\nBain Capital Specialty Finance, Inc. (NYSE: BCSF, the \u201cCompany\u201d, \u201cour\u201d or \u201cwe\u201d) today announced financial results for the second quarter ended June 30, 2023, and that its Board of Directors has declared a dividend of $0.42 per share for the third quarter of 2023.<\/p>\n
\n\u201cOur net investment income increased 20% quarter-over-quarter driven by the continued benefits of higher interest rates across our well-diversified portfolio of largely senior secured, floating rate loans,\u201d said Michael Ewald, Chief Executive Officer of BCSF. \u201cAs a result of the Company\u2019s strong earnings and the continued stable credit performance across our high-quality portfolio, we are raising our regular quarterly dividend by 10.5% to $0.42 per share, which represents the third increase for our shareholders in the past twelve months.\u201d<\/p>\n
QUARTERLY HIGHLIGHTS<\/b><\/p>\n SELECTED FINANCIAL HIGHLIGHTS<\/b><\/p>\n \n($ in millions, unless otherwise noted)<\/p>\n<\/td>\n Q2 2023<\/b><\/p>\n<\/td>\n Q1 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet investment income per share<\/p>\n<\/td>\n \n$0.60<\/p>\n<\/td>\n \n$0.50<\/p>\n<\/td>\n<\/tr>\n \nNet investment income<\/p>\n<\/td>\n \n$38.9<\/p>\n<\/td>\n \n$32.2<\/p>\n<\/td>\n<\/tr>\n \nEarnings per share<\/p>\n<\/td>\n \n$0.45<\/p>\n<\/td>\n \n$0.45<\/p>\n<\/td>\n<\/tr>\n \nDividends per share declared and payable<\/p>\n<\/td>\n \n$0.38<\/p>\n<\/td>\n \n$0.38<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n($ in millions, unless otherwise noted)<\/p>\n<\/td>\n As of As of \nTotal fair value of investments<\/p>\n<\/td>\n \n$2,385.3<\/p>\n<\/td>\n \n$2,415.4<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n \n$2,675.4<\/p>\n<\/td>\n \n$2,606.4<\/p>\n<\/td>\n<\/tr>\n \nTotal net assets<\/p>\n<\/td>\n \n$1,125.8<\/p>\n<\/td>\n \n$1,121.1<\/p>\n<\/td>\n<\/tr>\n \nNet asset value per share<\/p>\n<\/td>\n \n$17.44<\/p>\n<\/td>\n \n$17.37<\/p>\n<\/td>\n<\/tr>\n PORTFOLIO AND INVESTMENT ACTIVITY<\/b><\/p>\n \nFor the three months ended June 30, 2023, the Company invested $197.5 million in 46 portfolio companies, including $119.8 million in six new companies, $47.7 million in 39 existing companies and $30.0 million in Senior Loan Program, LLC (\u201cSLP\u201d). The Company had $227.8 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(30.3) million.<\/p>\n Investment Activity for the Quarter Ended June 30, 2023:<\/b><\/p>\n \n($ in millions)<\/p>\n<\/td>\n Q2 2023<\/b><\/p>\n<\/td>\n Q1 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \nInvestment Fundings<\/p>\n<\/td>\n \n$197.5<\/p>\n<\/td>\n \n$308.0<\/p>\n<\/td>\n<\/tr>\n \nSales and Repayments<\/p>\n<\/td>\n \n$227.8<\/p>\n<\/td>\n \n$285.4<\/p>\n<\/td>\n<\/tr>\n \nNet Investment Activity<\/p>\n<\/td>\n \n$(30.3)<\/p>\n<\/td>\n \n$22.6<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAs of June 30, 2023, the Company\u2019s investment portfolio had a fair value of $2,385.3 million, comprised of investments in 142 portfolio companies operating across 30 different industries.