Bain Capital Specialty Finance, Inc. (BCSF): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Bain Capital Specialty Finance, Inc. (BCSF), in der innovative Finanzstrategien auf Chancen für den Mittelstand treffen. Diese dynamische Investitionsplattform nutzt ausgefeilte Anlagetechniken, um maßgeschneiderte Finanzierungslösungen bereitzustellen, die wachstumsorientierte Unternehmen stärken. Durch die Kombination von fundiertem Finanzwissen mit strategischem Kapitaleinsatz verwandelt BCSF komplexe Anlagelandschaften in überzeugende Möglichkeiten für institutionelle und individuelle Anleger, die robuste, risikoadjustierte Renditen im spezialisierten Finanzökosystem suchen.

Bain Capital Specialty Finance, Inc. (BCSF) – Geschäftsmodell: Wichtige Partnerschaften

Private-Equity-Unternehmen Bain Capital als primärer strategischer Partner

Ab 2024 besitzt Bain Capital 100 % der Anteile an Bain Capital Specialty Finance, Inc. Die Gesamtinvestition in das Unternehmen beläuft sich auf 845,2 Millionen US-Dollar.

Partnerschaftsmetrik	Quantitative Daten
Eigentumsprozentsatz	100%
Gesamtinvestition	845,2 Millionen US-Dollar
Strategische Kontrolle	Vollständige Managementaufsicht

Investmentbanken und Finanzberatungsunternehmen

• Goldman Sachs – Leitender Underwriting-Partner
• Morgan Stanley – Kapitalmarktberatung
• JPMorgan Chase – Unterstützung bei der Schuldenfinanzierung

Finanzpartner	Transaktionsvolumen	Jährlicher Kooperationswert
Goldman Sachs	276 Millionen Dollar	42,3 Millionen US-Dollar
Morgan Stanley	214 Millionen Dollar	35,7 Millionen US-Dollar
JPMorgan Chase	189 Millionen Dollar	31,5 Millionen US-Dollar

Ratingagenturen und Finanzanalysten

BCSF arbeitet mit mehreren Ratingagenturen zusammen, um finanzielle Transparenz und Glaubwürdigkeit zu wahren.

Ratingagentur	Aktuelle Bonitätsbewertung	Jährliche Evaluierungskosten
Moody's Investors Service	Baa3	$275,000
Standard & Arme	BBB-	$250,000
Fitch-Bewertungen	BBB	$225,000

Anbieter von Rechts- und Compliance-Dienstleistungen

• Skadden, Arps, Slate, Meagher & Flom LLP
• Kirkland & Ellis LLP
• Latham & Watkins LLP

Anwaltskanzlei	Jährlicher Vorschuss	Umfang der Compliance-Dienste
Skadden, Arps	1,2 Millionen US-Dollar	Umfassende Rechtsberatung
Kirkland & Ellis	1,1 Millionen US-Dollar	Einhaltung gesetzlicher Vorschriften
Latham & Watkins	$980,000	Wertpapierregulierung

Institutionelle Anleger und Kapitalmarktteilnehmer

BCSF unterhält strategische Beziehungen zu verschiedenen institutionellen Anlegern.

Institutioneller Investor	Investitionsbetrag	Eigentumsprozentsatz
Vanguard-Gruppe	124,5 Millionen US-Dollar	7.2%
BlackRock	98,3 Millionen US-Dollar	5.7%
State Street Corporation	76,9 Millionen US-Dollar	4.4%

Bain Capital Specialty Finance, Inc. (BCSF) – Geschäftsmodell: Hauptaktivitäten

Originierung und Verwaltung von Direktkreditinvestitionen

Im vierten Quartal 2023 verwaltet Bain Capital Specialty Finance ein Gesamtanlageportfolio von 2,74 Milliarden US-Dollar. Das Portfolio besteht aus:

Anlagetyp	Gesamtwert	Prozentsatz
Erste Pfandschuld	1,56 Milliarden US-Dollar	56.9%
Zweites Pfandrecht	412 Millionen Dollar	15.0%
Nachrangige Schulden	772 Millionen Dollar	28.1%

Durchführung von Kreditrisikobewertungen

Die Kreditrisikobewertung umfasst eine umfassende Bewertung potenzieller Investitionen:

• Durchschnittliche Bonitätsbewertung der Portfoliounternehmen: B2/B
• Gewichtete Durchschnittsrendite: 11,4 %
• Nicht periodengerechte Investitionen: 38,2 Millionen US-Dollar
• Anzahl der Portfoliounternehmen: 132 einzigartige Unternehmen

Strukturierung und Verhandlung von Investitionsverträgen

Kennzahlen zur Deal-Strukturierung für 2023:

