

 

(5

)

 

 

Hollywood LP (4)(7)(11)

 

Preferred Equity

 

—

 

—

 

12.50% PIK

 

12.50%

 

—

 

 

 

2,049

 

 

 

2,675

 

 

 

2,722

 

 

 

iBanFirst (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

—

 

9.75% PIK

 

12.07%

 

7/13/2028

 

€

 

4,771

 

 

 

5,039

 

 

 

5,420

 

 

 

iBanFirst (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

—

 

9.75% PIK

 

12.07%

 

7/13/2028

 

€

 

4,539

 

 

 

4,827

 

 

 

5,156

 

 

 

iBanFirst (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

—

 

9.75% PIK

 

12.07%

 

7/13/2028

 

€

 

132

 

 

 

142

 

 

 

149

 

 

 

iBanFirst (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

—

 

9.75% PIK

 

12.36%

 

7/13/2028

 

€

 

4,367

 

 

 

4,599

 

 

 

4,961

 

 

 

iBanFirst (4)(6)(7)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

7,112

 

 

 

8,136

 

 

 

27,011

 

 

 

ImageTrend (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

8.82%

 

1/31/2029

 

$

 

16,900

 

 

 

16,762

 

 

 

16,900

 

 

 

ImageTrend (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

1/31/2029

 

$

 

2,488

 

 

 

2,470

 

 

 

2,488

 

 

 

ImageTrend (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

1/31/2029

 

$

 

—

 

 

 

(23

)

 

 

—

 

 

 

LEP CP Co-Invest, L.P. (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

287

 

 

 

380

 

 

 

371

 

 

 

masLabor (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.26%

 

4/5/2032

 

$

 

1,194

 

 

 

1,189

 

 

 

1,188

 

 

 

masLabor (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

4/5/2032

 

$

 

—

 

 

 

(1

)

 

 

(3

)

 

 

masLabor (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

4/5/2032

 

$

 

—

 

 

 

(1

)

 

 

(1

)

 

 

masLabor (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

173

 

 

 

173

 

 

 

758

 

 

 

 

22

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Morrow Sodali (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

8.92%

 

10/25/2029

 

$

 

4,986

 

 

 

4,962

 

 

 

4,986

 

 

 

 

Morrow Sodali (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00%

 

8.90%

 

4/25/2028

 

$

 

2,553

 

 

 

2,547

 

 

 

2,553

 

 

 

 

Morrow Sodali (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

10/25/2029

 

$

 

—

 

 

 

(20

)

 

 

—

 

 

 

 

Morrow Sodali (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

10/25/2029

 

$

 

—

 

 

 

(8

)

 

 

(8

)

 

 

 

Morrow Sodali (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

10/25/2029

 

$

 

—

 

 

 

(20

)

 

 

—

 

 

 

 

Opus2 (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

—

 

5.00%

 

8.76%

 

5/8/2028

 

£

 

123

 

 

 

169

 

 

 

163

 

 

 

 

Opus2 (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

2,272

 

 

 

2,526

 

 

 

3,787

 

 

 

 

PRGX (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.23%

 

12/20/2030

 

$

 

141

 

 

 

140

 

 

 

138

 

 

 

 

PRGX (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

—

 

12/20/2030

 

$

 

—

 

 

 

(20

)

 

 

(123

)

 

 

 

Pure Wafer (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

11/12/2030

 

$

 

—

 

 

 

(14

)

 

 

—

 

 

 

 

Pure Wafer (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,236

 

 

 

1,236

 

 

 

1,808

 

 

 

 

Rydoo (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

1.00%

 

1.82% (4.80% PIK)

 

9.69%

 

9/26/2031

 

€

 

5,251

 

 

 

6,002

 

 

 

5,965

 

 

 

 

Rydoo (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

1.00%

 

1.82% (4.80% PIK)

 

9.69%

 

9/26/2031

 

€

 

1,610

 

 

 

1,786

 

 

 

1,828

 

 

 

 

Rydoo (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,529

 

 

 

1,790

 

 

 

1,769

 

 

 

 

Rydoo (4)(6)(7)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

655

 

 

 

767

 

 

 

908

 

 

 

 

SoftCo (4)(7)

 

First Lien Senior Secured Loan

 

EURIBOR

 

1.00%

 

6.50%

 

9.05%

 

2/22/2031

 

€

 

2,000

 

 

 

2,151

 

 

 

2,261

 

 

 

 

SoftCo (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

496

 

 

 

537

 

 

 

560

 

 

 

 

Spring Finco BV (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

NIBOR

 

—

 

5.25%

 

9.85%

 

7/15/2029

 

NOK

 

1,221

 

 

 

128

 

 

 

125

 

 

 

 

TES Global (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

—

 

5.00%

 

8.73%

 

1/27/2029

 

£

 

12

 

 

 

15

 

 

 

16

 

 

 

 

Webcentral (4)(5)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

6.00%

 

9.90%

 

12/18/2030

 

€

 

213

 

 

 

230

 

 

 

229

 

 

 

 

Webcentral (4)(7)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

6.00%

 

9.90%

 

12/18/2030

 

€

 

104

 

 

 

106

 

 

 

106

 

 

 

 

Services: Business Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

211,064

 

$

 

232,660

 

 

 

21.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CorePower Yoga, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.32%

 

4/30/2031

 

$

 

7,900

 

 

 

7,866

 

 

 

7,900

 

 

 

 

CorePower Yoga, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.25%

 

9.32%

 

4/30/2031

 

$

 

1,689

 

 

 

1,687

 

 

 

1,689

 

 

 

 

CorePower Yoga, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

4/30/2031

 

$

 

—

 

 

 

(7

)

 

 

—

 

 

 

 

Master ConcessionAir (4)

 

First Lien Senior Secured Loan

 

SOFR

 

3.00%

 

8.50%

 

12.53%

 

6/21/2029

 

$

 

1,679

 

 

 

1,656

 

 

 

1,654

 

 

 

 

Master ConcessionAir (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

3.00%

 

8.50%

 

12.26%

 

6/21/2029

 

$

 

179

 

 

 

179

 

 

 

176

 

 

 

 

Master ConcessionAir (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

3.00%

 

8.50%

 

12.34%

 

6/21/2029

 

$

 

217

 

 

 

214

 

 

 

213

 

 

 

 

Monarch Collective Holdings, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

3/17/2032

 

$

 

4,975

 

 

 

4,950

 

 

 

4,925

 

 

 

 

Monarch Collective Holdings, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

3/17/2032

 

$

 

217

 

 

 

201

 

 

 

183

 

 

 

 

Monarch Collective Holdings, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

3/17/2032

 

$

 

133

 

 

 

130

 

 

 

127

 

 

 

 

 

23

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MZR Aggregator (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1

 

 

 

798

 

 

 

—

 

 

 

 

MZR Aggregator (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

—

 

 

 

12

 

 

 

—

 

 

 

 

MZR Buyer, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75% (0.50% PIK)

 

11.47%

 

12/22/2028

 

$

 

25,149

 

 

 

24,583

 

 

 

21,628

 

 

 

 

MZR Buyer, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75% (0.50% PIK)

 

11.16%

 

12/22/2028

 

$

 

449

 

 

 

445

 

 

 

386

 

 

 

 

MZR Buyer, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.75% (0.50% PIK)

 

11.16%

 

12/22/2028

 

$

 

5,158

 

 

 

5,129

 

 

 

4,424

 

 

 

 

MZR Buyer, LLC (4)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.75% (0.50% PIK)

 

11.13%

 

12/22/2028

 

$

 

1,741

 

 

 

1,725

 

 

 

1,497

 

 

 

 

Spotless Brands (4)(12)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.50%

 

9.34%

 

7/25/2028

 

$

 

11,244

 

 

 

11,211

 

 

 

11,244

 

 

 

 

Vasa Fitness Buyer, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.25%

 

10.25%

 

8/15/2030

 

$

 

65

 

 

 

65

 

 

 

65

 

 

 

 

Vasa Fitness, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

8/15/2030

 

$

 

—

 

 

 

(2

)

 

 

(2

)

 

 

 

WhiteWater Express (4)

 

Subordinated Debt

 

—

 

—

 

14.00% PIK

 

14.00%

 

3/31/2031

 

$

 

10,172

 

 

 

10,112

 

 

 

10,172

 

 

 

 

Services: Consumer Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

70,954

 

$

 

66,281

 

 

 

6.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meriplex Communications, Ltd. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.00%

 

8.91%

 

7/17/2028

 

$

 

11,905

 

 

 

11,818

 

 

 

10,953

 

 

 

 

Meriplex Communications, Ltd. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.00%

