Bain Capital Specialty Finance (BCSF)
Provides secured direct loans and unitranche financing to middle-market companies through Bain Capital Credit.
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Generates current income mainly through direct originations of secured debt for middle-market companies, including first- and second-lien loans and unitranche structures. The NYSE-listed business development company is externally managed by BCSF Advisors, a Bain Capital Credit subsidiary.
Direct lending to middle-market companies is the core business, with secured debt investments spanning first- and second-lien loans and unitranche structures. The company also invests in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. Its objective is current income and, to a lesser extent, capital appreciation through direct originations.
Operations run through BCSF Advisors, an SEC-registered investment adviser and Bain Capital Credit subsidiary. That external-management structure supplies investment advisory and administrative services. The company operates as a business development company under the Investment Company Act of 1940 and elects RIC treatment for U.S. federal tax purposes, subject to applicable requirements.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 18, 2026 | Capital One Financial | Target | Target: $13 | Target: $12.50 |
| Sep 18, 2026 | Loop Capital Markets | Target | Target: — | Target: $12.50 |
| Sep 18, 2026 | Noble Capital Markets | Initiate | Rating: — | |
| Aug 17, 2026 | Capital One Financial | Target | Target: — | Target: $13 |
| Aug 17, 2026 | Jefferies | Target | Target: — | Target: $13 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $115.7M · Total debt $1.50B · Total assets $2.62B · Shareholders' equity $1.08B
- Revenue
- $45.3M
- Operating income
- $36.6M
- Net income
- $14.1M
HistoryDividendAnnual yield
| Institutions | 56.61% | 36.72M shares | |
|---|---|---|---|
| 134 holders · as of Jun 30, 2026 | |||
| Insiders | 0.05% | 30.4K shares | |
| 2 holders · as of Mar 3, 2026 | |||
| Strategic holders | 18.23% | 11.82M shares | |
| 1 holder · as of Jun 17, 2020 | |||
| Other | 25.11% | 16.30M shares | |
| remainder | |||
64.87M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Bain Capital Credit, LPInstitution | 18.23% | 11.82M | as of Jun 30, 2026 |
Bain Capital Credit Member, LLC1,2Strategic10 percent owner | 18.23% | 10.87M | filed Jun 17, 2020 |
Bank of America Corp /DE/Institution | 3.92% | 2.54M | as of Jun 30, 2026 |
Cresset Asset Management, LLCInstitution | 3.69% | 2.39M | as of Jun 30, 2026 |
UBS Group AGInstitution | 2.25% | 1.46M | as of Jun 30, 2026 |
- Bain Capital Credit Member, LLC's transaction reports restate only vehicles that traded; the 2020 ownership statement (10.87M) plus the 952.1K net shares acquired since is used instead.
- Bain Capital Credit Member, LLC reports a block also reported by Bain Capital Credit, LP; it is counted once, under Bain Capital Credit, LP.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 3, 2026 | Sabrina Rusnak-Carlson | officer: General Counsel | +2,300 | $12.55 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bain Capital Specialty Finance | $11.26 | +0.40% | $727.2M | 11.3 | 7.7 | 3.8 | −15.4% |
| Ares Capital | $19.37 | −0.39% | $13.96B | 14.4 | 10.1 | 6.0 | +32.6% |
| Blue Owl Capital | $11.17 | −0.22% | $5.55B | 20.0 | 8.7 | 3.9 | −20.8% |
| Blackstone Secured Lending Fund | $24.78 | −0.72% | $5.81B | 19.6 | 9.4 | 5.5 | +25.9% |
| FS KKR Capital | $11.41 | −0.22% | $3.20B | — | 7.3 | 3.4 | +11.5% |
| Sixth Street Specialty Lending | $18.05 | +0.06% | $1.71B | 19.0 | 10.1 | 5.0 | −13.0% |
| Carlyle Secured Lending | $11.46 | −0.56% | $800.6M | 22.6 | 8.0 | 3.4 | −3.7% |
| Median | 19.6 | 9.1 | 4.5 | +3.9% |