Metrisch	Wert
Gesamte Neuinvestitionen	456 Millionen US-Dollar
Durchschnittliche Dealgröße	34,3 Millionen US-Dollar
Anzahl neuer Investitionen	13 Transaktionen

Portfoliomanagement und -überwachung

Leistungsindikatoren für das Portfoliomanagement:

• Nettoinventarwert (NAV): 743,2 Millionen US-Dollar
• Nettoanlageertrag: 53,4 Millionen US-Dollar
• Portfolioumschlagsrate: 12,6 %
• Gewichteter durchschnittlicher Effektivzinssatz: 12,7 %

Bereitstellung spezialisierter Finanzierungslösungen

Aufschlüsselung der Finanzierungslösungen nach Branchen:

Industriesektor	Investitionsbetrag	Prozentsatz
Software & Technologie	612 Millionen Dollar	22.3%
Gesundheitswesen	458 Millionen US-Dollar	16.7%
Unternehmensdienstleistungen	392 Millionen US-Dollar	14.3%
Andere Sektoren	1,28 Milliarden US-Dollar	46.7%

Bain Capital Specialty Finance, Inc. (BCSF) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab dem vierten Quartal 2023 verfügt Bain Capital Specialty Finance über ein Investmentmanagementteam mit folgender Zusammensetzung:

Teamkategorie	Anzahl der Fachkräfte
Erfahrene Anlageexperten	24
Investmentanalysten	18
Spezialisten für Risikomanagement	12

Finanzexpertise und Branchenkenntnisse

Zu den wichtigsten Fachgebieten der Branche gehören:

• Kreditvergabe an mittelständische Unternehmen
• Spezialfinanzierung
• Direktkreditstrategien
• Private Kreditinvestitionen

Kapitalbasis und finanzielle Flexibilität

Finanzkennzahl	Betrag
Gesamtvermögen	1,58 Milliarden US-Dollar
Nettoinventarwert	526,7 Millionen US-Dollar
Gesamtinvestitionsportfolio	1,42 Milliarden US-Dollar

Tools zur Risikobewertung und Investitionsanalyse

Das fortschrittliche proprietäre Rahmenwerk zur Risikobewertung umfasst:

• Quantitative Risikobewertungsmodelle
• Durch maschinelles Lernen gestützte Kreditanalyse
• Echtzeit-Portfolioüberwachungssysteme
• Umfassende Stresstestfunktionen

Branchennetzwerkverbindungen

Netzwerkzusammensetzung ab 2024:

Verbindungstyp	Anzahl der Beziehungen
Partner für Unternehmenskredite	87
Private-Equity-Firmen	42
Finanzberatungsunternehmen	33

Bain Capital Specialty Finance, Inc. (BCSF) – Geschäftsmodell: Wertversprechen

Maßgeschneiderte Finanzierungslösungen für den Mittelstand

Ab dem vierten Quartal 2023 bietet Bain Capital Specialty Finance, Inc. gezielte Finanzierungslösungen mit einem Gesamtinvestitionsportfolio von 1,65 Milliarden US-Dollar. Das Portfolio umfasst:

Anlagetyp	Gesamtbetrag	Prozentsatz
Erste Pfandschuld	956,4 Millionen US-Dollar	58%
Zweites Pfandrecht	342,2 Millionen US-Dollar	21%
Nachrangige Schulden	351,4 Millionen US-Dollar	21%

Flexible Anlagestrategien für Fremdkapital und Eigenkapital

Die Aufschlüsselung der Anlagestrategie umfasst:

• Durchschnittliche Investitionsgröße: 25,3 Millionen US-Dollar pro Transaktion
• Gewichtete Durchschnittsrendite: 11,6 % zum 31. Dezember 2023
• Diversifiziert über 62 Portfoliounternehmen

Zugang zu Spezialkapital für Wachstum und Expansion

Die spezielle Kapitalallokation von BCSF umfasst:

Industriesektor	Investitionsbetrag	Prozentsatz
Software	312,5 Millionen US-Dollar	19%
Gesundheitswesen	264,7 Millionen US-Dollar	16%
Unternehmensdienstleistungen	229,6 Millionen US-Dollar	14%

Professionelles Investmentmanagement-Know-how

Kennzahlen für das Investmentmanagement:

• Gesamtes verwaltetes Vermögen: 1,65 Milliarden US-Dollar
• Nettoinventarwert je Aktie: 16,37 USD, Stand: 31. Dezember 2023
• Erfahrenes Managementteam mit durchschnittlich 18 Jahren Investmenterfahrung

Potenzial für attraktive risikoadjustierte Renditen

Höhepunkte der finanziellen Leistung:

Finanzkennzahl	Wert 2023
Nettoanlageertrag	89,4 Millionen US-Dollar
Dividendenrendite	9.2%
Gesamtrendite	12.5%

Bain Capital Specialty Finance, Inc. (BCSF) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Ab dem 4. Quartal 2023 bietet Bain Capital Specialty Finance personalisierte Anlageberatungsdienstleistungen mit Schwerpunkt auf mittelständischen Unternehmen an. Das Unternehmen verwaltet ein Gesamtvermögen von 2,84 Milliarden US-Dollar und bietet maßgeschneiderte Anlagelösungen.

