Bain Capital Specialty Finance, Inc. (BCSF): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Bain Capital Specialty Finance, Inc. (BCSF), donde las estrategias financieras innovadoras cumplen con la oportunidad del mercado medio. Esta plataforma de inversión dinámica aprovecha técnicas de inversión sofisticadas para proporcionar soluciones de financiación personalizadas que potenciar a las empresas orientadas al crecimiento. Al combinar una experiencia financiera profunda con el despliegue de capital estratégico, BCSF transforma los paisajes de inversión complejos en oportunidades convincentes para inversores institucionales e individuales que buscan rendimientos robustos y ajustados al riesgo en el ecosistema financiero especializado.

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negocios: asociaciones clave

La firma de capital privado Bain Capital como socio estratégico principal

A partir de 2024, Bain Capital posee intereses de propiedad del 100% en Bain Capital Specialty Finance, Inc. La inversión total en la compañía es de $ 845.2 millones.

Métrico de asociación	Datos cuantitativos
Porcentaje de propiedad	100%
Inversión total	$ 845.2 millones
Control estratégico	Supervisión de gestión completa

Bancos de inversión y firmas de asesoramiento financiero

• Goldman Sachs - Socio de suscripción principal
• Morgan Stanley - Asesor de mercados de capitales
• JPMorgan Chase - Soporte de financiamiento de la deuda

Socio financiero	Volumen de transacción	Valor de colaboración anual
Goldman Sachs	$ 276 millones	$ 42.3 millones
Morgan Stanley	$ 214 millones	$ 35.7 millones
JPMorgan Chase	$ 189 millones	$ 31.5 millones

Agencias de calificación crediticia y analistas financieros

BCSF colabora con múltiples agencias de calificación crediticia para mantener la transparencia financiera y la credibilidad.

Agencia de calificación crediticia	Calificación crediticia actual	Costo de evaluación anual
Servicio de inversores de Moody's	BAA3	$275,000
Estándar & Pobre	Bbb-	$250,000
Calificaciones de fitch	Bbb	$225,000

Proveedores de servicios legales y de cumplimiento

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

Firma legal	Retenedor anual	Alcance de servicios de cumplimiento
Skadden, Arps	$ 1.2 millones	Aviso legal integral
Kirkland & Ellis	$ 1.1 millones	Cumplimiento regulatorio
Latham & Watkins	$980,000	Regulación de valores

Inversores institucionales y participantes del mercado de capitales

BCSF mantiene relaciones estratégicas con diversos inversores institucionales.

Inversor institucional	Monto de la inversión	Porcentaje de propiedad
Grupo de vanguardia	$ 124.5 millones	7.2%
Roca negra	$ 98.3 millones	5.7%
State Street Corporation	$ 76.9 millones	4.4%

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negocio: actividades clave

Origen y gestión de inversiones de préstamos directos

A partir del cuarto trimestre de 2023, Bain Capital Specialty Finance administra una cartera de inversiones total de $ 2.74 mil millones. La cartera consta de:

Tipo de inversión	Valor total	Porcentaje
Primera deuda de gravamen	$ 1.56 mil millones	56.9%
Deuda de segundo gravamen	$ 412 millones	15.0%
Deuda subordinada	$ 772 millones	28.1%

Realización de evaluaciones de riesgo de crédito

La evaluación del riesgo de crédito implica una evaluación integral de posibles inversiones:

• Calificación crediticia promedio de las compañías de cartera: B2/B
• Rendimiento promedio ponderado: 11.4%
• Inversiones no acritivas: $ 38.2 millones
• Recuento de la compañía de cartera: 132 empresas únicas

Estructurar y negociar acuerdos de inversión

Métricas de estructuración de ofertas para 2023:

Métrico	Valor
Total de nuevas inversiones	$ 456 millones
Tamaño de trato promedio	$ 34.3 millones
Número de nuevas inversiones	13 transacciones

