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Bain Capital Specialty Finance , Inc. Second Quarter Ended June 30 , 2026 Earnings Presentation BainCapital
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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 M anager 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 “SEC"). Registration with the SEC does not constitute an endorsement by the SEC nor does it imply a certain level of skill or training. Bain Capital Credit (Australia), P ty. Ltd. is regulated by the Australian Securities and Investme nts 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 H ong Kong and are licensed to carry on Type 1 regulated activities under the Securities and Futures Ordinance. Bain Capital (Singapore) P TE. LTD is registered with the Monetary Authority of Singapore ("MAS"). Bain Capital Private Equity J apan LLC is registered under Kanto Local Finance Bureau (FIEA) No .3025. Bain Capital Private Equity Japan LLC is a member of th e Type II Financial Instruments Firms Association and the Japan Investment Advisers Association. No securit ies commission or regulatory authority in the United States or in any other country has in any way passed upon the merits of an investme nt 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 soli citation of any offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicit ation 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”, “we”, “us”, or “our”) 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 w ith 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 mak e no representations as to the completeness and accuracy of any informati on contained within this written material. As such, Bain Capital Credit, the Company and t heir 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 inve stment 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 genera lly, and relating to the structure and investment objectives of the C ompany 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 th e 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. Information related to the past performance of Bain Capital, or information about the market, while helpful as an evaluative tool, is not necessarily indicative of Bain Capital’s future results, the achievement of which cannot be assured. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the a ssets and market conditions at the time of disposition, any related trans action costs and the timing and manner of sale, all of which may d iffer 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 pr esenting period end balances, and the average rate for the period has been utilized when presenting activity during such period. With respect t o 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 "forwa rd-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 statement s 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 Cred it, the Company and their respective its subsidiaries and affiliates u ndertake 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 set forth herein includes estimates and targets and involves significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such estimates or targets or that all assumptions relating to such estimates or targets have been considered or stated or that such estimates or targets will be realized. The statements contained in this presentation are made as of June 30, 2026, unless otherwise specified, and access to this presentation a t any given time shall not imply that there has been no change i n the facts set forth in this presentation since that date. 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). Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. This material has been provided to you solely for your information and may not be copied, reproduced, further distributed to any other per son or published, in whole or in part for any purpose without t he 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. Note: For Additional Important Disclosure Information, please refer to the Footnotes of this presentation as needed. Past performance may not be indicative of the future results that the Company will achieve.
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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 pe riods shown. (2) The third quarter dividend is payable on September 29, 20 26, to holders of record as September 15, 2026. (3) The weighted average yield is computed as (a) the annual stated interest rate or yield earned on the relevant accruing de bt and other income producing securities plus amortization of fees a nd 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 our stockholders. (4) For non-stated rate income producing investments, computed based on (a) the dividend or interest inco me earned for the respective trailing twelve months ended on the mea surement date, divided by (b) the ending amortized cost. In instances where hi storical 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 outs tanding less cash and cash equivalents and unsettled trades, net of receivables and payables o f investments. QUARTER ENDED JUNE 30, 2026 Financial Results