# EDGAR Filing Document

**Accession Number:** 0001655050
**File Stem:** 0001193125-26-078696
**Filing Date:** 2026-2
**Character Count:** 29883
**Document Hash:** 5abaa3aba59ebc945b228f2bb757375a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-078696.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-078696

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260226

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bain Capital Specialty Finance, Inc.
- **CENTRAL INDEX KEY:** 0001655050

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01175
- **FILM NUMBER:** 26692176

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BAIN CAPITAL CREDIT, LP
- **STREET 2:** 200 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** (617) 516-2318

**MAIL ADDRESS:**
- **STREET 1:** C/O BAIN CAPITAL CREDIT, LP
- **STREET 2:** 200 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sankaty Capital Corp
- **DATE OF NAME CHANGE:** 20151007

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 26, 2026

## BAIN CAPITAL SPECIALTY FINANCE, INC.

#### (Exact name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **814-01175** | **81-2878769** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **200 Clarendon Street 37th Floor** |  |
| **Boston, Massachusetts** | **02116** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

#### Registrant's Telephone Number, Including Area Code: (617) 516-2000

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

#### Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.001 per share | BCSF | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On February 26, 2026, Bain Capital Specialty Finance, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed "filed" for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

---

On February 26, 2026, the Company issued a press release announcing the declaration of a first fiscal quarter 2026 dividend of $0.42 per share. The first fiscal quarter 2026 dividend of $0.42 per share is for stockholders of record as of March 16, 2026 and payable on March 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

---

| | |
|:---|:---|
| 99.1 | [Press Release, dated February 26, 2026.](d328886dex991.htm) |
| 104 | Cover page interactive data file (formatted as Inline XBRL) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **BAIN CAPITAL SPECIALTY FINANCE, INC.** | **BAIN CAPITAL SPECIALTY FINANCE, INC.** |
| Date: February 26, 2026 | By: | /s/ Adriana Rojas Garzón |
|  | Name: | Adriana Rojas Garzón |
|  | Title: | Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g328886g0227055939296.jpg)

**Bain Capital Specialty Finance, Inc. Announces December 31, 2025 Financial Results and Declares First Quarter 2026 Dividend of $0.42 per Share** 

**BOSTON – February 26, 2026** – Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the "Company", "our" or "we") today announced financial results for the fourth quarter and fiscal year ended December 31, 2025, and that its Board of Directors (the "Board") has declared a dividend of $0.42 per share for the first quarter of 2026.

"BCSF delivered strong fourth quarter and full year 2025 results driven by attractive levels of net investment income that continued to cover our dividend," said Michael Ewald, Chief Executive Officer of BCSF. "Credit fundamentals remained strong across our highly diversified portfolio with stable credit metrics and low non-accruals. We believe the Company is well-positioned to navigate the current market environment given our longstanding, disciplined investment approach in the core middle market."

**QUARTERLY HIGHLIGHTS** 

• Net investment income (NII) per share was $0.46, equating to an annualized NII yield on book value of 10.6%<sup>(1)</sup>;

• Net income per share was $0.43, equating to an annualized return on book value of 9.9%<sup>(1)</sup>;

• Net asset value per share as of December 31, 2025 was $17.23, an increase of 0.1% compared to
September 30, 2025, excluding the impact of the special distributions totaling $0.18 per share during the fourth quarter;

• Gross and net investment fundings were $167.9 million and $(25.3) million, respectively; ending net debt-to-equity was 1.24x, as compared to 1.23x as of September 30, 2025<sup>(2)</sup>;

• Investments on non-accrual were relatively unchanged quarter-over-quarter and represented 1.5% and 0.8% of the
total investment portfolio at amortized cost and fair value, respectively, as of December 31, 2025;

• On December 22, 2025, the Company's Board of Directors declared a special dividend of $0.15 per share
to stockholders of record as of December 31, 2025. This special dividend was in addition to the Company's previously declared special dividend of $0.03 per share for the fourth
quarter;<sup>(3)</sup>

• Subsequent to quarter-end, the Company's Board of Directors
declared a dividend of $0.42 per share for the first quarter of 2026 payable to stockholders of record as of March 16, 2026<sup>(4)</sup>; and

• On January 29, 2026, the Company closed an offering of $350.0 million aggregate principal amount of
5.950% unsecured notes due 2031. The net proceeds of the offering were primarily used to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

**SELECTED FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
| ($ in millions, unless otherwise noted) | **Q4 2025** | **Q3 2025** |
|  Net investment income per share | $0.46 | $0.45 |
|  Net investment income | $29.7 | $29.2 |
|  Earnings per share | $0.43 | $0.29 |
|  Regular dividends per share declared and payable | $0.42 | $0.42 |
|  Special dividends per share declared and payable | $0.18 | $0.03 |
| ($ in millions, unless otherwise noted) | **As of**<br>**December 31, 2025** | **As of**<br>**September 30, 2025** |
|  Total fair value of investments | $2508.4 | $2534.1 |
|  Total assets | $2662.6 | $2716.0 |
|  Total net assets | $1117.4 | $1128.5 |
|  Net asset value per share | $17.23 | $17.40 |

---

------

**PORTFOLIO AND INVESTMENT ACTIVITY** 

For the three months ended December 31, 2025, the Company invested $167.9 million in 93 portfolio companies, including $68.3 million in 11 new companies and $99.6 million in 82 existing companies. The Company had $193.2 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(25.3) million.

