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Bain Capital Specialty Finance (BCSF) posts Q2 2026 results and $0.42 dividend

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Bain Capital Specialty Finance, Inc. reported second quarter 2026 net investment income of $28.6 million, or $0.44 per share, generating an annualized net investment income yield on book value of 10.5%. Net income was $0.22 per share, corresponding to a 5.2% annualized return on book value. The Board declared a third quarter 2026 dividend of $0.42 per share, payable September 29, 2026 to stockholders of record on September 15, 2026.

Net asset value per share was $16.65 as of June 30, 2026, compared with $16.86 as of March 31, 2026. The investment portfolio had a fair value of $2.36 billion across 214 companies, 63.4% in first lien senior secured loans. Investments on non-accrual increased to 3.2% of cost and 2.2% of fair value. Debt-to-equity was 1.41x and net debt-to-equity 1.22x, with $606.0 million of undrawn capacity on the Sumitomo Credit Facility and cash and cash equivalents of $112.1 million.

Positive

  • Net income per share improved to $0.22 in Q2 2026 from $0.05 in Q1 2026, indicating stronger overall returns on book value despite realized and unrealized losses.
  • Dividend maintained at $0.42 per share for the third quarter of 2026, close to net investment income of $0.44 per share, supporting current income for shareholders.

Negative

  • Non-accrual investments increased to 3.2% of the portfolio at cost and 2.2% at fair value as of June 30, 2026, up from 1.4% and 0.6% at March 31, 2026, signaling weaker credit performance.
  • Net asset value per share declined to $16.65 from $16.86 over the quarter, reflecting net realized and unrealized losses of $14.6 million.

Filing Explained

The filing adds a $300.0 million October 2026 debt maturity and $438.0 million of undrawn investment commitments to the capital picture.

As of June 30, 2026, the company reported $300.0 million of outstanding senior unsecured notes due in October 2026 and $438.0 million of undrawn investment commitments, placing both a scheduled debt obligation and unutilized investment commitments in the current capital picture.

The filing presents the notes as outstanding debt and the commitments as undrawn, keeping the debt amount separate from the not-yet-drawn commitment amount.

It also reports $112.1 million of cash and cash equivalents and $606.0 million of capacity under the Sumitomo Credit Facility; these are liquidity figures, not a statement that the October notes have been repaid or that the commitments have been drawn.

The filing identifies October 2026 as the notes' due period but does not report repayment or refinancing.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net investment income per share $0.44 For the three months ended June 30, 2026
Net income per share $0.22 For the three months ended June 30, 2026
Dividend per share $0.42 Third fiscal quarter 2026 dividend declared, payable September 29, 2026
Net asset value per share $16.65 As of June 30, 2026
Total investment income $62.3 million For the three months ended June 30, 2026
Fair value of investments $2,363.6 million Investment portfolio fair value as of June 30, 2026
Non-accrual investments at cost 3.2% Share of total investment portfolio at amortized cost as of June 30, 2026
Debt-to-equity ratio 1.41x As of June 30, 2026; net debt-to-equity 1.22x
net investment income financial
"Net investment income for the three months ended June 30, 2026 was $28.6 million"
Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.
non-accrual financial
"As of June 30, 2026, four portfolio companies were on non-accrual status"
A non-accrual loan or asset is one for which a lender has stopped counting expected interest as income because the borrower is very late on payments or in serious financial trouble. For investors, non-accruals signal that future cash from interest is uncertain and that the lender may need to write down the loan’s value or set aside extra reserves, similar to a landlord who stops recording rent when a tenant stops paying.
first lien senior secured loan financial
"First Lien Senior Secured Loan accounted for 63.4% of the portfolio at fair value"
A first lien senior secured loan is a debt where the lender has the top legal claim on a borrower’s specific assets and is paid before other creditors if the borrower defaults. Think of it like a first mortgage on a house: the lender has the strongest right to the property used as collateral. For investors this matters because these loans typically carry lower risk and priority in recovery, often offering lower yields than unsecured debt but greater protection if the borrower runs into trouble.
net debt-to-equity financial
"As of June 30, 2026, the Company’s debt-to-equity and net debt-to-equity ratios were 1.41x and 1.22x"
Net debt-to-equity measures how much of a company is financed with borrowing versus the owners’ stake by dividing net debt (total debt minus cash) by shareholders’ equity. Investors use it like checking the balance between a mortgage and your savings when buying a house: a higher ratio means the company relies more on borrowed money and may be more vulnerable to interest-rate rises or downturns, while a lower ratio suggests greater financial stability and flexibility.
PIK income financial
"PIK income from non-controlled/non-affiliate investments was 7,531 for the quarter"
PIK income is interest or dividend payments made not in cash but in additional securities or increased loan balance, similar to receiving more IOUs instead of cash in hand. It matters to investors because it preserves a company’s short-term cash but increases the size of the claim or the number of shares outstanding, which can raise leverage and dilute ownership or future cash flows — affecting risk and long-term returns.
Net investment income $28.6 million ($0.44 per share) Q1 2026 was $27.4 million ($0.42 per share)
Net income per share $0.22 Q1 2026 was $0.05
Net asset value per share $16.65 March 31, 2026 was $16.86
Total investment income $62.3 million Q1 2026 was $66.2 million

