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Bain Capital Specialty Finance (BCSF) Financials

Bain Capital Specialty Finance logo
$14.10 -0.03 (-0.18%)
Closing price 03:59 PM Eastern
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$14.08 -0.02 (-0.13%)
As of 06:37 PM Eastern
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Annual Income Statements for Bain Capital Specialty Finance

Annual Income Statements for Bain Capital Specialty Finance

This table shows Bain Capital Specialty Finance's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
-47 120 105 -24 119
Consolidated Net Income / (Loss)
-47 105 120 -24 132
Net Income / (Loss) Continuing Operations
-47 105 120 -24 132
Total Pre-Tax Income
-47 105 120 -24 132
Total Revenue
-43 163 184 -12 215
Net Interest Income / (Expense)
-63 116 114 -80 148
Total Interest Income
0.00 167 166 0.00 222
Investment Securities Interest Income
- 167 166 - 222
Total Interest Expense
63 51 52 80 75
Long-Term Debt Interest Expense
63 51 52 80 75
Total Non-Interest Income
21 47 70 68 68
Other Service Charges
2.16 6.17 15 11 19
Net Realized & Unrealized Capital Gains on Investments
18 17 17 57 -2.70
Other Non-Interest Income
- 24 38 - 52
Total Non-Interest Expense
4.67 58 65 11 83
Insurance Policy Acquisition Costs
- 20 20 - 29
Other Operating Expenses
4.67 39 45 11 54
Basic Earnings per Share
$0.14 $1.86 $1.63 $1.91 $1.85
Weighted Average Basic Shares Outstanding
58.67M 64.56M 64.56M 64.56M 64.56M
Diluted Earnings per Share
$0.14 $1.86 $1.63 $1.91 $1.85
Weighted Average Diluted Shares Outstanding
58.67M 64.56M 64.56M 64.56M 64.56M
Weighted Average Basic & Diluted Shares Outstanding
- - 64.56M 64.56M 64.61M

Quarterly Income Statements for Bain Capital Specialty Finance

This table shows Bain Capital Specialty Finance's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders
62 -5.27 29 -38 -9.91 35 29 33 22 -34 24
Consolidated Net Income / (Loss)
74 -5.27 37 -38 -18 39 28 31 34 -34 19
Net Income / (Loss) Continuing Operations
65 -5.27 37 -38 -18 39 28 31 34 -34 19
Total Pre-Tax Income
65 -5.27 37 -38 -18 39 28 31 34 -34 19
Total Revenue
101 -2.85 53 -34 -28 62 49 52 53 -31 37
Net Interest Income / (Expense)
103 -20 38 -21 -77 38 37 37 35 -19 32
Total Interest Income
130 0.00 58 0.00 -58 56 55 55 56 0.00 54
Investment Securities Interest Income
- - 58 - - 56 55 55 56 - 54
Total Interest Expense
27 20 20 21 19 18 18 18 21 19 22
Long-Term Debt Interest Expense
- 20 20 21 19 18 18 18 21 19 22
Total Non-Interest Income
-1.99 17 16 -14 49 24 12 14 18 -12 5.02
Other Service Charges
2.61 5.25 1.92 1.01 2.38 5.26 3.14 5.70 4.50 2.88 4.16
Net Realized & Unrealized Capital Gains on Investments
-36 11 -2.03 -15 62 5.17 -5.45 -2.89 0.47 -15 -12
Other Non-Interest Income
- - 16 - - 14 14 11 13 - 13
Total Non-Interest Expense
34 2.41 16 3.18 -11 22 22 20 19 3.46 19
Insurance Policy Acquisition Costs
- - 4.01 - - 9.23 7.92 7.02 4.70 - 5.45
Other Operating Expenses
30 2.41 12 3.18 -6.67 13 14 13 14 3.46 13
Basic Earnings per Share
$0.67 $0.45 $0.45 $0.52 $0.49 $0.55 $0.45 $0.51 $0.34 $0.44 $0.37
Weighted Average Basic Shares Outstanding
64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.68M 64.87M
Diluted Earnings per Share
- $0.45 $0.45 $0.52 $0.49 $0.55 $0.45 $0.51 $0.34 $0.44 $0.37
Weighted Average Diluted Shares Outstanding
64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.68M 64.87M
Basic & Diluted Earnings per Share
- - - - - - $0.51 - - - $0.47
Weighted Average Basic & Diluted Shares Outstanding
64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.61M 64.87M 64.87M

