Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0, and a member of our team will be happy to help you. Thank you for your communication. Your meeting will begin shortly. Please standby. Your meeting is about to begin. Hello, and welcome, everyone. Joining today's Bain Capital Specialty Finance, Inc. Fourth Quarter and Fiscal Year Ended 12/31/2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. During the question-and-answer session, you will have the opportunity to ask questions. To register to ask a question at any time, please press star-1 on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Katherine Schneider, Investor Relations. Please go ahead.

Thanks, Nikki. Good morning, and welcome everyone to the Bain Capital Specialty Finance, Inc. Fourth Quarter and Fiscal Year Ended 12/31/2025 Conference Call. Yesterday, after market close, we issued our earnings press release and investor presentation of our quarterly and annual results, a copy of which is available on Bain Capital Specialty Finance, Inc.’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 webcast are the property of Bain Capital Specialty Finance, Inc., and any unauthorized broadcast in any form is strictly prohibited. Any forward-looking statements made today do not guarantee future performance; actual results may differ materially. These statements are based on current management expectations, but include risks and uncertainties, which are identified in the Risk Factors section of our Form 10-Ks that could cause actual results to differ materially from those indicated. Bain Capital Specialty Finance, Inc. assumes no obligation to update any forward-looking statements unless required to do so by law. Lastly, past performance does not guarantee future results. I will now turn the call over to our CEO, Michael Ewald.

Thanks, Katherine. Good morning, and thanks to all of you for joining us on our earnings call today. In addition to Katherine, I am joined today by Mike Boyle, our President, and our Chief Financial Officer, Amit Joshi. In terms of the agenda for the call, I will start with an overview of our fourth quarter and 2025 full-year results, and then discuss the broader market environment and our positioning. Thereafter, Mike and Amit will discuss our investment portfolio and financial results in greater detail, and we will leave some time for questions at the end as usual. Beginning with our financial results, net investment income per share for the fourth quarter was $0.46, representing an annualized yield of 10.6% on equity. Our net investment income covered our base dividend of $0.42 per share by 110%. Q4 earnings per share were $0.43, representing an annualized return on equity of 9.9%. For the full year 2025, net investment income per share was $1.88, or an 11.1% return on equity. 2025 earnings per share were $1.53, representing a 9% return on equity. We are pleased to report that these results reinforce the consistency of our positive performance for our shareholders. Over the prior three-year and five-year periods, BCSF consistently delivered an annualized ROE of 10%, driven by strong earnings supported by healthy credit performance and fundamentals across our portfolio. Subsequent to quarter end, our Board declared a first quarter dividend equal to $0.42 per share, and payable to record date holders as of 03/16/2026. This represents a 9.8% annualized rate on ending book value as of December 31. Turning to the market today and how we are navigating the current environment, under the backdrop of some of the recent private credit headlines surrounding credit quality and software/AI disruption risk, we have been…

Thank you. Good morning, everyone. I will start with our investment activity for the fourth quarter and then provide an update in more detail on our portfolio. New investment fundings during the fourth quarter were $167.9 million into 93 portfolio companies, including $68.0 million into 11 new companies and $99.6 million into 82 existing companies. Sales and repayment activity totaled approximately $193.2 million, resulting in net sales and repayments of negative $25.3 million quarter over quarter. For the full year, investment fundings were $1.3 billion. Total sales and repayment activity for the year were $1.2 billion. As a result of this activity, the size of our portfolio is relatively stable year over year. Our investment activity was split between new and existing portfolio companies, with new companies representing 41% of our total fundings versus 59% to existing companies. This quarter, we remained focused on investing in first lien senior secured loans, with 89% of our new investment fundings in first lien structures, 1% in subordinated debt, and 10% in preferred and common equity. New investments during the quarter continued to benefit from Bain Capital’s deep industry expertise. We favored defensive industries such as healthcare and pharmaceuticals, business services, and other more niche sectors such as environmental industries and aerospace and defense. As Michael highlighted earlier, we continue to favor core middle market size companies given attractive terms and structure, combined with a large market opportunity of high-quality borrowers, consistent deal flow, and more favorable competitive dynamics versus other market segments. The median and weighted average EBITDA across our new companies during the quarter was approximately $31 million and $41 million, respectively. Turning to some more detail on the investment portfolio, at the end of the fourth quarter, the size of our portfolio at fair value was approximately $2.5 billion across…

Thank you, Mike, and good morning, everyone. I will start the review of our fourth quarter results with our income statement. Total investment income was $68.2 million for the three months ended 12/31/2025, as compared to $67.2 million for the three months ended 09/30/2025. The decrease in investment income was primarily driven by the decrease in reference rates during the quarter, which reduced the interest income. The quality of our investment income continues to be high, as the vast majority of our investment income is driven by contractual cash income across our investments. Interest income and dividend income represented 98% of our total investment income in Q4. PIK interest income represented 11% of our total income in Q4. Notably, the vast majority of our PIK income is derived from investments that were underwritten with PIK, totaling 88% of our total PIK income. Only a small portion of our PIK income is related to amended or restructured investments. Total expenses before taxes for the fourth quarter were $37.7 million, as compared to $37.2 million for the third quarter. The increase in expenses was driven by higher incentive fees resulting from our three-year lookback on our incentive fee hurdle rate, partially offset by lower interest and debt fee expenses. Net investment income for the quarter was $29.7 million, or $0.46 per share, as compared to $29.2 million, or $0.45 per share, for the prior quarter. Net investment income for the full year 2025 was $1.88 per share. During the three months ended 12/31/2025, the company had net unrealized and realized losses of $1.9 million. Net income for the three months ended 12/31/2025 was $27.8 million, or $0.43 per share. Moving to our balance sheet, as of December 31, our investment portfolio at fair value totaled $2.5 billion and total assets of $22.7…

Thanks, Amit. In closing, we are pleased to deliver another quarter and solid year of attractive net investment income and healthy credit fundamentals across our middle market borrowers. Bain Capital Credit brings over 25 years of experience investing in the middle market and has demonstrated solid credit quality with low losses and nonaccrual rates since our inception. We remain committed to delivering value for our shareholders by providing attractive returns on equity and prudently managing our shareholders’ capital. We will now open for questions. Nikki, please open the line for questions.

Thank you. To leave the queue at any time, press 2. Once again, that is star-1 to ask a question. I will pause for just a moment to see if anyone would like to ask a question. And once again, if you would like to ask a question, please press star-1. We will pause for another moment.

Great. It looks like there are not any questions on this call, but thanks, everyone, for your time and attention, and we will look forward to speaking with you all again soon. Thanks.

Thank you. This brings us to the end of today’s meeting. We appreciate your time and participation. You may now disconnect.