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Bain Capital Specialty Finance (BCSF) perform in Q2 2026?
BCSF generated net investment income of $28.6 million, or $0.44 per share, in Q2 2026. Net income per share was $0.22, reflecting $14.6 million of net realized and unrealized losses but still a positive return on book value.

What dividend did BCSF (BCSF) declare for the third quarter of 2026?
BCSF’s Board declared a Q3 2026 dividend of $0.42 per share, payable on September 29, 2026 to stockholders of record as of September 15, 2026, continuing its regular quarterly cash distribution.

What is BCSF’s net asset value per share as of June 30, 2026?
As of June 30, 2026, BCSF reported a net asset value of $16.65 per share, down from $16.86 as of March 31, 2026, largely due to $14.6 million of net realized and unrealized losses during the quarter.

How strong is BCSF’s balance sheet and leverage position?
BCSF had $1,521.0 million of principal debt outstanding and total net assets of $1,080.4 million at June 30, 2026. Reported debt-to-equity was 1.41x and net debt-to-equity 1.22x, with $606.0 million of remaining capacity on its Sumitomo Credit Facility.

What is the credit quality of BCSF’s investment portfolio?
At June 30, 2026, 3.2% of the portfolio at cost and 2.2% at fair value was on non-accrual, up from 1.4% and 0.6% at March 31, 2026. The portfolio remained 94.5% floating-rate debt by fair value.

How is BCSF’s portfolio allocated by asset type?
BCSF’s June 30, 2026 portfolio fair value of $2,363.6 million was composed of 63.4% first lien senior secured loans, 1.3% second lien debt, 3.7% subordinated debt, 15.2% preferred and common equity, and 16.4% investment vehicles including ISLP and SLP interests.
false000165505000016550502026-08-102026-08-10

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2026

 

 

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

814-01175

81-2878769

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

200 Clarendon Street

37th Floor

 

Boston, Massachusetts

 

02116

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (617) 516-2000

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

BCSF

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02 Results of Operations and Financial Condition.

On August 10, 2026, Bain Capital Specialty Finance, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On August 10, 2026, the Company issued a press release announcing the declaration of a third fiscal quarter 2026 dividend of $0.42 per share. The third fiscal quarter 2026 dividend of $0.42 per share is for stockholders of record as of September 15, 2026 and payable on September 29, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

 

99.1

Press Release, dated August 10, 2026.

 

 

104

Cover page interactive data file (formatted as Inline XBRL)

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

BAIN CAPITAL SPECIALTY FINANCE, INC.

 

 

 

 

Date:

August 10, 2026

By:

/s/ Sabrina Rusnak-Carlson

 

 

 

Name: Sabrina Rusnak-Carlson
Title: General Cousnel

 

 

Exhibit 99.1

 

img250878609_0.jpg

 

Bain Capital Specialty Finance, Inc.

 

Bain Capital Specialty Finance, Inc. Announces June 30, 2026 Financial Results and Declares Third Quarter 2026 Dividend of $0.42 per Share

 

BOSTON – August 10, 2026 – Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced financial results for the second quarter ended June 30, 2026, and that its Board of Directors (the “Board”) has declared a dividend of $0.42 per share for the third quarter of 2026.

 

"BCSF delivered solid net investment income per share during the second quarter of 2026. Credit quality across our diversified portfolio remains healthy and our borrowers continue to demonstrate sound operating performance," said Michael Ewald, Chief Executive Officer of BCSF. "The current environment continues to present compelling opportunities in the core middle market and we believe BCSF is well-positioned to execute on our longstanding, disciplined strategy and deliver attractive risk-adjusted returns for our shareholders."