Gestión y monitoreo de la cartera

Indicadores de rendimiento de gestión de cartera:

• Valor de activos netos (NAV): $ 743.2 millones
• Ingresos de inversión netos: $ 53.4 millones
• Tasa de facturación de la cartera: 12.6%
• Tasa de interés efectiva promedio ponderada: 12.7%

Proporcionar soluciones de financiación especializadas

Desglose de soluciones de financiación por el sector industrial:

Sector industrial	Monto de la inversión	Porcentaje
Software & Tecnología	$ 612 millones	22.3%
Cuidado de la salud	$ 458 millones	16.7%
Servicios comerciales	$ 392 millones	14.3%
Otros sectores	$ 1.28 mil millones	46.7%

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, Bain Capital Specialty Finance tiene un equipo de gestión de inversiones con la siguiente composición:

Categoría de equipo	Número de profesionales
Profesionales de inversión senior	24
Analistas de inversiones	18
Especialistas en gestión de riesgos	12

Experiencia financiera y conocimiento de la industria

Las áreas clave de experiencia en la industria incluyen:

• Préstamo corporativo del mercado medio
• Finanzas especializadas
• Estrategias de préstamos directos
• Inversiones de crédito privado

Base de capital y flexibilidad financiera

Métrica financiera	Cantidad
Activos totales	$ 1.58 mil millones
Valor de activo neto	$ 526.7 millones
Cartera de inversiones totales	$ 1.42 mil millones

Herramientas de evaluación de riesgos y análisis de inversiones

El marco avanzado de evaluación de riesgos propietarios incluye:

• Modelos de calificación de riesgo cuantitativo
• Análisis de crédito habilitado para el aprendizaje automático
• Sistemas de monitoreo de cartera en tiempo real
• Capacidades integrales de prueba de estrés

Conexiones de red de la industria

Composición de red a partir de 2024:

Tipo de conexión	Número de relaciones
Socios de préstamos corporativos	87
Empresas de capital privado	42
Empresas de asesoramiento financiero	33

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negocio: propuestas de valor

Soluciones de financiación personalizadas para empresas de mercado medio

A partir del cuarto trimestre de 2023, Bain Capital Specialty Finance, Inc. proporciona soluciones financieras específicas con una cartera de inversiones total de $ 1.65 mil millones. La cartera comprende:

Tipo de inversión	Cantidad total	Porcentaje
Primera deuda de gravamen	$ 956.4 millones	58%
Deuda de segundo gravamen	$ 342.2 millones	21%
Deuda subordinada	$ 351.4 millones	21%

Estrategias de inversión de deuda y capital flexible

El desglose de la estrategia de inversión incluye:

• Tamaño promedio de la inversión: $ 25.3 millones por transacción
• Rendimiento promedio ponderado: 11.6% al 31 de diciembre de 2023
• Diversificado en 62 compañías de cartera

Acceso a capital especializado para el crecimiento y la expansión

La asignación de capital especializada de BCSF incluye:

Sector industrial	Monto de la inversión	Porcentaje
Software	$ 312.5 millones	19%
Cuidado de la salud	$ 264.7 millones	16%
Servicios comerciales	$ 229.6 millones	14%

Experiencia de gestión de inversiones profesionales

Métricas de gestión de inversiones:

• Activos totales bajo administración: $ 1.65 mil millones
• Valor neto del activo por acción: $ 16.37 al 31 de diciembre de 2023
• Equipo de gestión experimentado con 18 años de experiencia en inversión

Potencial para retornos atractivos ajustados al riesgo

Destacado de rendimiento financiero:

Métrica financiera	Valor 2023
Ingresos de inversión netos	$ 89.4 millones
Rendimiento de dividendos	9.2%
Retorno total	12.5%

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

A partir del cuarto trimestre de 2023, Bain Capital Specialty Finance ofrece servicios de asesoramiento de inversiones personalizados con un enfoque en las empresas del mercado medio. La compañía administra $ 2.84 mil millones en activos totales, ofreciendo soluciones de inversión personalizadas.

