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    Bain Capital Specialty Finance (BCSF)

    Market Price (10/15/2026): $10.45 | Market Cap: $677.9 MilSector: Financials | Industry: Asset Management & Custody Banks

    Bain Capital Specialty Finance (BCSF)

    Market Price (10/15/2026): $10.45
    Market Cap: $677.9 Mil
    Sector: Financials
    Industry: Asset Management & Custody Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, Dividend Yield is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22%, FCF Yield is 20%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 170%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 170%

    Low stock price volatility
    Vol 12M is 22%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Credit.

    Weak multi-year price returns
    2Y Excs Rtn is -53%, 3Y Excs Rtn is -79%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 205%

    Expensive valuation multiples
    P/SPrice/Sales ratio is 8.7x

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -38%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is -37%

    Key risks
    BCSF key risks include [1] its complex and evolving regulatory framework as a business development company and [2] the use of leverage on a highly illiquid portfolio of middle-market loans.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, Dividend Yield is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 22%, FCF Yield is 20%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 170%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 170%
    2 Low stock price volatility
    Vol 12M is 22%
    3 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Credit.
    4 Weak multi-year price returns
    2Y Excs Rtn is -53%, 3Y Excs Rtn is -79%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 205%
    6 Expensive valuation multiples
    P/SPrice/Sales ratio is 8.7x
    7 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -38%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -12%, Rev Chg QQuarterly Revenue Change % is -37%
    8 Key risks
    BCSF key risks include [1] its complex and evolving regulatory framework as a business development company and [2] the use of leverage on a highly illiquid portfolio of middle-market loans.

    Valuation & Metrics

    FYE: 12/31BCSF [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$78.4 Mil—
    FY 2026 Sales$249.8 Mil—
    FY 2027 Sales$235.9 Mil—
    FY 2026 Sales Growth218.6%—
    FY 2027 Sales Growth-5.6%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$63.9 Mil—
    FY 2026 Net Income (Non-GAAP)$106.3 Mil—
    FY 2027 Net Income (Non-GAAP)$86.6 Mil—
    FY 2027 Net Income Growth-18.5%19.0%
    FY 2026 EPS (Non-GAAP)$1.64—
    FY 2027 EPS (Non-GAAP)$1.34—
    FY 2027 EPS Growth-18.4%—
    VALUATION
    FY 2026 P/S2.71.7
    FY 2027 P/S2.9—
    FY 2026 P/E6.47.7
    FY 2027 P/E7.8—

    [1] BCSF forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    BCSFS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)0.1
    Rev Chg Q-37.2%9.3%
    Rev Chg LTM-37.5%8.3%
    Rev Chg 3Y Avg-11.9%5.9%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM170.4%21.9%
    Net Inc Mgn81.6%13.3%
    VALUATIONMODERATE
    P/S8.63.1
    P/CFO5.114.7
    P/FCF5.119.2
    P/E10.622.7

    AI Analysis | Feedback

    MetricValueDateSource
    Net Asset Value Per Share$17.566302025Link
    Weighted Average Yield on Investment Portfolio (Amortized Cost)11.7%12312024Link
    Percentage of Debt Investments at Floating Rates93%12312024Link
    Net Leverage Ratio1.17x12312024Link
    Investments on Non-Accrual (as a percentage of total investment portfolio at fair value)0.6%6302025Link
    Number of Portfolio Companies533312023Link
    Percentage of Investment Portfolio in First Lien Debt (at fair value)63%6302025Link
    Percentage of Investment Portfolio in Second Lien Debt (at fair value)1%6302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/14/2026

    Bain Capital Specialty Finance (BCSF) stock has lost about 15% since 6/30/2026 because of the following key factors:

    1. Fiscal Q2 2026 Revenue Miss and Weakened Earnings Outlook.

    Bain Capital Specialty Finance (BCSF) reported its fiscal Q2 2026 results on August 10, 2026. While the company's net investment income (NII) per share of $0.44 surpassed analyst consensus estimates of $0.42, its quarterly revenue of $47.80 million significantly missed analyst expectations of $64.44 million. This substantial revenue shortfall, combined with an expected decrease in fiscal year 2027 earnings per share by 14.63% (from $1.64 to $1.40), contributed to a negative sentiment among investors. Furthermore, the net asset value (NAV) per share declined to $16.65 as of June 30, 2026, compared to $16.86 as of March 31, 2026.

    2. Negative Analyst Sentiment and Price Target Reductions.

    Following the release of the fiscal Q2 2026 earnings, several financial analysts revised their ratings and price targets for BCSF. Zacks Research downgraded the stock from a "hold" to a "strong sell" rating on August 18, 2026. Similarly, Keefe, Bruyette & Woods lowered their rating from "outperform" to "market perform" and reduced their price target from $15.00 to $13.00 on August 17, 2026. As of October 14, 2026, the stock held an average "Reduce" rating with an average price target of $12.60 across analysts, suggesting limited upside potential from its June 30, 2026, price of $12.52.

