Headquartered in Boston, MA Fiscal year ends December NYSE: BCSF baincapitalspecialtyfinance.com
Bain Capital Specialty Finance, Inc. (NYSE: BCSF) is an externally managed specialty finance company that lends to middle market companies and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940.
Management: BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP.
Investment objective: The company seeks current income and, to a lesser extent, capital appreciation. It invests mainly through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien loans. It also invests in strategic joint ventures (the ISLP and SLP vehicles), takes equity investments and, to a lesser extent, holds corporate bonds.
Track record: Since starting investment operations in October 2016, it has invested approximately $10,238.4 million in aggregate principal through September 30, 2026.
Portfolio as of September 30, 2026:
- Fair value of $2,270.3 million across 215 portfolio companies in 30 industries.
- First lien senior secured loans made up 62.3% of the portfolio.
- 94.1% of debt investments were floating rate.
Financing: The company funds itself through a Sumitomo Mitsui-led revolving credit facility, a CLO and senior unsecured notes. It pays regular quarterly dividends to stockholders. Updated
The narrow net investment income beat leaned on a waived incentive fee, with nothing booked this quarter versus $4.6 million a year ago. NAV per share slipped to $16.49 and four borrowers sit on non-accrual, with the $0.42 fourth-quarter dividend holding for now.
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Bain Capital Specialty Finance, Inc. (NYSE: BCSF) is an externally managed specialty finance company that lends to middle market companies and has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940.
The Wall Street consensus 12-month price target for BCSF is $12.62.
