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1. Like a publicly traded version of a private credit fund, similar to the lending divisions of firms such as Apollo or KKR.

2. A specialized public bank that exclusively provides complex loans to mid-sized private companies, rather than traditional clients.

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• First Lien Senior Secured Debt: Provides capital through senior, secured loans, including first lien, first lien/last out, and unitranche structures, to middle-market companies.
• Junior Debt Investments: Offers subordinated debt solutions, such as second lien and mezzanine loans, often with equity features, for various corporate purposes.
• Equity Investments: Makes direct equity investments, typically alongside debt, to support the strategic growth and initiatives of private companies.

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Bain Capital GSS Investment (symbol: BCSS) was a Special Purpose Acquisition Company (SPAC). A SPAC's primary business model is to raise capital through an initial public offering (IPO) with the explicit goal of acquiring and merging with an existing private company, thereby taking that company public.

In this context, the primary "customer" or beneficiary of the SPAC's service would be the private operating company that agrees to merge with it, as the SPAC provides a pathway for that company to become publicly traded.

However, Bain Capital GSS Investment (BCSS) failed to complete an initial business combination (acquisition) within its mandated timeframe and consequently dissolved and liquidated its operations in March 2024.

As BCSS dissolved without ever acquiring a target company, it never had "customers" in the context of providing its core service of taking a private company public, nor did it sell traditional products or services to other companies or individuals.

While not traditional "customers" buying a product or service, BCSS did have shareholders who purchased its units/shares, thereby providing the capital for its operations. These investors typically fall into the following categories:

• Institutional Investors: These are "other companies" such as hedge funds, mutual funds, pension funds, and other asset management firms that allocate capital to SPACs. Due to the nature of SPAC IPO allocations and secondary market trading, specific major institutional investors for BCSS are not publicly disclosed, and they are considered shareholders rather than customers.
• Individual Retail Investors: These are private individuals who purchased BCSS shares on the open market, investing in the SPAC with the expectation of returns from a future business combination.

Given its dissolution, BCSS ultimately did not provide its intended service to any "customer" company.

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• Goldman Sachs & Co. LLC (Symbol: GS)
• J.P. Morgan Securities LLC (Symbol: JPM)
• Barclays Capital Inc. (Symbol: BCS)
• BofA Securities, Inc. (Symbol: BAC)

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Angelo Rufino, Chief Executive Officer

Mr. Rufino became CEO of Bain Capital GSS Investment Corp. He joined Bain Capital, LP in 2024 and is a Partner and Head of Special Situations in North America and Corporate Special Situations in Europe, leading investments across corporate, real estate, structured solutions, hard assets, and opportunistic strategies. Prior to joining Bain Capital from 2014 to 2024, he was a Managing Partner at Brookfield Asset Management, where he held senior leadership roles across private equity and credit, including serving as Global Head and Chief Investment Officer of Brookfield Special Investments. At Brookfield, he also oversaw the firm's music royalties business, homebuilder finance strategy, and was a key investor in its insurance business. Earlier in his career, Mr. Rufino helped establish Brigade Capital's distressed credit and special situations group, worked in investment banking at J.P. Morgan, and began his career as an Examiner at the SEC. His extensive experience at Brookfield and Bain Capital indicates a pattern of managing and investing in companies often backed by private equity firms.

Patrick Dury, Chief Financial Officer

Mr. Dury has served as Chief Financial Officer of Bain Capital GSS Investment Corp. since July 2025. He has also served as Chief Financial Officer of Bain Capital Special Situations since 2015, where he is responsible for overseeing financial operations and reporting. In 2018, he served as Interim Chief Financial Officer of Bain Capital Specialty Finance, Inc. Before joining Bain Capital, he was a Senior Manager in the Asset Management practice at PricewaterhouseCoopers, specializing in alternative investment products. His roles at Bain Capital entities demonstrate a consistent pattern of managing financial operations for private equity-backed or related investment vehicles.

Jeffrey Chung, Chief Operating Officer

Mr. Chung serves as the Chief Operating Officer of Bain Capital GSS Investment Corp.

