Bain Capital Specialty Finance, Inc. (BCSF)
Bain Capital Specialty Finance, Inc. functions as a business development company (BDC) whose primary focus is providing direct debt solutions to companies in the middle market segment. The fund's investment mandate is broad, covering a spectrum of debt instruments. This includes various forms of secured senior debt, such as first-lien, stretch senior, and second-lien facilities. It also invests in hybrid financing structures like unitranche loans, as well as subordinated or junior capital, which encompasses mezzanine debt and other junior securities. Furthermore, the firm engages in the secondary acquisition of assets or portfolios, primarily comprising corporate debt from middle-market businesses. Generally, Bain Capital Specialty Finance targets companies that generate annual earnings before interest, taxes, depreciation, and amortization (EBITDA) between $10 million and $150 million.
Industry: Asset Management
Bain Capital Specialty Finance, Inc.
NYSE:BCSFFinancial Services · Asset Management
-1.66%$10.07
AH Close$10.07+0.00%vs close
AH Close$10.07+0.00%vs close
Mkt Cap$653.23M
Float54.52M
O/S64.87M
Inst Own57.1%
SI2.3%
Div Yield18.47%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$239.19M
Net Income$98.76M
Total Assets$2.66B
Free Cash Flow$29.52M
Debt & Equity
Debt 57%
Equity 43%
Total Debt$1.47B
Total Equity$1.12B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in BCSF's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$2.66B
Liabilities$1.55B
Accounts Receivable$72.23M
Accounts Payable$37.13M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Revenue | $239.19M | $212.88M | $218M | $168.82M | $175.41M | $77.22M | $161.04M | $73.59M | $24.51M | $1.95M |
| YoY Growth | 12.4% | -2.3% | 29.1% | -3.8% | 127.2% | -52.1% | 118.8% | 200.3% | 1157.5% | - |
| Cost of Revenue | $55.31M | $74.69M | $80.01M | $52.32M | $51.34M | $63.31M | $66.33M | $514K | $3.71M | $27K |
| Gross Profit | $183.89M | $138.19M | $137.99M | $116.51M | $124.06M | $13.91M | $94.71M | $73.08M | $20.8M | $1.92M |
| Gross Margin | 76.9% | 64.9% | 63.3% | 69.0% | 70.7% | 18.0% | 58.8% | 99.3% | 84.8% | 98.6% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $0 | $14.3M | $11.26M | $9.44M | $8.62M | $8.75M | $7.62M | $3.82M | $2.74M | $603K |
| Other | $2.99M | $0 | $0 | $747K | -$4.5M | -$3.35M | -$10.99M | $0 | $0 | $711K |
| Total Operating Expenses | $2.99M | $14.3M | $11.26M | $10.19M | $4.12M | $5.4M | -$3.37M | $19.35M | $3.07M | $1.31M |
| Operating Income (EBIT) | $180.9M | $123.89M | $126.73M | $106.32M | $119.94M | $8.51M | $98.08M | $69.26M | $18.15M | $609K |
| Operating Margin | 75.6% | 58.2% | 58.1% | 63.0% | 68.4% | 11.0% | 60.9% | 94.1% | 74.1% | 31.2% |
| Interest Expense | $80.58M | $74.69M | $80.01M | $52.32M | $51.34M | $63.31M | $66.33M | $24.01M | $3.62M | $27K |
| Interest Income | $273.24M | $222.24M | $228.55M | $166.27M | $167.34M | $174.2M | $179.92M | $0 | -$330K | $869K |
| Other Income (Expense) | -$78.39M | $0 | $0 | $0 | $0 | $0 | $0 | -$42.62M | $1.15M | $0 |
| Income Before Tax (EBT) | $102.51M | $123.89M | $126.73M | $106.32M | $119.94M | $8.51M | $98.08M | $26.64M | $19.3M | $609K |
| Income Tax Expense | $3.75M | $4.47M | $3.36M | $837K | $134K | $232K | $0 | $0 | $5K | $0 |
| Net Income | $98.76M | $119.42M | $123.38M | $105.48M | $119.81M | $8.28M | $98.08M | $26.64M | $19.3M | $609K |
| Net Income Margin | 41.3% | 56.1% | 56.6% | 62.5% | 68.3% | 10.7% | 60.9% | 36.2% | 78.7% | 31.2% |
