Bain Capital Specialty Finance, Inc.

Listed Company

BCSFCIK 0001655050NYSELarge AcceleratedDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$98.76M

Total Assets

$2.66B

Equity

$1.12B

Shares Out

64.87M

Op. Cash Flow

$29.52M

Business

Bain Capital Specialty Finance, Inc. is an externally managed, closed-end, non‑diversified management investment company that operates as a business development company focusing on middle‑market direct lending. It originates and invests primarily in senior secured loans (including unitranche loans), and opportunistically in mezzanine debt, subordinated securities, preferred and common equity, warrants and secondary purchases, and earns interest, fees and capital gains. Investment activity is managed by an SEC‑registered Advisor and Administrator leveraging Bain Capital Credit resources, with decisions subject to a Credit Committee and Board oversight. The Company targets middle‑market companies across North America, Europe and Australia and distributes its securities and dividends through public offerings, securitizations, credit facilities and a dividend reinvestment plan.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Dividend income	22	29	36	23	—
Total investment income	273	293	298	220	197
Interest and debt financing expenses	81	75	80	52	51
Base management fee	37	36	36	35	35
Incentive fee	18	29	25	20	24
Professional fees	3	3	3	3	3
Directors fees	720,000	695,000	716,000	707,000	725,000
Other general and administrative expenses	8	10	8	6	5
Total expenses, net of fee waivers	148	154	153	116	110
Net investment income before taxes	125	139	145	104	88
Income tax expense, including excise tax	4	4	3	837,000	134,000
Net investment income	122	135	142	103	88
Net realized gain (loss)	−28	−10	−44	−3	21
Net realized gain (loss) on foreign currency transactions	761,000	−320,000	−5	5	−3
Net realized gain (loss) on forward currency exchange contracts	−6	2	−407,000	21	−24
Net change in unrealized appreciation on foreign currency translation	1	−251,000	4	−4	−936,000
Net change in unrealized appreciation on forward currency exchange contracts	−13	6	−2	−5	28
Net change in unrealized appreciation on investments	22	−12	29	−11	16
Total net gain (loss)	−23	−15	−18	3	32
Net increase in net assets resulting from operations	99	119	123	105	120
Basic and diluted net investment income per share of common stock	1.88	2.09	2.19	1.59	1.36
Basic increase in net assets resulting from operations per share of common stock	1.53	1.85	1.91	1.63	1.86
Diluted increase in net assets resulting from operations per share of common stock	1.53	1.85	1.91	1.63	1.86
Basic weighted average common stock outstanding	65	65	65	65	65
Diluted weighted average common stock outstanding	65	65	65	65	65

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Investments at fair value	2,508	—	—	—	2,431
Cash and cash equivalents	23	—	—	—	52
Foreign cash (cost of $2,477 and $2,640, respectively)	3	—	—	—	2
Restricted cash and cash equivalents	33	—	—	—	46
Collateral on derivatives	11	—	—	—	10
Deferred financing costs	4	—	—	—	5
Interest receivable on investments	38	—	—	—	39
Interest rate swap	8	—	—	—	0
Receivable for sales and paydowns of investments	29	—	—	—	38
Prepaid insurance	489,000	—	—	—	197,000
Unrealized appreciation on forward currency exchange contracts	0	—	—	—	5
Dividend receivable	5	—	—	—	6
Total Assets	2,663	—	—	—	2,632
Debt (net of unamortized debt issuance costs of $10,110 and $4,929, respectively)	1,471	—	—	—	1,390
Interest payable	12	—	—	—	14
Payable for investments purchased	2	—	—	—	29
Collateral payable on derivatives	13	—	—	—	0
Unrealized depreciation on forward currency exchange contracts	9	—	—	—	1
Base management fee payable	9	—	—	—	9
Incentive fee payable	6	—	—	—	5
Accounts payable and accrued expenses	13	—	—	—	15
Distributions payable	10	—	—	—	29
Total liabilities	1,545	—	—	—	1,492
Commitments and Contingencies (See Note 11)	—	—	—	—	—
Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,562,265 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	65,000	—	—	—	65,000
Paid in capital in excess of par value	1,161	—	—	—	1,159
Total distributable loss	−44	—	—	—	−20
Total Net Assets	1,117	—	—	—	1,140
Total Liabilities and Total Net Assets	2,663	—	—	—	2,632
Net asset value per share	17.23	17.4	17.56	17.64	17.65

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net increase in net assets resulting from operations	99	119	123	105	120
Purchases of investments	−1,308	−1,626	−844	−1,404	−1,177
Proceeds from principal payments and sales of investments	1,245	1,486	938	988	1,399
Net change in unrealized appreciation on foreign currency translation	−1	251,000	−4	4	936,000
Increase in investments due to PIK	−34	−26	−23	−15	−11
Accretion of discounts and amortization of premiums	−5	−5	−5	−5	−6
Amortization of deferred financing costs and debt issuance costs	5	4	4	4	6
Collateral on derivatives	−1	−2	2	−7	2
Interest receivable on investments	1	−2	−3	−15	−4
Interest rate swap	−70,000	0	0	—	—
Prepaid insurance	−292,000	13,000	−16,000	−1,000	−193,000
Dividend receivable	391,000	4	4	5	−11
Interest payable	−1	577,000	1	5	−1
Collateral payable on derivatives	13	0	0	—	—
Base management fee payable	248,000	231,000	23,000	114,000	3
Incentive fee payable	1	−3	−2	4	928,000
Accounts payable and accrued expenses	−2	5	7	−943,000	636,000
Net cash provided by (used in) operating activities	30	−27	219	−317	266
Borrowings on debt	1,306	867	348	793	1,425
Repayments on debt	−1,228	−735	−480	−462	−1,462
Payments of financing costs	−9	−3	0	−4	—
Proceeds from issuances of common stock (net of offering and underwriting costs)	5	0	0	—	—
Purchase of common shares issued in connection with dividend reinvestment plan	924,000	0	0	—	—
Stockholder distributions paid	−146	−114	−99	−88	−88
Net cash provided by (used in) financing activities	−72	14	−231	238	−139
Net decrease in cash, foreign cash, restricted cash and cash equivalents	−42	−13	−12	−79	127
Effect of foreign currency exchange rates	2	−571,000	−1	649,000	−5
Cash interest paid during the period	77	70	75	43	47
Cash paid for excise taxes during the period	3	2	834,000	134,000	237,000
Cash paid for state income taxes during the period	0	163,000	382,000	0	—

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