Portfolio Highlights Liquidity and Funding • Net investment income (NII) per share was $0.44, equating to an annualized NII yield on book value of 10.5% (1) • Net income per share was $0.22, equating to an annualized return on book value of 5.2% (1) • Net asset value per share as of June 30, 2026, was $16.65, as compared to $16.86 as of March 31 , 2026 • Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per s hare for the third quarter of 2026 payable to stockholders of record as of September 15, 2026 (2) • Gross and net investment fundings were $182.0 million and $(95.2) million, resp ectively • $2,363.6 million total investment portfolio at fair value consisting predominately of senior secured, floating rate loans • Highly diversified portfolio invested across 214 portfolio companies o perating across 30 different industries • 10.8% weighted average yield at amortized cost on the investment portfolio (3)(4) • Investments on non-accrual represented 3.2% and 2.2% of the total investment po rtfolio at amortized cost and fair value, respectively, as of June 30, 2026 • As of June 30, 2026, debt-to-equity and net debt-to-equity were 1.41x and 1 .22x, respectively, as compared to 1.34x and 1.28x, respectively, as of March 31, 2026.(5) Subsequent to quarter-end, debt-to-equity and net debt-to-equity were 1 .34x and 1.22x, respectively, as of July 31, 2026 • Diverse financing structures across secured and unsecured debt; unsecured debt represents 66% of total debt outstanding at q uarter-end • Strong liquidity totaling $806 million, including $606 million of undrawn capacity on revolving credit facility, $131 million of cash and cash equivalents, including $18 million of restricted cash, and $69 million of unsettled trades
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5 Quarterly operating results Source: Company filings. Please see our SEC filings for further info rmation. Per share data is based on weighted average shares outstanding during period, except as otherwise noted. (1) Measured on a fair val ue basis. Subordinated Notes in Investment Vehicles are included in floating rate. (2) Weighted av erage yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income produci ng securities, plus amortization of fees and discounts on the performing debt and other income producing investments, divided by (b) the total relevant investments at a mortized cost or at fair value, as applicable. (3) For non-stated ra te income producing investments, computed based on (a) the dividend or interest inco me earned for the respective trailing twelve months ended on the mea surement date, divided by (b) the ending amortized cost or fair value, as applicable. In instances where historical dividend or interest income data is not a vailable or not representative for the trailing twelve months ended, th e 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 repre sents principal debt outstanding less cash and cash equivalents and unsettled trades, net of receivables and payables of investments. QUARTER ENDED JUNE 30, 2026 (Dollar amounts in millions, except share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net investment income per share $0.47 $0.45 $0.46 $0.42 $0.44 Net realized gain (loss) per share $0.05 $(0.16) $0.01 $(0.19) $(0.27) Net unrealized gain (loss) per share $(0.15) $0.00 $(0.04) $(0.18) $0.05 Net income per share $0.37 $0.29 $0.43 $0.05 $0.22 Regular dividend per share $0.42 $0.42 $0.42 $0.42 $0.42 Special dividend per share $0.03 $0.03 $0.18 $- $- Net asset value per share (ending shares) $17.56 $17.40 $17.23 $16.86 $16.65 Total Fair Value of Investments $2,501.8 $2,534.1 $2,508.4 $2,470.8 $2,363.6 Number of Portfolio Companies 185 195 203 212 214 Floating Rate Debt Investments as % of Total Debt (1) 92.6% 92.8% 92.2% 92.6% 94.5% Weighted Average Yield at Amortized Cost (2)(3) 11.4% 11.1% 10.8% 10.8% 10.8% Weighted Average Yield at Fair Value (2)(3) 11.4% 11.2% 10.9% 10.9% 10.4% Net Assets $1,139.0 $1,128.5 $1,117.4 $1,093.6 $1,080.4 Debt(4) $1,565.5 $1,498.6 $1,473.0 $1,467.0 $1,521.0 Debt to Equity at Quarter-End(5) 1.37x 1.33x 1.32x 1.34x 1.41x Net Debt to Equity at Quarter-End (5) 1.20x 1.23x 1.24x 1.28x 1.22x
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6 Investment activity and asset composition Source: Company filings. Please see our SEC filings for further info rmation. Note: Tables may not foot due to rounding. QUARTER ENDED JUNE 30, 2026 • New investment fundings totaled $182.0 million in 99 portfolio companies, including $73.4 million in 8 new companies and $108.6 million in 91 existing companies. • Sales and repayments totaled $277.2 million, resulting in net investment fundings of $(95.2) million. (Dollar amounts in millions) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Investment Fundings $529.6 $340.1 $167.9 $243.2 $182.0 Sales and Repayments (502.3) (296.1) (193.2) (255.4) (277.2) Net Investment Activity $27.3 $44.0 $(25.3) $(12.2) $(95.2) 93% 89% 89% 93% 91% 1% 2% 10% 1% 3% 1% 3% 5% 1% 2% 8% $530M $340M $168M $243M $182M Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 First Lien Investment Vehicles Second Lien Subordinated