Bain Capital Specialty Finance posts Q1 2026 results

Bain Capital Specialty Finance, Inc. reported first quarter 2026 net investment income of $27.4 million, or $0.42 per share, slightly below recent levels but sufficient to cover its regular dividend.

Rhea-AI Filing Summary

Bain Capital Specialty Finance, Inc. reported first quarter 2026 net investment income of $27.4 million, or $0.42 per share, slightly below recent levels but sufficient to cover its regular dividend. Total investment income was $66.2 million, while net realized and unrealized losses of $24.0 million reduced the net increase in net assets from operations to $3.4 million, or $0.05 per share.

Net asset value per share declined to $16.86 as of March 31, 2026 from $17.23 at year-end 2025. The Board declared a second quarter 2026 dividend of $0.42 per share, payable June 29, 2026 to stockholders of record on June 15, 2026. The investment portfolio had a fair value of $2.47 billion, with about 66.0% in first lien senior secured loans and broad industry diversification.

The portfolio’s weighted average yield at fair value was 10.9%, and only six portfolio companies were on non-accrual status, representing 0.6% of the portfolio at fair value. Debt outstanding totaled $1.47 billion, resulting in debt-to-equity and net debt-to-equity ratios of 1.34x and 1.28x, respectively.

Positive

• None.

Negative

• Marked decline in total earnings and NAV: Net realized and unrealized losses of $24.0 million reduced the net increase in net assets from operations to $3.4 million ($0.05 per share) for Q1 2026 and contributed to a drop in net asset value per share from $17.23 to $16.86.

Insights

BDC and credit markets analyst

Strong income coverage but weaker total returns as marks turn negative.

Bain Capital Specialty Finance generated Q1 2026 net investment income of $27.4M, or $0.42 per share, matching its regular dividend. Core cash earnings remain solid, helped by a $2.47B portfolio yielding about 10.9% at fair value.

However, net realized and unrealized losses of $24.0M drove total earnings down to $3.4M, or $0.05 per share, and NAV per share slipped from $17.23 to $16.86 as of March 31, 2026. Six non-accrual positions still represent only 0.6% of fair value, indicating limited credit stress.

Leverage remains moderate with a debt-to-equity ratio of 1.34x and $660.0M of undrawn Sumitomo Credit Facility capacity as of March 31, 2026. Subsequent filings may provide more detail on credit migrations and any changes in non-accrual trends.

8-K Event Classification

3 items: 2.02, 8.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net investment income: $27.4 million Net investment income per share: $0.42 per share Net increase in net assets from operations: $3.4 million +5 more

8 metrics

Net investment income $27.4 million Three months ended March 31, 2026

Net investment income per share $0.42 per share Q1 2026, covers regular dividend

Net increase in net assets from operations $3.4 million Q1 2026, after $24.0 million net losses

Earnings per share $0.05 per share Net increase in net assets from operations, Q1 2026

Net asset value per share $16.86 As of March 31, 2026

Portfolio fair value $2,470.8 million Investments in 212 companies as of March 31, 2026

Regular quarterly dividend $0.42 per share Second quarter 2026 dividend declared

Debt-to-equity ratio 1.34x As of March 31, 2026

Key Terms

net investment income, first lien senior secured loan, non-accrual status, weighted average yield, +2 more

6 terms

net investment income financial

"Net investment income for the three months ended March 31, 2026 ... was $27.4 million or $0.42 per share"

Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.

first lien senior secured loan financial

"First Lien Senior Secured Loan ... $1,631.1 ... 66.0% of Total"

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.

non-accrual status financial

"six portfolio companies were on non-accrual status, representing 1.4% and 0.6% of the total investment portfolio"

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

weighted average yield financial

"the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.9%"

Weighted average yield is the combined income rate of a group of securities or holdings, calculated by averaging each holding’s yield while giving larger positions more influence. Investors use it to see the portfolio’s true expected income and to compare funds or bond mixes, because it shows how big holdings drive overall returns—like averaging the gas mileage of a fleet where bigger vehicles count more, revealing the real performance.

business development company regulatory

"BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940"

A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.

debt-to-equity ratio financial

"the Company’s debt-to-equity and net debt-to-equity ratios were 1.34x and 1.28x"

Debt-to-equity ratio shows how much a company relies on borrowed money compared with the owners’ funds; think of it as the amount of debt owed for every dollar of owner’s savings. Investors use it to judge financial risk and flexibility — a higher number means more borrowing and potentially greater interest burden or vulnerability in downturns, while a lower number suggests a more conservative, less risky balance sheet.