Annual Cash Flow Statements for Bain Capital Specialty Finance

This table details how cash moves in and out of Bain Capital Specialty Finance's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
13 127 -79 -12 -13
Net Cash From Operating Activities
89 266 -317 219 -27
Net Cash From Continuing Operating Activities
89 266 -317 218 -27
Net Income / (Loss) Continuing Operations
8.28 120 105 123 119
Consolidated Net Income / (Loss)
8.28 120 105 123 119
Amortization Expense
-3.23 0.06 -1.04 -1.76 -1.13
Non-Cash Adjustments to Reconcile Net Income
78 167 -393 110 -125
Changes in Operating Assets and Liabilities, net
-22 -21 -28 -14 -21
Net Cash From Investing Activities
0.00 0.00 0.00 0.00 0.00
Net Cash From Continuing Investing Activities
0.00 0.00 0.00 0.00 0.00
Net Cash From Financing Activities
-77 -139 238 -231 14
Net Cash From Continuing Financing Activities
-77 -139 238 -231 14
Issuance of Debt
597 1,425 793 348 867
Repayment of Debt
-716 -1,476 -467 -480 -738
Payment of Dividends
-86 -88 -88 -99 -114
Cash Interest Paid
68 47 43 75 70
Cash Income Taxes Paid
0.00 0.24 0.13 1.22 2.25

Quarterly Cash Flow Statements for Bain Capital Specialty Finance

This table details how cash moves in and out of Bain Capital Specialty Finance's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents
66 -44 48 -22 6.57 10 -24 -39 40 -5.29 78
Net Cash From Operating Activities
63 -43 -8.77 122 149 -64 192 -136 -20 -7.27 0.65
Net Cash From Continuing Operating Activities
63 -43 -8.77 122 148 -64 193 -136 -20 -7.27 0.65
Net Income / (Loss) Continuing Operations
44 29 29 34 31 35 29 33 22 29 24
Consolidated Net Income / (Loss)
44 29 29 34 31 35 29 33 22 29 24
Amortization Expense
-0.30 -0.90 -0.49 -0.37 -0.01 -0.58 -0.09 -0.03 -0.43 -0.41 0.05
Non-Cash Adjustments to Reconcile Net Income
36 -72 -27 90 119 -102 174 -161 -34 -49 -6.65
Changes in Operating Assets and Liabilities, net
-16 0.63 -10 -1.09 -2.76 3.49 -11 -7.48 -7.87 14 -16
Net Cash From Financing Activities
2.79 -1.24 56 -145 -142 74 -217 97 60 1.98 78
Net Cash From Continuing Financing Activities
2.79 -1.24 56 -145 -142 74 -217 97 60 1.98 78
Issuance of Debt
65 155 153 20 20 198 99 268 302 459 300
Repayment of Debt
-40 -133 -72 -140 -135 -97 -286 -142 -213 -404 -193
Payment of Dividends
-22 -23 -25 -25 -27 -27 -29 -29 -29 -58 -29
Cash Interest Paid
13 17 18 21 20 18 18 16 19 20 18

Annual Balance Sheets for Bain Capital Specialty Finance

This table presents Bain Capital Specialty Finance's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
2,571 2,592 2,472 2,632
Cash and Due from Banks
117 30 43 52
Restricted Cash
86 66 63 46
Trading Account Securities
5.32 0.06 0.00 2,436
Loans and Leases, Net of Allowance
0.00 0.00 0.00 0.00
Other Assets
77 100 2,351 83
Total Liabilities & Shareholders' Equity
2,571 2,592 2,472 2,632
Total Liabilities
1,471 1,476 1,336 1,492
Accrued Interest Payable
7.06 12 13 14
Other Short-Term Payables
- - - 15
Long-Term Debt
1,415 1,385 1,256 1,390
Other Long-Term Liabilities
49 79 48 60
Commitments & Contingencies
0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
1,100 1,116 1,136 1,140
Total Preferred & Common Equity
1,100 1,116 1,136 1,140
Total Common Equity
1,168 1,116 1,136 1,140
Common Stock
1,168 1,168 1,168 1,160
Retained Earnings
- -52 -32 -20

Quarterly Balance Sheets for Bain Capital Specialty Finance

This table presents Bain Capital Specialty Finance's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Total Assets
4.53 2,606 2,675 2,566 2,580 2,415 2,544 2,642 2,774
Cash and Due from Banks
- 23 88 65 47 18 25 10 28
Restricted Cash
- 51 36 26 74 67 29 56 137
Trading Account Securities
- 1.11 0.06 5.85 0.92 0.65 - 1.47 0.00
Loans and Leases, Net of Allowance
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost
- 3.51 3.28 3.04 2.57 5.12 4.86 4.33 4.07
Other Assets
4.53 125 161 2,443 2,449 91 77 2,509 105
Total Liabilities & Shareholders' Equity
0.00 2,606 2,675 2,566 2,580 2,415 2,544 2,642 2,774
Total Liabilities
0.00 1,485 1,550 1,434 1,438 1,272 1,397 1,498 1,635
Accrued Interest Payable
- 14 16 15 13 12 13 12 14
Long-Term Debt
- 1,408 1,490 1,370 1,358 1,174 1,301 1,451 1,563
Other Long-Term Liabilities
- 63 44 42 49 87 83 25 59
Commitments & Contingencies
- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
0.00 1,168 1,126 1,133 1,143 1,143 1,147 1,145 1,139
Total Preferred & Common Equity
0.00 1,121 1,126 1,133 1,143 1,143 1,147 1,145 1,139
Total Common Equity
0.00 1,168 1,126 1,133 1,143 1,143 1,147 1,145 1,139
Common Stock
- 1,168 1,168 1,168 1,165 1,165 1,165 1,164 1,164
Retained Earnings
- - -43 -36 -23 -23 -19 -20 -25

