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Bain Capital Specialty Finance (BCSF) investor relations material
Bain Capital Specialty Finance Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Net investment income per share was $0.47, with an annualized yield on book value of 10.7%, and net income per share was $0.37, reflecting an 8.3% annualized return on book value for Q2 2025.
Net asset value per share was $17.56, down $0.08 from the prior quarter, with 64,868,507 shares outstanding.
Board declared a $0.42 regular dividend and a $0.03 special dividend per share for Q3 2025.
Portfolio reached $2.5 billion at fair value, diversified across 185 companies in 29 industries.
Ending net debt-to-equity was 1.20x, up from 1.17x in the previous quarter.
Financial highlights
Total investment income for Q2 2025 was $71 million, with net investment income of $30.6 million or $0.47 per share.
Net realized and unrealized losses totaled $6.9 million for the quarter.
Net income for Q2 was $23.7 million or $0.37 per share.
NAV per share declined by $0.08 during the quarter, primarily due to dividend payments and investment losses.
Portfolio yield at amortized cost was 11.4%, with 92.6% of debt investments in floating rate instruments.
Outlook and guidance
Dividend policy set at a 9.5% annualized rate at book value, with strong NII coverage at 112-124% YTD.
No debt maturities until 2026, supporting stable liquidity and funding outlook.
Management continues to focus on risk-adjusted returns and current income through direct lending to middle-market companies.
Spillover income of $1.43 per share provides future earnings cushion.
Dividend yield at current market price is 12.2% annualized.
What drove the decision to refinance the CLO?
Characterize the new origination activity this quarter.
How does BCSF expand its reach into the market?
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Next Bain Capital Specialty Finance earnings date
Q3 20255 Nov, 2025
Next Bain Capital Specialty Finance earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
Bain Capital Specialty Finance Inc. is a business development company that provides customized financing solutions to middle-market companies. The company invests in a diversified portfolio of debt and equity instruments, including first and second lien loans, mezzanine debt, and equity securities. Bain Capital Specialty Finance supports businesses across a range of industries, focusing on generating income and capital appreciation for its shareholders. The company is headquartered in Boston, Massachusetts, and its shares are listed on the NYSE.
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