Bain Capital Specialty Finance (BCSF) investor relations material

Executive summary

• Net investment income per share was $0.42, yielding an annualized ROE of 10.0% for Q1 2026.

• Net income per share was $0.05, with an annualized return on book value of 1.2%, impacted by net unrealized losses.

• Net asset value per share declined to $16.86 from $17.23 at year-end 2025.

• Regular dividend of $0.42 per share was fully covered by net investment income; Q2 dividend declared at the same level.

• Portfolio credit quality remained stable with low non-accruals and healthy borrower fundamentals.

Financial highlights

• Total investment income was $66.2 million, down from $68.2 million in Q4 2025.

• Net investment income was $27.4 million ($0.42 per share), compared to $29.7 million ($0.46 per share) in the prior quarter.

• Net realized and unrealized losses totaled $24 million, leading to net income of $3.4 million ($0.05 per share).

• NAV per share decreased to $16.86 from $17.23, reflecting net losses.

• Weighted average portfolio yield at amortized cost was 10.8%; at fair value, 10.9%.

Outlook and guidance

• Q2 dividend maintained at $0.42 per share, with ongoing quarterly evaluation.

• Management expects to capitalize on new investment opportunities as market conditions improve and repayments provide capacity.

• Lending environment has become moderately more favorable, with wider spreads and increased new investment volumes in Q2 to date.

• Management emphasized a disciplined approach to new investments amid market volatility.

• No material changes to risk factors or business strategy were reported for the upcoming quarters.