Annual Metrics And Ratios for Bain Capital Specialty Finance

This table displays calculated financial ratios and metrics derived from Bain Capital Specialty Finance's official financial filings.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - -
Revenue Growth
0.00% 481.63% 13.00% -106.66% 1,854.77%
EBITDA Growth
0.00% 563.96% 13.26% -121.30% 617.59%
EBIT Growth
0.00% 321.00% 14.31% -119.64% 661.08%
NOPAT Growth
0.00% 415.72% 14.31% -113.75% 901.54%
Net Income Growth
0.00% 321.00% 14.31% -119.64% 661.08%
EPS Growth
0.00% 1,228.57% -12.37% 17.18% -3.14%
Operating Cash Flow Growth
0.00% 196.98% -219.31% 169.21% -112.36%
Free Cash Flow Firm Growth
0.00% 0.00% 105.52% -30.24% -105.97%
Invested Capital Growth
0.00% 0.00% -0.53% -4.37% 5.75%
Revenue Q/Q Growth
0.00% 0.00% 0.00% -110.47% 60.59%
EBITDA Q/Q Growth
0.00% 0.00% 0.00% -142.75% 64.46%
EBIT Q/Q Growth
0.00% 0.00% 0.00% -138.44% 64.43%
NOPAT Q/Q Growth
0.00% 0.00% 0.00% -127.93% 64.43%
Net Income Q/Q Growth
0.00% 0.00% 0.00% -134.37% 64.43%
EPS Q/Q Growth
0.00% 0.00% 0.00% 0.00% -7.50%
Operating Cash Flow Q/Q Growth
0.00% 0.00% -1.95% 64.08% -119.14%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00% -104.08%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% -4.41% 3.38%
Profitability Metrics
- - - - -
EBITDA Margin
0.00% 64.28% 64.42% 0.00% 60.79%
EBIT Margin
0.00% 64.24% 64.99% 0.00% 61.31%
Profit (Net Income) Margin
0.00% 64.24% 64.99% 0.00% 61.31%
Tax Burden Percent
100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent
100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
0.00% 8.33% 4.77% 0.00% 5.36%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 8.33% 4.77% 0.00% 5.36%
Return on Net Nonoperating Assets (RNNOA)
0.00% 10.72% 6.03% 0.00% 6.24%
Return on Equity (ROE)
0.00% 19.05% 10.81% -2.09% 11.60%
Cash Return on Invested Capital (CROIC)
0.00% -191.67% 5.30% 3.79% -0.23%
Operating Return on Assets (OROA)
0.00% 4.07% 4.64% 0.00% 5.17%
Return on Assets (ROA)
0.00% 4.07% 4.64% 0.00% 5.17%
Return on Common Equity (ROCE)
0.00% 20.23% 11.14% -2.09% 11.60%
Return on Equity Simple (ROE_SIMPLE)
0.00% 9.52% 10.73% -2.07% 11.58%
Net Operating Profit after Tax (NOPAT)
-33 105 120 -16 132
NOPAT Margin
0.00% 64.24% 64.99% 0.00% 61.31%
Net Nonoperating Expense Percent (NNEP)
0.00% 0.00% 0.00% 0.53% 0.00%
SG&A Expenses to Revenue
0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
0.00% 35.76% 35.01% 0.00% 38.69%
Earnings before Interest and Taxes (EBIT)
-47 105 120 -24 132
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-23 105 119 -25 131
Valuation Ratios
- - - - -
Price to Book Value (P/BV)
0.00 0.00 0.54 0.75 0.97
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.54 0.75 0.97
Price to Revenue (P/Rev)
0.00 0.00 3.25 0.00 5.11
Price to Earnings (P/E)
0.00 0.00 5.68 0.00 9.22
Dividend Yield
18.31% 12.71% 14.88% 12.15% 8.09%
Earnings Yield
0.00% 0.00% 17.62% 0.00% 10.85%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.75 0.84 0.95
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 10.24 0.00 11.12
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 15.90 0.00 18.29
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 15.76 0.00 18.13
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 15.76 0.00 18.13
