CERo Therapeutics Holdings, Inc. to Present Poster on Lead Program, CER-1236, at the American Society of Clinical Oncology (ASCO) 2025 Annual Meeting
The poster is titled, 'First-in-human study of autologous chimeric engulfment receptor T-cell CER-1236 targeting TIM-4-L in acute myeloid leukemia (CertainT-1).'
Chris Ehrlich, CERo Therapeutics' CEO, commented, 'We look forward to the opportunity to discuss our study protocol at one of the most prestigious oncology conferences in the world. We believe that CER-1236 presents a unique approach to treating cancer utilizing the patient's immune system and a novel target that we anticipate may alter how doctors currently approach cancer therapy.'
The Company is currently initiating its first-in-human, multi-center, open-label, Phase 1/1b study designed to evaluate the safety and preliminary efficacy of CER-1236 in patients with acute myeloid leukemia that is either relapsed/refractory, has measurable residual disease, or has a mutation of the TP53 gene. The two-part study will begin with dose escalation to determine the highest tolerated dose and recommended dose for Phase 2, followed by an expansion phase to evaluate safety and efficacy. Primary outcome measures include the incidence of adverse events (AEs) and serious adverse events (SAEs), the incidence of dose-limited toxicities and estimation of overall response rate (ORR), complete response (CR), composite complete response (cCR), and measurable residual disease (MRD). Secondary outcome measures include pharmacokinetics (PK).
About CERo Therapeutics Holdings, Inc.
CERo is an innovative immunotherapy company advancing the development of next-generation engineered T-cell therapeutics for the treatment of cancer. Its proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive immunity into a single therapeutic construct, is designed to engage the body's full immune repertoire to achieve optimized cancer therapy. This novel cellular immunotherapy platform is expected to redirect patient-derived T cells to eliminate tumors by building in engulfment pathways that employ phagocytic mechanisms to destroy cancer cells, creating what CERo refers to as Chimeric Engulfment Receptor T cells ('CER-T'). CERo believes the differentiated activity of CER-T cells will afford them greater therapeutic application than currently approved chimeric antigen receptor ('CAR-T') cell therapy, as the use of CER-T may potentially span both hematological malignancies and solid tumors. CERo anticipates initiating clinical trials for its lead product candidate, CER-1236, in 2025 for hematological malignancies as well as for certain solid tumors.
Forward-Looking Statements
This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of CERo and the implementation of its proposed plan of compliance with Nasdaq continued listing standards. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this communication, words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'strive,' 'would' and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When CERo discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, CERo's management.
Actual results could differ from those implied by the forward-looking statements in this communication. Certain risks that could cause actual results to differ are set forth in CERo's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, filed on April 15, 2025, and the documents incorporated by reference therein. The risks described in CERo's filings with the Securities and Exchange Commission are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can CERo assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements made by CERo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. CERo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:Chris EhrlichChief Executive Officerchris@cero.bio
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Fuel Tech Reports 2025 Second Quarter Financial Results
