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Bain Capital Specialty Finance, Inc. Third Quarter Ended September 30, 2025 Earnings Presentation
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2 DISCLAIMER PLEASE CONSIDER THE FOLLOWING In this material Bain Capital Credit, LP, Bain Capital Credit (Australia), Pty. Ltd., Bain Capital Credit, Ltd., Bain Capital Investments (Europe) Limited, Bain Capital Investments (Ireland) Limited, Bain Capital Credit CLO Advisors, LP, Bain Capital Credit U.S. CLO Manager, LLC, Bain Capital Credit U.S. CLO Manager II, LP, Bain Capital Credit (Asia) Limited, Bain Capital (Singapore) PTE. LTD, Bain Capital Private Equity Japan LLC, BCPC Advisors, LP, and BCSF Advisors, LP are collectively referred to as “Bain Capital Credit”, which are credit affiliates of Bain Capital, LP. Bain Capital Credit, LP, Bain Capital Credit CLO Advisors, LP, Bain Capital Credit U.S. CLO Manager, LLC, Bain Capital Credit U.S. CLO Manager II, LP, BCPC Advisors, LP, and BCSF Advisors, LP are investment advisers registered with the U.S. Securities and Exchange Commission (the "Commission"). Registration with the Commission does not constitute an endorsement by the Commission nor does it imply a certain level of skill or training. Bain Capital Credit (Australia), Pty. Ltd. is regulated by the Australian Securities and Investments Commission (“ASIC”). Bain Capital Credit, Ltd. and Bain Capital Investments (Europe) Limited are authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. Bain Capital Investments (Ireland) Limited is authorized by the Central Bank of Ireland. Bain Capital Credit (Asia) Limited and Bain Capital Private Equity (Asia) Limited are regulated by the Securities and Futures Commission in Hong Kong and are licensed to carry on Type 1 regulated activities under the Securities and Futures Ordinance. Bain Capital (Singapore) PTE. LTD is registered with the Monetary Authority of Singapore ("MAS"). Bain Capital Private Equity Japan LLC is registered under Kanto Local Finance Bureau (FIEA) No.3025. Bain Capital Private Equity Japan LLC is a member of the Type II Financial Instruments Firms Association and the Japan Investment Advisers Association. No securities commission or regulatory authority in the United States or in any other country has in any way passed upon the merits of an investment in a Bain Capital Credit investment vehicle or the accuracy or adequacy of the information or material contained herein or otherwise. This presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Any such offering of securities will be made only by means of a registration statement (including a prospectus) filed with the Commission, and only after such registration statement has become effective. No such registration statement has become effective as of the date of this presentation. This presentation has been prepared by Bain Capital Specialty Finance, Inc. (the “Company”) and may be used for information purposes only. The information contained herein remains subject to further updating, revision, and amendment without notice. It should not be relied upon as the basis for making any investment decision, entering into any transaction or for any other purpose. Any offer to purchase or buy securities or other investment product will only be made pursuant to a definitive prospectus, and in compliance with applicable federal and state securities laws and regulations, and the information contained in this presentation is expressly subject to, and qualified in its entirety by, such prospectus. Any investment decision in connection with the Company should be based on the information contained in the registration statement and prospectus. This information is not, and under no circumstances is to be construed as, a prospectus or an offering memorandum as defined under applicable securities legislation. The information contained herein does not set forth all of the terms, conditions and risks of the Company. Bain Capital Credit, the Company and their respective subsidiaries and affiliates and their respective employees, officers and agents make no representations as to the completeness and accuracy of any information contained within this written material. As such, Bain Capital Credit, the Company and their respective subsidiaries and affiliates are not responsible for errors and/or omissions with respect to the information contained herein except and as required