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BCSF on NYSE

Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is a corporation registered in the United States, based in Boston, active since 2015.2 Its shares trade on NYSE under the symbol BCSF.2

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Last updated Oct 21, 2026.

Overview

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  • TickerBCSF on NYSE2
  • HeadquartersBoston, United States2
  • Incorporated inDE3
  • Business addressC/O Bain Capital Credit, Lp, 200 Clarendon Street, Boston, Ma 021163
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI549300V2JL72R0EYBK642
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O MAPLES FIDUCIARY SERVICES (DELAWARE) INC., 19807 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 57704232

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income5678$98.8M in 2025+1093% since 2020
0$50.0M$100.0M$150.0M2020: $8.3M$8.3M20202021: $119.8M$119.8M2021+1347%2022: $105.5M$105.5M2022−12%2023: $123.4M$123.4M2023+17%2024: $119.4M$119.4M2024−3%2025: $98.8M$98.8M2025−17%

Every line of the income statement as filed: the last 5 fiscal years (annual) or 12 quarters (quarterly), latest first.8

Period ending2025-12-312024-12-312023-12-312022-12-312021-12-31
Dividend income$22.3M$28.7M$35.8M
Total investment income$273.2M$292.7M$297.8M
Interest and debt financing expenses$80.6M$74.7M$80.0M
Base management fee$37.2M$35.6M$36.1M
Incentive fee$18.1M$28.9M$25.5M
Professional fees$2.9M$3.5M$2.6M
Directors fees$720.0K$695.0K$716.0K
Other general and administrative expenses$8.4M$10.1M$8.0M
Total expenses, net of fee waivers$147.9M$153.5M$152.8M
Net investment income before taxes$125.3M$139.2M$145.0M
Income tax expense, including excise tax$3.8M$4.5M$3.4M
Net investment income$121.6M$134.7M$141.6M
Net realized gain (loss)-$28.2M-$10.4M-$43.9M
Net realized gain (loss) on foreign currency transactions$761.0K-$320.0K-$5.1M
Net realized gain (loss) on forward currency exchange contracts-$5.8M$2.3M-$407.0K
Net change in unrealized appreciation on foreign currency translation$1.4M-$251.0K$4.0M
Net change in unrealized appreciation on forward currency exchange contracts-$12.6M$5.8M-$2.3M
Net change in unrealized appreciation on investments$21.6M-$12.3M$29.5M
Total net gain (loss)-$22.8M-$15.3M-$18.2M
Net increase in net assets resulting from operations$98.8M$119.4M$123.4M
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
Diluted increase in net assets resulting from operations per share of common stock$1.53$1.85$1.91
Basic weighted average common stock outstanding64.8M shares64.6M shares64.6M shares
Diluted weighted average common stock outstanding64.8M shares64.6M shares64.6M shares

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Corporate structure

Bain Capital Specialty Finance, Inc. sits at the top of its group. 15 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Bain Capital Specialty Finance, Inc.

  • Bank of America Filed SCHEDULE 13G/A on Bain Capital Specialty Finance, Inc., latest Apr 27, 2026 (3 filings since Feb 14, 2023)
  • DIMENSION CAPITAL MANAGEMENT LLC Filed SC 13G/A on Bain Capital Specialty Finance, Inc., latest Feb 14, 2022 (2 filings since Feb 14, 2022)
  • Bain Capital Specialty Finance, Inc. Boston, Massachusetts, United States
    • 10. Subsidiary · Delaware, United States
    • 11. Subsidiary · Delaware, United States
    • 12. Subsidiary · Cayman Islands
    • 13. Subsidiary · Delaware, United States
    • 14. Subsidiary · Cayman Islands
    • 15. Subsidiary · Cayman Islands
    • 16. Subsidiary · Delaware, United States
    • 17. Subsidiary · Delaware, United States
    • 18. Subsidiary · Delaware, United States
    • 19. Subsidiary · Delaware, United States
    • 20. Subsidiary · Delaware, United States
    • 21. Subsidiary · Delaware, United States
    • BAIN CAPITAL CREDIT CLO 2016-2, LIMITED Fund · Boston, Massachusetts, United States
    • BAIN CAPITAL DISTRESSED AND SPECIAL SITUATIONS 2016 (F), L.P. Fund · Boston, Massachusetts, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Bain Capital Specialty Finance, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$23.1M8 Dec 31, 2025$51.6M8 Dec 31, 2024−55.2%

Properties, in its own words

We maintain our principal executive office at 200 Clarendon Street, 37th Floor, Boston, Massachusetts 02116. We do not own any real estate or other physical properties materially important to our operations. We believe that our present facilities are adequate to meet our current needs. If new or additional space is required, we believe that adequate facilities are available at competitive prices in the same area.