Debt Equity and Other 4% 1% 3% 63% 64% 64% 66% 63% 16% 16% 16% 16% 16% 1% 1% 1% 1% 1% 4% 4% 4% 3% 4% 16% 15% 15% 14% 15% $2,502M $2,534M $2,508M $2,471M $2,364M Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 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 val ue of the total invested portfolio unless otherwise noted. Graphs may not foot due to rounding. (1) Financial Covenant is defined as a loan that ha s 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 Credi t holds a majority of the loan tranche or is able to effectuate re quisite lender action without the vote or consent of other lenders, if app licable. Negative voting control is defined as an investment where Bain Capital Cre dit’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 JUNE 30, 2026 First Lien, 63% Investment Vehicles, 16% Second Lien, 1% Subordinated Debt, 4% Preferred Equity, 8% Equity Interest, 8% Covenant, 91% Cov-Lite, 9% Positive Voting Control, 79% Negative Voting Control, 8% Other, 13% Sponsored, 97% Non-Sponsored, 3% 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 84% (1) (2) (3)
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8 Portfolio highlights - diversification Well-diversified portfolio by company, industry and geography Data as of June 30, 2026. Graphs measured at fair value of the tota l invested portfolio unless otherwise noted. Graphs may not foot due to rounding. (1) Weighted average yields are computed as (a) the annual sta ted 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 our 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 incl uded in the calculation, the yield would be lower. (2) For non-stated rate inco me producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the m easurement 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 ende d, the dividend or interest income is annualized. (3) Measured on a fai r value basis. Subordinated Notes in Investment Vehicles are included in floating rate. QUARTER ENDED JUNE 30, 2026 Portfolio Characteristics Investments at fair value ($M) $2,363.6 Unfunded commitments ($M) $438.0 Weighted average portfolio yield at amortized cost (1)(2) 10.8% Weighted average portfolio yield at fair value (1)(2) 10.4% Number of portfolio companies 214 Floating / fixed rate (% of debt investments) (3) 94.5% / 5.5% 16% 11% 9% 8%8%6% 5% 5% 5% 27% Investment Vehicles Services: Business High Tech Industries Healthcare & Pharmaceuticals Aerospace & Defense Beverage, Food & Tobacco Fire: Finance Environmental Industries Transportation: Cargo Other 76% 7% 1% 16% North America Europe Australia Investment Vehicles Top 10 companies represent 23% of the portfolio at fair value Investment Diversification GeographyIndustry Investment Vehicles, 16%
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9 Portfolio company fundamentals Data as of June 30, 2026. The portfolio’s median annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) and median leverage multiple for the underlying borrowers in cludes information solely in respect to debt investments within Bain Capital Specialty Financ e, Inc. Net debt to EBITDA represents the ratio of a por tfolio 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) p ortfolio companies with negative or de minimis EBITDA, or whe re 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-investme nts. Portfolio company statistics have not been independently verifi ed by us and may reflect a normalized or adjusted amount. QUARTER ENDED JUNE 30, 2026 $42 $45 $46 $44 $42 $40 4.8x 4.9x 4.7x 4.7x 4.6x 4.7x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x $- $10 $20 $30 $40 $50 $60 $70 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $ 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 June 30, 2026. Portfolio information measured at fair value of the total invested portfolio unless otherwise noted. 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 oth er income producing securities, plus amortization of fees and dis counts on the performing debt and other income producing investments di vided by (b) the total relevant investments at amortized cost. The weighted average yield does not represent the total return to our stockholders. Yie ld does not reflect fees and expenses of the Company and does not repr esent 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 pr oducing 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 where historical divi dend 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 investments. (4) Pl ease 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 weig hted average contributed capital. QUARTER ENDED JUNE 30, 2026 International Senior Loan Program (ISLP) Senior Loan Program (SLP) Total investments at fair value $705.7 million $1,587.8 million Number of portfolio companies 38 107 Weighted average portfolio yield at amortized cost(1)(2) 9.7% 9.3% First lien % 94% 100% Floating rate %(3) 100% 100% Geography 81% Europe, 11% Australia and 8% North America 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) 9% 18% 27% 21% 9% 8% 8% 27% Services: Business High Tech Industries Healthcare & Pharmaceuticals Media: Advertising, Printing, & Publishing