Bain Capital Specialty Finance, Inc. · NYSE:BCSF
Bain Capital Specialty Finance — Q4 2025 Earnings Presentation
19 slides from Bain Capital Specialty Finance's earnings presentation, Dec 31, 2025
Slide 1: Fourth Quarter Ended December 31, 2025 Earnings Presentation
Bain Capital Specialty Finance, Inc. Fourth Quarter Ended December 31, 2025 Earnings Presentation
Slide 2: Disclaimer
DISCLAIMER PLEASE CONSIDER THE FOLLOWING In this material Bain Capital Credit, LP, Bain Capital Credit (Australia), Pty. Ltd., Bain Capital Credit, Ltd., Bain Capital Investments (Europe) Limited, Bain Capital Investments (Ireland) Limited, Bain Capital Credit CLO Advisors, LP, Bain Capital Credit U
Slide 3: Disclaimer
DISCLAIMER This material contains proprietary information and analysis and may not be distributed or duplicated without the express written consent of Bain Capital Credit or its affiliates. Distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use
Slide 4: Quarterly highlights
QUARTER ENDED DECEMBER 31, 2025 Quarterly highlights • Net investment income (NII) per share was $0.46, equating to an annualized NII yield on book value of 10.6%(1) • Net income per share was $0.43, equating to an annualized return on book value of 9.9%(1) Financial Results • Net asset value per sh
Slide 5: Quarterly operating results
QUARTER ENDED DECEMBER 31, 2025 Quarterly operating results (Dollar amounts in millions, except share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net investment income per share $0.52 $0.50 $0.47 $0.45 $0.46 Net realized gain (loss) per share $(0.15) $(0.41) $0.05 $(0.16) $0.01 Net unrealized gain
Slide 6: Investment activity and asset composition
QUARTER ENDED DECEMBER 31, 2025 Investment activity and asset composition • New investment fundings totaled $167.9 million in 93 portfolio companies, including $68.3 million in 11 new companies and $99.6 million in 82 existing companies. • Sales and repayments totaled $193.2 million, resulting in ne
Slide 7: Portfolio highlights – downside management focused
QUARTER ENDED DECEMBER 31, 2025 Portfolio highlights – downside management focused The portfolio primarily consists of loans that represent the first dollar of risk in a capital structure. We focus on investing in structures that provide strong lender controls Invested Portfolio by Asset Type (Fair
Slide 8: Portfolio highlights - diversification
QUARTER ENDED DECEMBER 31, 2025 Portfolio highlights - diversification Well-diversified portfolio by company, industry and geography Portfolio Characteristics Investment Diversification Investments at fair value ($M) $2,508.4 Top 10 companies represent 22% Investment Unfunded commitments ($M) $464.8
Slide 9: Portfolio company fundamentals
QUARTER ENDED DECEMBER 31, 2025 Portfolio company fundamentals EBITDA and Net Leverage Metrics of Portfolio Companies Median EBITDA Median Net Leverage $70 6.0x 4.9x $60 4.8x 4.8x 4.8x 4.7x 4.7x 5.0x $50 4.0x $45 $46 $ Millions $40 $42 $42 $44 $40 3.0x $30 2.0x $20 $10 1.0x $- 0.0x Q3 2024 Q4 2024 Q
Slide 10: Overview of investment vehicles
QUARTER ENDED DECEMBER 31, 2025 Overview of investment vehicles Our investment vehicles consist of joint venture investments that focus on first lien, floating rate loans International Senior Loan Program (ISLP) Senior Loan Program (SLP) Total investments at fair value $733.1 million $1,536.3 millio
Slide 11: Credit quality of investments
QUARTER ENDED DECEMBER 31, 2025 Credit quality of investments Non-Accrual Investments • As of December 31, 2025, six portfolio companies were on non-accrual, representing 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively. Investment Performance Rating Q1
Slide 12: Yield comparison on assets and debt outstanding
QUARTER ENDED DECEMBER 31, 2025 Yield comparison on assets and debt outstanding 14.0% 13.0% 13.1% 12.9% 12.1% 11.7% 11.5% 12.0% 11.4% 11.1% 10.8% 10.0% 8.0% 6.0% 5.3% 5.3% 5.3% 5.1% 5.1% 4.9% 4.8% 4.8% 4.60% 5.3% 5.2% 5.1% 4.0% 4.6% 4.3% 4.3% 4.3% 4.0% 3.70% 2.0% 0.0% Q4 2023 Q1 2024 Q2 2024 Q3 2024
Slide 13: Quarterly operating results
QUARTER ENDED DECEMBER 31, 2025 Quarterly operating results (Dollar amounts in thousands, except share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Investment Income Interest income(1) $62,862 $57,453 $61,744 $61,414 $60,495 Dividend income 5,984 6,511 5,063 4,181 6,501 Other income 4,497 2,875 4,1
Slide 14: Quarterly operating results (continued)
QUARTER ENDED DECEMBER 31, 2025 Quarterly operating results (continued) (Dollar amounts in thousands, except share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Per Share Data Net investment income $0.52 $0.50 $0.47 $0.45 $0.46 Earnings (loss) per share $0.34 $0.44 $0.37 $0.29 $0.43 Distribution per
Slide 15: Quarterly balance sheets
QUARTER ENDED DECEMBER 31, 2025 Quarterly balance sheets (Dollar amounts in thousands, except share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Assets Investments at fair value $2,431,189 $2,464,945 $2,501,797 $2,534,098 $2,508,441 Cash and cash equivalents (including foreign cash) 53,525 38,356 3
Slide 16: Net asset value per share bridge
QUARTER ENDED DECEMBER 31, 2025 Net asset value per share bridge $0.46 ($0.06) $0.02 $0.01 ($0.42) $17.40 $17.41 ($0.18) $17.23 Ending NAV per Net Investment Net Change in Net Realized Gain Net Unrealized and Q4'25 Regular Ending NAV per Q4'25 Special Ending NAV per share 9/30/2025 Income Unrealized
Slide 17: Debt summary
QUARTER ENDED DECEMBER 31, 2025 Debt summary Diverse financing structures and laddered maturities Commitment Amount ($M) Principal Outstanding ($M) Interest Rate Maturity Date Sumitomo Credit Facility(1) $855.0 $251.0 RR+1.875% 05/18/29 March 2026 Notes 300.0 300.0 2.95% 03/10/26 October 2026 Notes
Slide 18: Net investment income (NII) and dividend information
QUARTER ENDED DECEMBER 31, 2025 Net investment income (NII) and dividend information Regular Dividend Yield Special Dividend Yield NII Dividend Coverage (Regular) 158% 18% 138% 132% 131% 150% 129% 126% 121% 126% 124% 121% 119% 112% 107% 110% 16% 100% 100% 100% 100% 100% 100% 103% 13.9% 100% 14% 50%
Slide 19: Quarterly distribution information
QUARTER ENDED DECEMBER 31, 2025 Quarterly distribution information Date Declared Record Date Payment Date Dividend Type Distribution Amount Per Share February 26, 2026 March 16, 2026 March 30, 2026 Regular Dividend $0.42 December 22, 2025 December 31, 2025 January 26, 2026 Special Dividend $0.15 Feb
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