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Ardian provides financing to support IK Partners’ investment in Rhétorès Group, a leading independent financial advisor in France

Ardian

Ardian, a global private investment firm, today announces that it has arranged a unitranche facility to support the LBO acquisition of Rhétorès Group (“Rhétorès” or “the Group”) by IK Partners (“IK”), alongside the founders, the management team and Activa, all of whom have significantly reinvested as part of the transaction. The financing package also includes a sizeable committed line to support the Group’s active acquisition strategy.

Rhétorès is a fast-growing French independent financial advisor. Founded in 2010 by Stéphane Rudzinski and Grégory Soudjoukdjian, the Group provides a comprehensive range of financial savings and investment products, including life-insurance wrappers and access to premium asset classes including private equity, real estate and structured products.

Rhétorès focuses on high-net-worth individuals and serves a diversified client base of more than 6,200, representing over €2.7bn in assets under management as of the end of 2025.

Since inception, Rhétorès has achieved strong organic growth and, following Activa’s investment in 2022, it has accelerated its inorganic growth strategy with 20 add-on acquisitions completed to date. Notably, the Group’s acquisition of Dauphine AM in 2023 enabled complementary asset management activity and provided access to an internal distribution platform for high value-added financial products.

“We are delighted to partner with IK as our new majority shareholder and Ardian as our financing partner. Their proven investment experience in the wealth management space will enable us to accelerate our development. We are eager to enter this next phase of growth through further organic development and buy-and-build activity to drive consolidation and diversify our offering.” Stéphane Rudzinski & Grégory Soudjoukdjian, co-founders of rhétorès Group

“The French financial savings market is both large and resilient, supported by strong underlying trends and a favourable regulatory environment. Under Stéphane and Grégory’s leadership, Rhétorès has achieved remarkable success and earned a strong reputation within the French IFA landscape. We look forward to working closely with the team to support their ambitious growth strategy, including further consolidation and diversification of their service offering.” Rémi Buttiaux & Diki Korniloff, Partners, IK Partners

“We are delighted to be able to leverage our deep sector expertise to support Rhétorès, IK Partners and Activa as they embark on this pivotal chapter of growth. The Group has built an exceptional track record to date. We are confident that this partnership will help drive long term value creation and continued expansion.” Gregory Pernot, Co-Head Private Credit France, Ardian

With over two decades of experience, the Private Credit activity at Ardian is among Europe’s most established players, applying a multi local approach to partner with private equity sponsors and management teams in advancing the growth of high quality companies. This transaction adds to Private Credit’s track record of successful investments and reflects a period of strong investment activity for the team.

List of participants

  • Ardian

    • Ardian Private Credit: Grégory Pernot, Gabrielle Philip, Alexis Bernet, Capucine Boulingre
    • Legal Advisor (Financing): Simpson Thacher & Bartlett (Hadrien Servais, Sophie Rezki, Kacper Sztejter, Eline Souffriau)

  • Rhétorès

    • Rhétorès: Stéphane Rudzinski, Grégory Soudjoukdjian
    • Financial Advisor: NewCo Corporate Finance (Alexandre Gebelin, Thibauld Hamaide)

  • IK Partners

    • IK Partners: Rémi Buttiaux, Diki Korniloff
    • Legal Advisor (financing): Weil (Geraldine Lezmi, Constance Frayssineau, Thomas Bouton, Nicolas Krieger)

  • Activa

    • Activa: Christophe Parier, Alexandre Masson, Frédéric Singer, Camille Emin, César Chaperon

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $200bn for more than 1,920 clients worldwide across Private Equity, Real Assets, and Credit.

Ardian. Mastering change for lasting value.

ardian.com

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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EQT to Launch Tender Offer to Privatize Kakaku.com

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  • EQT to launch a tender offer to privatize Kakaku.com, Inc., a Japanese classified and marketplace platform
  • Kakaku.com operates core services including Tabelog, Kakaku.com and Kyujin Box
  • Following a review by an independent Special Committee, the Board of Directors unanimously expressed support for the Tender Offer and recommended that shareholders tender their shares

EQT today announced that BPEA Private Equity Fund IX (“BPEA Fund IX” or “EQT”) will launch a tender offer (the “Tender Offer”) to acquire Japanese classified and marketplace platform Kakaku.com, Inc. (“Kakaku.com” or the “Company”; ticker symbol: TSE 2371) at an offer price of JPY 3,000 per share.

Kakaku.com operates a portfolio of digital platforms in Japan, including Kakaku.com, a price comparison platform; Tabelog, a restaurant review and online reservation platform; and Kyujin Box, a job search platform. The Company has established positions across these services with strong consumer engagement and long-standing relationships with users and business partners.

The Company’s board of directors and Special Committee unanimously expressed support for the Tender Offer and recommended that shareholders tender their shares. In addition, major shareholders Digital Garage and KDDI, who together hold 38.1% of the shares, have entered into agreements with EQT and will dispose of their shares through a share buyback by Kakaku.com after the Tender Offer. Digital Garage, as a consortium partner of EQT, is expected to re‑invest and hold an approximately 20% equity stake in the tender offeror group. Following the successful completion of the transaction, EQT intends to work closely with management to strengthen the Company’s platforms, enhance its technology capabilities, and drive long-term value creation.

Tetsuro Onitsuka, Partner in the EQT Private Capital Asia team, said: “Kakaku.com has built a portfolio of trusted services that are deeply embedded in everyday life in Japan. As a global investor bringing together European industrial heritage with deep local presence and active ownership, we look forward to partnering with management to support the Company’s continued ability to adapt and grow in an increasingly AI-driven environment. This transaction reflects EQT’s long-term commitment to Japan and builds on our growing footprint in the market, where we continue to see opportunities to support companies through periods of structural change and long-term development.”

