Bain Capital Specialty Finance, Inc. Declares Second Quarter 2019 Dividend of $0.41 per Share and Announces March 31, 2019 Financial Results
Media Contacts
- Charlyn LuskContact Number: +1 646 502 3549Email Address: clusk@stantonprm.com
- +1 646 502 3549Email Address: clusk@stantonprm.com
- clusk@stantonprm.com
<p>BOSTON, May 8, 2019--Bain Capital Specialty Finance, Inc. (“BCSF” or the “Company” ) (NYSE:BCSF) today announced that its Board of Directors has declared a dividend of $0.41 per share for the second quarter of 2019 and announced its financial results for the first quarter ended March 31, 2019.</p>
<p>“We’re pleased with the company’s results in the first quarter, driven by the performance of our underlying portfolio companies, which reflects our rigorous underwriting approach driven by the experience of our broader investment platform,” said Michael Ewald, Chief Executive Officer of Bain Capital Specialty Finance, Inc. “At the same time, we also continue to focus on structuring our liabilities as efficiently as possible to help ensure the future success of the company.”</p><p>
<b>QUARTERLY HIGHLIGHTS</b>
</p><ul>
<li class="bwlistitemmargb">
The Company announced a dividend of $0.41 per share for the second
quarter of 2019 payable to shareholders of record as of June 28, 2019 <sup>(1)</sup>.
</li>
<li class="bwlistitemmargb">
Net investment income for the quarter ended March 31, 2019 was $21.2
million or $0.41 per share, as compared to $19.8 million or $0.41 per
share for the quarter ended December 31, 2018.
</li>
<li class="bwlistitemmargb">
Net income for the quarter ended March 31, 2019 was $39.3 million or
$0.76 per share, as compared to ($9.9) million or ($0.21) per share
for the quarter ended December 31, 2018.
</li>
<li class="bwlistitemmargb">
Net asset value per share was $19.81 as of March 31, 2019, an increase
of 1.8% from $19.46 as of December 31, 2018.
</li>
<li class="bwlistitemmargb">
As announced on February 19, 2019, the Company entered into a new
$350.0 million credit facility with Citibank. Borrowings will bear
interest at rate to three-month LIBOR plus 1.60% during the one year
investment period. The interest rate will reset to LIBOR plus 2.60%
after the reinvestment period through maturity date, February 19, 2022.
</li>
<li class="bwlistitemmargb">
As announced on May 6, 2019, the Company and Antares Capital LP
(“Antares”), its joint venture partner, have restructured the ABC
Complete Financing Solution LLC (“ABCS”). The Company formed BCSF
Complete Financing Solution LLC (“BCSF Unitranche”), which received
44.737%, its proportionate share, of all assets previously held by
ABCS. In addition as part of the restructure, the Company entered into
$666.6 million credit agreement with JP Morgan Chase Bank. The
maturity date of the facility is November 29, 2022.
</li>
<li class="bwlistitemmargb">
On May 7, 2019, the Company’s Board of Directors authorized the
Company to repurchase up to $50 million of its outstanding common
stock in accordance with safe harbor rules under the Securities
Exchange Act of 1934. Any such repurchases will depend upon market
conditions and there is no guarantee that the Company will repurchase
any particular number of shares or any shares at all.
</li>
</ul><p>
<b>Selected Financial Highlights</b>
</p><table cellspacing="0" class="bwtablemarginb">
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
<i>(dollar amounts in thousands)</i>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="2">
<b>Q1 2019</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="3">
<b>Q4 2018</b>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Net investment income per share
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.41
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.41
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Net investment income
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
21,243
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
19,774
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Earnings per share
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.76
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
($0.21
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
)
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Dividends declared and payable
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.41
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.41
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
</table><table cellspacing="0" class="bwtablemarginb">
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="2">
<b>As of March 31,</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="2">
<b>As of December 31,</b>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
<i>(dollar amounts in thousands)</i>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc" colspan="2">
<b>2019</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc" colspan="2">
<b>2018</b>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Total fair value of investments
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,829,940
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,727,806
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Total assets
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,995,944
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,791,014
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Total net assets
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,019,834
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,001,629
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Net asset value per share
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
19.81
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
19.46
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
</td>
</tr>
</table><p>
<b>PORTFOLIO AND INVESTMENT ACTIVITY</b>
</p><ul>
<li class="bwlistitemmargb">
For the three months ended March 31, 2019, BCSF invested $273.9
million in 45 portfolio companies across 21 different industries,
including investments in the Antares Bain Capital Complete Financing
Solution LLC (“ABCS JV”). BCSF had $190.6 million of principal
repayments and sales in the quarter. On a net basis, our investments
in the quarter totaled $83.3 million.