 

8.91%

 

7/17/2028

 

$

 

1,093

 

 

 

1,081

 

 

 

1,006

 

 

 

 

Meriplex Communications, Ltd. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

0.75%

 

5.00%

 

8.91%

 

7/17/2028

 

$

 

7,065

 

 

 

7,030

 

 

 

6,500

 

 

 

 

Meriplex Communications, Ltd. (4)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

5.00%

 

8.91%

 

7/17/2028

 

$

 

2,824

 

 

 

2,807

 

 

 

2,598

 

 

 

 

Substantial Holdco Limited (4)(5)(7)

 

Subordinated Debt

 

—

 

—

 

8.00% (4.00% PIK)

 

12.00%

 

4/20/2030

 

£

 

496

 

 

 

667

 

 

 

659

 

 

 

 

Taoglas (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

10.07%

 

2/28/2029

 

$

 

18,230

 

 

 

18,035

 

 

 

18,230

 

 

 

 

Taoglas (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

10.07%

 

2/28/2029

 

$

 

9,707

 

 

 

9,656

 

 

 

9,707

 

 

 

 

Taoglas (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

10.07%

 

2/28/2029

 

$

 

887

 

 

 

887

 

 

 

887

 

 

 

 

Taoglas (4)(7)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

10.07%

 

2/28/2029

 

$

 

441

 

 

 

434

 

 

 

441

 

 

 

 

Taoglas (4)(5)(7)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.00%

 

10.07%

 

2/28/2029

 

$

 

1,284

 

 

 

1,284

 

 

 

1,284

 

 

 

 

Taoglas (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

2,259

 

 

 

2,259

 

 

 

2,072

 

 

 

 

Taoglas (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

519

 

 

 

460

 

 

 

476

 

 

 

 

Telecommunications Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

56,418

 

$

 

54,813

 

 

 

5.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation: Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grammer Investment Holdings LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,011

 

 

 

1,019

 

 

 

—

 

 

 

 

Grammer Investment Holdings LLC (4)(6)(11)

 

Warrants

 

—

 

—

 

—

 

—

 

—

 

 

 

122

 

 

 

—

 

 

 

—

 

 

 

 

Grammer Investment Holdings LLC (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

12

 

 

 

1,095

 

 

 

—

 

 

 

 

Gulf Winds International (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00% (1.00% PIK)

 

10.90%

 

12/16/2028

 

$

 

11,952

 

 

 

11,791

 

 

 

11,235

 

 

 

 

Gulf Winds International (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00% (1.00% PIK)

 

10.90%

 

12/16/2028

 

$

 

1,071

 

 

 

1,065

 

 

 

1,007

 

 

 

 

 

24

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation: Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gulf Winds International (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

7.00%

 

10.90%

 

12/16/2028

 

$

 

5,234

 

 

 

5,134

 

 

 

4,893

 

 

 

 

ICAT Logistics, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.25%

 

10.01%

 

3/1/2029

 

$

 

4,397

 

 

 

4,355

 

 

 

4,353

 

 

 

 

ICAT Logistics, Inc. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.25%

 

10.15%

 

3/1/2029

 

$

 

181

 

 

 

179

 

 

 

179

 

 

 

 

ICAT Logistics, Inc. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

6.25%

 

10.01%

 

3/1/2029

 

$

 

8,968

 

 

 

8,908

 

 

 

8,878

 

 

 

 

ICAT Logistics, Inc. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

6.25%

 

10.15%

 

3/1/2029

 

$

 

5,467

 

 

 

5,434

 

 

 

5,412

 

 

 

 

ICAT Logistics, Inc. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

—

 

6.25%

 

10.15%

 

3/1/2029

 

$

 

2,242

 

 

 

2,227

 

 

 

2,220

 

 

 

 

ICAT Logistics, Inc. (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

6.25%

 

10.15%

 

3/1/2029

 

$

 

1,207

 

 

 

1,199

 

 

 

1,195

 

 

 

 

ICAT Logistics, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

3/1/2029

 

$

 

—

 

 

 

(5

)

 

 

(5

)

 

 

 

ICAT Logistics, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

3/1/2029

 

$

 

—

 

 

 

(10

)

 

 

(8

)

 

 

 

REP Coinvest III-A Omni, L.P. (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,377

 

 

 

1,377

 

 

 

376

 

 

 

 

RoadOne (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75%

 

10.57%

 

12/29/2028

 

$

 

11,791

 

 

 

11,628

 

 

 

11,674

 

 

 

 

RoadOne (4)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

6.75%

 

10.57%

 

12/29/2028

 

$

 

923

 

 

 

914

 

 

 

913

 

 

 

 

RoadOne (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

6.75%

 

10.49%

 

12/29/2028

 

$

 

3,191

 

 

 

3,146

 

 

 

3,151

 

 

 

 

Transportation: Cargo Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

59,456

 

$

 

55,473

 

 

 

5.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation: Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PrimeFlight Acquisition LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.31%

 

5/1/2029

 

$

 

11,852

 

 

 

11,735

 

 

 

11,851

 

 

 

 

PrimeFlight Acquisition LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

4.75%

 

8.50%

 

5/1/2029

 

$

 

5,768

 

 

 

5,722

 

 

 

5,768

 

 

 

 

PrimeFlight Acquisition LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

9.32%

 

5/1/2029

 

$

 

3,984

 

 

 

3,948

 

 

 

3,984

 

 

 

 

PrimeFlight Acquisition LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.25%

 

8.98%

 

5/1/2029

 

$

 

1,783

 

 

 

1,769

 

 

 

1,783

 

 

 

 

PrimeFlight Acquisition LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.57%

 

5/1/2029

 

$

 

820

 

 

 

820

 

 

 

820

 

 

 

 

Transportation: Consumer Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

23,994

 

$

 

24,206

 

 

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utilities: Electric

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KAMC Holdings, Inc. (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

0.75%

 

5.25%

 

9.00%

 

8/1/2031

 

$

 

7,798

 

 

 

7,723

 

 

 

7,662

 

 

 

 

KAMC Holdings, Inc. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

0.75%

 

5.25%

 

9.01%

 

8/1/2031

 

$

 

146

 

 

 

137

 

 

 

128

 

 

 

 

Utilities: Electric Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

7,860

 

$

 

7,790

 

 

 

0.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utilities: Water

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vessco Water (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/24/2031

 

$

 

—

 

 

 

(8

)

 

 

—

 

 

 

 

Utilities: Water Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

(8

)

$

 

—

 

 

 

—

 

 

25

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chex Finer Foods, LLC (4)(12)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

9.81%

 

6/6/2031

 

$

 

8,877

 

 

 

8,830

 

 

 

8,877

 

 

 

 

Chex Finer Foods, LLC (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

6.00%

 

10.07%

 

6/6/2031

 

$

 

5,552

 

 

 

5,540

 

 

 

5,552

 

 

 

 

Chex Finer Foods, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

6/6/2031

 

$

 

—

 

 

 

(14

)

 

 

—

 

 

 

 

Fifty AU Bidco Pty Ltd (4)

 

First Lien Senior Secured Loan

 

BBSY

 

—

 

5.00%

 

9.82%

 

8/1/2031

 

AUD

 

2,378

 

 

 

1,533

 

 

 

1,638

 

 

 

 

Fifty U.S. Bidco Inc (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

8/1/2031

 

$

 

695

 

 

 

692

 

 

 

688

 

 

 

 

Fifty U.S. Bidco Inc (4)(5)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

8/1/2031

 

$

 

187

 

 

 

184

 

 

 

157

 

 

 

 

Fifty U.S. Bidco Inc (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

5.00%

 

9.07%

 

8/1/2031

 

$

 

2,347

 

 

 

2,337

 

 

 

2,340

 

 

 

 

Hultec (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

5.50%

 

9.26%

 

3/31/2029

 

$

 

585

 

 

 

582

 

 

 

585

 

 

 

 

Hultec (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1

 

 

 

651

 

 

 

1,049

 

 

 

 

WSP (4)(8)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

7.00% PIK

 

10.97%

 

4/27/2028

 

$

 

3,489

 

 

 

2,924

 

 

 

698

 

 

 

 

WSP (4)(8)

 

First Lien Senior Secured Loan

 

—

 

—

 

8.00% PIK

 

8.00%

 

4/27/2028

 

$

 

2,350

 

 

 

1,995

 

 

 

—

 

 

 

 

WSP (4)(5)(8)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

12.00% PIK

 

15.90%

 

4/27/2028

 

$

 

417

 

 

 

347

 

 

 

417

 

 

 

 

WSP (4)(5)(8)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

1.00%

 

