-

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

BOSTON--(BUSINESS WIRE)--Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced financial results for the third quarter ended September 30, 2026, and that its Board of Directors (the “Board”) has declared a dividend of $0.42 per share for the fourth quarter of 2026.

“We delivered solid third quarter results, including a 10.3% annualized NII yield on equity, and our diversified portfolio of borrowers remains healthy,” said Michael Ewald, Chief Executive Officer of BCSF. “With yields beginning to move higher as floating rate loans reset, and new deals continuing to fund at attractive spreads, we see this environment creating compelling opportunities in the core middle market. Our longstanding and disciplined strategy positions us well to capitalize on them.”

Quarterly Highlights

  • Net investment income (NII) per share was $0.43, equating to an annualized NII yield on book value of 10.3%(1);
  • Net income per share was $0.26, equating to an annualized return on book value of 6.2%(1);
  • Net asset value per share as of September 30, 2026 was $16.49, as compared to $16.65 as of June 30, 2026;
  • Gross and net investment fundings were $121.5 million and $(81.6) million, respectively; ending net debt-to-equity was 1.18x, as compared to 1.22x as of June 30, 2026(2);
  • Investments on non-accrual were relatively stable quarter-over-quarter, representing 3.3% and 2.2% of the total investment portfolio at amortized cost and fair value, respectively, as of September 30, 2026;
  • During the quarter, the Company increased commitments under its senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation as administrative agent (the "Sumitomo Credit Facility") to $955.0 million from $855.0 million; and
  • Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the fourth quarter of 2026 payable to stockholders of record as of December 15, 2026(3).

Selected Financial Highlights

($ in millions, unless otherwise noted)

Q3 2026

 

Q2 2026

 

Net investment income per share

$

0.43

 

$

0.44

 

Net investment income

$

27.7

 

$

28.6

 

Earnings per share

$

0.26

 

$

0.22

 

Regular dividends per share declared and payable

$

0.42

 

$

0.42

 

($ in millions, unless otherwise noted)

As of


September 30, 2026

 

As of


June 30, 2026

 

Total fair value of investments

$

2,270.3

 

$

2,363.6

 

Total assets

$

2,427.4

 

$

2,620.1

 

Total net assets

$

1,069.8

 

$

1,080.4

 

Net asset value per share

$

16.49

 

$

16.65

 

Portfolio and Investment Activity

For the three months ended September 30, 2026, the Company invested $121.5 million in 120 portfolio companies, including $47.9 million in 5 new companies and $73.6 million in 115 existing companies. The Company had $203.1 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(81.6) million.

Investment Activity for the Quarter Ended September 30, 2026:

($ in millions)

Q3 2026

 

Q2 2026

 

Investment Fundings

$

121.5

 

$

182.0

 

Sales and Repayments

$

203.1

 

$

277.2

 

Net Investment Activity

$

(81.6

)

$

(95.2

)

As of September 30, 2026, the Company’s investment portfolio had a fair value of $2,270.3 million, comprised of investments in 215 portfolio companies operating across 30 different industries.

Investment Portfolio at Fair Value as of September 30, 2026:

Investment Type

$ in Millions

 

% of Total

 

First Lien Senior Secured Loan

$

1,412.7

 

 

62.3

%

Second Lien Senior Secured Loan

 

21.3

 

 

0.9

 

Subordinated Debt

 

90.6

 

 

4.0

 

Preferred Equity

 

177.8

 

 

7.8

 

Equity Interest

185.9

 

 

8.2

 

Warrants

 

0.7

 

 

0.0

 

Investment Vehicles

 

381.3

 

 

16.8

 

Subordinated Note in ISLP

 

190.7

 

 

8.4

 

Equity Interest in ISLP

 

26.7

 

 

1.2

 

Subordinated Note in SLP

 

162.1

 

 

7.1

 

Preferred and Equity Interest in SLP

 

1.8

 

 

0.1

 

Total

$

2,270.3

 

 

100.0

%

As of September 30, 2026, the weighted average yield on the investment portfolio at amortized cost and fair value were 11.2% and 10.7%, respectively, as compared to 10.8% and 10.4%, respectively, as of June 30, 2026(4)(5). 94.1% of the Company’s debt investments at fair value were in floating rate securities.

As of September 30, 2026, four portfolio companies were on non-accrual status, representing 3.3% and 2.2% of the total investment portfolio at amortized cost and fair value, respectively.

