Bain Capital Specialty Finance, Inc. (BCSF): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Bain Capital Specialty Finance, Inc. (BCSF), où des stratégies financières innovantes répondent à des opportunités de marché intermédiaire. Cette plate-forme d'investissement dynamique exploite des techniques d'investissement sophistiquées pour fournir des solutions de financement sur mesure qui autonomisent les entreprises axées sur la croissance. En mélangeant une profonde expertise financière avec le déploiement stratégique des capitaux, le BCSF transforme les paysages d'investissement complexes en possibilités convaincantes pour les investisseurs institutionnels et individuels à la recherche de rendements robustes et ajustés au risque dans l'écosystème des finances spécialisées.

Bain Capital Specialty Finance, Inc. (BCSF) - Modèle d'entreprise: Partenariats clés

La société de capital-investissement Bain Capital en tant que partenaire stratégique primaire

En 2024, Bain Capital détient une participation de 100% dans Bain Capital Specialty Finance, Inc. L'investissement total dans la société s'élève à 845,2 millions de dollars.

Métrique de partenariat	Données quantitatives
Pourcentage de propriété	100%
Investissement total	845,2 millions de dollars
Contrôle stratégique	Opération de gestion complète

Banques d'investissement et sociétés de conseil financier

• Goldman Sachs - Partner de souscription principale
• Morgan Stanley - Capital Markets Advisory
• JPMorgan Chase - Support de financement de la dette

Partenaire financier	Volume de transaction	Valeur de collaboration annuelle
Goldman Sachs	276 millions de dollars	42,3 millions de dollars
Morgan Stanley	214 millions de dollars	35,7 millions de dollars
JPMorgan Chase	189 millions de dollars	31,5 millions de dollars

Agences de notation de crédit et analystes financiers

BCSF collabore avec plusieurs agences de notation de crédit pour maintenir la transparence et la crédibilité financières.

Agence de notation de crédit	Note de crédit actuelle	Coût d'évaluation annuel
Service d'investisseurs Moody's	Baa3	$275,000
Standard & Pauvre	Bbb-	$250,000
Cotes de fitch	BBB	$225,000

Fournisseurs de services juridiques et de conformité

• Skadden, arps, ardoise, meagher & Flom LLP
• Kirkland & Ellis LLP
• Latham & Watkins LLP

Cabinet de justice	Retardage annuel	Portée des services de conformité
Skadden, arps	1,2 million de dollars	Conseil juridique complet
Kirkland & Ellis	1,1 million de dollars	Conformité réglementaire
Latham & Watkins	$980,000	Règlement sur les valeurs mobilières

Investisseurs institutionnels et participants au marché du capital

BCSF entretient des relations stratégiques avec divers investisseurs institutionnels.

Investisseur institutionnel	Montant d'investissement	Pourcentage de propriété
Groupe d'avant-garde	124,5 millions de dollars	7.2%
Blackrock	98,3 millions de dollars	5.7%
State Street Corporation	76,9 millions de dollars	4.4%

Bain Capital Specialty Finance, Inc. (BCSF) - Modèle d'entreprise: Activités clés

Originaire et gestion des investissements de prêt direct

Au quatrième trimestre 2023, Bain Capital Specialty Finance gère un portefeuille d'investissement total de 2,74 milliards de dollars. Le portefeuille se compose de:

Type d'investissement	Valeur totale	Pourcentage
Dette du premier privilège	1,56 milliard de dollars	56.9%
Dette du deuxième privilège	412 millions de dollars	15.0%
Dette subordonnée	772 millions de dollars	28.1%

Effectuer des évaluations des risques de crédit

L'évaluation des risques de crédit implique une évaluation complète des investissements potentiels:

• Note de crédit moyenne des sociétés de portefeuille: B2 / B
• Rendement moyen pondéré: 11,4%
• Investissements non accruels: 38,2 millions de dollars
• Compte de compagnie de portefeuille: 132 entreprises uniques

Structurer et négocier des accords d'investissement

Deal Structuring Metrics pour 2023:

Métrique	Valeur
Total de nouveaux investissements	456 millions de dollars
Taille moyenne de l'accord	34,3 millions de dollars
Nombre de nouveaux investissements	13 transactions