WARRENVILLE, Ill., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Fuel Tech, Inc. (NASDAQ: FTEK), a technology company using advanced engineering processes to provide emissions control systems and water treatment technologies in utility and industrial applications, today reported financial results for the second quarter ended June 30, 2025. 'Our second quarter results, along with ongoing developments across our two business segments and our Dissolved Gas Infusion business, strengthen our confidence in delivering improved overall performance in the second half of the year,' said Vincent J. Arnone, President and CEO. 'We are actively pursuing new contract opportunities across our APC and FUEL CHEM® business segments. For the APC segment, in particular, we are addressing both traditional end markets and the significant prospects offered by the rising demand for data centers. We have multiple bids outstanding for our SCR technology to address the emissions control requirements of AI-related data centers to be built in the U.S. over the next several years. We remain closely engaged with these potential partners and are excited about the opportunities that lie ahead.' He concluded, 'We are supported in our efforts by a strong financial position. At June 30, 2025, our balance sheet included nearly $31 million in cash, cash equivalents and investments and no long-term debt.' Business Segment Performance Overview Performance within our FUEL CHEM® segment was steady compared to last year's second quarter reflecting seasonal weather transition from spring to summer. Based on FUEL CHEM's strong performance in the early part of the third quarter, the Company anticipates robust segment results for the full third quarter of 2025 and full-year segment revenue to reach its highest level since 2022. The Company is continuing to pursue the expansion of its client base and expects that a demonstration of its TIFI® Targeted In-Furnace Injection™ technology will commence in the fourth quarter of this year at a coal-fired unit in the Midwest. Segment revenue within Air Pollution Control ('APC') declined due primarily to timing of project execution on existing contracts. Before the end of the month of August, we are confident that we will be awarded between $2.5 and $3.0 million in additional contracts from new and existing U.S. and international customers. These new awards would increase our effective APC backlog. In July, the Company commenced an extended demonstration of its Dissolved Gas Infusion (DGI®) technology at a fish hatchery in the Western U.S. The demonstration is expected to last until the second quarter of 2026 and is designed to evaluate the benefits of delivering consistent and precise levels of dissolved oxygen on the raising of gamefish in a controlled environment. Second Quarter 2025 ('Q2 2025') Consolidated Results Overview. Consolidated revenues for Q2 2025 declined to $5.6 million from $7.0 million, primarily driven by lower APC revenues associated with timing of project execution on existing contracts. Consolidated gross margin for Q2 2025 expanded to 45.5% of revenues from 41.9% of revenues, reflecting an increase in both APC and FUEL CHEM segment gross margins. SG&A expenses rose slightly to $3.3 million from $3.2 million. As a percentage of revenues, SG&A expenses rose to 60.2% in Q2 2025 from 46.1%, reflecting lower revenues in Q2 2025. Interest income rose to $0.5 million from $0.3 million, related primarily to the inclusion of $0.3 million related to the one-time collection of the Employee Retention Credit ('ERC') benefit under the CARES Act. Net loss in Q2 2025 was $(689,000), or $(0.02) per share, compared to net loss of $(421,000), or $(0.02) per share. Consolidated APC segment backlog at June 30, 2025 was $7.8 million compared to $10.3 million at March 31, 2025 and $6.2 million at December 31, 2024. APC segment revenue decreased to $2.5 million from $3.9 million, primarily related to timing of project execution on existing contracts. Segment gross margin expanded to 43.9% from 39.1%, primarily due to product and project mix. FUEL CHEM segment revenue was flat at $3.1 million. Segment gross margin expanded to 46.8% from 45.5%, reflecting an increased volume of sales activity combined with relatively flat segment administrative expenses. Adjusted EBITDA loss was $(0.9) million in Q2 2025 compared to an Adjusted EBITDA loss of $(0.5) million. Financial Condition At June 30, 2025, cash and cash equivalents were $10.6 million, short-term investments were $12.4 million, and long-term investments totaled $7.9 million. Stockholders' equity at June 30, 2025 was $40.6 million, or $1.32 per share, and the Company had no debt. Conference Call Management will host a conference call on Wednesday, August 6, 2025 at 10:00 am ET / 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing: (877) 423-9820 (Domestic) or (201) 493-6749 (International) The conference call will also be accessible via the Upcoming Events section of the Company's web site at Following management's opening remarks, there will be a question-and-answer session. About Fuel Tech Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies and its