Good day, and welcome to the Bain Capital Specialty Finance third quarter ended September 30th, 2022 earnings conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Katherine Schneider from Investor Relations. Please go ahead. Thanks, Katherine Schneider. Good morning, and welcome everyone to the Bain Capital Specialty Finance third quarter ended September 30th, 2022 conference call. Yesterday, after the 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 CEO, Michael Ewald. Thanks, Katherine. Good morning, and thank you all for joining us on our earnings call. I'm joined again today by Mike Boyle, our president, and our Chief Financial Officer, Sally Dornaus. Start with an overview of our third quarter and the September 30th, 2022 results, and then provide some thoughts on our performance, the overall market environment, and our positioning. Thereafter, Mike and Sally will discuss our investment portfolio and financial results in greater detail. Yesterday, after market close, we reported third quarter net investment income per share of $0.53, driven by very strong levels of income earned from our portfolio investments during the quarter. Our Q3 net investment income return represented a 12.4% annualized yield on book value and covered our dividend by 156%. This is the highest quarterly level of NII that we have earned since our inception. The significant growth in our NII this quarter was driven by the benefits of rising interest rates, higher income related to fees earned on certain new originations, and greater dividend income related to an equity co-investment payoff. Our Board has increased our regular quarterly dividend by approximately 6% or $0.02 per share to $0.36 per share to shareholders of record as of December 31st, 2022. This represents an annualized yield of 8.5% on ending book value as of September 30th, and an 11% annualized yield at BCSF's current trading levels. Over the course of the year, we have observed base rates, namely SOFR and LIBOR, significantly increase. As we have previewed with our shareholders during prior earnings calls, we expected to see earnings growth during the second half of this year, given the timing lag of rate resets across our portfolio. We are pleased to see this begin to contribute to higher earnings this quarter, and we are well positioned to benefit further from any future rate increases. The increase in the regular dividend rate reflects our view of the company's earnings power under various interest rate and economic scenarios. Our Board will continue to evaluate further dividend increases on a quarterly basis. Net asset value as of September 30th was $16.98 per share, a decrease of approximately 1% quarter-over-quarter. Our NAV decline was primarily driven by net unrealized losses across our portfolio. During the third quarter, we continued to observe high levels of market volatility in the broadly syndicated loan and public equity markets, given concerns of slowing growth in the macro economy. In a potential recessionary environment, we believe our portfolio is on strong footing to endure a more challenging market backdrop. Across our portfolio, the median EBITDA of our companies is just under $50 million. These are companies that are big enough to matter in their ecosystem and have staying power. Their customers and suppliers would be demonstrably worse off if they ceased operations. In uncertain times like today, these are the types of companies that have multiple growth levers to pull to be nimble. We have largely avoided smaller businesses as they tend to be less resilient during economic downturns. Importantly, we demand and receive strong documentation as 93% of our debt investments are structured with lender-friendly terms such as financial covenants tied to management's forecasts. This puts in place near-term goalposts related to company financial performance, providing us with a seat early in any discussions to mitigate our potential risk in a downside scenario. We also have majority control positions in 80% of our debt tranches, allowing us to drive eventual outcomes at our discretion. Our middle market borrowers operate across a wide range of industries driven by our long-standing focus on investing in defensive industries as represented by our top exposures being aerospace and defense, high tech, and business services. We have been shying away from direct consumer-facing industries that could experience more volatile demand during periods like today. Lastly, the majority of our structures are in first lien senior secured loans supported by significant equity cushions provided by private equity sponsors behind our loans. Our focus on sponsor-backed companies provides them with the professional management, capital, and depth of personnel, resources, oversight, and alignment necessary to guide them throughout choppy macroeconomic periods. In the current environment, our portfolio companies continue to perform well and have proven to be durable thus far in light of the macro headwinds related to inflationary pressures and higher interest rates. We have not seen a wave of amendments across our portfolio companies like we last saw in 2020 related to the COVID-19 pandemic, nor do we expect to during our forecast periods. Our portfolio management team has been focused on stress testing interest rate sensitivities across our investments to ensure sufficient cash flow coverage within our portfolio companies. We are pleased to see ample cushion for the vast majority of our companies, and only very few names fall below the 1x interest coverage level, and we have put these on our focus list. Looking ahead, we believe we are well-positioned to navigate the expected challenging economic and geopolitical times ahead. Our platform at Bain Capital Credit is comprised of deep resources and expertise honed over many market cycles going back to our inception in 1998, and we can and do tap into the broader Bain Capital network for additional support as needed. 