BCSF - Earnings call transcript Q1 2019 | Bain Capital Specialty Finance, Inc.

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Operator

Greetings. Welcome to the Bain Capital Specialty Finance First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. the Relations. to turn Bowen host, now Investor [ph] will conference your over Sloane I Mr. may you Bowen, begin.

Unidentified Company Representative

quarterly of Good issued Capital release our our you. Specialty earnings a Thank morning. website. press and Last Finance Investor presentation on is available which night Relations’ we results, Bain copy of

the hold and today, on which form the of a uncertainties, for replay broadcast property are performance differ indicated. Form be results question-and-answer available obligation forward-looking law. analysts differ statements webcast being and Specialty materially. and These do Finance Following materially at our Factors’ statements unauthorized actual to Risk XX-K. update actual today Any future a Finance those any is assumes not and are remarks by investors. annual do website. is expectations, risks identified time That which forward-looking webcast call required include This our are based we will report Specialty guarantee any unless in to of Capital this session This call prohibited. Bain from management on made strictly our section may will results statements and any cause and to Capital could and so Bain no in current

does Chief Officer, Michael Executive And Lastly, with over and President that not results. performance guarantee future call Ewald. past our I’ll turn to the

Michael Ewald

first call. quarter Good morning earnings and for thank XXXX you our for us joining

As Ewald our Mike Boyle; Officer, and Sally Financial by Sloane today Treasurer, mentioned, and name President our my is Michael Vice joined and Chief I’m Dornaus.

team. senior seeks lending and us generate collateral liens And structures breadth depth identify goal for public Credit earnings as strong with Bain first strategy, inaugural Bain shareholders. second which adjusted last and you BCSF insulate Capital as through of superior discussed the underwriting to returns risk lenders our with against or investments that and to credit Capital on the rigorous that quarter, we our As is is consistent direct full that leverages Credit’s call

the which since dollar quarter yield to to its $XXX different first portfolio which risk. inception. of BCSF, know, in the of is Bain industries over you investing loans $X.X our The middle of we asset billion invested and of The manages of I our lien current a end EBITDA, As Approximately XXX traditional Group, XXXX what which Private X.X%. another weighted invested is ABCS assets average arm companies manager Capital been the and in is refer assets has over most a Credit At large Antares market, as companies, and debt in first with XX% XX% investing of credit XX in represented of portfolio million $X includes first billion represents the those business billion $XX billion. Capital, management. Credit founded under as $XXX of was of $XX we head unitranche million over business and through with Capital. credit privately partnership with XXXX define and with held that across loans with in the alternative Bain portfolio BCSF’s XX%

quarter the for much we to no in portfolio. last loans nonaccruing continue So have our

announced to in provide program background received decision. for consolidation would this interests in XX, our the We Monday we XXXX. some from of April this like rationale I to success on req recall you’ll onto asset the to we February required XXX% the As additional of on the balance ABCS recognition best believe sheet to on change and shareholders interest the that our our unitranche coverage is this shareholder a of the minimum date. joint completed point, we in to Further reduce approval venture company’s the XXX%. of

been First, reduced vehicle for coverage off an assets under we the balance has of the SBCAA, given these sheet utility financing requirement the diminished. asset provided believe

particular, the outlined removes of non-qualifying Freeing equity from our Second, geographic our allows investment in portfolio. in fall liabilities and the we balance qualifying we of the the to European that sourced onto to the invest our basket threshold continue release in our these by bucket. been would the deals as we up ABCS JV our opportunities assets, press limited assets by interest to the ability assets places and offices, diversification in and in onto X-K improving grow sheet the XX% that balance capacity the us other interests have our nearly sheet. past, of consolidating In XX% our into and intend this Australian

expand to realm. the continue may adjusted we addition, we direct other provide into within attractive our strategic will initiatives, Both risk for believe, partnerships of In these investors. returns lending

other has Third, Finance exempted allowing other and Specialty as you may Capital recall, accounts us Credit. Bain by the alongside managed received Bain Capital funds relief to invest from SEC,

of Capital in consolidation JV other Credit interests Following unitranche the invest funds the loans. able program Bain be will accounts in our and alongside the to

and still will loans million; the returns we and ability lead some to the attractive, we larger about view the the sizes; believe currently, for influencing us hold speak program where can speak conditions. while allow of are deals, success our of terms that $XXX to Given of up program a for bigger adjusted see to risk