</li>
</ul><table cellspacing="0" class="bwtablemarginb">
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
<i>(dollar amounts in millions)</i>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="2">
<b>Q1 2019</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="2">
<b>Q4 2018</b>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Investment Fundings
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
273.9
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
451.8
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Sales and Repayments
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
190.6
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
42.7
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Net Investment Activity
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
83.3
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
409.1
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
</td>
</tr>
</table><ul>
<li class="bwlistitemmargb">
As of March 31, 2019, the Company’s investment portfolio had a fair
value of $1,829.9 million, which included the ABCS JV fair value of
$335.4 million.
</li>
<li class="bwlistitemmargb">
As of March 31, 2019 the investment portfolio based on fair value
consisted of:
</li>
</ul><table cellspacing="0" class="bwtablemarginb">
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Investment Portfolio at FV
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="2">
$ in Millions
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="2">
% of Total
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
First lien senior secured
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,131.8
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
61.9
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
%
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
First lien last out
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
28.4
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1.6
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Second lien senior secured
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
232.6
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
12.7
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Subordinated debt
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
39.6
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
2.2
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Corporate bonds
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
27.8
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1.5
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Investment vehicle
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
335.4
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
18.3
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Equity interest
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
26.5
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1.4
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl">
Preferred equity
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
7.7
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.4
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">
Warrants
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
0.1
</td>
<td class="bwsinglebottom">
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
-
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td class="bwpadl3 bwvertalignt bwalignl">
<b>Total</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
<b>$</b>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
<b>1,829.9</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
<b>100.0</b>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
<b>%</b>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
</td>
</tr>
</table><ul>
<li class="bwlistitemmargb">
As of March 31, 2019, the weighted average gross yield on the
investment portfolio was 8.8% <sup>(2)</sup> and 96.1% of total
investments at fair value were in floating rate securities.
</li>
<li class="bwlistitemmargb">
As of March 31, 2019, there were no investments on non-accrual status.
</li>
</ul><p>
<b>FIRST QUARTER 2019 OPERATING RESULTS</b>
</p><ul>
<li class="bwlistitemmargb">
For the three months ended March 31, 2019 and December 31, 2018, total
investment income was $39.9 million and $33.7 million, respectively.
</li>
<li class="bwlistitemmargb">
Total expenses before taxes for the three months ended March 31, 2019
and December 31, 2018, were $18.6 million and $14.0 million,
respectively.
</li>
<li class="bwlistitemmargb">
Net investment income after taxes for the three months ended March 31,
2019 was $21.2 million or $0.41 per share, compared with $19.8 million
or $0.41 per share for the three months ended December 31, 2018.
</li>
<li class="bwlistitemmargb">
During the three months ended March 31, 2019, the Company had net
realized and unrealized gains of $18.1 million, compared to net
realized and unrealized losses of $29.6 million during the three
months ended December 31, 2018.
</li>
<li class="bwlistitemmargb">
Net increase in net assets resulting from operations for the three
months ended March 31, 2019 was $39.3 million, or $0.76 per share.
</li>
</ul><p>
<b>CAPITAL and LIQUIDITY</b>
</p><ul>
<li class="bwlistitemmargb">
At March 31, 2019, BCSF had cash and cash equivalents and foreign cash
of $80.6 million.
</li>
<li class="bwlistitemmargb">
BCSF had total principal debt outstanding of $916.9 million including
$358.3 million outstanding in the BCSF Revolving Credit Facility with
Goldman Sachs, $192.9 million outstanding in the Citi Revolving Credit
Facility and $363.7 million outstanding of the 2018-1 Notes.
</li>
<li class="bwlistitemmargb">
Undrawn capacity in our BCSF Revolving Credit Facility totaled $141.7
million and undrawn capacity in our Citi Revolving Credit Facility
totaled $157.1 million as of March 31, 2019.