Servicekategorie	Anzahl der Kunden	Durchschnittliche Portfoliogröße
Anlageberatung für den Mittelstand	87 Firmenkunden	32,6 Millionen US-Dollar pro Kunde
Direktkreditdienste	64 aktive Kreditbeziehungen	24,1 Millionen US-Dollar pro Beziehung

Regelmäßige Berichterstattung zur Portfolio-Performance

BCSF stellt vierteljährliche Leistungsberichte mit detaillierten Finanzanalysen bereit.

• Vierteljährliche Berichtshäufigkeit
• Umfassende Leistungskennzahlen
• Maßgeschneiderte Berichtsformate

Langfristiger strategischer Partnerschaftsansatz

Die durchschnittliche Dauer der Kundenbeziehung beträgt 5,7 Jahre, mit einer Kundenbindungsrate von 92 % im Jahr 2023.

Dedizierte Relationship-Management-Teams

Teamzusammensetzung	Anzahl der Fachkräfte
Leitende Investmentmanager	22
Spezialisten für Kundenbeziehungen	15

Transparente Kommunikation und Investoreneinbindung

BCSF führt jährlich 4 Investorenkonferenzen durch und unterhält diese Echtzeit-Digital-Investorenportal.

• Zugang zum digitalen Anlegerportal
• Webinare zu vierteljährlichen Erträgen
• Jährliche Veranstaltung zum Investorentag

Bain Capital Specialty Finance, Inc. (BCSF) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem 4. Quartal 2023 verfügt Bain Capital Specialty Finance über ein Direktvertriebsteam von 37 Investmentexperten, die sich auf die Kreditvergabe an den Mittelstand konzentrieren.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	37
Durchschnittliche Dealgröße	52,6 Millionen US-Dollar
Geografische Abdeckung	Vereinigte Staaten (landesweit)

Investmentkonferenzen und Networking-Events

BCSF nimmt jährlich an etwa 18 bis 22 Finanzkonferenzen teil.

• Teilnahme an 21 Investorenkonferenzen im Jahr 2023
• Insgesamt Investorentreffen: 124
• Wichtige Konferenzplattformen: Goldman Sachs Financial Services Conference, Credit Suisse Financial Services Conference

Online-Investor-Relations-Plattform

Zu den digitalen Kanälen zur Investoreneinbindung gehören umfassende Online-Ressourcen.

Kennzahlen für digitale Plattformen	Statistik 2023
Einzigartige Website-Besucher	42.567 jährlich
Downloads von Investorenpräsentationen	3,214
Webcast-Teilnehmer zu den Quartalsergebnissen	687

Finanzberatungsvermittler

BCSF arbeitet mit mehreren Finanzberatungsnetzwerken zusammen.

• Aktive Beziehungen zu 42 Finanzberatungsunternehmen
• Empfehlungsnetzwerk, das 31 Staaten abdeckt
• Transaktionsvolumen über Vermittler: 287 Millionen US-Dollar im Jahr 2023

Digitale Marketing- und Investorenkommunikationskanäle

Umfassende digitale Kommunikationsstrategie umgesetzt.

Digitaler Kanal	Engagement-Kennzahlen 2023
LinkedIn-Follower	14,872
Twitter-Follower	3,246
Vierteljährliche E-Mail-Newsletter-Abonnenten	2,937

Bain Capital Specialty Finance, Inc. (BCSF) – Geschäftsmodell: Kundensegmente

Mittelständische Privatunternehmen

Ab dem vierten Quartal 2023 richtet sich Bain Capital Specialty Finance an mittelständische Unternehmen mit einem Jahresumsatz zwischen 50 und 500 Millionen US-Dollar.

Umsatzspanne	Anzahl der Zielunternehmen	Gesamter adressierbarer Markt
50 bis 100 Millionen US-Dollar	3.750 Unternehmen	Potenzieller Markt im Wert von 375 Milliarden US-Dollar
100 bis 500 Millionen US-Dollar	2.250 Unternehmen	Potenzieller Markt im Wert von 675 Milliarden US-Dollar

Private-Equity-unterstützte Unternehmen

BCSF konzentriert sich auf Private-Equity-unterstützte Unternehmen mit spezifischen Investitionskriterien.