by law. Information contained in this material is for informational purposes only and should not be construed as an offer or solicitation of any security or investment product, nor should it be interpreted to contain a recommendation for the sale or purchase of any security or investment product and is considered incomplete without the accompanying oral presentation and commentary. An investment in the Company is speculative and involves a high degree of risk, which may not be suitable for all investors. The Company may often engage in leveraging and other speculative investment practices that may increase the risk of investment loss and the investments may be highly illiquid. Investing in the Company may involve complex tax structures and there may be delays in distributing important tax information. An investment in the Company involves a number of significant risks and other important factors relating to investments generally, and relating to the structure and investment objectives of the Company in particular. Investors should consider risks associated with the following: illiquidity and restrictions on transfer; tax considerations; valuation risks, and impact of fees on returns. The foregoing list of risk factors does not purport to be a complete enumeration of the risks involved in an investment in the Company. Prospective investors should reference the prospectus for additional details, risk factors and other important considerations, and consult with their own legal, tax and financial advisors before deciding to invest in the Company. In considering investment performance information contained in this presentation, bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that Bain Capital or the Company will achieve comparable results. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. For purposes of the non-financial operating and statistical data included in this presentation, including the aggregation of our non-U.S. dollar denominated investment funds, foreign currencies have been converted to U.S. dollars at the spot rate as of the last trading day of the reporting period when presenting period end balances, and the average rate for the period has been utilized when presenting activity during such period. With respect to capital commitments raised in foreign currencies, the conversion to U.S. dollars is based on the exchange rate as of the date of closing of such capital commitment.
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3 DISCLAIMER This material contains proprietary information and analysis and may not be distributed or duplicated without the express written consent of Bain Capital Credit or its affiliates. Distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Bain Capital Credit or its affiliates to any registration requirement within such jurisdiction or country, is prohibited. Certain information contained herein are not purely historical in nature, but are "forward-looking statements," which can be identified by the use of terms such as "may," "will," "should," "expect,“ "anticipate," "project," "estimate," "intend," "continue," or "believe" (or negatives thereof) or other variations thereof. These statements are based on certain assumptions and are intended to illustrate hypothetical results under those assumptions (not all of which are specified herein). Due to various risks and uncertainties (including those described as Risk Factors in the filings made by the Company with the SEC and in the prospectus), actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. As a result, investors should not rely on such forward-looking statements. Bain Capital Credit, the Company and their respective its subsidiaries and affiliates undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. Certain information contained in this presentation has been obtained from published and non-published sources and/or prepared by third-parties and in certain cases has not been updated through the date hereof. Such information has not been independently verified by Bain Capital Credit, and Bain Capital Credit does not assume responsibility for the accuracy of such information (or updating the presentation based on facts learned following its issuance). This material has been provided to you solely for your information and may not be copied, reproduced, further distributed to any other person or published, in whole or in part for any purpose without the express written consent of Bain Capital or affiliates. Any other person receiving this material should not rely upon its content. The Bain Capital square symbol is a trademark of Bain Capital, LP.