FIRE: Finance Other (10 industries) 16% 15% 13% 7%6% 43% 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 nationa lly 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 JUNE 30, 2026 Rating Q3 2025 Q4 2025 Q1 2026 Q2 2026 % of Total Portfolio # of Companies % of Total Portfolio # of Companies % of Total Portfolio # of Companies % of Total Portfolio # of Companies 1 0.2% 1 0.3% 1 0.3% 1 0.0% - 2 95.0 182 94.8 190 94.9 199 94.2 202 3 4.1 6 4.1 6 4.2 6 3.6 7 4 0.7 6 0.8 6 0.6 6 2.2 5 Total 100.0% 195 100.0% 203 100.0% 212 100.0% 214 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 June 30, 2026, four portfolio companies were on non-accrual, representing 3.2% and 2.2% of the total investment portfolio at amortized cost and fair value, respec tively. 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 rat e or yield earned on the relevant accruing debt and other income produci ng 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 inves tments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divi ded by (b) the ending amortized cost. In instances where historical divi dend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annua lized. QUARTER ENDED JUNE 30, 2026 13.1% 12.1% 11.7% 11.5% 11.4% 11.1% 10.8% 10.8% 10.8% 5.1% 5.1% 5.1% 4.8% 4.9% 4.8% 4.6% 4.6% 5.0%5.3% 4.6% 4.3% 4.3% 4.3% 4.0% 3.7% 3.7% 3.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 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 SEC filings for further information. (1) Includes PIK Income. QUARTER ENDED JUNE 30, 2026 (Dollar amounts in thousands, except share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Investment Income Interest income(1) $61,744 $61,414 $60,495 $58,075 $52,698 Dividend income 5,063 4,181 6,501 6,602 7,839 Other income 4,158 1,605 1,240 1,497 1,811 Total investment income $70,965 $67,200 $68,236 $66,174 $62,348 Expenses Interest and debt financing expenses $21,772 $20,310 $19,599 $20,252 $20,664 Base management fee 9,257 9,430 9,408 9,085 8,993 Incentive fee 5,446 4,599 5,877 5,618 801 Other operating expenses 2,824 2,860 2,856 2,949 2,553 Total expenses before taxes $39,299 $37,199 $37,740 $37,904 $33,011 Income tax expense, including excise tax 1,076 801 800 906 732 Net investment income $30,590 $29,200 $29,696 $27,364 $28,605 Net Realized Gain (Loss) on Investments Net realized gain (loss) on Investments $1,649 $(10,669) $738 $(9,981) $(14,361) Net change in unrealized appreciation (depreciation) on Investments (7,226) (766) (3,026) (14,689) 909 Net unrealized and realized activity on foreign currency and forward currency (1,291) 938 376 696 (1,098) Net realized and unrealized gains (losses) $(6,868) $(10,497) $(1,912) $(23,974) $(14,550) Net increase (decrease) in net assets $23,722 $18,703 $27,784 $3,390 $14,055
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14 Quarterly operating results (continued) Note: Table may not foot due to rounding. Source: Company filings. Please see our SEC filings for further information. (1) Includes PIK Income. QUARTER ENDED JUNE 30, 2026 (Dollar amounts in thousands, except share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Per Share Data Net investment income $0.47 $0.45 $0.46 $0.42 $0.44 Earnings (loss) per share $0.37 $0.29 $0.43 $0.05 $0.22 Distribution per share $0.45 $0.45 $0.60 $0.42 $0.42 Weighted average shares outstanding 64,868,507 64,868,507 64,868,507 64,868,507 64,868,507 Shares outstanding, end of period 64,868,507 64,868,507 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 SEC filings for further information. Certain prior period info rmation has been reclassified to conform to the current period pre sentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidate results of operations as previously reported. (1) The Company had debt issuance costs of $15,936 as of the quarter ended June 30, 2026. Please see the Company’s Quarterly Report on form 10 -Q for prior period information. QUARTER ENDED JUNE 30, 2026 (Dollar amounts in thousands, except share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Assets Investments at fair value $2,501,797 $2,534,098 $2,508,441 $2,470,798 $2,363,576 Cash and cash equivalents (including foreign cash) 37,577 60,604 26,243 16,595 112,144 Restricted cash 136,908 26,168 32,667 17,593 18,467 Collateral on derivatives 9,208 11,110 10,993 9,813 11,020 Prepaid insurance and other assets 13,631 13,596 12,008 8,541 4,005 Receivable for sales and paydowns 34,019 29,162 28,856 38,101 70,645 Interest receivable on investments 37,513 37,241 38,023 35,091 33,882 Unrealized appreciation on forward currency contracts - - - 224 1,804 Dividend receivable 3,653 4,057 5,354 4,920 4,539 Total Assets $2,774,306 $2,716,036 $2,662,585 $2,601,676 $2,620,082 Liabilities & Net Assets Debt (net of issuance costs)(1) $1,562,578 $1,496,360 $1,470,796 $1,454,657 $1,501,129 Interest payable 13,645 12,945 12,376 10,910 8,597 Payable for investments purchased 4,482 2,682 2,110 3,527 1,286 Unrealized depreciation on forward currency contracts 13,642 10,619 9,061 2,739 1,105 Base management fee payable 9,257 9,430 9,408 9,085 8,992 Incentive fee payable 5,446 4,599 5,877 5,618 801 Distributions payable - - 9,730 - - Other liabilities 26,221 50,854 25,817 21,585 17,807 Total Liabilities $1,635,271 $1,587,489 $1,545,175 $1,508,121 $1,539,717 Total Net Assets $1,139,035 $1,128,547 $1,117,410 $1,093,555 $1,080,365 Total Liabilities and Net Assets $2,774,306 $2,716,036 $2,662,585 $2,601,676 $2,620,082 Net Asset Value per Share $17.56 $17.40 $17.23 $16.86 $16.65
