# Bain Capital Specialty Finance, Inc. (BCSF)

> Source: Nexqual · https://nexqual.com/BCSF · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Bain Capital Specialty Finance, Inc. (BCSF), nexqual.com/BCSF" · informational, not investment advice.

**Price:** USD 10.85 (+2.36% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 10.6 · day 10.66–10.86 · 52w 10–14.7 · market cap $704M · NYQ

## Key facts
- Valuation: P/E 11.0x (avg 8.8x at the last 3 fiscal year-ends), net debt $1.40B.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (4 analysts), mean target USD 12.63 (range 12–13).
- Total return with dividends: 1Y -12.5% vs S&P 500 +14.8%; 5Y +24.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-09, EPS estimate USD 0.43, revenue estimate $61.0M. All companies reporting that day: https://nexqual.com/earnings/2026-11-09
- Dividend: USD 1.68 a year (yield 15.85%), paid quarterly; latest ex-dividend date 2026-09-15; annual dividends grew 12.2% a year 2022–2025.
- Short interest: 2.51% of float (as of 2026-10-15), 2.4 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $120M | $105M | $123M | $119M | $98.8M | $63.9M |
| EPS (diluted) | $1.86 | $1.63 | $1.91 | $1.85 | $1.53 | — |
| Cash + short-term investments | $87.4M | $30.2M | $43.0M | $51.6M | $23.1M | — |
| Total debt | $1.41B | $1.39B | $1.26B | $1.39B | $1.47B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.0x · P/B 0.7x · Earnings yield 9.08% · Dividend yield (paid, TTM) 17.42% · Net debt $1.40B · EV $2.11B
P/E at fiscal year-ends: Dec 2025 9.1x, Dec 2024 9.5x, Dec 2023 7.9x.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 4 analysts; mean target USD 12.63 (low 12, high 13).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | LUCID CAPITAL MARKETS | Initiated | Neutral | $12.5 |
| 2026-08-17 | Keefe, Bruyette & Woods | Downgrade | Outperform → Market Perform | $15 → $13 |
| 2026-08-12 | Wells Fargo | Target lowered | Equal-Weight | $13 → $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -12.5% | +24.5% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -12.6% | +4.5% |
| Volatility (annualized) | 23.0% | 20.3% |
| Max drawdown | -23.8% (May 2026→Oct 2026) | -33.2% (Feb 2025→Oct 2026) |

## Dividends
Annual dividend rate USD 1.68 per share, yield 15.85% at the current price. Paid over the last 12 months: USD 1.86 in 5 payments (quarterly).
Most recent ex-dividend date: Sep 15, 2026; payment date: Sep 29, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: raised 180.0% to USD 0.42 per payment from USD 0.15, starting with the Mar 16, 2026 ex-dividend date.
Payout ratio 170% of earnings (above 100%: dividends exceeded net income; for REITs and partnerships, cash-flow measures are more relevant) · 5-year average yield 10.55% · annual dividends grew 12.2% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-09-15 | USD 0.42 |
| 2026-06-15 | USD 0.42 |
| 2026-03-16 | USD 0.42 |
| 2025-12-31 | USD 0.15 |
| 2025-12-16 | USD 0.45 |
| 2025-09-16 | USD 0.45 |
| 2025-06-16 | USD 0.45 |
| 2025-03-17 | USD 0.45 |
Total by calendar year: 2022 USD 1.38 · 2023 USD 1.60 · 2024 USD 1.80 · 2025 USD 1.95.

## Short interest
1,368,384 shares sold short, 2.51% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 1,650,718 shares (-17.1%). Days to cover: 2.4 (short shares ÷ average daily volume).

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.52 +1.38% · PDI (PIMCO Dynamic Income Fund) USD 14.33 +1.63% · VCTR (Victory Capital Holdings, Inc. ) USD 113.81 +1.73% · AMG (Affiliated Managers Group, Inc.) USD 399.02 +1.47% · SEIC (SEI Investments Company) USD 104.73 +1.48% · IVZ (Invesco Ltd) USD 29.02 +1.19%

## More
Full page: https://nexqual.com/BCSF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.43 | $0.43 | -1.3% | $61.0M | 4 |
| Next quarter (ends 2026-12-31) | $0.35 | $0.40 | -12.5% | $60.1M | 4 |
| Current fiscal year (ends 2026-12-31) | $1.64 | $1.69 | -2.8% | $249.8M | 4 |
| Next fiscal year (ends 2027-12-31) | $1.34 | $1.48 | -9.8% | $235.9M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-09): ±10.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 78 | 24.2% | ±10.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.44 | $0.42 | Beat +4.8% | — |
| — | Quarter ended Mar 31, 2026 | $0.42 | $0.42 | In line | — |
| — | Quarter ended Dec 31, 2025 | $0.46 | $0.47 | Miss −2.1% | — |
| — | Quarter ended Sep 30, 2025 | $0.45 | $0.45 | In line | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).