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Bain Capital Specialty Finance (BCSF) Financials

Bain Capital Specialty Finance logo
$13.98 -0.08 (-0.56%)
Closing price 05/6/2026 03:59 PM Eastern
Extended Trading
$14.04 +0.05 (+0.39%)
As of 05/6/2026 07:56 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -47 120 105 -23 119 -13
Consolidated Net Income / (Loss)		 -47 105 120 -23 132 -13
Net Income / (Loss) Continuing Operations		 -47 105 120 -23 132 -13
Total Pre-Tax Income 		-47 105 120 -23 132 -13
Total Revenue		 -43 163 184 -12 215 -1.81
Net Interest Income / (Expense)		 -63 116 114 -80 148 -81
Total Interest Income		 0.00 167 166 0.00 222 0.00
Total Interest Expense		 63 51 52 80 75 81
Long-Term Debt Interest Expense		 63 51 52 80 75 81
Total Non-Interest Income		 21 47 70 68 68 79
Other Service Charges		 2.16 6.17 15 11 19 9.88
Net Realized & Unrealized Capital Gains on Investments		 18 17 17 57 -2.70 69
Total Non-Interest Expense		 4.67 58 65 11 83 11
Other Operating Expenses		 4.67 39 45 11 54 11
Basic Earnings per Share		 $0.14 $1.86 $1.63 $1.91 $1.85 $1.53
Weighted Average Basic Shares Outstanding		 58.67M 64.56M 64.56M 64.56M 64.56M 64.82M
Diluted Earnings per Share		 $0.14 $1.86 $1.63 $1.91 $1.85 $1.53
Weighted Average Diluted Shares Outstanding		 58.67M 64.56M 64.56M 64.56M 64.56M 64.82M
Weighted Average Basic & Diluted Shares Outstanding		 - - 64.56M 64.56M 64.61M 64.87M

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 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 9/30/2025 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 29 -38 -9.91 35 29 33 22 -34 24 19 -21
Consolidated Net Income / (Loss)		 37 -38 -18 39 28 31 34 -34 19 22 -20
Net Income / (Loss) Continuing Operations		 37 -38 -18 39 28 31 34 -34 19 22 -20
Total Pre-Tax Income 		37 -38 -18 39 28 31 34 -34 19 22 -20
Total Revenue		 53 -34 -28 62 49 52 53 -31 37 40 -48
Net Interest Income / (Expense)		 38 -21 -77 38 37 37 35 -19 32 34 -128
Total Interest Income		 58 0.00 -58 56 55 55 56 0.00 54 54 -108
Total Interest Expense		 20 21 19 18 18 18 21 19 22 20 20
Long-Term Debt Interest Expense		 20 21 19 18 18 18 21 19 22 20 20
Total Non-Interest Income		 16 -14 49 24 12 14 18 -12 5.02 5.88 80
Other Service Charges		 1.92 1.01 2.38 5.26 3.14 5.70 4.50 2.88 4.16 1.61 1.24
Net Realized & Unrealized Capital Gains on Investments		 -2.03 -15 62 5.17 -5.45 -2.89 0.47 -15 -12 -7.39 103
Total Non-Interest Expense		 16 3.18 -11 22 22 20 19 3.46 19 18 -28
Other Operating Expenses		 12 3.18 -6.67 13 14 13 14 3.46 13 13 -18
Basic Earnings per Share		 $0.45 $0.52 $0.49 $0.55 $0.45 $0.51 $0.34 $0.44 $0.37 $0.29 $0.43
Weighted Average Basic Shares Outstanding		 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.68M 64.87M 64.87M 64.82M
Diluted Earnings per Share		 $0.45 $0.52 $0.49 $0.55 $0.45 $0.51 $0.34 $0.44 $0.37 $0.29 $0.43
Weighted Average Diluted Shares Outstanding		 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.68M 64.87M 64.87M 64.82M
Weighted Average Basic & Diluted Shares Outstanding		 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.61M 64.87M 64.87M 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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 13 127 -79 -12 -13 -42
Net Cash From Operating Activities		 89 266 -317 219 -27 30
Net Cash From Continuing Operating Activities		 89 266 -317 219 -27 30
Net Income / (Loss) Continuing Operations		 8.28 120 105 123 119 99
Consolidated Net Income / (Loss)		 8.28 120 105 123 119 99
Amortization Expense		 -3.23 0.06 -1.04 -1.76 -1.13 0.05
Non-Cash Adjustments to Reconcile Net Income		 78 167 -393 109 -125 -45
Changes in Operating Assets and Liabilities, net		 -22 -21 -28 -12 -21 -24
Net Cash From Investing Activities		 0.00 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 0.00
Net Cash From Financing Activities		 -77 -139 238 -231 14 -72
Net Cash From Continuing Financing Activities		 -77 -139 238 -231 14 -72
Issuance of Debt		 597 1,425 793 348 867 1,306
Issuance of Common Equity		 132 - - 0.00 0.00 5.48
Repayment of Debt		 -716 -1,476 -467 -480 -738 -1,238
Payment of Dividends		 -86 -88 -88 -99 -114 -146
Cash Interest Paid		 68 47 43 75 70 77
Cash Income Taxes Paid		 0.00 0.24 0.13 0.83 2.25 3.34

