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Bain Capital Specialty Finance (BCSF) investor relations material
Bain Capital Specialty Finance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Q3 2025 net investment income per share was $0.45, with an annualized yield on book value of 10.3%, exceeding the regular dividend.
Net income per share was $0.29, with an annualized return on book value of 6.6%.
Net asset value per share declined to $17.40, mainly due to a specific loan markdown, not broad credit issues.
Board declared a Q4 2025 dividend of $0.42 per share and a $0.03 supplemental/special dividend.
Gross originations in Q3 were $340.1 million, focused on first lien borrowers.
Financial highlights
Total investment income for Q3 2025 was $67.2 million, down from $71 million in Q2, with net investment income of $29.2 million ($0.45 per share).
Net realized and unrealized losses totaled $10.5 million, primarily from one portfolio company.
Net increase in net assets from operations was $18.7 million ($0.29 per share).
Portfolio at fair value was $2,534.1 million, with total assets of $2.7 billion and net assets of $1.1 billion.
Net investment fundings were $44.0 million, with gross fundings of $340.1 million and repayments of $296.1 million.
Outlook and guidance
Management expects to maintain the regular $0.42 per share dividend, supported by strong dividend coverage and multiple earnings levers.
Future growth levers include higher earnings from joint ventures, increased prepayment income, and attractive spreads on new investments.
Company is well-positioned to offset headwinds from lower rates and upcoming fixed-rate debt maturities.
Management will continue sourcing high-quality lending opportunities, leveraging expertise in the core middle market.
Reconcile non-accrual levels with credit performance.
Explain the decline in portfolio weighted average yield.
Assess the outlook for net investment growth.
Earnings levers' impact on 2026 debt refinancing
Risk assessment of JV off-balance sheet leverage
Junior capital: current market and risk/reward
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Next Bain Capital Specialty Finance earnings date
Q4 202527 Feb, 2026
Next Bain Capital Specialty Finance earnings date
Q4 202527 Feb, 2026
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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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