solutions have been installed on over 1,300 utility, industrial and municipal units worldwide. The Company's FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI® Dissolved Gas Infusion Systems which utilize a patented saturator and a patent-pending channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech's products and services rely heavily on the Company's exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech's web site at NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains 'forward-looking statements' as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech's current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as 'anticipate,' 'believe,' 'plan,' 'expect,' 'estimate,' 'intend,' 'will,' and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, contracts being awarded to competitors offering different or lower-priced technologies, projects being suspended, delayed or cancelled and other risks discussed in Fuel Tech's Annual Report on Form 10-K in Item 1A under the caption 'Risk Factors,' and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech's actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech's filings with the Securities and Exchange Commission. CONTACT: Vince ArnonePresident and CEO (630) 845-4500 Devin SullivanManaging DirectorThe Equity Group FUEL TECH, CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data) June 30, December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 10,589 $ 8,510 Short-term investments 12,420 10,184 Accounts receivable, less current expected credit loss of $108 and $106, respectively 6,293 9,368 Inventories, net 616 397 Prepaid expenses and other current assets 1,093 1,160 Total current assets 31,011 29,619 Property and equipment, net of accumulated depreciation of $19,155 and $18,958, respectively 4,853 5,084 Goodwill 2,116 2,116 Other intangible assets, net of accumulated amortization of $543 and $525 respectively 315 327 Right-of-use operating lease assets, net 578 585 Long-term investments 7,925 10,875 Other assets 205 191 Total assets $ 47,003 $ 48,797 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,124 $ 2,915 Accrued liabilities: Operating lease liabilities - current 84 77 Employee compensation 743 1,248 Other accrued liabilities 2,375 1,615 Total current liabilities 5,326 5,855 Operating lease liabilities - non-current 536 548 Deferred income taxes, net 176 176 Other liabilities 301 263 Total liabilities 6,339 6,842 Stockholders' equity: Common stock, $.01 par value, 40,000,000 shares authorized, 32,281,179 and 31,767,329 shares issued, and 31,074,438 and 30,708,273 shares outstanding, respectively 322 317 Additional paid-in capital 165,503 165,295 Accumulated deficit (120,900 ) (119,472 ) Accumulated other comprehensive loss (1,769 ) (1,915 ) Nil coupon perpetual loan notes 76 76 Treasury stock, at cost (2,568 ) (2,346 ) Total stockholders' equity 40,664 41,955 Total liabilities and stockholders' equity $ 47,003 $ 48,797 See notes to condensed consolidated financial TECH, CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues $ 5,558 $ 7,042 $ 11,940 $ 11,999 Costs and expenses: Cost of sales 3,029 4,090 6,452 7,018 Selling, general and administrative 3,347 3,245 6,688 6,590 Research and development 490 422 1,060 798 6,866 7,757 14,200 14,406 Operating loss (1,308 ) (715 ) (2,260 ) (2,407 ) Interest income 537 334 816 645 Other income (expense), net 86 (34 ) 20 1,639 Loss before income taxes (685 ) (415 ) (1,424 ) (123 ) Income tax expense (4 ) (6 ) (4 ) (17 ) Net loss $ (689 ) $ (421 ) $ (1,428 ) $ (140 ) Net loss per common share: Basic net loss per common share $ (0.02 ) $ (0.01 ) $ (0.05 ) $ (0.00 ) Diluted net loss per common share $ (0.02 ) $ (0.01 ) $ (0.05 ) $ (0.00 ) Weighted-average number of common shares outstanding: Basic 30,868,000 30,482,000 30,796,000 30,434,000 Diluted 30,868,000 30,482,000 30,796,000 30,434,000 See notes to condensed consolidated financial TECH, CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(in thousands) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net loss $ (689 ) $ (421 ) $ (1,428 ) $ (140 ) Other comprehensive loss: Foreign currency translation adjustments 11 5 146 (138 ) Comprehensive loss $ (678 ) $ (416 ) $ (1,282 ) $ (278 ) See notes to condensed consolidated financial TECH, CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) Six Months Ended June 30, 2025 2024 Operating Activities Net loss $ (1,428 ) $ (140 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 327 161 Amortization 18 31 Non-cash interest income on held-to-maturity