Earnings Snapshot

Total investment income: $66.2 million

Q1 2026

Total investment income $66.2 million vs $66.8 million in Q1 2025

Net investment income $27.4 million vs $32.1 million in Q1 2025

Net investment income per share $0.42 vs $0.50 in Q1 2025

Net increase in net assets from operations per share $0.05 vs $0.44 in Q1 2025

Net asset value per share $16.86 vs $17.23 as of December 31, 2025

FAQ

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

How did Bain Capital Specialty Finance (BCSF) perform in Q1 2026?

BCSF generated net investment income of $27.4 million, or $0.42 per share, on total investment income of $66.2 million. Net realized and unrealized losses of $24.0 million reduced the net increase in net assets from operations to $3.4 million, or $0.05 per share.

What dividend did Bain Capital Specialty Finance (BCSF) declare for Q2 2026?

BCSF’s Board declared a second quarter 2026 dividend of $0.42 per share. The dividend is payable on June 29, 2026 to stockholders of record as of June 15, 2026, and matches the company’s Q1 2026 net investment income per share of $0.42.

What is Bain Capital Specialty Finance’s net asset value per share?

Net asset value per share was $16.86 as of March 31, 2026. This compares with $17.23 as of December 31, 2025, reflecting the impact of $24.0 million in net realized and unrealized losses during the first quarter of 2026.

How is Bain Capital Specialty Finance’s investment portfolio composed?

As of March 31, 2026, BCSF’s portfolio fair value was $2,470.8 million across 212 companies in 30 industries. About 66.0% was in first lien senior secured loans, with additional exposure to second lien, subordinated debt, preferred equity, common equity, warrants, and investment vehicles.

What are Bain Capital Specialty Finance’s leverage and liquidity levels?

BCSF had $1,467.0 million of total principal debt outstanding and debt-to-equity and net debt-to-equity ratios of 1.34x and 1.28x as of March 31, 2026. Liquidity included $16.6 million of cash and $660.0 million of available capacity under its Sumitomo Credit Facility.

How strong are Bain Capital Specialty Finance’s credit quality indicators?

Credit metrics remained relatively stable, with six portfolio companies on non-accrual status as of March 31, 2026. These represented 1.4% of the portfolio at amortized cost and 0.6% at fair value, suggesting limited non-performing exposure within the broadly diversified loan book.

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

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Accepted by SEC EDGAR 05/11/2026 - 06:02 PM Learn about SEC filing dates

false 0001655050 0001655050 2026-05-11 2026-05-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2026

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware		814-01175		81-2878769
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)
200 Clarendon Street 37th Floor
Boston, Massachusetts				02116
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 516-2000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 11, 2026, Bain Capital Specialty Finance, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On May 11, 2026, the Company issued a press release announcing the declaration of a second fiscal quarter 2026 dividend of $0.42 per share. The second fiscal quarter 2026 dividend of $0.42 per share is for stockholders of record as of June 15, 2026 and payable on June 29, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

99.1		Press Release, dated May 11, 2026.
104		Cover page interactive data file (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				BAIN CAPITAL SPECIALTY FINANCE, INC.
Date: May 11, 2026				By:		/s/ Adriana Rojas Garzón
				Name:		Adriana Rojas Garzón
				Title:		Vice President

Exhibit 99.1

Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. Announces March 31, 2026 Financial Results and Declares Second Quarter 2026 Dividend of $0.42 per Share

BOSTON – May 11, 2026 – Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced financial results for the first quarter ended March 31, 2026, and that its Board of Directors (the “Board”) has declared a dividend of $0.42 per share for the second quarter of 2026.