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 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 9/30/2025 12/31/2025
Net Change in Cash & Equivalents		 48 -22 6.57 10 -24 -39 40 -5.29 78 -88 -28
Net Cash From Operating Activities		 -8.77 122 149 -64 192 -136 -20 -7.27 0.65 9.00 27
Net Cash From Continuing Operating Activities		 -8.77 122 148 -64 193 -136 -20 -7.27 0.65 9.00 27
Net Income / (Loss) Continuing Operations		 29 34 31 35 29 33 22 29 24 19 28
Consolidated Net Income / (Loss)		 29 34 31 35 29 33 22 29 24 19 28
Amortization Expense		 -0.49 -0.37 -0.01 -0.58 -0.09 -0.03 -0.43 -0.41 0.05 0.41 -0.01
Non-Cash Adjustments to Reconcile Net Income		 -27 90 119 -102 174 -161 -34 -49 -6.65 -26 37
Changes in Operating Assets and Liabilities, net		 -10 -1.09 -2.76 3.49 -11 -7.48 -7.87 14 -16 16 -38
Net Cash From Financing Activities		 56 -145 -142 74 -217 97 60 1.98 78 -97 -55
Net Cash From Continuing Financing Activities		 56 -145 -142 74 -217 97 60 1.98 78 -97 -55
Issuance of Debt		 153 20 20 198 99 268 302 459 300 406 141
Repayment of Debt		 -72 -140 -135 -97 -286 -142 -213 -404 -193 -473 -167
Payment of Dividends		 -25 -25 -27 -27 -29 -29 -29 -58 -29 -29 -29
Cash Interest Paid		 18 21 20 18 18 16 19 20 18 20 19

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,571 2,592 2,472 2,632 2,663
Cash and Due from Banks		 117 30 43 52 23
Restricted Cash		 86 66 63 46 33
Trading Account Securities		 5.32 0.06 0.00 2,436 0.00
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 2.18 3.74 2.80 - 3.54
Other Assets		 77 100 2,351 83 100
Total Liabilities & Shareholders' Equity		 2,571 2,592 2,472 2,632 2,663
Total Liabilities		 1,471 1,476 1,336 1,492 1,545
Accrued Interest Payable		 7.06 12 13 14 12
Long-Term Debt		 1,415 1,385 1,256 1,390 1,471
Other Long-Term Liabilities		 49 79 48 60 62
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,100 1,116 1,136 1,140 1,117
Total Preferred & Common Equity		 1,100 1,116 1,136 1,140 1,117
Total Common Equity		 1,168 1,116 1,136 1,140 1,117
Common Stock		 1,168 1,168 1,168 1,160 1,161
Retained Earnings		 - -52 -32 -20 -44