This transaction underscores EQT’s ongoing commitment to Japan following recent take-private transactions and strategic activity in the market. EQT’s recent activity in Japan includes the privatizations of Fujitec, CareNet and Mamezo, and the completion of exits of TRYT and Pioneer to high-caliber sponsor and strategic buyers last year.

With this transaction, BPEA Fund IX is expected to be 10-15 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) and subject to customary regulatory approvals.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA Fund IX will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document obtainable from the issuer or its agents and would contain detailed information about the issuer and its management, as well as financial statements. The securities may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Regulations on Solicitation

This press release is intended to provide information relating to the Tender Offer to the public and has not been prepared for the purpose of soliciting the sale of shares. If shareholders wish to sell their shares, they should first carefully read the Tender Offer Explanation Statement concerning the Tender Offer and make their decision at their own discretion. This press release does not constitute, or form a part of, an offer to sell or a solicitation of an offer to sell or a solicitation of an offer to purchase securities, and neither this press release (in whole or in part) nor its distribution will form the basis of, or be relied on in connection with, an agreement related to the Tender Offer.

US Regulations

The Tender Offer will be conducted in accordance with the procedures and information disclosure standards provided in Japanese law, and those procedures and standards are not necessarily the same as the procedures and information disclosure standards applicable in the United States. In particular, Section 13(e) or Section 14(d) of the U.S. Securities Exchange Act of 1934 (as amended, the “Securities Exchange Act”) and the rules promulgated thereunder do not apply to the Tender Offer, and the Tender Offer does not conform to the procedures or standards therein. All financial information included or mentioned in this press release and the documents referenced herein is not based on U.S. accounting standards, and such accounting standards may not be equivalent to or comparable with financial information prepared in accordance with U.S. accounting standards. Because the tender offeror is a corporation established outside the United States and all or some of its directors and officers are not residents of the United States, it may be difficult to exercise rights or make claims against them that can be asserted based on U.S. securities-related laws. In addition, it may not be possible to initiate legal proceedings against a non-U.S. corporation and its officers in a non-U.S. court on the grounds of violation of U.S. securities laws. Furthermore, there is no guarantee that a non-U.S. corporation and its affiliates will be subject to the jurisdiction of a U.S. court.

The respective financial advisors of the tender offeror, the Company, Digital Garage, Inc. and KDDI Corporation, the tender offer agent, and their respective affiliates may, in the ordinary course of their business, to the extent permitted by the financial instruments exchange-related laws and regulations of Japan and other applicable laws and regulations, and in accordance with the requirements of Rule 14e-5(b) under the Securities Exchange Act, purchase, or engage in activities directed at purchasing, shares of the Company for their own account or for the account of their clients, either prior to commencement of the Tender Offer or during the Tender Offer Period, outside the Tender Offer. If information concerning any such purchase is disclosed in Japan, disclosure will be made in English on the website of the person making such purchase (or in another manner).

Unless otherwise specified, all procedures relating to the Tender Offer will be conducted in the Japanese language. While some or all documents related to the Tender Offer may be prepared in English, the Japanese-language documents will prevail in the event of any discrepancies between the English and Japanese documents.

This press release contains “forward-looking statements” as defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Known or unknown risks, uncertainties, or other such factors could lead to outcomes that may differ markedly from the projections and other information explicitly or implicitly indicated in such forward-looking statements. Neither the tender offeror nor its affiliates guarantees that the projections and other information explicitly or implicitly indicated in such forward-looking statements will materialize. The forward-looking statements in this press release were prepared based on information in the possession of the tender offeror as of the date of this press release, and unless required by laws or regulations or the rules of a financial instruments exchange, neither the tender offeror, the Company, nor any of their respective affiliates will be obligated to change or revise such statements to reflect any future events or circumstances.

Other National Regulations

The release, issue or distribution of this press release may be subject to legal restrictions in certain countries or regions. In such cases, please be aware of and comply with any such restrictions. The release, issue or distribution of this press release does not constitute a solicitation of an offer to purchase or sell share certificates in connection with the Tender Offer and is to be deemed solely as the distribution of materials for informational purposes.

Contact:
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Kakaku.com
Kakaku.com, Inc., founded in 1997 and headquartered in Tokyo, operates a portfolio of market-leading digital consumer platforms in Japan, including Kakaku.com, the country’s largest product and price comparison site, Tabelog, the leading restaurant discovery and reservation platform, and Kyujin Box, an emerging job search platform, helping Japanese consumers make better decisions across shopping, dining, and jobs.

More info: https://corporate.kakaku.com

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CapMan Real Estate divests office building in Västberga, Stockholm

Capman

CapMan Real Estate has completed the sale of the office property Vreten 17 in Västberga, Stockholm, on behalf of CapMan Nordic Real Estate III Fund (CMNRE III). The buyer is Trifam Fastighets AB.

Vreten 17 comprises approximately 6,550 square metres of lettable area and is held under a leasehold tenure. The property is fully let to Avarn Security, which occupies the building as its headquarters under a long‑term lease. The asset is located in Västberga in south‑west Stockholm, benefiting from good transport connections and an established office micro‑location.

CapMan acquired Vreten 17 together with the neighbouring properties Vreten 25 and Vreten 8 as part of a portfolio transaction. Following the divestment, CapMan will continue to actively develop and create value in the remaining assets within the portfolio.

