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- **Q3 Financial Highlights**: $0.45/NII (10.3% annualized yield), $0.29/EPS, $17.40/NAV (-0.9% QoQ). 
- **Portfolio Strength**: 1.5% nonaccruals, 64% first lien debt, 4.7x median leverage. 
- **Dividend Policy**: $0.45/Q4 dividend (13% annualized yield). 
- **Strategic Levers**: Joint ventures, prepayment income, selective junior capital deployment. 
- **Risk Management**: Idiosyncratic credit events (First Brands/Tricolor) not reflective of broader market stress. 


**【CEO Summary Section】**
- Q3 net investment income per share: $0.45 (10.3% annualized yield on book value), exceeding the regular dividend by 7%. 
- Earnings per share: $0.29 (6.6% annualized return on book value). 
- NAV per share: $17.40 (-$0.16 QoQ decline due to idiosyncratic loan markdown). 
- New deal activity: $340M in gross originations, 89% in first lien senior secured loans. 
- Dividend policy: Regular dividend of $0.42/Q4, plus $0.03 special dividend (total $0.45/Q4). 
- Market positioning: Focus on core middle market (median EBITDA $46M, leverage 4.7x). 
- Risk management: 1.5% nonaccruals at amortized cost, 0.7% at fair value. 
- Outlook: Confident in maintaining regular dividend despite lower rate environment, with levers including joint ventures, prepayment income, and selective junior capital deployment. 

**【President (Michael Boyle) Portfolio Update】**
- Portfolio size: $2.5B across 195 companies in 31 industries. 
- Asset mix: 64% first lien debt, 9% ISLP/Senior Loan Program, 7% SLP. 
- Yields: 11.1% (amortized cost), 11.2% (fair value). 
- Credit metrics: Median leverage 4.7x, watch list investments 5% of fair value. 
- New investments: 36% to new companies, 64% to existing (weighted avg spread 610bps). 
- Asset diversification: 36% in defensive sectors (healthcare, aerospace). 

**【CFO (Amit Joshi) Financial Review】**
- Total investment income: $67.2M (down $3.8M QoQ due to lower other income). 
- Interest/dividend income: 98% of total investment income. 
- Net investment income: $29.2M ($0.45/shr). 
- Balance sheet: $2.7B total assets, $1.1B net assets. 
- Debt structure: 60% floating rate, 40% fixed rate (4.8% weighted avg rate). 
- Liquidity: $570M (including $457M undrawn revolver). 
- Leverage: 1.23x net debt/EBITDA. 

**【Q&A Highlights】**
- **Risk Management**: 1.5% nonaccruals, diversified portfolio limits impact of idiosyncratic losses. 
- **Aircraft Investments**: Small markdown due to exit valuation, no change to underwriting thesis. 
- **Earnings Coverage**: Confident in maintaining dividend via joint venture earnings, prepayment income, and selective junior capital deployment. 
- **Debt Refinancing**: Aware of 2026 maturities, actively managing liability costs. 
- **Junior Capital**: Opportunistic deployment in flexible capital solutions with attractive spreads. 


Bain Capital Specialty Finance, Inc. (BCSF) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BCSF

BCSF fundamentals

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