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 Q3 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 9/30/2025
Total Assets		 4.53 2,606 2,675 2,566 2,580 2,415 2,544 2,642 2,774 2,716
Cash and Due from Banks		 - 23 88 65 47 18 25 10 28 41
Restricted Cash		 - 51 36 26 74 67 29 56 137 26
Trading Account Securities		 - 1.11 0.06 5.85 0.92 0.65 - 1.47 0.00 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 0.00
Deferred Acquisition Cost		 - 3.51 3.28 3.04 2.57 5.12 4.86 4.33 4.07 3.81
Other Assets		 4.53 125 161 2,443 2,449 91 77 2,509 105 2,590
Total Liabilities & Shareholders' Equity		 0.00 2,606 2,675 2,566 2,580 2,415 2,544 2,642 2,774 2,716
Total Liabilities		 0.00 1,485 1,550 1,434 1,438 1,272 1,397 1,498 1,635 1,587
Accrued Interest Payable		 - 14 16 15 13 12 13 12 14 13
Long-Term Debt		 - 1,408 1,490 1,370 1,358 1,174 1,301 1,451 1,563 1,496
Other Long-Term Liabilities		 - 63 44 42 49 87 83 25 59 63
Commitments & Contingencies		 - 0.00 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 1,129
Total Preferred & Common Equity		 0.00 1,121 1,126 1,133 1,143 1,143 1,147 1,145 1,139 1,129
Total Common Equity		 0.00 1,168 1,126 1,133 1,143 1,143 1,147 1,145 1,139 1,129
Common Stock		 - 1,168 1,168 1,168 1,165 1,165 1,165 1,164 1,164 1,164
Retained Earnings		 - - -43 -36 -23 -23 -19 -20 -25 -36