securities (90 ) (72 ) Stock-based compensation, net of forfeitures 212 228 Changes in operating assets and liabilities: Accounts receivable 1,987 (334 ) Employee retention credit receivable 1,232 (1,677 ) Inventory (218 ) (24 ) Prepaid expenses, other current assets and other non-current assets 77 367 Accounts payable (833 ) 524 Accrued liabilities and other non-current liabilities 203 (1,728 ) Net cash provided by (used in) operating activities 1,487 (2,664 ) Investing Activities Purchases of equipment and patents (101 ) (204 ) Purchases of debt securities (4,949 ) (11,107 ) Maturities of debt securities 5,750 7,000 Net cash provided by (used in) investing activities 700 (4,311 ) Financing Activities Taxes paid on behalf of award participants (222 ) (95 ) Net cash used in financing activities (222 ) (95 ) Effect of exchange rate fluctuations on cash 114 (104 ) Net decrease in cash and cash equivalents 2,079 (7,174 Cash and cash equivalents at beginning of period 8,510 17,578 Cash and cash equivalents at end of period $ 10,589 $ 10,404 See notes to condensed consolidated financial TECH, Data- Reporting Segments(in thousands) Information about reporting segment net sales and gross margin from operations is provided below: Air Pollution FUEL CHEM Three months ended June 30, 2025 Control Segment Segment Other Total Revenues from external customers $ 2,505 $ 3,053 $ — $ 5,558 Cost of sales (1,406 ) (1,623 ) — (3,029 ) Gross margin 1,099 1,430 — 2,529 Selling, general and administrative — — (3,347 ) (3,347 ) Research and development — — (490 ) (490 ) Operating income (loss) from operations $ 1,099 $ 1,430 $ (3,837 ) $ (1,308 ) Air Pollution FUEL CHEM Three months ended June 30, 2024 Control Segment Segment Other Total Revenues from external customers $ 3,949 $ 3,093 $ — $ 7,042 Cost of sales (2,405 ) (1,685 ) — (4,090 ) Gross margin 1,544 1,408 — 2,952 Selling, general and administrative — — (3,245 ) (3,245 ) Research and development — — (422 ) (422 ) Operating income (loss) from operations $ 1,544 $ 1,408 $ (3,667 ) $ (715 ) Air Pollution FUEL CHEM Six months ended June 30, 2025 Control Segment Segment Other Total Revenues from external customers $ 3,808 $ 8,132 $ — $ 11,940 Cost of sales (2,284 ) (4,168 ) — (6,452 ) Gross margin 1,524 3,964 — 5,488 Selling, general and administrative — — (6,688 ) (6,688 ) Research and development — — (1,060 ) (1,060 ) Operating income (loss) from operations $ 1,524 $ 3,964 $ (7,748 ) $ (2,260 ) Air Pollution FUEL CHEM Six months ended June 30, 2024 Control Segment Segment Other Total Revenues from external customers $ 6,267 $ 5,732 $ — $ 11,999 Cost of sales (3,833 ) (3,185 ) — (7,018 ) Gross margin 2,434 2,547 — 4,981 Selling, general and administrative — — (6,590 ) (6,590 ) Research and development $ — — (798 ) (798 ) Operating income (loss) from operations $ 2,434 $ 2,547 $ (7,388 ) $ (2,407 ) FUEL TECH, Segment Financial Data(in thousands) Information concerning our operations by geographic area is provided below. Revenues are attributed to countries based on the location of the end-user. Assets are those directly associated with operations of the geographic area. Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues: United States $ 4,442 $ 4,471 $ 9,801 $ 8,066 Foreign 1,116 2,571 2,139 3,933 $ 5,558 $ 7,042 $ 11,940 $ 11,999 June 30, December 31, 2025 2024 Assets: United States $ 44,130 $ 44,430 Foreign 2,873 4,367 $ 47,003 $ 48,797 FUEL TECH, OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net Loss $ (689 ) $ (421 ) $ (1,428 ) $ (140 ) Interest income (537 ) (334 ) (816 ) (645 ) Income tax expense 4 6 4 17 Depreciation expense 163 81 327 161 Amortization expense 9 15 18 31 EBITDA (1,050 ) (653 ) (1,895 ) (576 ) Stock compensation expense 102 124 212 228 Gain on employee retention credit - - - (1,677 ) Adjusted EBITDA $ (948 ) $ (529 ) $ (1,683 ) $ (2,025 )Adjusted EBITDA To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, stock compensation expense and gain on employee retention credit. The Company's reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results. Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
18 minutes ago
- Business Wire
Bain Capital Specialty Finance, Inc. Announces June 30, 2025 Financial Results and Declares Third Quarter 2025 Dividend of $0.42 per Share