As of September 30, 2026, ISLP’s investment portfolio had an aggregate fair value of $696.9 million, comprised of investments in 38 portfolio companies operating across 15 different industries. The investment portfolio on a fair value basis was comprised of 93.8% first lien senior secured loans, 0.7% second lien senior secured loans and 5.5% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities.

As of September 30, 2026, SLP’s investment portfolio had an aggregate fair value of $1,617.7 million, comprised of investments in 110 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 99.2% first lien senior secured loans, 0.3% second lien senior secured loans, and 0.5% 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 September 30, 2026 and June 30, 2026, total investment income was $59.9 million and $62.3 million, respectively.

Total expenses (before taxes) for the three months ended September 30, 2026 and June 30, 2026 were $31.4 million and $33.0 million, respectively.

Net investment income for the three months ended September 30, 2026 and June 30, 2026 was $27.7 million or $0.43 per share and $28.6 million or $0.44 per share, respectively.

During the three months ended September 30, 2026, the Company had net realized and unrealized losses of $11.0 million.

Net increase in net assets resulting from operations for the three months ended September 30, 2026 was $16.7 million, or $0.26 per share.

Capital and Liquidity

As of September 30, 2026, the Company had total principal debt outstanding of $1,340.0 million, including $68.0 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 September 30, 2026, the weighted average interest rate on debt outstanding was 5.0%, as compared to 5.0% for the three months ended June 30, 2026.

As of September 30, 2026, the Company had cash and cash equivalents (including foreign cash) of $28.5 million, restricted cash and cash equivalents of $30.1 million, $16.2 million of unsettled trades, net of receivables and payables of investments, and $887.0 million of capacity under its Sumitomo Credit Facility. As of September 30, 2026, the Company had $435.5 million of undrawn investment commitments.

As of September 30, 2026, the Company’s debt-to-equity and net debt-to-equity ratios were 1.25x and 1.18x, respectively, as compared to 1.41x and 1.22x, respectively, as of June 30, 2026(2).

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 fourth quarter dividend is payable on December 29, 2026 to stockholders of record as of December 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 10:00 a.m. Eastern Time on November 10, 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: 1-800-420-1459
  • International: 1-203-518-9861
  • Conference ID: BAIN

All participants will need to reference “Bain Capital Specialty Finance - Third Quarter Ended September 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 November 24, 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: 11162932

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

 

 

As of

 

 

As of

 

 

 

September 30,
2026

 

 

December 31,
2025

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled/non-affiliate investments (amortized cost of $1,686,467 and $1,891,513, respectively)

 

$

 

1,682,370

 

 

$

 

1,905,297

 

Non-controlled/affiliate investments (amortized cost of $44,550 and $7,504, respectively)

 

 

 

56,832

 

 

 

 

18,674

 

Controlled affiliate investments (amortized cost of $553,204 and $603,650, respectively)

 

 

 

531,132

 

 

 

 

584,470

 

Cash and cash equivalents

 

 

 

25,690

 

 

 

 

23,092

 

Foreign cash (cost of $2,309 and $2,477, respectively)

 

 

 

2,854

 

 

 

 

3,151

 

Restricted cash and cash equivalents

 

 

 

30,110

 

 

 

 

32,667

 

Collateral on derivatives

 

 

 

31,781

 

 

 

 

10,993

 

Deferred financing costs

 

 

 

5,432

 

 

 

 

3,543

 

Interest receivable on investments

 

 

 

36,526

 

 

 

 

38,023

 

Interest rate swap

 

 

 

—

 

 

 

 

7,976

 

Receivable for sales and paydowns of investments

 

 

 

16,878

 

 

 

 

28,856

 

Prepaid insurance

 

 

 

438

 

 

 

 

489

 

Unrealized appreciation on forward currency exchange contracts

 

 

 

3,462

 

 

 

 

—

 

Dividend receivable

 

 

 

3,866

 

 

 

 

5,354

 

Total Assets

 

$

 

2,427,371

 

 

$

 

2,662,585

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $14,714 and $10,110, respectively)

 

$

 

1,300,111

 

 

$

 

1,470,796

 

Interest rate swap

 

 

 

24,873

 

 

 

 

—

 

Interest payable

 

 

 

10,502

 

 

 

 

12,376

 

Payable for investments purchased

 

 

 

700

 

 

 

 

2,110

 

Collateral payable on derivatives

 

 

 

—

 

 

 

 

12,907

 

Unrealized depreciation on forward currency exchange contracts

 