<\/p>\n Investment Portfolio at Fair Value as of June 30, 2023:<\/b><\/p>\n Investment Type<\/b><\/p>\n<\/td>\n $ in Millions<\/b><\/p>\n<\/td>\n % of Total<\/b><\/p>\n<\/td>\n<\/tr>\n \nFirst Lien Senior Secured Loans<\/p>\n<\/td>\n \n$1,532.4<\/p>\n<\/td>\n \n64.2%<\/p>\n<\/td>\n<\/tr>\n \nSecond Lien Senior Secured Loans<\/p>\n<\/td>\n \n85.8<\/p>\n<\/td>\n \n3.6<\/p>\n<\/td>\n<\/tr>\n \nSubordinated Debt<\/p>\n<\/td>\n \n44.5<\/p>\n<\/td>\n \n1.9<\/p>\n<\/td>\n<\/tr>\n \nStructured Products<\/p>\n<\/td>\n \n23.2<\/p>\n<\/td>\n \n1.0<\/p>\n<\/td>\n<\/tr>\n \nPreferred Equity<\/p>\n<\/td>\n \n99.6<\/p>\n<\/td>\n \n4.2<\/p>\n<\/td>\n<\/tr>\n \nEquity Interests<\/p>\n<\/td>\n \n229.7<\/p>\n<\/td>\n \n9.6<\/p>\n<\/td>\n<\/tr>\n \nWarrants<\/p>\n<\/td>\n \n0.5<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n<\/tr>\n \nInvestment Vehicles<\/p>\n<\/td>\n \n369.6<\/p>\n<\/td>\n \n15.5<\/p>\n<\/td>\n<\/tr>\n \nSubordinated Note in ISLP<\/p>\n<\/td>\n \n187.0<\/p>\n<\/td>\n \n7.8<\/p>\n<\/td>\n<\/tr>\n \nEquity Interest in ISLP<\/p>\n<\/td>\n \n65.8<\/p>\n<\/td>\n \n2.8<\/p>\n<\/td>\n<\/tr>\n \nSubordinated Note in SLP<\/p>\n<\/td>\n \n116.0<\/p>\n<\/td>\n \n4.9<\/p>\n<\/td>\n<\/tr>\n \nPreferred and Equity Interest in SLP<\/p>\n<\/td>\n \n0.8<\/p>\n<\/td>\n \n0.0<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n $2,385.3<\/b><\/p>\n<\/td>\n 100.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAs of June 30, 2023, the weighted average yield on the investment portfolio at amortized cost and fair value were 12.8% and 13.0%, respectively, as compared to 12.3% and 12.5%, respectively, as of March 31, 2023.(4)<\/sup> 94.1% of the Company\u2019s debt investments at fair value were in floating rate securities.<\/p>\n \nAs of June 30, 2023, two portfolio companies were on non-accrual status, representing 2.1% and 0.0% of the total investment portfolio at amortized cost and fair value, respectively.<\/p>\n \nAs of June 30, 2023, ISLP\u2019s investment portfolio had an aggregate fair value of $686.6 million, comprised of investments in 39 portfolio companies operating across 19 different industries. The investment portfolio on a fair value basis was comprised of 93.7% first lien senior secured loans, 3.0% second lien senior secured loans and 3.3% equity interests. 100% of ISLP\u2019s debt investments at fair value were in floating rate securities.<\/p>\n \nAs of June 30, 2023, SLP\u2019s investment portfolio had an aggregate fair value of $830.1 million, comprised of investments in 60 portfolio companies operating across 25 different industries.(5)<\/sup> The investment portfolio on a fair value basis was comprised of 97.4% first lien senior secured loans and 2.6% second lien senior secured loans. 98.9% of SLP\u2019s debt investments at fair value were in floating rate securities.<\/p>\n RESULTS OF OPERATIONS<\/b><\/p>\n \nFor the three months ended June 30, 2023 and March 31, 2023, total investment income was $75.7 million and $74.7 million, respectively. The increase in investment income was primarily due to an increase in interest income as a result of higher base rates, partially offset by lower other income.<\/p>\n \nTotal expenses (before taxes) for the three months ended June 30, 2023 and March 31, 2023 were $35.7 million and $42.0 million, respectively.<\/p>\n \nNet investment income for the three months ended June 30, 2023 and March 31, 2023 was $38.9 million or $0.60 per share and $32.2 million or $0.50 per share, respectively.<\/p>\n \nDuring the three months ended June 30, 2023, the Company had net realized and unrealized gains (losses) of $(9.7) million.<\/p>\n \nNet increase in net assets resulting from operations for the three months ended June 30, 2023 was $29.2 million, or $0.45 per share.<\/p>\n CAPITAL AND LIQUIDITY<\/b><\/p>\n \nAs of June 30, 2023, the Company had total principal debt outstanding of $1,498.5 million, including $546.0 million outstanding in the Company\u2019s Sumitomo Credit Facility, $352.5 million outstanding of the debt issued through BCC Middle Market CLO 2019-1 LLC, $300.0 million outstanding in the Company\u2019s senior unsecured notes due March 2026 and $300.0 million outstanding in the Company\u2019s senior unsecured notes due October 2026.