7.00% PIK

 

11.22%

 

4/27/2028

 

$

 

249

 

 

 

243

 

 

 

34

 

 

 

 

WSP (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

2,898

 

 

 

2,898

 

 

 

—

 

 

 

 

WSP (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

—

 

 

 

216

 

 

 

—

 

 

 

 

WSP (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

—

 

 

 

12

 

 

 

—

 

 

 

 

Wholesale Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

28,970

 

$

 

22,035

 

 

 

2.1

%

Non-Controlled/Non-Affiliate Investments Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

1,686,467

 

$

 

1,682,370

 

 

 

157.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Controlled/Affiliate Investments (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ansett Aviation Training (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

5,122

 

 

 

3,842

 

 

 

19,179

 

 

 

 

Aerospace & Defense Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

3,842

 

$

 

19,179

 

 

 

1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, Food, & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADT Pizza, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

6,720

 

 

 

3,372

 

 

 

—

 

 

 

 

ADT RE Holdco LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.00%

 

9.90%

 

9/25/2028

 

$

 

987

 

 

 

977

 

 

 

977

 

 

 

 

PPX (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

533

 

 

 

533

 

 

 

743

 

 

 

 

PPX (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

33

 

 

 

—

 

 

 

—

 

 

 

 

PPX (4)(6)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

33

 

 

 

5,000

 

 

 

2,350

 

 

 

 

Beverage, Food, & Tobacco Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

9,882

 

$

 

4,070

 

 

 

0.4

%

 

26

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Non-Controlled/Affiliate Investments (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer goods: Durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walker Edison (4)(8)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

10.00%

 

10.00%

 

12/31/2026

 

$

 

522

 

 

 

522

 

 

 

522

 

 

 

 

Consumer goods: Durable Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

522

 

$

 

522

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation: Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Quantix Parent LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

6

 

 

 

4,423

 

 

 

4,423

 

 

 

 

Quantix SCS, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75% PIK

 

10.97%

 

7/17/2031

 

$

 

15,789

 

 

 

15,789

 

 

 

15,788

 

 

 

 

Quantix SCS, LLC (4)

 

First Lien Senior Secured Loan

 

SOFR

 

1.00%

 

6.75% PIK

 

10.97%

 

7/17/2031

 

$

 

2,369

 

 

 

2,233

 

 

 

2,369

 

 

 

 

Quantix SCS, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/17/2031

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Quantix SCS, LLC (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

—

 

7/17/2031

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Transportation: Cargo Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

22,445

 

$

 

22,580

 

 

 

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Abracon Borrower, LLC. (4)

 

First Lien Senior Secured Loan

 

SOFR

 

2.00%

 

5.50%

 

9.72%

 

6/10/2030

 

$

 

5,923

 

 

 

5,923

 

 

 

5,923

 

 

 

 

Abracon Borrower, LLC. (4)(5)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

2.00%

 

5.50%

 

9.72%

 

6/10/2030

 

$

 

44

 

 

 

44

 

 

 

44

 

 

 

 

Abracon TopCo, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

3

 

 

 

1,892

 

 

 

4,514

 

 

 

 

Wholesale Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

7,859

 

$

 

10,481

 

 

 

1.0

%

Non-Controlled/Affiliate Investments Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

44,550

 

$

 

56,832

 

 

 

5.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Controlled Affiliate Investments (10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCC Jetstream Holdings Aviation (Off I), LLC (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

11,863

 

 

 

11,862

 

 

 

6,806

 

 

 

 

BCC Jetstream Holdings Aviation (On II), LLC (4)(6)

 

First Lien Senior Secured Loan

 

—

 

—

 

—

 

—

 

—

 

$

 

8,013

 

 

 

8,013

 

 

 

4,137

 

 

 

 

BCC Jetstream Holdings Aviation (On II), LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1,116

 

 

 

1,116

 

 

 

—

 

 

 

 

Aerospace & Defense Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

20,991

 

$

 

10,943

 

 

 

1.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIRE: Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Legacy Corporate Lending HoldCo, LLC (4)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

79

 

 

 

67,950

 

 

 

79,669

 

 

 

 

Legacy Corporate Lending HoldCo, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1

 

 

 

—

 

 

 

4,599

 

 

 

 

Legacy Corporate Lending HoldCo, LLC (4)(6)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

1

 

 

 

900

 

 

 

1,441

 

 

 

 

FIRE: Finance Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

68,850

 

$

 

85,709

 

 

 

8.0

%

 

27

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2026

(In thousands)

(Unaudited)

 

Portfolio Company (1)

 

Investment Type

 

Index (2)

 

Floor (2)

 

Spread (2)

 

Interest Rate

 

Maturity Date

 

Principal/Shares (3)

 

 

Cost

 

 

Market Value

 

 

% of Net Assets

 

Controlled Affiliate Investments (10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Vehicles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bain Capital Senior Loan Program, LLC (4)(7)

 

Subordinated Note Investment Vehicles

 

—

 

—

 

10.00%

 

10.00%

 

12/27/2033

 

$

 

178,980

 

 

 

178,980

 

 

 

162,103

 

 

 

 

Bain Capital Senior Loan Program, LLC (7)(11)

 

Preferred Equity Interest Investment Vehicles

 

—

 

—

 

—

 

—

 

—

 

 

 

10

 

 

 

10

 

 

 

1,836

 

 

 

 

Bain Capital Senior Loan Program, LLC (7)(11)

 

Equity Interest Investment Vehicles

 

—

 

—

 

—

 

—

 

—

 

 

 

10

 

 

 

5,594

 

 

 

—

 

 

 

 

International Senior Loan Program, LLC (4)(7)

 

Subordinated Note Investment Vehicles

 

SOFR

 

—

 

8.00%

 

11.73%

 

2/22/2028

 

$

 

190,729

 

 

 

190,729

 

 

 

190,729

 

 

 

 

International Senior Loan Program, LLC (6)(7)(11)

 

Equity Interest Investment Vehicles

 

—

 

—

 

—

 

—

 

—

 

 

 

63,587

 

 

 

60,615

 

 

 

26,648

 

 

 

 

Investment Vehicles Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

435,928

 

$

 

381,316

 

 

 

35.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parcel2Go (4)(7)

 

First Lien Senior Secured Loan

 

SONIA

 

—

 

7.00% PIK

 

10.73%

 

11/26/2031

 

£

 

53

 

 

 

67

 

 

 

55

 

 

 

 

Parcel2Go (4)(6)(7)(11)

 

Preferred Equity

 

—

 

—

 

—

 

—

 

—

 

 

 

14,221

 

 

 

—

 

 

 

—

 

 

 

 

Parcel2Go (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Services: Business Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

67

 

$

 

55

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation: Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lightning Holdings B, LLC (4)(6)(7)(11)

 

Equity Interest

 

—

 

—

 

—

 

—

 

—

 

 

 

27,057

 

 

 

27,368

 

 

 

53,109

 

 

 

 

Transportation: Cargo Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

27,368

 

$

 

53,109

 

 

 

5.0

%

Controlled Affiliate Investments Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

553,204

 

$

 

531,132

 

 

 

49.6

%

Investments Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

2,284,221

 

$

 

2,270,334

 

 

 

212.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goldman Sachs Financial Square Government Fund Institutional Share Class

 

Cash Equivalents

 

—

 

—

 

—

 

3.79%

 

—

 

$

 

5,747

 

 

 

5,747

 

 

 

5,747

 

 

 

 

Goldman Sachs US Treasury Liquid Reserves Fund

 

Cash Equivalents

 

—

 

—

 

—

 

3.74%

 

—

 

$

 

24,133

 

 

 

24,133

 

 

 

24,133

 

 

 

 

Cash Equivalents Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

29,880

 

$

 

29,880

 

 

 

2.8

%

Investments and Cash Equivalents Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

2,314,101

 

$

 

2,300,214

 

 

 

215.0

%

 

Interest Rate Swap

 

Description

 

Hedged Items

 

Company Receives

Company Pays

 

Counterparty

 

Settlement
Date

 

Notional Amount

 

 

Upfront Payments/Receipts

 

 

Unrealized Appreciation / (Depreciation)

 

Interest Rate Swap

 

March 2030 Notes

 

5.95%

SOFR + 1.90%

 

Wells Fargo

 

3/15/2030

 

$

350,000

 

 

$

-

 

 

$

(8,571

)

Interest Rate Swap

 

March 2031 Notes

 

5.95%

SOFR + 2.28%

 

BNP Paribas

 

3/3/2031

 

$

350,000

 

 

$

-

 

 

$

(16,302

)

 

 

28

 

Forward Foreign Currency Exchange Contracts

 