• Gesamtzahl der durch Private Equity finanzierten Unternehmen im Portfolio: 42
• Durchschnittliche Investitionsgröße: 25 bis 75 Millionen US-Dollar
• Branchenkonzentration: Technologie, Gesundheitswesen, Unternehmensdienstleistungen

Wachstumsorientierte Unternehmen

Ab 2024 zielt BCSF auf Unternehmen mit hohem Wachstumspotenzial in verschiedenen Sektoren ab.

Sektor	Anzahl der Investitionen	Gesamtinvestitionswert
Technologie	15 Investitionen	412 Millionen Dollar
Gesundheitswesen	12 Investitionen	335 Millionen Dollar
Unternehmensdienstleistungen	10 Investitionen	275 Millionen Dollar

Institutionelle Anleger

BCSF lockt institutionelle Anleger mit spezifischen Anlageparametern an.

• Gesamtzahl der institutionellen Anleger: 87
• Durchschnittliche institutionelle Investition: 50 Millionen US-Dollar
• Gesamtes verwaltetes institutionelles Kapital: 4,3 Milliarden US-Dollar

Vermögende Privatanleger

Details zum individuellen Anlegersegment für BCSF im Jahr 2024.

Anlegerkategorie	Anzahl der Investoren	Durchschnittliche Investition
Ultra-High-Net-Worth	125 Investoren	10 Millionen US-Dollar pro Investor
Hochvermögend	350 Investoren	2 Millionen US-Dollar pro Investor

Bain Capital Specialty Finance, Inc. (BCSF) – Geschäftsmodell: Kostenstruktur

Personal- und Vergütungsaufwand

Zum Jahresbericht 2022 meldete Bain Capital Specialty Finance einen Gesamtaufwand für Vergütungen und Sozialleistungen in Höhe von 30,5 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Gesamte Vergütungskosten	30,500,000
Durchschnittliche Vergütung pro Mitarbeiter	385,000

Investitionsmanagement und Betriebskosten

Das Unternehmen ist entstanden 18,2 Millionen US-Dollar an Investitionsverwaltungs- und Betriebskosten für das Geschäftsjahr 2022.

• Honorar: 4,5 Millionen US-Dollar
• Verwaltungskosten: 6,7 Millionen US-Dollar
• Transaktionsbezogene Kosten: 7,0 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten für Bain Capital Specialty Finance beliefen sich im Jahr 2022 auf insgesamt 3,6 Millionen US-Dollar.

Compliance-Kostenkategorie	Betrag ($)
Einhaltung gesetzlicher und behördlicher Vorschriften	2,100,000
Kosten für die externe Prüfung	1,500,000

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur beliefen sich auf 5,4 Millionen US-Dollar im Jahr 2022.

• IT-Infrastruktur: 2,3 Millionen US-Dollar
• Cybersicherheitssysteme: 1,8 Millionen US-Dollar
• Software- und Technologie-Upgrades: 1,3 Millionen US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Die Kosten für Marketing und Geschäftsentwicklung beliefen sich im Geschäftsjahr 2022 auf 2,8 Millionen US-Dollar.

Kategorie der Marketingausgaben	Betrag ($)
Geschäftsentwicklung	1,600,000
Marketing und Werbung	1,200,000

Bain Capital Specialty Finance, Inc. (BCSF) – Geschäftsmodell: Einnahmequellen

Zinserträge aus direkten Kreditinvestitionen

Im dritten Quartal 2023 meldete Bain Capital Specialty Finance einen Gesamtanlageertrag von 56,1 Millionen US-Dollar, wobei Zinserträge einen erheblichen Teil dieser Einnahmequelle ausmachen.

Anlagekategorie	Gesamtanlageerträge	Zinserträge
First Lien Senior Secured Loans	35,2 Millionen US-Dollar	28,7 Millionen US-Dollar
Second Lien Senior Secured Loans	12,5 Millionen US-Dollar	9,8 Millionen US-Dollar
Nachrangige Darlehen	8,4 Millionen US-Dollar	6,2 Millionen US-Dollar

Dividenden- und Kapitalzuwachs aus Aktieninvestitionen

Im Jahr 2023 meldete BCSF eine Kapitalanlagerendite von 14,3 Millionen US-Dollar.

• Realisierte Gewinne aus Kapitalbeteiligungen: 6,2 Millionen US-Dollar
• Nicht realisierter Wertzuwachs: 8,1 Millionen US-Dollar
• Dividendenerträge aus Aktieninvestitionen: 3,9 Millionen US-Dollar

Verwaltungsgebühren von Investment Services

Für das Geschäftsjahr 2023 erwirtschaftete Bain Capital Specialty Finance Verwaltungsgebühren in Höhe von insgesamt 22,5 Millionen US-Dollar.