 

 

—

 

 

 

 

9,061

 

Base management fee payable

 

 

 

8,779

 

 

 

 

9,408

 

Incentive fee payable

 

 

 

—

 

 

 

 

5,877

 

Accounts payable and accrued expenses

 

 

 

12,580

 

 

 

 

12,910

 

Distributions payable

 

 

 

—

 

 

 

 

9,730

 

Total Liabilities

 

 

 

1,357,545

 

 

 

 

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 September 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

 

 

 

(91,349

)

 

 

 

(43,765

)

Total Net Assets

 

 

 

1,069,826

 

 

 

 

1,117,410

 

Total Liabilities and Total Net Assets

 

$

 

2,427,371

 

 

$

 

2,662,585

 

 

 

 

 

 

 

 

 

 

Net asset value per share

 

$

 

16.49

 

 

$

 

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
September 30,

 

 

For the Nine Months Ended
September 30,

 

 

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled/non-affiliate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

 

34,572

 

 

$

 

43,677

 

 

$

 

111,700

 

 

$

 

129,641

 

Dividend income

 

 

 

841

 

 

 

 

600

 

 

 

 

2,114

 

 

 

 

5,265

 

PIK income

 

 

 

7,499

 

 

 

 

7,462

 

 

 

 

23,735

 

 

 

 

21,569

 

Other income

 

 

 

1,154

 

 

 

 

1,538

 

 

 

 

4,397

 

 

 

 

8,529

 

Total investment income from non-controlled/non-affiliate investments

 

 

 

44,066

 

 

 

 

53,277

 

 

 

 

141,946

 

 

 

 

165,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled/affiliate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

 

166

 

 

 

 

—

 

 

 

 

204

 

 

 

 

135

 

PIK income

 

 

 

395

 

 

 

 

—

 

 

 

 

395

 

 

 

 

30

 

Other income

 

 

 

26

 

 

 

 

67

 

 

 

 

91

 

 

 

 

109

 

Total investment income from non-controlled/affiliate investments

 

 

 

587

 

 

 

 

67

 

 

 

 

690

 

 

 

 

274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from controlled affiliate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

 

10,270

 

 

 

 

10,273

 

 

 

 

27,639

 

 

 

 

29,228

 

Dividend income

 

 

 

4,929

 

 

 

 

3,581

 

 

 

 

18,097

 

 

 

 

10,490

 

PIK income

 

 

 

1

 

 

 

 

2

 

 

 

 

3

 

 

 

 

8

 

Total investment income from controlled affiliate investments

 

 

 

15,200

 

 

 

 

13,856

 

 

 

 

45,739

 

 

 

 

39,726

 

Total investment income

 

 

 

59,853

 

 

 

 

67,200

 

 

 

 

188,375

 

 

 

 

205,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt financing expenses

 

 

 

20,140

 

 

 

 

20,310

 

 

 

 

61,056

 

 

 

 

60,986

 

Base management fee

 

 

 

8,778

 

 

 

 

9,430

 

 

 

 

26,856

 

 

 

 

27,755

 

Incentive fee

 

 

 

—

 

 

 

 

4,599

 

 

 

 

6,419

 

 

 

 

12,267

 

Professional fees

 

 

 

608

 

 

 

 

713

 

 

 

 

1,920

 

 

 

 

2,141

 

Directors fees

 

 

 

180

 

 

 

 

182

 

 

 

 

540

 

 

 

 

538

 

Other general and administrative expenses

 

 

 

1,707

 

 

 

 

1,965

 

 

 

 

5,537

 

 

 

 

6,464

 

Total expenses, net of fee waivers

 

 

 

31,413

 

 

 

 

37,199

 

 

 

 

102,328

 

 

 

 

110,151

 

Net investment income before taxes

 

 

 

28,440

 

 

 

 

30,001

 

 

 

 

86,047

 

 

 

 

94,853

 

Income tax expense, including excise tax

 

 

 

731

 

 

 

 

801

 

 

 

 

2,369

 

 

 

 

2,953

 

Net investment income

 

 

 

27,709

 

 

 

 

29,200

 

 

 

 

83,678

 

 

 

 

91,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on non-controlled/non-affiliate investments

 

 

 

(10,004

)

 

 

 

1,345

 

 

 

 

(13,412

)

 

 

 

(14,780

)

Net realized gain (loss) on non-controlled/affiliate investments

 

 

 

(52

)

 

 

 

(11,081

)

 

 

