BCSF · Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. reported first quarter 2026 results with net investment income of $0.42 per share, sufficient to cover the regular dividend, though down from $0.46 in the prior quarter due to lower total investment income of $66.2 million versus $68.2 million. Total expenses rose slightly to $37.9 million from $37.7 million, driven by higher interest and debt financing expenses. Net income per share fell sharply to $0.05 from $0.43, primarily from $24.0 million in net realized and unrealized losses, including losses on controlled affiliate investments and forward currency contracts, partially offset by unrealized gains on derivatives and certain investments. CEO Michael Ewald highlighted sound credit fundamentals with stable low non-accruals at 1.4% cost / 0.6% fair value, improved from prior quarter, and a disciplined approach to new investments amid market volatility. The portfolio remains predominantly first lien (66.0% at fair value), with weighted average yields steady at 10.8-10.9%. Balance sheet shows NAV decline to $16.86 per share, net debt-to-equity at 1.28x, and new $350 million notes issuance bolstering liquidity. The Board declared Q2 dividend of $0.42 per share, payable June 29 to June 15 record holders, affirming commitment to shareholder returns supported by NII coverage.