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4 Quarterly highlights (1) Net investment income yields and net income returns are calculated on average net assets, or book value, for the respective periods shown. (2) The fourth quarter dividend and special dividend are payable on December 30, 2025, to holders of record as December 16, 2025. (3) 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 amo rtized cost. The weighted average yield does not represent the total return to our stockholders. (4) For non - stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective tra iling twelve months ended on the measurement date, divided by (b) the ending amortized cost. 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. (5) Net debt -to-equity represents principal debt outstanding less cash and cash equivalents and unsettled trades, net of receivables and payables of investments. QUARTER ENDED SEPTEMBER 30, 2025 Financial Results Portfolio Highlights Liquidity and Funding • Net investment income (NII) per share was $0.45, equating to an annualized NII yield on book value of 10.3% (1) • Net income per share was $0.29, equating to an annualized return on book value of 6.6% (1) • Net asset value per share as of September 30, 2025, was $17.40, as compared to $17.56 as of June 30, 2025 • Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the fourth quarter of 202 5 payable to stockholders of record as of December 16, 2025. The Board of Directors previously announced an additional dividend of $0.03 p er share payable to stockholders of record as of December 16, 2025 (2) • Gross and net investment fundings were $340.1 million and $44.0 million, respectively • $2,534.1 million total investment portfolio at fair value consisting predominately of senior secured, floating rate loans • Highly diversified portfolio invested across 195 portfolio companies operating across 31 different industries • 11.1% weighted average yield at amortized cost on the investment portfolio (3)(4) • Investments on non-accrual represented 1.5% and 0.7% of the total investment portfolio at amortized cost and fair value, respect ively, as of September 30, 2025 • Ending net debt-to-equity was 1.23x, as compared to 1.20x as of June 30, 2025 (5) • Diverse financing structures across secured and unsecured debt; unsecured debt represents 63% of total debt outstanding at qu arter-end • Strong liquidity totaling $570 million, with $457 million of undrawn capacity on revolving credit facility, $87 million of ca sh and cash equivalents, including $26 million of restricted cash, and $26 million of unsettled trades
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5 Quarterly operating results Source: Company filings. Please see our Securities and Exchange Commission filings for further information. Per share data is based on weighted average shares outstanding during period, except as otherwise noted. (1) Measured on a fair value basis. Subordinated Notes in Investment Vehicles are included in floating rate. (2) Weighted average yields are co mputed 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 at fair value, as applicable. (3) For non - stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective tra iling 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 f or the trailing twelve months ended, the dividend or interest income is annualized. (4) Principal debt outstanding. (5) Debt to equity is principal debt outstanding divided by equity. Net debt -to-equity represents principal debt outstanding les s cash and cash equivalents and unsettled trades, net of receivables and payables of investments. QUARTER ENDED SEPTEMBER 30, 2025 (Dollar amounts in millions, except share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net investment income per share $0.53 $0.52 $0.50 $0.47 $0.45 Net realized gain (loss) per share $0.04 $(0.15) $(0.41) $0.05 $(0.16) Net unrealized gain (loss) per share $(0.06) $(0.03) $0.35 $(0.15) $0.00 Net income per share $0.51 $0.34 $0.44 $0.37 $0.29 Regular dividend per share $0.42 $0.42 $0.42 $0.42 $0.42 Special dividend per share $0.03 $0.03 $0.03 $0.03 $0.03 Net asset value per share (ending shares) $17.76 $17.65 $17.64 $17.56 $17.40 Total Fair Value of Investments $2,408.0 $2,431.2 $2,464.9 $2,501.8 $2,534.1 Number of Portfolio Companies 159 168 175 185 195 Floating Rate Debt Investments as % of Total Debt (1) 90.8% 92.0% 93.2% 92.6% 92.8% Weighted Average Yield at Amortized Cost (2)(3) 12.1% 11.7% 11.5% 11.4% 11.1% Weighted Average Yield at Fair Value(2)(3) 12.1% 11.8% 11.5% 11.4% 11.2% Net Assets $1,146.6 $1,139.7 $1,144.5 $1,139.0 $1,128.5 Debt(4) $1,306.2 $1,395.2 $1,458.5 $1,565.5 $1,498.6 Debt to Equity at Quarter-End(5) 1.14x 1.22x 1.27x 1.37x 1.33x Net Debt to Equity at Quarter-End(5) 1.09x 1.13x 1.17x 1.20x 1.23x