“BCSF’s credit fundamentals remained sound across our portfolio with stable, low non-accruals and attractive net investment income that continued to cover our dividend,” said Michael Ewald, Chief Executive Officer of BCSF. “Despite market volatility and a challenging macroeconomic backdrop, we maintained a disciplined and selective approach to a new investment activity, continuing to focus on structures that provide strong lender controls. Given Bain Capital’s longstanding presence and expertise in the core middle market, we believe BCSF remains well-positioned to navigate the current market environment through its predominantly first lien portfolio, broad diversification across industries, and durable balance sheet.”

Quarterly Highlights

• Net investment income (NII) per share was $0.42, equating to an annualized NII yield on book value of 10.0%⁽¹⁾;

• Net income per share was $0.05, equating to an annualized return on book value of 1.2%⁽¹⁾;

• Net asset value per share as of March 31, 2026 was $16.86, as compared to $17.23 as of December 31, 2025;

• Gross and net investment fundings were $243.2 million and $(12.2) million, respectively; ending net debt-to-equity was 1.28x, as compared to 1.24x as of December 31, 2025⁽²⁾;

• Investments on non-accrual represented 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively, as of March 31, 2026, down from 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively, as of December 31, 2025;

• During the quarter, the Company closed an offering of $350.0 million aggregate principal amount of 5.950% unsecured notes due 2031 (the “March 2031 Notes”). In connection with these notes, the Company entered into an interest rate swap agreement to receive a fixed interest rate of 5.950% per annum and pay a floating interest rate of SOFR plus 2.28% per annum; and

• Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the second quarter of 2026 payable to stockholders of record as of June 15, 2026⁽³⁾.

Selected Financial Highlights

($ in millions, unless otherwise noted)		Q1 2026				Q4 2025
Net investment income per share		$	0.42			$	0.46
Net investment income		$	27.4			$	29.7
Earnings per share		$	0.05			$	0.43
Regular dividends per share declared and payable		$	0.42			$	0.42
Special dividends per share declared and payable		$	—			$	0.18

($ in millions, unless otherwise noted)		As of March 31, 2026				As of December 31, 2025
Total fair value of investments		$	2,470.8			$	2,508.4
Total assets		$	2,601.7			$	2,662.6
Total net assets		$	1,093.6			$	1,117.4
Net asset value per share		$	16.86			$	17.23

Portfolio and Investment Activity

For the three months ended March 31, 2026, the Company invested $243.2 million in 107 portfolio companies, including $123.6 million in 13 new companies, $110.6 million in 93 existing companies and $9.0 million in SLP. The Company had $255.4 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(12.2) million.

Investment Activity for the Quarter Ended March 31, 2026:

($ in millions)		Q1 2026				Q4 2025
Investment Fundings		$	243.2			$	167.9
Sales and Repayments		$	255.4			$	193.2
Net Investment Activity		$	(12.2	)		$	(25.3	)

As of March 31, 2026, the Company’s investment portfolio had a fair value of $2,470.8 million, comprised of investments in 212 portfolio companies operating across 30 different industries.

Investment Portfolio at Fair Value as of March 31, 2026:

Investment Type		$ in Millions				% of Total
First Lien Senior Secured Loan		$	1,631.1				66.0	%
Second Lien Senior Secured Loan			30.1				1.2
Subordinated Debt			81.7				3.3
Preferred Equity			165.1				6.7
Equity Interest			167.3				6.8
Warrants			0.8				0.0
Investment Vehicles			394.7				16.0
Subordinated Note in ISLP			190.7				7.7
Equity Interest in ISLP			31.6				1.3
Subordinated Note in SLP			166.9				6.8
Preferred and Equity Interest in SLP			5.5				0.2
Total		$	2,470.8				100.0	%

As of March 31, 2026, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.9%, respectively, as compared to 10.8% and 10.9%, respectively, as of December 31, 2025⁽⁴⁾⁽⁵⁾. 92.6% of the Company’s debt investments at fair value were in floating rate securities.

As of March 31, 2026, six portfolio companies were on non-accrual status, representing 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively.

As of March 31, 2026, ISLP’s investment portfolio had an aggregate fair value of $711.9 million, comprised of investments in 40 portfolio companies operating across 17 different industries. The investment portfolio on a fair value basis was comprised of 94.0% first lien senior secured loans, 0.7% second lien senior secured loans and 5.3% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities.

