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.