Every 10-Q that Bain Capital Specialty Finance, Inc. (BCSF) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BCSF and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BCSF filings page.
BCSF’s quarterly report details an extensive book of non-controlled, non-affiliated and affiliate investments, primarily in floating-rate credit. The portfolio is heavily weighted to First Lien Senior Secured Loans, often with SOFR, SONIA, EURIBOR, CORRA, NIBOR or BBSY reference rates plus contractual spreads.
Loans span many sectors including healthcare and pharmaceuticals, financial services, technology, aerospace and defense, construction, consumer, industrials, media, transportation, and environmental industries. Structures include revolvers, term loans, delayed-draw facilities, second lien loans, subordinated debt and various preferred equity and common equity interests. Spreads on senior loans commonly range from roughly 4% to more than 7% over the benchmark, with all-in cash or PIK-inclusive interest rates frequently in the high single digits to low teens.
The schedule also lists multiple forward foreign currency exchange contracts and several interest rate swaps, with specified dealer counterparties and settlement dates extending into 2033. Maturities on the credit investments are broadly laddered, with many positions coming due between 2026 and 2033, reflecting a diversified, long-dated private credit portfolio.
Bain Capital Specialty Finance (BCSF) provides a detailed schedule of its non-controlled and non-affiliated investments within the quarter. The portfolio is heavily weighted to first lien senior secured loans across many industries, along with select second lien loans, subordinated debt and preferred equity positions.
Most debt investments reference floating benchmarks such as SOFR, EURIBOR, SONIA, BBSY and CORRA, with credit spreads that often result in total interest rates in the high single to low double digits, and some feature PIK (paid-in-kind) components. The schedule also lists numerous forward foreign currency exchange contracts and interest rate swaps, showing active use of derivatives alongside loans with maturities extending into the early 2030s.
BCSF provides a detailed look at its investment portfolio, which is built mainly around first lien senior secured loans, including term loans, revolvers and delayed draw facilities. These positions span many industries such as healthcare, technology, transportation, consumer, industrials and financial services, with borrowers across U.S. and international markets.
The schedule also lists subordinated debt, preferred equity, common equity interests and warrants in various portfolio companies. Many loans are floating rate, referencing SOFR, SONIA, EURIBOR, BBSY, CORRA, NIBOR or Prime, with stated credit spreads that in several cases exceed 5% and include payment‑in‑kind (PIK) features.
Alongside corporate credit investments, BCSF holds multiple forward foreign currency exchange contracts with counterparties such as Morgan Stanley, Standard Chartered, Wells Fargo, Bank of New York Mellon, BNP Paribas, US Bank and Citibank, plus an interest rate swap with Wells Fargo. Maturities for these loans and derivatives generally extend from 2025 into the early 2030s.