| Supplementary Data | ||||||||||
| EPS | 1.52 | 1.85 | 1.91 | 1.63 | 1.86 | 0.14 | 1.87 | 0.69 | 0.98 | 0.03 |
| Diluted EPS | 1.52 | 1.85 | 1.91 | 1.63 | 1.86 | 0.14 | 1.87 | 0.68 | 0.98 | 0.03 |
| Weighted Average OS | 64.82M | 64.56M | 64.56M | 64.56M | 64.56M | 58.67M | 52.33M | 39.11M | 19.82M | 19.82M |
| EBITDA | $188.3M | $123.89M | $126.73M | $106.32M | $119.94M | $8.51M | $98.08M | $50.66M | $23.24M | $700K |
| EBITDA Margin | 78.7% | 58.2% | 58.1% | 63.0% | 68.4% | 11.0% | 60.9% | 68.8% | 94.8% | 35.9% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash and Cash Equivalents | $58.91M | $53.52M | $49.4M | $59.78M | $117.42M | $54.68M | $37.34M | $15.28M | $140.92M | $66.73M |
| Short-Term Investments | $76.43M | $0 | $0 | $0 | $0 | $0 | $0 | -$10 | $0 | $0 |
| Cash and Short-Term Investments | $135.34M | $53.52M | $49.4M | $59.78M | $117.42M | $54.68M | $37.34M | $15.28M | $140.92M | $66.73M |
| Accounts Receivable | $72.23M | $82.67M | $41.48M | $66.12M | $68M | $29.24M | $45.44M | $16.59M | $5.39M | $617K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$138K | $0 |
| Other Current Assets | $0 | $59.99M | $0 | $75.62M | -$193K | $0 | $0 | $0 | $4.42M | $0 |
| Total Current Assets | $207.57M | $196.38M | $91.09M | $201.72M | $185.42M | $83.91M | $82.78M | $31.88M | $150.73M | $67.49M |
| Long-Term Assets | ||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $2.45B | $2.43B | $2.3B | $2.39B | $2.29B | $2.48B | $2.53B | $307.57M | $831.58M | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $4.03M | $4.59M | $2.8M | $0 | $0 | $0 | $1.03M | $1.45B | $5.81M | $109.37M |
| Total Long-Term Assets | $2.46B | $2.44B | $2.3B | $2.39B | $2.29B | $2.48B | $2.53B | $1.76B | $837.39M | $109.37M |
| Other Assets | $0 | $0 | $80.11M | $3.68M | $91.34M | $35.09M | $34.69M | $0 | $138K | $0 |
| Total Assets | $2.66B | $2.63B | $2.47B | $2.59B | $2.57B | $2.6B | $2.65B | $1.79B | $988.25M | $176.86M |
| Liabilities | ||||||||||
| Current Liabilities | ||||||||||
| Accounts Payable | $37.13M | $43.46M | $20.63M | $19.02M | $13.68M | $14.25M | $2.45M | $146.39M | $15.96M | $6.85M |
| Short-Term Debt | $600M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5K | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | -$65.32M | $30.24M | $0 | $23.24M | $21.95M | $30.17M | $22.76M | $0 | $11.25M | $0 |
| Total Current Liabilities | $600M | $102.22M | $50.57M | $90.74M | $56.2M | $44.43M | $52.52M | $146.39M | $30.29M | $6.85M |
| Long-Term Liabilities | ||||||||||
| Long-Term Debt | $870.8M | $1.39B | $1.26B | $1.39B | $1.41B | $1.46B | $1.57B | $634.92M | $451M | $59.1M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $74.38M | $0 | $0 | $0 | $0 | $0 | $0 | $8.07M | $0 | $566K |
| Total Long-Term Liabilities | $945.17M | $1.39B | $1.26B | $1.39B | $1.41B | $1.46B | $1.57B | $643M | $451M | $59.67M |
| Other Liabilities | $0 | $0 | $29.38M | $0 | $0 | $32.7M | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.55B | $1.49B | $1.34B | $1.48B | $1.47B | $1.54B | $1.63B | $789.38M | $481.29M | $66.51M |
| Stockholders' Equity | ||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $65K | $65K | $65K | $65K | $65K | $65K | $52K | $51K | $25K | $5K |
| Retained Earnings | -$43.77M | -$19.89M | -$31.98M | -$52.06M | -$68.44M | -$98.51M | -$20M | -$32.68M | -$3.43M | -$1.03M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.84M | $0 |
| Other Stockholders' Equity | $1.16B | $1.16B | $1.17B | $1.17B | $1.17B | $1.17B | $1.04B | $1.03B | $510.37M | $111.37M |