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 9.12 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 14.19 21.54 0.00
Leverage & Solvency
- - - - -
Debt to Equity
0.00 1.29 1.24 1.11 1.22
Long-Term Debt to Equity
0.00 1.29 1.24 1.11 1.22
Financial Leverage
0.00 1.29 1.26 1.17 1.16
Leverage Ratio
0.00 2.34 2.33 2.25 2.24
Compound Leverage Factor
0.00 2.34 2.33 2.25 2.24
Debt to Total Capital
0.00% 56.26% 55.37% 52.50% 54.95%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 56.26% 55.37% 52.50% 54.95%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% -2.72% 0.00% 0.00% 0.00%
Common Equity to Total Capital
0.00% 46.46% 44.63% 47.50% 45.05%
Debt to EBITDA
0.00 13.50 11.67 -49.67 10.62
Net Debt to EBITDA
0.00 11.56 10.86 -45.47 9.88
Long-Term Debt to EBITDA
0.00 13.50 11.67 -49.67 10.62
Debt to NOPAT
0.00 13.51 11.57 -76.26 10.53
Net Debt to NOPAT
0.00 11.56 10.76 -69.82 9.80
Long-Term Debt to NOPAT
0.00 13.51 11.57 -76.26 10.53
Noncontrolling Interest Sharing Ratio
0.00% -6.22% -3.09% 0.00% 0.00%
Liquidity Ratios
- - - - -
Cash Flow Metrics
- - - - -
Free Cash Flow to Firm (FCFF)
0.00 -2,410 133 93 -5.54
Operating Cash Flow to CapEx
0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense
0.00 -46.94 2.54 1.16 -0.07
Operating Cash Flow to Interest Expense
1.41 5.17 -6.06 2.74 -0.36
Operating Cash Flow Less CapEx to Interest Expense
1.41 5.17 -6.06 2.74 -0.36
Efficiency Ratios
- - - - -
Asset Turnover
0.00 0.06 0.07 0.00 0.08
Fixed Asset Turnover
0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics
- - - - -
Invested Capital
0.00 2,515 2,502 2,392 2,530
Invested Capital Turnover
0.00 0.13 0.07 0.00 0.09
Increase / (Decrease) in Invested Capital
0.00 2,515 -13 -109 138
Enterprise Value (EV)
0.00 0.00 1,888 2,000 2,394
Market Capitalization
0.00 0.00 599 850 1,101
Book Value per Share
$0.00 $18.10 $17.29 $17.60 $17.65
Tangible Book Value per Share
$0.00 $18.10 $17.29 $17.60 $17.65
Total Capital
0.00 2,515 2,502 2,392 2,530
Total Debt
0.00 1,415 1,385 1,256 1,390
Total Long-Term Debt
0.00 1,415 1,385 1,256 1,390
Net Debt
0.00 1,211 1,289 1,150 1,293
Capital Expenditures (CapEx)
0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)
14 0.00 0.00 7.06 0.00
Net Nonoperating Obligations (NNO)
0.00 1,415 1,385 1,256 1,390
Total Depreciation and Amortization (D&A)
25 0.06 -1.04 -1.76 -1.13
Earnings Adjustments
- - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $1.63 $1.91 $1.85
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 64.56M 64.56M 64.56M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $1.63 $1.91 $1.85
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 64.56M 64.56M 64.56M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 64.56M 64.56M 64.61M
Normalized Net Operating Profit after Tax (NOPAT)
-33 73 84 -16 92
Normalized NOPAT Margin
0.00% 44.97% 45.49% 0.00% 42.92%
Pre Tax Income Margin
0.00% 64.24% 64.99% 0.00% 61.31%
Debt Service Ratios
- - - - -
EBIT to Interest Expense
-0.75 2.04 2.29 -0.29 1.77
NOPAT to Interest Expense
-0.52 2.04 2.29 -0.21 1.77
EBIT Less CapEx to Interest Expense
-0.75 2.04 2.29 -0.29 1.77
NOPAT Less CapEx to Interest Expense
-0.52 2.04 2.29 -0.21 1.77
Payout Ratios
- - - - -
Dividend Payout Ratio
-181.94% 83.81% 73.32% -422.60% 86.57%
Augmented Payout Ratio
-181.94% 83.81% 73.32% -422.60% 86.57%

