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Bain Capital Specialty Finance, Inc. Announces December 31, 2024 Financial Results and Declares First Quarter 2025 Dividend of $0.42 per Share and Additional Dividends Totaling $0.12 per Share for 2025

BOSTON--(BUSINESS WIRE)-- Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the 鈥淐ompany鈥�, 鈥渙ur鈥� or 鈥渨e鈥�) today announced financial results for the fourth quarter and fiscal year ended December 31, 2024, and that its Board of Directors (the 鈥淏oard鈥�) has declared a dividend of $0.42 per share for the first quarter of 2025 and has also declared additional dividends totaling $0.12 per share for 2025.

鈥淏CSF delivered strong quarterly and full year 2024 results as we continued to benefit from high net investment income and stable credit performance, supported by an active year of investment activity where we saw record originations,鈥� said Michael Ewald, Chief Executive Officer of BCSF. 鈥淎s a result of our strong performance, we are pleased to announce another year of additional dividends for our shareholders. Looking ahead in 2025, we believe the Company is well positioned to continue to source and execute attractive middle market investment opportunities and drive further value for our shareholders.鈥�

QUARTERLY HIGHLIGHTS

• Net investment income (NII) per share was $0.52, equating to an annualized NII yield on book value of 11.8%⁽¹⁾;
• Net income per share was $0.34, equating to an annualized return on book value of 7.8%⁽¹⁾;
• Net asset value per share as of December 31, 2024 was $17.65, as compared to $17.76 as of September 30, 2024;
• Gross and net investment fundings were $547.8 million and $42.7 million, respectively; ending net debt-to-equity was 1.13x, as compared to 1.09x as of September 30, 2024⁽²⁾;
• Investments on non-accrual represented 1.3% and 0.2% of the total investment portfolio at amortized cost and fair value, respectively, as of December 31, 2024;
• Subsequent to quarter-end, the Company鈥檚 Board of Directors declared a dividend of $0.42 per share for the first quarter of 2025 payable to stockholders of record as of March 17, 2025 and has also declared additional dividends totaling $0.12 per share for 2025, to be distributed in four consecutive quarterly payments of $0.03 per share per quarter. The first additional dividend is payable to stockholders of record as of March 17, 2025⁽³⁾; and
• On February 6, 2025, the Company closed an offering of $350.0 million aggregate principal amount of 5.950% unsecured notes due 2030. The net proceeds of the offering were primarily used to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

SELECTED FINANCIAL HIGHLIGHTS

PORTFOLIO AND INVESTMENT ACTIVITY

For the three months ended December 31, 2024, the Company invested $547.8 million in 88 portfolio companies, including $317.3 million in 15 new companies and $230.5 million in 73 existing companies. The Company had $505.1 million of principal repayments and sales in the quarter, resulting in net investment fundings of $42.7 million.

Investment Activity for the Quarter Ended December 31, 2024:

As of December 31, 2024, the Company鈥檚 investment portfolio had a fair value of $2,431.2 million, comprised of investments in 168 portfolio companies operating across 30 different industries.

Investment Portfolio at Fair Value as of December 31, 2024:

As of December 31, 2024, the weighted average yield on the investment portfolio at amortized cost and fair value were 11.7% and 11.8%, respectively, as compared to 12.1% and 12.1%, respectively, as of September 30, 2024⁽⁴⁾. 92% of the Company鈥檚 debt investments at fair value were in floating rate securities.

As of December 31, 2024, five portfolio companies were on non-accrual status, representing 1.3% and 0.2% of the total investment portfolio at amortized cost and fair value, respectively.

As of December 31, 2024, ISLP鈥檚 investment portfolio had an aggregate fair value of $655.8 million, comprised of investments in 35 portfolio companies operating across 15 different industries. The investment portfolio on a fair value basis was comprised of 96.6% first lien senior secured loans, 0.8% second lien senior secured loans and 2.6% equity interests. 100% of ISLP鈥檚 debt investments at fair value were in floating rate securities.