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 64,868,507.00
DEI Adjusted Shares Outstanding		 - - - - - 64,868,507.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -0.20
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 481.63% 13.00% -106.66% 1,854.77% -100.84%
EBITDA Growth		 0.00% 563.96% 13.26% -121.30% 617.59% -109.97%
EBIT Growth		 0.00% 321.00% 14.31% -119.64% 661.08% -109.92%
NOPAT Growth		 0.00% 415.72% 14.31% -113.75% 901.54% -106.94%
Net Income Growth		 0.00% 321.00% 14.31% -119.64% 661.08% -109.92%
EPS Growth		 0.00% 1,228.57% -12.37% 17.18% -3.14% -17.30%
Operating Cash Flow Growth		 0.00% 196.98% -219.31% 169.21% -112.36% 208.95%
Free Cash Flow Firm Growth		 0.00% 0.00% 105.52% -30.24% -105.97% -1,117.57%
Invested Capital Growth		 0.00% 0.00% -0.53% -4.37% 5.75% 2.30%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -110.47% 60.59% -101.83%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -142.75% 64.46% -132.40%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -138.44% 64.43% -132.22%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -127.93% 64.43% -122.56%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -134.37% 64.43% -132.22%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -7.50% 6.25%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -1.95% 64.08% -119.14% 267.65%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -104.08% 50.81%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -4.41% 3.38% -1.40%
Profitability Metrics		 - - - - - -
EBITDA Margin		 0.00% 64.28% 64.42% 0.00% 60.79% 0.00%
EBIT Margin		 0.00% 64.24% 64.99% 0.00% 61.31% 0.00%
Profit (Net Income) Margin		 0.00% 64.24% 64.99% 0.00% 61.31% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 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%
Return on Invested Capital (ROIC)		 0.00% 8.33% 4.77% 0.00% 5.36% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 8.33% 4.77% 0.00% 5.36% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 10.72% 6.03% 0.00% 6.24% 0.00%
Return on Equity (ROE)		 0.00% 19.05% 10.81% -2.09% 11.60% -1.16%
Cash Return on Invested Capital (CROIC)		 0.00% -191.67% 5.30% 3.79% -0.23% -2.63%
Operating Return on Assets (OROA)		 0.00% 4.07% 4.64% 0.00% 5.17% 0.00%
Return on Assets (ROA)		 0.00% 4.07% 4.64% 0.00% 5.17% 0.00%
Return on Common Equity (ROCE)		 0.00% 20.23% 11.14% -2.09% 11.60% -1.16%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 9.52% 10.73% -2.07% 11.58% -1.17%
Net Operating Profit after Tax (NOPAT)		 -33 105 120 -16 132 -9.17
NOPAT Margin		 0.00% 64.24% 64.99% 0.00% 61.31% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.53% 0.00% 0.27%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 35.76% 35.01% 0.00% 38.69% 0.00%
Earnings before Interest and Taxes (EBIT)		 -47 105 120 -24 132 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -23 105 119 -25 131 -13
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.54 0.75 0.97 0.81
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.54 0.75 0.97 0.81
Price to Revenue (P/Rev)		 0.00 0.00 3.25 0.00 5.11 0.00
Price to Earnings (P/E)		 0.00 0.00 5.68 0.00 9.22 0.00
Dividend Yield		 18.31% 12.71% 14.88% 12.15% 8.09% 14.02%
Earnings Yield		 0.00% 0.00% 17.62% 0.00% 10.85% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.75 0.84 0.95 0.90
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 10.24 0.00 11.12 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 15.90 0.00 18.29 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 15.76 0.00 18.13 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 15.76 0.00 18.13 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 9.12 0.00 78.49
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 14.19 21.54 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 1.29 1.24 1.11 1.22 1.32
Long-Term Debt to Equity		 0.00 1.29 1.24 1.11 1.22 1.32
Financial Leverage		 0.00 1.29 1.26 1.17 1.16 1.27
Leverage Ratio		 0.00 2.34 2.33 2.25 2.24 2.35
Compound Leverage Factor		 0.00 2.34 2.33 2.25 2.24 2.35
Debt to Total Capital		 0.00% 56.26% 55.37% 52.50% 54.95% 56.83%
Short-Term Debt to Total Capital		 0.00% 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% 56.83%
Preferred Equity to Total Capital		 0.00% 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% 0.00%
Common Equity to Total Capital		 0.00% 46.46% 44.63% 47.50% 45.05% 43.17%
Debt to EBITDA		 0.00 13.50 11.67 -49.67 10.62 -112.76
Net Debt to EBITDA		 0.00 11.56 10.86 -45.47 9.88 -108.48
Long-Term Debt to EBITDA		 0.00 13.50 11.67 -49.67 10.62 -112.76
Debt to NOPAT		 0.00 13.51 11.57 -76.26 10.53 -160.48
Net Debt to NOPAT		 0.00 11.56 10.76 -69.82 9.80 -154.39
Long-Term Debt to NOPAT		 0.00 13.51 11.57 -76.26 10.53 -160.48
Noncontrolling Interest Sharing Ratio		 0.00% -6.22% -3.09% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -2,410 133 93 -5.54 -67
Operating Cash Flow to CapEx		 0.00% 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 -0.84
Operating Cash Flow to Interest Expense		 1.41 5.17 -6.06 2.74 -0.36 0.37
Operating Cash Flow Less CapEx to Interest Expense		 1.41 5.17 -6.06 2.74 -0.36 0.37
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.06 0.07 0.00 0.08 0.00
Fixed Asset Turnover		 0.00 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 2,588
Invested Capital Turnover		 0.00 0.13 0.07 0.00 0.09 0.00
Increase / (Decrease) in Invested Capital		 0.00 2,515 -13 -109 138 58
Enterprise Value (EV)		 0.00 0.00 1,888 2,000 2,394 2,317
Market Capitalization		 0.00 0.00 599 850 1,101 902
Book Value per Share		 $0.00 $18.10 $17.29 $17.60 $17.65 $17.23
Tangible Book Value per Share		 $0.00 $18.10 $17.29 $17.60 $17.65 $17.23
Total Capital		 0.00 2,515 2,502 2,392 2,530 2,588
Total Debt		 0.00 1,415 1,385 1,256 1,390 1,471
Total Long-Term Debt		 0.00 1,415 1,385 1,256 1,390 1,471
Net Debt		 0.00 1,211 1,289 1,150 1,293 1,415
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 14 0.00 0.00 7.06 0.00 3.93
Net Nonoperating Obligations (NNO)		 0.00 1,415 1,385 1,256 1,390 1,471
Total Depreciation and Amortization (D&A)		 25 0.06 -1.04 -1.76 -1.13 0.05
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $1.63 $1.91 $1.85 $1.53
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 64.56M 64.56M 64.56M 64.82M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.63 $1.91 $1.85 $1.53
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 64.56M 64.56M 64.56M 64.82M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 64.87M
Normalized Net Operating Profit after Tax (NOPAT)		 -33 73 84 -16 92 -9.17
Normalized NOPAT Margin		 0.00% 44.97% 45.49% 0.00% 42.92% 0.00%
Pre Tax Income Margin		 0.00% 64.24% 64.99% 0.00% 61.31% 0.00%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -0.75 2.04 2.29 -0.29 1.77 -0.16
NOPAT to Interest Expense		 -0.52 2.04 2.29 -0.21 1.77 -0.11
EBIT Less CapEx to Interest Expense		 -0.75 2.04 2.29 -0.29 1.77 -0.16
NOPAT Less CapEx to Interest Expense		 -0.52 2.04 2.29 -0.21 1.77 -0.11
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 -181.94% 83.81% 73.32% -422.60% 86.57% -1,113.70%
Augmented Payout Ratio		 -181.94% 83.81% 73.32% -422.60% 86.57% -1,113.70%

