Bain Capital Specialty Finance Inc

(In thousands)

(1)

The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Euro Interbank Offered Rate (“EURIBOR” or “E”), British Pound Sterling LIBOR Rate (“GBP LIBOR”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Copenhagen Interbank Offered Rate (“CIBOR” or “C”), Canadian Dollar LIBOR Rate (“CDOR LIBOR”), the Bank Bill Swap Rate ("BBSW"), the Bank Bill Swap Bid Rate ("BBSY"), or the Prime Rate (“Prime” or "P"), the Sterling Overnight Index Average ("SONIA") and Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over LIBOR, EURIBOR, GBP LIBOR, NIBOR, CIBOR, CDOR, BBSW, BBSY, SOFR, or Prime and the current weighted average interest rate in effect at December 31, 2022. Certain investments are subject to a LIBOR, EURIBOR, GBP LIBOR, NIBOR, CIBOR, CDOR, BBSW, SOFR, or Prime interest rate floor.

(2)

The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

(3)

(4)

Percentages are based on the Company’s net assets(in thousands) of $1,116,391 as of December 31, 2022.

(5)

The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(6)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets totaled 26.01% of the Company’s total assets.

(7)

Loan was on non-accrual status as of December 31, 2022.

(8)

(9)

The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian krone, AUD represents Australian dollar, CAD represents Canadian dollar and DKK represents Danish krone.

(10)

As defined in the 1940 Act, the portfolio company is deemed to be an “affiliated person” of the Company as the Company owns 5% or more of the portfolio company’s outstanding voting securities.

(11)

As defined in the 1940 Act, the Company is deemed to “control” this portfolio company as the Company either owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

(12)

(13)

(14)

Non-income producing.

(15)

(16)

(17)

(18)

(19)

(20)

The Company holds controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.

(21)

(22)

(23)

(24)

(25)

Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $370,957 or 34.06% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

(26)

(27)

Asset is in an escrow liquidating trust.

(28)

(29)

Assets or a portion thereof are pledged as collateral for the 2019‑1 Issuer. See Note 6 “Debt”.

(30)

Cash equivalents include $55,950 of restricted cash.

(31)

(32)

(33)

BAIN CAPITAL SPECIALTY FINANCE, INC.