Bain Capital Specialty Finance, Inc. · NYSE:BCSF
Bain Capital Specialty Finance — Q1 2026 Earnings Presentation
19 slides from Bain Capital Specialty Finance's earnings presentation, May 12, 2026
Slide 1: Bain Capital Specialty Finance, Inc. First Quarter Ended March 31, 2026 Earnings Presentation
Bain Capital Specialty Finance, Inc. First Quarter Ended March 31, 2026 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 MARCH 31, 2026 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) Financial Results • Net asset value per share
Slide 5: Quarterly operating results
QUARTER ENDED MARCH 31, 2026 Quarterly operating results (Dollar amounts in millions, except share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net investment income per share $0.50 $0.47 $0.45 $0.46 $0.42 Net realized gain (loss) per share $(0.41) $0.05 $(0.16) $0.01 $(0.19) Net unrealized gain (l
Slide 6: Investment activity and asset composition
QUARTER ENDED MARCH 31, 2026 Investment activity and asset composition • New investment fundings totaled $243.2 million in 107 portfolio companies, including $123.6 million in 13 new companies, $110.6 million in 93 existing companies and $9.0 million in the Senior Loan Program (SLP), a joint venture
Slide 7: Portfolio highlights – downside management focused
QUARTER ENDED MARCH 31, 2026 Portfolio highlights – downside management focused The portfolio primarily consists of loans that represent the first dollar of risk in a capital structure. We focus on investing in structures that provide strong lender controls Invested Portfolio by Asset Type (Fair Val
Slide 8: Portfolio highlights - diversification
QUARTER ENDED MARCH 31, 2026 Portfolio highlights - diversification Well-diversified portfolio by company, industry and geography Portfolio Characteristics Investment Diversification Investments at fair value ($M) $2,470.8 Top 10 companies represent 22% Investment Unfunded commitments ($M) $442.6 of
Slide 9: Portfolio company fundamentals
QUARTER ENDED MARCH 31, 2026 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 4.7x 4.7x 4.6x 5.0x $50 4.0x $45 $46 $ Millions $40 $42 $44 $42 $40 3.0x $30 2.0x $20 $10 1.0x $- 0.0x Q4 2024 Q1 2025 Q2 2
Slide 10: Overview of investment vehicles
QUARTER ENDED MARCH 31, 2026 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 $711.9 million $1,599.1 million N
Slide 11: Credit quality of investments
QUARTER ENDED MARCH 31, 2026 Credit quality of investments Non-Accrual Investments • As of March 31, 2026, six portfolio companies were on non-accrual, representing 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively. Investment Performance Rating Q2 2025 Q
Slide 12: Yield comparison on assets and debt outstanding
QUARTER ENDED MARCH 31, 2026 Yield comparison on assets and debt outstanding 14.0% 13.1% 12.9% 12.1% 11.7% 11.5% 12.0% 11.4% 11.1% 10.8% 10.8% 10.0% 8.0% 6.0% 5.3% 5.3% 5.1% 5.1% 4.8% 4.9% 4.8% 4.6% 4.6% 5.2% 5.1% 4.0% 4.6% 4.3% 4.3% 4.3% 4.0% 3.7% 3.7% 2.0% 0.0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2
Slide 13: Quarterly operating results
QUARTER ENDED MARCH 31, 2026 Quarterly operating results (Dollar amounts in thousands, except share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Investment Income Interest income(1) $57,453 $61,744 $61,414 $60,495 $58,075 Dividend income 6,511 5,063 4,181 6,501 6,602 Other income 2,875 4,158 1,605
Slide 14: Quarterly operating results (continued)
QUARTER ENDED MARCH 31, 2026 Quarterly operating results (continued) (Dollar amounts in thousands, except share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Per Share Data Net investment income $0.50 $0.47 $0.45 $0.46 $0.42 Earnings (loss) per share $0.44 $0.37 $0.29 $0.43 $0.05 Distribution per sh
Slide 15: Quarterly balance sheets
QUARTER ENDED MARCH 31, 2026 Quarterly balance sheets (Dollar amounts in thousands, except share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Assets Investments at fair value $2,464,945 $2,501,797 $2,534,098 $2,508,441 $2,470,798 Cash and cash equivalents (including foreign cash) 38,356 37,577 60,6
Slide 16: Net asset value per share bridge
QUARTER ENDED MARCH 31, 2026 Net asset value per share bridge $0.42 ($0.27) $17.23 $(0.15) ($0.42) $0.05 $16.86 Ending NAV per share Net Investment Income Net Change in Unrealized Net Realized Gain Net Unrealized and Q1'26 Regular Dividend Ending NAV per share 12/31/2025 Appreciation (Losses) on Inv
Slide 17: Debt summary
QUARTER ENDED MARCH 31, 2026 Debt summary Diverse financing structures and well-laddered maturities Commitment Amount ($M) Principal Outstanding ($M) Interest Rate Maturity Date Sumitomo Credit Facility(1) $855.0 $195.0 RR+1.875% 05/18/29 October 2026 Notes 300.0 300.0 2.55% 10/13/26 March 2030 Note
Slide 18: Net investment income (NII) and dividend information
QUARTER ENDED MARCH 31, 2026 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% 103% 100% 100% 13.9% 14% 50% 12%
Slide 19: Quarterly distribution information
QUARTER ENDED MARCH 31, 2026 Quarterly distribution information Date Declared Record Date Payment Date Dividend Type Distribution Amount Per Share May 11, 2026 June 15, 2026 June 29, 2026 Regular Dividend $0.42 February 26, 2026 March 16, 2026 March 30, 2026 Regular Dividend $0.42 December 22, 2025
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