Quarterly Metrics And Ratios for Bain Capital Specialty Finance

This table displays calculated financial ratios and metrics derived from Bain Capital Specialty Finance's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
0.00% -119.86% 6.58% -282.04% -127.99% 2,261.24% -7.60% 250.07% 287.08% -149.90% -23.74%
EBITDA Growth
0.00% -151.19% 49.83% -343.27% -126.38% 725.68% -24.26% 182.02% 291.05% -189.79% -31.26%
EBIT Growth
0.00% -141.96% 50.72% -340.19% -126.25% 843.10% -25.00% 182.91% 293.55% -187.43% -31.67%
NOPAT Growth
0.00% -129.37% 38.07% -268.14% -119.01% 1,161.57% -25.00% 218.44% 376.50% -161.20% -31.67%
Net Income Growth
0.00% -141.96% 114.09% -340.19% -123.70% 843.10% -25.00% 182.91% 293.55% -187.43% -31.67%
EPS Growth
0.00% 0.00% 0.00% 0.00% 0.00% 22.22% 0.00% -1.92% -30.61% -20.00% -17.78%
Operating Cash Flow Growth
-8.75% 57.78% 95.08% 222.69% 135.81% -48.26% 2,293.15% -211.07% -113.44% 88.59% -99.66%
Free Cash Flow Firm Growth
0.00% 0.00% 0.00% -22,845.60% 0.00% 102.69% 112.66% 103.43% -206.68% -275.51% -212.17%
Invested Capital Growth
0.00% 0.00% 0.00% 55,210.25% -4.37% -1.15% -11.43% -2.22% 5.75% 3.82% 16.63%
Revenue Q/Q Growth
435.79% -102.82% 1,967.06% -164.54% 17.63% 317.76% -20.17% 4.81% 2.68% -158.09% 221.88%
EBITDA Q/Q Growth
328.84% -109.22% 690.83% -204.12% 53.50% 318.71% -28.48% 12.76% 8.32% -202.79% 154.68%
EBIT Q/Q Growth
329.56% -107.84% 800.59% -201.74% 53.05% 322.04% -29.29% 12.48% 9.61% -200.30% 155.18%
NOPAT Q/Q Growth
315.22% -105.68% 1,100.84% -171.22% 53.05% 417.20% -29.29% 12.48% 9.61% -170.21% 178.82%
Net Income Q/Q Growth
375.93% -107.08% 800.59% -201.74% 53.05% 322.04% -29.29% 12.48% 9.61% -200.30% 155.18%
EPS Q/Q Growth
0.00% 0.00% 0.00% 15.56% -5.77% 12.24% -18.18% 13.33% -33.33% 29.41% -15.91%
Operating Cash Flow Q/Q Growth
163.25% -168.13% 79.58% 1,494.01% 21.56% -142.83% 402.14% -170.60% 85.29% 63.63% 108.89%
Free Cash Flow Firm Q/Q Growth
-100.00% 0.00% -1.81% 2.09% 103.84% -29.74% 379.39% -73.45% -219.30% -15.58% -206.34%
Invested Capital Q/Q Growth
55,186.06% 1.10% 3.41% -4.31% -4.41% 4.50% -7.34% 5.64% 3.38% 2.60% 4.08%
Profitability Metrics
- - - - - - - - - - -
EBITDA Margin
66.08% 0.00% 68.38% 0.00% 0.00% 62.56% 56.05% 60.30% 63.61% 0.00% 50.50%
EBIT Margin
66.38% 0.00% 69.30% 0.00% 0.00% 63.50% 56.24% 60.35% 64.42% 0.00% 50.36%
Profit (Net Income) Margin
73.54% 0.00% 69.30% 0.00% 0.00% 63.50% 56.24% 60.35% 64.42% 0.00% 50.36%
Tax Burden Percent
114.62% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent
96.66% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
4.73% 0.00% 9.03% 0.00% 0.00% 1.32% 1.10% 3.27% 5.64% 0.00% 2.23%
ROIC Less NNEP Spread (ROIC-NNEP)
5.41% 0.00% 9.03% 0.00% 0.00% 1.32% 1.10% 3.27% 5.64% 0.00% 2.23%
Return on Net Nonoperating Assets (RNNOA)
6.71% 0.00% 11.94% 0.00% 0.00% 1.55% 1.29% 3.83% 6.55% 0.00% 2.68%
Return on Equity (ROE)
11.44% 0.00% 20.97% 0.00% -2.09% 2.87% 2.39% 7.10% 12.19% 0.00% 4.91%
Cash Return on Invested Capital (CROIC)
5.32% 0.00% 0.00% 0.00% 3.79% 1.98% 12.59% 5.49% -0.23% -1.45% -13.36%
Operating Return on Assets (OROA)
4.74% 0.00% 4.41% 0.00% 0.00% 1.28% 1.06% 3.17% 5.43% 0.00% 2.16%
Return on Assets (ROA)
5.25% 0.00% 4.41% 0.00% 0.00% 1.28% 1.06% 3.17% 5.43% 0.00% 2.16%
Return on Common Equity (ROCE)
11.79% 0.00% 20.97% 0.00% -2.09% 2.87% 2.39% 7.10% 12.19% 0.00% 4.91%