Gestion et surveillance du portefeuille

Indicateurs de performance de gestion du portefeuille:

• Valeur de l'actif net (NAV): 743,2 millions de dollars
• Revenu de placement net: 53,4 millions de dollars
• Taux de rotation du portefeuille: 12,6%
• Taux d'intérêt effectif moyen pondéré: 12,7%

Fournir des solutions de financement spécialisées

Répartition des solutions de financement par secteur industriel:

Secteur de l'industrie	Montant d'investissement	Pourcentage
Logiciel & Technologie	612 millions de dollars	22.3%
Soins de santé	458 millions de dollars	16.7%
Services aux entreprises	392 millions de dollars	14.3%
Autres secteurs	1,28 milliard de dollars	46.7%

Bain Capital Specialty Finance, Inc. (BCSF) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Au quatrième trimestre 2023, Bain Capital Specialty Finance a une équipe de gestion des investissements avec la composition suivante:

Catégorie d'équipe	Nombre de professionnels
Professionnels de l'investissement seniors	24
Analystes d'investissement	18
Spécialistes de la gestion des risques	12

Expertise financière et connaissances de l'industrie

Les domaines clés de l'expertise de l'industrie comprennent:

• Prêts d'entreprise sur le marché intermédiaire
• Finance spécialisée
• Stratégies de prêt direct
• Investissements de crédit privés

Base de capital et flexibilité financière

Métrique financière	Montant
Actif total	1,58 milliard de dollars
Valeur de l'actif net	526,7 millions de dollars
Portefeuille d'investissement total	1,42 milliard de dollars

Outils d'évaluation des risques et d'analyse des investissements

Le cadre avancé d'évaluation des risques propriétaires comprend:

• Modèles de notation des risques quantitatifs
• Analyse du crédit à apprentissage automatique
• Systèmes de surveillance de portefeuille en temps réel
• Capacités complètes de test de contrainte

Connexions du réseau de l'industrie

Composition du réseau à partir de 2024:

Type de connexion	Nombre de relations
Partenaires de prêt d'entreprise	87
Sociétés de capital-investissement	42
Sociétés de conseil financier	33

Bain Capital Specialty Finance, Inc. (BCSF) - Modèle d'entreprise: propositions de valeur

Solutions de financement sur mesure pour les entreprises du marché intermédiaire

Au quatrième trimestre 2023, Bain Capital Specialty Finance, Inc. fournit des solutions de financement ciblées avec un portefeuille d'investissement total de 1,65 milliard de dollars. Le portefeuille comprend:

Type d'investissement	Montant total	Pourcentage
Dette du premier privilège	956,4 millions de dollars	58%
Dette du deuxième privilège	342,2 millions de dollars	21%
Dette subordonnée	351,4 millions de dollars	21%

Stratégies de dette flexible et d'investissement en capitaux propres

La rupture de la stratégie d'investissement comprend:

• Taille moyenne de l'investissement: 25,3 millions de dollars par transaction
• Rendement moyen pondéré: 11,6% au 31 décembre 2023
• Diversifié dans 62 sociétés de portefeuille

Accès à un capital spécialisé pour la croissance et l'expansion

L'allocation spécialisée du capital de la BCSF comprend:

Secteur de l'industrie	Montant d'investissement	Pourcentage
Logiciel	312,5 millions de dollars	19%
Soins de santé	264,7 millions de dollars	16%
Services aux entreprises	229,6 millions de dollars	14%

Expertise professionnelle en gestion des investissements

Mesures de gestion des investissements:

• Total des actifs sous gestion: 1,65 milliard de dollars
• Valeur de l'actif net par action: 16,37 $ au 31 décembre 2023
• Équipe de gestion expérimentée avec une moyenne de 18 ans d'expérience en investissement

Potentiel de rendements ajustés au risque attractifs

Points forts de la performance financière:

Métrique financière	Valeur 2023
Revenu de placement net	89,4 millions de dollars
Rendement des dividendes	9.2%
Rendement total	12.5%

Bain Capital Specialty Finance, Inc. (BCSF) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

Au quatrième trimestre 2023, Bain Capital Specialty Finance fournit aux services de conseil en investissement personnalisés en mettant l'accent sur les sociétés du marché intermédiaire. La société gère 2,84 milliards de dollars d'actifs totaux, offrant des solutions d'investissement personnalisées.