for plan transaction shareholders. to we be fee neutral this our Lastly, for

waive that acquired from to assets joint we recall, any with on our XXXX. throughout the on of Furthermore, base asset fee XXX%. amount conjunction X.X% already leverage fees you’ll coverage to consolidation ratio intend venture X% ABCS As below the in amended company’s attributable assets management decreases annual to management we

color debt liability As compared leverage of to XXXX. to to equity at additional end our increased of some provide Boyle on X.Xx debt the of ratio quarter end the and first management. our X.XXx will the Mike

we announce can million program pleased new repurchase has Directors company of million We sponsored a Under this to program Board that and We shareholder stock common returns approach are to outstanding of be effective an to shareholder program. repurchase open our $XX of up also demonstration our the a driving further in could approved the share to is alignment. market. believe $XX commitment

Sally Before I comment financial what me over the results there. on through let and environment turn we’re and Mike our seeing the to and call investment briefly market go activity, to

slowed of the low at volatility baseline retraced the of fourth the as experienced of the given for its loan pipeline; consensus. and timeline the markets, participants from stock of the XXXX. and at the first decline, March to Following a end as wider of of XX.X broadly the syndicated of in part spreads, reevaluated fourth albeit XX.X existing September of in took reference at a quarter, beginning quarter market, quarter financing returning long in In the activity one to XX continued; end comparison activity December our where market deals the

us, net February originations. trend manifested on repayments opportunities provide also as For pipeline strong this But March. forward, our new investment for Mike will Boyle greater itself January looking net remains in robust. in and fundings detail of our

on Sally. Now, to

Sally Dornaus

Mike everyone. and morning good Thank you

are our first XXXX results. pleased to We quarter report

is from income X% first Our $X.X to average income a replacing higher yielding is net of in investment increase investments quarter X.X%. per increase approximately of X.X% net The investment of lower of $XX.X or increasing income the XXXX investment $X.XX fourth an net yielding a assets weighted was income yield share to to due million assets XX% we million. with $XX.X average yield out the million quarter-over-quarter or compared having of quarter million $XX.X investment investments of to weighted total of which $XX.X rotated as having XXXX, million for

per per earnings for GAAP negative quarter $X.XX quarter XXXX share of share Our per were fourth of the for XXXX. share $X.XX the compared to first

was the gains $X.X Mike partial This quarter-over-quarter million mentioned. rebound driven Driven by net by appreciation change $XX.X in we increase experienced of net and million. the realized of unrealized that

Our Included QX million million for $XX.X compared $XX.X $X.X portfolio that the we XXXX to grow million this in rolling fourth $X.X our continue to usage in expense facilities interest total XXXX quarter expenses million. increased from into of in due is our our $XX approximately quarter. to as the million to credit QX to increased

entered a facility the LIBOR on new XXth, million February announced $XXX X.XX% Additionally, plus company as at with Citibank. into credit

of to of in portion receive Our waived the excess a waived base fee. and its advisor incentive right X% voluntarily the management fee

months net months of fee, three of our respectively, waivers, XX $X.X and $X million, management and fee, of and ended fee March net million incentive and the XXXX. incentive $X.X the management waivers, XX, was $X.X three ended compared for For million to a million December

includes and now January like advisory In which we look cap a which back fee amended effect on addition, provision, an agreement, I reiterate X, incentive would to XXXX. took that our three-year

our over Moving balance to sheet.

the of slightly average weighted on quarter-over-quarter. fair ABCS of March value totaled investment portfolio March $X.X was X.X%, portfolio XX, yields X.X% XX, and portfolio portfolio XXXX. as investment excluding billion. the yields at weighted was The increased our our average The yields As

were net fourth The of right Moving net to unrealized in period. realized side assets NAV compared per increase $X Total the during the balance and billion gains of as primarily March the $XX.XX was the was to quarter. the to $XX.XX share due XX. sheet.