<\/p>\n \nFor the three months ended June 30, 2023, the weighted average interest rate on debt outstanding was 5.2%, as compared to 5.0% for the three months ended March 31, 2023.<\/p>\n \nAs of June 30, 2023, the Company had cash and cash equivalents (including foreign cash) of $92.3 million, restricted cash and cash equivalents of $36.2 million, $95.7 million of unsettled trades, net of receivables and payables of investments, and $104.3 million of capacity under its Sumitomo Credit Facility. As of June 30, 2023, the Company had $276.0 million of undrawn investment commitments.<\/p>\n \nAs of June 30, 2023, the Company\u2019s debt-to-equity and net debt-to-equity ratios were 1.33x and 1.13x, respectively, as compared to 1.26x and 1.16x, respectively, as of March 31, 2023(2)<\/sup>.<\/p>\n Endnotes<\/b><\/p>\n CONFERENCE CALL INFORMATION<\/b><\/p>\n \nA conference call to discuss the Company\u2019s financial results will be held live at 8:30 a.m. Eastern Time on August 9, 2023. Please visit BCSF\u2019s webcast link located on the Events & Presentations page of the Investor Resources section of BCSF\u2019s website at http:\/\/www.baincapitalspecialtyfinance.com for a slide presentation that complements the Earnings Conference Call.<\/p>\n \nParticipants are also invited to access the conference call by dialing one of the following numbers:<\/p>\n \nAll participants will need to reference \u201cBain Capital Specialty Finance – Second Quarter Ended June 30, 2023 Earnings Conference Call\u201d once connected with the operator. All participants are asked to dial in 10-15 minutes prior to the call.<\/p>\n \nReplay Information:<\/p>\n \nAn archived replay will be available approximately three hours after the conference call concludes through August 16, 2023 via a webcast link located on the Investor Resources section of BCSF\u2019s website, and via the dial-in numbers listed below:<\/p>\n Bain Capital Specialty Finance, Inc.<\/b><\/p>\n Consolidated Statements of Assets and Liabilities \n1,669,079<\/p>\n<\/td>\n \n1,774,947<\/p>\n<\/td>\n<\/tr>\n \n191,995<\/p>\n<\/td>\n \n173,400<\/p>\n<\/td>\n<\/tr>\n \n524,198<\/p>\n<\/td>\n \n438,630<\/p>\n<\/td>\n<\/tr>\n \n87,727<\/p>\n<\/td>\n \n30,205<\/p>\n<\/td>\n<\/tr>\n \n4,612<\/p>\n<\/td>\n \n29,575<\/p>\n<\/td>\n<\/tr>\n \n36,243<\/p>\n<\/td>\n \n65,950<\/p>\n<\/td>\n<\/tr>\n \n7,545<\/p>\n<\/td>\n \n9,612<\/p>\n<\/td>\n<\/tr>\n \n3,276<\/p>\n<\/td>\n \n3,742<\/p>\n<\/td>\n<\/tr>\n \n40,342<\/p>\n<\/td>\n \n34,270<\/p>\n<\/td>\n<\/tr>\n \n95,893<\/p>\n<\/td>\n \n18,166<\/p>\n<\/td>\n<\/tr>\n \n605<\/p>\n<\/td>\n \n194<\/p>\n<\/td>\n<\/tr>\n \n55<\/p>\n<\/td>\n \n62<\/p>\n<\/td>\n<\/tr>\n \n13,818<\/p>\n<\/td>\n \n13,681<\/p>\n<\/td>\n<\/tr>\n \n2,675,388<\/p>\n<\/td>\n \n2,592,434<\/p>\n<\/td>\n<\/tr>\n \n1,489,607<\/p>\n<\/td>\n \n1,385,303<\/p>\n<\/td>\n<\/tr>\n \n15,897<\/p>\n<\/td>\n \n12,130<\/p>\n<\/td>\n<\/tr>\n \n233<\/p>\n<\/td>\n \n34,292<\/p>\n<\/td>\n<\/tr>\n \n9,116<\/p>\n<\/td>\n \n8,906<\/p>\n<\/td>\n<\/tr>\n \n4,008<\/p>\n<\/td>\n \n9,216<\/p>\n<\/td>\n<\/tr>\n \n1,308<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \n4,906<\/p>\n<\/td>\n \n2,954<\/p>\n<\/td>\n<\/tr>\n \n24,534<\/p>\n<\/td>\n \n23,242<\/p>\n<\/td>\n<\/tr>\n \n1,549,609<\/p>\n<\/td>\n \n1,476,043<\/p>\n<\/td>\n<\/tr>\n \n65<\/p>\n<\/td>\n \n65<\/p>\n<\/td>\n<\/tr>\n \n1,168,384<\/p>\n<\/td>\n \n1,168,384<\/p>\n<\/td>\n<\/tr>\n \n(42,670)<\/p>\n<\/td>\n \n(52,058)<\/p>\n<\/td>\n<\/tr>\n \n1,125,779<\/p>\n<\/td>\n \n1,116,391<\/p>\n<\/td>\n<\/tr>\n \n2,675,388<\/p>\n<\/td>\n \n2,592,434<\/p>\n<\/td>\n<\/tr>\n \n17.44<\/p>\n<\/td>\n \n17.29<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nSee Notes to Consolidated Financial Statements<\/p>\n Bain Capital Specialty Finance, Inc.