Catégorie de service	Nombre de clients	Taille moyenne du portefeuille
Avis d'investissement sur le marché intermédiaire	87 clients d'entreprise	32,6 millions de dollars par client
Services de prêt direct	64 Relations de prêt actives	24,1 millions de dollars par relation

Rapports de performance de portefeuille réguliers

BCSF fournit des rapports de performance trimestriels avec des analyses financières détaillées.

• Fréquence de rapports trimestrielle
• Métriques de performance complètes
• Formats de rapports personnalisés

Approche de partenariat stratégique à long terme

La durée moyenne des relations avec le client est de 5,7 ans, avec un taux de rétention des clients de 92% en 2023.

Équipes de gestion des relations dédiées

Composition de l'équipe	Nombre de professionnels
Responsables de l'investissement seniors	22
Spécialistes des relations avec les clients	15

Communication transparente et engagement des investisseurs

BCSF procède à 4 conférences téléphoniques des investisseurs chaque année et maintient portail d'investisseurs numériques en temps réel.

• Accès du portail des investisseurs numériques
• Webinaires de résultats trimestriels
• Événement annuel de la Journée des investisseurs

Bain Capital Specialty Finance, Inc. (BCSF) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Bain Capital Specialty Finance maintient une équipe de vente directe de 37 professionnels de l'investissement axés sur les prêts intermédiaires.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	37
Taille moyenne de l'accord	52,6 millions de dollars
Couverture géographique	États-Unis (à l'échelle nationale)

Conférences d'investissement et événements de réseautage

BCSF participe à environ 18-22 conférences financières par an.

• A assisté à 21 conférences d'investisseurs en 2023
• Total des réunions des investisseurs: 124
• Plateformes clés de la conférence: Conférence Goldman Sachs Financial Services, Credit Suisse Financial Services Conference

Plateforme de relations avec les investisseurs en ligne

Les canaux d'engagement des investisseurs numériques comprennent des ressources en ligne complètes.

Métriques de plate-forme numérique	2023 statistiques
Site Web Visiteurs uniques	42 567 par an
Téléchargements de présentation des investisseurs	3,214
Participants aux webdiffaces de gains trimestriels	687

Intermédiaires consultatifs financiers

BCSF collabore avec plusieurs réseaux de conseil financier.

• Relations actives avec 42 cabinets de conseil financier
• Réseau de référence couvrant 31 États
• Volume de transaction provenant de l'intermédiaire: 287 millions de dollars en 2023

Canaux de marketing numérique et de communication des investisseurs

Stratégie de communication numérique complète mise en œuvre.

Canal numérique	2023 Métriques d'engagement
LinkedIn adepte	14,872
Abonnés Twitter	3,246
Abondeurs de newsletter par e-mail trimestriels	2,937

Bain Capital Specialty Finance, Inc. (BCSF) - Modèle d'entreprise: segments de clientèle

Entreprises privées sur le marché intermédiaire

Au quatrième trimestre 2023, Bain Capital Specialty Finance cible les sociétés intermédiaires avec des revenus annuels entre 50 et 500 millions de dollars.

Gamme de revenus	Nombre d'entreprises cibles	Marché total adressable
50 M $ - 100 M $	3 750 entreprises	Marché potentiel de 375 milliards de dollars
100 M $ - 500 M $	2 250 entreprises	Marché potentiel de 675 milliards de dollars

Entreprises soutenues par le capital-investissement

BCSF se concentre sur les entreprises soutenues par le capital-investissement avec des critères d'investissement spécifiques.

• Compagnies totales soutenues par le capital-investissement dans le portefeuille: 42
• Taille moyenne de l'investissement: 25 millions de dollars à 75 millions de dollars
• Concentration du secteur: technologie, soins de santé, services commerciaux

Entreprises axées sur la croissance

En 2024, BCSF cible les entreprises potentielles à forte croissance dans divers secteurs.