 

Quarterly Highlights

•
Net investment income (NII) per share was $0.44, equating to an annualized NII yield on book value of 10.5%(1);
•
Net income per share was $0.22, equating to an annualized return on book value of 5.2%(1);
•
Net asset value per share as of June 30, 2026 was $16.65, as compared to $16.86 as of March 31, 2026;
•
Gross and net investment fundings were $182.0 million and $(95.2) million, respectively; ending net debt-to-equity was 1.22x, as compared to 1.28x as of March 31, 2026(2);
•
Investments on non-accrual represented 3.2% and 2.2% of the total investment portfolio at amortized cost and fair value, respectively, as of June 30, 2026, compared to 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively, as of March 31, 2026; and
•
Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the third quarter of 2026 payable to stockholders of record as of September 15, 2026(3).

 

Selected Financial Highlights

 

  ($ in millions, unless otherwise noted)

Q2 2026

 

Q1 2026

 

  Net investment income per share

$

0.44

 

$

0.42

 

  Net investment income

$

28.6

 

$

27.4

 

  Earnings per share

$

0.22

 

$

0.05

 

  Regular dividends per share declared and payable

$

0.42

 

$

0.42

 

 

 

 

  ($ in millions, unless otherwise noted)

As of
June 30, 2026

 

As of
March 31, 2026

 

  Total fair value of investments

$

2,363.6

 

$

2,470.8

 

  Total assets

$

2,620.1

 

$

2,601.7

 

  Total net assets

$

1,080.4

 

$

1,093.6

 

  Net asset value per share

$

16.65

 

$

16.86

 

 

Portfolio and Investment Activity

 

For the three months ended June 30, 2026, the Company invested $182.0 million in 99 portfolio companies, including $73.4 million in 8 new companies and $108.6 million in 91 existing companies. The Company had $277.2 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(95.2) million.

 

 

Investment Activity for the Quarter Ended June 30, 2026:

 

  ($ in millions)

Q2 2026

 

Q1 2026

 

  Investment Fundings

$

182.0

 

$

243.2

 

  Sales and Repayments

$

(277.2)

 

$

(255.4)

 

  Net Investment Activity

$

(95.2

)

$

(12.2

)

 

As of June 30, 2026, the Company’s investment portfolio had a fair value of $2,363.6 million, comprised of investments in 214 portfolio companies operating across 30 different industries.

 

Investment Portfolio at Fair Value as of June 30, 2026:

 

 Investment Type

$ in Millions

 

% of Total

 

    First Lien Senior Secured Loan

$

1,499.6

 

 

63.4

%

    Second Lien Senior Secured Loan

 

30.1

 

 

1.3

 

    Subordinated Debt

 

86.6

 

 

3.7

 

    Preferred Equity

 

182.7

 

 

7.7

 

    Equity Interest

176.8

 

 

7.5

 

    Warrants

 

0.7

 

 

0.0

 

    Investment Vehicles

 

387.1

 

 

16.4

 

        Subordinated Note in ISLP

 

190.7

 

 

8.1

 

        Equity Interest in ISLP

 

30.7

 

 

1.3

 

        Subordinated Note in SLP

 

163.8

 

 

6.9

 

        Preferred and Equity Interest in SLP

 

1.9

 

 

0.1

 

Total

$

2,363.6

 

 

100.0

%

 

As of June 30, 2026, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.4%, respectively, as compared to 10.8% and 10.9%, respectively, as of March 31, 2026(4)(5). 94.5% of the Company’s debt investments at fair value were in floating rate securities.

 

As of June 30, 2026, four portfolio companies were on non-accrual status, representing 3.2% and 2.2% of the total investment portfolio at amortized cost and fair value, respectively.

 

As of June 30, 2026, ISLP’s investment portfolio had an aggregate fair value of $705.7 million, comprised of investments in 38 portfolio companies operating across 15 different industries. The investment portfolio on a fair value basis was comprised of 93.9% first lien senior secured loans, 0.7% second lien senior secured loans and 5.4% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities.

 

As of June 30, 2026, SLP’s investment portfolio had an aggregate fair value of $1,587.8 million, comprised of investments in 107 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 99.6% first lien senior secured loans, 0.3% second lien senior secured loans, and 0.1% equity interests. 100.0% of SLP’s debt investments at fair value were in floating rate securities.

 

Results of Operations

 

For the three months ended June 30, 2026 and March 31, 2026, total investment income was $62.3 million and $66.2 million, respectively.

 

Total expenses (before taxes) for the three months ended June 30, 2026 and March 31, 2026 were $33.0 million and $37.9 million, respectively.