<\/b><\/p>\n Consolidated Statements of Operations 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \n47,101<\/p>\n<\/td>\n \n29,769<\/p>\n<\/td>\n<\/tr>\n \n61<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \n6,249<\/p>\n<\/td>\n \n2,375<\/p>\n<\/td>\n<\/tr>\n \n1,922<\/p>\n<\/td>\n \n7,690<\/p>\n<\/td>\n<\/tr>\n \n55,333<\/p>\n<\/td>\n \n39,834<\/p>\n<\/td>\n<\/tr>\n \n2,525<\/p>\n<\/td>\n \n1,901<\/p>\n<\/td>\n<\/tr>\n \n1,630<\/p>\n<\/td>\n \n1,851<\/p>\n<\/td>\n<\/tr>\n \n628<\/p>\n<\/td>\n \n45<\/p>\n<\/td>\n<\/tr>\n \n4,783<\/p>\n<\/td>\n \n3,797<\/p>\n<\/td>\n<\/tr>\n \n8,562<\/p>\n<\/td>\n \n4,214<\/p>\n<\/td>\n<\/tr>\n \n7,037<\/p>\n<\/td>\n \n4,519<\/p>\n<\/td>\n<\/tr>\n \n15,599<\/p>\n<\/td>\n \n8,733<\/p>\n<\/td>\n<\/tr>\n \n75,715<\/p>\n<\/td>\n \n52,364<\/p>\n<\/td>\n<\/tr>\n \n20,459<\/p>\n<\/td>\n \n11,027<\/p>\n<\/td>\n<\/tr>\n \n9,116<\/p>\n<\/td>\n \n8,451<\/p>\n<\/td>\n<\/tr>\n \n4,008<\/p>\n<\/td>\n \n4,069<\/p>\n<\/td>\n<\/tr>\n \n451<\/p>\n<\/td>\n \n446<\/p>\n<\/td>\n<\/tr>\n \n179<\/p>\n<\/td>\n \n179<\/p>\n<\/td>\n<\/tr>\n \n1,493<\/p>\n<\/td>\n \n1,477<\/p>\n<\/td>\n<\/tr>\n \n35,706<\/p>\n<\/td>\n \n25,649<\/p>\n<\/td>\n<\/tr>\n \n40,009<\/p>\n<\/td>\n \n26,715<\/p>\n<\/td>\n<\/tr>\n \n1,097<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \n38,912<\/p>\n<\/td>\n \n26,715<\/p>\n<\/td>\n<\/tr>\n \n(229)<\/p>\n<\/td>\n \n(2,576)<\/p>\n<\/td>\n<\/tr>\n \n(321)<\/p>\n<\/td>\n \n3,166<\/p>\n<\/td>\n<\/tr>\n \n\u2014<\/p>\n<\/td>\n \n2,018<\/p>\n<\/td>\n<\/tr>\n \n127<\/p>\n<\/td>\n \n(2,051)<\/p>\n<\/td>\n<\/tr>\n \n(1,476)<\/p>\n<\/td>\n \n8,124<\/p>\n<\/td>\n<\/tr>\n \n(6,925)<\/p>\n<\/td>\n \n(27,206)<\/p>\n<\/td>\n<\/tr>\n \n(432)<\/p>\n<\/td>\n \n9,102<\/p>\n<\/td>\n<\/tr>\n \n(485)<\/p>\n<\/td>\n \n(63)<\/p>\n<\/td>\n<\/tr>\n \n(9,741)<\/p>\n<\/td>\n \n(9,486)<\/p>\n<\/td>\n<\/tr>\n \n29,171<\/p>\n<\/td>\n \n17,229<\/p>\n<\/td>\n<\/tr>\n \n0.60<\/p>\n<\/td>\n \n0.41<\/p>\n<\/td>\n<\/tr>\n \n0.45<\/p>\n<\/td>\n \n0.27<\/p>\n<\/td>\n<\/tr>\n \n64,562,265<\/p>\n<\/td>\n \n64,562,265<\/p>\n<\/td>\n<\/tr>\n<\/table>\n About Bain Capital Specialty Finance, Inc.<\/b><\/p>\n \nBain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through June 30, 2023, BCSF has invested approximately $6.8 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF\u2019s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien\/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis letter may contain \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230808429984\/en\/<\/a><\/span><\/p>\n \nInvestor Contact: \nMedia Contact: KEYWORDS:<\/b> Massachusetts United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Finance Consulting Professional Services Other Professional Services Asset Management<\/p>\n\n
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<\/b>June 30, 2023<\/b><\/p>\n<\/td>\n\n
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<\/b>March 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
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<\/b>(in thousands, except share and per share data)<\/b><\/p>\n\n
