Bain Capital Specialty Finance Inc 2025年季度报告

(617)516‑2000(Registrant’s Telephone Number, Including Area Code)Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/ASecurities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerginggrowth company” in Rule 12b‑2 of the Exchange Act. Accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ As of May 5, 2025, the registrant had64,868,507shares of common stock outstanding. TABLE OF CONTENTS iPagePART IFINANCIAL INFORMATION3Item 1.Consolidated Financial Statements3Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 20243Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)4Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024(unaudited)5Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)6Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 20247Notes to Consolidated Financial Statements (unaudited)45Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations121Item 3.Quantitative and Qualitative Disclosures About Market Risk140Item 4.Controls and Procedures140PART IIOTHER INFORMATIONItem 1.Legal Proceedings141Item 1A.Risk Factors141Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities141Item 3.Default Upon Senior Securities141Item 4.Mine Safety Disclosures141Item 5.Other Information141Item 6.Exhibits, Consolidated Financial Statement Schedules142Signatures147 FORWARD-LOOKING STATEMENTS Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to currentand future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates,projections, opinions and/or beliefs of the Company, BCSF Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and itsaffiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and otherfactors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes“forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,”“seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or othervariations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actualperformance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. Thesestatements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which arebeyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecastedin the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the sectionentitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year endedDecember 31, 2024 and in our filings with the Securities and Exchange Commission (the “SEC”). iiAlthough we believe that the assumptions on which these forward-looking statements are based are reasonable, some ofthose assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result,the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and o