 

Net investment income for the three months ended June 30, 2026 and March 31, 2026 was $28.6 million or $0.44 per share and $27.4 million or $0.42 per share, respectively.

 

During the three months ended June 30, 2026, the Company had net realized and unrealized losses of $14.6 million.

 

Net increase in net assets resulting from operations for the three months ended June 30, 2026 was $14.1 million, or $0.22 per share.

 

Capital and Liquidity

 

img250878609_1.jpg

Bain Capital Specialty Finance, Inc.

 

 

 

As of June 30, 2026, the Company had total principal debt outstanding of $1,521.0 million, including $249.0 million outstanding in the Company’s Sumitomo Credit Facility, $272.0 million outstanding of the debt issued through BCC Middle Market CLO 2019-1 LLC, $300.0 million outstanding in the Company’s senior unsecured notes due October 2026, $350.0 million outstanding in the Company's senior unsecured notes due March 2030, and $350.0 million outstanding in the Company's senior unsecured notes due March 2031.

 

For the three months ended June 30, 2026, the weighted average interest rate on debt outstanding was 5.0%, as compared to 4.6% for the three months ended March 31, 2026.

 

As of June 30, 2026, the Company had cash and cash equivalents (including foreign cash) of $112.1 million, restricted cash and cash equivalents of $18.5 million, $69.4 million of unsettled trades, net of receivables and payables of investments, and $606.0 million of capacity under its Sumitomo Credit Facility. As of June 30, 2026, the Company had $438.0 million of undrawn investment commitments.

 

As of June 30, 2026, the Company’s debt-to-equity and net debt-to-equity ratios were 1.41x and 1.22x, respectively, as compared to 1.34x and 1.28x, respectively, as of March 31, 2026(2). Subsequent to quarter-end, the Company’s debt-to-equity and net debt-to-equity ratios were 1.34x and 1.22x, respectively, as of July 31, 2026.

 

Endnotes

(1)
Net investment income yields and net income returns are calculated on average net assets, or book value, for the respective periods shown.

 

(2)
Net debt-to-equity represents principal debt outstanding less cash and cash equivalents and unsettled trades, net of receivables and payables of investments.

 

(3)
The third quarter dividend is payable on September 29, 2026 to stockholders of record as of September 15, 2026.

 

(4)
The weighted average yield is computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities plus amortization of fees and discounts on the performing debt and other income producing investments, divided by (b) the total relevant investments at amortized cost or fair value. The weighted average yield does not represent the total return to our stockholders.

 

(5)
For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending amortized cost or fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

 

img250878609_1.jpg

Bain Capital Specialty Finance, Inc.

 

 

Conference Call Information

 

A conference call to discuss the Company’s financial results will be held live at 8:30 a.m. Eastern Time on August 11, 2026. Please visit BCSF’s webcast link located on the Events & Presentations page of the Investor Resources section of BCSF’s website at http://www.baincapitalspecialtyfinance.com for a slide presentation that complements the Earnings Conference Call.

 

Participants are also invited to access the conference call by dialing one of the following numbers:

 

•
Domestic: 1-833-309-3473
•
International: 1-785-838-9251
•
Conference ID: BAIN

 

All participants will need to reference “Bain Capital Specialty Finance - Second Quarter Ended June 30, 2026 Earnings Conference Call” once connected with the operator. All participants are asked to dial in 10-15 minutes prior to the call.

 

Replay Information:

 

An archived replay will be available approximately three hours after the conference call concludes through August 25, 2026 via a webcast link located on the Investor Resources section of BCSF’s website, and via the dial-in numbers listed below:

 

•
Domestic: 1-844-512-2921
•
International: 1-412-317-6671
•
Conference ID: 11162325

 

img250878609_1.jpg

Bain Capital Specialty Finance, Inc.

 

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

 

 

As of

 

 

As of

 

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled/non-affiliate investments (amortized cost of $1,796,413 and $1,891,513, respectively)

 

$

 

1,789,082

 

 

$

1,905,297

 

Non-controlled/affiliate investments (amortized cost of $21,128 and $7,504, respectively)

 

 

 

31,761

 

 

 

18,674

 

Controlled affiliate investments (amortized cost of $557,704 and $603,650, respectively)

 

 

 

542,733

 

 

 

584,470

 

Cash and cash equivalents

 

 

 

97,187

 

 

 

23,092

 

Foreign cash (cost of $14,632 and $2,477, respectively)

 

 

 

14,957

 

 

 

3,151

 