**Investment Activity for the Quarter Ended December 31, 2025:** 

---

| | | |
|:---|:---|:---|
| ($ in millions) | **Q4 2025** | **Q3 2025** |
|  Investment Fundings | $167.9 | $340.1 |
|  Sales and Repayments | $193.2 | $296.1 |
|  Net Investment Activity | $(25.3) | $44.0 |

---

As of December 31, 2025, the Company's investment portfolio had a fair value of $2,508.4 million, comprised of investments in 203 portfolio companies operating across 30 different industries.

**Investment Portfolio at Fair Value as of December 31, 2025:** 

---

| | | |
|:---|:---|:---|
| Investment Type | **$ in Millions** | **% of Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Senior Secured Loan | $1598.7 | 63.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Senior Secured Loan | 30 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Debt | 95.7 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Equity | 157.2 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Interest | 226.7 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Vehicles | 399.1 | 15.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Note in ISLP | 190.7 | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Interest in ISLP | 43.6 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated Note in SLP | 157.9 | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred and Equity Interest in SLP | 6.9 | 0.1 |
|  **Total** | $**2508.4** | **100.0%** |

---

As of December 31, 2025, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.9%, respectively, as compared to 11.1% and 11.2%, respectively, as of September 30, 2025<sup>(5)(6)</sup>. 92.2% of the Company's debt investments at fair value were in floating rate securities.

As of December 31, 2025, six portfolio companies were on non-accrual status, representing 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively.

As of December 31, 2025, ISLP's investment portfolio had an aggregate fair value of $733.1 million, comprised of investments in 40 portfolio companies operating across 17 different industries. The investment portfolio on a fair value basis was comprised of 94.3% first lien senior secured loans, 0.7% second lien senior secured loans and 5.0% equity interests. 100% of ISLP's debt investments at fair value were in floating rate securities.

As of December 31, 2025, SLP's investment portfolio had an aggregate fair value of $1,536.3 million, comprised of investments in 99 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 99.7% first lien senior secured loans and 0.3% second lien senior secured loans. 100.0% of SLP's debt investments at fair value were in floating rate securities. 

**RESULTS OF OPERATIONS** 

For the three months ended December 31, 2025 and September 30, 2025, total investment income was $68.2 million and $67.2 million, respectively.

Total expenses (before taxes) for the three months ended December 31, 2025 and September 30, 2025 were $37.7 million and $37.2 million, respectively.

![LOGO](g328886g0227055939524.jpg)

------

Net investment income for the three months ended December 31, 2025 and September 30, 2025 was $29.7 million or $0.46 per share and $29.2 million or $0.45 per share, respectively.

During the three months ended December 31, 2025, the Company had net realized and unrealized losses of $1.9 million.

Net increase in net assets resulting from operations for the three months ended December 31, 2025 was $27.8 million, or $0.43 per share.

**CAPITAL AND LIQUIDITY** 

As of December 31, 2025, the Company had total principal debt outstanding of $1,473.0 million, including $251.0 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 March 2026, $300.0 million outstanding in the Company's senior unsecured notes due October 2026, and $350.0 million outstanding in the Company's senior unsecured notes due March 2030.

For the three months ended December 31, 2025, the weighted average interest rate on debt outstanding was 4.6%, as compared to 4.8% for the three months ended September 30, 2025.

As of December 31, 2025, the Company had cash and cash equivalents (including foreign cash) of $26.2 million, restricted cash and cash equivalents of $32.7 million, $26.7 million of unsettled trades, net of receivables and payables of investments, and $604.0 million of capacity under its Sumitomo Credit Facility. As of December 31, 2025, the Company had $464.8 million of undrawn investment commitments.

As of December 31, 2025, the Company's debt-to-equity and net debt-to-equity ratios were 1.32x and 1.24x, respectively, as compared to 1.33x and 1.23x, respectively, as of September 30, 2025<sup>(3)</sup>.

**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 $0.15 per share special dividend was paid on January 26, 2026 to stockholders of record
as of December 31, 2025. The fourth quarter $0.03 per share special dividend that was previously announced was paid on December 30, 2025 to stockholders of record as of December 16, 2025.

(4) The first quarter dividend is payable on March 30, 2026 to stockholders of record as of March 16,
2026. (5) 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.

(6) 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.