</li>
<li class="bwlistitemmargb">
For the three months ended March 31, 2019, the weighted average
interest rate on debt outstanding was 4.9%.
</li>
</ul><p>
<b>CONFERENCE CALL INFORMATION</b>
</p><p>
A conference call to discuss the Company’s financial results will be
held live at 9:00 a.m. Eastern Time on May 9, 2019. Please visit BCSF’s
webcast link located on the Events & Presentation page of the Investor
Resources section of BCSF’s website <a rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww...
for a slide presentation that complements the Earnings Conference Call.
</p><p>
Participants are also invited to access the conference call by dialing
one of the following numbers:
</p><ul>
<li class="bwlistitemmargb">
Domestic: 1-877-407-4018
</li>
<li class="bwlistitemmargb">
International: 1-201-689-8471
</li>
<li class="bwlistitemmargb">
Conference ID: 13689623
</li>
</ul><p>
All callers will need to enter the Conference ID followed by the # sign
and reference “Bain Capital Specialty Finance” once connected with the
operator. All callers are asked to dial in 10-15 minutes prior to the
call so that name and company information can be collected.
</p><p>
Replay Information:
</p><p>
An archived replay will be available approximately three hours after the
conference call concludes through May 16, 2019 via a webcast link
located on the Investor Resources section of BCSF’s website, and via the
dial-in numbers listed below:
</p><ul>
<li class="bwlistitemmargb">
Domestic: 1-844-512-2921
</li>
<li class="bwlistitemmargb">
International: 1-412-317-6671
</li>
<li class="bwlistitemmargb">
Conference ID: 13689623
</li>
</ul><table cellspacing="0" class="bwtablemarginb">
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
ENDNOTES
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignr">
(1)
</td>
<td class="bwpadl0 bwvertalignt bwalignl">
</td>
<td class="bwpadl0 bwvertalignt bwalignl">
The $0.41 per share dividend is payable on July 29, 2019 to holders
of record as of June 28, 2019.
</td>
</tr>
<tr>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignr">
(2)
</td>
<td class="bwpadl0 bwvertalignt bwalignl">
</td>
<td class="bwpadl0 bwvertalignt bwalignl">
Information through March 31, 2019. Computed for debt investments
based upon the annual interest rate as of March 31, 2019, divided by
the total par amount of investments. For investments with floating
interest rates, the yield calculation is computed using the contract
rate data as of March 31, 2019. Weighted average yield for the
Company’s Equity Interest in ABCS (Antares Bain Capital Complete
Financing Solution LLC) represents the weighted average levered
yield of the Company’s proportionate investment in ABCS at March 31,
2019. Weighted average yield for Equity Interest in ABCS is computed
based upon the sum of (i) the weighted average of the interest rate
of investments held by ABCS less (ii) the weighted average interest
rate of the ABCS Facility, divided by the Company’s par amount in
ABCS. Total weighted average gross yield is the weighted average of
the yields of the Company’s debt investments and its Equity Interest
in ABCS. The weighted average gross yield does not represent the
total return to our stockholders. Gross yield does not reflect fees
and expenses of the Company and does not represent the return a
stockholder would receive. If fees and expenses were included in the
calculation, the yield would be lower.