As of March 31, 2026, SLP’s investment portfolio had an aggregate fair value of $1,599.1 million, comprised of investments in 106 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 99.7% first lien senior secured loans and 0.3% second lien senior secured loans. 100.0% of SLP’s debt investments at fair value were in floating rate securities.

Results of Operations

For the three months ended March 31, 2026 and December 31, 2025, total investment income was $66.2 million and $68.2 million, respectively.

Total expenses (before taxes) for the three months ended March 31, 2026 and December 31, 2025 were $37.9 million and $37.7 million, respectively.

Bain Capital Specialty Finance, Inc.

Net investment income for the three months ended March 31, 2026 and December 31, 2025 was $27.4 million or $0.42 per share and $29.7 million or $0.46 per share, respectively.

During the three months ended March 31, 2026, the Company had net realized and unrealized losses of $24.0 million.

Net increase in net assets resulting from operations for the three months ended March 31, 2026 was $3.4 million, or $0.05 per share.

Capital and Liquidity

As of March 31, 2026, the Company had total principal debt outstanding of $1,467.0 million, including $195.0 million outstanding in the Company’s Sumitomo Credit Facility, $272.0 million outstanding of the debt issued through BCC Middle Market CLO 2019-1 LLC, $300.0 million outstanding in the Company’s senior unsecured notes due October 2026, $350.0 million outstanding in the Company’s senior unsecured notes due March 2030, and $350.0 million outstanding in the Company’s senior unsecured notes due March 2031.

For the three months ended March 31, 2026, the weighted average interest rate on debt outstanding was 4.6%, as compared to 4.6% for the three months ended December 31, 2025.

As of March 31, 2026, the Company had cash and cash equivalents (including foreign cash) of $16.6 million, restricted cash and cash equivalents of $17.6 million, $34.6 million of unsettled trades, net of receivables and payables of investments, and $660.0 million of capacity under its Sumitomo Credit Facility. As of March 31, 2026, the Company had $442.6 million of undrawn investment commitments.

As of March 31, 2026, the Company’s debt-to-equity and net debt-to-equity ratios were 1.34x and 1.28x, respectively, as compared to 1.32x and 1.24x, respectively, as of December 31, 2025⁽³⁾.

Endnotes

(1) Net investment income yields and net income returns are calculated on average net assets, or book value, for the respective periods shown.

(2) Net debt-to-equity represents principal debt outstanding less cash and cash equivalents and unsettled trades, net of receivables and payables of investments.

(3) The second quarter dividend is payable on June 29, 2026 to stockholders of record as of June 15, 2026.

(4) The weighted average yield is computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities plus amortization of fees and discounts on the performing debt and other income producing investments, divided by (b) the total relevant investments at amortized cost or fair value. The weighted average yield does not represent the total return to our stockholders.

(5) For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending amortized cost or fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

Conference Call Information

A conference call to discuss the Company’s financial results will be held live at 8:30 a.m. Eastern Time on May 12, 2026. Please visit BCSF’s webcast link located on the Events & Presentations page of the Investor Resources section of BCSF’s website at http://www.baincapitalspecialtyfinance.com for a slide presentation that complements the Earnings Conference Call.

Bain Capital Specialty Finance, Inc.

Participants are also invited to access the conference call by dialing one of the following numbers:

• Domestic: 1-800-245-3047

• International: 1-203-518-9765

• Conference ID: BAIN

All participants will need to reference “Bain Capital Specialty Finance—First Quarter Ended March 31, 2026 Earnings Conference Call” once connected with the operator. All participants are asked to dial in 10-15 minutes prior to the call.