“We have successfully completed our business plan value‑creation initiatives for Vreten 17 and are pleased to hand over the property to Trifam for continued ownership and management. This transaction reaffirms our strong beliefs in the resilience of well-located office properties with solid underlying fundamentals,” says Marcus Lotzman, Head of Transactions Sweden at CapMan Real Estate.

“We are pleased to have acquired Vreten 17. The property is a strong strategic fit for Trifam’s portfolio, both geographically and in terms of asset profile”, says Niklas Gusting, CEO of Trifam.

CapMan was advised by Cushman & Wakefield as commercial adviser and Mannheimer Swartling as legal adviser in the transaction.

For more information, please contact:

Marcus Lotzman, Head of Transactions Sweden at CapMan Real Estate,
+46 706 806 081,
marcus.lotzman@capman.com

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

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Ardian and iCapital Expand Distribution of Ardian Access Evergreen Strategies Through Leading Global Fund Platforms

Ardian

Long-standing partnership supports broader, low-friction access to Ardian’s private markets strategies for the global wealth channel.

Ardian, a global private investment firm, and iCapital1, the global fintech company shaping the future of investing, today announced the continued expansion of their partnership with the broader availability of the Ardian Access SICAV suite of evergreen2 private markets strategies3 through leading global fund platforms, including Allfunds, Clearstream and Euroclear Fundsplace.

Building on a partnership that began in 2022, Ardian and iCapital have worked closely to design, structure, service and distribute evergreen investment solutions that support long‑term portfolio construction for wealth investors. The latest expansion further reflects a shared ambition to expand access to private markets while maintaining operational efficiency, scalability and enhanced investor experience across distribution channels.

Through availability on Allfunds, Clearstream and Euroclear Fundsplace, the Ardian Access strategies can now be accessed via established platform workflows and custody environments already used by wealth managers and advisors globally. This approach allows Ardian and iCapital to meet growing demand from the wealth channel while reducing operational friction and integration complexity for distributors and end investors.

Launched in partnership with iCapital, Ardian Access provides evergreen exposure to Ardian’s private equity and infrastructure capabilities. iCapital structures and services the strategies and provides end to end lifecycle support, leveraging its integrated technology and operating capabilities to streamline onboarding, administration and the ongoing investor experience for wealth managers and advisors.

“We are delighted to expand our partnership with iCapital, a leading player in making private asset investment more accessible. This enhanced collaboration enables us to offer Ardian strategies to a broader audience of private investors, while supporting transparency, operational simplicity, and service quality. By leveraging leading platforms, we are pursuing our goal to expand access to private markets while meeting investors’ high standards for information, governance, and experience throughout the entire investment cycle.” Erwan Paugam, Head of Private Wealth Solutions and Senior Managing Director at Ardian.

“This expanded partnership underscores the strength of our long standing relationship with Ardian and our shared focus on accessibility and investor experience. By combining Ardian’s investment expertise with iCapital’s advanced technology, structuring, servicing and distribution capabilities, including connectivity to leading fund platforms, we are creating a more efficient and scalable way for the wealth channel to access private markets solutions, supporting both sustainable growth and a better overall experience for advisors and their clients.” Marco Bizzozero, Head of International at iCapital.

IMPORTANT INFORMATION

This material has been provided to you for informational purposes only by iCapital, Inc. and/or one of its affiliates including Institutional Capital Network, Inc. (collectively, “iCapital”). This material is the property of iCapital. This is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation to employ a specific investment strategy, or as an offer to sell, a solicitation of an offer to purchase, or a recommendation of any interest in any fund or security. Securities products and services are offered through iCapital Markets LLC (a registered broker/dealer, member FINRA and SIPC), Institutional CN (Europe) – Empresa de Investimento, S.A. (registered with CMVM),  iCapital UK Services Limited (authorised and regulated by the Financial Conduct Authority), iCapital Hong Kong Limited (licensed by SFC) and iCapital SG Pte. Ltd (licensed by MAS), iCapital Network Canada Ltd. is registered as an investment fund manager, portfolio manager and exempt market dealer where required in the applicable Provinces and Territories of Canada, all affiliates of iCapital. Registrations and memberships in no way imply that FINRA, SIPC, CMVM, FCA, SFC or MAS have endorsed any of the entities, products or services discussed herein. Financial products made available by iCapital Markets LLC, Institutional CN (Europe) – Empresa de Investimento, S.A., iCapital UK Services Limited, iCapital Hong Kong Limited, iCapital SG Pte. Ltd. and iCapital Network Canada Ltd, may be complex and/or speculative and are not suitable for all investors. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and acts as an adviser to certain privately offered investment funds. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc.

© 2026 Institutional Capital Network, Inc. All Rights Reserved.

For investors in the European Union. Access to such investments may be subject to investor eligibility requirements. Investments may involve a risk of loss of capital. Investors should refer to the relevant offering documents before making any investment decision.

1 iCapital, Inc., together with its affiliates “iCapital”.
2 With a term of 99 years.
3 Ardian may act as manager or as a delegated portfolio manager.

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $200bn for more than 1,920 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

ABOUT ICAPITAL

iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, insurance carriers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes* for all participants in the ecosystem.
With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides broad access, data connectivity, education, and research programs to advisors and their clients. Leveraging AI and machine learning for digital identity (KYC/AML), iCapital supports compliant and secure investment lifecycle processes.

iCapital’s end-to-end platform manages the lifecycle of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative assets, structured investments, and annuities and insurance products into portfolios, driving growth, scale, and efficiency. Our solution(s) can be customized and offers specific modules as needed.

iCapital has nearly $1.2 trillion** of assets serviced globally on its platform, including over $311 billion in alternative platform assets, $288 billion in structured investments and annuities outstanding, and $554 billion in client assets reported on, and serves over 3,400 wealth management firms and 130,000 active financial professionals.