As of December 31, 2024, SLP鈥檚 investment portfolio had an aggregate fair value of $1,399.2 million, comprised of investments in 100 portfolio companies operating across 27 different industries. The investment portfolio on a fair value basis was comprised of 99.4% first lien senior secured loans, 0.4% second lien senior secured loans and 0.2% equity interests. 99.9% of SLP鈥檚 debt investments at fair value were in floating rate securities.

RESULTS OF OPERATIONS

For the three months ended December 31, 2024 and September 30, 2024, total investment income was $73.3 million and $72.5 million, respectively.

Total expenses (before taxes) for the three months ended December 31, 2024 and September 30, 2024 were $38.4 million and $37.5 million, respectively.

Net investment income for the three months ended December 31, 2024 and September 30, 2024 was $33.6 million or $0.52 per share and $34.0 million or $0.53 per share, respectively.

During the three months ended December 31, 2024, the Company had net realized and unrealized losses of $11.5 million.

Net increase in net assets resulting from operations for the three months ended December 31, 2024 was $22.1 million, or $0.34 per share.

CAPITAL AND LIQUIDITY

As of December 31, 2024, the Company had total principal debt outstanding of $1,395.2 million, including $442.7 million outstanding in the Company鈥檚 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鈥檚 senior unsecured notes due March 2026 and $300.00 million outstanding in the Company鈥檚 senior unsecured notes due October 2026.

For the three months ended December 31, 2024, the weighted average interest rate on debt outstanding was 5.1%, as compared to 5.1% for the three months ended September 30, 2024.

As of December 31, 2024, the Company had cash and cash equivalents (including foreign cash) of $53.5 million, restricted cash and cash equivalents of $45.5 million, $8.3 million of unsettled trades, net of receivables and payables of investments, and $412.3 million of capacity under its Sumitomo Credit Facility. As of December 31, 2024, the Company had $560.9 million of undrawn investment commitments.

On February 6, 2025, the Company closed an offering of $350.0 million aggregate principal amount of 5.950% unsecured notes due 2030. The net proceeds of the offering were primarily used to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

As of December 31, 2024, the Company鈥檚 debt-to-equity and net debt-to-equity ratios were 1.22x and 1.13x, respectively, as compared to 1.14x and 1.09x, respectively, as of September 30, 2024⁽²⁾.

Endnotes

CONFERENCE CALL INFORMATION

A conference call to discuss the Company鈥檚 financial results will be held live at 8:00 a.m. Eastern Time on February 28, 2025. Please visit BCSF鈥檚 webcast link located on the Events & Presentations page of the Investor Resources section of BCSF鈥檚 website at for a slide presentation that complements the Earnings Conference Call.

Participants are also invited to access the conference call by dialing one of the following numbers:

• Domestic: 1-800-267-6316
• International: 1-203-518-9783
• Conference ID: BAIN

All participants will need to reference 鈥淏ain Capital Specialty Finance - Fourth Quarter and Fiscal Year Ended December 31, 2024 Earnings Conference Call鈥� once connected with the operator. All participants are asked to dial in 10-15 minutes prior to the call.

Replay Information:

An archived replay will be available approximately three hours after the conference call concludes through March 7, 2025 via a webcast link located on the Investor Resources section of BCSF鈥檚 website, and via the dial-in numbers listed below:

• Domestic: 1-844-512-2921
• International: 1-412-317-6671
• Conference ID: 11158241

About Bain Capital Specialty Finance, Inc.

Bain 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 December 31, 2024, BCSF has invested approximately $8,784.3 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF鈥檚 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.

Forward-Looking Statements

This letter may contain 鈥渇orward-looking statements鈥� 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.

View source version on businesswire.com:

Investor Contact:

Katherine Schneider

Tel. (212) 803-9613

[email protected]

Media Contact:

Charlyn Lusk

Tel. (646) 502-3549

[email protected]

Source: Bain Capital Specialty Finance, Inc.