Good day, and welcome to the Bain Capital Specialty Finance second quarter ended June 30, 2022 earnings conference call. This conference is being recorded. At this time, I would like to turn the conference over to Katherine Snyder, Investor Relations. Please go ahead. Thank you, Elaine. Good morning, everyone, and welcome to our Bain Capital Specialty Finance Q2 conference call. Yesterday, after market closed, we issued our earnings press release and investor presentation of our quarterly results. A copy of which is available on Bain Capital Specialty Finance'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 the webcast are property of Bain Capital Specialty Finance, and any unauthorized broadcast in any form is strictly prohibited. Any forward-looking statements made today do not guarantee future performance, and actual results may differ materially. These statements are based on current management expectations, which include risks and uncertainties, which are identified in the Risk Factors section of our Form 10-Q that could cause actual results to differ materially from those indicated. Bain Capital Specialty Finance assumes no obligation to update any forward-looking statements at this time unless required to do so by law. Lastly, past performance does not guarantee future results. With that, I'd like to turn the call over to our Chief Executive Officer, Michael Ewald. Good morning, and thank you for dialing into our earnings call. I'm joined here today by Mike Boyle, our President, and Chief Financial Officer, Sally Dornaus. I'll start with an overview of our second quarter and the June 30, 2022 results, and then provide some thoughts on our performance, the market environment, and our positioning. Thereafter, Mike and Sally will discuss our investment portfolio and financial results in greater detail. Yesterday, after market closed, we reported Q2 net investment income per share of $0.41, driven by higher levels of investment income earned across our portfolio investments during the quarter. Our Q2 net investment return presented 9.6% annualized yield on book value and covered our dividend by 21%. Net asset value as of June 30 was $17.15 per share, a decrease of approximately 40 basis-points quarter-over-quarter. Our NAV decline was primarily driven by net unrealized losses due to broad-based spread widening across our portfolio, partially offset by gains on COVID-impacted investments and excess net investment income versus our quarterly dividend. Subsequent to quarter end, our board declared a third quarter dividend equal to $0.34 per share and payable to record date holders as of September 30, 2022. This represents a 7.9% annualized yield on ending book value as of June 30. During the second quarter, we witnessed higher levels of market volatility, particularly in the broadly syndicated loan and equity markets, given the wider uncertainty in the macroeconomy stemming from the increased potential of an extended economic slowdown. This was against the backdrop of a rising interest rate environment as the Fed remains focused on its monetary policy to reduce high levels of inflation. It is important to note that as credit investors, we are first and foremost focused on the downside risk management of our investments and the ability for a company to fully pay back our debt, as opposed to equity investors who are seeking higher growth objectives and could face greater volatility in the coming months. Our focus on downside management drives our long-standing investment approach of curating a diversified portfolio of middle market borrowers with a focus on top of the capital structure, first lien secured loan structures with strong documentation and covenant packages. Despite a more challenging market backdrop for our borrowers, our portfolio remains quite healthy, given our historical focus on lending to companies in defensive sectors such as aerospace and defense, technology, and business services. For select companies within our portfolio that were in the travel and hotel leisure industries and more impacted by business closures due to COVID, we've been pleased to see the continued improving fundamental performance across our borrowers as reflected in the gradual gains on these investments in quarters. We do remain watchful of inflationary impacts across our portfolio, resulting from supply chain disruptions, higher freight costs and wage pressures, as well as rising interest rates. Many of our companies that are facing higher costs have been able to pass through costs by implementing several price increases over the past, while not experiencing a fall off in demand or revenue. However, this cycle can continue to contribute to higher inflation over the long term, which may lead to reduced demand over time. Importantly, as over 90% of our debt investments are structured against financial maintenance covenants detailing certain performance metrics that the company needs to maintain, we have early insight to foresee issues that may arise for our portfolio companies, and we have a seat at the table to mitigate our potential risk side scenario, given our majority control position in approximately 80% of our debt tranches. Looking ahead, we believe the company is well-positioned in the current environment to continue to drive attractive earnings for our shareholders, primarily from two main sources. First, the higher interest rate environment provides us with a near-term opportunity to generate excess net investment income above our regular dividend, as the vast majority of our investments are comprised of floating-rate loans against a large portion of long-term fixed-rate debt in our capital structure. We would expect to see a greater combination of earnings growth due to the increase in rates in the coming quarters given the timing lag of rate resets across our loans. Second, the recent formation of our Senior Loan Program joint