Bain Capital Specialty Finance, Inc. Announces March 31, 2025 Financial Results and Declares Second Quarter 2025 Dividend of $0.42 per Share

About this update from Bain Capital Specialty Finance, Inc.

BOSTON, May 05, 2025 --( BUSINESS WIRE )--Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the "Company", "our" or "we") today announced financial results for the first quarter ended March 31, 2025, and that its Board of Directors (the "Board") has declared a dividend of $0.42 per share for the second quarter of 2025 and an additional dividend of $0.03 per share that was previously announced. "BCSF’s first quarter results represent a strong start to the year driven by high net investment income, stable net asset value and continued solid credit performance," said Michael Ewald, Chief Executive Officer of BCSF. "We believe the Company is well-positioned to navigate potential market volatility given our diversified portfolio of predominantly first lien senior secured loans, balance sheet strength, and our global team’s deep experience and disciplined investment approach." QUARTERLY HIGHLIGHTS SELECTED FINANCIAL HIGHLIGHTS PORTFOLIO AND INVESTMENT ACTIVITY For the three months ended March 31, 2025, the Company invested $277.2 million in 89 portfolio companies, including $140.3 million in 13 new companies, $134.4 million in 75 existing companies and $2.5 million in SLP. The Company had $246.4 million of principal repayments and sales in the quarter, resulting in net investment fundings of $30.8 million. Investment Activity for the Quarter Ended March 31, 2025: As of March 31, 2025, the Company’s investment portfolio had a fair value of $2,464.9 million, comprised of investments in 175 portfolio companies operating across 29 different industries. Investment Portfolio at Fair Value as of March 31, 2025: As of March 31, 2025, the weighted average yield on the investment portfolio at amortized cost and fair value were 11.5% and 11.5%, respectively, as compared to 11.7% and 11.8%, respectively, as of December 31, 2024 (4)(5) . 93.2% of the Company’s debt investments at fair value were in floating rate securities. As of March 31, 2025, four portfolio companies were on non-accrual status, representing 1.4% and 0.7% of the total investment portfolio at amortized cost and fair value, respectively. As of March 31, 2025, ISLP’s investment portfolio had an aggregate fair value of $657.9 million, comprised of investments in 34 portfolio companies operating across 15 different industries. The investment portfolio on a fair value basis was comprised of 96.5% first lien senior secured loans, 0.8% second lien senior secured loans and 2.7% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities. As of March 31, 2025, SLP’s investment portfolio had an aggregate fair value of $1,424.6 million, comprised of investments in 98 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 99.6% first lien senior secured loans and 0.4% second lien senior secured loans. 100% of SLP’s debt investments at fair value were in floating rate securities. RESULTS OF OPERATIONS For the three months ended March 31, 2025 and December 31, 2024, total investment income was $66.8 million and $73.3 million, respectively. Total expenses (before taxes) for the three months ended March 31, 2025 and December 31, 2024 were $33.7 million and $38.4 million, respectively. Net investment income for the three months ended March 31, 2025 and December 31, 2024 was $32.1 million or $0.50 per share and $33.6 million or $0.52 per share, respectively. During the three months ended March 31, 2025, the Company had net realized and unrealized losses of $3.6 million. Net increase in net assets resulting from operations for the three months ended March 31, 2025 was $28.5 million, or $0.44 per share. CAPITAL AND LIQUIDITY As of March 31, 2025, the Company had total principal debt outstanding of $1,458.5 million, including $156.0 million outstanding in the Company’s Sumitomo Credit Facility, $352.5 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 March 2026, $300.0 million outstanding in the Company’s senior unsecured notes due October 2026, and $350.0 million outstanding in the Company's senior unsecured notes due March 2030. For the three months ended March 31, 2025, the weighted average interest rate on debt outstanding was 4.8%, as compared to 5.1% for the three months ended December 31, 2024. As of March 31, 2025, the Company had cash and cash equivalents (including foreign cash) of $38.4 million, restricted cash and cash equivalents of $55.6 million, $30.3 million of unsettled trades, net of receivables and payables of investments, and $699.0 million of capacity under its Sumitomo Credit Facility. As of March 31, 2025, the Company had $544.6 million of undrawn investment commitments. As of March 31, 2025, the Company’s debt-to-equity and net debt-to-equity ratios were 1.27x and 1.17x, respectively, as compared to 1.22x and 1.13x, respectively, as of December 31, 2024 (2) . Endnotes 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 6, 2025. 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. Participants are also invited to access the conference call by dialing one of the following numbers: All participants will need to reference "Bain Capital Specialty Finance - First Quarter Ended March 31, 2025 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 13, 2025 via a webcast link located on the Investor Resources section of BCSF’s website, and via the dial-in numbers listed below: 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, 2025, BCSF has invested approximately $9,060.8 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20250505380931/en/ Contacts Investor Contact: Katherine Schneider Tel. (212) 803-9613 [email protected] Media Contact: Charlyn Lusk Tel. (646) 502-3549 [email protected]

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