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Bain Capital Specialty Finance(BCSF) - 2024 Q2 - Quarterly Results
BCSFBain Capital Specialty Finance(BCSF)2024-08-06 21:15

Investment Performance - Net investment income per share for Q2 2024 was 0.51,withanannualizedNIIyieldonbookvalueof11.60.51, with an annualized NII yield on book value of 11.6%[5] - Net income per share for Q2 2024 was 0.45, equating to an annualized return on book value of 10.2%[5] - Total investment income for Q2 2024 was 72.3million,adecreasefrom72.3 million, a decrease from 74.5 million in Q1 2024[13] - Net investment income for Q2 2024 was 33.1million,or33.1 million, or 0.51 per share, compared to 34.0million,or34.0 million, or 0.53 per share, in Q1 2024[13] - Total investment income for the six months ended June 30, 2024, was 146,770,comparedto146,770, compared to 150,452 for the same period in 2023[24] - Net investment income before taxes for the six months ended June 30, 2024, was 69,242,comparedto69,242, compared to 72,762 for the same period in 2023[24] - Net increase in net assets resulting from operations for the six months ended June 30, 2024, was 64,185,comparedto64,185, compared to 58,456 for the same period in 2023[24] Investment Portfolio - Total fair value of investments as of June 30, 2024 was 2,237.5million,adecreasefrom2,237.5 million, a decrease from 2,406.0 million as of March 31, 2024[2] - Investments on non-accrual declined to 1.2% of the total investment portfolio at amortized cost and 1.0% at fair value as of June 30, 2024[5] - Net investment fundings for Q2 2024 were (167.0)million,comparedto(167.0) million, compared to 107.1 million in Q1 2024[8] - BCSF has invested approximately 7.8billioninaggregateprincipalamountofdebtandequityinvestmentssincecommencingoperations[25]FinancialPosition−Totalassetsdecreasedto7.8 billion in aggregate principal amount of debt and equity investments since commencing operations[25] Financial Position - Total assets decreased to 2,414,847 as of June 30, 2024, compared to 2,472,348asofDecember31,2023[20]−Totalliabilitiesdecreasedto2,472,348 as of December 31, 2023[20] - Total liabilities decreased to 1,272,302 as of June 30, 2024, compared to 1,335,882asofDecember31,2023[20]−Netassetvaluepershareincreasedto1,335,882 as of December 31, 2023[20] - Net asset value per share increased to 17.70 as of June 30, 2024, compared to 17.60asofDecember31,2023[20]−TheCompany′sdebt−to−equityandnetdebt−to−equityratiosasofJune30,2024were1.03xand0.95x,respectively,comparedto1.19xand1.09xasofMarch31,2024[16]CreditFacilityandCommitments−TheCompanyincreasedcommitmentsunderitsSumitomoCreditFacilityto17.60 as of December 31, 2023[20] - The Company's debt-to-equity and net debt-to-equity ratios as of June 30, 2024 were 1.03x and 0.95x, respectively, compared to 1.19x and 1.09x as of March 31, 2024[16] Credit Facility and Commitments - The Company increased commitments under its Sumitomo Credit Facility to 855.0 million from 665.0millionandextendedthematuritydatetoMay18,2029[5]Dividends−TheCompanydeclaredadividendof665.0 million and extended the maturity date to May 18, 2029[5] Dividends - The Company declared a dividend of 0.42 per share for the third quarter of 2024, payable to stockholders of record as of September 30, 2024[5] Expenses - Interest and debt financing expenses for the six months ended June 30, 2024, were 35,687,comparedto35,687, compared to 40,009 for the same period in 2023[24] - Base management fee for the six months ended June 30, 2024, was 17,587,comparedto17,587, compared to 18,026 for the same period in 2023[24] - Incentive fee for the six months ended June 30, 2024, was 17,156,comparedto17,156, compared to 15,118 for the same period in 2023[24]