venture allows us to drive attractive risk-adjusted returns while maintaining our focus and underlying exposure to directly originated first lien loans to sponsor-backed middle-market companies. BCSF's investment in the SLP represented just 2% of our portfolio at fair value as of quarter end. We can grow this investment over time as we identify new loan opportunities, and this can contribute to higher levels of interest income and dividend income for our shareholders. During the second quarter, for example, BCSF investment in the SLP produced an annualized return on equity of 15%. I will now turn the call over to Mike Boyle, our President, to walk through our investment portfolio in greater detail. Thanks, Mike. Good morning, everyone. I'll start with our investment activity for the second quarter, and then provide an update in more detail on our portfolio. During the second quarter, the company had high levels of originations driven by an active quarter of M&A across the middle market that drove both new loan commitments as well as commitments to existing borrowers to facilitate growth or acquisition. Q2 new investment fundings were $482 million across 50 portfolio companies, including $254 million in 11 new companies, $217 million in 38 existing companies, and $11 million in the ISLP. Sales and repayment activity totaled approximately $332 million, resulting in net funded portfolio growth of $150 million quarter-over-quarter. We remain selective with the investments that we pursue as we are canvassing a large pipeline of opportunities. Our global presence allows us to assess differentiated opportunities in our pipeline to evaluate the best relative value and risk- reward. Bain Capital Credit's industry research team provides us with deep knowledge across many industry verticals and allows us to better understand more complex companies when we're evaluating investments. 94% of our new fundings this quarter were comprised of first lien senior secured loans. Our new investments continue to favor U.S. domiciled companies as we've been more active in the U.S. versus Europe, given the increased geopolitical risk stemming from Europe this year. Our industry mix across new originations continues to be highly diversified and speaks to our ability to perform deep diligence across many sectors. The largest industries that we invested in during the second quarter include high tech, aerospace and defense, and healthcare and pharmaceuticals. In addition, we remain focused on negotiating higher spreads and tighter covenant packages on new investments to reflect the increased risk profile we have observed in today's market. Turning to the investment portfolio. At the end of the second quarter, the size of our investment portfolio at fair value was $2.3 billion across a highly diversified set of 122 portfolio companies operating across 31 different industries. The risk profiles across our investments have remained relatively consistent, giving our long-standing focus on the top of the capital structure. As of June 30, 71% of the investment portfolio at fair value was invested in first lien debt, 4% in second lien debt, 2% in subordinated debt, 3% in preferred equity, 9% in equity interest, and 10% across our joint ventures, broken out between 8% in the ISLP and 2% in the SLP. Within our joint ventures, over 95% of our underlying exposures are comprised of first lien senior secured loans. As of June 30, 2022, the weighted average yield on the investment portfolio at amortized cost and fair value was 8.5% and 8.8% respectively, as compared to 7.9% and 8.1% respectively as of March 31, 2022. The increase was primarily driven by higher reference rates on our loans. 95% of our debt investments accrue interest at a floating-rate, positioning the company favorably as interest rates have continued to rise beyond reference rate floors across our loans. Turning to our joint venture investments. Our JVs continued to perform well during the quarter. As a reminder, these investments allow us to have increased capacity and flexibility to invest both internationally and in lower yielding, low risk first lien loans as we seek to generate attractive risk-adjusted returns for our shareholders through these structures. ISLP's investment portfolio at fair value as of June 30 was approximately $541 million, comprised of investments in 31 portfolio companies operating across 14 different industries. 100% of the investment portfolio was invested in senior secured floating-rate loans, including 96% in first lien and 4% in second lien. BCSF investments in the ISLP generated a low double-digit return during the second quarter, in line with our targeted return for this investment. As of June 30, SLP's investment portfolio at fair value was approximately $433 million, comprised of investments in 45 portfolio companies operating across 20 different industries. 100% of the investment portfolio was invested in senior secured floating-rate loans, including 95% in first lien, 5% second lien. BCSF's investment in the SLP generated a mid-teens return during the second quarter, as this joint venture has a higher target return than the ISLP. Moving on to portfolio credit quality trends. Credit quality was relatively stable quarter-over-quarter. Within our internal risk rating scale, 92% of our portfolio at fair value as of June 30 was comprised of risk rating one and two investments, indicating the companies were performing in line or better than expectations relative to our initial underwrite. The weighted average fair value marks across our debt investments in these categories decreased approximately 40 basis-points quarter-over-quarter, down to approximately 98% of par. This was primarily due to broad-based spread widening across our borrowers and partially offset by gains on travel-related investments in our portfolio. Risk rating three investments comprised 7% of our portfolio