\n \n \n As of<\/b><\/td>\n \n \n As of<\/b><\/td>\n<\/tr>\n \n \n \n 30-Jun-23<\/b><\/td>\n \n \n 31-Dec-22<\/b><\/td>\n<\/tr>\n \n \n \n (Unaudited)<\/b><\/td>\n \n \n \n <\/tr>\n \n Assets<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Investments at fair value:<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Non-controlled\/non-affiliate investments (amortized cost of $1,745,841 and $1,846,172, respectively)<\/td>\n \n $<\/td>\n \n \n \n \n $<\/td>\n \n \n \n Non-controlled\/affiliate investment (amortized cost of $149,376 and $133,808, respectively)<\/td>\n \n \n \n \n \n \n \n \n \n \n Controlled affiliate investment (amortized cost of $520,410 and $439,958, respectively)<\/td>\n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n \n Foreign cash (cost of $5,203 and $34,528, respectively)<\/td>\n \n \n \n \n \n \n \n \n \n \n Restricted cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n \n \n Collateral on forward currency exchange contracts<\/td>\n \n \n \n \n \n \n \n \n \n \n Deferred financing costs<\/td>\n \n \n \n \n \n \n \n \n \n \n Interest receivable on investments<\/td>\n \n \n \n \n \n \n \n \n \n \n Receivable for sales and paydowns of investments<\/td>\n \n \n \n \n \n \n \n \n \n \n Prepaid Insurance<\/td>\n \n \n \n \n \n \n \n \n \n \n Unrealized appreciation on forward currency exchange contracts<\/td>\n \n \n \n \n \n \n \n \n \n \n Dividend receivable<\/td>\n \n \n \n \n \n \n \n \n \n \n Total Assets<\/b><\/td>\n \n $<\/td>\n \n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Debt (net of unamortized debt issuance costs of $8,893 and $10,197, respectively)<\/td>\n \n $<\/td>\n \n \n \n \n $<\/td>\n \n \n \n Interest payable<\/td>\n \n \n \n \n \n \n \n \n \n \n Payable for investments purchased<\/td>\n \n \n \n \n \n \n \n \n \n \n Base management fee payable<\/td>\n \n \n \n \n \n \n \n \n \n \n Incentive fee payable<\/td>\n \n \n \n \n \n \n \n \n \n \n Unrealized depreciation on forward currency exchange contracts<\/td>\n \n \n \n \n \n \n \n \n \n \n Accounts payable and accrued expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n Distributions payable<\/td>\n \n \n \n \n \n \n \n \n \n \n Total Liabilities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Commitments and Contingencies (See Note 10)<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net Assets<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,562,265 and 64,562,265 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively<\/td>\n \n \n \n \n \n \n \n \n \n \n Paid in capital in excess of par value<\/td>\n \n \n \n \n \n \n \n \n \n \n Total distributable loss<\/td>\n \n \n \n \n \n \n \n \n \n \n Total Net Assets<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n Total Liabilities and Total Net Assets<\/b><\/td>\n \n $<\/td>\n \n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net asset value per share<\/td>\n \n $<\/td>\n \n \n \n \n $<\/td>\n \n \n
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<\/b>(in thousands, except share and per share data)
\n
<\/b>(Unaudited)<\/b><\/p>\n\n