Currency Purchased

 

Currency Sold

 

Counterparty

 

Settlement Date

 

Unrealized Appreciation / (Depreciation)

 

$

47

 

£

0

 

US Bank

 

10/02/2026

$

 

47

 

$

748

 

€

0

 

Bank of New York

 

10/02/2026

 

 

748

 

$

106

 

€

0

 

US Bank

 

10/02/2026

 

 

106

 

$

5,503

 

£

4,100

 

Bank of New York

 

10/22/2026

 

 

56

 

$

1,083

 

£

800

 

Wells Fargo

 

10/26/2026

 

 

20

 

$

489

 

£

370

 

Bank of New York

 

11/10/2026

 

 

(2

)

$

7,259

 

£

5,480

 

US Bank

 

11/10/2026

 

 

(23

)

$

1,648

 

€

1,400

 

Wells Fargo

 

11/20/2026

 

 

54

 

$

4,355

 

£

3,350

 

Bank of New York

 

11/25/2026

 

 

(96

)

$

983

 

€

830

 

US Bank

 

12/07/2026

 

 

38

 

$

2,620

 

€

2,230

 

US Bank

 

01/07/2027

 

 

76

 

$

996

 

€

840

 

Wells Fargo

 

01/07/2027

 

 

38

 

$

4,166

 

€

3,510

 

Bank of New York

 

01/22/2027

 

 

160

 

$

956

 

€

820

 

US Bank

 

01/22/2027

 

 

20

 

$

6,394

 

AUD

9,110

 

Bank of New York

 

01/22/2027

 

 

66

 

$

786

 

AUD

1,093

 

US Bank

 

01/22/2027

 

 

27

 

$

209

 

AUD

300

 

Citibank

 

01/22/2027

 

 

—

 

$

6,664

 

AUD

9,900

 

Wells Fargo

 

01/22/2027

 

 

(212

)

$

835

 

CAD

1,150

 

Bank of New York

 

01/22/2027

 

 

20

 

$

3,227

 

£

2,410

 

US Bank

 

04/12/2027

 

 

23

 

$

17,232

 

£

12,700

 

US Bank

 

05/07/2027

 

 

349

 

$

19,660

 

£

14,660

 

Bank of New York

 

05/27/2027

 

 

171

 

$

10,184

 

£

7,620

 

Wells Fargo

 

05/27/2027

 

 

54

 

$

2,401

 

£

1,800

 

US Bank

 

05/27/2027

 

 

8

 

$

873

 

€

740

 

Bank of New York

 

05/27/2027

 

 

23

 

$

521

 

NZ$

890

 

Bank of New York

 

06/02/2027

 

 

15

 

$

3,990

 

€

3,450

 

Wells Fargo

 

06/03/2027

 

 

31

 

$

8,110

 

€

6,880

 

Bank of New York

 

06/03/2027

 

 

213

 

$

5,421

 

£

4,080

 

BNP Paribas

 

07/26/2027

 

 

(3

)

$

1,170

 

€

1,000

 

US Bank

 

07/26/2027

 

 

19

 

$

11,137

 

€

9,650

 

BNP Paribas

 

07/26/2027

 

 

36

 

$

3,404

 

AUD

4,910

 

US Bank

 

07/26/2027

 

 

(2

)

$

11,547

 

€

9,860

 

Wells Fargo

 

08/11/2027

 

 

197

 

$

5,741

 

AUD

8,070

 

Bank of New York

 

09/02/2027

 

 

144

 

$

7,322

 

£

5,420

 

US Bank

 

09/13/2027

 

 

115

 

$

2,226

 

£

1,680

 

US Bank

 

09/27/2027

 

 

(8

)

$

3,112

 

€

2,700

 

US Bank

 

09/27/2027

 

 

(3

)

$

10,101

 

€

8,610

 

BNP Paribas

 

10/28/2027

 

 

156

 

$

11,310

 

€

9,790

 

Bank of New York

 

10/28/2027

 

 

3

 

$

21,034

 

€

17,540

 

US Bank

 

10/28/2027

 

 

778

 

 

 

 

 

 

 

 

 

 

$

 

3,462

 

 

 

(1)
All assets, except for investment vehicles and assets pledged as collateral for the 2019-1 issuer, are pledged as collateral under the Sumitomo Credit Facility. Please see Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt for additional details.
(2)
The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Bank Bill Benchmark Rate (“BKBM”), the Canadian Overnight Repo Rate Average (“CORRA”), the Bank Bill Swap Bid Rate (“BBSY”), the Prime Rate (“Prime” or “P”), the Sterling Overnight Index Average (“SONIA”) or Secured Overnight Financing Rate (“SOFR”) which resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect for the largest contract as of September 30, 2026. Certain investments are subject to an interest rate floor. Rates on equity instruments represent contractual dividend rates on certain preferred equity positions. Certain investments or a portion thereof may include Payment-in-Kind interest (“PIK”).

29

 

(3)
The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and NZ$ represents New Zealand Dollar.
(4)
Security valued using unobservable inputs (Level 3).
(5)
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. Please see Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 10. Commitments and Contingencies for additional details.
(6)
Non-income producing.
(7)
The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2026, non-qualifying assets totaled 28.13% of the Company’s total assets.
(8)
Loan was on non-accrual status as of September 30, 2026.
(9)
As defined in the 1940 Act, the portfolio company is deemed to be an “affiliated person” of the Company as the Company owns 5% or more of the portfolio company’s outstanding voting securities.
(10)
As defined in the 1940 Act, the Company is deemed to “control” this portfolio company as the Company either owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
(11)
Security exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2026, the aggregate fair value of these securities is $392,911 or 36.73% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

 

30

 

 

Investment

 

Acquisition Date

Abracon TopCo, LLC

 

06/08/2026

ACAMS

 

03/10/2022

ADT Pizza, LLC

 

10/29/2018

Advanced Aircrew

 

07/26/2024

AGS American Services Investments, L.P.

 

07/24/2025

Ansett Aviation Training

 

03/24/2022

Apollo Intelligence

 

06/01/2022

Applitools

 

07/18/2025

Appriss Holdings, Inc.

 

05/03/2021

AQ Software Corporation

 

12/10/2021

AQ Software Corporation

 

04/14/2022

AQ Software Corporation

 

12/29/2022

Athena Parent Holdings, L.P.

 

01/28/2026

AXH Air Coolers

 

10/31/2023

Bain Capital Senior Loan Program, LLC

 

12/27/2021

BCC CPK investments 1, LLC

 

12/08/2025

BCC ESI Investments 1, LLC

 

05/08/2026

BCC HGS Investments 1, LLC

 

10/21/2025

BCC High Divide 1, LLC (High Divide)

 

06/10/2026

BCC Jetstream Holdings Aviation (Off I), LLC

 

06/01/2017

BCC Jetstream Holdings Aviation (On II), LLC

 

06/01/2017

BCC Trillium Foods Investments 1, LLC

 

05/13/2025

BCSF Darcy Investments, LLC

 

08/01/2026

BCSF Project Aberdeen, LLC

 

07/03/2024

BCSF ServiceMaster Investments, LLC

 

08/08/2025

Brook Bidco

 

07/08/2021

CB Titan Holdings, Inc.

 

05/01/2017

Chartbeat

 

10/04/2024

City BBQ

 

09/04/2024

Cloud Technology Solutions (CTS)

 

12/15/2022

Congress Wealth

 

06/30/2023

Darcy Partners

 

06/01/2022

DTIQ

 

09/30/2024

DTIQ

 

09/15/2025

Eagle Rock Capital Corporation

 

12/09/2021

East BCC Coinvest II, LLC

 

07/23/2019

EHE Health

 

08/07/2024

Electronic Merchant Systems

 

07/12/2024

Elevation NewCo Intermediate, LLC

 

08/01/2025

Elevator Holdco Inc.

 

12/23/2019

Eleven Software

 

04/25/2022

Eleven Software

 

03/20/2024

Elk

 

11/01/2019

Endurance Holdco Limited

 

11/14/2025

Fineline Technologies, Inc.

 

02/22/2021

Galeria

 

08/01/2024

Gills Point S

 

05/17/2023

Gills Point S

 

12/18/2025

Grammer Investment Holdings LLC

 

10/01/2018

 

31

 

Investment

 

Acquisition Date

HealthDrive

 

08/18/2023

HG Insights, Inc.

 

06/16/2025

Hollywood LP

 

04/16/2025

Hultec

 

03/31/2023

iBanFirst

 

07/13/2021

Insigneo Financial Group LLC

 

08/01/2022

International Senior Loan Program, LLC

 

02/22/2021

Legacy Corporate Lending HoldCo, LLC

 

04/21/2023

LEP CP Co-Invest, L.P.