XX, we XXXX-X along principal and with Citibank facilities total debt As comprised our credit of million $XXX had of March notes. of Sachs outstanding Goldman

was inclusive ratio the X.XXx, of an X.XXx. fourth trade increase quarter debt-to-equity payables which of Our is from

received announced we XXX% previously from for requirement X. to stockholder a XXX% February As coverage on asset X, approval reduced February effective

ABCS this Boyle in X. the Mike provides and in remarks, to further ability May our consolidate on consolidated mentioned, Ewald joint announced venture Mike statements as and my financial As will results the detail our restructure us his

to we dividend of declared are announce $X.XX second quarter pleased share. Board Finally, a that our

on to XXXX. Mike now our I call restructure on quarter more over Treasurer, record detail. in time second the July our walk President Vice Boyle, stockholders I is to payable attention. XX, dividend to appreciate June through turn portfolio and investment ABCS’ XX, The of your XXXX and will and

Mike Boyle

everyone. also recently our an spending And current Thanks, our I’ll our activity. start investment and I quarter portfolio few on reviewing construction, announced will our of Sally. ABCS including by overview first views Good minutes a consolidation. morning, JV provide

financing million In liquidity the including we provide I’ll companies. some facilities more resources. across new XX $XXX current invested first our quarter, Lastly, portfolio about and liabilities, detail our approximately

and period, is $XXX $XX we of million through reflective quarter repayments same environment. investment pace This realization. net the the million of realized During investment approximately first

as than expected due end. to pace quarter first launched somewhat later processes at slowed volatility investment Our many the year in

over funded million second having and in loan our find to While still increase. new good early will It originations into we’ve early the equilibrium, markets new continue on, April. continue in as expectation $XX that momentum volume seen to quarter, is heading

the our $X.X at XX, of billion XXXX. of end quarter, the value $X.X of the billion As versus December fair first investments was

first of loans. unitranche lien lien first loans forma equity loans is invested lien interests, ABCS, for of composition, as XX% Pro the terms consolidation of In comprised through middle This consists have our March to first includes investments portfolio businesses. of XX% XX, would portfolio our of where in of portfolio the the our market XXXX.

believe Our late dollar focus that first lender constructing views lender strong are in our credit has maintain structures, primarily covenants. We representing today’s investments best the protections a risk risk a maintenance in current way the mitigate with dollar to cycle. portfolio of that downside like as is that on risk financial the reflects in portfolio capital to current XX% economy prioritize first covenants. we

We cycle control to and with voting the of that not the effective do tranches also economy. broader invested favor industries debt we’re seek retain in,

X% the These risk our tech, industry companies in In Diversification across XXXX, in which globe investments are services. of with in a Our and portfolio current we U.K., the office, hunt our invested portfolio as of for ideas. the and XXX London aerospace established business that developed Currently, investment sourced was is high our are office and and portfolio tenant a Ireland, top QX, Dublin Europe from attractive look three is in with established at drive central economies exposures XXXX. Scandinavia. across return, to focus of XXXX. defense, our

and asset confines With of the permitted evaluating opportunities XX% bucket the Capital of are for the Bain the Credit, attractiveness on within we market U.S. non-qualifying relative constantly the to the direct lending capitalizing of breadth BDC. others, global these

end, on XXXX, investments of our focus was XX, assets one investments quality status a rate were investments X.X% with The December compared on the various to at interest the in rate. with growth there no fixed rate one of least debt, on possible portfolio and company XX.X% quarter our for in weighted lowest. yields. positions rating X.X% floating average of to a non-accrual to highest the portfolio rate floating Turning investments From at quarterly our well end. risk in We X.X% yield quarter environments. believe rate We four, at scale and the four on perspective, being

of a portfolio in two, of and expectations continues XX% to our our the end, quarter or line underwrite. our portfolio that one or of fair As a above perform rated value majority was reflecting

Over was our yields in tightening largely see recovered specifically, the to the quarter, average portfolio the syndicated course a loan marks, BCSF’s our over reference with continued points reference the markets. portfolio quarter, our price high the their markets, reflecting marked our to by from and toward move of up XX.X. in marks should average XX.X, the first markets XX on up price loan average levels. in basis of of line broadly More expect We in continue would to recoveries longer-term spreads an

to and ABCS on interests of success a earlier, our As of portfolio. on April Monday, consolidation focus are and shareholders constructing Mike we our XXXX. this of in a on with program believe date, the aligned well the in on our our of the XX, senior we We interests mentioned recognition the focused best sheet and balance announced – JV to changed the

As produced is been portfolio assets the given have and financing an discrete XX% our balance to utility we Further previously pursuit regulatory We this investment highlighted, value of diminished. basket perspective, underway. vehicle capacity in we non-qualifying sheet off reduced two further utilize currently SBCAA, requirement from by belief greater can to asset the our believe the construction provided objectives drives a a coverage this manner point, to it intend that to use that shareholders.

