BCSF

Bain Capital Specialty Finance

Bain Capital · Q4 2025 (3 months ago)

SEC EDGAR ↗

$2.9BPortfolio FV

531Positions(429 debt, 102 equity)

98.8¢Avg Mark

65Stressed

Portfolio Quality

Portfolio Healthⓘ

A100/ 100

Non-accrual: 0.0%

Stressed: 9.3%

Avg mark: 98.8¢

Grade: A (90+) · B (80-89) · C (70-79) · D (60-69) · F (<60)|Factors: distressed non-accruals (mark <95%), stressed positions, avg mark, first lien %

Data Quality

90%

Fair Value

88%

Spread

81%

Lien

100%

Mark

89%

Avg Spread

593bps

Fair-value weighted

Avg Mark

98.8¢

40 stressed (<90¢)

First Lien

95%

Senior secured positions

PIK Income

21%

Deferred interest yield

Non-Accrual

0.0%

Of portfolio FV

Portfolio Mix

429debt

102 equity positions

Key Financials

NAV / Share

17.23$

↓

Net Asset Value per share

Dividend Coverage

1.05x

Tight coverage

NII per share ÷ Dividend per share

Leverage

0.87x

Debt ÷ Equity

Total Assets

4.0B

Total portfolio value

NII / Share

0.42$

Annual

Net Investment Income per share

Dividend / Share

0.40$

Quarterly

Most recent quarterly dividend

Est. Div Yield

9.3%

Annualized

Estimated annual dividend yield

Total Debt

1.9B

Total debt outstanding

Equity

2.1B

Total assets - Total debt

Historical Trends

NAV Per Share — 8 Quarters

-2.7% over period

NAVAnnualized Div

NII vs Dividend Coverage

Latest: 1.05x coverage (avg: 1.04x)

NII/shareCoverage

Portfolio Composition

Investment Type

531positions

First Lien407

Equity102

Subordinated18

Second Lien4

Rate Type

SOFR290

Fixed180

Euribor27

SONIA23

+4 more

Top Sectors

Top Borrowers by FV

Include equity

Excluding 102 equity/SPV positions

Fair Value Mark Distribution

1.4% stressed(<80¢, $34M)12.2% watchlist(80–95¢, $299M)86.4% healthy(≥95¢, $2110M)

Weighted median mark: 100.0¢

Fair value mark — cents on dollar (debt positions only, weighted by fair value)

Schedule of Investments531 positions

PIK onlyStressed only

PIK = Payment-in-Kind (deferred interest)NA = Non-accrual (not collecting interest)⚠ = Stressed (mark <90¢)

Company	#	Sector	Total FV ▼	Avg Mark	Status(PIK● NA● ⚠)
▶International Senior Loan Program, LLC	2	Investment Vehicles	$234.3M	100.0¢	⚠ 1
▶Bain Capital Senior Loan Program, LLC	3	Investment Vehicles	$164.8M	92.9¢	⚠ 1
▶American Trailer Rental Group	5	Automotive	$82.7M	98.7¢	PIK: 5
▶AEG Vision	4	Healthcare & Pharmaceuticals	$77.6M	100.6¢
▶Forward Slope	11	Aerospace & Defense	$75.0M	101.9¢
▶SauceCo HoldCo, LLC	2	Beverage, Food & Tobacco	$72.8M	97.0¢
▶Legacy Corporate Lending HoldCo, LLC	2	Finance	$70.0M	—
▶Gills Point S	14	Automotive	$58.7M	100.1¢	PIK: 6
▶Gale Aviation (Offshore) Co	1	Aerospace & Defense	$55.8M	—	⚠ 1
▶BTX Precision	10	Aerospace & Defense	$52.4M	100.8¢
▶Solaray, LLC	3	Non-Durable	$49.6M	93.2¢
▶Titan Cloud Software, Inc	4	Environmental Industries	$48.1M	100.5¢
▶Mach Acquisition T/L	2	Aerospace & Defense	$47.8M	100.7¢	PIK: 1
▶Lightning Holdings B, LLC	1	Cargo	$47.4M	—
▶SAM (19)(26)	1	High Tech Industries	$44.0M	100.3¢	PIK: 1
▶AgroFresh Solutions	6	Beverage, Food & Tobacco	$40.4M	100.5¢
▶DTIQ	4	Business	$34.4M	98.6¢	⚠ 1
▶Applitools	3	High Tech Industries	$32.5M	96.9¢	PIK: 1⚠ 2
▶Taoglas	7	Telecommunications	$32.2M	99.3¢	⚠ 2
▶Service Master	8	Construction & Building	$31.6M	100.2¢	PIK: 6

Page 1 of 13 (254 companies, 531 positions)

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