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 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 9/30/2025 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 64,868,507.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 64,868,507.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.30
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 6.58% -282.04% -127.99% 2,261.24% -7.60% 250.07% 287.08% -149.90% -23.74% -23.35% -190.72%
EBITDA Growth		 49.83% -343.27% -126.38% 725.68% -24.26% 182.02% 291.05% -189.79% -31.26% -28.47% -158.12%
EBIT Growth		 50.72% -340.19% -126.25% 843.10% -25.00% 182.91% 293.55% -187.43% -31.67% -29.85% -157.36%
NOPAT Growth		 38.07% -268.14% -119.01% 1,161.57% -25.00% 218.44% 376.50% -161.20% -31.67% -29.85% -140.15%
Net Income Growth		 114.09% -340.19% -123.70% 843.10% -25.00% 182.91% 293.55% -187.43% -31.67% -29.85% -157.36%
EPS Growth		 0.00% 0.00% 0.00% 22.22% 0.00% -1.92% -30.61% -20.00% -17.78% -43.14% 26.47%
Operating Cash Flow Growth		 95.08% 222.69% 135.81% -48.26% 2,293.15% -211.07% -113.44% 88.59% -99.66% 106.62% 235.86%
Free Cash Flow Firm Growth		 0.00% -22,845.60% 0.00% 102.69% 112.66% 103.43% -206.68% -275.51% -212.17% -279.78% 30.39%
Invested Capital Growth		 0.00% 55,210.25% -4.37% -1.15% -11.43% -2.22% 5.75% 3.82% 16.63% 7.26% 2.30%
Revenue Q/Q Growth		 1,967.06% -164.54% 17.63% 317.76% -20.17% 4.81% 2.68% -158.09% 221.88% 5.44% -221.62%
EBITDA Q/Q Growth		 690.83% -204.12% 53.50% 318.71% -28.48% 12.76% 8.32% -202.79% 154.68% 17.50% -188.11%
EBIT Q/Q Growth		 800.59% -201.74% 53.05% 322.04% -29.29% 12.48% 9.61% -200.30% 155.18% 15.63% -189.74%
NOPAT Q/Q Growth		 1,100.84% -171.22% 53.05% 417.20% -29.29% 12.48% 9.61% -170.21% 178.82% 15.63% -162.82%
Net Income Q/Q Growth		 800.59% -201.74% 53.05% 322.04% -29.29% 12.48% 9.61% -200.30% 155.18% 15.63% -189.74%
EPS Q/Q Growth		 0.00% 15.56% -5.77% 12.24% -18.18% 13.33% -33.33% 29.41% -15.91% -21.62% 48.28%
Operating Cash Flow Q/Q Growth		 79.58% 1,494.01% 21.56% -142.83% 402.14% -170.60% 85.29% 63.63% 108.89% 1,292.57% 201.81%
Free Cash Flow Firm Q/Q Growth		 -1.81% 2.09% 103.84% -29.74% 379.39% -73.45% -219.30% -15.58% -206.34% 57.44% 53.83%
Invested Capital Q/Q Growth		 3.41% -4.31% -4.41% 4.50% -7.34% 5.64% 3.38% 2.60% 4.08% -2.84% -1.40%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 68.38% 0.00% 0.00% 62.56% 56.05% 60.30% 63.61% 0.00% 50.50% 56.27% 0.00%
EBIT Margin		 69.30% 0.00% 0.00% 63.50% 56.24% 60.35% 64.42% 0.00% 50.36% 55.23% 0.00%
Profit (Net Income) Margin		 69.30% 0.00% 0.00% 63.50% 56.24% 60.35% 64.42% 0.00% 50.36% 55.23% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 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)		 9.03% 0.00% 0.00% 1.32% 1.10% 3.27% 5.64% 0.00% 2.23% 2.16% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.03% 0.00% 0.00% 1.32% 1.10% 3.27% 5.64% 0.00% 2.23% 2.16% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 11.94% 0.00% 0.00% 1.55% 1.29% 3.83% 6.55% 0.00% 2.68% 2.66% 0.00%
Return on Equity (ROE)		 20.97% 0.00% -2.09% 2.87% 2.39% 7.10% 12.19% 0.00% 4.91% 4.82% -1.16%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 3.79% 1.98% 12.59% 5.49% -0.23% -1.45% -13.36% -5.41% -2.63%
Operating Return on Assets (OROA)		 4.41% 0.00% 0.00% 1.28% 1.06% 3.17% 5.43% 0.00% 2.16% 2.08% 0.00%
Return on Assets (ROA)		 4.41% 0.00% 0.00% 1.28% 1.06% 3.17% 5.43% 0.00% 2.16% 2.08% 0.00%
Return on Common Equity (ROCE)		 20.97% 0.00% -2.09% 2.87% 2.39% 7.10% 12.19% 0.00% 4.91% 4.82% -1.16%
Return on Equity Simple (ROE_SIMPLE)		 10.80% 6.04% 0.00% 1.83% 1.02% 7.00% 0.00% 5.13% 4.38% 3.60% 0.00%
Net Operating Profit after Tax (NOPAT)		 37 -26 -12 39 28 31 34 -24 19 22 -14
NOPAT Margin		 69.30% 0.00% 0.00% 63.50% 56.24% 60.35% 64.42% 0.00% 50.36% 55.23% 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 1.64% 0.40% 0.00% 0.00% 0.00% 0.00% 0.73% 0.00% 0.00% 0.41%
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		 30.70% 0.00% 0.00% 36.50% 43.76% 39.65% 35.58% 0.00% 49.64% 44.77% 0.00%
Earnings before Interest and Taxes (EBIT)		 37 -38 -18 39 28 31 34 -34 19 22 -20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 36 -38 -18 39 28 31 34 -35 19 22 -20
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.64 0.74 0.75 0.80 0.85 0.89 0.97 0.94 0.86 0.82 0.81
Price to Tangible Book Value (P/TBV)		 0.64 0.74 0.75 0.80 0.85 0.89 0.97 0.94 0.86 0.82 0.81
Price to Revenue (P/Rev)		 4.24 7.17 0.00 17.43 20.20 7.58 5.11 8.73 8.77 9.32 0.00
Price to Earnings (P/E)		 7.09 17.26 0.00 54.06 58.06 11.63 9.22 21.40 21.80 30.45 0.00
Dividend Yield		 13.06% 11.83% 12.15% 8.87% 8.76% 8.57% 8.09% 11.02% 14.96% 15.79% 14.02%
Earnings Yield		 14.11% 5.80% 0.00% 1.85% 1.72% 8.59% 10.85% 4.67% 4.59% 3.28% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.80 0.85 0.84 0.86 0.89 0.92 0.95 0.95 0.88 0.90 0.90
Enterprise Value to Revenue (EV/Rev)		 12.25 18.09 0.00 41.14 42.80 16.88 11.12 20.00 21.33 23.72 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 18.53 35.83 0.00 110.55 194.62 28.43 18.29 42.59 48.33 58.46 0.00
Enterprise Value to EBIT (EV/EBIT)		 18.25 34.63 0.00 102.93 177.10 28.18 18.13 41.89 47.54 57.92 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 18.62 35.94 0.00 102.93 177.10 28.18 18.13 41.89 47.54 57.92 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 15.86 9.12 10.82 5.16 15.98 0.00 83.83 0.00 0.00 78.49