    Show more
    Updated on 10/14/2026

    Bain Capital Specialty Finance (BCSF) stock has lost about 15% since 6/30/2026 because of the following key factors:

    1. Fiscal Q2 2026 Revenue Miss and Weakened Earnings Outlook.

    Bain Capital Specialty Finance (BCSF) reported its fiscal Q2 2026 results on August 10, 2026. While the company's net investment income (NII) per share of $0.44 surpassed analyst consensus estimates of $0.42, its quarterly revenue of $47.80 million significantly missed analyst expectations of $64.44 million. This substantial revenue shortfall, combined with an expected decrease in fiscal year 2027 earnings per share by 14.63% (from $1.64 to $1.40), contributed to a negative sentiment among investors. Furthermore, the net asset value (NAV) per share declined to $16.65 as of June 30, 2026, compared to $16.86 as of March 31, 2026.

    2. Negative Analyst Sentiment and Price Target Reductions.

    Following the release of the fiscal Q2 2026 earnings, several financial analysts revised their ratings and price targets for BCSF. Zacks Research downgraded the stock from a "hold" to a "strong sell" rating on August 18, 2026. Similarly, Keefe, Bruyette & Woods lowered their rating from "outperform" to "market perform" and reduced their price target from $15.00 to $13.00 on August 17, 2026. As of October 14, 2026, the stock held an average "Reduce" rating with an average price target of $12.60 across analysts, suggesting limited upside potential from its June 30, 2026, price of $12.52.

    3. Concerns Over Dividend Sustainability Due to High Payout Ratio.

    Despite BCSF maintaining a consistent quarterly dividend of $0.42 per share, which translated to an attractive dividend yield of approximately 15.9% as of October 14, 2026, the company's reported payout ratio was 169.7%. A payout ratio significantly exceeding 100% indicates that the company is distributing more in dividends than it is earning, which can raise concerns among investors regarding the long-term sustainability of the dividend, particularly in the context of a projected decline in future earnings.

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    Stock Movement Drivers

    Fundamental Drivers

    The -13.3% change in BCSF stock from 6/30/2026 to 10/14/2026 was primarily driven by a -11.6% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610142026Change
    Stock Price ($)12.0610.46-13.3%
    Change Contribution By: 
    Total Revenues ($ Mil)8978-11.6%
    Net Income Margin (%)83.0%81.6%-1.7%
    P/E Multiple10.610.6-0.2%
    Shares Outstanding (Mil)65650.0%
    Cumulative Contribution-13.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/14/2026
    ReturnCorrelation
    BCSF-13.3% 
    Market (SPY)3.1%35.7%
    Sector (XLF)1.7%28.8%

    Fundamental Drivers

    The -9.5% change in BCSF stock from 3/31/2026 to 10/14/2026 was primarily driven by a -31.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610142026Change
    Stock Price ($)11.5610.46-9.5%
    Change Contribution By: 
    Total Revenues ($ Mil)11578-31.5%
    Net Income Margin (%)86.2%81.6%-5.4%
    P/E Multiple7.610.639.8%
    Shares Outstanding (Mil)65650.0%
    Cumulative Contribution-9.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/14/2026
    ReturnCorrelation
    BCSF-9.5% 
    Market (SPY)18.6%35.1%
    Sector (XLF)10.8%32.2%

    Fundamental Drivers

    The -14.9% change in BCSF stock from 9/30/2025 to 10/14/2026 was primarily driven by a -37.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510142026Change
    Stock Price ($)12.2910.46-14.9%
    Change Contribution By: 
    Total Revenues ($ Mil)12578-37.5%
    Net Income Margin (%)85.7%81.6%-4.8%
    P/E Multiple7.410.643.1%
    Shares Outstanding (Mil)65650.0%
    Cumulative Contribution-14.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/14/2026
    ReturnCorrelation
    BCSF-14.9% 
    Market (SPY)16.5%37.9%
    Sector (XLF)2.4%39.7%

    Fundamental Drivers

    The -1.1% change in BCSF stock from 9/30/2023 to 10/14/2026 was primarily driven by a -37.9% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202310142026Change
    Stock Price ($)10.5810.46-1.1%
    Change Contribution By: 
    Total Revenues ($ Mil)12678-37.9%
    Net Income Margin (%)89.6%81.6%-8.9%
    P/E Multiple6.010.675.7%
    Shares Outstanding (Mil)6565-0.5%
    Cumulative Contribution-1.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/14/2026
    ReturnCorrelation
    BCSF-1.1% 
    Market (SPY)86.2%50.1%
    Sector (XLF)71.6%52.2%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    BCSF Return37%-13%42%29%-10%-15%67%
    Peers Return29%-11%31%13%-5%-8%49%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    BCSF Win Rate67%50%50%83%50%10% 
    Peers Win Rate72%47%70%67%53%42% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    BCSF Max Drawdown-7%-24%-15%-9%-26%-19% 
    Peers Max Drawdown-9%-26%-13%-11%-23%-20% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ARCC, OBDC, FSK, TSLX, GSBD.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/14/2026 (YTD)

