Bain Capital Specialty Finance, Inc. Announces June 30, 2026 Financial Results and Declares Third Quarter 2026 Dividend of $0.42 per Share

About this update from Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced financial results for the second quarter ended June 30, 2026, and that its Board of Directors (the “Board”) has declared a dividend of $0.42 per share for the third quarter of 2026. "BCSF delivered solid net investment income per share during the second quarter of 2026. Credit quality across our diversified portfolio remains healthy and our borrowers continue to demonstrate sound operating performance," said Michael Ewald, Chief Executive Officer of BCSF. "The current environment continues to present compelling opportunities in the core middle market and we believe BCSF is well-positioned to execute on our longstanding, disciplined strategy and deliver attractive risk-adjusted returns for our shareholders." Quarterly Highlights Net investment income (NII) per share was $0.44, equating to an annualized NII yield on book value of 10.5% (1) ; Net income per share was $0.22, equating to an annualized return on book value of 5.2% (1) ; Net asset value per share as of June 30, 2026 was $16.65, as compared to $16.86 as of March 31, 2026; Gross and net investment fundings were $182.0 million and $(95.2) million, respectively; ending net debt-to-equity was 1.22x, as compared to 1.28x as of March 31, 2026 (2) ; Investments on non-accrual represented 3.2% and 2.2% of the total investment portfolio at amortized cost and fair value, respectively, as of June 30, 2026, compared to 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively, as of March 31, 2026; and Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the third quarter of 2026 payable to stockholders of record as of September 15, 2026 (3) . Selected Financial Highlights ($ in millions, unless otherwise noted) Q2 2026   Q1 2026   Net investment income per share $ 0.44 $ 0.42   Net investment income $ 28.6 $ 27.4   Earnings per share $ 0.22 $ 0.05   Regular dividends per share declared and payable $ 0.42 $ 0.42     ($ in millions, unless otherwise noted) As of June 30, 2026   As of March 31, 2026   Total fair value of investments $ 2,363.6   $ 2,470.8   Total assets $ 2,620.1   $ 2,601.7   Total net assets $ 1,080.4   $ 1,093.6   Net asset value per share $ 16.65   $ 16.86   Portfolio and Investment Activity For the three months ended June 30, 2026, the Company invested $182.0 million in 99 portfolio companies, including $73.4 million in 8 new companies and $108.6 million in 91 existing companies. The Company had $277.2 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(95.2) million. Investment Activity for the Quarter Ended June 30, 2026: ($ in millions) Q2 2026   Q1 2026   Investment Fundings $ 182.0   $ 243.2   Sales and Repayments $ (277.2)   $ (255.4)   Net Investment Activity $ (95.2 ) $ (12.2 ) As of June 30, 2026, the Company’s investment portfolio had a fair value of $2,363.6 million, comprised of investments in 214 portfolio companies operating across 30 different industries. Investment Portfolio at Fair Value as of June 30, 2026: Investment Type $ in Millions   % of Total   First Lien Senior Secured Loan $ 1,499.6     63.4 % Second Lien Senior Secured Loan   30.1     1.3   Subordinated Debt   86.6     3.7   Preferred Equity   182.7     7.7   Equity Interest 176.8     7.5   Warrants   0.7     0.0   Investment Vehicles   387.1     16.4   Subordinated Note in ISLP   190.7     8.1   Equity Interest in ISLP   30.7     1.3   Subordinated Note in SLP   163.8     6.9   Preferred and Equity Interest in SLP   1.9     0.1   Total $ 2,363.6     100.0 % As of June 30, 2026, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.4%, respectively, as compared to 10.8% and 10.9%, respectively, as of March 31, 2026 (4)(5) . 94.5% of the Company’s debt investments at fair value were in floating rate securities. As of June 30, 2026, four portfolio companies were on non-accrual status, representing 3.2% and 2.2% of the total investment portfolio at amortized cost and fair value, respectively. As of June 30, 2026, ISLP’s investment portfolio had an aggregate fair value of $705.7 million, comprised of investments in 38 portfolio companies operating across 15 different industries. The investment portfolio on a fair value basis was comprised of 93.9% first lien senior secured loans, 0.7% second lien senior secured loans and 5.4% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities. As of June 30, 2026, SLP’s investment portfolio had an aggregate fair value of $1,587.8 million, comprised of investments in 107 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, 0.3% second lien senior secured loans, and 0.1% equity interests. 