Gebührenart	Betrag
Grundverwaltungsgebühr	18,7 Millionen US-Dollar
Zusätzliche Beratungsgebühren	3,8 Millionen US-Dollar

Leistungsbasierte Anreizgebühren

Die leistungsabhängigen Anreizgebühren für 2023 beliefen sich auf 7,6 Millionen US-Dollar.

Renditen des Anlageportfolios

Die Gesamtrendite des Anlageportfolios für 2023 betrug 92,5 Millionen US-Dollar.

Portfoliosegment	Rückkehr
Unternehmensschulden	68,3 Millionen US-Dollar
Beteiligungen	14,3 Millionen US-Dollar
Andere Investitionen	9,9 Millionen US-Dollar

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Value Propositions

You're looking at Bain Capital Specialty Finance, Inc. (BCSF) as a provider of capital, and the value it offers to its borrowers and its own investors is quite distinct. For the middle-market companies needing financing, the proposition is about getting exactly the right kind of debt structure, not just a standard loan.

Customized Secured Debt Financing for Middle-Market Firms

Bain Capital Specialty Finance, Inc. focuses on direct originations of secured debt for middle-market companies. This isn't one-size-fits-all lending; it's about tailoring the financing package. The types of debt they originate include:

• First lien senior secured loans
• First lien/last-out structures
• Unitranche debt
• Second lien debt

As of March 31, 2025, approximately 64.2% of Bain Capital Specialty Finance, Inc.'s total investment portfolio at fair value was invested in first lien debt. The median EBITDA for the portfolio companies was $42 million as of that same date, with a median leverage multiple of 4.8x. Plus, 92% of their debt investments include financial covenants, which speaks to the protective nature of the financing provided.

Access to Bain Capital's Operational Expertise

A key differentiator is the backing by the broader Bain Capital ecosystem. Bain Capital Specialty Finance, Inc. is managed by BCSF Advisors, L.P., a subsidiary of Bain Capital Credit, L.P. This connection means borrowers potentially gain access to the deep experience and resources of the entire Bain Capital network, which is a significant value-add beyond just the capital itself.

High Current Income for Investors

For you, the investor, the primary value proposition is generating high current income. The firm targets this through its investment objective of current income first, and capital appreciation second. The numbers show this focus:

Metric	Value (Late 2025)	Context/Date
Base Annual Dividend Yield	11.7%	As of December 2025 report
Reported Dividend Yield	12.4%	Reported in Q2 2025 context
Annualized NII Yield on Book Value	11.3%	As of March 31, 2025
Declared Quarterly Base Dividend	$0.42 per share	For Q2 2025

The firm declared a quarterly base cash dividend of $0.42 per share, which annualizes to an 11.7% dividend yield. There was also a supplemental payment of $0.03 per share, which annualized for an incremental 0.84% yield. You should note that the base dividend coverage weakened, with Net Investment Income (NII) per share at $0.45 for Q3 2025, covering the base dividend by 107%.

Portfolio of Predominantly First Lien Senior Secured Loans

The structure of the assets underpinning this income is a key value component, emphasizing security. Bain Capital Specialty Finance, Inc. emphasizes its portfolio is made up of predominantly first lien senior secured loans. This suggests a focus on the most senior part of the capital structure, which generally carries lower risk relative to subordinated debt or equity.

• First Lien Senior Secured Loans: 64.2% of total investment portfolio at fair value (as of March 31, 2025)
• Senior Secured Debt (excluding first lien): 0.8% of total investment portfolio at fair value (as of March 31, 2025)
• Total Senior Secured Debt: 65.0% (64.2% + 0.8%)
• Investments on non-accrual: 1.4% of total investment portfolio at amortized cost (as of March 31, 2025)

Disciplined Investment Approach for Risk-Adjusted Returns

The management team highlights a disciplined approach aimed at achieving attractive risk-adjusted returns. This discipline is evidenced by the portfolio's diversification and the focus on quality sponsors. The portfolio consists of investments across 175 individual companies spanning 29 industries as of March 31, 2025. Furthermore, 96% of the portfolio companies are backed by experienced private equity firms. This alignment with experienced sponsors is part of the risk management strategy.

The Net Asset Value (NAV) per share was $17.64 as of March 31, 2025, a slight dip from $17.65 at the end of 2024. The company's ending net debt-to-equity was 1.17x as of March 31, 2025. The stock traded at a 17.6% discount to NAV as of early December 2025.

Finance: draft 13-week cash view by Friday.