at fair value. While we have seen select upgrades in recent quarters in travel-related companies, this has been offset by a few companies that were downgraded to a risk rating three due to inflationary pressures. As Mike mentioned earlier in the call, we have been pleased to see our companies demonstrate pricing power as they seek to mitigate margin compression in the current environment. We believe these companies continue to have high-quality value propositions with its customers, and our investment theses continue to remain intact. Our risk rating 3 investments have a weighted average fair value mark of 86% of par. It's important to note that 97% of these investments are first lien senior secured loans. During the second quarter, we placed 1 portfolio company on non-accrual status, contributing to the modest uptick in risk rating 4 investments. This investment represented 1.4% of total investments at fair value and 2.2% at amortized cost as of June 30. Overall, we believe our credit fundamentals remain sound in our portfolio. Our median leverage attachment point is 5.4x as of June 30th, a modest improvement from 5.5x as of March 31. Loan-to-value on our debt investments remains strong as we typically underwrite our investments with a significant equity cushion behind our loan. While we have seen some pressure to lower enterprise valuations in the middle market, particularly within certain sectors such as software and technology, these investments are often structured with lower levels of LTV, providing for greater equity cushion to withstand greater changes in valuation. Sally will now provide a more detailed financial review. Thank you, Mike, and good morning, everyone. I'll start the review of our second quarter 2022 results with our income statement. Total investment income was $52.4 million for the three months ended June 30, 2022, as compared to $46 million for the three months ended March 31, 2022. The increase in investment income was primarily due to higher other income. Given the timing lag of reference rates, rate resets on our loans, we would expect to see a greater benefit of rising interest rates impact our portfolio during the back half of the year. Total expenses for the second quarter were $25.6 million, as compared to $24.3 million in the first quarter. The increase in expenses was driven by greater incentive fees as a result of higher long-term net gains across our portfolio and interest and debt expense given the size of our portfolio increasing quarter-over-quarter. Net investment income for the quarter was $26.7 million or $0.41 per share, as compared to $21.7 million or $0.34 per share for the prior quarter. Our net investment income covered our dividend by 121%. During the three months ended June 30, 2022, the company had net realized and unrealized losses of $9.5 million. As Mike mentioned earlier during the call, our net losses were primarily driven by markdowns due to broad-based spread widening across our portfolio, partially offset by select net gains on improving company fundamentals. GAAP income per share for the three months ended June 30, 2022 was $0.27. Moving over to our balance sheet. As of June 30, our investment portfolio fair value totaled $2.3 billion, and total assets of $2.4 billion. Total net assets were $1.1 billion as of June 30. NAV per share was $17.15, down from $17.22 at the end of the first quarter, representing a 40 basis-point decrease quarter-over-quarter. Approximately 80 basis-points of our NAV decline was driven by net unrealized credit losses. This was offset by 40 basis-points of gains resulting from our excess 7 cents of net investment income per share above our regular dividend. At the end of Q2, our debt-to-equity ratio was 1.14 times, up from 0.99 times at the end of Q1. Our net leverage ratio, which represents principal debt outstanding less cash, was 1.07 times at the end of Q2 as compared to 0.89 times at the end of Q1. We believe our capital structure is durable, with large portions of our outstanding debt and fixed-rate unsecured debt obligations. These structures provide the company with greater financial flexibility to withstand greater periods of volatility ahead. As of June 30, approximately 57% of our outstanding debt was in fixed-rate and 43% in floating-rate. Against our portfolio of floating-rate loans, this positions the company well to drive higher interest income across our portfolio. As of June 30, holding all else constant, we calculate that a 100 basis-points increase in rates could increase our quarterly earnings by approximately $0.03 per share. Our Form 10-Q provides the further detail on our sensitivity to various changes in interest rates. Subsequent to quarter end, we were active in continuing to enhance our liquidity position as we increased the size of our Sumitomo credit facility to $485 million, up from $300 million. We are pleased with our ability to further diversify our lender mix with unchanged pricing terms on our existing facility. Available liquidity consisting of cash and undrawn capacity on our credit facilities was approximately $386 million, including the $185 million of new commitments to our Sumitomo credit facility that we closed in July. This compares to $283 million of undrawn investment commitments. For the three months ended June 30, 2022, the weighted average interest rate on our debt outstanding was 3.2% as compared to 2.9% as of the prior quarter end. The increase was driven by higher SOFR rates on our floating-rate debt structures. With that, I will turn the call back over to Mike for closing remarks. Thanks, Sally. In closing, we are pleased to deliver a solid quarter for our shareholders, marked by higher levels of net investment income and only a modest NAV decline driven by broad-based spread widening. Notwithstanding wider uncertainty in the economy, we feel good about the health of our middle market borrowers