 

(6,650

)

 

 

 

(14,759

)

Net realized gain (loss) on controlled affiliate investments

 

 

 

(459

)

 

 

 

—

 

 

 

 

(13,984

)

 

 

 

—

 

Net realized gain (loss) on foreign currency transactions

 

 

 

831

 

 

 

 

335

 

 

 

 

8

 

 

 

 

667

 

Net realized gain (loss) on forward currency exchange contracts

 

 

 

(2,097

)

 

 

 

(1,016

)

 

 

 

(8,222

)

 

 

 

(4,830

)

Net change in unrealized appreciation on foreign currency translation

 

 

 

233

 

 

 

 

(183

)

 

 

 

(129

)

 

 

 

1,736

 

Net change in unrealized appreciation on forward currency exchange contracts

 

 

 

2,763

 

 

 

 

3,023

 

 

 

 

12,523

 

 

 

 

(14,124

)

Net change in unrealized appreciation on non-controlled/non-affiliate investments

 

 

 

3,234

 

 

 

 

(485

)

 

 

 

(27,313

)

 

 

 

31,015

 

Net change in unrealized appreciation on non-controlled/affiliate investments

 

 

 

1,649

 

 

 

 

12,459

 

 

 

 

10,544

 

 

 

 

9,214

 

Net change in unrealized appreciation on controlled affiliate investments

 

 

 

(7,101

)

 

 

 

(14,894

)

 

 

 

(2,892

)

 

 

 

(15,067

)

Total net loss

 

 

 

(11,003

)

 

 

 

(10,497

)

 

 

 

(49,527

)

 

 

 

(20,928

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

 

16,706

 

 

$

 

18,703

 

 

$

 

34,151

 

 

$

 

70,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net investment income per share of common stock

 

$

 

0.43

 

 

$

 

0.45

 

 

$

 

1.29

 

 

$

 

1.42

 

Basic and diluted increase in net assets resulting from operations per share of common stock

 

$

 

0.26

 

 

$

 

0.29

 

 

$

 

0.53

 

 

$

 

1.10

 

Basic and diluted weighted average common stock outstanding

 

 

 

64,868,507

 

 

 

 

64,868,507

 

 

 

 

64,868,507

 

 

 

 

64,805,106

 

 

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 September 30, 2026, BCSF has invested approximately $10,238.4 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 press release 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 press release 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 press release.

Contacts

Investor Contact:
Katherine Schneider
Tel. (212) 803-9613
investors@baincapitalbdc.com

Media Contact:
Scott Lessne
Tel. +1 (212) 300-1800
slessne@apcoworldwide.com

Bain Capital Specialty Finance, Inc.

NYSE:BCSF

Release Versions

Contacts

Investor Contact:
Katherine Schneider
Tel. (212) 803-9613
investors@baincapitalbdc.com

Media Contact:
Scott Lessne
Tel. +1 (212) 300-1800
slessne@apcoworldwide.com

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BOSTON--(BUSINESS WIRE)--Bain Capital Specialty Finance, Inc. (“BCSF” or the “Company”) (NYSE: BCSF) today announced the appointment of Amrit Kanwal as an independent director to its Board of Directors (the “Board”), effective November 4, 2026. Mr. Kanwal will serve on the Audit, Nominating and Corporate Governance, and Compensation Committees. BCSF’s Board now includes nine members, including six independent directors. Mr. Kanwal is an accomplished C-suite executive leader and board director w...

Bain Capital Specialty Finance, Inc. Schedules Earnings Release for the Third Quarter Ended September 30, 2026

BOSTON--(BUSINESS WIRE)--Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced it will report its financial results for the third quarter ended September 30, 2026 on Monday, November 9, 2026 after market close. Management will host a conference call on Tuesday, November 10, 2026 at 10:00 a.m. Eastern Time to discuss the Company’s financial results. Conference Call Information A conference call to discuss the Company’s financial results will be held live...

Bain Capital Provides €130 Million Credit Facility to Support Acquisition of Life Couriers by JLL Partners

BOSTON--(BUSINESS WIRE)--Bain Capital today announced that its Private Credit Group acted as lead lender and administrative agent for a €130 million dual-currency senior credit facility to support the acquisition of Life Couriers (the “Company”), a global leader in delivering time-critical healthcare logistics solutions, by JLL Partners. Headquartered in Munich, Germany and with operations strategically located throughout the U.S., Europe, Central America and Asia, Life Couriers has been provid...
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