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6 Investment activity and asset composition Source: Company filings. Please see our Securities and Exchange Commission filings for further information. Note: Tables may not foot due to rounding. QUARTER ENDED SEPTEMBER 30, 2025 • New investment fundings totaled $340.1 million in 101 portfolio companies, including $123.9 million in 14 new companies, $210.2 million in 86 existing companies and $6.0 million in SLP. • Sales and repayments totaled $296.1 million, resulting in net investment fundings of $44.0 million. (Dollar amounts in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Investment Fundings $413.1 $547.8 $277.2 $529.6 $340.1 Sales and Repayments (248.0) (505.1) (246.4) (502.3) (296.1) Net Investment Activity $165.1 $42.7 $30.8 $27.3 $44.0 97% 95% 90% 93% 89% 1% 1% 3% 2% 1% 3% 3% 4% 9% 5% $413M $548M $277M $530M $340M Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 First Lien Investment Vehicles Second Lien Subordinated Debt Equity and Other 3% 1% 63% 64% 64% 63% 64% 16% 16% 16% 16% 16%3% 2% 1% 1% 1% 2% 1% 3% 4% 4%16% 17% 16% 16% 15% $2,408M $2,431M $2,465M $2,502M $2,534M Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 First Lien Investment Vehicles Second Lien Subordinated Debt Equity and Other New Investment Fundings by Asset Type (At Cost) Invested Portfolio by Asset Type (At Fair Value)
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7 Portfolio highlights – downside management focused The portfolio primarily consists of loans that represent the first dollar of risk in a capital structure. We focus on investing in structures that provide strong lender controls Data as of the reported quarter-end date. Graphs measured at fair value of the total invested portfolio unless otherwise noted . Graphs may not foot due to rounding. (1) Financial Covenant is defined as a loan that has one or more financial covenants or that benefits from another pari passu loan that has a financial covenant as a result of cross default provisions. (2) Position is defined as either positive voting control or negative voting control. Positive voting control is defined as an investment where Bain Capital Credit holds a majority of the loan tranche or is able to effectuate requisite lender action without the vote or consent of other lenders, if applicable. Negative voting control is defined as an investment where Bain Capital Credit’s vote or consent is required for requisite len der action to amend the loan. (3) Sponsored is defined as companies where a private equity sponsor has a meaningful equity position or control of the equity of a company. QUARTER ENDED SEPTEMBER 30, 2025 First Lien, 64% Investment Vehicles, 16% Second Lien, 1% Subordinated Debt, 4% Preferred Equity, 6% Equity Interest, 9% Covenant, 93% Cov-Lite, 7% Positive Voting Control, 78% Negative Voting Control, 7% Other, 15% Sponsored, 96% Non-Sponsored, 4% Security Financial Covenants Position Sponsored Invested Portfolio by Asset Type (Fair Value) 98% of the investments held in Investment Vehicles are First Lien , resulting in a look- through first lien exposure of 85% (1) (2) (3)
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8 Portfolio highlights - diversification Well-diversified portfolio by company, industry and geography Data as of September 30, 2025. Graphs measured at fair value of the total invested portfolio unless otherwise noted. Graphs m ay not foot due to rounding. (1) Weighted average yields are 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 at fair value. The weighted average yield does not represent the total return to ou r stockholders. Yield does not reflect fees and expenses of the Company and does not represent the return a stockholder would receive. If fees and expenses were included in the calculation, the yield would be lower. (2) 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 