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 21.54 43.07 6.64 16.65 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.32 1.21 1.11 1.19 1.03 1.13 1.22 1.27 1.37 1.33 1.32
Long-Term Debt to Equity		 1.32 1.21 1.11 1.19 1.03 1.13 1.22 1.27 1.37 1.33 1.32
Financial Leverage		 1.32 1.21 1.17 1.18 1.17 1.17 1.16 1.23 1.20 1.23 1.27
Leverage Ratio		 2.38 2.27 2.25 2.24 2.24 2.24 2.24 2.28 2.27 2.31 2.35
Compound Leverage Factor		 2.38 2.27 2.25 2.24 2.24 2.24 2.24 2.28 2.27 2.31 2.35
Debt to Total Capital		 56.96% 54.75% 52.50% 54.30% 50.68% 53.15% 54.95% 55.91% 57.84% 57.01% 56.83%
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		 56.96% 54.75% 52.50% 54.30% 50.68% 53.15% 54.95% 55.91% 57.84% 57.01% 56.83%
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		 43.04% 45.25% 47.50% 45.70% 49.32% 46.85% 45.05% 44.09% 42.16% 42.99% 43.17%
Debt to EBITDA		 13.23 23.16 -49.67 69.90 110.84 16.34 10.62 25.14 31.82 37.17 -112.76
Net Debt to EBITDA		 12.12 21.62 -45.47 63.70 102.78 15.66 9.88 24.00 28.46 35.50 -108.48
Long-Term Debt to EBITDA		 13.23 23.16 -49.67 69.90 110.84 16.34 10.62 25.14 31.82 37.17 -112.76
Debt to NOPAT		 13.29 23.24 -76.26 65.07 100.86 16.20 10.53 24.73 31.30 36.83 -160.48
Net Debt to NOPAT		 12.18 21.69 -69.82 59.31 93.52 15.52 9.80 23.61 28.00 35.18 -154.39
Long-Term Debt to NOPAT		 13.29 23.24 -76.26 65.07 100.86 16.20 10.53 24.73 31.30 36.83 -160.48
Noncontrolling Interest Sharing Ratio		 0.00% 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)		 -2,579 -2,525 97 68 327 87 -103 -120 -366 -156 -72
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		 -126.03 -121.52 5.04 3.77 18.52 4.79 -4.95 -6.32 -16.82 -7.68 -3.67
Operating Cash Flow to Interest Expense		 -0.43 5.89 7.73 -3.53 10.91 -7.50 -0.96 -0.38 0.03 0.44 1.39
Operating Cash Flow Less CapEx to Interest Expense		 -0.43 5.89 7.73 -3.53 10.91 -7.50 -0.96 -0.38 0.03 0.44 1.39
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.06 0.09 0.00 0.02 0.02 0.05 0.08 0.05 0.04 0.04 0.00
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		 2,615 2,503 2,392 2,500 2,316 2,447 2,530 2,596 2,702 2,625 2,588
Invested Capital Turnover		 0.13 0.09 0.00 0.02 0.02 0.05 0.09 0.05 0.04 0.04 0.00
Increase / (Decrease) in Invested Capital		 2,615 2,498 -109 -29 -299 -56 138 96 385 178 58
Enterprise Value (EV)		 2,087 2,119 2,000 2,147 2,061 2,263 2,394 2,458 2,373 2,354 2,317
Market Capitalization		 722 840 850 910 973 1,017 1,101 1,073 976 924 902
Book Value per Share		 $17.44 $17.54 $17.60 $17.70 $17.70 $17.76 $17.65 $17.71 $17.56 $17.40 $17.23
Tangible Book Value per Share		 $17.44 $17.54 $17.60 $17.70 $17.70 $17.76 $17.65 $17.71 $17.56 $17.40 $17.23
Total Capital		 2,615 2,503 2,392 2,500 2,316 2,447 2,530 2,596 2,702 2,625 2,588
Total Debt		 1,490 1,370 1,256 1,358 1,174 1,301 1,390 1,451 1,563 1,496 1,471
Total Long-Term Debt		 1,490 1,370 1,256 1,358 1,174 1,301 1,390 1,451 1,563 1,496 1,471
Net Debt		 1,366 1,279 1,150 1,237 1,089 1,246 1,293 1,385 1,398 1,429 1,415
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)		 0.00 11 5.29 0.00 0.00 0.00 0.00 10 0.00 0.00 5.88
Net Nonoperating Obligations (NNO)		 1,490 1,370 1,256 1,358 1,174 1,301 1,390 1,451 1,563 1,496 1,471
Total Depreciation and Amortization (D&A)		 -0.49 -0.37 -0.01 -0.58 -0.09 -0.03 -0.43 -0.41 0.05 0.41 -0.01
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.45 $0.52 $0.49 $0.55 $0.45 $0.51 $0.34 $0.44 $0.37 $0.29 $0.43
Adjusted Weighted Average Basic Shares Outstanding		 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.68M 64.87M 64.87M 64.82M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.49 $0.55 $0.45 $0.51 $0.34 $0.44 $0.37 $0.29 $0.43
Adjusted Weighted Average Diluted Shares Outstanding		 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.68M 64.87M 64.87M 64.82M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.47 $0.45 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 64.56M 64.56M 64.56M 64.56M 64.56M 64.56M 64.61M 64.87M 64.87M 64.87M 64.87M
Normalized Net Operating Profit after Tax (NOPAT)		 26 -26 -12 27 19 22 24 -24 13 15 -14
Normalized NOPAT Margin		 48.51% 0.00% 0.00% 44.45% 39.37% 42.25% 45.10% 0.00% 35.25% 38.66% 0.00%
Pre Tax Income Margin		 69.30% 0.00% 0.00% 63.50% 56.24% 60.35% 64.42% 0.00% 50.36% 55.23% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.80 -1.81 -0.92 2.17 1.57 1.72 1.63 -1.81 0.87 1.07 -1.00
NOPAT to Interest Expense		 1.80 -1.26 -0.64 2.17 1.57 1.72 1.63 -1.27 0.87 1.07 -0.70
EBIT Less CapEx to Interest Expense		 1.80 -1.81 -0.92 2.17 1.57 1.72 1.63 -1.81 0.87 1.07 -1.00
NOPAT Less CapEx to Interest Expense		 1.80 -1.26 -0.64 2.17 1.57 1.72 1.63 -1.27 0.87 1.07 -0.70
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 75.39% 137.70% -422.60% 495.16% 926.36% 139.93% 86.57% 247.82% 291.53% 358.52% -1,113.70%
Augmented Payout Ratio		 75.39% 137.70% -422.60% 495.16% 926.36% 139.93% 86.57% 247.82% 291.53% 358.52% -1,113.70%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Bain Capital Specialty Finance (NYSE: BCSF) using quarterly data from the past four years. The focus is on trends in cash flow, income, and balance sheet metrics across the 2022–2025 period, highlighting what may matter to retail investors.