    How Low Can It Go

    EventBCSFS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-11.7%-6.7%
      % Gain to Breakeven13.2%7.1%
      Time to Breakeven32 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-19.0%-24.5%
      % Gain to Breakeven23.5%32.4%
      Time to Breakeven248 days427 days
    2020 COVID-19 Crash
      % Loss-62.1%-33.7%
      % Gain to Breakeven163.9%50.9%
      Time to Breakeven646 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-12.3%-19.2%
      % Gain to Breakeven14.1%23.8%
      Time to Breakeven21 days105 days

    Compare to ARCC, OBDC, FSK, TSLX, GSBD

    In The Past

    Bain Capital Specialty Finance's stock fell -6.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventBCSFS&P 500
    2020 COVID-19 Crash
      % Loss-62.1%-33.7%
      % Gain to Breakeven163.9%50.9%
      Time to Breakeven646 days140 days

    Compare to ARCC, OBDC, FSK, TSLX, GSBD

    In The Past

    Bain Capital Specialty Finance's stock fell -6.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Bain Capital Specialty Finance (BCSF)

    ```html

    Bain Capital Specialty Finance, Inc. (BCSF) operates as a Business Development Company (BDC) primarily focused on providing direct lending solutions to middle-market companies. As a BDC, BCSF's core business involves originating and managing a diversified portfolio of debt investments, generating income through interest payments from these loans.

    The company's investment strategy encompasses a wide range of debt instruments tailored to its target borrowers. This includes senior investments with first or second liens on collateral, stretch senior, senior first lien, senior second lien, and unitranche loans. BCSF also invests in more junior forms of capital such as mezzanine debt, other junior securities, and engages in secondary purchases of assets or portfolios predominantly consisting of middle-market corporate debt.

    BCSF primarily serves middle-market companies across various industries. Its typical borrowers are established businesses with earnings before interest, taxes, depreciation, and amortization (EBITDA) generally ranging from $10 million to $150 million. By providing flexible financing options, BCSF acts as a crucial capital provider for this segment of the corporate market, supporting their growth and operational needs.

    ```

    AI Analysis | Feedback

    Here are 1-3 brief analogies to describe Bain Capital Specialty Finance (BCSF):
    • A specialized public bank for private, middle-market companies.
    • Like the credit arm of Blackstone or Apollo Global Management, but packaged as a publicly traded investment.

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    • Senior Secured Loans: These are debt facilities secured by a first or second lien on a borrower's assets, offering a senior position in the capital structure.
    • Stretch Senior Loans: A form of senior debt that often combines features of traditional senior and unitranche loans, typically involving higher leverage and an extended maturity.
    • Unitranche Debt: A single debt instrument that blends senior and subordinated debt into one facility, simplifying the capital structure for middle-market borrowers.
    • Mezzanine Debt: Subordinated debt that ranks below senior debt but above equity, often including an equity component like warrants or options.
    • Junior Investments: Debt or equity instruments that are lower in priority within a company's capital structure compared to senior and mezzanine debt.
    • Secondary Debt Purchases: The acquisition of existing middle-market corporate debt or portfolios of such debt from other investors in the secondary market.

    AI Analysis | Feedback

    ```html

    Bain Capital Specialty Finance (BCSF) operates as a business development company (BDC) that specializes in providing direct loans to middle-market companies. Therefore, its "customers" are the companies it lends money to.

    BCSF does not sell products or services in the traditional sense but rather provides financing. Its investment strategy focuses on private middle-market companies with EBITDA between $10 million and $150 million. Due to the private nature of these companies and BCSF's diversified investment approach across numerous borrowers, it is not feasible to identify specific "major customers" that are publicly traded companies with symbols. BCSF's portfolio consists of a broad range of private companies across various industries to which it provides debt financing.

    ```

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    • Bain Capital Credit, LP
    • State Street Corporation (STT)
    • Deloitte & Touche LLP
    • Ropes & Gray LLP

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    Michael A. Ewald, Chief Executive Officer

    Michael A. Ewald serves as the Chief Executive Officer and a Director for Bain Capital Specialty Finance. He joined Bain Capital Credit in 1998 and is a Managing Director, Global Head of the Private Credit Group, Portfolio Manager for the Middle Market Credit and Senior Direct Lending strategies, and a Credit Committee member for Bain Capital Credit. Prior to his time at Bain Capital, Mr. Ewald was an Associate Consultant at Bain & Company for three years, focusing on strategy consulting to the Financial Services, Manufacturing, and Consumer Products industries. He also worked as an analyst at Credit Suisse First Boston in the Regulated Industries group.

