Bain Capital Specialty Finance, Inc. Fact Sheet* June 30, 2017 Bain Capital Specialty Finance, Inc. (the “Company”) is an externally managed business development company that commenced investment operations on October 13, 2016. adviser. Fund Performance The Company is managed by BCSF Advisors, LP, an SEC registered investment Portfolio Composition Market Value by Geography 4%3%1% US UK Lux Ireland Netherlands 85% Market Value by Industry High Tech Industries Healthcare & Pharmaceuticals Services: Business Aerospace & Defense Capital Equipment Media: Diversified & Production Containers, Packaging & Glass Construction & Building Retail Telecommunications Wholesale Automotive Utilities: Electric Chemicals, Plastics & Rubber Metals & Mining Consumer Goods: Non-Durable Hotel, Gaming, & Leisure Transportation: Cargo 1% 2%2%2%1% 2% 2% Market Value by Security Type 17% 2% 1% 4% First Lien Senior Secured Loan First Lien Last Out Term Loan 4% 5% Second Lien Senior Secured Loan 80% Corporate Bond 15% 6% Equity Interest 7% Top Holdings (by Issuer) *An investment in the Company involves a high degree of risk and may be considered speculative. Potential investors are advised to consider the investment objectives, risks, and charges and expenses of the Company carefully before investing. Potential investors should read and carefully consider all information found in the Company’s reports filed with the U.S. Securities and Exchange Commission (“SEC”) before investing. This fact sheet is intended as informational only and is not intended as investment advice or for trading purposes. For additional information, contact your financial advisor. This fact sheet does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy our common stock or any other securities nor will there be any sale of the common stock or any other securities referred to in this fact sheet in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. All footnotes referenced above are contained on the following page. 1 CompanyIndustry$Asset Type CouponMaturity DateFair Value (USD) Adler & Allan Group Limited(5)(6) Services: BusinessFirst Lien Last Out Term Loan8.00%6/30/202419,179,407 Zywave, Inc.High Tech IndustriesFirst Lien Senior Secured Loan6.27%11/17/202217,818,113 Zywave, Inc.(7) High Tech IndustriesRevolver-11/17/2022-U.S. Anesthesia Partners, Inc.Healthcare & Pharmaceuticals Second Lien Senior Secured Loan8.47%6/23/202516,272,200 Endo Luxembourg Holding Company S.a.r.l. and NIMA(5)(6) Healthcare & Pharmaceuticals First Lien Senior Secured Loan5.50%4/29/202415,144,135 American Tire Distributors, Inc.WholesaleFirst Lien Senior Secured Loan5.48%9/1/202115,004,480 Qlik TechnologiesHigh Tech IndustriesFirst Lien Senior Secured Loan4.67%4/26/202414,926,875 K-Mac Holdings CorporationRetailFirst Lien Senior Secured Loan5.97%12/20/202214,305,320 K-Mac Holdings Corporation(7)RetailRevolver3.50%2/28/2022244,267 FineLine Technologies, Inc.Capital EquipmentFirst Lien Senior Secured Loan6.05%11/2/202214,512,058 FineLine Technologies, Inc.(4)(7) Capital EquipmentRevolver-11/2/2021(39,311) Netsmart Technologies, Inc.High Tech IndustriesFirst Lien Senior Secured Loan5.80%4/19/202314,465,747 TECT Power Holdings, LLCAerospace & DefenseSecond Lien Senior Secured Loan9.73%12/27/202114,462,810 Percent Floating / Fixed(2):97.7% / 2.3% Weighted Average Yield (investments)(3):6.5% Percent Called (of total committed capital):40% Total Assets:$613.4M Net Asset Value:$504.5M Total Liabilities:$109.0M Net Asset Value per Share:$20.25 Total Number of Companies:50 Distributions Quarterly Distributions:$3.9M Year-to-Date Distributions:$3.9M YTD(1) Total Return Based on Net Asset Value:1.6%

Footnotes All data as of June 30, 2017. Percentages and other information in this fact sheet may have been rounded. 1. Total return based on net asset value is calculated as the change in net asset value per share during the six months ended June 30, 2017, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan. Total return has not been annualized. In evaluating the Company’s prior performance in this fact sheet, you should remember that past performance is not indicative of future results and there can be no assurance that the Company will achieve similar results in the future. Further, an investment in the Company is discrete from, and does not represent an interest in, any other Bain Capital entity. Measured on fair value basis. Based upon the par value of our debt investments. The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. The Company has made these investments with affiliated investment funds through intermediary entities (together, the “Intermediary Entities”). The Company is issued a specified interest in connection with these investments made through the Intermediary Entities, such that the Company receives the rights and commitments of such investments. These rights, and unfunded obligations, if any, are based upon the Company’s pro-rata specified interest of such investments. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused facility fee. 2. 3. 4. 5. 6. 7. 2