Bain Capital Specialty Finance(US:BCSF)2020-08-06 12:00Portfolio Composition and Strategy - The company primarily focuses on directly originating loans to middle market, sponsor-backed companies with $10-150 million of EBITDA, with a portfolio median EBITDA of $46.2 million[12] - The investment portfolio is highly diversified across 109 companies and 30 industries[12, 14] - The portfolio is mainly comprised of 88% first lien senior secured loans and 99.2% floating rate loans, with 91% having financial covenants[12] - Since inception, the company has invested approximately $3.7 billion in aggregate principal[13] Financial Performance and Credit Quality - The net investment income (NII) for Q2 2020 was $20.0 million, or $0.37 per share[12] - The return on equity (ROE) for Q2 2020 was 8.4%[12] - As of June 30, 2020, non-accrual investments represented 1.1% of the total investment portfolio at fair value[12] - The weighted average yield at amortized cost decreased to 6.6% as of June 30, 2020[14, 18] Balance Sheet and Debt - The total fair value of investments as of June 30, 2020, was $2476.0 million[14, 18, 35, 42] - The company's net asset value (NAV) per share decreased from $19.77 in Q2 2019 to $15.81 in Q2 2020[17, 23] - Total debt outstanding was $1550.2 million, resulting in a debt-to-equity ratio of 1.52x[19]