Bain Capital Specialty Finance, Inc. Financial Ratios — BCSF

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	0.69	3.31	1.92	4.42	0.32	4.63	4.09	4.87	4.68	3.73
Return on Capital (%)	- -	2.1	8.94	9.59	9.09	0.57	8.85	7.87	9.65	9.21	7.06
Return on Invested Capital (%)	- -	- -	3.22	5.34	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	100	80.88	-32.5	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	93.44	350.09	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	93.44	350.09	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	103.7	14,198.02	-92.44	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	- -	31.68	99.39	134.68	103.56	61.18	96.68	91.25	91.84	89.65	89.52
Profit Margin (%)	- -	31.68	99.36	134.68	103.56	59.51	96.57	90.54	89.41	86.42	86.24
Net Income to Common Margin (%)	- -	31.68	99.36	134.68	103.56	59.51	96.57	90.54	89.41	86.42	86.24
Effective Tax Rate (%)	- -	- -	0.03	- -	- -	2.73	0.11	0.79	2.65	3.61	3.66
Dvd Payout Ratio (%)	- -	- -	40.19	153.77	82.83	1,041.97	73.29	83.24	80.59	95.69	147.65
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	59	451	635	1,575	1,458	1,415	1,385	1,256	1,390	1,471
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	59	451	635	1,575	1,458	1,415	1,385	1,256	1,390	1,471
Total Debt/EBITDA	- -	- -	24.85	9.17	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	17.09	8.95	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	24.85	9.17	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	17.09	8.95	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	5.02	2.88	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	5.02	2.88	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	5.02	2.88	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	4	24	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	-0.58	0.35	-1.82	-0.75	-3.78	-2.66	-2.01	-1.29	-0.75	-1.64
Long-Term Debt/Equity (%)	- -	53.56	88.96	63.39	154.62	136.55	128.63	124.09	110.51	121.99	131.63
Long-Term Debt/Capital (%)	- -	101.76	99.25	105.42	101.28	107.24	105.08	103.9	102.61	101.45	103.06
Long-Term Debt/Total Assets (%)	- -	33.42	45.64	35.45	59.52	56.02	55.03	53.44	50.8	52.82	55.24
Total Debt/Equity (%)	- -	53.56	88.96	63.39	154.62	136.55	128.63	124.09	110.51	121.99	131.63
Total Debt/Capital (%)	- -	101.76	99.25	105.42	101.28	107.24	105.08	103.9	102.61	101.45	103.06
Total Debt/Total Assets (%)	- -	33.42	45.64	35.45	59.52	56.02	55.03	53.44	50.8	52.82	55.24
Net Debt to Equity	- -	-60.48	61.16	61.86	-3.67	-5.12	-10.67	-5.35	-4.35	-4.7	-2.35
Net Debt/Capital (%)	- -	770.98	98.91	105.56	-2.46	-4.19	-9.55	-4.69	-4.21	-4.06	-1.87
EBITDA	- -	- -	18	69	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	18	69	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	18	69	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	4.65	0.1	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	4.98	0.38	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	4.83	0.21	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	-46.05	-8.38	-3.14	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	-0.58	0.35	-1.82	-0.75	-3.78	-2.66	-2.01	-1.29	-0.75	-1.64
Long-Term Debt/Equity (%)	- -	53.56	88.96	63.39	154.62	136.55	128.63	124.09	110.51	121.99	131.63
Long-Term Debt/Capital (%)	- -	101.76	99.25	105.42	101.28	107.24	105.08	103.9	102.61	101.45	103.06
Long-Term Debt/Total Assets (%)	- -	33.42	45.64	35.45	59.52	56.02	55.03	53.44	50.8	52.82	55.24
Total Debt/Equity (%)	- -	53.56	88.96	63.39	154.62	136.55	128.63	124.09	110.51	121.99	131.63
Total Debt/Capital (%)	- -	101.76	99.25	105.42	101.28	107.24	105.08	103.9	102.61	101.45	103.06
Total Debt/Total Assets (%)	- -	33.42	45.64	35.45	59.52	56.02	55.03	53.44	50.8	52.82	55.24
CFO/Total Liabilities	- -	-151.5	-144.9	-98.08	-14.92	5.82	18.05	-21.46	16.41	-1.82	1.91
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	- -	0.23	0.55	0.4	0.23	0.41	0.33	0.47	0.5	0.37