Replay Information:

An archived replay will be available approximately three hours after the conference call concludes through May 26, 2026 via a webcast link located on the Investor Resources section of BCSF’s website, and via the dial-in numbers listed below:

• Domestic: 1-844-512-2921

• International: 1-412-317-6671

• Conference ID: 11161743

Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

		As of				As of
		March 31, 2026				December 31, 2025
		(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,925,871 and $1,891,513, respectively)		$	1,916,461			$	1,905,297
Non-controlled/affiliate investments (amortized cost of $7,504 and $7,504, respectively)			19,164				18,674
Controlled affiliate investments (amortized cost of $549,483 and $603,650, respectively)			535,173				584,470
Cash and cash equivalents			12,973				23,092
Foreign cash (cost of $3,026 and $2,477, respectively)			3,622				3,151
Restricted cash and cash equivalents			17,593				32,667
Collateral on derivatives			9,813				10,993
Deferred financing costs			3,285				3,543
Interest receivable on investments			35,091				38,023
Interest rate swap			4,979				7,976
Receivable for sales and paydowns of investments			38,101				28,856
Prepaid insurance			277				489
Unrealized appreciation on forward currency exchange contracts			224				—
Dividend receivable			4,920				5,354
Total Assets		$	2,601,676			$	2,662,585
Liabilities
Debt (net of unamortized debt issuance costs of $17,144 and $10,110, respectively)		$	1,454,657			$	1,470,796
Interest payable			10,910				12,376
Payable for investments purchased			3,527				2,110
Collateral payable on derivatives			4,760				12,907
Unrealized depreciation on forward currency exchange contracts			2,739				9,061
Base management fee payable			9,085				9,408
Incentive fee payable			5,618				5,877
Accounts payable and accrued expenses			16,825				12,910
Distributions payable			—				9,730
Total Liabilities			1,508,121				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 March 31, 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			(67,620	)			(43,765	)
Total Net Assets			1,093,555				1,117,410
Total Liabilities and Total Net Assets		$	2,601,676			$	2,662,585
Net asset value per share		$	16.86			$	17.23

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

		For the Three Months Ended March 31,
		2026				2025
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments		$	39,333			$	41,672
Dividend income			619				1,725
PIK income			8,705				6,606
Other income			1,476				2,833
Total investment income from non-controlled/non-affiliate investments			50,133				52,836
Investment income from non-controlled/affiliate investments:
Interest from investments			2				8
PIK income			—				17
Other income			21				42
Total investment income from non-controlled/affiliate investments			23				67
Investment income from controlled affiliate investments:
Interest from investments			10,033				9,148
Dividend income			5,983				4,786
PIK income			2				2
Total investment income from controlled affiliate investments			16,018				13,936
Total investment income			66,174				66,839
Expenses
Interest and debt financing expenses			20,252				18,904
Base management fee			9,085				9,068
Incentive fee			5,618				2,222
Professional fees			700				714
Directors fees			180				174
Other general and administrative expenses			2,069				2,571
Total expenses, net of fee waivers			37,904				33,653
Net investment income before taxes			28,270				33,186
Income tax expense, including excise tax			906				1,076
Net investment income			27,364				32,110
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments			3,820				(20,986	)
Net realized loss on non-controlled/affiliate investments			—				(2,967	)
Net realized loss on controlled affiliate investments			(13,448	)			—
Net realized gain (loss) on foreign currency transactions			66				(249	)
Net realized loss on forward currency exchange contracts			(2,989	)			(2,405	)
Net change in unrealized appreciation on foreign currency translation			(135	)			435
Net change in unrealized appreciation on forward currency exchange contracts			6,546				(2,073	)
Net change in unrealized appreciation on non-controlled/non-affiliate investments			(23,194	)			23,993
Net change in unrealized appreciation on non-controlled/affiliate investments			490				(1,866	)
Net change in unrealized appreciation on controlled affiliate investments			4,870				2,555
Total net loss			(23,974	)			(3,563	)
Net increase in net assets resulting from operations		$	3,390			$	28,547
Basic and diluted net investment income per share of common stock		$	0.42			$	0.50
Basic and diluted increase in net assets resulting from operations per share of common stock		$	0.05			$	0.44
Basic and diluted weighted average common stock outstanding			64,868,507				64,676,192

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

About Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through March 31, 2026, BCSF has invested approximately $9,975.9 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Forward-Looking Statements

This letter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.

Investor Contact:

Katherine Schneider

Tel. (212) 803-9613

investors@baincapitalbdc.com

Media Contact:

Scott Lessne

Tel. +1 (212) 300-1800

slessne@apcoworldwide.com

Bain Capital Specialty Finance, Inc.

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