    Michael J. Boyle, President

    Michael J. Boyle is the President and a Director for Bain Capital Specialty Finance. He joined Bain Capital Credit in 2007 and is a Partner and Portfolio Manager in the Private Credit Group. In this role, he is responsible for Bain Capital Credit's Senior Direct Lending strategy and Bain Capital Specialty Finance, Inc. Mr. Boyle previously held the positions of Vice President and Treasurer for Bain Capital Specialty Finance. His career at Bain Capital Credit has included being a member of the portfolio analytics team, the Industry Research team, and the Liquid Credit portfolio management team.

    Amit Joshi, Chief Financial Officer & Treasurer

    Amit Joshi serves as the Chief Financial Officer and Treasurer for Bain Capital Specialty Finance. He plays a key role in the company's financial management and has commented on the company's strategies for managing tax and RIC distribution requirements.

    Katherine Schneider, Secretary

    Katherine Schneider was appointed as the Secretary of Bain Capital Specialty Finance, Inc. effective April 28, 2025. She joined Bain Capital in 2020 and is a Managing Director on the Investor Relations team. Prior to joining Bain Capital, Ms. Schneider was a Vice President at Goldman Sachs Asset Management.

    James Goldman, Chief Compliance Officer

    James Goldman is the Chief Compliance Officer for Bain Capital Specialty Finance. He also holds the position of Head of Compliance, Capital Markets for Bain Capital.

    AI Analysis | Feedback

    Key Risks to Bain Capital Specialty Finance (BCSF)

    The primary risks for Bain Capital Specialty Finance (BCSF), a business development company (BDC) specializing in direct loans to middle-market companies, are predominantly linked to the credit quality of its borrowers, interest rate fluctuations, and the inherent illiquidity and valuation challenges of its private investments.

    1. Credit Risk and Economic Downturns: As a direct lender to middle-market companies, BCSF is highly susceptible to the credit risk of its portfolio companies. Middle-market companies often possess less financial resilience than larger corporations, making them more vulnerable during economic downturns. A prolonged period of economic uncertainty or recession could lead to increased default rates on the loans BCSF holds, negatively impacting its portfolio quality, investment income, and overall profitability. This risk is amplified by the fact that BDCs often lend to companies that are considered below investment grade and may struggle to obtain financing from traditional banks.
    2. Interest Rate Risk: BCSF's business model is significantly exposed to interest rate fluctuations. While a substantial portion of its debt investments (93%) bear floating interest rates, positioning it favorably in a rising rate environment, changes in interest rates can still pose significant risks. Specifically, rising interest rates can increase BCSF's own borrowing costs, thereby reducing its net investment income. Conversely, a future shift to a lower interest rate environment could also impact investment income if liability costs rise or existing fixed-rate debt structures mature. Furthermore, rising rates can make it more challenging for BCSF's portfolio companies to service their debt obligations, increasing the risk of default.
    3. Liquidity and Valuation Risk of Private Investments: BCSF invests primarily in privately held, non-publicly traded companies. These direct loans are inherently illiquid, meaning they cannot be easily traded or liquidated quickly. This illiquidity makes it difficult to accurately assess the true value of these investments and poses challenges if BCSF needs to sell assets rapidly, potentially leading to significantly less than their recorded value. The lack of transparency in private companies also makes it harder to assess a BDC's true risk-reward profile.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Bain Capital Specialty Finance (BCSF) specializes in providing direct lending solutions to middle-market companies in the United States. The addressable market for direct lending to U.S. middle-market companies has seen significant growth. As of September 30, 2025, direct lending in the United States, encompassing private drawdown funds and Business Development Companies (BDCs) like BCSF, represented approximately $850.5 billion in assets. More broadly, the private credit asset class, which includes direct lending to mid-market businesses, totaled $1.34 trillion in the U.S. by the second quarter of 2024. The U.S. middle market, which BCSF targets, consists of roughly 200,000 individual businesses. These companies typically have annual earnings before interest, taxes, depreciation, and amortization (EBITDA) ranging between $10 million and $150 million. In aggregate, the U.S. middle market accounts for over one-third of the private sector's GDP and employs approximately 50 million people.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for Bain Capital Specialty Finance (BCSF) over the next 2-3 years:

    1. Growth in Investment Portfolio through New Originations: Bain Capital Specialty Finance is positioned to grow its investment portfolio through increased new deal activity, particularly in the middle market. The company has recently observed a pickup in new leveraged buyout (LBO) and add-on activities, which are constructive indicators for new investment opportunities. For instance, gross originations saw a significant year-over-year increase of 73% in Q2 2025.