Restricted cash and cash equivalents

 

 

 

18,467

 

 

 

32,667

 

Collateral on derivatives

 

 

 

11,020

 

 

 

10,993

 

Deferred financing costs

 

 

 

3,023

 

 

 

3,543

 

Interest receivable on investments

 

 

 

33,882

 

 

 

38,023

 

Interest rate swap

 

 

 

890

 

 

 

7,976

 

Receivable for sales and paydowns of investments

 

 

 

70,645

 

 

 

28,856

 

Prepaid insurance

 

 

 

92

 

 

 

489

 

Unrealized appreciation on forward currency exchange contracts

 

 

 

1,804

 

 

 

—

 

Dividend receivable

 

 

 

4,539

 

 

 

5,354

 

Total Assets

 

$

 

2,620,082

 

 

$

2,662,585

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $15,936 and $10,110, respectively)

 

$

 

1,501,129

 

 

$

1,470,796

 

Interest rate swap

 

 

 

4,621

 

 

 

—

 

Interest payable

 

 

 

8,597

 

 

 

12,376

 

Payable for investments purchased

 

 

 

1,286

 

 

 

2,110

 

Collateral payable on derivatives

 

 

 

—

 

 

 

12,907

 

Unrealized depreciation on forward currency exchange contracts

 

 

 

1,105

 

 

 

9,061

 

Base management fee payable

 

 

 

8,992

 

 

 

9,408

 

Incentive fee payable

 

 

 

801

 

 

 

5,877

 

Accounts payable and accrued expenses

 

 

 

13,186

 

 

 

12,910

 

Distributions payable

 

 

 

—

 

 

 

9,730

 

Total Liabilities

 

 

 

1,539,717

 

 

 

1,545,175

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies (See Note 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,868,507 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

 

 

 

65

 

 

 

65

 

Paid in capital in excess of par value

 

 

 

1,161,110

 

 

 

1,161,110

 

Total distributable loss

 

 

 

(80,810

)

 

 

(43,765

)

Total Net Assets

 

 

 

1,080,365

 

 

 

1,117,410

 

Total Liabilities and Total Net Assets

 

$

 

2,620,082

 

 

$

2,662,585

 

 

 

 

 

 

 

 

 

 

Net asset value per share

 

$

 

16.65

 

 

$

17.23

 

 

See Notes to Consolidated Financial Statements

 

img250878609_1.jpg

Bain Capital Specialty Finance, Inc.

 

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled/non-affiliate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

 

37,795

 

 

$

 

44,292

 

 

$

 

77,128

 

 

$

 

85,964

 

Dividend income

 

 

 

654

 

 

 

 

2,940

 

 

 

 

1,273

 

 

 

 

4,665

 

PIK income

 

 

 

7,531

 

 

 

 

7,501

 

 

 

 

16,236

 

 

 

 

14,107

 

Other income

 

 

 

1,767

 

 

 

 

4,158

 

 

 

 

3,243

 

 

 

 

6,991

 

Total investment income from non-controlled/non-affiliate investments

 

 

 

47,747

 

 

 

 

58,891

 

 

 

 

97,880

 

 

 

 

111,727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled/affiliate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

 

36

 

 

 

 

127

 

 

 

 

38

 

 

 

 

135

 

PIK income

 

 

 

—

 

 

 

 

13

 

 

 

 

—

 

 

 

 

30

 

Other income

 

 

 

44

 

 

 

 

—

 

 

 

 

65

 

 

 

 

42

 

Total investment income from non-controlled/affiliate investments

 

 

 

80

 

 

 

 

140

 

 

 

 

103

 

 

 

 

207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from controlled affiliate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

 

7,336

 

 

 

 

9,807

 

 

 

 

17,369

 

 

 

 

18,955

 

Dividend income

 

 

 

7,185

 

 

 

 

2,123

 

 

 

 

13,168

 

 

 

 

6,909

 

PIK income

 

 

 

—

 

 

 

 

4

 

 

 

 

2

 

 

 

 

6

 

Total investment income from controlled affiliate investments

 

 

 

14,521

 

 

 

 

11,934

 

 

 

 

30,539

 

 

 

 

25,870

 

Total investment income

 

 

 

62,348

 

 

 

 

70,965

 

 

 

 

128,522

 

 

 

 

137,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt financing expenses

 

 

 

20,664

 

 

 

 

21,772

 

 

 

 

40,916

 

 

 

 

40,676

 

Base management fee

 

 

 

8,993

 

 

 

 

9,257

 

 