Categoría de servicio	Número de clientes	Tamaño promedio de la cartera
Aviso de inversión del mercado medio	87 clientes corporativos	$ 32.6 millones por cliente
Servicios de préstamos directos	64 Relaciones de préstamos activos	$ 24.1 millones por relación

Informes regulares de rendimiento de la cartera

BCSF proporciona informes de rendimiento trimestrales con análisis financiero detallado.

• Frecuencia de informes trimestrales
• Métricas de rendimiento integrales
• Formatos de informes personalizados

Enfoque de asociación estratégica a largo plazo

La duración promedio de la relación con el cliente es de 5.7 años, con una tasa de retención del cliente del 92% en 2023.

Equipos dedicados de gestión de relaciones

Composición del equipo	Número de profesionales
Gerentes de inversión senior	22
Especialistas en relaciones con el cliente	15

Comunicación transparente y compromiso de los inversores

BCSF realiza 4 llamadas de conferencia de inversores anualmente y mantiene Portal de inversores digitales en tiempo real.

• Acceso al portal de inversores digitales
• Seminarios web de ganancias trimestrales
• Evento anual del Día del Inversor

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Bain Capital Specialty Finance mantiene un equipo de ventas directo de 37 profesionales de inversión centrados en los préstamos del mercado medio.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	37
Tamaño de trato promedio	$ 52.6 millones
Cobertura geográfica	Estados Unidos (a nivel nacional)

Conferencias de inversión y eventos de redes

BCSF participa en aproximadamente 18-22 conferencias financieras anualmente.

• Asistió a 21 conferencias de inversores en 2023
• Total de reuniones de inversores: 124
• Plataformas de conferencia clave: Conferencia de Servicios Financieros Goldman Sachs, Conferencia de Servicios Financieros Credit Suisse

Plataforma de relaciones con inversores en línea

Los canales de participación de los inversores digitales incluyen recursos integrales en línea.

Métricas de plataforma digital	2023 estadísticas
Sitio web Visitantes únicos	42,567 anualmente
Descargas de presentación de inversores	3,214
Asistentes de transmisión por Internet de ganancias trimestrales	687

Intermediarios de asesoramiento financiero

BCSF colabora con múltiples redes de asesoramiento financiero.

• Relaciones activas con 42 empresas de asesoramiento financiero
• Red de referencia que cubre 31 estados
• Volumen de acuerdo intermediario: $ 287 millones en 2023

Canales de marketing digital y comunicación de inversores

Estrategia integral de comunicación digital implementada.

Canal digital	2023 Métricas de compromiso
Seguidores de LinkedIn	14,872
Seguidores de Twitter	3,246
Suscriptores de boletín de correo electrónico trimestral	2,937

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negocio: segmentos de clientes

Empresas privadas de mercado medio

A partir del cuarto trimestre de 2023, Bain Capital Specialty Finance se dirige a compañías de mercado medio con ingresos anuales de entre $ 50 millones y $ 500 millones.

Rango de ingresos	Número de empresas objetivo	Mercado total direccionable
$ 50M - $ 100M	3.750 empresas	Mercado potencial de $ 375 mil millones
$ 100M - $ 500M	2.250 empresas	Mercado potencial de $ 675 mil millones

Empresas respaldadas por capital privado

BCSF se centra en empresas respaldadas por capital privado con criterios de inversión específicos.

• Empresas totales respaldadas por capital privado en cartera: 42
• Tamaño promedio de la inversión: $ 25 millones a $ 75 millones
• Concentración del sector: tecnología, atención médica, servicios comerciales

Empresas orientadas al crecimiento

A partir de 2024, BCSF se dirige a compañías potenciales de alto crecimiento en varios sectores.