    2. Strategic Focus on First Lien Senior Secured Loans with Attractive Spreads: BCSF consistently emphasizes investing in first lien senior secured loans, which form a substantial portion of its portfolio and new fundings (e.g., 90% of Q1 2025 fundings). This disciplined investment approach aims to generate stable contractual cash income. The company has demonstrated its ability to originate new first lien deals at attractive weighted average spreads, such as 535 basis points in Q4 2025, which is favorable compared to the broader market average.

    3. Reinvestment of Strong Net Investment Income and Spillover Income: The company's robust net investment income (NII) and significant spillover income are key levers for future NII enhancement. For example, as of Q4 2025, BCSF had spillover income of $1.29 per share, which is more than three times its regular dividend level. The strategic deployment and reinvestment of this available capital are expected to fuel further portfolio growth and generate additional interest income.

    4. Favorable Middle-Market Lending Environment: BCSF expects to benefit from a constructive broader market environment for middle-market lending. The company believes its platform and focus are well-suited to navigate the current market and capitalize on future opportunities, driven by underlying economic indicators that support new investments. While acknowledging potential headwinds from a lower interest rate environment, BCSF's largely floating-rate debt portfolio (93% of debt investments) also positions it favorably if interest rates remain stable or rise.

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    Share Repurchases

    • Bain Capital Specialty Finance, Inc. has an existing share buyback program in place but has not actively utilized it recently.
    • The company intends to implement a share repurchase program, though only a limited number of shares would be eligible, and repurchases would be subject to available liquidity and other restrictions.

    Share Issuance

    • In 2025, Bain Capital Specialty Finance, Inc. issued and sold common stock through 'at the market' offerings, raising approximately $4.6 million.

    Outbound Investments

    • For the three months ended December 31, 2025, Bain Capital Specialty Finance, Inc. invested $167.9 million across 93 portfolio companies, including $68.3 million in 11 new companies and $99.6 million in 82 existing companies.
    • As of September 30, 2025, the company had invested approximately $9,688.5 million in aggregate principal amount of debt and equity investments since its operations began in October 2016.
    • The company's investment strategy primarily focuses on originating and investing in senior secured loans, including first or second lien on collateral, to middle-market companies with EBITDA typically between $10 million and $150 million.

    Peer Outperformance in Asset Management & Custody Banks

    BCSF has outperformed 59% of its 81 Asset Management & Custody Banks peers over 5Y. Asset Management & Custody Banks ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Asset Management & Custody Banks constituents that BCSF has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    51%
    of 101 industry peers · -10.1% return
    3Y
    39%
    of 92 industry peers · 1.1% return
    5Y
    59%
    of 81 industry peers · 26.6% return
    No Asset Management & Custody Banks peer with a comparable growth profile has beaten BCSF by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is BCSF's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 20.1%65.2%115.7% SPNT 172% · RNR 142% · RGA 141%
    Diversified Banks 12 30.2%130.5%97.2% CM 142% · JPM 133% · RY 125%
    Investment Banking & Brokerage 13 -5.0%100.3%93.3% IBKR 406% · SNEX 198% · HOOD 173%
    Life & Health Insurance 20 12.8%52.5%84.5% JXN 486% · UNM 296% · MFC 178%
    Multi-Sector Holdings 4 4.8%53.2%72.5% BRK-B 87% · VOYA 58% · JEF 36%
    Property & Casualty Insurance 42 9.0%72.5%63.4% PGR 174% · TRV 162% · WRB 146%
    Multi-line Insurance 9 7.3%64.8%57.9% GNW 105% · L 96% · AIZ 84%
    Regional Banks 263 28.1%91.6%50.7% CBC 219% · FCNCA 153% · FBP 139%
    Financial Exchanges & Data 15 3.5%44.0%30.2% VIRT 162% · CBOE 150% · CME 68%
    Consumer Finance 30 6.4%86.2%24.2% ENVA 391% · EZPW 303% · FCFS 177%
    Diversified Financial Services 4 -6.2%18.6%10.8% FRHC 174% · EQH 89%
    Insurance Brokers 15 -20.9%-2.3%7.7% LIFE 317% · ARX 88% · AJG 55%
    Asset Management & Custody Banks ← 82 -11.0%16.6%6.9% WT 330% · AAMI 255% · SII 255%
    Commercial & Residential Mortgage Finance 13 -58.4%15.9%-7.6% FNMA 384% · FMCC 341% · ACT 171%
    Specialized Finance 3 11.8%35.4%-13.5% CACC -13% · HASI -17%
    Mortgage REITs 33 -18.1%-5.3%-32.9% RITM 25% · DX 18% · AGNC 7%
    Transaction & Payment Processing Services 17 2.4%-2.8%-43.2% V 85% · MA 82% · CPAY 55%
    Diversified Capital Markets 20 -50.0%16.7%-62.3% LPLA 100% · TW 35% · RIOT -35%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1How Low Can Bain Capital Specialty Finance Stock Really Go?10/17/2025
    2Bain Capital Specialty Finance (BCSF) Debt Comparison08/08/2025
    3Bain Capital Specialty Finance (BCSF) Operating Cash Flow Comparison08/08/2025
    4Bain Capital Specialty Finance (BCSF) Net Income Comparison08/08/2025
    5Bain Capital Specialty Finance (BCSF) EBITDA Comparison08/08/2025
    6Bain Capital Specialty Finance (BCSF) Operating Income Comparison08/08/2025
    7Bain Capital Specialty Finance (BCSF) Revenue Comparison08/08/2025
    8Bain Capital Specialty Finance (BCSF) Tax Expense Comparison08/08/2025
    9Why Bain Capital Specialty Finance Stock Moved: BCSF Stock Has Gained 64% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)08/08/2025
    10Bain Capital Specialty Finance (BCSF) Valuation Ratios Comparison08/08/2025
    Title
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    LQDALiquidia3.027.2%-1.6%
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    MRNAModerna90.115.2%667.4%
    CCICrown Castle34.415.0%-7.2%