Return on Equity Simple (ROE_SIMPLE)
0.00% 9.09% 10.80% 6.04% 0.00% 1.83% 1.02% 7.00% 0.00% 5.13% 4.38%
Net Operating Profit after Tax (NOPAT)
65 -3.69 37 -26 -12 39 28 31 34 -24 19
NOPAT Margin
64.16% 0.00% 69.30% 0.00% 0.00% 63.50% 56.24% 60.35% 64.42% 0.00% 50.36%
Net Nonoperating Expense Percent (NNEP)
-0.68% 0.23% 0.00% 1.64% 0.40% 0.00% 0.00% 0.00% 0.00% 0.73% 0.00%
SG&A Expenses to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
33.62% 0.00% 30.70% 0.00% 0.00% 36.50% 43.76% 39.65% 35.58% 0.00% 49.64%
Earnings before Interest and Taxes (EBIT)
67 -5.27 37 -38 -18 39 28 31 34 -34 19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
67 -6.16 36 -38 -18 39 28 31 34 -35 19
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.54 0.53 0.64 0.74 0.75 0.80 0.85 0.89 0.97 0.94 0.86
Price to Tangible Book Value (P/TBV)
0.54 0.53 0.64 0.74 0.75 0.80 0.85 0.89 0.97 0.94 0.86
Price to Revenue (P/Rev)
3.25 3.71 4.24 7.17 0.00 17.43 20.20 7.58 5.11 8.73 8.77
Price to Earnings (P/E)
5.68 7.06 7.09 17.26 0.00 54.06 58.06 11.63 9.22 21.40 21.80
Dividend Yield
14.88% 14.81% 13.06% 11.83% 12.15% 8.87% 8.76% 8.57% 8.09% 11.02% 14.96%
Earnings Yield
17.62% 14.16% 14.11% 5.80% 0.00% 1.85% 1.72% 8.59% 10.85% 4.67% 4.59%
Enterprise Value to Invested Capital (EV/IC)
0.75 0.77 0.80 0.85 0.84 0.86 0.89 0.92 0.95 0.95 0.88
Enterprise Value to Revenue (EV/Rev)
10.24 11.69 12.25 18.09 0.00 41.14 42.80 16.88 11.12 20.00 21.33
Enterprise Value to EBITDA (EV/EBITDA)
15.90 19.42 18.53 35.83 0.00 110.55 194.62 28.43 18.29 42.59 48.33
Enterprise Value to EBIT (EV/EBIT)
15.76 19.15 18.25 34.63 0.00 102.93 177.10 28.18 18.13 41.89 47.54
Enterprise Value to NOPAT (EV/NOPAT)
15.76 19.15 18.62 35.94 0.00 102.93 177.10 28.18 18.13 41.89 47.54
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 15.86 9.12 10.82 5.16 15.98 0.00 83.83 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 21.54 43.07 6.64 16.65 0.00 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
1.24 1.21 1.32 1.21 1.11 1.19 1.03 1.13 1.22 1.27 1.37
Long-Term Debt to Equity
1.24 1.21 1.32 1.21 1.11 1.19 1.03 1.13 1.22 1.27 1.37
Financial Leverage
1.24 1.16 1.32 1.21 1.17 1.18 1.17 1.17 1.16 1.23 1.20
Leverage Ratio
2.33 2.23 2.38 2.27 2.25 2.24 2.24 2.24 2.24 2.28 2.27
Compound Leverage Factor
2.25 2.23 2.38 2.27 2.25 2.24 2.24 2.24 2.24 2.28 2.27
Debt to Total Capital
55.37% 54.65% 56.96% 54.75% 52.50% 54.30% 50.68% 53.15% 54.95% 55.91% 57.84%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
55.37% 54.65% 56.96% 54.75% 52.50% 54.30% 50.68% 53.15% 54.95% 55.91% 57.84%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
44.63% 45.35% 43.04% 45.25% 47.50% 45.70% 49.32% 46.85% 45.05% 44.09% 42.16%
Debt to EBITDA
11.67 14.01 13.23 23.16 -49.67 69.90 110.84 16.34 10.62 25.14 31.82
Net Debt to EBITDA
10.86 13.26 12.12 21.62 -45.47 63.70 102.78 15.66 9.88 24.00 28.46
Long-Term Debt to EBITDA
11.67 14.01 13.23 23.16 -49.67 69.90 110.84 16.34 10.62 25.14 31.82
Debt to NOPAT
11.57 13.81 13.29 23.24 -76.26 65.07 100.86 16.20 10.53 24.73 31.30
Net Debt to NOPAT
10.76 13.08 12.18 21.69 -69.82 59.31 93.52 15.52 9.80 23.61 28.00
Long-Term Debt to NOPAT
11.57 13.81 13.29 23.24 -76.26 65.07 100.86 16.20 10.53 24.73 31.30
Noncontrolling Interest Sharing Ratio
-3.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 -2,533 -2,579 -2,525 97 68 327 87 -103 -120 -366
Operating Cash Flow to CapEx