Barnaby Lyons, Chairman

Mr. Lyons is the Chairman of Bain Capital GSS Investment Corp.

David J. Greenwald, Independent Director

Mr. Greenwald serves as an Independent Director on the Board of Bain Capital GSS Investment Corp.

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Key Risks:

1. Execution Risk of Business Combination: As a newly formed blank check company, Bain Capital GSS Investment's primary objective is to effect a merger, share exchange, asset acquisition, or similar business combination. A significant risk lies in its ability to identify and successfully complete a high-quality merger target. The company currently lacks a pre-announced target, which introduces uncertainty for investors who increasingly seek transparency in SPACs. The success of BCSS will ultimately depend on its capacity to execute a merger that justifies its valuation.
2. Potential Conflicts of Interest with Sponsor: Critics have raised concerns that Bain Capital's historical focus on aggressive financial engineering and dividend recaps may not fully align with the long-term value creation for public SPAC investors. There is a worry that pressure to deploy capital and collect fees could result in a mediocre or risky deal that primarily benefits the sponsor rather than the shareholders of Bain Capital GSS Investment.
3. Lack of Operating History and Financial Data: Bain Capital GSS Investment was incorporated in March 2025 and completed its initial public offering in September 2025. Consequently, the company has not yet reported any financial data and there is insufficient information to determine its performance against industry benchmarks or the broader market. This absence of an operational history and established financial performance presents inherent uncertainty regarding its future prospects.

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Expected Drivers of Future Revenue Growth for Bain Capital GSS Investment (BCSS)

Bain Capital GSS Investment (BCSS) is a Special Purpose Acquisition Company (SPAC) formed in 2025, with its revenue growth over the next 2-3 years directly tied to its ability to successfully complete a business combination. Given its structure, the drivers of future revenue are distinct from those of an operating company and are centered on its acquisition strategy and the subsequent performance of the acquired entity.

1. Successful Completion of a Business Combination: As a SPAC, BCSS's fundamental driver of future revenue growth will be the successful identification and completion of a merger, share exchange, asset acquisition, or similar business combination with one or more operating businesses. The revenue profile of BCSS will entirely transform to that of the acquired company post-combination.
2. Strategic Selection of a Target Company with Strong Growth Potential: BCSS explicitly aims to acquire businesses that possess "durable, defensible models and significant long-term growth potential." Therefore, the inherent growth trajectory and market position of the strategically chosen target company will be a primary determinant of BCSS's revenue expansion in the future.
3. Value Creation through Bain Capital's Operational Expertise: A key aspect of BCSS's strategy is to "leverage Bain Capital's global resources, structuring expertise, and portfolio value-creation capabilities to build a high-quality public company." This indicates that post-acquisition, active operational support, strategic guidance, and potential synergies introduced by Bain Capital are expected to enhance the acquired company's performance and drive its revenue growth.
4. Focus on Complex Situations for Unlocking Value: BCSS targets "complex situations such as corporate carve-outs, recapitalizations, and strategic repositionings where bespoke capital solutions and hands-on operational support can unlock value." By focusing on these specific types of transactions, BCSS anticipates it can acquire assets with significant untapped potential, thereby driving substantial revenue growth and value creation through strategic intervention and restructuring.

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Share Repurchases

• Bain Capital Specialty Finance, Inc. has an existing share buyback program.
• The company has not actively utilized its share buyback program recently, instead evaluating it against alternative capital deployment strategies.

Share Issuance

• BCSF opportunistically tapped its At-the-Market (ATM) program in Q1 2025, though it was not utilized extensively due to prevailing market trading conditions.
• The ATM program remains available for future use, contingent on market trading levels.

Outbound Investments

• As of September 30, 2025, Bain Capital Specialty Finance, Inc.'s investment portfolio had a fair value of $2.5 billion, spread across 195 companies in 31 industries.
• During Q3 2025, gross originations of new investments totaled $340 million.
• The portfolio predominantly consists of senior secured, floating-rate loans, with 64% in first lien debt at fair value as of September 30, 2025, and recent investments have focused on sectors such as healthcare, high tech, and business services.