Bain Capital Specialty Finance, Inc. BCSF
Bain Capital Specialty Finance, Inc. (the "Company") was formed on October 5, 2015 ("Inception") as a Delaware corporation structured as an externally managed, closed-end, non-diversified management investment company. The Company commenced investment operations on October 13, 2016 ("Commencement"). The Company has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company has elected to be treated for U.S. federal income tax purposes as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Interest expense | $80.6M | $74.7M | $80.0M | $52.3M | $51.3M | $63.3M | — |
| Pre-tax income | — | $119.4M | $123.4M | $105.5M | — | — | — |
| Income tax | — | $0 | $0 | $0 | — | — | — |
| Net income | $98.8M | $119.4M | $123.4M | $105.5M | $119.8M | $8.3M | — |
| EPS, basic | 1.53 | 1.85 | 1.91 | 1.63 | 1.86 | 0.14 | — |
| EPS, diluted | 1.53 | 1.85 | 1.91 | 1.63 | 1.86 | 0.14 | — |
| Shares, diluted (wtd. avg.) | $64.8M | $64.6M | $64.6M | $64.6M | $64.6M | $58.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $23.1M | $51.6M | $112.5M | $125.7M | $203.6M | $81.7M | $68.8M |
| Total assets | $2.66B | $2.63B | $2.47B | $2.59B | $2.57B | — | — |
| Long-term debt | $1.47B | $1.39B | $1.26B | $1.39B | $1.41B | — | — |
| Total liabilities | $1.55B | $1.49B | $1.34B | $1.48B | $1.47B | — | — |
| Retained earnings | -$43.8M | -$19.9M | -$32.0M | -$52.1M | — | — | — |
| Total equity | $1.12B | $1.14B | $1.14B | $1.12B | $1.10B | $1.07B | $1.02B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $29.5M | -$27.1M | $219.3M | -$316.8M | $265.6M | $89.4M | — |
| Financing cash flow | -$71.9M | $14.3M | -$231.4M | $238.3M | -$138.6M | -$76.5M | — |
| Dividends paid | $145.8M | $114.3M | $99.4M | $87.8M | $87.8M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-077703.