Bain Capital Specialty Finance, Inc. (NYSE:BCSF) Q3 2023 Earnings Conference Call November 7, 2023 8:30 AM ET

Company Participants

Katherine Schneider - Director of Investor Relations

Michael Ewald - Chief Executive Officer

Michael Boyle - President

Sally Dornaus - Chief Financial Officer

Conference Call Participants

Arren Cyganovich - Citigroup Inc.

Paul Johnson - Keefe, Bruyette & Woods, Inc.

Derek Hewett - Bank of America

Operator

Good day, and welcome to the Bain Capital Specialty Finance Third Quarter Ended September 30, 2023, Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Katherine Schneider. Please go ahead.

Katherine Schneider

Thanks, Seiko. Good morning, everyone, and welcome to the Bain Capital Specialty Finance third quarter ended September 30, 2023, conference call. Yesterday after market closed, we issued our earnings press release and investor presentation of our quarterly results, a copy of which is available on Bain Capital Specialty Finance’s Investor Relations website. Following our remarks today, we will hold a question-and-answer session for analysts and investors. This call is being webcast, and a replay will be available on our website. This call and the webcast are property of Bain Capital Specialty Finance, and any unauthorized broadcast in any form is strictly prohibited.

Any forward-looking statements made today do not guarantee future performance and actual results may differ materially. These statements are based on current management expectations, which include risks and uncertainties, which are identified in the risk factors section of our Form 10-Q that could cause actual results to differ materially from those indicated.

Bain Capital Specialty Finance assumes no obligation to update any forward-looking statements at this time, unless required to do so by law. Lastly, past performance does not guarantee future results.

So with that, I’d like to turn the call over to our Chief Executive Officer, Michael Ewald.

Michael Ewald

Thanks, Katherine, and good morning, and thank you everyone for joining us today on our earnings call. I’m joined by Mike Boyle, our President; and our Chief Financial Officer, Sally Dornaus.

I’ll start with an overview of our third quarter ended September 30, 2023 results, and then provide some thoughts on our performance, the overall market environment and our positioning. Thereafter, Mike and Sally will discuss our investment portfolio and financial results in greater detail.

Yesterday after market closed, we delivered strong third quarter results. Q3 net investment income per share was $0.55 driven by the continued benefits of higher interest rates across our portfolio. Our net investment income return represented an annualized yield of 12.6% on book value and covered our dividend by 131%.