co st 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. (3) Measured on a fair value basis. Subordinated Notes in Investment Vehicles are included in floating rate. QUARTER ENDED SEPTEMBER 30, 2025 Portfolio Characteristics Investments at fair value ($M) $2,534.1 Unfunded commitments ($M) $493.6 Weighted average portfolio yield at amortized cost (1)(2) 11.1% Weighted average portfolio yield at fair value (1)(2) 11.2% Number of portfolio companies 195 Floating / fixed rate (% of debt investments) (3) 92.8% / 7.2% 16% 12% 10% 9%8%5% 5% 4% 4% 27% Investment Vehicles High Tech Industries Services: Business Aerospace & Defense Healthcare & Pharmaceuticals Transportation: Cargo Beverage, Food & Tobacco Automotive Fire: Finance Other 76% 7% 1% 16% North America Europe Australia Investment Vehicles Top 10 companies represent 22% of the portfolio at fair value Investment Diversification GeographyIndustry Investment Vehicles, 16%
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9 Portfolio company fundamentals Data as of September 30, 2025. The portfolio’s median annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) and median leverage multiple for the underlying borrowers includes information solely in respect to debt investments within Bain Capital Specialty Finance, Inc. Net debt to EBITDA represents the ratio of a portfolio company’s total debt (net of cash) and excluding debt subordinated to the Company’s investment in a portfolio company, to a portfolio company’s EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the respective reported end date. Excluded from the data is information in respect of the following: (i) portfolio companies with negative or de minimis EBITDA, or where EBITDA may not be the appropriate measure of credit risk, (ii) investments in broadly syndicated loans, (iii) investments in investment vehicles, (iv) portfolio companies with negative equity, and (v) equities/co-investments. Portfolio company statistics have not been independently verified by us and may reflect a normalized or adjusted amount. QUARTER ENDED SEPTEMBER 30, 2025 $49 $42 $40 $42 $45 $46 4.9x 4.8x 4.8x 4.8x 4.9x 4.7x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x $- $10 $20 $30 $40 $50 $60 $70 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $ Millions Median EBITDA Median Net Leverage EBITDA and Net Leverage Metrics of Portfolio Companies
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10 Overview of investment vehicles Our investment vehicles consist of joint venture investments that focus on first lien, floating rate loans Data as of September 30, 2025. Portfolio information measured at fair value of the total invested portfolio unless otherwise not ed. Graphs may not foot due to rounding. (1) Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, plus amortiz ation of fees and discounts on the performing debt and other income producing investments divided by (b) the total relevant investments at amortized cost. The weighted average yield does not represent the total return to ou r stockholders. Yield does not reflect fees and expenses of the Company and does not represent the return a stockholder would receive. If fees and expenses were included in the calculation, the yield would be lower. (2) 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 co st. 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. (3) Based on total debt inve stments. (4) Please refer to the Company’s 10 -Q filing for a description of the joint venture investments and BCSF ownership detail. (5) Trailing twelve months’ distributions divided by weighted average contributed capital . QUARTER ENDED SEPTEMBER 30, 2025 International Senior Loan Program (ISLP) Senior Loan Program (SLP) Total investments at fair value $717.8 million $1,548.9 million Number of portfolio companies 41 94 Weighted average portfolio yield at amortized cost(1)(2) 9.9% 10.0% First lien % 96% 100% Floating rate %(3) 100% 100% Geography 83% Europe, 9% North America and 8% Australia 98% North America, 1% Australia and 1% Europe Portfolio diversification by industry % of BCSF’s investment portfolio(4) 9% 7% Trailing 12-month return to BCSF(5) 11% 15% 27% 18% 10%8% 8% 29% Services: Business High Tech Industries Healthcare & Pharmaceuticals Media: Advertising, Printing, & Publishing FIRE: Finance Other (12 industries) 15% 13% 12% 8%6% 46% Services: Business Healthcare & Pharmaceuticals Aerospace & Defense High Tech Industries Consumer Goods: Non-Durable Other (21 industries)