return. provide greater and we will differentiated diversification of First, Europe source believe geographic from Australia a

strategic ABCS believe shareholders. we in segment. Second, for neutral adjusted over plan strong to to approach and the for that XXXX. management conjunction transaction throughout explore risk intend waive continue to assets to acquired be seek to effective incremental an may we in consolidation accessing partnerships to with long-term, further the Therefore fees be this return, JV fee on opportunities We

the to Lastly, at give been greater XXX our with billion standing the Based I’ll total a the the from companies. yields would within of on forma for X.X%. as end quarter of X.X a metrics the of you target of sheet the result The the interest transaction company’s assets increases earnings profile of ABCS following X pro provide points the XX our to consolidation. company have some balance portfolio $X.X average have of on consolidated BDC, The portfolio consolidation, leverage pro our weighted X.X% by power approximately forma of sense debt would the value X.X. leverage across fair basis been range to financial investment

$XXX liabilities the had at the in company, the outstanding. Turning to of quarter end debt company principal million

elongated issued the market diversify the compelling us the XXXX, accessing liability a profile sources solutions that meet ongoing low funding credit securitization through time investment October to to XXXX-X funding middle believe Goldman ratio attractive by our financing was X.XXx, that average for includes a ratio that floating of BCC as rate aligned can of have net XXXX-X, the to the and company. profile, BCSF. our a end, sought provides To of leverage as well As closed payables. financing be we note revolving debt, that We our securitization September maturity dated market found this trade which XXXX, to is cost asset value facility market. look CLO in terms market first strategy, weighted construct with we long needs the in the with company, which CLO Sachs, provides we given and we liquidity flexibility and

managing the XX We last Bain uniquely positioned of market course XX Capital to with over years. CLO CLOs access Credit are the the

we administrative priced February agent plus facility LIBOR with new last Citibank closed million XX, X.XX%. the a $XXX discussed at on as credit As XXXX, quarter,

quarter JV a utilized unitranche the Morgan. subsequent conjunction previously end, in to The Lastly, J.P, recent transaction, with million we ABCS entered into facility with for $XXX loans. credit facility ABCS same

with in Taken funding have are and solid progress leverage for in a we our constructing operate continued a diversified we profile provided base. to whole, target pleased within well believe company foundation the our

repurchase of mentioned, new a as $XX approved Board Lastly, Mike program. million our Directors share

provided Following advisor sponsored million its be repurchase a was full our of our the an can Board’s that our and effective the shared tool to drive share affiliate company utilization program and IPO XXbX-X returns. view shareholder $XX by the and it program

utilize to XXbXX we’re both intrinsic discretionary does and drive so programmatic our when to well XXbX-X value expect the of that the trading We our shares components reflect positioned value of price not company.

filings. provided over Mike With the that will turn further have We back our call SEC program on the in closing for remarks. to details I

Michael Ewald

foundations taking possible value. Thanks Mike. had the shareholder the quarter drive position To company steps conclude to and we best to we’re solid believe a with further

well beginning we are and would their a have operating I the public recognize support, we us please simply to well a we excitement multiple been and portfolio and journey of construction Omar, the Credit our at platform company. company, While line investing last also thank minute as believe before professionals our open like take our IPO Capital thank investment BCSF that for investors note the a the by many indeed to you about today. investment who strategy we like informed public have many time market appreciation Bain you believe since the experience our and of with to questions. at we and a new we’re of like decisions for fall, for our your navigated do can as what cycles. I’d to with

Operator

question your Lynch, from question. comes KBW. Ryan [Operator with proceed Our first Please Instructions]

Ryan Lynch

my questions. good morning. Thanks for Hey, taking

give the April an XXXX for assets March bought on XX? consolidation be $XXX as updated waivers the over would consolidated – the million number I XX. as you about Just fee first one from calculate the on on JV. of Can through

Michael Ewald

to April rolls forward million the the for that $XXX still So consolidation. through number

Ryan Lynch

and back hop – I’ll just follow one the guess up then And in my I then Okay. I queue.

of leverage I you operating that consolidation the leverage, X.XXx calculated at upper target guys With so X.X, guys you provided range a that of you this are about mentioned, range. of to X just end

you just going talk like forward? what can are look plans guys’ So fundings capital about and your

