Bain Capital Specialty Finance, Inc. (NYSE:BCSF) Q4 2019 Earnings Conference Call February 27, 2020 8:30 AM ET Company Participants Kyle Nagarkar - Investor Relations Michael Ewald - President and Chief Executive Officer Sally Dornaus - Chief Financial Officer Mike Boyle - Vice President and Treasurer Conference Call Participants Fin O'Shea - Wells Fargo Securities Ryan Lynch - KBW Derek Hewett - Bank of America Operator Greetings. Welcome to the Bain Capital Specialty Finance Fourth Quarter 2019 Earnings C ...

Key Personnel and Management - The company is dependent on key personnel from Bain Capital Credit and its Advisor, and the loss of these individuals could materially affect its financial condition and performance [179]. - Conflicts of interest may arise due to the involvement of executive officers and directors in multiple entities, potentially impacting investment opportunities [195]. - The company may face conflicts of interest due to the Advisor's potential to benefit from capital gains recognition and timing of sales [202]. - The company may incur additional costs and operational disruptions if its Advisor or Administrator resigns, affecting its financial condition and ability to pay distributions [271]. - The company is highly dependent on the communications and information systems of Bain Capital Credit, and any failure or interruption could materially affect its business and financial condition [275]. Investment Performance and Risks - The company may not replicate historical performance achieved by Bain Capital Credit or its Advisor, and future investment returns could be substantially lower than past results [184]. - The company operates in a highly competitive market for investment opportunities, which could reduce returns and result in losses [213]. - The due diligence process may not reveal all relevant facts about potential investments, leading to uninformed investment decisions and potential losses [186]. - The company may incur significant expenses in identifying investment opportunities that do not materialize, impacting overall financial performance [216]. - The company may face litigation risks related to its investment activities, which could divert management's attention and resources [242]. Market and Economic Conditions - The company faces risks related to global capital market disruptions, which could adversely affect debt and equity capital markets and its business operations [187]. - A prolonged period of market illiquidity may lead to a reduction in the volume of loans and debt securities originated, adversely impacting the value of portfolio investments [191]. - The company may invest in debt securities issued by European issuers, and uncertainties related to Brexit could negatively impact financial markets and economic growth [192]. - Adverse developments in credit markets may impair the company's ability to enter into new debt financing arrangements, affecting growth and refinancing [194]. - Economic downturns could increase nonperforming assets and decrease portfolio value, adversely affecting revenues and net income [310]. Financial Structure and Capital Management - The management fee structure is based on gross assets, resulting in a base management fee of 1.5% post-IPO, up from 0.75% prior to the IPO [205]. - The incentive fee increased to 17.5% based on pre-incentive fee net investment income and capital gains after the IPO, compared to 15.0% before [205]. - The company intends to raise additional capital through debt or equity securities, which may be limited by unfavorable economic conditions [218]. - The company is required to distribute at least 90% of its net ordinary income and net short-term capital gains to maintain RIC eligibility, limiting available funds for new investments [218]. - The company is subject to regulatory limitations on raising equity capital and incurring indebtedness, which could negatively affect its financial condition and operations [190]. Debt and Interest Rate Risks - The company has total assets of $2,645.6 million and outstanding indebtedness of $1,579.2 million as of December 31, 2019, resulting in net assets of $1,018.4 million [230]. - An increase in interest rates could adversely affect the company's portfolio companies' ability to service their debt obligations, potentially leading to increased defaults [233]. - The average interest rate on the company's indebtedness was 4.68% as of December 31, 2019 [230]. - The company may need to refinance its indebtedness and cannot assure that it will be able to do so on commercially reasonable terms [225]. - The company may pledge up to 100% of its assets under debt agreements, which could have a material adverse effect on its financial condition if a default occurs [239]. Regulatory and Compliance Issues - The company is subject to the 1940 Act and must maintain at least 70% of total assets in qualifying assets to avoid regulatory restrictions [303]. - The company has an asset coverage ratio requirement of at least 200% for issuing senior securities, which could be impacted by declines in asset value [306]. - The company is restricted from engaging in certain transactions with affiliates without prior approval, limiting investment opportunities [296]. - New or modified laws and regulations, including those from Dodd-Frank, may adversely affect the company's business and operations [251][252]. - The company may be subject to increased oversight and regulation due to its activities outside the regulated banking system, potentially increasing costs and limiting operations [259]. Investment Strategy and Portfolio Management - The company may pursue growth through acquisitions or strategic investments, but success is not guaranteed [219]. - The company may invest in high yield debt, which carries greater credit and liquidity risk compared to higher-rated debt obligations [343]. - The company may invest in equity securities, which are subject to greater price volatility and may decline in value or become worthless [344]. - The company is classified as a non-diversified investment company, which increases the risk of loss if there is a decline in the market value of any loan in which it has invested a large percentage of its assets [360]. - There is no assurance that the company will make follow-on investments in portfolio companies, which could impair the value of its portfolio [363]. Collateral and Liquidation Risks - The rights of the company regarding collateral securing loans may be limited by intercreditor agreements with holders of senior debt [372]. - In the event of liquidation, obligations secured by first priority liens will be repaid in full before any distributions to the company [371]. - The value of collateral in liquidation depends on market conditions and may not be sufficient to satisfy loan obligations secured by second priority liens [370]. - The company may not have control over actions taken regarding collateral if first priority liens are outstanding [373]. - The company may face risks related to the liquidity and value of assets over which other lenders have a lien [371].

Bain Capital Specialty Finance, Inc. (NYSE:BCSF) Q3 2019 Earnings Conference Call November 7, 2019 8:30 AM ET Company Participants Sloan Bohlen - Investor Relations Michael Ewald - President and Chief Executive Officer Sally Dornaus - Chief Financial Officer Mike Boyle - Vice President and Treasurer Conference Call Participants Fin O'Shea - Wells Fargo Securities Ryan Lynch - KBW Operator Greetings and welcome to the Bain Capital Specialty Finance Third Quarter 2019 Earnings Conference Call. [Operator Instr ...

Bain Capital Specialty Finance, Inc. (NYSE:BCSF) Q2 2019 Earnings Conference Call August 8, 2019 9:00 AM ET Company Participants Michael Ewald - President & CEO Sally Dornaus - CFO Mike Boyle - VP & Treasurer Conference Call Participants Sam Choe - Credit Suisse Ryan Lynch - KBW Chris York - JMP Securities Finian O'Shea - Wells Fargo Securities Arren Cyganovich - Citi Operator Greetings, and welcome to the Bain Capital Specialty Finance Second Quarter 2019 Earnings Conference Call. [Operator Instructions] A ...

Bain Capital Specialty Finance, Inc. (NYSE:BCSF) Q1 2019 Earnings Conference Call May 9, 2019 9:00 AM ET Company Participants Michael Ewald – President and Chief Executive Officer Sally Dornaus – Chief Financial Officer Mike Boyle – Vice President and Treasurer Conference Call Participants Ryan Lynch – KBW Sam Choe – Credit Suisse Arren Cyganovich – Citi Fin O’Shea – Wells Fargo Derek Hewett – Bank of America Merrill Lynch Operator Greetings. Welcome to the Bain Capital Specialty Finance First Quarter 2019 ...

Use these links to rapidly review the document TABLE OF CONTENTS INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 814-01175 | --- | --- | |------------------- ...