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11 Credit quality of investments Note: Table may not foot due to rounding. Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Percentage of total portfolio measured at fair value. QUARTER ENDED SEPTEMBER 30, 2025 Rating Q4 2024 Q1 2025 Q2 2025 Q3 2025 % of Total Portfolio # of Companies % of Total Portfolio # of Companies % of Total Portfolio # of Companies % of Total Portfolio # of Companies 1 0.1% 1 0.1% 1 0.2% 1 0.2% 1 2 96.4 156 95.0 162 95.3 172 95.0 182 3 2.6 6 4.2 8 3.9 7 4.1 6 4 0.9 5 0.7 4 0.6 5 0.7 6 Total 100.0% 168 100.0% 175 100.0% 185 100.0% 195 Investment Performance Rating Definitions 1 An investment is rated 1 if, in the opinion of the Advisor, it is performing above underwriting expectations, and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company or the likelihood of a potential exit. 2 An investment is rated 2 if, in the opinion of our Advisor, it is performing as expected at the time of our underwriting and there are generally no concerns about the portfolio company's performance or ability to meet covenant requirements, interest payments or principal amortization, if applicable. All new investments or acquired investments in new portfolio companies are initially given a rating of 2. 3 An investment is rated 3 if, in the opinion of our Advisor, the investment is performing below underwriting expectations and there may be concerns about the portfolio company's performance or trends in the industry, including as a result of factors such as declining performance, non-compliance with debt covenants or delinquency in loan payments (but generally not more than 180 days past due). 4 An investment is rated 4 if, in the opinion of our Advisor, the investment is performing materially below underwriting expectations. For debt investments, most of or all of the debt covenants are out of compliance and payments are substantially delinquent. Investments rated 4 are not anticipated to be repaid in full, if applicable, and there is significant risk that we may realize a substantial loss on our investment. Non-Accrual Investments • As of September 30, 2025, six portfolio companies were on non -accrual, representing 1.5% and 0.7% of the total investment portfolio at amortized cost and fair value, respectively. Investment Performance Rating
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12 Yield comparison on assets and debt outstanding Weighted average yield is computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and o ther 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. 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. In instances w here 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. QUARTER ENDED SEPTEMBER 30, 2025 12.9% 13.0% 12.9% 13.1% 12.1% 11.7% 11.5% 11.4% 11.1% 5.4% 5.3% 5.2% 5.1% 5.1% 5.1% 4.8% 4.9% 4.8% 5.4% 5.3% 5.3% 5.3% 4.6% 4.3% 4.3% 4.3% 4.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Weighted Average Portfolio Yield at Amortized Cost Weighted Average Stated Interest Rate on Debt Outstanding Secured Overnight Financing Rate (“SOFR”)
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13 Quarterly operating results Note: Table may not foot due to rounding. Source: Company filings. Please see our Securities and Exchange Commission filings for further information. (1) Includes PIK Income. QUARTER ENDED SEPTEMBER 30, 2025 (Dollar amounts in thousands, except share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Investment Income Interest income(1) $60,651 $62,862 $57,453 $61,744 $61,414 Dividend income 6,185 5,984 6,511 5,063 4,181 Other income 5,704 4,497 2,875 4,158 1,605 Total investment income $72,540 $73,343 $66,839 $70,965 $67,200 Expenses Interest and debt financing expenses $18,117 $20,884 $18,904 $21,772 $20,310 Base management fee 8,897 9,160 9,068 9,257 9,430 Incentive fee 7,020 4,696 2,222 5,446 4,599 Other operating expenses 3,497 3,702 3,459 2,824 2,860 Total expenses before taxes $37,531 $38,442 $33,653 $39,299 $37,199 Income tax expense, including excise tax 1,025 1,275 1,076 1,076 801 Net investment income $33,984 $33,626 $32,110 $30,590 $29,200 Net Realized Gain (Loss) on Investments Net realized gain (loss) on Investments $2,238 $(9,840) $(23,902) $1,649 $(10,669) Net change in unrealized appreciation (depreciation) on Investments (3,034) (3,266) 20,502 (7,226) (766) Net unrealized and realized activity on foreign currency and forward currency (92) 1,617 (163) (1,291) 938 Net realized and unrealized gains (losses) $(888) $(11,489) $(3,563) $(6,868) $(10,497) Net increase (decrease) in net assets $33,096 $22,137 $28,547 $23,722 $18,703
