Bain Capital Specialty Finance Inc 2026年季度报告

(617) 516‑2000(Registrant’s Telephone Number, Including Area Code)Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/ASecurities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerginggrowth company” in Rule 12b‑2 of the Exchange Act. Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes☐No☒As of May 11, 2026, the registrant had 64,868,507 shares of common stock outstanding. TABLE OF CONTENTS PagePART IFINANCIAL INFORMATION3Item 1.Consolidated Financial Statements3Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 20253Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)4Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025(unaudited)5Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)6Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 20257Notes to Consolidated Financial Statements (unaudited)51Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations131Item 3.Quantitative and Qualitative Disclosures About Market Risk150Item 4.Controls and Procedures151PART II OTHER INFORMATIONItem 1.Legal Proceedings151Item 1A.Risk Factors151Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities151Item 3.Default Upon Senior Securities151Item 4.Mine Safety Disclosures151Item 5.Other Information152Item 6.Exhibits, Consolidated Financial Statement Schedules153Signatures158 FORWARD-LOOKING STATEMENTS Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to currentand future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates,projections, opinions and/or beliefs of Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”), BCSFAdvisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Suchstatements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon.Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the useof forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,”“continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to variousrisks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflectedor contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject torisks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actualresults to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, therisks, uncertainties and other factors we identify in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report onForm 10-K (the “Annual Report”) for the fiscal year ended December 31, 2025 and in our filings with the Securities and ExchangeCommission (the “SEC”). iiAlthough we believe that the assumptions on which these forward-looking statements are based are reasonable, some ofthose assum