Working Capital (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	0.24	0.31	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	1,541.35	1,189.86	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	-1,541.35	-1,189.86	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	656	1,020	712	982	768	973	1,131	902
- Cash & Cash Equivalents	- -	67	141	15	37	55	117	60	49	54	26
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	59	451	635	1,575	1,458	1,415	1,385	1,256	1,390	1,471
Enterprise Value	- -	-8	310	1,276	2,557	2,115	2,280	2,094	2,179	2,468	2,346
Total Capital	- -	58	454	602	1,555	1,360	1,347	1,333	1,224	1,370	1,427
Total Debt/Capital (%)	- -	101.76	99.25	105.42	101.28	107.24	105.08	103.9	102.61	101.45	103.06
Total Debt / EV	- -	-7.74	1.45	0.5	0.62	0.69	0.62	0.66	0.58	0.56	0.63
EV/Sales	- -	- -	15.96	64.47	27	152.07	18.37	17.97	15.79	17.86	20.49
EV/EBITDA	- -	- -	17.09	18.42	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	17.09	18.42	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	23.66	8.58	- -	9.94	- -	79.47
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	23.66	8.58	- -	9.94	- -	79.47
Diluted Market Cap	- -	- -	- -	656	1,020	712	982	768	973	1,131	902
Diluted Enterprise Value	- -	-8	310	1,276	2,557	2,115	2,280	2,094	2,179	2,468	2,346
EV per Share	- -	- -	15.64	32.61	49.55	36.05	35.31	32.43	33.76	38.22	36.2
TTM Sales	- -	2	19	20	95	14	124	117	138	138	115
TTM EBITDA	- -	- -	18	69	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	18	69	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	-101	-694	-750	-243	89	266	-317	219	-27	30
TTM Free Cash Flow to Firm	- -	-101	-694	-750	-243	89	266	-317	219	-27	30

Multiples (USD)