 

04/16/2025

LEP SAL Co-Invest, L.P.

 

11/14/2025

Lightning Holdings B, LLC

 

01/02/2020

Lyntris Inc.

 

05/07/2026

masLabor

 

07/01/2021

MZR Aggregator

 

12/22/2020

MZR Aggregator

 

09/17/2024

New Quantix Parent LLC

 

07/17/2026

Odyssey Behavioral Health

 

11/21/2024

Opus2

 

06/16/2021

Parcel2Go

 

11/26/2024

PayRange

 

10/31/2024

PPT Group

 

02/28/2025

PPX

 

07/29/2021

PPX

 

04/08/2026

Precision Ultimate Holdings, LLC

 

11/06/2019

Precision Ultimate Holdings, LLC

 

10/07/2024

Pure Wafer

 

11/12/2024

REP Coinvest III-A Omni, L.P.

 

02/05/2021

Robinson Helicopter

 

06/30/2022

Rydoo

 

09/26/2024

SensorTower

 

03/15/2024

Service Master

 

07/15/2021

Service Master

 

08/16/2021

Sikich

 

05/06/2024

SoftCo

 

03/01/2024

Spindrift

 

02/19/2025

SRP Parent Inc.

 

03/27/2026

STAX Holding, Inc.

 

06/18/2026

Superna Inc.

 

03/08/2022

Taoglas

 

02/28/2023

Taoglas

 

06/27/2024

Thrasio, LLC

 

06/18/2024

Titan Cloud Software, Inc

 

11/04/2022

TLC Holdco LP

 

10/11/2019

Utimaco

 

06/28/2022

Ventiv Holdco, Inc.

 

09/03/2019

WSP

 

08/31/2021

WSP

 

05/20/2024

 

(12)
Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See Note 6 “Debt”.

See Notes to Consolidated Financial Statements

32

 

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of December 31, 2025

(In thousands)

 

 

 

 

 

 

 

 

 

Interest

 

 

Maturity

 

Principal/

 

 

 

 

 

Market

 

 

% of

Portfolio Company

 

Investment Type

 

Index (1)

 

Spread (1)

 

Rate

 

 

Date

 

Shares

 

 

Cost

 

 

Value

 

 

NAV (4)

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ATS (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.75%

 

 

9.65

%

 

7/12/2029

 

$

 

4,938

 

 

 

4,890

 

 

 

4,938

 

 

 

ATS (3)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

7/12/2029

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

Bridger Aerospace Group Holdings, Inc. (3)(15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

6.00%

 

 

9.70

%

 

10/28/2030

 

$

 

287

 

 

 

273

 

 

 

273

 

 

 

Bridger Aerospace Group Holdings, Inc. (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

10/28/2030

 

$

 

—

 

 

 

(8

)

 

 

(8

)

 

 

Bridger Aerospace Group Holdings, Inc. (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

6.00%

 

 

9.72

%

 

10/28/2030

 

$

 

5,099

 

 

 

5,049

 

 

 

5,048

 

 

 

BTX Precision (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.00%

 

 

8.77

%

 

7/25/2030

 

$

 

7,607

 

 

 

7,553

 

 

 

7,607

 

 

 

BTX Precision (3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

7/25/2030

 

$

 

—

 

 

 

(28

)

 

 

—

 

 

 

BTX Precision (15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

5.00%

 

 

8.77

%

 

7/25/2030

 

$

 

5,945

 

 

 

5,898

 

 

 

5,945

 

 

 

BTX Precision (3)(15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

4.75%

 

 

8.60

%

 

7/25/2030

 

$

 

5,928

 

 

 

5,873

 

 

 

5,928

 

 

 

BTX Precision (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

4.75%

 

 

8.59

%

 

7/25/2030

 

$

 

1,439

 

 

 

1,428

 

 

 

1,439

 

 

 

BTX Precision (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

2

 

 

 

2,199

 

 

 

3,361

 

 

 

Forward Slope (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.60%

 

 

9.27

%

 

8/22/2029

 

$

 

6,076

 

 

 

5,970

 

 

 

6,076

 

 

 

Forward Slope (15)(19)(29)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

5.60%

 

 

9.27

%

 

8/22/2029

 

$

 

13,248

 

 

 

13,018

 

 

 

13,248

 

 

 

Forward Slope (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.60%

 

 

9.32

%

 

8/22/2029

 

$

 

8,588

 

 

 

8,453

 

 

 

8,588

 

 

 

Forward Slope (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.60%

 

 

9.27

%

 

8/22/2029

 

$

 

5,561

 

 

 

5,503

 

 

 

5,561

 

 

 

Forward Slope (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

930

 

 

 

930

 

 

 

1,543

 

 

 

Forward Slope (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.60%

 

 

9.32

%

 

8/22/2029

 

$

 

1,861

 

 

 

1,861

 

 

 

1,861

 

 

 

GSP Holdings, LLC (15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.90%

 

 

9.57

%

 

11/5/2027

 

$

 

4,689

 

 

 

4,704

 

 

 

4,360

 

 

 

GSP Holdings, LLC (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

2.95% (2.95% PIK)

 

 

9.57

%

 

11/5/2027

 

$

 

1,126

 

 

 

1,116

 

 

 

1,047

 

 

 

GSP Holdings, LLC (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

2.95% (2.95% PIK)

 

 

9.57

%

 

11/6/2026

 

$

 

9,811

 

 

 

9,905

 

 

 

9,124

 

 

 

Heads Up Technologies, Inc. (16)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.25%

 

 

8.92

%

 

7/23/2030

 

$

 

216

 

 

 

215

 

 

 

215

 

 

 

Heads Up Technologies, Inc. (16)(19)

 

Second Lien Senior Secured Loan

 

SOFR

 

8.25%

 

 

11.92

%

 

7/23/2031

 

$

 

9,720

 

 

 

9,671

 

 

 

9,671

 

 

 

Heads Up Technologies, Inc. (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

7/23/2030

 

$

 

—

 

 

 

(8

)

 

 

(9

)

 

 

Mach Acquisition R/C (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

7.15%

 

 

10.99

%

 

10/19/2026

 

$

 

7,532

 

 

 

7,500

 

 

 

7,532

 

 

 

Mach Acquisition T/L (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

7.15%

 

 

11.01

%

 

10/19/2026

 

$

 

13,268

 

 

 

13,221

 

 

 

13,268

 

 

 

Precision Ultimate Holdings, LLC (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

1,417

 

 

 

1,417

 

 

 

345

 

 

 

Precision Ultimate Holdings, LLC (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

620

 

 

 

781

 

 

 

1,145

 

 

 

Robinson Helicopter (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

1,592

 

 

 

507

 

 

 

2,551

 

 

 

Saturn Purchaser Corp. (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

4.85%

 

 

8.72

%

 

7/22/2030

 

$

 

13,281

 

 

 

13,198

 

 

 

13,281

 

 

 

Saturn Purchaser Corp. (3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

7/22/2030

 

$

 

—

 

 

 

(53

)

 

 

—

 

 

 

Solairus (3)(5)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

 

7/22/2030

 

$

 

—

 

 

 

(15

)

 

 

—

 

 

 

Whitcraft-Paradigm (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

2/28/2029

 

$

 

—

 

 

 

(11

)

 

 

(11

)

 

 

Whitcraft-Paradigm (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.00%

 

 

8.67

%

 

2/15/2029

 

$

 

10,158

 

 

 

10,100

 

 

 

10,158

 

 

 

Whitcraft-Paradigm (3)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

 

2/15/2029

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

 

33

 

 

 

 

 

 

 

 

 

Interest

 

 

Maturity

 

Principal/

 

 

 

 

 

Market

 

 

% of

 

Portfolio Company

 

Investment Type

 

Index (1)

 

Spread (1)

 

Rate

 

 

Date

 

Shares

 

 

Cost

 

 

Value

 

 

NAV (4)

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Whitcraft-Paradigm (15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

5.00%

 

 

8.67

%

 

2/15/2029

 

$

 

2,297

 

 

 

2,297

 

 

 

2,297

 

 

 

 

Whitcraft-Paradigm (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.00%

 

 

8.67

%

 

2/15/2029

 

$

 

2,661

 

 

 

2,638

 

 

 

2,661

 

 

 

 

Aerospace & Defense Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

146,045

 

 

 

149,043

 

 

 

13.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Trailer Rental Group (19)(26)

 

Subordinated Debt

 

—

 

5.50% (8.75% PIK)

 

 

14.25

%

 

12/1/2027

 