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 third quarter and then provide an update in more detail on our portfolio. New investment fundings during the third quarter were $433 million across 59 companies, including $270 million in nine new companies, $107 million in 48 existing companies, $41 million in the ISLP, and $15 million in the SLP. Sales and repayment activity totaled approximately $397 million, resulting in net funded portfolio growth of $36 million quarter-over-quarter. We believe the environment for middle-market lenders has been increasingly attractive in recent history as we have been benefiting from improving economics and terms. Given the increase in credit spreads and base rates, not only are we able to underwrite new first lien loans at higher yields, but we have also seen leverage levels on new loans decrease as lenders focus on maintaining free cash flow and fixed charge coverage ratios. Furthermore, we've used the current market as an opportunity to tighten document terms, particularly around covenant levels and EBITDA definition. Our investing activity has been focused on underwriting new companies as well as add-on activity for existing portfolio companies to complete add-on acquisitions. New LBO activity continues but at lower levels as sponsors still continue to show interest in the highest quality companies expected to perform over the current economic outlook. Overall, we believe the current environment provides an attractive opportunity for lenders such as ourselves to be selective and pick our spots. Turning to the investment portfolio. At the end of the third quarter, the size of our investment portfolio at fair value was $2.3 billion across a highly diversified set of 130 portfolio companies operating across 32 different industries. Our portfolio company diversification has grown almost 25% on a year-over-year basis. We continue to maintain our focus on first lien senior secured structures. As of September 30th, 70% of the investment portfolio at fair value was invested in first lien debt, 4% in second lien debt, 2% subordinated debt, 3% in preferred equity, 9% in common equity interests, and 12% across our joint ventures, including 10% in the International Senior Loan Program and 2% in the Senior Loan Program. Within our joint ventures, over 96% of our underlying exposures are comprised of first lien senior secured loans. As of September 30th, 2022, the weighted average yield on the investment portfolio amortized cost and fair value were 10.2% and 10.6% respectively, as compared to 8.5% and 8.8% respectively as of June 30th, 2022. The increase was primarily driven by higher reference rates on our loans. 94% of our debt investments bear interest at a floating rate, positioning the company favorably as interest rates have continued to rise beyond the reference rate floors of our loans. Investments in Europe totaled 17% of the portfolio at fair value as of September 30th, compared to 16% in the prior quarter. Although we have an increased focus on our portfolio of companies operating across Europe, given macroeconomic headwinds, this portfolio remains healthy given the underlying seniority of the loans as well as the sector mix, with an emphasis on software and healthcare business models. ISLP's investment portfolio at fair value as of September 30th was approximately $623 million, comprised of investments in 34 portfolio companies operating across 15 different industries. 96% of the portfolio are first lien loans, 3% second lien, and 1% equity interest. As of September 30th, SLP's investment portfolio at fair value was approximately $571 million, comprised of investments in 51 portfolio companies operating across 22 different industries. 100% of this investment portfolio is invested in senior secured loans, including 96% in first lien and 4% in second lien. Moving on to portfolio credit quality trends. They were relatively stable quarter-over-quarter. Within our risk rating scale, 90% of our portfolio at fair value as of September 30th was comprised of risk ratings 1 and 2, indicating that the investment is performing in line or better than expectations relative to our initial underwrite. Risk rating 3 investments comprised 8% of our portfolio at fair value. During the third quarter, we placed one new portfolio company on non-accrual status, contributing to the modest uptick in risk rating for investments totaling just under 2% of the portfolio. Overall, we believe our credit fundamentals remain solid across the portfolio. Our median leverage attachment point is 5.6x as of September 30th, modestly up from 5.4x as of June 30th. Sally will now provide a more detailed financial review. Thank you, Mike, and good morning, everyone. I'll start the