BOSTON--(BUSINESS WIRE)--Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the 'Company', 'our' or 'we') today announced financial results for the second quarter ended June 30, 2025, and that its Board of Directors (the 'Board') has declared a dividend of $0.42 per share for the third quarter of 2025 and an additional dividend of $0.03 per share that was previously announced. 'BCSF reported solid second quarter results driven by high net investment income that covered our regular dividend by 112%. Our diversified investment portfolio remains healthy with low non-accruals,' said Michael Ewald, Chief Executive Officer of BCSF. 'We also had a strong quarter of new origination activity reflecting our longstanding presence in the core middle market. We believe the Company remains well positioned within this market segment to continue generating attractive risk-adjusted returns for our shareholders.' QUARTERLY HIGHLIGHTS Net investment income (NII) per share was $0.47, equating to an annualized NII yield on book value of 10.7% (1); Net income per share was $0.37, equating to an annualized return on book value of 8.3% (1); Net asset value per share as of June 30, 2025 was $17.56, as compared to $17.64 as of March 31, 2025; Gross and net investment fundings were $529.6 million and $27.3 million, respectively; ending net debt-to-equity was 1.20x, as compared to 1.17x as of March 31, 2025 (2); Investments on non-accrual represented 1.7% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively, as of June 30, 2025; and Subsequent to quarter-end, the Company's Board of Directors declared a dividend of $0.42 per share for the third quarter of 2025 payable to stockholders of record as of September 16, 2025. The Board of Directors previously announced an additional dividend of $0.03 per share payable to stockholders of record as of September 16, 2025 (3). SELECTED FINANCIAL HIGHLIGHTS ($ in millions, unless otherwise noted) Q2 2025 Q1 2025 Net investment income per share $ 0.47 $ 0.50 Net investment income $ 30.6 $ 32.1 Earnings per share $ 0.37 $ 0.44 Dividends per share declared and payable $ 0.45 $ 0.45 Expand ($ in millions, unless otherwise noted) As of June 30, 2025 As of March 31, 2025 Total fair value of investments $ 2,501.8 $ 2,464.9 Total assets $ 2,774.3 $ 2,642.3 Total net assets $ 1,139.0 $ 1,144.5 Net asset value per share $ 17.56 $ 17.64 Expand PORTFOLIO AND INVESTMENT ACTIVITY For the three months ended June 30, 2025, the Company invested $529.6 million in 94 portfolio companies, including $241.8 million in 12 new companies, $272.8 million in 81 existing companies and $15.0 million in SLP. The Company had $502.3 million of principal repayments and sales in the quarter, resulting in net investment fundings of $27.3 million. Investment Activity for the Quarter Ended June 30, 2025: ($ in millions) Q2 2025 Q1 2025 Investment Fundings $ 529.6 $ 277.2 Sales and Repayments $ 502.3 $ 246.4 Net Investment Activity $ 27.3 $ 30.8 Expand As of June 30, 2025, the Company's investment portfolio had a fair value of $2,501.8 million, comprised of investments in 185 portfolio companies operating across 29 different industries. Investment Portfolio at Fair Value as of June 30, 2025: As of June 30, 2025, the weighted average yield on the investment portfolio at amortized cost and fair value were 11.4% and 11.4%, respectively, as compared to 11.5% and 11.5%, respectively, as of March 31, 2025 (4)(5). 92.6% of the Company's debt investments at fair value were in floating rate securities. As of June 30, 2025, five portfolio companies were on non-accrual status, representing 1.7% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively. As of June 30, 2025, ISLP's investment portfolio had an aggregate fair value of $717.7 million, comprised of investments in 39 portfolio companies operating across 17 different industries. The investment portfolio on a fair value basis was comprised of 96.5% first lien senior secured loans, 0.7% second lien senior secured loans and 2.8% equity interests. 100% of ISLP's debt investments at fair value were in floating rate securities. As of June 30, 2025, SLP's investment portfolio had an aggregate fair value of $1,518.7 million, comprised of investments in 87 portfolio companies operating across 24 different industries. The investment portfolio on a fair value basis was comprised of 99.7% first lien senior secured loans and 0.3% second lien senior secured loans. 