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    CTNMContineum Therapeutics0.3-36.1%-28.8%
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    BLZEBackblaze0.6-29.2%108.7%
    XNDUXanadu Quantum Technologies1.0-29.0%-72.3%

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    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    MYPSPLAYSTUDIOS0.5723.2%521.2%
    KODKodiak Sciences5.1145.8%190.0%
    GRALGRAIL6.084.1%63.2%
    DNAGinkgo Bioworks0.764.9%38.7%
    MRNAModerna90.157.4%667.4%
    IOVAIovance Biotherapeutics6.451.8%420.5%
    PCRXPacira BioSciences1.451.2%40.6%
    PACBPacific Biosciences of California0.648.5%6.4%
    SGSweetgreen1.248.5%50.0%
    RXORXO4.946.6%127.0%

    Top Losers

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    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    BCSFARCCOBDCFSKTSLXGSBDMedian
    NameBain Cap.Ares Cap.Blue Owl.FS KKR C.Sixth St.Goldman . 
    Mkt Price10.4518.5810.1110.5517.168.7710.50
    Mkt Cap0.713.35.03.01.61.02.3
    Rev LTM781,174375-30713271105
    Op Inc LTM-------
    FCF LTM134-6802,2071,92310381119
    FCF 3Y Avg124-1,2131,3361,297117212168
    CFO LTM134-6802,2071,92310381119
    CFO 3Y Avg124-1,2131,3361,297117212168

    Growth & Margins

    BCSFARCCOBDCFSKTSLXGSBDMedian
    NameBain Cap.Ares Cap.Blue Owl.FS KKR C.Sixth St.Goldman . 
    Rev Chg LTM-37.5%-24.5%-49.6%-201.0%-45.6%-55.9%-47.6%
    Rev Chg 3Y Avg-11.9%16.6%-23.2%-46.3%-12.5%0.3%-12.2%
    Rev Chg Q-37.2%-46.2%-43.9%82.6%-27.8%-36.7%-36.9%
    QoQ Delta Rev Chg LTM-11.6%-13.8%-15.7%33.1%-13.0%-18.0%-13.4%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM170.4%-57.9%588.7%-78.3%114.6%114.6%
    CFO/Rev 3Y Avg104.4%-77.1%277.0%-59.9%166.8%104.4%
    FCF/Rev LTM170.4%-57.9%588.7%-78.3%114.6%114.6%
    FCF/Rev 3Y Avg104.4%-77.1%277.0%-59.9%166.8%104.4%

    Valuation

    BCSFARCCOBDCFSKTSLXGSBDMedian
    NameBain Cap.Ares Cap.Blue Owl.FS KKR C.Sixth St.Goldman . 
    Mkt Cap0.713.35.03.01.61.02.3
    P/S8.611.413.4-12.313.912.3
    P/Op Inc-------
    P/EBIT-------
    P/E10.613.917.3-7.918.316.915.4
    P/CFO5.1-19.62.31.515.812.13.7
    Total Yield27.5%17.1%20.9%11.8%15.1%26.0%19.0%
    Dividend Yield18.1%10.0%15.1%24.5%9.7%19.9%16.6%
    FCF Yield 3Y Avg12.8%-9.0%22.2%34.1%5.8%15.8%14.3%
    D/E2.21.21.62.21.21.91.7
    Net D/E2.01.21.52.21.11.91.7