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14 Quarterly operating results (continued) Note: Table may not foot due to rounding. Source: Company filings. Please see our Securities and Exchange Commission filings for further information. (1) Includes PIK Income. QUARTER ENDED SEPTEMBER 30, 2025 (Dollar amounts in thousands, except share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Per Share Data Net investment income $0.53 $0.52 $0.50 $0.47 $0.45 Earnings (loss) per share $0.51 $0.34 $0.44 $0.37 $0.29 Distribution per share $0.45 $0.45 $0.45 $0.45 $0.45 Weighted average shares outstanding 64,562,265 64,562,265 64,676,192 64,868,507 64,868,507 Shares outstanding, end of period 64,562,265 64,562,265 64,868,507 64,868,507 64,868,507
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15 Quarterly balance sheets Note: Table may not foot due to rounding. Source: Company filings. Please see our Securities and Exchange Commission filings for further information. Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the conso lidate results of operations as previously reported. (1) The Company had debt issuance costs of $11,205 as of the quarter ended September 30, 2025. Please see the Company’s Quarterly Report on form 10 -Q for prior period information. QUARTER ENDED SEPTEMBER 30, 2025 (Dollar amounts in thousands, except share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Assets Investments at fair value $2,407,950 $2,431,189 $2,464,945 $2,501,797 $2,534,098 Cash and cash equivalents (including foreign cash) 30,461 53,525 38,356 37,577 60,604 Restricted cash 29,292 45,541 55,609 136,908 26,168 Collateral on derivatives 9,675 9,755 2,900 9,208 11,110 Prepaid insurance and other assets 5,238 4,788 9,704 13,631 13,596 Receivable for sales and paydowns 17,873 37,760 32,186 34,019 29,162 Interest receivable on investments 34,520 39,164 31,061 37,513 37,241 Unrealized appreciation on forward currency contracts - 4,690 1,471 - - Dividend receivable 8,673 5,745 6,083 3,653 4,057 Total Assets $2,543,682 $2,632,157 $2,642,315 $2,774,306 $2,716,036 Liabilities & Net Assets Debt (net of issuance costs) (1) $1,300,607 $1,390,270 $1,451,204 $1,562,578 $1,496,360 Interest payable 13,170 13,860 11,610 13,645 12,945 Payable for investments purchased 17,280 29,490 1,917 4,482 2,682 Unrealized depreciation on forward currency contracts 6,549 1,185 39 13,642 10,619 Base management fee payable 8,897 9,160 9,068 9,257 9,430 Incentive fee payable 7,020 4,696 2,222 5,446 4,599 Distributions payable 29,053 29,053 - - - Other liabilities 14,518 14,771 21,751 26,221 50,854 Total Liabilities $1,397,094 $1,492,485 $1,497,811 $1,635,271 $1,587,489 Total Net Assets $1,146,588 $1,139,672 $1,144,504 $1,139,035 $1,128,547 Total Liabilities and Net Assets $2,543,682 $2,632,157 $2,642,315 $2,774,306 $2,716,036 Net Asset Value per Share $17.76 $17.65 $17.64 $17.56 $17.40
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16 Net asset value per share bridge Note: Net Asset Value per share is based on total shares outstanding at each quarter end. Net investment income per share, net c hange in unrealized appreciation (depreciation) per share, net unrealized and realized activity on foreign currency and forward currency per share, net realized gains (losses) per share, and net realized loss on extinguis hment of debt is based on weighted average shares outstanding for the period. The per share amount breakouts in the NAV bridge related to realized and unrealized gains (losses) on investments, including foreign currency movemen ts, may differ from the 10-Q due to differences in FX translation bucketing. QUARTER ENDED SEPTEMBER 30, 2025 $17.56 $0.45 ($0.01) $(0.16) $0.01 ($0.42) ($0.03) $17.40 Ending NAV per share 6/30/2025 Net Investment Income Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Losses) on Investments Net Unrealized and Realized Activity on Foreign Currency and Forward Currency Q3'25 Regular Dividend Q3'25 Special Dividend Ending NAV per share 9/30/2025