Item 2 of the 10-K filed Feb 27, 2026.11

Leadership

Who has led Bain Capital Specialty Finance, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael A. Ewald2016–2020

President

  1. Michael A. Ewald2016–2020

Chief financial officer

  1. Sally F. Dornaus2016–2020
  2. Patrick M. Dury2018
  3. Amit Joshi2024
20202025
Board members and other officers (14)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 10. Delaware4
  • 11. Delaware4
  • 12. Cayman Islands4
  • 13. Delaware4
  • 14. Cayman Islands4
  • 15. Cayman Islands4
  • 16. Delaware4
  • 17. Delaware4
  • 18. Delaware4
  • 19. Delaware4
  • 20. Delaware4
  • 21. Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Sankaty Capital CorpOct 13, 2015 to Apr 1, 20163

Timeline

  1. Aug 10, 20268-K Results of operations; Other events30
  2. Jul 31, 20268-K Entered a material agreement; New debt or obligation31
  3. Jul 23, 20268-K Results of operations32
  4. May 22, 20268-K Shareholder vote33
  5. May 12, 20268-K Results of operations; Other events34
  6. Apr 29, 20268-K Results of operations35
  7. Feb 27, 20268-K Results of operations; Other events36
  8. Feb 12, 20268-K Results of operations37
  9. Jan 29, 20268-K Entered a material agreement; New debt or obligation38
  10. Jan 23, 20268-K Entered a material agreement39
  11. Dec 22, 20258-K Other events40
  12. Nov 10, 20258-K Results of operations; Other events41
  13. Sep 19, 2016New chief executive Michael A. Ewald becomes CEO12
  14. Oct 5, 2015Founded Bain Capital Specialty Finance, Inc. is founded2

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.45 a share, on Nov 10, 2025.42

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results30
  2. Jul 23, 2026Reported quarterly or annual results32
  3. May 12, 2026Reported quarterly or annual results34
  4. Apr 29, 2026Reported quarterly or annual results35
  5. Feb 27, 2026Reported quarterly or annual results36
  6. Feb 12, 2026Reported quarterly or annual results37
  7. Nov 10, 2025Reported quarterly or annual results41
  8. Oct 28, 2025Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

152 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 77 major events, 11 insider forms, 5 large holders, 39 other. The latest 20:

  1. Aug 10, 20268-K EDGAR
  2. Aug 10, 202610-Q EDGAR
  3. Jul 31, 20268-K EDGAR
  4. Jul 23, 20268-K EDGAR
  5. May 22, 20268-K EDGAR
  6. May 12, 20268-K EDGAR
  7. May 11, 202610-Q EDGAR
  8. Apr 29, 20268-K EDGAR
  9. Apr 27, 2026SCHEDULE 13G/A EDGAR
  10. Apr 20, 2026DEF 14A EDGAR
  11. Apr 3, 202640-17G EDGAR
  12. Mar 5, 20263 EDGAR
  13. Mar 3, 20264 PRIMARY DOCUMENT EDGAR
  14. Feb 27, 20268-K EDGAR
  15. Feb 27, 202610-K EDGAR
  16. Feb 12, 20268-K EDGAR
  17. Jan 29, 20268-K EDGAR
  18. Jan 26, 2026424B2 EDGAR
  19. Jan 23, 20268-K EDGAR
  20. Jan 23, 2026497AD EDGAR