Headquartered in New York and Greenwich, CT, iCapital operates globally with 19 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, Sydney, Abu Dhabi, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership, with accolades from Euromoney (World’s Best Technology Provider for Wealth Management), CNBC (World’s Top Fintech Companies), and Forbes Fintech 50.

For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc

* iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics
** as of March 2026

icapital.com

Media Contacts

Ardian

HEADLAND

ardian@headlandconsultancy.com 

ICAPITAL

media@icapital.coma 

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Apollo Funds Acquire Majority Stake in Noble Environmental, Inc.

Apollo logo

Investment Supports Vertically Integrated Regional Waste Management Platform Serving the Northeast, Mid-Atlantic and Midwest United States

NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have acquired a majority interest in Noble Environmental, Inc. (“Noble Environmental” or the “Company”), a vertically integrated waste management platform headquartered in Pittsburgh, Pennsylvania.

Founded in 2016, Noble Environmental is a regional leader in waste management across the Northeast, Mid-Atlantic and Midwest United States, providing integrated services spanning solid waste collection, hauling, transfer and disposal to municipalities and commercial customers, alongside a growing RNG business that captures and converts landfill gas into pipeline-quality fuel. The Company’s portfolio of landfills, transfer stations and hauling operations represent long-life hard assets that provide essential services to the communities served by Noble Environmental.

Scott Browning and Brad Fierstein, Partners at Apollo, said, “Noble Environmental has built a differentiated platform in one of the most attractive waste markets in the country. The combination of scarce, permitted landfill assets, a fully integrated service offering and a growing RNG business creates a compelling foundation for long-term value creation. Apollo has a long history of investing in essential service businesses, and we look forward to partnering with the Company’s management team to expand Noble Environmental’s platform and build on its strong foundation.”

David Florance, President and Chief Operating Officer of Noble Environmental, said, “Since inception, Noble Environmental’s goal has been to build a leading waste management business that delivers for the communities we serve while creating lasting value through disciplined operations and strategic growth. Apollo shares that vision, and their experience and resources will be invaluable as we continue to execute on our vision to grow the business.”

Latham & Watkins LLP served as legal counsel to the Apollo Funds.

Guggenheim Securities, LLC served as financial advisor to the Strategic Alternatives Committee of the Board of Directors of Noble Environmental (the “Noble Strategic Alternatives Committee”), and Vinson & Elkins LLP served as legal counsel to the Noble Strategic Alternatives Committee.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

About Noble Environmental

Noble Environmental, headquartered in Pittsburgh, Pennsylvania, is a vertically integrated waste management company providing waste collection, transportation and disposal services through its platform of solid waste landfills and transfer stations located throughout the Northeast, Mid-Atlantic and Midwest. Noble Environmental also operates a portfolio of renewable natural gas facilities at its landfill gas generating solid waste disposal locations. To learn more, please visit www.nobleenviro.com.

Contacts

Apollo

Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

Noble Environmental

Nikolas Mermigas
Executive Vice President
nmermigas@nobleenviro.com

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KKR Announces Sale of Danish Residential Portfolio to Pears Global Real Estate Denmark

KKR

Copenhagen, 11 May 2026 – KKR, a leading global investment firm, and Fokus Nordic, a local asset manager and minority owner, today announced the sale of a portfolio of Danish residential units in Central and Greater Copenhagen to Pears Global Real Estate Denmark, a leading international real estate investment advisor. The details of the transaction were not disclosed.

The portfolio comprises 213 residential units located across attractive submarkets within Copenhagen and its catchment area, municipalities that are home to approximately 15% of Denmark’s population and with connectivity to the city centre. KKR acquired the portfolio in 2021 through KKR Real Estate Partners Europe II (“REPE II”), a fund dedicated to value-add and opportunistic real estate investments in Western Europe.

The transaction reflects KKR’s disciplined approach to portfolio management and value creation in the Nordic residential sector. KKR’s European real estate strategy has established a significant presence across the Nordic region, with recent investments spanning Denmark, Finland, and Sweden across sectors including residential, student accommodation, and logistics.

Alexander Thams, Director and Head of Nordics Real Estate for KKR said: “We are pleased to have completed this transaction with Pears Global Real Estate. We remain firmly committed to the Nordic real estate sector and continue to view the region as a key growth market with attractive structural characteristics. Denmark’s residential market continues to demonstrate resilience and we look forward to pursuing further opportunities in the Danish market and beyond in the coming years as we continue to build our presence in this important region.”

Emil Holmboe Christiansen, Investment Executive at Pears Global Real Estate Denmark, commented: “First and foremost, we would like to thank the seller for a constructive dialogue throughout the process. We have followed the portfolio with great interest for some time and are very pleased to have successfully completed the acquisition. The investment naturally aligns with our existing Danish activities and supports our ambition of maintaining a long-term presence in the Danish market. The collaboration between our Finance, Asset Management and Investment teams was instrumental to the success of the deal, and I would like to extend my thanks to them.”

In connection with the transaction, Accura and EY acted as advisors to Pears Global Real Estate Denmark. KKR and Fokus were advised by CBRE and Gorrissen Federspiel.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investmentClassification: Limited returns by following a patient and disciplined investment approach, employing worldclass people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.