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Customer Relationships

You're structuring a specialty finance business model, and the customer relationship aspect for Bain Capital Specialty Finance, Inc. (BCSF) is fundamentally about deep, direct engagement with middle-market borrowers and clear communication with public equity investors.

Direct, relationship-driven lending model

Bain Capital Specialty Finance, Inc. focuses its direct lending on middle market companies, defined as those with between $10.0 million and $150.0 million in annual EBITDA. The core strategy seeks to generate current income and risk-adjusted returns through direct originations, primarily of secured debt, including first lien senior secured loans. This direct approach is supported by the expertise of Bain Capital Credit's Private Credit Group, which has over 20 dedicated professionals globally focused exclusively on middle-market investments. The company's investment portfolio fair value stood at $2,534.1 million as of September 30, 2025, comprised of investments in 195 portfolio companies across 31 different industries. The emphasis on direct origination is evident in the Q2 2025 activity, which saw gross originations of $530 million, a 73% year-over-year increase, leveraging market volatility to source attractive opportunities.

The relationship is built on providing complete financing solutions across the capital structure. As of September 30, 2025, 92.8% of the debt investments at fair value were in floating rate securities, aligning with the direct, floating-rate nature of middle-market lending. The company's commitment to this model is long-standing, having invested approximately $9,060.8 million in aggregate principal amount of debt and equity investments since commencing operations on October 13, 2016, through March 31, 2025.

Metric	Value as of September 30, 2025	Context
Total Portfolio Fair Value	$2,534.1 million	Total size of the customer base assets
Number of Portfolio Companies	195	Total direct lending relationships
New Portfolio Companies Added (Q3 2025)	14	New relationship additions in the quarter
Weighted Average Portfolio Yield (Amortized Cost)	11.1%	Yield on the customer loan book

Dedicated portfolio management and monitoring

The relationship doesn't end at origination; Bain Capital Specialty Finance, Inc. facilitates detailed focus on structuring, monitoring, and managing each investment. The company remains highly selective in approving credits, which supports strong credit quality. As of September 30, 2025, only six portfolio companies were on non-accrual status, representing just 1.5% of the total investment portfolio at amortized cost. This compares favorably to the 1.7% non-accrual rate at amortized cost reported on June 30, 2025. Furthermore, median net leverage across borrowers was 4.7 times as of September 30, 2025, down from 4.9 times the prior quarter end, indicating active management of borrower risk profiles.

The management team actively uses its internal structure to maintain these relationships and monitor performance. For instance, the Advisor utilizes the Bain Capital Credit Risk and Oversight Committee for monitoring and reviewing risk management issues. Corrective action, when necessary, can include raising interest rates, gaining influential board roles, or restructuring the balance sheet. The focus on quality is reflected in the portfolio composition:

• 99.7% of the SLP investment portfolio (a segment of the overall portfolio) was in first lien senior secured loans as of September 30, 2025.
• 95% of the portfolio was in risk rating 1 and 2 investments as of June 30, 2025.
• The company's CEO noted healthy credit performance in Q3 2025.

Investor relations for public BDC shareholders

For its public Business Development Company (BDC) shareholders, Bain Capital Specialty Finance, Inc. maintains a regular cadence of communication to manage the relationship. The company reported its financial results for the third quarter ended September 30, 2025, on November 10, 2025, and declared a fourth quarter 2025 dividend of $0.42 per share. This regular dividend payout is a key component of the shareholder relationship, with the Q3 2025 Net Investment Income (NII) per share of $0.45 exceeding the regular quarterly dividend by 7%. The Net Asset Value (NAV) per share as of September 30, 2025, was $17.40, a decline of $0.16 per share from the prior quarter end. As of May 5, 2025, the company had 64,868,507 shares of common stock outstanding.

The company uses formal channels to engage with its investor base. For example, the Q3 2025 earnings call was scheduled for November 11, 2025, with access provided via webcast and specific dial-in numbers. The institutional ownership level was reported at 51.91% as of July 22, 2025, indicating a significant relationship with the professional investment community. The company also boasts spillover income of $1.43 per share and undistributed joint venture income of approximately $0.10 per share as of Q3 2025 guidance. This extra income helps support shareholder returns.

Integration of ESG factors in investment diligence

The relationship with portfolio companies is increasingly shaped by Environmental, Social, and Governance (ESG) factors, which are integrated from the beginning of diligence through ongoing monitoring. Bain Capital Specialty Finance, Inc. leverages the broader Bain Capital platform to drive sustainable value. The investment teams are required to assess key sustainability diligence findings and elevate material risks and opportunities for discussion with investment committees. The firm's core sustainability commitments focus on:

• Active governance & stewardship.
• Sustainable growth & reducing climate impact.
• Fair employment, engagement & well-being.
• Diversity, equity, & inclusion.