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16 Net asset value per share bridge Note: Net Asset Value per share is based on total shares outsta nding at each quarter end. Net investment income per share, net chang e in unrealized appreciation (depreciation) per share, net unreali zed and realized activity on foreign currency and forward currency per share, net realized gains (losses) per share, and net realized loss on extinguishm ent of debt is based on weighted average shares outstanding for the peri od. The per share amount breakouts in the NAV bridge related to realized and unrealized gai ns (losses) on investments, including foreign currency movements, may differ from the 10-Q due to differences in FX translation bucketing. QUARTER ENDED JUNE 30, 2026 $16.86 $0.44 $0.01 ($0.22) ($0.02) $16.65 ($0.42) Ending NAV per share 3/31/2026 Net Investment Income Net Change in Unrealized Appreciation (Depreciation) on Investments Net Realized Gain (Losses) on Investments Net Unrealized and Realized Activity on Foreign Currency and Forward Currency Q2'26 Regular Dividend Ending NAV per share 6/30/2026
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17 Debt summary Diverse financing structures and well-laddered debt maturities (1) RR: Reference Rate. Subject to certain conditions. See the Co mpany's 10-Q for a full description. (2) In connection with the Mar ch 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's liabilities with the Company's inve stment portfolio, which consists of predominately floating rate l oans. Under the swap agreement, the Company receives a fixed inte rest rate of 5.95% per annum and pays a floating interest rate of SOFR + 1.90% per annum. (3) In connection with the March 2031 Notes, the Company entered into an interest rate swap to more closely al ign the interest rates of the Company's liabilities with the Company's investment portfolio, which consists of predominately floating rate loans. Under the swap agreement, the Company receives a fixed interest rate of 5.95% per annum and pays a floating interest rate of SOFR + 2.28% per annum. (4) As of the reported quarter -end date. QUARTER ENDED JUNE 30, 2026 Commitment Amount ($M) Principal Outstanding ($M) Interest Rate Maturity Date Sumitomo Credit Facility(1) $855.0 $249.0 RR+1.875% 05/18/29 October 2026 Notes 300.0 300.0 2.55% 10/13/26 March 2030 Notes(1)(2) 350.0 350.0 RR+1.90% 03/15/30 March 2031 Notes(1)(3) 350.0 350.0 RR+2.28% 03/01/31 2019 Middle Market CLO (2019-1 Notes) (1) 272.0 272.0 RR+1.62% 07/15/36 Total Debt as of Quarter-End Date $2,127.0 $1,521.0 16% 66% 18% Secured Revolving Credit Facility Unsecured Debt Middle Market CLO $350 $272$300 $0 $0 $855 $350 $622 2026 2027 2028 2029 2030 2031 and Beyond Secured Revolving Credit Facility Unsecured Debt Middle Market CLO BCSF has three investment grade ratings: Baa3/Stable (Moody’s), BBB-/Stable (Fitch) and BBB/Stable (KBRA) Liability Profile by Debt Outstanding(4) Debt Maturity Schedule by Total Commitments ($M)(4)
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18 Net investment income (NII) and dividend information The dividend yield on book value represents the per share distr ibution paid during each respective period divided by a two-point ave rage of the beginning and ending net asset value (NAV) per share dur ing such period. Figures have been annualized. NII per share dividend coverage represents the net investment income (NII) per share divided by the regular divide nd per share during such period. Total dividend includes regular and special dividends. QUARTER ENDED JUNE 30, 2026 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% 9.7% 9.9% 10.0% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 4.2% 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% 13.9% 9.9% 10.0% 100% 100% 100% 100% 121% 138% 103% 132% 158% 131% 129% 126% 121% 126% 124% 119% 112% 107% 110% 100% 105% -200% -150% -100% -50% 0% 50% 100% 150% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 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 Q4 '25 Q1 '26 Q2 '26 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/s hare for 2025, to be distributed in four consecutive 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 fo ur consecutive quarterly payments of $0.03/share per quarter. QUARTER ENDED JUNE 30, 2026 Date Declared Record Date Payment Date Dividend Type Distribution Amount Per Share August 10, 2026 September 15, 2026 September 29, 2026 Regular Dividend $0.42 May 11, 2026 June 15, 2026 June 29, 2026 Regular Dividend $0.42 February 26, 2026 March 16, 2026 March 30, 2026 Regular Dividend $0.42 December 22, 2025 December 31, 2025 January 26, 2026 Special Dividend $0.15 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