review of our third quarter 2022 results with our income statement. Total investment income was $62.8 million for the three months ended September 30th, 2022, as compared to $52.4 million for the three months ended June 30th. The increase in investment income was primarily driven by the benefits of rising interest rates, income related to fees earned on certain new originations and greater dividend income. Total expenses for the third quarter were $28.7 million, as compared to $25.6 million in the second quarter. The increase in expenses was driven by an increase in interest and debt financing expenses, given higher base rates, partially offset by a decrease in incentive fees. Net investment income for the quarter was $34.1 million or $0.53 per share, as compared to $26.7 million or $0.41 per share for the prior quarter. Our net investment income covered our dividend by 156%. During the three months ended September 30th, 2022, the company had net realized and unrealized losses of $23.1 million. GAAP income per share for the three months ended September 30th was $0.17 per share. Moving over to our balance sheet. As of September 30th, our investment portfolio at fair value totals $2.3 billion and total assets of $2.5 billion. Total net assets were $1.1 billion as of September 30th. NAV per share was $16.98, down from $17.15 at the end of the first quarter, representing a 1% decrease quarter-over-quarter. At the end of Q3, our debt-to-equity ratio was 1.25 x, up from 1.14x at the end of Q2. We had a large receivable on our balance sheet at quarter end, which drove our leverage ratio to the wider end of our stated range of 1x-1.25 x. Pro forma for this, our debt-to-equity ratio would have been 1.17 x. Our net leverage ratio, which represents principal debt outstanding less cash, was 1.2 x at the end of Q3, as compared to 1.07 x at the end of Q2. During the quarter, we continued to improve our liability structure. We increased the size of our Sumitomo credit facility to $635 million, up from $300 million. In the current environment, we were pleased with our ability to attract new lenders in this facility as we increased the diversification of our lender group and were able to hold the terms on our existing facility constant. In addition, we repaid the full principal amount outstanding of our $112.5 million on our senior unsecured notes due in 2023. The notes were repaid at par plus accrued and unpaid interest thereon. The stated interest rate on the notes was 8.5%, which provided us an opportunity to lower our interest expense and borrow through the increased capacity on our Sumitomo facility at SOFR + 1.75%. We recognized the $0.01 per share loss during the quarter due to the extinguishment of the debt related to unamortized expenses through the stated maturity date. Our capital structure remains durable, with a large portion 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 September 30th, approximately 56% of our outstanding debt was in floating rate and 44% in fixed rate. Against our portfolio of floating rate loans, the company is well positioned to benefit from higher interest income across our portfolio given the rise in rates. As of September 30th, holding all else constant, we calculate that a 100 basis point increase in rates could increase our quarterly earnings by approximately $0.04 per share. Our Form 10-Q provides further detail on our sensitivity to various changes in interest rates. Available liquidity consisting of cash and undrawn capacity on our credit facilities was approximately $311 million. This compares to $307 million of undrawn investment commitments. For the three months ended September 30th, 2022, the weighted average interest rate on our debt outstanding was 3.7%, as compared to 3.2% 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. We were pleased to deliver another strong quarter for our shareholders, driven by the high levels of net investment income earnings. We believe our portfolio is on strong footing to navigate more uncertain times ahead, given the underlying tenets of our portfolio construction. We remain committed to delivering value for our shareholders through producing attractive ROEs, and thank you for the privilege of managing our shareholders' capital. Cecilia, please open the line for questions. Thank you. If you wish to ask a question at this time, please press star one on your telephone keypad. Please ensure the mute function on your telephone is switched off to allow your signal to reach our equipment. Again, please press star one to ask a question. We will now take our first question from Paul Johnson from KBW. Please go ahead. Good morning, guys. Thanks for taking my questions. Congratulations on the nice beat this quarter. I'm just wondering how much of the EPS this quarter, $0.53, NII, how much of that was just from one-time items? Sure. About $0.06 of that was from a one-time dividend coming out of one of our an equity co-investment. That's included in the you know, dividend line item in investment income. Beyond that, there was another $0.06, which are basically commitment fees that we collected for you know, for underwriting deals in the quarter. We do think that there will continue to be that other income that will generate in future quarters, but it will be variable based on the market environment. Got it. Right. I'm curious, how