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BCSF

Bain Capital Specialty Finance, Inc.

BCSF

Bain Capital Specialty Finance, Inc. • NYSE
$14.33 ▲ 0.42% (+0.06)
Market Cap $929.57 M
52w High $19.21
52w Low $13.20
Dividend Yield 1.68%
P/E 9.95
Volume 267.23K
Outstanding Shares 64.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $42.674M ▼ $2.86M ▲ $18.703M ▼ 43.828% ▼ $0.45 ▲ $19.504M ▼
Q2-2025 $49.394M ▼ $2.824M ▼ $23.722M ▼ 48.026% ▼ $0.37 ▼ $24.798M ▼
Q1-2025 $51.986M ▲ $3.459M ▼ $28.547M ▲ 54.913% ▲ $0.5 ▲ $29.623M ▲
Q4-2024 $47.998M ▼ $3.702M ▲ $22.137M ▼ 46.121% ▼ $0.34 ▼ $23.412M ▼
Q3-2024 $55.735M $3.497M $33.096M 59.381% $0.51 $34.121M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $67.042M ▲ $2.716B ▼ $1.587B ▼ $1.129B ▼
Q2-2025 $37.577M ▼ $2.774B ▲ $1.635B ▲ $1.139B ▼
Q1-2025 $38.356M ▼ $2.642B ▲ $1.498B ▲ $1.145B ▲
Q4-2024 $53.525M ▲ $2.632B ▲ $1.492B ▲ $1.14B ▼
Q3-2024 $30.461M $2.544B $1.397B $1.147B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.468M ▼ $0 ▼ $0 ▲ $0 ▼ $0 ▼ $0 ▼
Q2-2025 $23.722M ▼ $27.93M ▼ $-27.284M ▲ $77.809M ▲ $80.52M ▲ $27.93M ▼
Q1-2025 $28.547M ▲ $46.203M ▲ $-53.472M ▼ $1.982M ▼ $-5.101M ▼ $46.203M ▲
Q4-2024 $22.137M ▼ $4.668M ▼ $-24.652M ▲ $59.947M ▼ $39.313M ▲ $4.668M ▼
Q3-2024 $33.096M $33.147M $-169M $96.947M $-38.373M $33.147M

Five-Year Company Overview

Income Statement

Income Statement BCSF’s income statement shows a business that has been reasonably steady over the past several years. Revenue from its lending activities has generally trended upward, and net income has stayed fairly consistent, without big swings or clear signs of structural deterioration. Earnings per share have moved around somewhat from year to year but remain in a healthy range for a specialty finance company. Overall, profitability looks stable rather than explosive, reflecting a disciplined, income-focused lending model rather than a high-growth story. The main sensitivities here are to credit quality in its portfolio and broader interest-rate and economic conditions, which can influence both what it earns on loans and what it must pay for its own funding.

Balance Sheet

Balance Sheet The balance sheet appears relatively steady in size, with total assets, debt, and equity all moving within a fairly narrow band over the period. This suggests BCSF is operating with a consistent scale of investment rather than rapidly expanding or shrinking its loan book. Debt remains a meaningful part of the capital structure, as is typical for a business development company, but it has not been climbing aggressively. Equity has ticked up gradually, pointing to a modest strengthening of the capital base. Cash on hand is relatively small compared with total assets, which is normal for a lender that aims to keep most capital deployed. Overall, the balance sheet looks controlled and deliberate, but the business is still inherently exposed to refinancing conditions and credit cycles.

Cash Flow

Cash Flow Cash flow is more volatile than the income statement, which is common in specialty finance. Operating and free cash flow swing between positive and negative years, largely reflecting changes in how much capital is being put into new loans versus repaid or recycled. When BCSF leans into new originations, cash flow can look negative even if the portfolio is healthy; when repayments are strong or originations slow, cash flow looks more positive. Capital expenditure is essentially negligible, consistent with an asset-light, financial-asset-heavy model. The key takeaway is that reported cash flow is heavily influenced by portfolio activity and funding decisions, rather than by physical investments, and should be interpreted in that context.

Competitive Edge

Competitive Edge BCSF benefits from a strong competitive position anchored by its connection to the broader Bain Capital platform. That relationship gives it access to deep industry expertise, proprietary deal flow, and a broad network of sponsors and borrowers, which can help it source higher-quality lending opportunities and structure more nuanced deals. Its focus on middle-market lending, an area where traditional banks can be less active, provides a specialized niche. Discipline in underwriting and risk management is emphasized as a core strength, potentially supporting more resilient performance through credit cycles. At the same time, the direct lending and BDC space is crowded, and competition on terms, pricing, and structure remains intense. Performance will rely on BCSF’s ability to maintain credit quality and fully leverage its platform advantages over time.

Innovation and R&D

Innovation and R&D BCSF does not innovate in the traditional sense of heavy technology or laboratory R&D. Instead, its “innovation” lies in how it uses the Bain Capital platform, data, and relationships to design financing solutions. The firm applies a structured, research-driven approach to underwriting, integrates environmental, social, and governance (ESG) considerations into its investment process, and offers flexible instruments such as unitranche and mezzanine debt alongside more traditional secured loans. Joint ventures and partnerships are another area where it has been creative in extending its reach. Looking ahead, the main innovation levers are likely to be deeper industry specialization, improved analytical and data tools within the Bain ecosystem, and more advanced ESG integration, rather than standalone technology products.

Summary

Putting it all together, BCSF looks like a steady, income-oriented specialty finance business supported by a globally recognized sponsor. Its earnings profile has been relatively consistent, its balance sheet size and leverage have been kept under control, and cash flow fluctuations largely reflect normal portfolio activity rather than heavy physical investment. The key strengths are the Bain Capital brand, access to proprietary deal flow, disciplined credit underwriting, and the ability to structure customized financing for middle-market borrowers. The main risks center on credit quality, macroeconomic and interest-rate conditions, competition in the direct lending space, and reliance on debt financing. Future performance will likely hinge on how well BCSF continues to manage credit risk while taking advantage of its platform, relationships, and flexible capital solutions in a changing economic environment.

NEWS

November 10, 2025 · 5:26 PM UTC

Bain Capital Specialty Finance, Inc. Announces September 30, 2025 Financial Results and Declares Fourth Quarter 2025 Dividend of $0.42 per Share

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October 28, 2025 · 4:30 PM UTC

Bain Capital Specialty Finance, Inc. Schedules Earnings Release for the Third Quarter Ended September 30, 2025

Read more