![LOGO](g328886g0227055939524.jpg)

------

**CONFERENCE CALL INFORMATION** 

A conference call to discuss the Company's financial results will be held live at 8:00 a.m. Eastern Time on February 27, 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: 1-800-343-4136

• International: 1-203-518-9843

• Conference ID: BAIN

All participants will need to reference "Bain Capital Specialty Finance—Fourth Quarter and Fiscal Year Ended December 31, 2025 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 March 13, 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: 11161100

![LOGO](g328886g0227055939524.jpg)

------

**Bain Capital Specialty Finance, Inc.** 

**Consolidated Statements of Assets and Liabilities** 

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31,<br>2025** | **As of**<br>**December 31,<br>2024** |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliate investments (amortized cost of $1,891,513 and $1,784,019, respectively) | $1905297 | $1773742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/affiliate investments (amortized cost of $7,504 and $77,269, respectively) | 18674 | 75733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlled affiliate investments (amortized cost of $603,650 and $585,702, respectively) | 584470 | 581714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 23092 | 51562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (cost of $2,477 and $2,640, respectively) | 3151 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash and cash equivalents | 32667 | 45541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on derivatives | 10993 | 9755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs | 3543 | 4591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable on investments | 38023 | 39164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap | 7976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for sales and paydowns of investments | 28856 | 37760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid insurance | 489 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward currency exchange contracts |  | 4690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend receivable | 5354 | 5745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $2662585 | $2632157 |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt (net of unamortized debt issuance costs of $10,110 and $4,929, respectively) | $1470796 | $1390270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 12376 | 13860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 2110 | 29490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral payable on derivatives | 12907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward currency exchange contracts | 9061 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base management fee payable | 9408 | 9160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fee payable | 5877 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 12910 | 14771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 9730 | 29053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 1545175 | 1492485 |
|  **Commitments and Contingencies (See Note 11)** |  |  |
|  **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,562,265 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in capital in excess of par value | 1161110 | 1159493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable loss | (43765) | (19886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Net Assets** | 1117410 | 1139672 |
|  **Total Liabilities and Total Net Assets** | $2662585 | $2632157 |
|  Net asset value per share | $17.23 | $17.65 |

---

See Notes to Consolidated Financial Statements

![LOGO](g328886g0227055939524.jpg)

------

**Bain Capital Specialty Finance, Inc.** 

**Consolidated Statements of Operations** 

**(in thousands, except share and per share data)** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  **Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income from non-controlled/non-affiliate investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from investments | $172277 | $179956 | $184921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 6093 | 1958 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK income | 29234 | 22680 | 20536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 9760 | 18597 | 10561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income from non-controlled/non-affiliate investments | 217364 | 223191 | 216080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income from non-controlled/affiliate investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from investments | 135 | 3140 | 9890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | 920 | 4815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK income | 30 | 461 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 118 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income from non-controlled/affiliate investments | 283 | 4521 | 17013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income from controlled affiliate investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from investments | 39420 | 39145 | 33739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | 16163 | 25796 | 30957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK income | 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income from controlled affiliate investments | 55593 | 64941 | 64696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | 273240 | 292653 | 297789 |
|  **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and debt financing expenses | 80585 | 74688 | 80008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Base management fee | 37163 | 35644 | 36095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incentive fee | 18144 | 28872 | 25456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 2855 | 3494 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors fees | 720 | 695 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other general and administrative expenses | 8424 | 10108 | 7981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses, net of fee waivers** | 147891 | 153501 | 152817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income before taxes** | 125349 | 139152 | 144972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense, including excise tax | 3753 | 4475 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 121596 | 134677 | 141615 |
|  **Net realized and unrealized gains (losses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on non-controlled/non-affiliate investments | (13469) | (18174) | (62903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on non-controlled/affiliate investments | (14759) | 7727 | 19006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions | 761 | (320) | (5134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on forward currency exchange contracts | (5817) | 2304 | (407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on foreign currency translation | 1435 | (251) | 4050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on forward currency exchange contracts | (12566) | 5765 | (2322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on non-controlled/non-affiliate investments | 24061 | 11424 | 49524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on non-controlled/affiliate investments | 12706 | (16857) | (24271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on controlled affiliate investments | (15192) | (6877) | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net loss** | (22840) | (15259) | (18240) |
|  **Net increase in net assets resulting from operations** | $98756 | $119418 | $123375 |
|  Basic and diluted net investment income per share of common stock | $1.88 | $2.09 | $2.19 |
|  Basic and diluted increase in net assets resulting from operations per share of common stock | $1.53 | $1.85 | $1.91 |
|  Basic and diluted weighted average common stock outstanding | 64821087 | 64562265 | 64562265 |

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See Notes to Consolidated Financial Statements

![LOGO](g328886g0227055939524.jpg)

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**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 December 31, 2025, BCSF has invested approximately $9,809.3 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 letter 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 letter 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. All forward-looking statements speak only as of the date of this letter.

Investor Contact:

Katherine Schneider

Tel. (212) 803-9613

<u>investors@baincapitalbdc.com</u> 

Media Contact:

Scott Lessne

Tel. +1 (212) 300-1800

<u>slessne@apcoworldwide.com</u>![LOGO](g328886g0227055939524.jpg)