    Returns

    BCSFARCCOBDCFSKTSLXGSBDMedian
    NameBain Cap.Ares Cap.Blue Owl.FS KKR C.Sixth St.Goldman . 
    1M Rtn-5.2%-3.8%-6.1%-8.9%-3.8%-5.8%-5.5%
    3M Rtn-15.6%0.6%-6.1%0.6%0.8%1.8%0.6%
    6M Rtn-15.7%2.9%-7.8%2.5%-6.2%-2.7%-4.4%
    12M Rtn-13.9%3.0%-11.2%-17.3%-13.6%1.8%-12.4%
    3Y Rtn-0.5%29.4%6.1%-13.9%17.1%-2.9%2.8%
    1M Excs Rtn-8.5%-7.0%-8.9%-11.6%-6.8%-8.8%-8.7%
    3M Excs Rtn-20.1%-4.5%-10.5%-5.0%-4.4%-3.2%-4.8%
    6M Excs Rtn-26.8%-8.2%-19.0%-8.7%-17.3%-14.0%-15.7%
    12M Excs Rtn-28.9%-12.0%-25.9%-32.6%-30.1%-14.5%-27.4%
    3Y Excs Rtn-79.5%-51.7%-73.8%-93.8%-63.2%-84.8%-76.7%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/10/20265/11/20262/27/202611/10/20258/5/20255/5/20252/27/202511/5/20248/6/20245/6/20242/27/202411/6/2023
    Key Financials Quarterly            
    Total Revenue17731222833273834403638
    Net Income14328192429223329353134
    EPS0.220.050.430.290.370.440.340.510.450.550.480.52
    Key Financials TTM            
    Total Revenue TTM7889115110125132138147147145138150
    Net Income TTM64749993108113119128129129123136
    Growth Rates Quarterly            
    Total Revenue Growth-37.2%-78.1%16.0%-40.5%-18.6%-16.3%-23.9%-0.1%4.7%22.4%-24.5%163.5%
    Net Income Growth-40.8%-88.1%25.5%-43.5%-18.5%-18.7%-28.7%-2.2%-0.3%19.8%-28.6%206.4%
    Margins Quarterly            
    Net Income Margin81.1%46.8%88.4%83.6%85.9%86.3%81.6%88.0%85.8%88.8%87.2%89.9%
    Cash & Debt            
    Total Cash1121726613838543031494979
    Total Debt1,5011,4551,4711,4961,5631,4511,3901,3011,1741,3581,2561,370
    Net Debt / (Cash)1,3891,4381,4451,4361,5251,4131,3371,2701,1431,3091,2071,291
    Cash Flows Quarterly            
    FCF from Operations71272791-7-20-136192-64149122
    Cash Flows TTM            
    FCF from Operations TTM1346330-18-16229-27142400199219134
    Returns to Shareholders Quarterly            
    Dividends273729292958292929272725
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC2.2%0.5%4.3%2.9%3.5%4.4%3.5%5.4%5.0%5.7%5.2%5.5%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM2.5%2.8%3.8%3.6%4.0%4.4%4.8%5.3%5.6%5.2%5.2%5.5%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Asset management250277280223234
    Total250277280223234


    Price Behavior

    Price Behavior
    Market Price$10.46 
    Market Cap ($ Bil)0.7 
    First Trading Date11/15/2018 
    Distance from 52W High-20.7% 
       50 Days200 Days
    DMA Price$11.37$11.90
    DMA Trenddowndown
    Distance from DMA-8.0%-12.1%
     3M1YR
    Volatility19.5%22.5%
    Downside Capture130.5892.34
    Upside Capture19.0162.91
    Correlation (S&P 500)37.8%37.2%
    BCSF Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.820.950.730.630.680.67
    Up Beta1.801.860.580.390.460.71
    Down Beta0.830.450.790.690.720.74
    Up Capture54%40%51%46%51%24%
    Bmk +ve Days6162766132424
    Stock +ve Days11213163124386
    Down Capture110%130%113%96%92%87%
    Bmk -ve Days16263760120328
    Stock -ve Days11203260122346

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BCSF
    BCSF-11.5%22.5%-0.63-
    Sector ETF (XLF)4.8%14.6%0.0939.2%
    Equity (SPY)17.1%12.7%0.9637.2%
    Gold (GLD)-0.6%29.4%-0.022.0%
    Commodities (DBC)49.3%20.7%1.82-17.2%
    Real Estate (VNQ)5.7%13.7%0.1530.3%
    Bitcoin (BTCUSD)-27.9%43.7%-0.6318.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BCSF
    BCSF4.8%20.6%0.14-
    Sector ETF (XLF)8.9%18.3%0.3552.1%
    Equity (SPY)13.6%17.1%0.6050.1%
    Gold (GLD)17.9%18.9%0.766.1%
    Commodities (DBC)10.0%19.5%0.3911.3%
    Real Estate (VNQ)1.2%18.8%-0.0544.1%
    Bitcoin (BTCUSD)8.5%51.8%0.3421.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BCSF
    BCSF3.6%30.6%0.21-
    Sector ETF (XLF)13.0%22.1%0.5355.1%
    Equity (SPY)15.4%17.9%0.7350.7%
    Gold (GLD)12.0%16.4%0.603.9%
    Commodities (DBC)8.2%18.1%0.3718.1%
    Real Estate (VNQ)4.8%20.7%0.1954.0%
    Bitcoin (BTCUSD)63.5%66.2%1.0314.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity1.3 Mil
    Short Interest: % Change Since 9152026-22.6%
    Average Daily Volume0.6 Mil
    Days-to-Cover Short Interest2.2 days
    Basic Shares Quantity64.9 Mil
    Short % of Basic Shares2.0%

