BCSF 8-K

Bain Capital Specialty Finance, Inc. (BCSF)

8-K 2026-08-10 For: 2026-08-10

View Original

Added on August 10, 2026


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)


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


99.1		Press Release, dated August 10, 2026.

104		Cover page interactive data file (formatted as Inline XBRL)


			BAIN CAPITAL SPECIALTY FINANCE, INC.

Date:	August 10, 2026	By:	/s/ Sabrina Rusnak-Carlson
			Name: Sabrina Rusnak-Carlson Title: General Cousnel


($ 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

BCSF 8-K

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 8.01 Other Events.

Item 9.01 Financial Statements and Exhibits.


($ 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


($ 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	)


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			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


	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