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense
0.00 -129.55 -126.03 -121.52 5.04 3.77 18.52 4.79 -4.95 -6.32 -16.82
Operating Cash Flow to Interest Expense
2.31 -2.20 -0.43 5.89 7.73 -3.53 10.91 -7.50 -0.96 -0.38 0.03
Operating Cash Flow Less CapEx to Interest Expense
2.31 -2.20 -0.43 5.89 7.73 -3.53 10.91 -7.50 -0.96 -0.38 0.03
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.07 0.06 0.06 0.09 0.00 0.02 0.02 0.05 0.08 0.05 0.04
Fixed Asset Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
2,502 2,529 2,615 2,503 2,392 2,500 2,316 2,447 2,530 2,596 2,702
Invested Capital Turnover
0.07 0.13 0.13 0.09 0.00 0.02 0.02 0.05 0.09 0.05 0.04
Increase / (Decrease) in Invested Capital
0.00 2,529 2,615 2,498 -109 -29 -299 -56 138 96 385
Enterprise Value (EV)
1,888 1,953 2,087 2,119 2,000 2,147 2,061 2,263 2,394 2,458 2,373
Market Capitalization
599 619 722 840 850 910 973 1,017 1,101 1,073 976
Book Value per Share
$17.29 $18.10 $17.44 $17.54 $17.60 $17.70 $17.70 $17.76 $17.65 $17.71 $17.56
Tangible Book Value per Share
$17.29 $18.10 $17.44 $17.54 $17.60 $17.70 $17.70 $17.76 $17.65 $17.71 $17.56
Total Capital
2,502 2,576 2,615 2,503 2,392 2,500 2,316 2,447 2,530 2,596 2,702
Total Debt
1,385 1,408 1,490 1,370 1,256 1,358 1,174 1,301 1,390 1,451 1,563
Total Long-Term Debt
1,385 1,408 1,490 1,370 1,256 1,358 1,174 1,301 1,390 1,451 1,563
Net Debt
1,289 1,333 1,366 1,279 1,150 1,237 1,089 1,246 1,293 1,385 1,398
Capital Expenditures (CapEx)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)
-9.49 1.58 0.00 11 5.29 0.00 0.00 0.00 0.00 10 0.00
Net Nonoperating Obligations (NNO)
1,385 1,361 1,490 1,370 1,256 1,358 1,174 1,301 1,390 1,451 1,563
Total Depreciation and Amortization (D&A)
-0.30 -0.90 -0.49 -0.37 -0.01 -0.58 -0.09 -0.03 -0.43 -0.41 0.05
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.67 $0.45 $0.45 $0.52 $0.49 $0.55 $0.45 $0.51 $0.34 $0.44 $0.37
Adjusted Weighted Average Basic Shares Outstanding
64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.68M 64.87M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.49 $0.55 $0.45 $0.51 $0.34 $0.44 $0.37
Adjusted Weighted Average Diluted Shares Outstanding
64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.68M 64.87M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.47
Adjusted Weighted Average Basic & Diluted Shares Outstanding
64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.61M 64.87M 64.87M
Normalized Net Operating Profit after Tax (NOPAT)
45 -3.69 26 -26 -12 27 19 22 24 -24 13
Normalized NOPAT Margin
44.91% 0.00% 48.51% 0.00% 0.00% 44.45% 39.37% 42.25% 45.10% 0.00% 35.25%
Pre Tax Income Margin
64.16% 0.00% 69.30% 0.00% 0.00% 63.50% 56.24% 60.35% 64.42% 0.00% 50.36%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
2.46 -0.27 1.80 -1.81 -0.92 2.17 1.57 1.72 1.63 -1.81 0.87
NOPAT to Interest Expense
2.38 -0.19 1.80 -1.26 -0.64 2.17 1.57 1.72 1.63 -1.27 0.87
EBIT Less CapEx to Interest Expense
2.46 -0.27 1.80 -1.81 -0.92 2.17 1.57 1.72 1.63 -1.81 0.87
NOPAT Less CapEx to Interest Expense
2.38 -0.19 1.80 -1.26 -0.64 2.17 1.57 1.72 1.63 -1.27 0.87
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
73.32% 87.39% 75.39% 137.70% -422.60% 495.16% 926.36% 139.93% 86.57% 247.82% 291.53%
Augmented Payout Ratio
73.32% 87.39% 75.39% 137.70% -422.60% 495.16% 926.36% 139.93% 86.57% 247.82% 291.53%