    Returns Analyses

    Earnings Returns History

    Updated 9/11/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/2026-0.8%-6.9%-10.9%
    5/12/2026-0.6%-2.9%-4.5%
    2/27/20261.3%1.3%-2.2%
    11/10/2025-1.4%-2.6%4.2%
    8/5/20252.6%2.7%6.0%
    5/5/20250.6%0.8%1.8%
    2/5/2025-0.1%0.0%-2.7%
    11/5/20242.4%1.9%2.9%
    ...
    SUMMARY STATS   
    # Positive141614
    # Negative10810
    Median Positive1.3%1.7%4.0%
    Median Negative-1.0%-2.7%-2.5%
    Max Positive5.6%7.6%24.6%
    Max Negative-3.0%-6.9%-10.9%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/2026-0.8%-6.9%-10.9%
    5/12/2026-0.6%-2.9%-4.5%
    2/27/20261.3%1.3%-2.2%
    11/10/2025-1.4%-2.6%4.2%
    8/5/20252.6%2.7%6.0%
    5/5/20250.6%0.8%1.8%
    2/5/2025-0.1%0.0%-2.7%
    11/5/20242.4%1.9%2.9%
    8/6/2024-2.5%-0.5%9.0%
    5/6/2024-1.5%-2.0%0.1%
    2/27/20240.0%1.0%3.7%
    11/7/2023-0.4%-0.4%0.2%
    8/8/20232.1%0.8%5.7%
    5/9/20235.6%7.6%15.8%
    2/28/20231.3%1.8%-6.2%
    11/9/20223.8%6.3%2.5%
    8/3/2022-1.1%0.3%-0.3%
    5/5/20220.8%-3.3%-5.2%
    2/23/2022-3.0%1.6%-0.2%
    11/3/20211.3%1.1%-0.3%
    8/4/20210.3%2.1%-0.3%
    5/5/2021-0.4%-4.6%0.0%
    2/24/20210.2%6.9%8.5%
    11/5/20200.9%6.3%24.6%
    SUMMARY STATS   
    # Positive141614
    # Negative10810
    Median Positive1.3%1.7%4.0%
    Median Negative-1.0%-2.7%-2.5%
    Max Positive5.6%7.6%24.6%
    Max Negative-3.0%-6.9%-10.9%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/05/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/06/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/09/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/10/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/05/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/06/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/09/202210-Q
    06/30/202208/03/202210-Q
    03/31/202205/05/202210-Q
    12/31/202102/23/202210-K
    09/30/202111/03/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/05/202110-Q
    12/31/202002/24/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/05/202010-Q
    03/31/202005/04/202010-Q
    12/31/201902/26/202010-K
    09/30/201911/06/201910-Q

    Recent Forward Guidance

    Updated 10/4/2026

    Latest: Q2 2026 Earnings Reported 8/10/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 DividendsReported 0.42 0 Same NewGuidance: 0.42 for Q2 2026


    Prior: Q1 2026 Earnings Reported 5/12/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q2 2026 DividendsReported 0.42 0 Same NewActual: 0.42 for Q1 2026

    Q4 2025 Earnings Reported 2/27/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q1 2026 DividendsReported 0.42 0 Same NewActual: 0.42 for Q4 2025

    Q3 2025 Earnings Reported 11/10/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q4 2025 DividendsReported 0.42 0.0% Same NewActual: 0.42 for Q3 2025
    Q4 2025 Additional DividendReported 0.03 0.0% Same NewActual: 0.03 for Q3 2025

    Insider Activity

    Updated 4/26/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Rusnak-Carlson, SabrinaGeneral CounselDirectBuy303202612.552,30028,865119,978Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Rusnak-Carlson, SabrinaGeneral CounselDirectBuy303202612.552,30028,865119,978Form

    Investor Activity (13F)

    Updated Oct 15, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Muzinich & Co., Inc.$9.9 Mil3.5%38Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Muzinich & Co., Inc.$9.9 Mil3.5%38Hold13F

    Industry Resources

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