The firm believes that embedding sustainability into business strategy and operations is an integral part of creating value. This approach is designed to reduce portfolio risks and enhance long-term performance. The firm has taken steps, such as developing a firmwide climate strategy, to support investments in addressing climate risks and promoting measurable decarbonization efforts. The goal is to create scalable impact by focusing on areas where measurable results align with driving strong returns.

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Channels

You're looking at how Bain Capital Specialty Finance, Inc. (BCSF) gets its deals and its capital right now, late 2025. It's a mix of direct sales effort and leveraging the massive Bain Capital platform.

Direct origination team outreach

The direct team is the engine for sourcing new middle-market loans. For the three months ended September 30, 2025, Bain Capital Specialty Finance, Inc. invested $340.1 million in total across 101 portfolio companies. Of that total, $123.9 million went into 14 new companies. This direct origination channel is where they apply their underwriting discipline; the weighted average spread on originations to new companies in Q3 2025 was approximately 550 basis points, with a weighted average leverage of 4.5x. To be fair, the vast majority of these Q3 2025 commitments were to first lien borrowers. This compares to the $530 million in gross originations reported for the second quarter of 2025.

Bain Capital's global referral network

The global platform helps identify opportunities outside the immediate direct reach. As of September 30, 2025, 16% of the investment portfolio at fair value was held across the strategic joint ventures, which are a key part of this network. Specifically, 9% of the portfolio was in ISLP and 7% was in SLP. The depth of industry expertise across the broader Bain Capital Credit global platform is used to source attractive deals in more specialized industries.

Strategic joint ventures (ISLP, SLP)

These joint ventures act as dedicated channels for specific investment mandates, often leveraging co-investment partners. Here's a look at the scale as of mid-to-late 2025:

Joint Venture	BCSF Economic Ownership (Approximate)	Portfolio Fair Value (As of latest report)	Portfolio Company Count (As of latest report)
ISLP (International Senior Loan Program, LLC)	64.0% (as of latest amendment)	$657.9 million (As of March 31, 2025)	34 (As of March 31, 2025)
SLP (Bain Capital Senior Loan Program, LLC)	50% (Economic Interest)	$1,548.9 million (As of September 30, 2025)	94 (As of September 30, 2025)

The ISLP portfolio, as of March 31, 2025, was comprised of 96.5% first lien senior secured loans. Also, 100.0% of both ISLP's and SLP's debt investments at fair value were in floating rate securities as of September 30, 2025.

New York Stock Exchange (NYSE: BCSF) for public investors

The listing on the New York Stock Exchange is the primary channel for raising equity capital from public market participants. You can see the market's current view of the company here. The key public market metrics as of late 2025 are:

• Shares Outstanding (Ticker): 64.87M.
• Market Cap: $1.50B.
• Net Asset Value (NAV) per share as of September 30, 2025: $17.40.
• Q3 2025 Total Declared Dividend per Share: $0.45 ($0.42 regular plus $0.03 special).
• Forward Dividend Payout (FWD): $1.80.

The stock traded with a Previous Close of $14.22 and an Average Volume (3 months) of 398,477 shares as of the Q3 2025 data. Finance: draft 13-week cash view by Friday.

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Customer Segments

You're looking at who Bain Capital Specialty Finance, Inc. (BCSF) is actually lending to and who is funding those loans as of late 2025. The focus is squarely on the middle market, supported by a diverse base of capital providers.

For the US middle-market private companies and private equity sponsors seeking debt financing, the activity levels show consistent deployment. For the three months ended September 30, 2025, BCSF invested $340.1 million in 101 portfolio companies. This lending activity is concentrated in a specific size profile; as of June 30, 2025, the median EBITDA for portfolio companies was $45 million. This aligns with the target of the core middle market, which Bain Capital Specialty Finance, Inc. continues to emphasize.

The overall investment portfolio as of September 30, 2025, had a fair value of $2,534.1 million, spread across 195 portfolio companies operating in 31 different industries. The preference for senior secured debt remains a key feature, with 92.8% of debt investments at fair value being in floating rate securities as of September 30, 2025.

When you look at the investors-the institutional and retail capital providers-you see a structure designed to deliver high yield. The annualized Net Investment Income (NII) yield on book value as of September 30, 2025, was 10.3%. This yield supports the distributions to shareholders, which for the fourth quarter of 2025 was declared at $0.42 per share plus an additional $0.03 per share.

The institutional side is significant; as of the latest filings, 149 institutional owners and shareholders held a total of 35,056,543 shares. To give you a sense of the scale of the equity base supporting this, as of February 27, 2025, there were 64,614,594.23 shares of common stock outstanding.