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17 Debt summary Diverse financing structures and no debt maturities until 2026 (1) RR: Reference Rate. Subject to certain conditions. See the Company's 10-Q for a full description. (2) In connection with the March 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the swap agreement, the Company receives a fixed interest rate of 5.95% per annum and pays a floating interest rate of SOFR + 1.90% per annum. (3) As of the reported quarter-end date. QUARTER ENDED SEPTEMBER 30, 2025 Commitment Amount ($M) Principal Outstanding ($M) Interest Rate Maturity Date Sumitomo Credit Facility(1) $855.0 $398.0 RR+1.875% 05/18/29 March 2026 Notes 300.0 300.0 2.95% 03/10/26 October 2026 Notes 300.0 300.0 2.55% 10/13/26 March 2030 Notes(2) 350.0 350.0 RR+1.90% 03/15/30 2019 Middle Market CLO (2019-1 Notes)(1) 150.6 150.6 RR+1.45% 07/15/36 Total Debt as of Quarter-End Date $1,955.6 $1,498.6 27% 63% 10% Secured Revolving Credit Facility Unsecured Debt Middle Market CLO $855 $350 $151 $0 $600 $0 $1,356 2025 2026 2027 2028 and Beyond Secured Revolving Credit Facility Unsecured Debt Middle Market CLO BCSF has three investment grade ratings: Baa3/Stable (Moody’s), BBB-/Stable (Fitch) and BBB/Stable (KBRA) Liability Profile by Debt Outstanding(3) Debt Maturity Schedule by Total Commitments ($M)(3)
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18 Net investment income (NII) and dividend information The dividend yield on book value represents the per share distribution paid during each respective period divided by a two -point average of the beginning and ending net asset value (NAV) per share during such period. Figures have been annualized. NII per share dividend coverage represents the net investment income (NII) per share divided by the regular div idend per share during such period. Total dividend includes regular and special dividends. QUARTER ENDED SEPTEMBER 30, 2025 8.5% 8.3% 8.2% 8.1% 8.0% 8.0% 7.9% 7.9% 8.0% 8.4% 8.8% 8.7% 9.6% 9.6% 9.5% 9.5% 9.5% 9.5% 9.5% 9.5% 9.6% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 8.5% 8.3% 8.2% 8.1% 8.0% 8.0% 7.9% 7.9% 8.0% 8.4% 8.8% 8.7% 9.6% 9.6% 10.2% 10.2% 10.2% 10.2% 10.2% 10.2% 10.3% 97% 100% 100% 100% 100% 100% 100% 121% 138% 103% 132% 158% 131% 129% 126% 121% 126% 124% 119% 112% 107% -200% -150% -100% -50% 0% 50% 100% 150% 0% 2% 4% 6% 8% 10% 12% 14% Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Regular Dividend Yield Special Dividend Yield NII Dividend Coverage (Regular)
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19 Quarterly distribution information (1) On February 27, 2025, the Company announced a special dividend of $0.12/share for 2025, to be distributed in four consecu tive quarterly payments of $0.03/share per quarter. (2) On February 27, 2024, the Company announced a special dividend of $0.12/share for 2024, to be distributed in four consecutive quarterly payments of $0.03/share per quarter. QUARTER ENDED SEPTEMBER 30, 2025 Date Declared Record Date Payment Date Dividend Type Distribution Amount Per Share February 27, 2025 December 16, 2025 December 30, 2025 Special Dividend(1) $0.03 November 10, 2025 December 16, 2025 December 30, 2025 Regular Dividend $0.42 February 27, 2025 September 16, 2025 September 30, 2025 Special Dividend(1) $0.03 August 5, 2025 September 16, 2025 September 30, 2025 Regular Dividend $0.42 February 27, 2025 June 16, 2025 June 30, 2025 Special Dividend(1) $0.03 May 5, 2025 June 16, 2025 June 30, 2025 Regular Dividend $0.42 February 27, 2025 March 17, 2025 March 31, 2025 Special Dividend(1) $0.03 February 27, 2025 March 17, 2025 March 31, 2025 Regular Dividend $0.42 November 6, 2024 December 31, 2024 January 31, 2025 Regular Dividend $0.42 May 6, 2024 December 31, 2024 January 31, 2025 Special Dividend(2) $0.03 May 6, 2024 September 30, 2024 October 31, 2024 Special Dividend(2) $0.03 August 6, 2024 September 30, 2024 October 31, 2024 Regular Dividend $0.42 May 6, 2024 June 28, 2024 July 29, 2024 Special Dividend(2) $0.03 May 6, 2024 June 28, 2024 July 29, 2024 Regular Dividend $0.42 February 27, 2024 March 28, 2024 April 30, 2024 Special Dividend(2) $0.03 February 27, 2024 March 28, 2024 April 30, 2024 Regular Dividend $0.42 November 6, 2023 December 29, 2023 January 31, 2024 Regular Dividend $0.42 August 8, 2023 September 29, 2023 October 31, 2023 Regular Dividend $0.42 May 9, 2023 June 30, 2023 July 31, 2023 Regular Dividend $0.38 February 28, 2023 March 31, 2023 April 28, 2023 Regular Dividend $0.38 November 9, 2022 December 31, 2022 January 27, 2023 Regular Dividend $0.36