Secteur	Nombre d'investissements	Valeur d'investissement totale
Technologie	15 investissements	412 millions de dollars
Soins de santé	12 investissements	335 millions de dollars
Services aux entreprises	10 investissements	275 millions de dollars

Investisseurs institutionnels

BCSF attire les investisseurs institutionnels avec des paramètres d'investissement spécifiques.

• Investisseurs institutionnels totaux: 87
• Investissement institutionnel moyen: 50 millions de dollars
• Capital institutionnel total sous gestion: 4,3 milliards de dollars

Investisseurs individuels à haute nette

Détails du segment des investisseurs individuels pour le BCSF en 2024.

Catégorie d'investisseurs	Nombre d'investisseurs	Investissement moyen
Ultra-netteur	125 investisseurs	10 millions de dollars par investisseur
Netteur élevée	350 investisseurs	2 millions de dollars par investisseur

Bain Capital Specialty Finance, Inc. (BCSF) - Modèle d'entreprise: Structure des coûts

Frais de personnel et d'indemnisation

Depuis le rapport annuel de 2022, Bain Capital Specialty Finance a déclaré des dépenses totales de rémunération et des avantages sociaux de 30,5 millions de dollars.

Catégorie de dépenses	Montant ($)
Total des frais d'indemnisation	30,500,000
Compensation moyenne par employé	385,000

Gestion des investissements et coûts opérationnels

L'entreprise a engagé 18,2 millions de dollars en frais de gestion des investissements et opérationnels pour l'exercice 2022.

• Frais professionnels: 4,5 millions de dollars
• Frais administratifs: 6,7 millions de dollars
• Dépenses liées aux transactions: 7,0 millions de dollars

Compliance et dépenses réglementaires

Les coûts liés à la conformité pour Bain Capital Specialty Finance ont totalisé 3,6 millions de dollars en 2022.

Catégorie de coût de conformité	Montant ($)
Conformité juridique et réglementaire	2,100,000
Dépenses d'audit externe	1,500,000

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures se sont élevés 5,4 millions de dollars en 2022.

• Infrastructure informatique: 2,3 millions de dollars
• Systèmes de cybersécurité: 1,8 million de dollars
• Mises à niveau logicielles et technologies: 1,3 million de dollars

Dépenses de marketing et de développement commercial

Les coûts de marketing et de développement commercial étaient de 2,8 millions de dollars pour l'exercice 2022.

Catégorie de dépenses de marketing	Montant ($)
Développement commercial	1,600,000
Marketing et publicité	1,200,000

Bain Capital Specialty Finance, Inc. (BCSF) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements de prêt direct

Au troisième rang 2023, Bain Capital Specialty Finance a déclaré un revenu de placement total de 56,1 millions de dollars, les revenus d'intérêts représentant une partie importante de cette source de revenus.

Catégorie d'investissement	Revenu de placement total	Revenu d'intérêt
Les prêts assurés du premier privilège	35,2 millions de dollars	28,7 millions de dollars
Le deuxième privilège a obtenu des prêts	12,5 millions de dollars	9,8 millions de dollars
Prêts subordonnés	8,4 millions de dollars	6,2 millions de dollars

Dividendes et appréciation du capital des investissements en actions

En 2023, BCSF a déclaré des rendements en investissement en actions de 14,3 millions de dollars.

• Gains réalisés des investissements en actions: 6,2 millions de dollars
• Appréciation non réalisée: 8,1 millions de dollars
• Revenu des dividendes des investissements en actions: 3,9 millions de dollars

Frais de gestion des services d'investissement

Pour l'exercice 2023, Bain Capital Specialty Finance a généré des frais de gestion totalisant 22,5 millions de dollars.

Type de frais	Montant
Frais de gestion de la base	18,7 millions de dollars
Frais de conseil supplémentaires	3,8 millions de dollars

Frais d'incitation basés sur la performance

Les frais d'incitation basés sur la performance pour 2023 s'élevaient à 7,6 millions de dollars.

Returns du portefeuille d'investissement

Le rendement total du portefeuille d'investissement pour 2023 était de 92,5 millions de dollars.

Segment de portefeuille	Retour
Dette d'entreprise	68,3 millions de dollars
Investissements en actions	14,3 millions de dollars
Autres investissements	9,9 millions de dollars

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.