$

 

5,932

 

 

 

5,904

 

 

 

5,339

 

 

 

 

American Trailer Rental Group (19)(26)

 

Subordinated Debt

 

—

 

5.50% (8.75% PIK)

 

 

14.25

%

 

12/1/2027

 

$

 

18,302

 

 

 

18,173

 

 

 

16,471

 

 

 

 

American Trailer Rental Group (19)(26)

 

Subordinated Debt

 

—

 

5.50% (8.75% PIK)

 

 

14.25

%

 

12/1/2027

 

$

 

22,855

 

 

 

22,712

 

 

 

20,568

 

 

 

 

Cardo (6)(18)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.25%

 

 

8.98

%

 

5/12/2028

 

$

 

98

 

 

 

97

 

 

 

98

 

 

 

 

Chilton (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.50%

 

 

9.40

%

 

2/5/2031

 

$

 

6,451

 

 

 

6,410

 

 

 

6,403

 

 

 

 

Chilton (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

 

2/5/2031

 

$

 

—

 

 

 

(22

)

 

 

(76

)

 

 

 

Chilton (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.50%

 

 

9.40

%

 

2/5/2031

 

$

 

886

 

 

 

862

 

 

 

857

 

 

 

 

Gills Point S (14)(19)(25)

 

Preferred Equity

 

—

 

—

 

—

 

 

—

 

 

 

—

 

 

 

20

 

 

 

39

 

 

 

 

Gills Point S (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

4.00% (1.50% PIK)

 

 

9.22

%

 

5/17/2029

 

$

 

12,378

 

 

 

12,378

 

 

 

12,068

 

 

 

 

Gills Point S (15)(19)(26)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

4.00% (1.50% PIK)

 

 

9.22

%

 

5/17/2029

 

$

 

1,238

 

 

 

1,225

 

 

 

1,207

 

 

 

 

Gills Point S (15)(19)(26)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

4.00% (1.50% PIK)

 

 

9.22

%

 

5/17/2029

 

$

 

7,310

 

 

 

7,310

 

 

 

7,127

 

 

 

 

Gills Point S (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

4.00% (1.50% PIK)

 

 

9.22

%

 

5/17/2029

 

$

 

3,661

 

 

 

3,640

 

 

 

3,570

 

 

 

 

Gills Point S (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

2

 

 

 

215

 

 

 

104

 

 

 

 

Gills Point S (3)(15)(19)(26)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

4.00% (1.50% PIK)

 

 

9.34

%

 

5/17/2029

 

$

 

2,900

 

 

 

2,876

 

 

 

2,779

 

 

 

 

Gills Point S (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

4.00% (1.50% PIK)

 

 

9.23

%

 

5/17/2029

 

$

 

3,989

 

 

 

3,959

 

 

 

3,889

 

 

 

 

Intoxalock (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.10%

 

 

8.82

%

 

11/1/2028

 

$

 

11,883

 

 

 

11,817

 

 

 

11,883

 

 

 

 

Intoxalock (3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

11/1/2028

 

$

 

—

 

 

 

(16

)

 

 

—

 

 

 

 

JHCC Holdings, LLC (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.25%

 

 

8.92

%

 

9/9/2027

 

$

 

11,801

 

 

 

11,726

 

 

 

11,801

 

 

 

 

JHCC Holdings, LLC (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

P

 

4.25%

 

 

11.00

%

 

9/9/2027

 

$

 

1,842

 

 

 

1,814

 

 

 

1,842

 

 

 

 

Automotive Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

111,100

 

 

$

105,969

 

 

 

9.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, Food & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AgroFresh Solutions (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.60%

 

 

9.32

%

 

4/2/2029

 

$

 

1,866

 

 

 

1,809

 

 

 

1,866

 

 

 

 

AgroFresh Solutions (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.60%

 

 

9.32

%

 

3/31/2030

 

$

 

6,860

 

 

 

6,765

 

 

 

6,860

 

 

 

 

AgroFresh Solutions (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.60%

 

 

9.32

%

 

3/31/2030

 

$

 

6,090

 

 

 

5,968

 

 

 

6,090

 

 

 

 

Arctic Glacier U.S.A., Inc. (19)(26)(31)

 

First Lien Senior Secured Loan

 

SOFR

 

6.76% (4.00% PIK)

 

 

14.43

%

 

5/24/2028

 

$

 

12,816

 

 

 

12,678

 

 

 

12,591

 

 

 

 

Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

5/24/2028

 

$

 

—

 

 

 

(10

)

 

 

(47

)

 

 

 

BCC CPK investments 1, LLC (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

370

 

 

 

370

 

 

 

370

 

 

 

 

BCC Trillium Foods Investments 1, LLC (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

3

 

 

 

2,531

 

 

 

3,183

 

 

 

 

BCSF Project Aberdeen, LLC (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

2,217

 

 

 

2,217

 

 

 

2,390

 

 

 

 

CPK IPCO Buyer LLC (19)

 

Subordinated Debt

 

—

 

12.00%

 

 

12.00

%

 

12/22/2031

 

$

 

610

 

 

 

601

 

 

 

601

 

 

 

 

Hellers (6)(19)(26)

 

Subordinated Debt

 

—

 

15.00% PIK

 

 

15.00

%

 

3/27/2031

 

NZ$

 

510

 

 

 

314

 

 

 

289

 

 

 

 

Hellers (2)(3)(5)(6)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

 

9/27/2030

 

NZ$

 

—

 

 

 

(13

)

 

 

(5

)

 

 

 

Hellers (6)(18)(19)(26)

 

First Lien Senior Secured Loan - Delayed Draw

 

BBSY

 

3.63% (1.88%PIK)

 

 

9.29

%

 

9/27/2030

 

AUD

 

51

 

 

 

35

 

 

 

33

 

 

 

 

Hellers (6)(15)(19)(26)

 

First Lien Senior Secured Loan - Delayed Draw

 

BKBM

 

3.63% (1.88%PIK)

 

 

8.07

%

 

9/27/2030

 

NZ$

 

47

 

 

 

28

 

 

 

27

 

 

 

 

PPX (14)(19)(25)

 

Preferred Equity

 

—

 

—

 

—

 

 

—

 

 

 

33

 

 

 

—

 

 

 

—

 

 

 

 

PPX (14)(19)(25)

 

Preferred Equity

 

—

 

—

 

—

 

 

—

 

 

 

33

 

 

 

5,000

 

 

 

3,750

 

 

 

 

 

34

 

 

 

 

 

 

 

 

 

 

Interest

 

 

Maturity

 

Principal/

 

 

 

 

 

Market

 

 

% of

 

Portfolio Company

 

Investment Type

 

Index (1)

 

Spread (1)

 

Rate

 

 

Date

 

Shares

 

 

Cost

 

 

Value

 

 

NAV (4)

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, Food & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SauceCo HoldCo, LLC (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.75%

 

 

9.44

%

 

5/13/2030

 

$

 

3,637

 

 

 

3,601

 

 

 

3,637

 

 

 

 

SauceCo HoldCo, LLC (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.75%

 

 

9.42

%

 

5/13/2030

 

$

 

71,359

 

 

 

69,154

 

 

 

71,359

 

 

 

 

Spindrift (19)(26)

 

Subordinated Debt

 

—

 

13.75% PIK

 

 

13.75

%

 

2/19/2033

 

$

 

1,574

 

 

 

1,534

 

 

 

1,574

 

 

 

 

Spindrift (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

1

 

 

 

500

 

 

 

537

 

 

 

 

Beverage, Food & Tobacco Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

113,082

 

 

$

115,105

 

 

 

10.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AeriTek Global CAD Acquisition Inc. (6)(15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

6.50%

 

 

10.32

%

 

8/27/2030

 

$

 

474

 

 

 

467

 

 

 

467

 

 

 

 

AeriTek Global CAD Acquisition Inc. (3)(6)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

6.50%

 

 

10.32

%

 

8/27/2030

 

$

 

19

 

 

 

19

 

 

 

19

 

 

 

 

AXH Air Coolers (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.50%

 

 

9.20

%

 

10/31/2029

 

$

 

7,400

 

 

 

7,347

 

 

 

7,400

 

 

 

 

AXH Air Coolers (3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

10/31/2029

 

$

 

—

 

 

 

(35

)

 

 

—

 

 

 

 

AXH Air Coolers (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.50%

 

 

9.20

%

 

10/31/2029

 

$

 

3,299

 

 

 

3,278

 

 

 

3,299

 

 

 

 

AXH Air Coolers (3)(15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

5.50%

 

 

9.20

%

 

10/31/2029

 

$

 

4,877

 

