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Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc.

NYSE•BCSF
CEO: Mr. Michael Alexander Ewald
Sector: Financial Services
Industry: Asset Management
Listing Date: 2018-11-15
Bain Capital Specialty Finance, Inc. is business development company specializing in direct loans to middle-market companies. The fund seeks to invest in senior investments with a first or second lien on collateral, senior first lien, stretch senior, senior second lien, unitranche, mezzanine debt, junior securities, other junior investments, and secondary purchases of assets or portfolios that primarily consist of middle-market corporate debt. It typically invests in companies with EBITDA between $10 million and $150 million.
Contact Information
200 Clarendon Street, Boston, MA, 02116, United States
617-516-2000
www.baincapitalspecialtyfinance.com
Market Cap
$934.76M
P/E (TTM)
8.7
0
Dividend Yield
12.5%
52W High
$19.21
52W Low
$13.20
52W Range
20%
Rank52Top 60.9%
3.3
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Weak • 3.3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2024

Financial Dashboard

Q3 2025 Data

Revenue

$42.67M-23.43%
4-Quarter Trend

EPS

$0.45-11.77%
4-Quarter Trend

FCF

$0.00-100.00%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Net Asset Unrealized Swing Net change in unrealized appreciation $12.77M gain versus $4.89M loss for nine months ended September 30.
Operating Cash Flow Improvement Operating cash flow provided $2.37M versus $7.11M used previously for nine months ended September 30.
PIK Income Increased PIK income rose to $21.61M versus $16.40M for nine months ended September 30, offsetting interest decline.
Total Assets Fair Value Growth Total assets fair value grew to $2.53T compared to $2.43T at December 31, 2024.

Risk Factors

NAV Per Share Decline Net asset value per share fell to $17.40 from $17.76 year-to-date, reflecting operational pressures.
Net Investment Income Decreased NII dropped to $91.90M versus $101.05M for nine months due to lower interest yields.
Significant Realized Investment Losses Realized losses on investments totaled ($33.70M) compared to $1.12M gain previous nine months.
Increased Debt Outstanding Total debt obligations rose to $1.50B as of September 30, 2025, up from $1.39B previously.

Outlook

Unfunded Commitment Level Company maintains $493.6M in unfunded commitments under loan and financing agreements as of September 30.
Asset Coverage Ratio Maintained Asset coverage ratio stands at 174.9%, meeting minimum regulatory requirements for borrowing capacity.
SLP Portfolio Fair Value SLP portfolio fair value reached $1.55B, showing growth from $1.40B at year-end 2024.
No Material Subsequent Events Management confirmed no material subsequent events requiring disclosure or financial statement adjustment through November 10, 2025.

Peer Comparison

Revenue (TTM)

New Mountain Finance CorporationNMFC
$292.80M
+1.0%
Goldman Sachs BDC, Inc.GSBD
$291.45M
+38.4%
Kayne Anderson BDC, Inc.KBDC
$202.61M
+7.4%

Gross Margin (Latest Quarter)

PennantPark Floating Rate Capital Ltd.PFLT
248.1%
+185.4pp
New Mountain Finance CorporationNMFC
83.1%
+16.5pp
SLR Investment Corp.SLRC
74.6%
+18.1pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
GSBD$1.15B7.510.1%0.0%
KBDC$1.05B12.20.0%0.0%
NMFC$1.05B11.27.0%16.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
16.3%
Strong Growth
4Q Net Income CAGR
-5.5%
Declining Profitability
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:Feb 26, 2026
|
EPS:$0.45
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 10, 2025|
    Revenue: $42.67M-23.4%
    |
    EPS: $0.45-11.8%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 5, 2025|
    Revenue: $49.39M-9.2%
    |
    EPS: $0.37-17.8%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 5, 2025|
    Revenue: $51.99M-33.7%
    |
    EPS: $0.50-7.4%
    Meet

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 27, 2025|
    Revenue: $212.88M+54.3%
    |
    EPS: $1.85-3.1%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 5, 2024|
    Revenue: $55.74M-23.0%
    |
    EPS: $0.51-1.9%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 6, 2024|
    Revenue: $54.43M-27.9%
    |
    EPS: $0.45+0.0%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 6, 2024|
    Revenue: $78.41M+4.9%
    |
    EPS: $0.54+20.0%
    Meet

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 27, 2024|
    Revenue: $137.99M+18.4%
    |
    EPS: $1.91+17.2%
    Beat