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 yield of 10.5% on equity, covering the $0.42 dividend by 105%.

• Net income per share was $0.22, with an annualized return on book value of 5.2%.

• Net asset value (NAV) per share declined to $16.65 from $16.86 in Q1 2026.

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

• 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, down from $66.2M in Q1 2026 and $71.0M in Q2 2025.

• Net investment income was $28.6M ($0.44/share), up from $27.4M ($0.42/share) in Q1 2026.

• Net realized and unrealized losses totaled $14.6M in Q2 2026.

• Net increase in net assets from operations was $14.1M ($0.22/share).

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

Outlook and guidance

• Management continues to focus on middle-market direct lending, expects stable economic growth, and monitors macroeconomic risks and credit quality.

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

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

• Focus remains on covering the dividend sustainably and monitoring base rates and new deal flow.

• Spillover income is around $1.26–$1.27 per share.