100.0% of SLP's debt investments at fair value were in floating rate securities. RESULTS OF OPERATIONS For the three months ended June 30, 2025 and March 31, 2025, total investment income was $71.0 million and $66.8 million, respectively. Total expenses (before taxes) for the three months ended June 30, 2025 and March 31, 2025 were $39.3 million and $33.7 million, respectively. Net investment income for the three months ended June 30, 2025 and March 31, 2025 was $30.6 million or $0.47 per share and $32.1 million or $0.50 per share, respectively. During the three months ended June 30, 2025, the Company had net realized and unrealized losses of $6.9 million. Net increase in net assets resulting from operations for the three months ended June 30, 2025 was $23.7 million, or $0.37 per share. CAPITAL AND LIQUIDITY As of June 30, 2025, the Company had total principal debt outstanding of $1,565.5 million, including $263.0 million outstanding in the Company's Sumitomo Credit Facility, $352.5 million outstanding of the debt issued through BCC Middle Market CLO 2019-1 LLC, $300.0 million outstanding in the Company's senior unsecured notes due March 2026, $300.0 million outstanding in the Company's senior unsecured notes due October 2026, and $350.0 million outstanding in the Company's senior unsecured notes due March 2030. For the three months ended June 30, 2025, the weighted average interest rate on debt outstanding was 4.9%, as compared to 4.8% for the three months ended March 31, 2025. As of June 30, 2025, the Company had cash and cash equivalents (including foreign cash) of $37.6 million, restricted cash and cash equivalents of $136.9 million, $29.5 million of unsettled trades, net of receivables and payables of investments, and $592.0 million of capacity under its Sumitomo Credit Facility. As of June 30, 2025, the Company had $512.7 million of undrawn investment commitments. As of June 30, 2025, the Company's debt-to-equity and net debt-to-equity ratios were 1.37x and 1.20x, respectively, as compared to 1.27x and 1.17x, respectively, as of March 31, 2025 (2). Endnotes (1) Net investment income yields and net income returns are calculated on average net assets, or book value, for the respective periods shown. (2) Net debt-to-equity represents principal debt outstanding less cash and cash equivalents and unsettled trades, net of receivables and payables of investments. (3) The third quarter dividend is payable on September 30, 2025 to stockholders of record as of September 16, 2025. (4) The weighted average yield is computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities plus amortization of fees and discounts on the performing debt and other income producing investments, divided by (b) the total relevant investments at amortized cost or fair value. The weighted average yield does not represent the total return to our stockholders. (5) For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending amortized cost or fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized. Expand CONFERENCE CALL INFORMATION A conference call to discuss the Company's financial results will be held live at 8:30 a.m. Eastern Time on August 6, 2025. Please visit BCSF's webcast link located on the Events & Presentations page of the Investor Resources section of BCSF's website at for a slide presentation that complements the Earnings Conference Call. Participants are also invited to access the conference call by dialing one of the following numbers: Domestic: 1-833-316-2483 International: 1-785-838-9284 Conference ID: BAIN All participants will need to reference 'Bain Capital Specialty Finance - Second Quarter Ended June 30, 2025 Earnings Conference Call' once connected with the operator. All participants are asked to dial in 10-15 minutes prior to the call. Replay Information: An archived replay will be available approximately three hours after the conference call concludes through August 13, 2025 via a webcast link located on the Investor Resources section of BCSF's website, and via the dial-in numbers listed below: Domestic: 1-844-512-2921 International: 1-412-317-6671 Conference ID: 11159706 Bain Capital Specialty Finance, Inc. Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data) As of As of December 31, 2024 (Unaudited) Assets Investments at fair value: Non-controlled/non-affiliate investments (amortized cost of $1,826,043 and $1,784,019, respectively) $ 1,847,266 $ 1,773,742 Non-controlled/affiliate investments (amortized cost of $68,516 and $77,269, respectively) 63,735 75,733 Controlled affiliate investments (amortized cost of $594,957 and $585,702, respectively) 590,796 581,714 Cash and cash equivalents 27,843 51,562 Foreign cash (cost of $8,618 and $2,640, respectively) 9,734 1,963 Restricted cash and cash equivalents 136,908 45,541 Collateral on derivatives 9,208 9,755 Deferred financing costs 4,071 4,591 Interest receivable on investments 37,513 39,164 Interest rate swap 8,704 — Receivable for sales and paydowns of investments 34,019 37,760 Prepaid insurance 856 197 Unrealized appreciation on forward currency exchange contracts — 4,690 Dividend receivable 3,653 5,745 Total Assets $ 2,774,306 $ 2,632,157 Liabilities Debt (net of unamortized debt issuance costs of $11,515 and $4,929, respectively) $ 1,562,578 $ 1,390,270 Interest payable 13,645 13,860 Payable for investments purchased 4,482 29,490 Collateral payable on derivatives 12,490 — Unrealized depreciation on forward currency exchange contracts 13,642 1,185 Base management fee payable 9,257 9,160 Incentive fee payable 5,446 4,696 Accounts payable and accrued expenses 13,731 14,771 Distributions payable — 29,053 Total Liabilities 1,635,271 1,492,485 Commitments and Contingencies (See Note 10) Net Assets Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,562,265 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 65 65 Paid in capital in excess of par value 1,164,045 1,159,493 Total distributable loss (25,075 ) (19,886 ) Total Net Assets 1,139,035 1,139,672 Total Liabilities and Total Net Assets $ 2,774,306 $ 2,632,157 Net asset value per share $ 17.56 $ 17.65 Expand See Notes to Consolidated Financial Statements Bain Capital Specialty Finance, Inc. Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Income Investment income from non-controlled/non-affiliate investments: Interest from investments $ 44,292 $ 45,209 $ 85,964 $ 89,058 Dividend income 2,940 435 4,665 435 PIK income 7,501 5,643 14,107 10,710 Other income 4,158 3,141 6,991 8,396 Total investment income from non-controlled/non-affiliate investments 58,891 54,428 111,727 108,599 Investment income from non-controlled/affiliate investments: Interest from investments 127 279 135 2,860 Dividend income — — — 821 PIK income 13 143 30 458 Other income — — 42 — Total investment income from non-controlled/affiliate investments 140 422 207 4,139 Investment income from controlled affiliate investments: Interest from investments 9,807 9,618 18,955 18,783 Dividend income 2,123 7,803 6,909 15,249 PIK income 4 — 6 — Total investment income from controlled affiliate investments 11,934 17,421 25,870 34,032 Total investment income 70,965 72,271 137,804 146,770 Expenses Interest and debt financing expenses 21,772 17,631 40,676 35,687 Base management fee 9,257 8,769 18,325 17,587 Incentive fee 5,446 7,924 7,668 17,156 Professional fees 714 1,029 1,428 1,830 Directors fees 182 174 356 348 Other general and administrative expenses 1,928 2,477 4,499 4,920 Total expenses, net of fee waivers 39,299 38,004 72,952 77,528 Net investment income before taxes 31,666 34,267 64,852 69,242 Income tax expense, including excise tax 1,076 1,150 2,152 2,175 Net investment income 30,590 33,117 62,700 67,067 Net realized and unrealized gains (losses) Net realized gain (loss) on non-controlled/non-affiliate investments 4,861 (5,340 ) (16,125 ) (7,876 ) Net realized gain (loss) on non-controlled/affiliate investments (711 ) — (3,678 ) 4,719 Net realized gain (loss) on foreign currency transactions 581 (446 ) 332 (423 ) Net realized gain (loss) on forward currency exchange contracts (1,409 ) 169 (3,814 ) 1,896 Net change in unrealized appreciation on foreign currency translation 1,484 177 1,919 (31 ) Net change in unrealized appreciation on forward currency exchange contracts (15,074 ) 163 (17,147 ) 1,404 Net change in unrealized appreciation on non-controlled/non-affiliate investments 7,507 8,502 31,500 19,060 Net change in unrealized appreciation on non-controlled/affiliate investments (1,379 ) 21 (3,245 ) (13,337 ) Net change in unrealized appreciation on controlled affiliate investments (2,728 ) (7,273 ) (173 ) (8,294 ) Total net loss (6,868 ) (4,027 ) (10,431 ) (2,882 ) Net increase in net assets resulting from operations $ 23,722 $ 29,090 $ 52,269 $ 64,185 Basic and diluted net investment income per share of common stock $ 0.47 $ 0.51 $ 0.97 $ 1.04 Basic and diluted increase in net assets resulting from operations per share of common stock $ 0.37 $ 0.45 $ 0.81 $ 1.00 Basic and diluted weighted average common stock outstanding 64,868,507 64,562,265 64,772,881 64,562,265 Expand See Notes to Consolidated Financial Statements About Bain Capital Specialty Finance, Inc. Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through June 30, 2025, BCSF has invested approximately $9,497.4 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF's investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Forward-Looking Statements This letter may contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.
