Bain Capital Specialty Finance
Provides secured direct loans and unitranche financing to middle-market companies through Bain Capital Credit.
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Profile
Generates current income mainly through direct originations of secured debt for middle-market companies, including first- and second-lien loans and unitranche structures. The NYSE-listed business development company is externally managed by BCSF Advisors, a Bain Capital Credit subsidiary.
Direct lending to middle-market companies is the core business, with secured debt investments spanning first- and second-lien loans and unitranche structures. The company also invests in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. Its objective is current income and, to a lesser extent, capital appreciation through direct originations.
Operations run through BCSF Advisors, an SEC-registered investment adviser and Bain Capital Credit subsidiary. That external-management structure supplies investment advisory and administrative services. The company operates as a business development company under the Investment Company Act of 1940 and elects RIC treatment for U.S. federal tax purposes, subject to applicable requirements.
Company facts
Categories
Key statistics
Year to date −14.5% · Average volume (30d) 357.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Capital One Financial | Target | $13 | |||
| Aug 17, 2026 | Jefferies | Target | $13 | |||
| Aug 17, 2026 | Keefe, Bruyette & Woods | Downgrade | Outperform | Market Perform | ||
| Jan 7, 2026 | Wells Fargo | Downgrade | Overweight | Equal Weight | $17 | $14 |
| Dec 19, 2025 | Keefe, Bruyette & Woods | Upgrade | Market Perform | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.42 | $0.44 | +4.3% | $64.4M | $62.3M | −3.2% | −0.85% |
| May 11, 2026Q1 FY26 | $0.44 | $0.42 | −4.5% | $65.6M | $66.2M | +0.9% | +1.50% |
| Feb 26, 2026Q4 FY25 | $0.45 | $0.46 | +2.2% | $68.5M | $68.2M | −0.4% | +1.25% |
| Nov 10, 2025Q3 FY25 | $0.45 | $0.45 | 0.0% | $69.5M | $42.7M | −38.6% | −1.36% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $52.0M | $49.4M | $42.7M | $51.0M | $53.6M | $45.3M | |
| Gross profit | $33.1M | $27.6M | $22.4M | $31.4M | $38.9M | $35.5M | |
| Operating income | $29.6M | $24.8M | $19.5M | $28.6M | $24.6M | $36.6M | |
| Net income | $28.5M | $23.7M | $18.7M | $27.8M | $3.4M | $14.1M | |
| Diluted EPS | $0.50 | $0.37 | $0.29 | $0.43 | $0.05 | $0.22 | |
| Gross margin | 63.6% | 55.9% | 52.4% | 61.6% | 72.5% | 78.4% | |
| Operating margin | 57.0% | 50.2% | 45.7% | 56.0% | 46.0% | 80.7% |
Fiscal years (4-quarter sums)FY21 $175.4M · FY22 $168.8M · FY23 $218.0M · FY24 $212.9M · FY25 $195.1M
Balance sheet, Jun 30, 2026Cash & short-term investments $115.7M · Total debt $1.50B · Total assets $2.62B · Shareholders' equity $1.08B
Dividends
Raised for 3 straight years — most recently to $0.42 from $0.38 in Sep 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 29 | $0.42 | |
| Mar 16, 2026 | Mar 16 | Mar 30 | $0.42 | |
| Dec 31, 2025 | Dec 31 | Jan 26 | $0.15 | special dividend |
| Dec 16, 2025 | Dec 16 | Dec 30 | $0.45 | special dividend |
| Sep 16, 2025 | Sep 16 | Sep 30 | $0.45 | special dividend |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.45 | special dividend |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.45 | special dividend |
| Dec 31, 2024 | Dec 31 | Jan 31 | $0.45 | special dividend |
Ownership
Shares outstanding 64.87M · Float 64.09M · 98.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Bain Capital Credit, LP | 11.82M | 18.23% | 13F | Aug 14, 2026 |
| Bank of America Corp /DE/ | 2.54M | 3.92% | 13F | Aug 14, 2026 |
| Cresset Asset Management, LLC | 2.39M | 3.69% | 13F | Aug 14, 2026 |
| UBS Group AG | 1.46M | 2.25% | 13F | Aug 13, 2026 |
| Van Eck Associates Corp | 1.38M | 2.12% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 3, 2026 | Sabrina Rusnak-Carlson | officer: General Counsel | +2,300 | $12.55 |
Peers
- Ares Capital
Large senior direct lender to middle-market borrowers
- Blue Owl Capital
U.S. middle-market direct lender with first-lien exposure
- Blackstone Secured Lending Fund
Large first-lien-focused secured-lending BDC
- FS KKR Capital
Middle-market lender focused on senior and second-lien loans
- Sixth Street Specialty Lending
Direct originator of senior secured U.S. middle-market loans
- Carlyle Secured Lending
Externally managed middle-market direct lender
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bain Capital Specialty Finance | $11.93 | 0.00% | $773.9M | 12.0 | 8.3 | 4.0 | −15.4% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Carlyle Secured Lending | $11.78 | −0.17% | $818.7M | 23.1 | 8.5 | 3.4 | −3.7% |
| Median | 19.7 | 9.2 | 4.6 | +3.9% |