Bain Capital Specialty Finance (BCSF) reported Q4 2025 net investment income (NII) of USD 0.46 per share, equating to an annualized NII yield on book value of 10.6%, and net income of USD 0.43 per share, equating to an annualized return on book value of 9.9%. Net asset value (NAV) was USD 17.23 per share at December 31, 2025, up 0.1% versus September 30, 2025 excluding special distributions totaling USD 0.18 per share during Q4. Total investment income in Q4 2025 was USD 68.2 million, including USD 60.5 million of interest income, while net investment income was USD 29.7 million. BCSF said its investment portfolio totaled USD 2.5 billion at fair value at quarter-end, invested across 203 portfolio companies, with a 10.8% weighted average yield at amortized cost; non-accruals represented 1.5% of the portfolio at amortized cost and 0.8% at fair value. Net debt-to-equity ended the quarter at 1.24x, and liquidity totaled USD 690 million, including USD 604 million of undrawn revolving capacity and USD 59 million of cash and cash equivalents (including USD 33 million of restricted cash). The board declared a Q1 2026 regular dividend of USD 0.42 per share, payable March 30, 2026, and the company noted it closed a USD 350.0 million offering of 5.950% unsecured notes due 2031 on January 29, 2026, with proceeds primarily used to repay secured indebtedness and for general corporate purposes.

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