Sector	Número de inversiones	Valor de inversión total
Tecnología	15 inversiones	$ 412 millones
Cuidado de la salud	12 inversiones	$ 335 millones
Servicios comerciales	10 inversiones	$ 275 millones

Inversores institucionales

BCSF atrae a inversores institucionales con parámetros de inversión específicos.

• Inversores institucionales totales: 87
• Inversión institucional promedio: $ 50 millones
• Capital institucional total bajo administración: $ 4.3 mil millones

Inversores individuales de alto nivel de red

Detalles del segmento de inversores individuales para BCSF en 2024.

Categoría de inversionista	Número de inversores	Inversión promedio
Ultra alto-patrimonio	125 inversores	$ 10 millones por inversor
De alto nivel	350 inversores	$ 2 millones por inversor

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negocio: Estructura de costos

Personal y gastos de compensación

A partir del informe anual de 2022, Bain Capital Specialty Finance reportó compensación total y gastos de beneficios de $ 30.5 millones.

Categoría de gastos	Monto ($)
Gastos de compensación total	30,500,000
Compensación promedio por empleado	385,000

Gestión de inversiones y costos operativos

La empresa incurrió $ 18.2 millones en gestión de inversiones y gastos operativos para el año fiscal 2022.

• Tarifas profesionales: $ 4.5 millones
• Gastos administrativos: $ 6.7 millones
• Gastos relacionados con la transacción: $ 7.0 millones

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para Bain Capital Specialty Finance totalizaron $ 3.6 millones en 2022.

Categoría de costos de cumplimiento	Monto ($)
Cumplimiento legal y regulatorio	2,100,000
Gastos de auditoría externa	1,500,000

Inversiones de tecnología e infraestructura

Las inversiones en tecnología e infraestructura ascendieron a $ 5.4 millones en 2022.

• Infraestructura: $ 2.3 millones
• Sistemas de ciberseguridad: $ 1.8 millones
• Actualizaciones de software y tecnología: $ 1.3 millones

Gastos de marketing y desarrollo empresarial

Los costos de marketing y desarrollo comercial fueron de $ 2.8 millones para el año fiscal 2022.

Categoría de gastos de marketing	Monto ($)
Desarrollo comercial	1,600,000
Marketing y publicidad	1,200,000

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de inversiones de préstamos directos

A partir del tercer trimestre de 2023, Bain Capital Specialty Finance reportó ingresos por inversiones totales de $ 56.1 millones, con ingresos por intereses que representan una parte significativa de este flujo de ingresos.

Categoría de inversión	Ingresos de inversión totales	Ingresos por intereses
Primer gravamen préstamos asegurados	$ 35.2 millones	$ 28.7 millones
Segundo gravamen de préstamos asegurados	$ 12.5 millones	$ 9.8 millones
Préstamos subordinados	$ 8.4 millones	$ 6.2 millones

Dividendo y apreciación de capital de las inversiones de capital

En 2023, BCSF reportó rendimientos de inversión de capital de $ 14.3 millones.

• Ganancias realizadas de Equity Investments: $ 6.2 millones
• Apreciación no realizada: $ 8.1 millones
• Ingresos de dividendos de las inversiones de capital: $ 3.9 millones

Tarifas de gestión de los servicios de inversión

Para el año fiscal 2023, Bain Capital Specialty Finance generó tarifas de gestión por un total de $ 22.5 millones.

Tipo de tarifa	Cantidad
Tarifa de gestión base	$ 18.7 millones
Tarifas de asesoramiento adicionales	$ 3.8 millones

Tarifas de incentivos basadas en el desempeño

Las tarifas de incentivos basadas en el rendimiento para 2023 ascendieron a $ 7.6 millones.

Rendimientos de la cartera de inversiones

El rendimiento total de la cartera de inversiones para 2023 fue de $ 92.5 millones.

Segmento de cartera	Devolver
Deuda corporativa	$ 68.3 millones
Inversiones de renta variable	$ 14.3 millones
Otras inversiones	$ 9.9 millones

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.