  • Net cash from continuing operating activities turned positive in 2025 Q3 and rose to about $27.2 million in 2025 Q4, indicating improving cash generation from core operations.
  • 2025 Q3 recorded a positive net income of about $21.8 million with basic and diluted earnings per share (EPS) of about $0.29, signaling quarterly profitability despite prior volatility.
  • The company accessed debt markets in 2025 with multiple issuances (Q1: roughly $459 million; Q2: roughly $300 million; Q3: roughly $406 million; Q4: roughly $141 million), showing ongoing financing flexibility to support activities.
  • Q4 2025 included sizable investment gains (net realized & unrealized capital gains on investments around $102.8 million) and a healthy level of non-interest income (about $79.7 million total for the quarter), which helped offset other weaknesses.
  • The balance sheet remains well-capitalized, with total assets around $2.7 billion and equity near $1.13 billion as of 2025 Q3, supported by a long-term debt base in the $1.50–$1.56 billion range.
  • Across recent quarters, earnings per share stayed positive (Q4 2025 ≈ $0.43; Q3 2025 ≈ $0.29; Q2 2025 ≈ $0.37; Q1 2025 ≈ $0.44), reflecting ongoing profitability at the per-share level.
  • Net cash from continuing financing activities was positive in several 2025 quarters (notably Q2 2025 and Q1 2025), suggesting liquidity support from financing when needed.
  • Net interest income/expense shows volatility: positive in Q2 and Q3 2025 but a large negative swing in Q4 2025, indicating sensitivity to interest rates and portfolio mix.
  • Total revenue and earnings are driven by shifts in interest income and non-interest income across quarters, with some 2025 quarters showing pressure on top-line revenue.
  • 2025 Q4 saw a notable pullback in profitability: net income attributable to common shareholders was negative (roughly -$21.31 million), and total revenue declined, signaling near-term profitability risk.
05/07/26 02:34 AM 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 2025 ended on December 31, 2025.

