Bain Capital Specialty Finance (BCSF) investor relations material

Executive summary

• Net investment income (NII) per share was $0.44 for Q2 2026, with an annualized NII yield on book value of 10.5% and net income per share of $0.22, yielding a 5.2% annualized return.

• Net asset value (NAV) per share declined to $16.65 from $16.86 sequentially.

• Board declared a Q3 2026 dividend of $0.42 per share, payable September 29, 2026.

• Credit quality remained healthy, with low non-accruals and a modest NAV decline.

• Portfolio activity included $182M invested in 99 companies and $277M in repayments/sales, resulting in net sales/repayments of $95M.

Financial highlights

• Total investment income for Q2 2026 was $62.3M, with net investment income of $28.6M.

• Net realized and unrealized losses totaled $14.6M ($0.22/share), and net income for Q2 was $14.1M ($0.22/share).

• NAV per share decreased to $16.65, driven by net losses.

• Portfolio at fair value was $2.36B across 214 companies in 30 industries.

• Weighted average yield at amortized cost/fair value was 10.8%/10.4%.

Outlook and guidance

• Dividend level to be reevaluated in coming quarters, considering interest rates, debt maturities, and M&A deal volume.

• Focus remains on covering the dividend sustainably and monitoring base rates and cost of debt.

• Portfolio remains highly diversified across 30 industries and 214 companies, with 94.5% of debt investments floating rate.

• Management expects stable economic growth and continues to focus on middle-market direct lending.

• Spillover income is around $1.26–$1.27 per share and will be managed with potential special distributions.