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, 2026 and March 31, 2026, total investment income was $62.3 million and $66.2 million, respectively. Total expenses (before taxes) for the three months ended June 30, 2026 and March 31, 2026 were $33.0 million and $37.9 million, respectively. Net investment income for the three months ended June 30, 2026 and March 31, 2026 was $28.6 million or $0.44 per share and $27.4 million or $0.42 per share, respectively. During the three months ended June 30, 2026, the Company had net realized and unrealized losses of $14.6 million. Net increase in net assets resulting from operations for the three months ended June 30, 2026 was $14.1 million, or $0.22 per share. Capital and Liquidity As of June 30, 2026, the Company had total principal debt outstanding of $1,521.0 million, including $249.0 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 June 30, 2026, the weighted average interest rate on debt outstanding was 5.0%, as compared to 4.6% for the three months ended March 31, 2026. As of June 30, 2026, the Company had cash and cash equivalents (including foreign cash) of $112.1 million, restricted cash and cash equivalents of $18.5 million, $69.4 million of unsettled trades, net of receivables and payables of investments, and $606.0 million of capacity under its Sumitomo Credit Facility. As of June 30, 2026, the Company had $438.0 million of undrawn investment commitments. As of June 30, 2026, the Company’s debt-to-equity and net debt-to-equity ratios were 1.41x and 1.22x, respectively, as compared to 1.34x and 1.28x, respectively, as of March 31, 2026 (2) . Subsequent to quarter-end, the Company’s debt-to-equity and net debt-to-equity ratios were 1.34x and 1.22x, respectively, as of July 31, 2026. 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 third quarter dividend is payable on September 29, 2026 to stockholders of record as of September 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 August 11, 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. Participants are also invited to access the conference call by dialing one of the following numbers: Domestic: 1-833-309-3473 International: 1-785-838-9251 Conference ID: BAIN All participants will need to reference “Bain Capital Specialty Finance - Second Quarter Ended June 30, 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 August 25, 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: 11162325 Bain Capital Specialty Finance, Inc. Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data)       As of     As of       June 30, 2026     December 31, 2025       (Unaudited)           Assets                 Investments at fair value:                 Non-controlled/non-affiliate investments (amortized cost of $1,796,413 and $1,891,513, respectively)   $   1,789,082     $   1,905,297   Non-controlled/affiliate investments (amortized cost of $21,128 and $7,504, respectively)       31,761         18,674   Controlled affiliate investments (amortized cost of $557,704 and $603,650, respectively)       542,733         584,470   Cash and cash equivalents       97,187         23,092   Foreign cash (cost of $14,632 and $2,477, respectively)       14,957         3,151   Restricted cash and cash equivalents       18,467         32,667   Collateral on derivatives       11,020         10,993   Deferred financing costs       3,023         3,543   Interest receivable on investments       33,882         38,023   Interest rate swap       890         7,976   Receivable for sales and paydowns of investments       70,645         28,856   Prepaid insurance       92         489   Unrealized appreciation on forward currency exchange contracts       1,804         —   Dividend receivable       4,539         5,354   Total Assets   $   2,620,082     $   2,662,585                     Liabilities                 Debt (net of unamortized debt issuance costs of $15,936 and $10,110, respectively)   $   1,501,129     $   1,470,796   Interest rate swap       4,621         —   Interest payable       8,597         12,376   Payable for investments purchased       1,286         2,110   Collateral payable on derivatives       —         12,907   Unrealized depreciation on forward currency exchange contracts       1,105         9,061   Base management fee payable       8,992         9,408   Incentive fee payable       801         5,877   Accounts payable and accrued expenses       13,186         12,910   Distributions payable       —         9,730   Total Liabilities       1,539,717         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 June 30, 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       (80,810 )       (43,765 ) Total Net Assets       1,080,365         1,117,410   Total Liabilities and Total Net Assets   $   2,620,082     $   2,662,585                     Net asset value per share   $   16.65     $   17.23     See Notes to Consolidated Financial Statements   Bain Capital Specialty Finance, Inc.   