\n \n \n For the Three Months Ended June 30<\/b><\/td>\n \n \n For the Three Months Ended June 30<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n Income<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Investment income from non-controlled\/non-affiliate investments:<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Interest from investments<\/td>\n \n $<\/td>\n \n \n \n \n $<\/td>\n \n \n \n Dividend income<\/td>\n \n \n \n \n \n \n \n \n \n \n PIK income<\/td>\n \n \n \n \n \n \n \n \n \n \n Other income<\/td>\n \n \n \n \n \n \n \n \n \n \n Total investment income from non-controlled\/non-affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Investment income from non-controlled\/affiliate investments:<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Interest from investments<\/td>\n \n \n \n \n \n \n \n \n \n \n Dividend income<\/td>\n \n \n \n \n \n \n \n \n \n \n PIK income<\/td>\n \n \n \n \n \n \n \n \n \n \n Total investment income from non-controlled\/affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Investment income from controlled affiliate investments:<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Interest from investments<\/td>\n \n \n \n \n \n \n \n \n \n \n Dividend income<\/td>\n \n \n \n \n \n \n \n \n \n \n Total investment income from controlled affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n \n Total investment income<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Expenses<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Interest and debt financing expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n Base management fee<\/td>\n \n \n \n \n \n \n \n \n \n \n Incentive fee<\/td>\n \n \n \n \n \n \n \n \n \n \n Professional fees<\/td>\n \n \n \n \n \n \n \n \n \n \n Directors fees<\/td>\n \n \n \n \n \n \n \n \n \n \n Other general and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n Total expenses, net of fee waivers<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n Net investment income before taxes<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n Income tax expense, including excise tax<\/td>\n \n \n \n \n \n \n \n \n \n \n Net investment income<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net realized and unrealized gains (losses)<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Net realized loss on non-controlled\/non-affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n \n Net realized gain (loss) on foreign currency transactions<\/td>\n \n \n \n \n \n \n \n \n \n \n Net realized gain (loss) on forward currency exchange contracts<\/td>\n \n \n \n \n \n \n \n \n \n \n Net change in unrealized appreciation on foreign currency translation<\/td>\n \n \n \n \n \n \n \n \n \n \n Net change in unrealized appreciation on forward currency exchange contracts<\/td>\n \n \n \n \n \n \n \n \n \n \n Net change in unrealized appreciation on non-controlled\/non-affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n \n Net change in unrealized appreciation on non-controlled\/affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n \n Net change in unrealized appreciation on controlled affiliate investments<\/td>\n \n \n \n \n \n \n \n \n \n \n Total net gains (losses)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n Net increase in net assets resulting from operations<\/b><\/td>\n \n $<\/td>\n \n \n \n \n $<\/td>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Basic and diluted net investment income per common share<\/td>\n \n $<\/td>\n \n \n \n \n $<\/td>\n \n \n \n Basic and diluted increase in net assets resulting from operations per common share<\/td>\n \n $<\/td>\n \n \n \n \n $<\/td>\n \n \n \n Basic and diluted weighted average common shares outstanding<\/td>\n \n \n \n \n \n \n \n \n \n <\/p>\n
\n
Katherine Schneider
\n
Tel. (212) 803-9613
\n
investors@baincapitalbdc.com<\/a><\/p>\n
\n
Charlyn Lusk
\n
Tel. (646) 502-3549
\n
clusk@stantonprm.com<\/a><\/p>\n
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