Media Contact
KKR
Brunswick Group
KKR-comms-Nordics@brunswickgroup.com

Pears Global Real Estate Denmark
Emil Holmboe Christiansen
Emil.christiansen@pearsglobal.dk
+45 4076 3000

 

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VoltaGrid Announces $1 Billion Strategic Equity Investment from Blackstone and Halliburton to Fund Growth and Aquisition of Propell

Blackstone

Investment to Accelerate Buildout of Behind-the-Meter Power Generation Platform for AI Data Centers

HOUSTON – VoltaGrid today announced that it has signed agreements for a $1.0 billion strategic equity investment from funds managed by Blackstone Tactical Opportunities (“Blackstone” or “Tac Opps”) and Halliburton Company. The investment is composed of a $775 million primary capital raise and a $225 million secondary purchase from existing investors.

Proceeds of the capital raise will be used to accelerate deployment of VoltaGrid’s behind-the-meter power generation solutions for data centers, microgrids, and industrial applications.

In addition to the investment, VoltaGrid has signed a definitive agreement to acquire Propell Energy Technology Ltd. and its affiliates (collectively, “Propell”), a key VoltaGrid supplier.

Both transactions are subject to customary closing conditions and are expected to close in mid-2026.

Strategic Benefits of Propell Acquisition

The acquisition of Propell represents a transformative step in VoltaGrid’s evolution into a fully integrated power generation platform and offers several strategic benefits:

  • VoltaGrid and Propell have historically worked hand-in-hand on technology development. Propell is a key partner in the manufacturing of the proprietary high-inertia QPac system developed specifically for AI data centers. We expect the combined platform will accelerate our ability to bring new technologies to market and develop customized technical solutions for demanding and evolving AI data center power
  • The transaction is expected to materially reduce execution risk across VoltaGrid’s ~7.5 GW order book between now and 2030 by strengthening supply chain access and control.
  • Founded in 1978, Propell has spent decades developing a talented and innovative workforce and manufacturing capacity across multiple power systems, including reciprocating engines and turbine technologies.
  • Propell has approximately 1,000 employees in the USA and Canada that VoltaGrid will leverage to bring integrated R&D, manufacturing, integration services and turnkey after-sales service. This includes OEM-direct service, a dedicated field team, and a meaningful parts distribution function

Together, these benefits are expected to further enhance VoltaGrid’s leading product development, drive continued on-time and on-budget delivery and improve the Company’s full cycle return on capital.

As part of the transaction, VoltaGrid will immediately invest in expanding Propell’s existing facilities in Granbury, Texas by building two additional next-generation automated manufacturing plants. This is expected to grow its capabilities to ~300 MW per month of capacity through a combination of reciprocating engines and turbines.

Management and Investor Commentary

Nathan Ough, Founder and Chief Executive Officer of VoltaGrid, said: “This partnership with Blackstone is a powerful endorsement of the platform we have built and the role VoltaGrid is playing in delivering the energy infrastructure of the AI era. Blackstone’s scale and sector expertise make them an ideal partner as we accelerate the deployment of our behind-the-meter power solutions to meet unprecedented customer demand. The acquisition of Propell adds proven engineering and integration capabilities that will further extend our technology and operational leadership as we continue to scale.”

William Nicholson, Managing Director at Blackstone, said: “VoltaGrid is a highly differentiated platform addressing one of the most important infrastructure needs of the AI era: reliable, rapidly deployable power. This investment is a strong example of Tac Opps’ focus on providing flexible, scaled capital to exceptional entrepreneurs and businesses operating in Blackstone’s highest-conviction investment themes. We are excited to partner with VoltaGrid and its existing shareholders as the Company expands its platform to meet significant customer demand.”

Jeff Miller, President and CEO at Halliburton, said: “This investment reflects our shared focus on long-term solutions for the world’s most demanding power environments, and advances VoltaGrid’s ability to deliver reliable, distributed power at scale.”

Advisors
Goldman Sachs & Co. LLC acted as financial advisor to VoltaGrid. Kirkland & Ellis LLP and Sidley Austin LLP are serving as legal advisors to VoltaGrid. Morgan Stanley acted as lead financial advisor to Blackstone and Lazard also advised Blackstone. Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone. Deloitte Corporate Finance acted as financial advisor and Mogan Daniels Slager LLP as legal advisors to Propell.

About VoltaGrid
VoltaGrid is an advanced energy management and generation company delivering firm, off-grid power solutions for some of the world’s most demanding applications. Founded in 2020 and headquartered in Houston, Texas, VoltaGrid provides behind-the-meter generation, portable power, CNG fuel supply, infrastructure, and energy management services to data centers, AI infrastructure, utilities, and industrial customers across North America and beyond.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Halliburton
Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Connect with us on LinkedIn, YouTube, Instagram, and Facebook.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company, Blackstone and Halliburton’s current views with respect to, among other things, the Company’s operations and financial performance, and the benefits of the strategic equity investment and acquisition referred to herein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. These statements are not guarantees of future performance and involve a number of assumptions, risks, and uncertainties that could cause actual results to differ materially from expected results. These statements speak only as of the date of this release, and the Company, Blackstone and Halliburton undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

The important factors that could cause results to differ include but are not limited to those described under the section entitled “Risk Factors” in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in its subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Blackstone’s other subsequent filings.

Media Contacts

For VoltaGrid
Krasen Chervenkov – Krasen.Chervenkov@voltagrid.com

For Blackstone
Hallie Dewey – Halliedewey@blackstone.com

For Halliburton
For Investors: David Coleman – investors@halliburton.com – 281-871-2688
For Media Relations: Alexandra Franceschi – PR@halliburton.com – 281-871-3602

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Blackstone Real Estate Debt Strategies Launches Homebuilder Lending Platform

Blackstone

Expects to Support Construction of over 50,000 New Homes Annually

New York – May 11, 2026 – Blackstone (NYSE: BX) today announced that Blackstone Real Estate Debt Strategies (“BREDS”) has launched a lending platform that will provide much needed capital and flexibility to homebuilders, and expects to enable the construction of over 50,000 for-sale homes across the United States annually.