Financials Breakdown Chart

Key Financial Trends

Bain Capital Specialty Finance (NYSE: BCSF) has demonstrated noteworthy financial trends over the past four years, through varying market conditions. Here are the key insights based on their quarterly financial statements from mid-2022 through Q2 2025:

  • Consistent Revenue Generation: Net interest income has remained strong and positive in the last several quarters, with total interest income typically over $50 million and net interest income consistently positive since late 2023 and through mid-2025. This indicates solid interest earning assets and effective management of interest expenses.
  • Improving Net Income: After several quarters of losses or lower earnings in early 2023 (Q1 and Q3 showed negative net income), the company improved significantly, reporting positive net income for most quarters in 2024 and continuing this in 2025. For example, Q2 2025 net income was $23.7 million compared to a loss in early 2023.
  • Strong Operating Cash Flow in 2024 and 2025: Notably, operating cash flow turned positive and substantial in much of 2024 and continuing into 2025 after negative cash flow periods. For example, Q2 2024 saw $192 million in net cash from operating activities, and Q2 2025 maintained positive operating cash flow at $646,000, showing operational improvements.
  • Substantial Dividend Payments: Bain Capital Specialty Finance paid dividends consistently each quarter, with payments in the $20-$29 million range. This signals ongoing shareholder returns and financial strength to sustain dividends even with shifts in net income.
  • Capital Raising via Debt Issuance: Throughout these years, the company has actively managed its capital structure with significant debt issuances (e.g., $300 million issuance in Q2 2025, $459 million in Q1 2025). Efficient debt management supports liquidity and funding growth/investment strategies.
  • Fluctuations in Non-Interest Income: The net realized and unrealized capital gains/losses have exhibited volatility, including negative values in some quarters (e.g., -$11.75 million in Q2 2025) and positive in others (e.g., $62 million in Q4 2023). This variability introduces earnings volatility but is typical for finance companies with investment portfolios.
  • Stable Equity Base: Total common equity has remained relatively steady around $1.1 billion, showing limited dilution or capital changes despite changes in net income and liabilities.
  • High Debt Levels: Long-term debt has ranged roughly between $1.15 billion and $1.56 billion from 2023 through mid-2025. While manageable currently, this represents a high leverage level that could increase interest obligations or risk if market conditions deteriorate.
  • Negative Operating Cash Flow Periods in 2023: The company experienced several quarters in 2023 with significant negative operating cash flow (e.g., -$135 million in Q3 2023, -$42 million in Q1 2023), indicating operational challenges during that time.
  • Volatile Earnings Per Share: Earnings per share have fluctuated widely, from losses per share in early 2023 to modest gains in 2024-2025. For example, EPS dropped to negative ($-0.44) in Q1 2025 but rebounded to $0.37 in Q2 2025. This volatility may affect investor confidence.

Summary: Bain Capital Specialty Finance shows a positive rebound in earnings and operating cash flows from mid-2023 onwards, supported by active debt issuance and consistent dividend payments. However, investors should be mindful of the high leverage, earnings volatility, and fluctuating capital gains, which could introduce risks moving forward.

10/24/25 08:11 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Bain Capital Specialty Finance's Financials

When does Bain Capital Specialty Finance's financial year end?

According to the most recent income statement we have on file, Bain Capital Specialty Finance's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Bain Capital Specialty Finance's net income changed over the last 4 years?

Bain Capital Specialty Finance's net income appears to be on an upward trend, with a most recent value of $132.01 million in 2024, falling from -$47.41 million in 2020. The previous period was -$23.53 million in 2023. Find out what analysts predict for Bain Capital Specialty Finance in the coming months.

How has Bain Capital Specialty Finance's revenue changed over the last 4 years?

Over the last 4 years, Bain Capital Specialty Finance's total revenue changed from -$42.73 million in 2020 to $215.29 million in 2024, a change of -603.8%.

How much debt does Bain Capital Specialty Finance have?

Bain Capital Specialty Finance's total liabilities were at $1.49 billion at the end of 2024, a 11.7% increase from 2023, and a 1.4% increase since 2021.

How much cash does Bain Capital Specialty Finance have?

In the past 3 years, Bain Capital Specialty Finance's cash and equivalents has ranged from $30.21 million in 2022 to $117.42 million in 2021, and is currently $51.56 million as of their latest financial filing in 2024.

How has Bain Capital Specialty Finance's book value per share changed over the last 4 years?

Over the last 4 years, Bain Capital Specialty Finance's book value per share changed from 0.00 in 2020 to 17.65 in 2024, a change of 1,765.2%.



This page (NYSE:BCSF) was last updated on 10/24/2025 by MarketBeat.com Staff
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