Bain Capital Specialty Finance, Inc. Announces March 31, 2021 Financial Results and Declares Second Quarter 2021 Dividend of $0.34 per Share
Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced its financial results for the first quarter ended March 31, 2021, and that its Board of Directors has declared a dividend of
“We delivered strong first quarter earnings results driven by higher interest income, improved credit metrics and net gains across our diversified portfolio,” said Michael Ewald, Chief Executive Officer of BCSF. “We also strengthened the Company’s balance sheet by further diversifying our liability structure and demonstrated meaningful de-leveraging to better position BCSF to capitalize on new investment opportunities in an attractive environment, while remaining disciplined in our credit approach.”
QUARTERLY HIGHLIGHTS
-
Net investment income per share was
$0.34 , as compared to$0.34 for the quarter ended December 31, 2020; -
Net income per share was
$0.49 , as compared to$0.61 for the quarter ended December 31, 2020; -
Net asset value per share as of March 31, 2021 was
$16.69 , as compared to$16.54 as of December 31, 2020; -
Gross and net investment fundings were
$383.9 million and$(165.5) million , respectively. Ending debt-to-equity (net of cash) ratio was 1.15x, as compared to 1.30x as of December 31, 2020; -
The investment portfolio yield at amortized cost was
7.6% , up from7.3% as of December 31, 2020(1); - No investments were on non-accrual status as of March 31, 2021;
-
In February 2021, the Company formed the International Senior Loan Program, LLC (“ISLP”), a joint venture focused on investing in middle market direct lending opportunities across Europe and Australia. The Company contributed senior secured debt investments at fair value of
$317.1 million in exchange for an ownership stake in the joint venture; - Moody’s Investors Service assigned the Company with an investment grade rating of Baa3 and Stable outlook;
-
On March 10, 2021, the Company closed an offering of
$300.0 million aggregate principal amount of2.95% unsecured notes due 2026. The net proceeds of the offering were primarily used to pay down debt under the Company’s revolving credit facilities; and -
Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of
$0.34 per share for the second quarter of 2021 payable to stockholders of record as of June 30, 2021(2).
SELECTED FINANCIAL HIGHLIGHTS
($ in millions, unless otherwise noted) |
Q1 2021 |
Q4 2020 |
|||
Net investment income per share |
$ |
0.34 |
$ |
0.34 |
|
Net investment income |
$ |
22.2 |
$ |
21.9 |
|
Earnings per share |
$ |
0.49 |
$ |
0.61 |
|
Dividends per share declared and payable |
$ |
0.34 |
$ |
0.34 |
|
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Bain Capital Specialty Finance, Inc.
NYSE:BCSFBCSF RankingsBCSF Latest NewsBCSF Stock Data
1.07B
64.56M
0.55%
53.05%
0.17%
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Finance and Insurance
United States of America
BOSTON
About BCSFbain capital is a leading, private, multi-asset alternative investment firm with offices in boston, new york, chicago, san francisco, palo alto, london, munich, dublin, hong kong, tokyo, shanghai, mumbai, melbourne and sydney. bain capital has approximately $85 billion in assets under management and more than 950 employees worldwide. founded in 1984, bain capital has advanced a consulting-based approach to private equity investment and partners closely with management teams around the world to develop valuable insights that drive long-term value to businesses and markets. we have expanded this approach outside of private equity to several asset classes including credit, fixed income, public equity and venture capital. bain capital is dedicated to responsible business practices and incorporates environmental, social and governance (esg) standards into our investment approach. our mission is to create lasting impact for our investors, teams, businesses and the communities in which we liv
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