This lending platform is supported by BREDS portfolio company, Brio Homebuilder Solutions, as well as partnerships with third parties. This commitment comes at a time when the U.S. is facing a critical housing shortage. Fewer homes are being built today than in 1960, despite the U.S. population nearly doubling.

Tim Johnson, Global Head of Blackstone Real Estate Debt Strategies, said: “America needs more homes, and we are proud to be part of the solution. Our homebuilder lending platform will help deliver thousands of new homes across the United States, directly addressing the critical housing supply gap in communities where people want to live.”

This platform builds on Blackstone Real Estate’s longstanding commitment to providing high-quality, affordable housing. Tricon Residential, a Blackstone Real Estate portfolio company, has developed or is developing ~64,000 single-family homes and home sites. Blackstone Real Estate’s affordable housing portfolio company, April Housing, is on track to be the largest preserver of affordable housing in 2026. Together with Blackstone, April Housing has already preserved the affordability of over 3,000 apartments and invested over $300 million to improve its communities through its newly launched resyndication program.

About Blackstone Real Estate Debt Strategies
Blackstone Real Estate Debt Strategies (“BREDS”) is the largest alternative asset manager of real estate credit with $78 billion of investor capital under management. Serving institutional, insurance, and individual investors, BREDS originates loans and makes debt investments across global private and public real estate credit markets and across the capital structure and risk spectrum. BREDS also manages Blackstone Mortgage Trust (NYSE: BXMT), a publicly-traded commercial mortgage REIT, and is a fully integrated part of the Blackstone Real Estate platform, the largest owner of commercial real estate globally.

Contacts

Blackstone
Claire Keyte
Claire.Keyte@Blackstone.com

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Blackstone to Acquire Skroutz, Greece’s Leading Online Marketplace, from CVC

Blackstone

Investment to support continued growth and European expansion

LONDON, UK & ATHENS, GREECE – 11 May 2026 – Blackstone (NYSE: BX), the world’s largest alternative asset manager, announced today that funds managed by its private equity business have entered into a definitive agreement to acquire a majority stake in Skroutz (the “Company”), the leading online marketplace in Greece, from CVC Capital Partners Fund VII.

Skroutz is the leading e-commerce platform in Greece, offering more than 12 million products from approximately 9,000 merchants to around 2.5 million active users. Founded in 2005, the Company operates a vertically integrated platform that combines its marketplace with proprietary last-mile logistics, fulfilment services, a licensed fintech offering, and a growing retail media business.

Skroutz’s founders will sell a portion of their shareholding as part of the transaction but retain a stake and continue to lead the business. George Chatzigeorgiou will remain CEO.

Over recent years Skroutz has expanded beyond its core Greek market, establishing a presence in Cyprus and more recently expanding into Romania and Bulgaria, as it looks to broaden its footprint across Southeast Europe. Greece has been one of the fastest-growing European economies in recent years, with real GDP per capita growth consistently above the eurozone average. E-commerce penetration in Greece and Southeast Europe remains lower than across Western Europe, which the firm believes creates meaningful room for growth as those markets develop.

Alexander Walsh, Senior Managing Director at Blackstone, said: “This investment builds on our conviction in digital consumer platforms, where we believe e-commerce penetration across Europe will continue to drive meaningful growth. George and the Skroutz team have built a standout platform with a powerful brand, which we believe is well placed to capture this growth opportunity across Greece and Southeastern Europe. We look forward to partnering with them to work towards scaling the business further.”

Alex Fotakidis, a Managing Partner and Head of CVC Greece, said: “We are proud of all that Skroutz has achieved during our productive partnership. Together with the Founders and management team, we have made significant investments in infrastructure, merchant capabilities and customer experience, and successfully evolved from a price-comparison platform into Greece’s leading e-commerce marketplace. We believe Skroutz is well-positioned to continue its growth journey with Blackstone.”

George Chatzigeorgiou, President and CEO of Skroutz, said: “This marks a significant new chapter for Skroutz. Since its launch in 2005, the company has undergone a substantial journey of transformational growth. I would like to express my sincere gratitude to CVC for its invaluable support over the past six years. During this period, Skroutz successfully evolved into a pure, verticalised online marketplace, further solidifying its leadership position. We are equally pleased to partner with Blackstone, whose strong investing experience in online marketplaces and digital platforms makes it an excellent fit for our future. As we build on the foundation we have created, Blackstone will help accelerate our next stage of innovation and growth. I would like to thank my co-founders, the entire Skroutz team, and our partners and users for the confidence they have placed in us.”

Blackstone has a proven track record investing in digital consumer and marketplace businesses, including Adevinta, the world’s largest online classifieds platforms, and Property Finder, a leading property portal in the Middle East and North Africa. These investments reflect the firm’s conviction in technology-enabled platforms with leading market positions that benefit from long-term secular tailwinds.

The transaction is expected to close in H2 2026, subject to regulatory approvals.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Blackstone Contact
Matt Thomas
Matthew.Thomas@blackstone.com
+44 7350 445003

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Bain Capital Specialty Finance, Inc. Announces March 31, 2026 Financial Results and Declares Second Quarter 2026 Dividend of $0.42 per Share

BainCapital

BOSTON–Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced financial results for the first quarter ended March 31, 2026, and that its Board of Directors (the “Board”) has declared a dividend of $0.42 per share for the second quarter of 2026.