Michael Ewald

definitely Sure at mostly XX% range. lien again so, first range portfolio, we’re still we’re dollar is loans, about think our And on the it first based in risk. you top of it’s end the comfortable of if that because

at probably were think think range risk range. flipped first type we we that XX% that and actually of us see if operating had kind more in you’ll end second securities, lower dollar below I of lien and XX% I and the

So we’re we’ve where still for now. powder of range. room we’re terms comfortable And that going in forward, in dry got

think source some another in I in churn just and the is sales repayments portfolio.

more we we –or saw filings you at saw was didn’t And anyway our in fair elevated that that seen And within and so be, have bucket. the we first did a the pick a example. of that you, pick it than that, expect sense there quarter. point. partnerships is was that it going opportunity for source XX% to amount some quarterly other up on will dry then have some assume the really was additional in basis in powder that to last to strategic for third certainly year, You tell up, a And I’d

X three within room we’ve I of between to think range. still got that So ample the those, to X.X-ish operate

Ryan Lynch

fact. taking my the Thanks appreciate for questions. I Okay.

Michael Ewald

Thanks, Ryan.

Operator

comes Credit next Please Our question. Douglas question with Suisse. from your Harter, proceed

Sam Choe

for is Choe actually This Doug. in filling Sam Hi.

amount to slower due the You led that that guys next activity. to quantify investment timing quarter? the in roll investment processes over might to delays were you Are mentioned to able the there

Michael Ewald

about we remarks about and amount. push part it and properties stated think of that, we the as the delayed in closed a our in million that was $XX was that $XX what as of beginning volatility million April result so is that Sure,

Sam Choe

coming? we see in the were sales follow should you forward? Did that repayments is, My about of elevated. think And up how going the pacing that

Michael Ewald

Sure.

perspective, million quarter repayments a prior So only happening to quarters, fourth of quite did $XX that with was quarter. in it was of from elevated we though see particularly relative what repayment that was slow XXXX activity the

pull a of quarter there. was that it activities forward in fourth largely so happen of some the didn’t And the

rate each million $XXX $XXX downs about and reasonable think quarter down, so is run pay between the rate think a that as we somewhere we for ranges pay portfolio. is million And of do in

Sam Choe

so Awesome. Thank much. you

Operator

with Citi. Cyganovich, next comes from Our question question. proceed Please your Arren

Arren Cyganovich

Thanks.

have with think your that’s amount that in opportunities. floor of to K provides think to Antares I that think going do you potential your will you mentioned you decent one. would Antares, a relationship evolve? How continue I

ended about So how that maybe relationship evolve that them, if of could talk is to with your you now going you’ve JV? kind

Michael Ewald

haven’t just how Arren, so to thanks JV it. the funding structured we clear just we’re Yes, that was it we be ended

a cetera. Antares underwrite change terms actually in XX% you ABCS accounting closed together, few we there the there deals was from perspective for the it’s to together, couple as changed capacity deals of more up have press a an others may more we weeks. perspective joint source together, of recently that how as seen past how to that a Nothing’s et we yesterday was in deal So in and so And the large on fact and bucket. degree venture, we release an free through together work over how of

perspective XX% If So perspective, limited this And by opens from are and up we steam the capacity addition actually bucket. It’s in anything, ahead. from nothing’s more because really full again changed. our their we allows within Bain more other our because route do also us the now I for that to of the because relief. speak potentially in exempted can Capital have managed mentioned to we some funds not bring

before, bring non-consolidated other And when couldn’t we for funds, so together there can was deals it we the if is unitranches think can place. And and we bigger that market equity, which potentially Antares a we over opportunity $XXX million. speak JV in potentially in significant in a

Arren Cyganovich

I better it’s it, was I than appreciate the thinking. clarification in

had what on for as decision the the you I to refer neutral. question fee other So was

Because have on sheet. will the assets I it – have balance the higher thought post assets waiving – balance the longer is sheet about increase you through the your bringing just So on neutral? fee you’re XXXX, with fees obviously XXXX to I’m trying understand there. no guess, associated just

Michael Ewald

effect the increases on the thought the and on of bringing about shareholder balance are didn’t that the effect charge are exactly of by we therefore management was already particularly we’ve was, originated think We fees AUMs way these right, that could that. these the friendly. them – it and assets the Yes, so we sheet,

And as come we’re balance refill on assets on assume they naturally sheet And fees those that the of that. so be what the doing churn through basically waiving doing some again is the that there rest we that will and will here ‘XX.

would And want larger prior built have just over do already on so to didn’t to switch portfolio that up we a fees we for for and we in time originated was is that assets anyway. shareholders. fair didn’t that again think What we because of sort weren’t had quarters right new just

Arren Cyganovich

Thank you. Okay.

