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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
$902.97M
P/E (TTM)
8.1
0
Dividend Yield
12.9%
52W High
$19.21
52W Low
$13.20
52W Range
12%
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

Q2 2025 Data

Revenue

$73.71M+35.42%
4-Quarter Trend

EPS

$0.37-18.73%
4-Quarter Trend

FCF

$0.00-100.00%
4-Quarter Trend

2025 Q2 Earnings Highlights

Key Highlights

Strong Investment Activity Reversal Net investments increased 58.1M USD in six months 2025, reversing 59.9M USD net decrease in same period 2024, showing portfolio growth.
Total Assets and Debt Rise Total assets grew 5.4% to 2.77B USD from 2.63B USD since year-end 2024; total debt outstanding increased to 1.57B USD.
Floating Rate Debt Dominance 92.6% of debt investments bear floating rates, positioning the portfolio to benefit from potential future interest rate increases.
Stable Portfolio Rotation Rate Portfolio turnover rate remained consistent at 30.4% for six months 2025, reflecting ongoing management of investment holdings.

Risk Factors

Net Investment Income Drop Net investment income decreased 6.5% to 62.7M USD for six months 2025 (0.97 USD per share), down from 67.1M USD in 2024.
Non-Accrual Loans Increase Non-accrual loans increased to 14 from 8 since year-end 2024; fair value rose to 14.7M USD, representing 0.6% of portfolio.
Higher Net Realized Loss Net realized loss increased substantially to 23.3M USD for six months 2025, compared to 1.7M USD loss in the prior year period.
Foreign Currency Exchange Loss Total net realized and unrealized loss on forward currency exchange contracts was 21.0M USD for six months 2025.

Outlook

Successful CLO Debt Refinancing Completed 430.3M USD CLO Reset Transaction in July 2025, extending term debt maturity to July 15, 2036.
Fixed Rate Debt Issuance Issued 350.0M USD March 2030 Notes at 5.95% fixed rate in February 2025, aligning liabilities with floating rate assets.
Maintain Senior Lending Focus Strategy focuses on senior direct lending to middle-market companies for risk-adjusted returns and current income generation.
Asset Coverage Ratio Maintained Asset coverage ratio 172.4% as of June 30, 2025, comfortably exceeding the 150% regulatory requirement for BDCs.

Peer Comparison

Revenue (TTM)

New Mountain Finance CorporationNMFC
$292.79M
+1.0%
Goldman Sachs BDC, Inc.GSBD
$268.11M
+27.3%
PennantPark Floating Rate Capital Ltd.PFLT
$229.43M
+32.7%

Gross Margin (Latest Quarter)

Kayne Anderson BDC, Inc.KBDC
84.2%
-8.6 pp
New Mountain Finance CorporationNMFC
83.1%
+16.5 pp
Bain Capital Specialty Finance, Inc.BCSF
80.1%
+17.7 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
GSBD$1.10B7.210.1%0.0%
NMFC$1.02B11.07.0%16.5%
KBDC$1.01B8.00.0%0.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+9.8%
Steady Growth
4Q Net Income CAGR
-10.5%
Declining Profitability
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q4 2025

    Period End: Sep 30, 2025|Filed: Nov 10, 2025|Refer to amended data

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 5, 2025|
    Revenue: $73.71M+35.4%
    |
    EPS: $0.37-18.7%
    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