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
</table><table cellspacing="0" class="bwtablemarginb">
<tr>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="14">
<b>Bain Capital Specialty Finance, Inc.</b>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="14">
<b>Consolidated Statements of Assets and Liabilities</b>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="3">
<b>As of</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="3">
<b>As of</b>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="3">
<b>March 31, 2019</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="3">
<b>December 31, 2018</b>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="3">
<b>(Unaudited)</b>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
<b>Assets</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Investments at fair value:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl">
Non-controlled/non-affiliate investments (amortized cost of
$1,481,673,496 and $1,449,749,445, respectively)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,469,128,402
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,422,837,431
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl">
Controlled affiliate investment (amortized cost of $348,095,945 and
$296,647,530, respectively)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
354,091,548
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
298,248,240
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl">
Non-controlled/affiliate investment (amortized cost of $6,720,000
and $6,720,000, respectively)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
6,720,000
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
6,720,000
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Cash and cash equivalents
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
79,140,512
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
14,692,877
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Foreign cash (cost of $1,657,573 and $588,622, respectively)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,478,627
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
591,113
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Restricted Cash
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
14,009,400
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
17,986,541
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Collateral on forward currency exchange contracts
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
403,790
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
3,790
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Deferred financing costs
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
3,872,902
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
4,017,802
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Interest receivable on investments
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
7,973,786
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
6,250,621
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Prepaid insurance
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
-
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,517
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Receivable for sales and paydowns of investments
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
40,235,589
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,633,739
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Other assets
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
3,701,001
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
-
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Unrealized appreciation on forward currency exchange contracts
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
6,038,508
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
9,321,758
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl" colspan="2">
Dividend receivable
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
9,150,109
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
8,708,670
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">
<b>Total Assets</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
1,995,944,174
</td>
<td class="bwdoublebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
1,791,014,099
</td>
<td class="bwdoublebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
<b>Liabilities</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Revolving credit facilities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
551,194,090
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
271,264,902
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
2018-1 Notes (net of unamortized debt issuance costs of $1,997,725
and $2,040,320, respectively)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
363,702,275
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
363,659,680
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Offering costs payable
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,730,959
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,819,892
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Interest payable
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
5,095,949
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
4,835,339
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Payable for investments purchased
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
24,370,068
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
119,165,882
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Base management fee payable
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
4,500,941
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
2,950,412
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Incentive fee payable
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
2,103,341
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
3,300,398
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Accounts payable and accrued expenses
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
2,304,869
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,280,770
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl" colspan="2">
Distributions payable
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
21,107,677
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
21,107,677
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">
<b>Total Liabilities</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
976,110,169
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
789,384,952
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
<b>Commitments and Contingencies (See Note 10)</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
<b>Net Assets</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Preferred stock, $0.001 par value per share, 10,000,000,000 shares
authorized, none issued and outstanding
<p class="bwcellpmargin">
as of March 31, 2019 and December 31, 2018, respectively
</p>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
-
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
-
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Common stock, par value $0.001 per share, 100,000,000,000 and
100,000,000,000 shares authorized,
<p class="bwcellpmargin">
51,482,137 and 51,482,137 shares issued and outstanding as of
March 31, 2019 and December 31, 2018, respectively
</p>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
51,482
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
51,482
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Paid in capital in excess of par value
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,034,255,352
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
1,034,255,352
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl" colspan="2">
Total distributable earnings (loss)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
(14,472,829
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">
)
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
(32,677,687
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">
)
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">
<b>Total Net Assets</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
1,019,834,005
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
1,001,629,147
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td class="bwpadl0 bwpadb3 bwvertalignt bwalignl" colspan="3">
<b>Total Liabilities and Total Net assets</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
1,995,944,174
</td>
<td class="bwdoublebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
1,791,014,099
</td>
<td class="bwdoublebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwpadb3 bwvertalignt bwalignl" colspan="3">
Net asset value per share
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
19.81
</td>
<td class="bwdoublebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
19.46
</td>
<td class="bwdoublebottom">
</td>
</tr>
<tr>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
</table><table cellspacing="0" class="bwtablemarginb">
<tr>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="13">
<b>Bain Capital Specialty Finance, Inc.</b>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="13">
<b>Consolidated Statements of Operations</b>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignc" colspan="13">
<b>(Unaudited)</b>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="3">
<p class="bwcellpmargin">
<b>For the Three Months Ended</b><br/><b>March 31,</b>
</p>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignc bwsinglebottom" colspan="3">
<p class="bwcellpmargin">
<b>For the Three Months Ended</b><br/><b>March 31,</b>
</p>
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom">
<b>2019</b>
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom">
<b>2018</b>
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
<b>Income</b>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Investment income from non-controlled/non-affiliate investments:
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Interest from investments
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
30,387,622
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
12,615,297