Business Wire
18 minutes ago
- Business Wire
Travel + Leisure Co. Announces Pricing of $500 Million of Senior Secured Notes Due 2033 With Optional Redemption
ORLANDO, Fla.--(BUSINESS WIRE)-- Travel + Leisure Co. (NYSE:TNL) (the 'Company') announced today the pricing of its private offering (the "Offering") of $500 million aggregate principal amount of its senior secured notes due 2033 (the "Notes"). The Offering is expected to close on August 19, 2025. The closing of the Offering is subject to the satisfaction of customary and market conditions. The Company intends to use the net proceeds of this Offering to redeem all of the Company's outstanding 6.60% secured notes due October 2025, towards repayment of outstanding borrowings under our revolving credit facility, to pay the fees and expenses incurred in connection with the Offering and, to the extent there are any remaining proceeds, for general corporate purposes which may include future debt paydowns. The Notes will bear interest at the rate of 6.125% per year. Interest on the Notes will be payable semi-annually on March 1 and September 1 of each year, commencing March 1, 2026. The Notes will mature on September 1, 2033, unless earlier redeemed in accordance with their terms. Prior to August 15, 2028, we will be entitled at our option to redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus a 'make-whole premium' plus any accrued and unpaid interest. At any time on or after August 15, 2028, we may redeem all or a portion of the Notes at certain redemption prices above their face amount plus any accrued and unpaid interest. On or after August 15, 2030 we will be able to redeem the Notes at par plus any accrued and unpaid interest. The Notes were offered at a price of 100% of their principal amount. The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the United States, or for the benefit of U.S. persons, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities or blue sky laws. Accordingly, the Notes were offered only to persons reasonably believed to be "qualified institutional buyers," as that term is defined under Rule 144A of the Securities Act, or to non-"U.S. persons" in offshore transactions in accordance with Regulation S under the Securities Act. A confidential offering memorandum for the Offering of the Notes has been made available to such eligible persons. The Offering is being conducted in accordance with the terms and subject to the conditions set forth in such confidential offering memorandum. This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer, or solicitation to buy, if at all, will be made only by means of a confidential offering memorandum. This press release does not constitute a notice of redemption of its 6.60% secured notes due October 2025. About Travel + Leisure Co. Travel + Leisure Co. is a leading leisure travel company, providing more than six million vacations to travelers around the world every year. The company operates a portfolio of vacation ownership, travel club, and lifestyle travel brands designed to meet the needs of the modern leisure traveler, whether they're traversing the globe or staying a little closer to home. With hospitality and responsible tourism at its heart, the company's nearly 19,000 dedicated associates around the globe help the company achieve its mission to put the world on vacation. Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, conveying management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to the Offering and the use of proceeds therefrom. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the acquisition of the Travel + Leisure brand and the future prospects and plans for Travel + Leisure Co., including our ability to execute our strategies to grow our cornerstone timeshare and exchange businesses and expand into the broader leisure travel industry through travel clubs; our ability to compete in the highly competitive timeshare and leisure travel industries; uncertainties related to acquisitions, dispositions and other strategic transactions; the health of the travel industry and declines or disruptions caused by adverse economic conditions (including inflation, recent tariff actions and other trade restrictions, higher interest rates, and recessionary pressures), travel restrictions, terrorism or acts of gun violence, political strife, war (including hostilities in Ukraine and the Middle East), pandemics, and severe weather events and other natural disasters; adverse changes in consumer travel and vacation patterns, consumer preferences and demand for our products; increased or unanticipated operating costs and other inherent business risks; our ability to comply with financial and restrictive covenants under our indebtedness; our ability to access capital and insurance markets on reasonable terms, at a reasonable cost or at all; maintaining the integrity of internal or customer data and protecting our systems from cyber-attacks; the timing and amount of future dividends and share repurchases, if any; and those other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025, and subsequent periodic reports filed with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise.