across our diversified portfolio to navigate these challenging times. We believe the company is well-positioned to drive attractive earnings for our shareholders going forward. We thank you for the privilege of managing our shareholders' capital. Elaine, please open the line for questions. Thanks. Thank you, sir. Ladies and gentlemen, if you'd like to ask a question, please press the star or asterisk key followed by the digit one on your telephone. Please ensure that the mute function on your telephone is switched off to allow your signal to reach our equipment. If you find that your question has already been answered, you may remove yourself from the queue by pressing star two. Once again, please press star one to ask a question. We will pause for just a moment to allow everyone the opportunity to signal. We take our first question today from Ryan Lynch of KBW. Please go ahead. Hey, good morning. I apologize, I was hopping around, if you guys already previously explained this, but can you explain what was the driver of the big increase in other income? I know that's usually driven by capital structuring fees and amendment fees, but just what happened this quarter. I would assume that this was a one-off quarter, and it would resume sort of kind of normalized levels at the million dollar level or less going forward. Just any color on that would be helpful. Sure. Thanks for the question, Ryan. You're right in pointing out that a large portion of the NII was driven by other income, which are new origination fees, or commitment fees against our current portfolio. You'll note we originated north of $400 million this quarter, which was a record high for BCSF in terms of new investments on a gross basis, and that was a key driver of much of the commitment fees that we earned this quarter. I'd note that many of the repayments either were from syndicating that risk on to other players in the market, or from pushing those assets down to the SLP or ISLP over the quarter. Our net origination number was a bit more measured. I do think that, you know, this demonstrates a particularly strong quarter for us, demonstrating that origination capability. What I would say in terms of more run-rate fees, I do think it would normalize back down to the $1 million–$2 million level, more in line with what we've seen in historic quarters, on a routine quarterly basis. Okay. All right, that's helpful. I just had a couple of questions on just your overall, you know, international exposure. In the SLP, can you break down. I think it's the majority of that portfolio is Europe, but can you just break down what percentage of that portfolio is Europe versus, you know, other like Australia or Canada? Just what percentage of that exposure is in Europe? Yeah, about 90% of that exposure is in Europe. 90%. Okay. You know, I guess, you know, things over there, honestly, you know, we can all see, you know, the headlines and everything. I think things over there right now are okay. I think, you know, everybody can see kind of this potential economic storm coming, you know, as we head into winter. You know, how, as a shareholder or investor, you know, that's looking at, you know, a pretty sizable exposure to these European businesses and with the risks, I think, you know, kind of in the future and certainly unknown and unpredictable, you know, how do we evaluate, you know, the risk of that portfolio or how do you guys, you know, evaluate, you know, the risks of the potential of that portfolio? Yeah. Hey, Ryan, thanks for the question. It's certainly a very fair one. If you look at our European portfolio, it's actually fairly similar to our U.S. portfolio, but there's probably a bit more of a skew towards technology-related companies. So when you think about the looming energy crisis in Europe with the dearth of natural gas, for example, these are not manufacturing companies that are going to see a huge spike in their underlying costs. These are typically B2B software businesses that are helping a company operate faster, more efficiently. It's a pretty small piece of the cost base overall for that company. It's pretty well integrated into the overall operations of the companies. It's companies like that that we're investing in. While we are certainly watching developments, you know, geopolitical as well as macroeconomic, we are concerned about our particular portfolio being impacted. As you'll note, you know, it's still the ISLP, a relatively modest portion of the overall portfolio anyway. Yep. Okay. I know you mentioned that you guys are seeing better opportunities in the U.S., you know, versus Europe today, you know, for obvious reasons. But are you still making new investments, you know, in Europe today? And if you are, you know, what is the nature of those companies? Like, what do you have to see in order to make an investment in Europe today, just given the uncertainty? Look, as you point out, it's definitely we're a bit more U.S.-focused right now in terms of the opportunity set, not necessarily that we think is actually attractive. We are still seeing pretty consistent deal flow in Europe. You know, as I mentioned, the kind of companies that we're looking at there or that we're interested in the debt of are ones that are not going to be impacted by this looming energy crisis. We are definitely skewing a little bit more towards U.S. right now. Again, mindful of some of those economic and political concerns in Europe. Okay. That makes sense. That's helpful color. I appreciate the time today. A nice quarter, guys. Thanks, Ryan. Thank you. As a reminder, to ask a question, please press star one. Great. Well, it doesn't appear that there's any more questions at this point in time. Thanks again, everyone, for dialing in. If you do have any further questions, please feel free to reach out and we'll look forward to bringing you more news in the near future. Thanks very much.