“BCSF’s credit fundamentals remained sound across our portfolio with stable, low non-accruals and attractive net investment income that continued to cover our dividend,” said Michael Ewald, Chief Executive Officer of BCSF. “Despite market volatility and a challenging macroeconomic backdrop, we maintained a disciplined and selective approach to new investment activity, continuing to focus on structures that provide strong lender controls. Given Bain Capital’s longstanding presence and expertise in the core middle market, we believe BCSF remains well-positioned to navigate the current market environment through its predominantly first lien portfolio, broad diversification across industries, and durable balance sheet.”

Quarterly Highlights

  • Net investment income (NII) per share was $0.42, equating to an annualized NII yield on book value of 10.0%(1);
  • Net income per share was $0.05, equating to an annualized return on book value of 1.2%(1);
  • Net asset value per share as of March 31, 2026 was $16.86, as compared to $17.23 as of December 31, 2025;
  • Gross and net investment fundings were $243.2 million and $(12.2) million, respectively; ending net debt-to-equity was 1.28x, as compared to 1.24x as of December 31, 2025(2);
  • Investments on non-accrual represented 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively, as of March 31, 2026, down from 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively, as of December 31, 2025;
  • During the quarter, the Company closed an offering of $350.0 million aggregate principal amount of 5.950% unsecured notes due 2031 (the “March 2031 Notes”). In connection with these notes, the Company entered into an interest rate swap agreement to receive a fixed interest rate of 5.950% per annum and pay a floating interest rate of SOFR plus 2.28% per annum; and
  • Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the second quarter of 2026 payable to stockholders of record as of June 15, 2026(3).

Selected Financial Highlights

($ in millions, unless otherwise noted)

Q1 2026

Q4 2025

Net investment income per share

$

0.42

$

0.46

Net investment income

$

27.4

$

29.7

Earnings per share

$

0.05

$

0.43

Regular dividends per share declared and payable

$

0.42

$

0.42

Special dividends per share declared and payable

$

–

$

0.18

($ in millions, unless otherwise noted)

As of


March 31, 2026

As of


December 31, 2025

Total fair value of investments

$

2,470.8

$

2,508.4

Total assets

$

2,601.7

$

2,662.6

Total net assets

$

1,093.6

$

1,117.4

Net asset value per share

$

16.86

$

17.23

Portfolio and Investment Activity

For the three months ended March 31, 2026, the Company invested $243.2 million in 107 portfolio companies, including $123.6 million in 13 new companies, $110.6 million in 93 existing companies and $9.0 million in SLP. The Company had $255.4 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(12.2) million.

Investment Activity for the Quarter Ended March 31, 2026:

($ in millions)

Q1 2026

Q4 2025

Investment Fundings

$

243.2

$

167.9

Sales and Repayments

$

255.4

$

193.2

Net Investment Activity

$

(12.2

)

$

(25.3

)

As of March 31, 2026, the Company’s investment portfolio had a fair value of $2,470.8 million, comprised of investments in 212 portfolio companies operating across 30 different industries.

Investment Portfolio at Fair Value as of March 31, 2026:

Investment Type

$ in Millions

% of Total

First Lien Senior Secured Loan

$

1,631.1

66.0

%

Second Lien Senior Secured Loan

30.1

1.2

Subordinated Debt

81.7

3.3

Preferred Equity

165.1

6.7

Equity Interest

167.3

6.8

Warrants

0.8

0.0

Investment Vehicles

394.7

16.0

Subordinated Note in ISLP

190.7

7.7

Equity Interest in ISLP

31.6

1.3

Subordinated Note in SLP

166.9

6.8

Preferred and Equity Interest in SLP

5.5

0.2

Total

$

2,470.8

100.0

%

As of March 31, 2026, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.9%, respectively, as compared to 10.8% and 10.9%, respectively, as of December 31, 2025(4)(5). 92.6% of the Company’s debt investments at fair value were in floating rate securities.

As of March 31, 2026, six portfolio companies were on non-accrual status, representing 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively.

As of March 31, 2026, ISLP’s investment portfolio had an aggregate fair value of $711.9 million, comprised of investments in 40 portfolio companies operating across 17 different industries. The investment portfolio on a fair value basis was comprised of 94.0% first lien senior secured loans, 0.7% second lien senior secured loans and 5.3% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities.

As of March 31, 2026, SLP’s investment portfolio had an aggregate fair value of $1,599.1 million, comprised of investments in 106 portfolio companies operating across 26 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 March 31, 2026 and December 31, 2025, total investment income was $66.2 million and $68.2 million, respectively.

Total expenses (before taxes) for the three months ended March 31, 2026 and December 31, 2025 were $37.9 million and $37.7 million, respectively.

Net investment income for the three months ended March 31, 2026 and December 31, 2025 was $27.4 million or $0.42 per share and $29.7 million or $0.46 per share, respectively.

During the three months ended March 31, 2026, the Company had net realized and unrealized losses of $24.0 million.

Net increase in net assets resulting from operations for the three months ended March 31, 2026 was $3.4 million, or $0.05 per share.

Capital and Liquidity

As of March 31, 2026, the Company had total principal debt outstanding of $1,467.0 million, including $195.0 million outstanding in the Company’s Sumitomo Credit Facility, $272.0 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 October 2026, $350.0 million outstanding in the Company’s senior unsecured notes due March 2030, and $350.0 million outstanding in the Company’s senior unsecured notes due March 2031.