How has Bain Capital Specialty Finance's net income changed over the last 5 years?

Bain Capital Specialty Finance's net income appears to be on an upward trend, with a most recent value of -$13.09 million in 2025, falling from -$47.41 million in 2020. The previous period was $132.01 million in 2024. Check out Bain Capital Specialty Finance's forecast to explore projected trends and price targets.

How has Bain Capital Specialty Finance's revenue changed over the last 5 years?

Over the last 5 years, Bain Capital Specialty Finance's total revenue changed from -$42.73 million in 2020 to -$1.81 million in 2025, a change of -95.8%.

How much debt does Bain Capital Specialty Finance have?

Bain Capital Specialty Finance's total liabilities were at $1.55 billion at the end of 2025, a 3.5% increase from 2024, and a 5.0% increase since 2021.

How much cash does Bain Capital Specialty Finance have?

In the past 4 years, Bain Capital Specialty Finance's cash and equivalents has ranged from $23.09 million in 2025 to $117.42 million in 2021, and is currently $23.09 million as of their latest financial filing in 2025.

How has Bain Capital Specialty Finance's book value per share changed over the last 5 years?

Over the last 5 years, Bain Capital Specialty Finance's book value per share changed from 0.00 in 2020 to 17.23 in 2025, a change of 1,722.6%.


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Financial statements for NYSE:BCSF last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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