Bain Capital Specialty Finance, Inc. Announces June 30, 2025 Financial Results and Declares Third Quarter 2025 Dividend of $0.42 per Share

About this update from Bain Capital Specialty Finance, Inc.

BOSTON, August 05, 2025 --( BUSINESS WIRE )--Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the "Company", "our" or "we") today announced financial results for the second quarter ended June 30, 2025, and that its Board of Directors (the "Board") has declared a dividend of $0.42 per share for the third quarter of 2025 and an additional dividend of $0.03 per share that was previously announced. "BCSF reported solid second quarter results driven by high net investment income that covered our regular dividend by 112%. Our diversified investment portfolio remains healthy with low non-accruals," said Michael Ewald, Chief Executive Officer of BCSF. "We also had a strong quarter of new origination activity reflecting our longstanding presence in the core middle market. We believe the Company remains well positioned within this market segment to continue generating attractive risk-adjusted returns for our shareholders." QUARTERLY HIGHLIGHTS SELECTED FINANCIAL HIGHLIGHTS PORTFOLIO AND INVESTMENT ACTIVITY For the three months ended June 30, 2025, the Company invested $529.6 million in 94 portfolio companies, including $241.8 million in 12 new companies, $272.8 million in 81 existing companies and $15.0 million in SLP. The Company had $502.3 million of principal repayments and sales in the quarter, resulting in net investment fundings of $27.3 million. Investment Activity for the Quarter Ended June 30, 2025: As of June 30, 2025, the Company’s investment portfolio had a fair value of $2,501.8 million, comprised of investments in 185 portfolio companies operating across 29 different industries. Investment Portfolio at Fair Value as of June 30, 2025: As of June 30, 2025, the weighted average yield on the investment portfolio at amortized cost and fair value were 11.4% and 11.4%, respectively, as compared to 11.5% and 11.5%, respectively, as of March 31, 2025 (4)(5) . 92.6% of the Company’s debt investments at fair value were in floating rate securities. As of June 30, 2025, five portfolio companies were on non-accrual status, representing 1.7% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively. As of June 30, 2025, ISLP’s investment portfolio had an aggregate fair value of $717.7 million, comprised of investments in 39 portfolio companies operating across 17 different industries. The investment portfolio on a fair value basis was comprised of 96.5% first lien senior secured loans, 0.7% second lien senior secured loans and 2.8% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities. As of June 30, 2025, SLP’s investment portfolio had an aggregate fair value of $1,518.7 million, comprised of investments in 87 portfolio companies operating across 24 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 June 30, 2025 and March 31, 2025, total investment income was $71.0 million and $66.8 million, respectively. Total expenses (before taxes) for the three months ended June 30, 2025 and March 31, 2025 were $39.3 million and $33.7 million, respectively. Net investment income for the three months ended June 30, 2025 and March 31, 2025 was $30.6 million or $0.47 per share and $32.1 million or $0.50 per share, respectively. During the three months ended June 30, 2025, the Company had net realized and unrealized losses of $6.9 million. Net increase in net assets resulting from operations for the three months ended June 30, 2025 was $23.7 million, or $0.37 per share. CAPITAL AND LIQUIDITY As of June 30, 2025, the Company had total principal debt outstanding of $1,565.5 million, including $263.0 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 June 30, 2025, the weighted average interest rate on debt outstanding was 4.9%, as compared to 4.8% for the three months ended March 31, 2025. As of June 30, 2025, the Company had cash and cash equivalents (including foreign cash) of $37.6 million, restricted cash and cash equivalents of $136.9 million, $29.5 million of unsettled trades, net of receivables and payables of investments, and $592.0 million of capacity under its Sumitomo Credit Facility. As of June 30, 2025, the Company had $512.7 million of undrawn investment commitments. As of June 30, 2025, the Company’s debt-to-equity and net debt-to-equity ratios were 1.37x and 1.20x, respectively, as compared to 1.27x and 1.17x, respectively, as of March 31, 2025 (2) . 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 August 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 - Second Quarter Ended June 30, 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 August 13, 2025 via a webcast link located on the Investor Resources section of BCSF’s website, and via the dial-in numbers listed below: See Notes to Consolidated Financial Statements See Notes to Consolidated Financial Statements 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 June 30, 2025, BCSF has invested approximately $9,497.4 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/20250805223670/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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