 

 

4,849

 

 

 

4,877

 

 

 

 

AXH Air Coolers (14)(19)(25)

 

Preferred Equity

 

—

 

—

 

—

 

 

—

 

 

 

3,417

 

 

 

1,104

 

 

 

8,675

 

 

 

 

East BCC Coinvest II, LLC (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

1,419

 

 

 

1,229

 

 

 

—

 

 

 

 

Engineered Products Co., LLC (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

4.75%

 

 

8.59

%

 

8/12/2031

 

$

 

85

 

 

 

79

 

 

 

79

 

 

 

 

Ergotron Acquisition LLC (16)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.25%

 

 

8.97

%

 

7/6/2028

 

$

 

10,872

 

 

 

10,761

 

 

 

10,872

 

 

 

 

EXT Acquisitions, Inc. (3)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

 

12/19/2031

 

$

 

—

 

 

 

—

 

 

 

—

 

 

 

 

EXT Acquisitions, Inc. (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

12/19/2031

 

$

 

—

 

 

 

(3

)

 

 

(3

)

 

 

 

EXT Acquisitions, Inc. (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.25%

 

 

8.95

%

 

12/19/2031

 

$

 

4,835

 

 

 

4,787

 

 

 

4,811

 

 

 

 

FCG Acquisitions, Inc. (14)(19)(25)

 

Preferred Equity

 

—

 

—

 

—

 

 

—

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

 

Goodfellow (6)(15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

5.25%

 

 

7.27

%

 

2/10/2032

 

€

 

50

 

 

 

51

 

 

 

59

 

 

 

 

Goodfellow (6)(15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

EURIBOR

 

5.25%

 

 

7.27

%

 

2/10/2032

 

€

 

50

 

 

 

51

 

 

 

59

 

 

 

 

Goodfellow (6)(15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

5.25%

 

 

8.98

%

 

2/10/2032

 

£

 

50

 

 

 

64

 

 

 

67

 

 

 

 

Goodfellow (6)(15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.25%

 

 

8.92

%

 

2/10/2032

 

$

 

50

 

 

 

50

 

 

 

50

 

 

 

 

PPT Group (6)(18)(19)

 

First Lien Senior Secured Loan

 

SONIA

 

5.50%

 

 

9.45

%

 

2/28/2031

 

£

 

6,131

 

 

 

7,658

 

 

 

8,185

 

 

 

 

PPT Group (3)(6)(18)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SONIA

 

5.50%

 

 

9.43

%

 

2/28/2031

 

£

 

220

 

 

 

287

 

 

 

260

 

 

 

 

PPT Group (3)(6)(18)(19)

 

First Lien Senior Secured Loan - Revolver

 

SONIA

 

5.50%

 

 

9.44

%

 

2/28/2031

 

£

 

132

 

 

 

158

 

 

 

178

 

 

 

 

PPT Group (6)(14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

376

 

 

 

376

 

 

 

335

 

 

 

 

TCFIII Owl Finance, LLC (19)(26)

 

Subordinated Debt

 

—

 

12.00% PIK

 

 

12.00

%

 

1/30/2027

 

$

 

6,965

 

 

 

6,947

 

 

 

6,965

 

 

 

 

Capital Equipment Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

49,524

 

 

$

56,654

 

 

 

5.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics & Rubber

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AP Plastics Group, LLC (16)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

4.85%

 

 

8.72

%

 

8/10/2030

 

$

 

13,582

 

 

 

13,391

 

 

 

13,582

 

 

 

 

AP Plastics Group, LLC (16)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

4.85%

 

 

8.72

%

 

8/10/2030

 

$

 

175

 

 

 

175

 

 

 

175

 

 

 

 

AP Plastics Group, LLC (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

 

8/10/2030

 

$

 

—

 

 

 

(3

)

 

 

(3

)

 

 

 

Duraco (19)(29)(32)

 

First Lien Senior Secured Loan

 

SOFR

 

6.50%

 

 

10.16

%

 

6/6/2029

 

$

 

8,533

 

 

 

8,439

 

 

 

8,106

 

 

 

 

Duraco (3)(19)(32)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

6.50%

 

 

10.24

%

 

6/6/2029

 

$

 

398

 

 

 

375

 

 

 

299

 

 

 

 

Plaskolite PPC Intermediate II LLC (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

4.00% (4.00% PIK)

 

 

11.86

%

 

5/9/2030

 

$

 

7,224

 

 

 

7,070

 

 

 

7,080

 

 

 

 

 

35

 

 

 

 

 

 

 

 

 

 

Interest

 

 

Maturity

 

Principal/

 

 

 

 

 

Market

 

 

% of

 

Portfolio Company

 

Investment Type

 

Index (1)

 

Spread (1)

 

Rate

 

 

Date

 

Shares

 

 

Cost

 

 

Value

 

 

NAV (4)

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics & Rubber

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plaskolite PPC Intermediate II LLC (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

7.00%

 

 

10.86

%

 

2/7/2030

 

$

 

73

 

 

 

62

 

 

 

60

 

 

 

 

V Global Holdings LLC (3)(16)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.85%

 

 

9.62

%

 

12/22/2027

 

$

 

4,042

 

 

 

4,033

 

 

 

3,557

 

 

 

 

V Global Holdings LLC (16)(19)

 

First Lien Senior Secured Loan

 

EURIBOR

 

5.75%

 

 

7.76

%

 

12/22/2027

 

€

 

97

 

 

 

101

 

 

 

107

 

 

 

 

V Global Holdings LLC (16)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.90%

 

 

9.77

%

 

12/22/2027

 

$

 

15,583

 

 

 

15,252

 

 

 

14,804

 

 

 

 

Chemicals, Plastics & Rubber Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

48,895

 

 

$

47,767

 

 

 

4.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Building

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGS American Glass Services Acquisition, LLC (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.50%

 

 

9.22

%

 

7/24/2031

 

$

159

 

 

 

158

 

 

 

158

 

 

 

 

AGS American Glass Services Acquisition, LLC (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

 

7/24/2031

 

$

 

—

 

 

 

(1

)

 

 

(5

)

 

 

 

AGS American Glass Services Acquisition, LLC (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

7/24/2031

 

$

 

—

 

 

 

(2

)

 

 

(2

)

 

 

 

AGS American Services Investments, L.P. (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

3

 

 

 

338

 

 

 

338

 

 

 

 

BCSF ServiceMaster Investments, LLC (14)(19)(25)

 

Preferred Equity

 

—

 

—

 

—

 

 

—

 

 

 

—

 

 

 

28

 

 

 

55

 

 

 

 

Chase Industries, Inc. (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

5.65% (1.50% PIK)

 

 

10.82

%

 

11/11/2027

 

$

 

27,479

 

 

 

27,077

 

 

 

26,929

 

 

 

 

Chase Industries, Inc. (15)(19)(26)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

5.65% (1.50% PIK)

 

 

10.82

%

 

11/11/2027

 

$

 

2,689

 

 

 

2,642

 

 

 

2,635

 

 

 

 

Chase Industries, Inc. (3)(15)(19)(26)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.65% (1.50% PIK)

 

 

10.82

%

 

11/11/2027

 

$

 

525

 

 

 

509

 

 

 

490

 

 

 

 

Elk (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

1

 

 

 

7

 

 

 

742

 

 

 

 

Elk (14)(19)(25)

 

Preferred Equity

 

—

 

—

 

—

 

 

—

 

 

 

72

 

 

 

722

 

 

 

1,175

 

 

 

 

G702 Buyer, Inc. (16)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

4.75%

 

 

8.42

%

 

7/2/2031

 

$

 

159

 

 

 

159

 

 

 

156

 

 

 

 

G702 Buyer, Inc. (2)(3)(5)(18)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

7/2/2031

 

$

 

—

 

 

 

(11

)

 

 

(12

)

 

 

 

Service Master (18)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

6.01% (1.00% PIK)

 

 

10.89

%

 

8/16/2027

 

$

 

929

 

 

 

923

 

 

 

929

 

 

 

 

Service Master (3)(18)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

7.01%

 

 

10.66

%

 

8/16/2027

 

$

 

14,222

 

 

 

14,204

 

 

 

14,222

 

 

 

 

Service Master (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

5.86% (1.00% PIK)

 

 

10.60

%

 

8/16/2027

 

$

 

1,581

 

 

 

1,573

 

 

 

1,581

 

 

 

 

Service Master (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

5.86% (1.00% PIK)

 

 

10.58

%

 

8/16/2027

 

$

 

7,648

 

 

 

7,606

 

 

 

7,648

 

 

 

 

Service Master (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

6.01% (1.00% PIK)