| Total Equity | $1.12B | $1.14B | $1.14B | $1.12B | $1.1B | $1.07B | $1.02B | $1B | $506.96M | $110.34M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $2.66B | $2.63B | $2.47B | $2.59B | $2.57B | $2.6B | $2.65B | $1.79B | $988.25M | $176.86M |
| Supplementary Data | ||||||||||
| Total Debt | $1.47B | $1.39B | $1.26B | $1.39B | $1.41B | $1.46B | $1.57B | $634.92M | $451M | $59.1M |
| Net Debt | $1.41B | $1.34B | $1.21B | $1.33B | $1.3B | $1.4B | $1.54B | $619.64M | $310.08M | -$7.63M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Operating Activities | ||||||||||
| Net Income | $98.76M | $119.42M | $123.38M | $105.48M | $119.81M | $8.28M | $98.08M | $26.64M | $0 | $609K |
| Depreciation & Amortization | $5.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $330K | $91K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||
| Accounts Receivable | $1.53M | $1.68M | $1.36M | -$10.29M | -$14.36M | $134K | -$8.48M | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $2.79M | $4.76M | $3.66M | $4.07M | -$694K | $6.4M | $137K | $666K | $0 |
| Other Working Capital | $11.25M | -$1.55M | $3.14M | -$1.73M | $761K | -$12.58M | $11.04M | $349K | -$4.74M | $221K |
| Total Working Capital Change | $12.78M | $2.92M | $9.26M | -$8.35M | -$9.53M | -$13.14M | $8.95M | $486K | -$4.07M | $221K |
| Other Non-Cash Items | -$87.22M | -$9.75M | -$6.77M | $17.08M | -$55.78M | $80.8M | -$5.15M | -$801.38M | -$693.63M | -$101.69M |
| Net Cash from Operating | $29.52M | $112.58M | $125.87M | $114.21M | $54.49M | $75.94M | $101.88M | -$774.25M | -$697.37M | -$100.77M |
| Investing Activities | ||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | -$1.63B | -$844.25M | -$1.42B | -$1.19B | -$525.01M | -$1.41B | -$1.06B | -$781.18M | -$100.31M |
| Sales of Investments | $0 | $1.49B | $937.65M | $988.08M | $1.4B | $538.49M | $1.07B | $236.11M | $73.11M | $348K |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $0 | -$139.68M | $93.4M | -$431.04M | $211.06M | $13.48M | -$344.65M | -$828.23M | -$708.07M | -$99.96M |
| Financing Activities | ||||||||||
| Debt Repaid | -$77.8M | -$128.53M | $132M | -$326.13M | $50.83M | $118.64M | -$361.31M | -$185.97M | -$391.34M | -$59.1M |
| Common Stock Issuance | $5.48M | $0 | $0 | $0 | $0 | $128.37M | -$1.82M | $524.27M | $392.74M | $109.82M |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$145.82M | -$114.28M | -$99.43M | -$87.8M | -$87.81M | -$86.25M | -$81.25M | -$40.97M | -$7.76M | $0 |
| Other Financing Activities | -$9.34M | $0 | $0 | $0 | $0 | $0 | $0 | -$2.17M | -$5.46M | -$1.42M |
| Net Cash from Financing | -$71.88M | $14.25M | -$231.43M | $238.33M | -$138.63M | -$76.52M | $278.25M | $667.09M | $770.85M | $167.5M |
| Forex Effect | $2.2M | -$571K | -$1.08M | $649K | -$5.04M | -$45K | $92K | -$487K | $707K | $0 |
| Net Change in Cash | -$40.16M | -$13.42M | -$13.25M | -$77.85M | $121.88M | $12.86M | $35.58M | -$107.65M | $74.19M | $66.73M |
| Supplementary Data | ||||||||||
| Operating Cash Flow | $29.52M | $112.58M | $125.87M | $114.21M | $54.49M | $75.94M | $101.88M | -$774.25M | -$697.37M | -$100.77M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $29.52M | $112.58M | $125.87M | $114.21M | $54.49M | $75.94M | $101.88M | -$774.25M | -$697.37M | -$100.77M |
| Cash at Beginning | $99.07M | $112.48M | $125.73M | $203.58M | $81.7M | $68.85M | $33.27M | $140.92M | $66.73M | $0 |
| Cash at End | $58.91M | $99.07M | $112.48M | $125.73M | $203.58M | $81.7M | $68.85M | $33.27M | $140.92M | $66.73M |