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Dividend income
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
15,533
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
-
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl" colspan="2">
Other income
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
21,731
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
114,004
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl">
Total investment income from non-controlled/non-affiliate investments
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
30,424,886
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
12,729,301
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Investment income from controlled affiliate investments:
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Interest from investments
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
107,293
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
21,288
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl" colspan="2">
Dividend income
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
9,357,644
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
4,707,978
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">
Total investment income from controlled affiliate investments
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
9,464,937
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
4,729,266
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">
<b>Total investment income</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
39,889,823
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
17,458,567
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
<b>Expenses</b>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Interest and debt financing expenses
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
10,545,687
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
4,288,897
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Base management fee
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
6,751,412
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
3,247,562
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Incentive fee
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
4,085,628
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
2,004,548
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Professional fees
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
550,432
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
523,677
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Directors fees
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
105,140
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
68,250
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl" colspan="2">
Other general and administrative expenses
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
841,177
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
174,692
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl">
<b>Total expenses before fee waivers</b>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
22,879,476
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
10,307,626
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Base management fee waiver
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
(2,250,471
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
(1,623,781
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
)
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl" colspan="2">
Incentive fee waiver
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
(1,982,287
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">
)
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
-
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">
<b>Total expenses, net of fee waivers</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
18,646,718
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
8,683,845
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">
<b>Net investment income before taxes</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
21,243,105
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
8,774,722
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl" colspan="2">
Excise tax expense
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
-
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
309
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">
<b>Net investment income after taxes</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
21,243,105
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
8,774,413
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
<b>Net realized and unrealized gains (losses)</b>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Net realized gain (loss) on non-controlled/non-affiliate investments
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
(849,933
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
257,702
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Net realized gain on foreign currency transactions
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
5,885
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
279,145
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Net realized gain (loss) on forward currency exchange contracts
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
3,633,076
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
(3,317,385
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
)
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Net change in unrealized depreciation on foreign currency translation
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
(198,161
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
(17,344
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
)
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Net change in unrealized appreciation (depreciation) on forward
currency exchange contracts
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
(3,283,250
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
)
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
941,491
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="2">
Net change in unrealized appreciation on
non-controlled/non-affiliate investments
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
14,366,920
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
2,575,854
</td>
<td>
</td>
</tr>
<tr>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl" colspan="2">
Net change in unrealized appreciation on controlled affiliate
investments
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
4,394,893
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
1,865,229
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">
<b>Total net gains</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
18,069,430
</td>
<td class="bwsinglebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwsinglebottom">
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">
2,584,692
</td>
<td class="bwsinglebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwpadb3 bwvertalignt bwalignl" colspan="3">
<b>Net increase in net assets resulting from operations</b>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
39,312,535
</td>
<td class="bwdoublebottom">
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">
11,359,105
</td>
<td class="bwdoublebottom">
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
<b>Per Common Share Data</b>
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td colspan="3">
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
Basic and diluted net investment income per common share
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.41
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.30
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
Basic and diluted increase in net assets resulting from operations
per common share
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.76
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
$
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
0.39
</td>
<td>
</td>
</tr>
<tr>
<td class="bwpadl0 bwvertalignt bwalignl" colspan="3">
Basic and diluted weighted average common shares outstanding
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
51,482,137
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">
29,133,586
</td>
<td>
</td>
</tr>
<tr>
<td colspan="3">
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
</table><p>
<b>About Bain Capital Specialty Finance, Inc.</b>
</p><p>
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, L.P., an SEC-registered investment adviser and
a subsidiary of Bain Capital Credit, L.P. Since commencing investment
operations on October 13, 2016, and through March 31, 2019, BCSF has
invested approximately $2,463.5 million in aggregate principal amount of
debt and equity investments prior to any subsequent exits or repayments.
BCSF’s 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><p>
<b>Forward-Looking Statements</b>
</p><p>
Certain information contained herein may constitute “forward-looking
statements,” which can be identified by the use of forward-looking
terminology such as “may,” “will,” “should,” “seek,” “expect,”
“anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or
“believe” or the negatives thereof or other variations thereon or
comparable terminology. Due to various risks and uncertainties, actual
events may differ materially from those reflected or contemplated in
such forward-looking statements. These statements are not guarantees of
future events and are subject to risks, uncertainties, and other
factors, some of which are beyond BCSF’s control and are difficult to
predict, that could cause actual results to differ materially from those
expressed or forecasted in the forward-looking statements including,
without limitation, the risks, uncertainties and other factors
identified in BCSF’s filings with the SEC. Investors should not place
undue reliance on these forward-looking statements, which apply only as
of the date on which BCSF makes them. BCSF does not undertake any
obligation to update or revise any forward-looking statements or any
other information contained herein, except as required by applicable law.
</p></div></div></div></div></div>
</div></div></div>