The 152 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

6 open-market trades by officers, directors and large owners since October 2021: 6 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 3, 2026Rusnak-Carlson SabrinaGeneral CounselBuy2,300$12.55$28.9KForm 4
Mar 17, 2025Richer Clare StackDirectorBuy1,530$16.43$25.1KForm 4
Aug 10, 2022Richer Clare StackDirectorBuy3,400$14.59$49.6KForm 4
Mar 25, 2022Hough Thomas A.DirectorBuy6,272$15.94$100.0KForm 4
Mar 3, 2022Richer Clare StackDirectorBuy3,090$16.18$50.0KForm 4
Feb 25, 2022Butte AmyDirectorBuy1,300$15.86$20.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bain Capital Credit, LP11,822,433$148.0M40.2%No change
Bank Of America Corp /de/2,540,286$31.8M0.0%−197,189
Cresset Asset Management, LLC2,394,561$30.0M0.1%+321,717
UBS Group AG1,460,135$18.3M0.0%+55,587
Van Eck Associates Corp1,378,326$17.3M0.0%+253,902
Two Sigma Investments, LP1,374,383$17.2M0.0%−140,572
Morgan Stanley1,254,889$15.7M0.0%+108,756
Dimension Capital Management LLC1,253,662$15.7M1.8%+29,172
Melia Wealth LLC872,753$10.9M6.3%−290,335
Muzinich & Co., Inc.846,759$10.6M3.6%+45,502
Russell Investments Group, Ltd.779,032$9.8M0.0%+246,500
Franklin Resources Inc643,797$8.1M0.0%+57,798
Sumitomo Mitsui Trust Group, Inc.617,822$7.7M0.0%+16,725
Ares Management LLC588,471$7.4M0.3%+493,817
Legal & General Group Plc541,547$6.8M0.0%+41,334
Arax Advisory Partners482,581$6.0M0.0%+252,531
Caz Investments LP458,201$5.7M1.9%+448,201
Envestnet Asset Management Inc457,491$5.7M0.0%New
Columbus Macro, LLC451,309$5.7M0.5%New
Cetera Investment Advisers445,675$5.6M0.0%New
Hennion & Walsh Asset Management, Inc.370,141$4.6M0.1%+14,238
GCM Grosvenor Holdings, LLC315,000$3.9M0.2%New
HighTower Advisors, LLC313,570$3.9M0.0%−60,402
North Ground Capital224,000$2.8M3.4%−109,982
Advisors Asset Management, Inc.221,091$2.8M0.0%−13,026

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Bain Capital Specialty Finance, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBain Capital Specialty Finance, Inc.1
  • CIK0001655050
  • Employer ID (EIN)81-287876911
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company11
  • Incorporated inDelaware11
  • Fiscal year endsDecember 311
  • Business addressC/O Bain Capital Credit, Lp, 200 Clarendon Street, Boston, MA 021161
  • Phone(617) 516-23181
  • Shares outstanding64,868,507 as of Aug 10, 202610
  • Public float$664.7M as of Dec 31, 202511
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; it also attests to the company’s internal control over financial reporting11
  • On EDGAR sinceOct 13, 20151
  • Filings457 in all: 8-K (154), 4 (90), 10-Q (29), 3 (20), CORRESP (18), 497AD (15), DEF 14A (11), 10-K (10)1
    All 44 form types

    40-17G (10), 40-APP/A (10), 424B2 (9), SC 13D/A (9), PRE 14A (8), 40-APP (5), N-2/A (5), FWP (4), SC 13G/A (4), 4/A (3), APP NTC (3), APP ORDR (3), EFFECT (3), N-2 (3), SC 13G (3), 10-12G/A (2), 497 (2), 8-A12B (2), D (2), D/A (2), DRS/A (2), N-2ASR (2), 10-12G (1), 424B3 (1), APP WD (1), APP WD/A (1), APP WDG (1), CERT (1), DEFR14A (1), DEL AM (1), DRS (1), N-54A (1), N-6F (1), SC 13D (1), SCHEDULE 13G/A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 20, 2026
    Latest 8-K (8-K) Aug 10, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareBCSFNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).11

Risk factors and legal proceedings

The risks Bain Capital Specialty Finance, Inc. names in Item 1A of its 10-K filed Feb 27, 2026: 79 risks under these headings, as written.11