API ChatGPT

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	-0.85	-4.2	7.96	3.7	-2.42	4.44	-41.74	30.54
EV/EBIT	- -	- -	17.09	18.42	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	-8	310	1,276	2,557	2,115	2,280	2,094	2,179	2,468	2,346
Low Price	- -	- -	- -	15.14	16.71	7.11	11.8	11.51	11.06	14.75	13.2
EV/Sales	- -	- -	15.96	64.47	27	152.07	18.37	17.97	15.79	17.86	20.49
EV/EBITDA	- -	- -	17.09	18.42	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	24.62	10.4	85.97	8.2	7.28	7.89	9.47	9.13
Price/Earnings Average	- -	- -	- -	25.97	10	87.38	8.11	8.83	7.27	8.82	10.16
Price/Earnings High	- -	- -	- -	27.61	11	143.38	8.86	9.97	8.79	9.72	12.61
Price/Earnings Low	- -	- -	- -	22.22	8.79	50.39	6.36	7.05	5.79	7.97	8.66
Price/Book Value	- -	- -	- -	-20.1	-51.13	-7.23	-14.36	-14.78	-30.48	-57.07	-20.63
Price/Book Value Average	- -	- -	- -	-21.21	-49.16	-7.35	-14.21	-17.9	-28.09	-53.16	-22.97
Price/Book Value High	- -	- -	- -	-22.55	-54.08	-12.06	-15.53	-20.23	-33.98	-58.53	-28.49
Price/Book Value Low	- -	- -	- -	-18.15	-43.24	-4.24	-11.14	-14.29	-22.37	-48.04	-19.58
Price/Tangible Book Value	- -	- -	- -	0.65	1	0.67	0.89	0.69	0.86	0.99	0.81
Price/Tangible Book Value Average	- -	- -	- -	0.69	0.96	0.68	0.88	0.83	0.79	0.92	0.9
Price/Tangible Book Value High	- -	- -	- -	0.73	1.06	1.11	0.97	0.94	0.95	1.02	1.11
Price/Tangible Book Value Low	- -	- -	- -	0.59	0.85	0.39	0.69	0.67	0.63	0.84	0.77
Price/Sales	- -	- -	- -	33.15	10.77	51.16	7.92	6.59	7.05	8.19	7.87
Price/Sales Average	- -	- -	- -	34.97	10.35	52	7.83	7.99	6.5	7.62	8.76
Price/Sales High	- -	- -	- -	37.19	11.39	85.33	8.56	9.03	7.86	8.4	10.87
Price/Sales Low	- -	- -	- -	29.93	9.1	29.99	6.14	6.38	5.17	6.89	7.47
Price/Cash Flow	- -	- -	- -	-0.85	-4.2	7.96	3.7	-2.42	4.44	-41.74	30.54
Price/Cash Flow Average	- -	- -	- -	-0.89	-4.04	8.09	3.66	-2.94	4.09	-38.88	33.99
Price/Cash Flow High	- -	- -	- -	-0.95	-4.44	13.27	4	-3.32	4.95	-42.81	42.18
Price/Cash Flow Low	- -	- -	- -	-0.76	-3.55	4.67	2.87	-2.35	3.26	-35.14	28.98
Price/Free Cash Flow Average	- -	- -	- -	-0.89	-4.04	8.09	3.66	-2.94	4.09	-38.88	33.99
Price/Free Cash Flow High	- -	- -	- -	-0.95	-4.44	13.27	4	-3.32	4.95	-42.81	42.18
Price/Free Cash Flow Low	- -	- -	- -	-0.76	-3.55	4.67	2.87	-2.35	3.26	-35.14	28.98
EV/Sales Average	- -	- -	15.96	66.29	26.58	152.91	18.29	19.37	15.24	17.3	21.38
EV/Sales High	- -	- -	15.96	68.51	27.62	186.24	19.02	20.4	16.6	18.07	23.49
EV/Sales Low	- -	- -	15.96	61.25	25.34	130.9	16.6	17.76	13.92	16.56	20.09
EV/EBITDA Average	- -	- -	17.09	18.94	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	17.09	19.57	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	17.09	17.5	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	17.09	18.94	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	17.09	19.57	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	17.09	17.5	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	16.77	19.76	12.13	15.21	11.9	15.07	17.52	13.91
High Price	- -	- -	- -	18.81	20.9	20.23	16.45	16.29	16.8	17.97	19.21
Enterprise Value Average	- -	-8	310	1,312	2,518	2,127	2,269	2,256	2,103	2,390	2,448
Enterprise Value High	- -	-8	310	1,355	2,616	2,591	2,360	2,377	2,291	2,497	2,690
Enterprise Value Low	- -	-8	310	1,212	2,400	1,821	2,059	2,069	1,921	2,289	2,300

Shares Outstanding	51	52	52	52	52	65	65	65	65	65	65
Diluted Weighted Avg Shares	- -	20	20	39	52	59	65	65	65	65	65
Basic Weighted Avg Shares	- -	20	20	39	52	59	65	65	65	65	65
Revenue per Share	- -	0.1	0.98	0.51	1.84	0.24	1.92	1.8	2.14	2.14	1.77
EBITDA per Share	- -	- -	0.92	1.77	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	0.92	1.77	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	0.03	0.97	0.68	1.9	0.14	1.86	1.63	1.91	1.85	1.52
Basic EPS from Cont Ops	- -	0.03	0.97	0.68	1.9	0.14	1.86	1.63	1.91	1.85	1.52
Diluted EPS, GAAP	- -	0.03	0.97	0.68	1.9	0.14	1.86	1.63	1.91	1.85	1.52
Diluted EPS from Cont Ops	- -	0.03	0.97	0.68	1.9	0.14	1.86	1.63	1.91	1.85	1.52
Dividend per Share	- -	- -	0.39	1.05	1.57	1.47	1.36	1.36	1.54	1.77	2.25
Cash Flow per Share	- -	-5.08	-35.18	-19.8	-4.7	1.52	4.11	-4.91	3.4	-0.42	0.46
Free Cash Flow per Basic Share	- -	-5.08	-35.18	-19.8	-4.7	1.52	4.11	-4.91	3.4	-0.42	0.46
Cash & Equivalents per Share	- -	3.37	7.11	0.39	0.72	0.93	1.82	0.93	0.77	0.83	0.4
Book Value per Share	- -	-0.05	0.17	-0.83	-0.39	-1.68	-1.06	-0.81	-0.49	-0.31	-0.67
Tangible Book Value per Share	- -	5.57	25.57	25.61	19.74	18.2	17.04	17.29	17.6	17.65	17.24

Bain Capital Specialty Finance, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)