Consolidated Statements of Operations   (in thousands, except share and per share data)   (Unaudited)       For the Three Months Ended June 30,     For the Six Months Ended June 30,       2026       2025       2026       2025   Income                                 Investment income from non-controlled/non-affiliate investments:                                 Interest from investments   $   37,795     $   44,292     $   77,128     $   85,964   Dividend income       654         2,940         1,273         4,665   PIK income       7,531         7,501         16,236         14,107   Other income       1,767         4,158         3,243         6,991   Total investment income from non-controlled/non-affiliate investments       47,747         58,891         97,880         111,727                                     Investment income from non-controlled/affiliate investments:                                 Interest from investments       36         127         38         135   PIK income       —         13         —         30   Other income       44         —         65         42   Total investment income from non-controlled/affiliate investments       80         140         103         207                                     Investment income from controlled affiliate investments:                                 Interest from investments       7,336         9,807         17,369         18,955   Dividend income       7,185         2,123         13,168         6,909   PIK income       —         4         2         6   Total investment income from controlled affiliate investments       14,521         11,934         30,539         25,870   Total investment income       62,348         70,965         128,522         137,804                                     Expenses                                 Interest and debt financing expenses       20,664         21,772         40,916         40,676   Base management fee       8,993         9,257         18,078         18,325   Incentive fee       801         5,446         6,419         7,668   Professional fees       612         714         1,312         1,428   Directors fees       180         182         360         356   Other general and administrative expenses       1,761         1,928         3,830         4,499   Total expenses, net of fee waivers       33,011         39,299         70,915         72,952   Net investment income before taxes       29,337         31,666         57,607         64,852   Income tax expense, including excise tax       732         1,076         1,638         2,152   Net investment income       28,605         30,590         55,969         62,700                                     Net realized and unrealized gains (losses)                                 Net realized gain (loss) on non-controlled/non-affiliate investments       (7,228 )       4,861         (3,408 )       (16,125 ) Net realized gain (loss) on non-controlled/affiliate investments       (6,598 )       (711 )       (6,598 )       (3,678 ) Net realized gain (loss) on controlled affiliate investments       (77 )       —         (13,525 )       —   Net realized gain (loss) on foreign currency transactions       (889 )       581         (823 )       332   Net realized gain (loss) on forward currency exchange contracts       (3,136 )       (1,409 )       (6,125 )       (3,814 ) Net change in unrealized appreciation on foreign currency translation       (227 )       1,484         (362 )       1,919   Net change in unrealized appreciation on forward currency exchange contracts       3,214         (15,074 )       9,760         (17,147 ) Net change in unrealized appreciation on non-controlled/non-affiliate investments       (7,353 )       7,507         (30,547 )       31,500   Net change in unrealized appreciation on non-controlled/affiliate investments       8,405         (1,379 )       8,895         (3,245 ) Net change in unrealized appreciation on controlled affiliate investments       (661 )       (2,728 )       4,209         (173 ) Total net loss       (14,550 )       (6,868 )       (38,524 )       (10,431 )                                   Net increase in net assets resulting from operations   $   14,055     $   23,722     $   17,445     $   52,269                                     Basic and diluted net investment income per share of common stock   $   0.44     $   0.47     $   0.86     $   0.97   Basic and diluted increase in net assets resulting from operations per share of common stock   $   0.22     $   0.37     $   0.27     $   0.81   Basic and diluted weighted average common stock outstanding       64,868,507         64,868,507         64,868,507         64,772,881   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, 2026, BCSF has invested approximately $10,129.6 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 or the webcast/conference call 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 or on the webcast/conference call. 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/20260810994990/en/

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