does that compare, I guess, to kind of, you know, previous quarters in the past in terms of that non-recurring one-time dividend income coming from, I guess. Or sorry, not dividend, the fee income coming from commitment fees. Was this quarter, you know, relatively higher than past quarters? I'm just curious how that compares. Yeah. It's about in the middle of the range if you look at the last four quarters. We've had, you know, some around $1 million. We've had some quarters, like last quarter was closer to $8 million, so that $4 million dollar range is kind of in the middle of what we've seen historically for commitment fees. Got it. Thanks. Appreciate that. Just on activity for the quarter, I mean, it was a fairly active quarter, both from, you know, originations, repayments, for you guys. I'm just curious what, I guess, drove the higher level of activity this quarter, especially on the repayment side, and do you expect that to continue, I guess, given your line of sight into the next, you know, quarter or so of activity, would you expect that to continue? I would imagine that repayments will slow down in the portfolio over time, just given the macroeconomic backdrop. What drove many of the repayments this quarter were two things. One of which was dropping some assets from our balance sheet down into the joint venture, so the ISLP and SLP. Some of the commitment fees we were just talking about are actually related to deals that we underwrote and then syndicated on to other players in the market. That also flows through the sales and repayments line. This quarter was much more driven by those two items as opposed to more traditional refinancings or LBO, fresh LBO activity that tends to drive repayments in a more normalized market. Got it. That makes sense. Appreciate that. And then, on your portfolio, I mean, as far as your borrowers go, and, you know, I imagine you're, you know, still, you know, receiving a lot of incoming, you know, information and, you know, updated forecasts that are obviously changing along with the environment. And I'm wondering if you could just kind of talk about the performance, you know, of your borrowers. I know you mentioned that it's been quite good, I guess, as far as you've observed. Just, I guess, how is interest coverage, you know, changing with the rates, with the rate increase this quarter or the last few quarters? As well. Yeah, I guess that's all. Just any kind of color on just the performance of these loans. 'Cause I guess on top of that, you mentioned on the call there's a company that fell below 1 x interest coverage and given the increase in, I guess, the performance three rated loans, I'm wondering if that's the same loan and if you could make any comments on that company as well. Yeah. Well, why don't I start it and then Mike can jump in too. I mean, generally, the performance of our portfolio companies, as you point out, has been pretty strong. I think that's based on that we have sought out more defensive industries. I think that's been particularly helpful. I think the other thing I would point out is that, we have been, I guess, pleasantly surprised that our companies have also been able to push out price increases of their own in this inflationary environment, and that's helped keep their gross margins pretty stable. I think from a top-line perspective, you know, again, they haven't really seen much deterioration yet as we obviously haven't necessarily entered a recession yet. It's more of a B2B focus than a B2C focus, which is where we'd be more concerned. Mike, I don't know if you wanna touch a little bit on the interest rate sensitivity modeling that we've done, but we've definitely done more of a shock modeling perspective rather than trying to take the existing SOFR curve and overlay that into our companies. You know, we're looking more at worst case scenarios. Sure. Yeah. About 10% of the portfolio is in risk rating 3 or 4 assets. Those are all situations where when we're running interest rate sensitivities, and looking at capital structures and cash flow coverage, we are, you know, more concerned about the ability of those companies to pay their interest in higher rate environments. I'd say risk rating 3 is we still feel comfortable, but there is increased risk that cash flow gets particularly tight. What we were commenting on in the, you know, in the interest coverage analysis with a few companies going below 1 x are situations where we're running, as Mike Ewald highlighted, a shock scenario where we have the interest rate step up base rates north of 5%. That's part of what's informing those risk rating 3s, where we are focused on making sure that those companies are able to continue to pay their cash interest. Thanks. Appreciate that. Very helpful. That's all for me. All right. Thank you. Thank you. As a reminder, to ask a question, please press star one on your telephone keypad. We'll pause for a moment to allow everyone to signal. As there are no further questions at this time, I'd like to turn the call back to your speakers for any additional or closing remarks. Thanks, Cecilia, and thanks all of you for your time and attention today. We do really appreciate your support, and we'll look forward to talking to you again next quarter. Have a good day. Thank you. That will conclude today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.