 

 

18,078

 

 

 

 

18,325

 

Incentive fee

 

 

 

801

 

 

 

 

5,446

 

 

 

 

6,419

 

 

 

 

7,668

 

Professional fees

 

 

 

612

 

 

 

 

714

 

 

 

 

1,312

 

 

 

 

1,428

 

Directors fees

 

 

 

180

 

 

 

 

182

 

 

 

 

360

 

 

 

 

356

 

Other general and administrative expenses

 

 

 

1,761

 

 

 

 

1,928

 

 

 

 

3,830

 

 

 

 

4,499

 

Total expenses, net of fee waivers

 

 

 

33,011

 

 

 

 

39,299

 

 

 

 

70,915

 

 

 

 

72,952

 

Net investment income before taxes

 

 

 

29,337

 

 

 

 

31,666

 

 

 

 

57,607

 

 

 

 

64,852

 

Income tax expense, including excise tax

 

 

 

732

 

 

 

 

1,076

 

 

 

 

1,638

 

 

 

 

2,152

 

Net investment income

 

 

 

28,605

 

 

 

 

30,590

 

 

 

 

55,969

 

 

 

 

62,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on non-controlled/non-affiliate investments

 

 

 

(7,228

)

 

 

 

4,861

 

 

 

 

(3,408

)

 

 

 

(16,125

)

Net realized gain (loss) on non-controlled/affiliate investments

 

 

 

(6,598

)

 

 

 

(711

)

 

 

 

(6,598

)

 

 

 

(3,678

)

Net realized gain (loss) on controlled affiliate investments

 

 

 

(77

)

 

 

 

—

 

 

 

 

(13,525

)

 

 

 

—

 

Net realized gain (loss) on foreign currency transactions

 

 

 

(889

)

 

 

 

581

 

 

 

 

(823

)

 

 

 

332

 

Net realized gain (loss) on forward currency exchange contracts

 

 

 

(3,136

)

 

 

 

(1,409

)

 

 

 

(6,125

)

 

 

 

(3,814

)

Net change in unrealized appreciation on foreign currency translation

 

 

 

(227

)

 

 

 

1,484

 

 

 

 

(362

)

 

 

 

1,919

 

Net change in unrealized appreciation on forward currency exchange contracts

 

 

 

3,214

 

 

 

 

(15,074

)

 

 

 

9,760

 

 

 

 

(17,147

)

Net change in unrealized appreciation on non-controlled/non-affiliate investments

 

 

 

(7,353

)

 

 

 

7,507

 

 

 

 

(30,547

)

 

 

 

31,500

 

Net change in unrealized appreciation on non-controlled/affiliate investments

 

 

 

8,405

 

 

 

 

(1,379

)

 

 

 

8,895

 

 

 

 

(3,245

)

Net change in unrealized appreciation on controlled affiliate investments

 

 

 

(661

)

 

 

 

(2,728

)

 

 

 

4,209

 

 

 

 

(173

)

Total net loss

 

 

 

(14,550

)

 

 

 

(6,868

)

 

 

 

(38,524

)

 

 

 

(10,431

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

 

14,055

 

 

$

 

23,722

 

 

$

 

17,445

 

 

$

 

52,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net investment income per share of common stock

 

$

 

0.44

 

 

$

 

0.47

 

 

$

 

0.86

 

 

$

 

0.97

 

Basic and diluted increase in net assets resulting from operations per share of common stock

 

$

 

0.22

 

 

$

 

0.37

 

 

$

 

0.27

 

 

$

 

0.81

 

Basic and diluted weighted average common stock outstanding

 

 

 

64,868,507

 

 

 

 

64,868,507

 

 

 

 

64,868,507

 

 

 

 

64,772,881

 

 

See Notes to Consolidated Financial Statements

 

img250878609_1.jpg

Bain Capital Specialty Finance, Inc.

 

 

About Bain Capital Specialty Finance, Inc.

 

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through June 30, 2026, BCSF has invested approximately $10,129.6 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

 

Forward-Looking Statements

This letter or the webcast/conference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein or on the webcast/conference call. All forward-looking statements speak only as of the date of this letter.

 

Investor Contact:

Katherine Schneider

Tel. (212) 803-9613

investors@baincapitalbdc.com

 

Media Contact:

Scott Lessne

Tel. +1 (212) 300-1800

slessne@apcoworldwide.com

 

 

img250878609_1.jpg

Bain Capital Specialty Finance, Inc.

 

Source: View Original Filing on SEC EDGAR

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