For the three months ended March 31, 2026, the weighted average interest rate on debt outstanding was 4.6%, as compared to 4.6% for the three months ended December 31, 2025.

As of March 31, 2026, the Company had cash and cash equivalents (including foreign cash) of $16.6 million, restricted cash and cash equivalents of $17.6 million, $34.6 million of unsettled trades, net of receivables and payables of investments, and $660.0 million of capacity under its Sumitomo Credit Facility. As of March 31, 2026, the Company had $442.6 million of undrawn investment commitments.

As of March 31, 2026, the Company’s debt-to-equity and net debt-to-equity ratios were 1.34x and 1.28x, respectively, as compared to 1.32x and 1.24x, respectively, as of December 31, 2025(3).

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 second quarter dividend is payable on June 29, 2026 to stockholders of record as of June 15, 2026.
(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.

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 May 12, 2026. Please visit BCSF’s webcast link located on the Events & Presentations page of the Investor Resources section of BCSF’s website at http://www.baincapitalspecialtyfinance.com 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: 1-800-245-3047
  • International: 1-203-518-9765
  • Conference ID: BAIN

All participants will need to reference “Bain Capital Specialty Finance – First Quarter Ended March 31, 2026 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 May 26, 2026 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: 11161743

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

As of

As of

March 31, 2026

December 31, 2025

(Unaudited)

Assets

Investments at fair value:

Non-controlled/non-affiliate investments (amortized cost of $1,925,871 and $1,891,513, respectively)

$

1,916,461

$

1,905,297

Non-controlled/affiliate investments (amortized cost of $7,504 and $7,504, respectively)

19,164

18,674

Controlled affiliate investments (amortized cost of $549,483 and $603,650, respectively)

535,173

584,470

Cash and cash equivalents

12,973

23,092

Foreign cash (cost of $3,026 and $2,477, respectively)

3,622

3,151

Restricted cash and cash equivalents

17,593

32,667

Collateral on derivatives

9,813

10,993

Deferred financing costs

3,285

3,543

Interest receivable on investments

35,091

38,023

Interest rate swap

4,979

7,976

Receivable for sales and paydowns of investments

38,101

28,856

Prepaid insurance

277

489

Unrealized appreciation on forward currency exchange contracts

224

—

Dividend receivable

4,920

5,354

Total Assets

$

2,601,676

$

2,662,585

Liabilities

Debt (net of unamortized debt issuance costs of $17,144 and $10,110, respectively)

$

1,454,657

$

1,470,796

Interest payable

10,910

12,376

Payable for investments purchased

3,527

2,110

Collateral payable on derivatives

4,760

12,907

Unrealized depreciation on forward currency exchange contracts

2,739

9,061

Base management fee payable

9,085

9,408

Incentive fee payable

5,618

5,877

Accounts payable and accrued expenses

16,825

12,910

Distributions payable

—

9,730

Total Liabilities

1,508,121

1,545,175

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 64,868,507 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

65

65

Paid in capital in excess of par value

1,161,110

1,161,110

Total distributable loss

(67,620

)

(43,765

)

Total Net Assets

1,093,555

1,117,410

Total Liabilities and Total Net Assets

$

2,601,676

$

2,662,585

Net asset value per share

$

16.86

$

17.23

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 March 31,

2026

2025

Income

Investment income from non-controlled/non-affiliate investments:

Interest from investments

$

39,333

$

41,672

Dividend income

619

1,725

PIK income

8,705

6,606

Other income

1,476

2,833

Total investment income from non-controlled/non-affiliate investments

50,133

52,836

Investment income from non-controlled/affiliate investments:

Interest from investments

2

8

PIK income

—

17

Other income

21

42

Total investment income from non-controlled/affiliate investments

23

67

Investment income from controlled affiliate investments:

Interest from investments

10,033

9,148

Dividend income

5,983

4,786

PIK income

2

2

Total investment income from controlled affiliate investments

16,018

13,936

Total investment income

66,174

66,839

Expenses

Interest and debt financing expenses

20,252

18,904

Base management fee

9,085

9,068

Incentive fee

5,618

2,222

Professional fees

700

714

Directors fees

180

174

Other general and administrative expenses

2,069

2,571

Total expenses, net of fee waivers

37,904

33,653

Net investment income before taxes

28,270

33,186

Income tax expense, including excise tax

906

1,076

Net investment income

27,364

32,110

Net realized and unrealized gains (losses)

Net realized gain (loss) on non-controlled/non-affiliate investments

3,820

(20,986

)

Net realized loss on non-controlled/affiliate investments

—

(2,967

)

Net realized loss on controlled affiliate investments

(13,448

)

—

Net realized gain (loss) on foreign currency transactions

66

(249

)

Net realized loss on forward currency exchange contracts

(2,989

)

(2,405

)

Net change in unrealized appreciation on foreign currency translation

(135

)

435

Net change in unrealized appreciation on forward currency exchange contracts

6,546

(2,073

)

Net change in unrealized appreciation on non-controlled/non-affiliate investments

(23,194

)

23,993

Net change in unrealized appreciation on non-controlled/affiliate investments

490

(1,866

)

Net change in unrealized appreciation on controlled affiliate investments

4,870

2,555

Total net loss

(23,974

)

(3,563

)

Net increase in net assets resulting from operations

$

3,390

$

28,547

Basic and diluted net investment income per share of common stock

$

0.42

$

0.50

Basic and diluted increase in net assets resulting from operations per share of common stock

$

0.05

$

0.44

Basic and diluted weighted average common stock outstanding

64,868,507

64,676,192

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 March 31, 2026, BCSF has invested approximately $9,975.9 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.

Categories: News