Operator

Instructions] with proceed Fin next question. [Operator Wells Please your from question O’Shea, comes Fargo. Our

Fin O’Shea

thanks. and morning Good

how difficult lot if some But And on stuff? I it’s be of as the summarize a you’re of that assets, on risk shift financing portfolio. on more just construction. asset with you kind XX% base Just more But a you will as Antares’ perhaps but maybe maybe these touched there, lower bucket portfolio what difference assets on color therefore they a we’ll thinking follow the spread would just new with in seems or the leverage give the bit of kind, on side. do blend higher what on could of the dialog you XX% like much that could Antares the It if then be bucket. the a if and assets reconstruction the sort potential to assuming know and go type

Mike Boyle

for the Fin. Thanks Sure. questions,

the So to as the a average X.X% as from in yields of the we I result X% ended the of highlighted, up portfolio consolidation. assets went

onto that structure asset continues the – on why that, be and part increased market unitranche The financing be will the consolidate think some think we continued us the way those is sheet. spread because attractive return for there to by drive did and side. that in assets a to attractive So we of structure bringing today’s – that balance we was and

to Morgan program. place facility the unitranche to liabilities, J.P. will in have that the specific of address allow that continue terms In we us financings to grow

so that able have and that we in growth the And focused good we be through feel the liability will products on fund we structure durable unitranche is future. that the do to

Michael Ewald

that mentioned one Morgan again same facility already anyway. earlier the J.P. as assets Mike been is had that’s financing And these

perspective. it easy that a was So relatively change from

Mike Boyle

And other potential around bucket. the your question, was what Fin, the could uses in have XX% piece last we of just

we think have that’s the and drive We highlighted us opportunity differentiated returns our we way shareholders. internationally for see a for to

so to see pursue direct that. would will partnerships we lending to And core the extent to are the that be strategic we continue there things And universe.

close stay existing would that the something the So to in strategy current portfolio.

Fin O’Shea

for then that And on of the there rebate a member remaining Bain is entity sort? Credit any

Michael Ewald

there the not rebate sure, in is terms So I’m – on question of I get a there?

Fin O’Shea

point? Bain Yes, different the Credit this at member, is any there terms there, receiving they’re

Michael Ewald

No.

BDC, fee, the which about the your capital we question. shareholder be management it’s incentive any in as fee it at has that structure internal hold same talking other per SEC regulations, some to you’re the If if that’s of right,

Fin O’Shea

taking for Thank question. my you

Operator

of proceed America question with comes next Merrill Bank Our from Derek your question. Lynch. Hewett, Please

Derek Hewett

continue waivers about Mike, Good you that of basis? if the forward? continue expect $X.XX to going in we cover was on assuming first the could one-time quarter expand, and I’m were fee to – really Or dividend this expect the were margin if core talk morning, don’t a items wouldn’t that we that should maybe can everyone. so – the you impacting margins there

Michael Ewald

to continue so it more this tweak having terms bit, we’re liability structure short like is little ABCS that changing here, think efficient, I things somewhat of doing JV a the from we everything in be young and still structure the to the collapse. story to having

we also positioning our that we’re right it by an return BDC appropriately, attractive also in the While sure and and we’re doing doing there. to want have shareholders make

historically some dividend waive well. fees what, So to have and cover we’re did have – waived is we NII our goal And into you’re very the comfortably right that. think as fees some growing forward. some Certainly, going I

forward. supported the like past to, the we that, dividend feel the with going extent some waivers we again in to have We need

we’ll to would a consider continue think ourselves be But the to stand there. I by goal have certainly that.

Derek Hewett

for Thanks my great. question. Okay, answering

Michael Ewald

Sure.

Operator

question-and-answer the We turn the now And end have I back Mike over session. remarks. reached will for to closing Ewald call of the

Michael Ewald

all. taking thanks everyone today with and the for our appreciate everyone for up and call quarter. next strategy discussing thanks And always the and again Thanks catching we’ll you. time too, interest to questions for having look Thanks forward join to the the

Operator

This concludes today’s conference.

You your lines your participation. may you time. at this for Thank disconnect

Bain Capital Specialty Finance (BCSF) 10 May 192019 Q1 Earnings call transcript