  • We may be unable to meet our investment objectives or investment strategy.
  • We are dependent upon key personnel of Bain Capital Credit and our Advisor.
  • We may not replicate the historical results achieved by Bain Capital Credit, or by our Advisor or its affiliates.
  • The due diligence process that our Advisor undertakes in connection with our investments may not reveal all the facts that may be relevant in connection with an investment.
  • Adverse developments in the credit markets may impair our ability to enter into new debt financing arrangements.
  • Our executive officers and directors, our Advisor, Bain Capital Credit and their affiliates, officers, directors and employees may face certain conflicts of interest.
  • Bain Capital Credit’s Credit Committee, our Advisor or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.
  • Our management and incentive fee structure as well as our lending relationship with our Advisor may create incentives for our Advisor that are not fully aligned with the interests of our stockholders and may induce our Advisor to make speculative investments.
  • Conflicts created by the valuation process for certain portfolio holdings.
  • Conflicts may arise related to other arrangements with Bain Capital Credit and our Advisor’s other affiliates.
  • Our Advisor has limited liability and is entitled to indemnification under the Amended Advisory Agreement.
  • We operate in an increasingly competitive market for investment opportunities, which could reduce returns and result in losses.
The other 67 risks
  • We may need to raise additional capital.
  • Our business could be adversely affected in the event we default under our debt agreements.
  • Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.
  • We are and may be subject to restrictions under our debt agreements and any future credit or other borrowing facility that could adversely impact our business.
  • The majority of our portfolio investments are recorded at fair value and, as a result, there may be uncertainty as to the value of our portfolio investments.
  • New or modified laws or regulations governing our operations could adversely affect our business.
  • Changes to U.S. tariff and import or export regulations may negatively impact our business.
  • The Board may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.
  • Provisions of the Delaware General Corporation Law and of our certificate of incorporation and bylaws could deter takeover attempts and have an adverse effect on the price of shares of our common stock.
  • Our Certificate of Incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against our directors, officers, other employees or stockholders for breach of fiduciary duty and other similar actions may be brought in a federal or state court located in the state of Delaware.
  • Our Advisor and Administrator each have the ability to resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • We are subject to certain risks as a result of our interests in the membership interests in the 2019-1 Issuer.
  • We are subject to significant restrictions on our ability to advise the 2019-1 Issuer.
  • The subordination of the Membership Interests will affect our right to payment.
  • The holders of certain 2019-1 Notes will control many rights under the 2019-1 Indenture and therefore, we will have limited rights in connection with an event of default or distributions thereunder.
  • The 2019-1 Indenture requires mandatory redemption of the 2019-1 Notes for failure to satisfy applicable Coverage Tests.
  • We may resign or be removed or terminated as portfolio manager of the 2019-1 Issuer.
  • We and our Advisor are subject to regulations and SEC oversight. If we or they fail to comply with applicable requirements, it may adversely impact our results relative to companies that are not subject to such regulations.
  • Our ability to enter into transactions with our affiliates is restricted.
  • Our ability to sell or otherwise exit investments also invested in by other Bain Capital Credit investment vehicles is restricted.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.
  • Certain investors are limited in their ability to make significant investments in us.
  • Risks Relating to Our Investments
  • Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interest rates may make it more difficult for portfolio companies to make periodic payments on their loans.
  • Our debt investments may be risky, and we could lose all or part of our investments.
  • We may hold the debt securities of leveraged companies.
  • We invest in middle market companies, which involve higher risks than investments in larger companies.
  • The lack of liquidity in our investments may adversely affect our business.
  • Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.
  • Our investments in secured loans may nonetheless expose us to losses from default and foreclosure.
  • Our investments in mezzanine debt and other junior securities are subordinate to senior indebtedness of the applicable company and are subject to greater risk.
  • Our prospective portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
  • Our loans may have limited amortization requirements.
  • We may invest in high yield debt, or junk bonds, which has greater credit and liquidity risk than more highly rated debt obligations.
  • We may invest in equity securities, which generally have greater price volatility than fixed income securities.
  • The prices of the financial instruments in which we invest may be highly volatile.
  • Our investment in entire portfolios may not be as successful as acquiring the assets individually.
  • Investments in financially troubled companies involve significantly greater risk than investments in non-troubled companies.
  • Investments in “event-driven” special situations may not fully insulate us from risks inherent in our planned activities.
  • We may be subject to lender liability and equitable subordination.
  • Participation on creditors’ committees may expose our Advisor to liability.
  • We cannot assure the accuracy of projections and forecasts used by our Advisor.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer or industry.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies, and such portfolio companies may not generate sufficient cash flow to service their debt obligations to us.
  • The disposition of our investments may result in contingent liabilities.
  • We may be subject to risks under hedging transactions and may become subject to risk if we invest in non-U.S. securities.
  • Our investments in OID and PIK interest income may expose us to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash.
  • We are subject to risks associated with investing alongside other third parties.
  • We may be subject to risks related to investments in companies in the software industry.
  • We will be subject to corporate-level income tax if we are unable to qualify as a RIC.
  • Stockholders may be required to pay tax in excess of the cash they receive.
  • We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
  • We may be subject to withholding of U.S. federal income tax on distributions for non-U.S. stockholders.
  • We may retain income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax, reducing the amount available for distribution to taxpayers.
  • Our business may be adversely affected if we fail to maintain our qualification as a RIC.
  • We may be impacted by changes in federal tax legislation.
  • The market price of our common stock may fluctuate significantly.
  • We cannot assure you that a market for shares of our common stock will be maintained or the market price of our shares will trade close to NAV.
  • Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
  • Our stockholders will experience dilution in their ownership percentage if they opt out of our DRIP.
  • We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock.
  • There is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.
  • Our stockholders may experience dilution in their ownership percentage.
  • We may incur significant costs as a result of being a public company.
  • We are obligated to maintain proper and effective internal control over financial reporting. We may not complete our analysis of our internal control over financial reporting in a timely manner, or our internal controls may not be determined to be effective, which may adversely affect investor confidence in our company and, as a result, the value of our common stock.
  • Global capital markets could enter a period of severe disruption and instability. These conditions have historically affected and could again materially and adversely affect debt and equity capital markets in the United States and around the world and our business.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.

Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.11

Sources

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