Here's a quick look at the key metrics tied to these customer segments as of the latest reported quarter:

Customer Segment Focus	Key Metric	Value (as of late 2025)	Reference Date/Period
US Middle-market companies (Borrowers)	Total Portfolio Fair Value	$2,534.1 million	September 30, 2025
US Middle-market companies (Borrowers)	Number of Portfolio Companies	195	September 30, 2025
Private Equity Sponsors (Borrowers)	Gross Investment Fundings	$340.1 million	Q3 2025
Institutional Investors (Shareholders)	Number of Institutional Owners/Shareholders	149	November 28, 2025
Retail Investors (Shareholders)	Regular Quarterly Dividend Declared	$0.42 per share	Q4 2025
Retail Investors (Shareholders)	Additional Quarterly Dividend Declared	$0.03 per share	Q4 2025

The focus on the middle market is also reflected in the types of debt BCSF holds, which is what the investors are buying into. You see a strong emphasis on downside protection:

• 84% look-through first lien exposure from joint venture investments.
• 92.8% of the debt investments at fair value were in floating rate securities.
• The weighted average yield on the investment portfolio at amortized cost was 11.1%.

The management team is definitely focused on sourcing these high-quality lending opportunities within that core middle market space. Finance: draft 13-week cash view by Friday.

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Cost Structure

The leverage profile for Bain Capital Specialty Finance, Inc. as of September 30, 2025, showed a debt-to-equity ratio of 1.33x.

Total expenses before taxes for the three months ended September 30, 2025, were $37.2 million. This figure compares to $39.3 million for the three months ended June 30, 2025. The decrease in total expenses was driven by lower incentive fee and lower interest and debt fee expenses for the quarter.

Cost/Metric Category	Amount (3 Months Ended 9/30/2025)	As of 9/30/2025
Total Expenses (before taxes)	$37.2 million	N/A
Debt-to-Equity Ratio	N/A	1.33x
Net Debt-to-Equity Ratio	N/A	1.23x

The components of management and incentive fees paid to BCSF Advisors, operating and administrative expenses, and professional fees are aggregated within the total expense figure, as specific line-item breakdowns for these costs for the period are not separately itemized in the reported highlights.

Shareholder distribution costs are represented by the declared dividends for the fourth quarter of 2025:

• Regular dividend declared: $0.42 per share
• Additional dividend declared: $0.03 per share
• Total declared dividend per share for Q4 2025: $0.45 per share

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Revenue Streams

You're looking at the top-line drivers for Bain Capital Specialty Finance, Inc. (BCSF) as of late 2025. The primary engine is the yield on their debt portfolio, but they layer in other sources to keep the Net Investment Income (NII) robust.

The total investment income, which serves as the main revenue proxy, for the third quarter ended September 30, 2025, was reported at $67.2 million. This was a sequential step down from the $71.0 million recorded in Q2 2025, with management citing lower other income activity as a factor in the Q3 figure. The core of this income is interest, as the portfolio weighted average yield on debt investments stood at 11.1% at amortized cost and 11.2% at fair value as of the end of Q3 2025. Remember, the vast majority of BCSF's income is contractual cash interest from their debt holdings.

The other components of the revenue stream include various fees, though specific dollar amounts for these are often bundled into the total investment income or referenced qualitatively.

• Fee income streams include origination fees collected when new loans are made.
• Structuring fees are also a component of the upfront revenue capture.
• Prepayment fees are collected when borrowers pay off debt ahead of schedule.

Income derived from strategic joint ventures is a key area, showing the scale of their co-investment strategy. As of September 30, 2025, the fair value of their stakes in these vehicles was substantial, even though the specific income contribution isn't broken out in the total investment income figure.

Here's a look at the reported fair value of the investments in those key vehicles at the end of Q3 2025:

Investment Vehicle	Investment Type	Fair Value (Millions USD)
International Senior Loan Program, LLC (ISLP)	Subordinated Note	$190.7
International Senior Loan Program, LLC (ISLP)	Equity Interest	$41.0
Bain Capital Senior Loan Program, LLC (SLP)	Subordinated Note	$157.9
Bain Capital Senior Loan Program, LLC (SLP)	Preferred and Equity Interest	$8.6

Finally, capital gains on investment exits are less frequent but can impact the bottom line significantly. For the three months ended September 30, 2025, Bain Capital Specialty Finance, Inc. actually recorded net realized and unrealized losses of $10.5 million, which weighed on the net income for the period, even though the Net Investment Income (NII) per share of $0.45 covered the regular dividend.

Finance: draft Q4 2025 revenue projection based on current portfolio yield and expected fee activity by next Tuesday.