 

 

10.86

%

 

12/31/2029

 

$

 

3,918

 

 

 

3,918

 

 

 

3,918

 

 

 

 

Service Master (15)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

6.01% (1.00% PIK)

 

 

10.86

%

 

12/31/2029

 

$

 

130

 

 

 

130

 

 

 

130

 

 

 

 

Service Master (18)(19)(26)

 

First Lien Senior Secured Loan

 

SOFR

 

5.86% (1.00% PIK)

 

 

10.58

%

 

8/16/2027

 

$

 

3,167

 

 

 

3,167

 

 

 

3,167

 

 

 

 

Service Master (14)(19)(25)

 

Preferred Equity

 

—

 

—

 

—

 

 

—

 

 

 

—

 

 

 

169

 

 

 

—

 

 

 

 

Service Master (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Zeus Fire & Security (15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

5.00%

 

 

8.77

%

 

12/11/2030

 

$

 

8,762

 

 

 

8,762

 

 

 

8,740

 

 

 

 

Zeus Fire & Security (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.00%

 

 

8.85

%

 

12/11/2030

 

$

 

4,841

 

 

 

4,809

 

 

 

4,828

 

 

 

 

Zeus Fire & Security (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

12/11/2030

 

$

 

—

 

 

 

(16

)

 

 

(7

)

 

 

 

Construction & Building Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

76,871

 

 

$

77,815

 

 

 

7.0

%

 

36

 

 

 

 

 

 

 

 

 

Interest

 

 

Maturity

 

Principal/

 

 

 

 

 

Market

 

 

% of

 

Portfolio Company

 

Investment Type

 

Index (1)

 

Spread (1)

 

Rate

 

 

Date

 

Shares

 

 

Cost

 

 

Value

 

 

NAV (4)

 

Non-Controlled/Non-Affiliate Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Goods: Durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Milani Group LLC (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

4.75%

 

 

8.44

%

 

6/26/2031

 

$

 

10,584

 

 

 

10,485

 

 

 

10,532

 

 

 

 

New Milani Group LLC (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

 

6/26/2031

 

$

 

—

 

 

 

(2

)

 

 

(2

)

 

 

 

New Milani Group LLC (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

6/26/2031

 

$

 

—

 

 

 

(12

)

 

 

(6

)

 

 

 

Stanton Carpet (15)(19)

 

Second Lien Senior Secured Loan

 

SOFR

 

9.15%

 

 

13.09

%

 

3/31/2028

 

$

 

11,434

 

 

 

11,317

 

 

 

11,434

 

 

 

 

Tangent Technologies Acquisition, LLC (15)(19)

 

Second Lien Senior Secured Loan

 

SOFR

 

9.00%

 

 

13.01

%

 

5/30/2028

 

$

 

8,915

 

 

 

8,831

 

 

 

8,915

 

 

 

 

TLC Holdco LP (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

1,281

 

 

 

1,221

 

 

 

482

 

 

 

 

TLC Purchaser, Inc. (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.76%

 

 

9.47

%

 

10/11/2027

 

$

 

6,093

 

 

 

6,092

 

 

 

5,522

 

 

 

 

TLC Purchaser, Inc. (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.76%

 

 

9.47

%

 

10/11/2027

 

$

 

13,038

 

 

 

12,933

 

 

 

12,256

 

 

 

 

TLC Purchaser, Inc. (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.76%

 

 

9.43

%

 

10/11/2027

 

$

 

1,953

 

 

 

1,943

 

 

 

1,836

 

 

 

 

Consumer Goods: Durable Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

52,808

 

 

$

50,969

 

 

 

4.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Goods: Non-Durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Evriholder (19)(29)(32)

 

First Lien Senior Secured Loan

 

SOFR

 

6.90%

 

 

10.57

%

 

1/24/2028

 

$

 

5,898

 

 

 

5,866

 

 

 

5,839

 

 

 

 

Fineline Technologies, Inc. (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

939

 

 

 

939

 

 

 

1,288

 

 

 

 

Hempz (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.25%

 

 

8.92

%

 

10/25/2029

 

$

 

220

 

 

 

218

 

 

 

217

 

 

 

 

Hempz (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

10/25/2029

 

$

 

—

 

 

 

(12

)

 

 

(27

)

 

 

 

RoC Skincare (15)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

5.25%

 

 

9.12

%

 

2/21/2031

 

$

 

9,825

 

 

 

9,713

 

 

 

9,825

 

 

 

 

RoC Skincare (3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

2/21/2030

 

$

 

—

 

 

 

(21

)

 

 

—

 

 

 

 

Solaray, LLC (3)(18)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

5.60%

 

 

9.44

%

 

6/15/2028

 

$

 

12,052

 

 

 

12,052

 

 

 

12,052

 

 

 

 

Solaray, LLC (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

6.85%

 

 

10.69

%

 

6/15/2028

 

$

 

28,283

 

 

 

28,283

 

 

 

25,737

 

 

 

 

Solaray, LLC (15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

6.85%

 

 

10.69

%

 

6/15/2028

 

$

 

13,026

 

 

 

13,011

 

 

 

11,853

 

 

 

 

Summer Fridays, LLC (15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

5.25%

 

 

8.92

%

 

5/16/2031

 

$

 

483

 

 

 

476

 

 

 

476

 

 

 

 

Summer Fridays, LLC (2)(3)(5)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

5/16/2031

 

$

 

—

 

 

 

(12

)

 

 

(13

)

 

 

 

WU Holdco, Inc. (3)(5)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

—

 

—

 

—

 

 

4/15/2032

 

$

 

—

 

 

 

(12

)

 

 

—

 

 

 

 

WU Holdco, Inc. (3)(18)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

4.75%

 

 

8.40

%

 

4/15/2032

 

$

 

303

 

 

 

287

 

 

 

303

 

 

 

 

Consumer Goods: Non-Durable Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

70,788

 

 

$

67,550

 

 

 

6.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Goods: Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WSP (2)(3)(5)(7)(14)(19)

 

First Lien Senior Secured Loan - Revolver

 

—

 

—

 

—

 

 

4/27/2028

 

$

 

—

 

 

 

(6

)

 

 

(153

)

 

 

 

WSP (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

2,898

 

 

 

2,898

 

 

 

—

 

 

 

 

WSP (7)(14)(15)(19)

 

First Lien Senior Secured Loan

 

SOFR

 

1.25%

 

 

5.45

%

 

4/27/2028

 

$

 

3,282

 

 

 

2,969

 

 

 

1,256

 

 

 

 

WSP (7)(14)(19)(26)

 

First Lien Senior Secured Loan

 

—

 

8.00% PIK

 

 

8.00

%

 

4/27/2028

 

$

 

2,213

 

 

 

1,995

 

 

 

—

 

 

 

 

WSP (14)(19)(25)

 

Preferred Equity

 

—

 

—

 

—

 

 

—

 

 

 

—

 

 

 

216

 

 

 

—

 

 

 

 

WSP (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

—

 

 

 

12

 

 

 

—

 

 

 

 

Consumer Goods: Wholesale Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,084

 

 

$

1,103

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers, Packaging & Glass

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASP-r-pac Acquisition Co LLC (16)(19)(29)

 

First Lien Senior Secured Loan

 

SOFR

 

6.26%

 

 

10.10

%

 

12/29/2027

 

$

 

5,724

 

 

 

5,646

 

 

 

5,724

 

 

 

 

ASP-r-pac Acquisition Co LLC (3)(16)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

6.11%

 

 

9.83

%

 

12/29/2027

 

$

 

2,716

 

 

 

2,687

 

 

 

2,716

 

 

 

 

Precision Concepts Parent Inc. (3)(15)(19)

 

First Lien Senior Secured Loan - Revolver

 

SOFR

 

4.75%

 

 

8.59

%

 

8/2/2032

 

$

 

36

 

 

 

32

 

 

 

32

 

 

 

 

Precision Concepts Parent Inc. (15)(19)

 

First Lien Senior Secured Loan - Delayed Draw

 

SOFR

 

4.75%

 

 

8.59

%

 

8/2/2032

 

$

 

717

 

 

 

714

 

 

 

710

 

 

 

 

Containers, Packaging & Glass Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

9,079

 

 

$

9,182

 

 

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCC HGS Investments 1, LLC (14)(19)(25)

 

Equity Interest

 

—

 

—

 

—

 

 

—

 

 

 

7

 

 

 

1,065

 

 

 

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Filing: 10-Q - Bain Capital Specialty Finance, Inc. (BCSF)
Accession Number: 0001193125-26-453699

Source: View Original Filing on SEC EDGAR

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