BCSF

healthy

Bain Capital Specialty Finance

Valuation

Price$15.25

NAV / Share$17.40

NAV Discount-12.4%

Portfolio FV$2.5B

Credit Quality

PIK %4.8%

Non-Accrual %1.2%

NII Covers DivYES

Income

Dividend Yield12.3%

SponsorBain Capital

Top Sectors

SoftwareHealthcareIndustrials

Analysis

185 portfolio companies, well-diversified. Q3 2025 NII of $0.45/share (10.3% annualized yield on book). Bain Capital's private credit platform manages $50B+ across strategies. Low non-accrual at 1.2%. Conservative — 90%+ first-lien. $1.68/share annual dividend well-covered. Key risk: sponsor overlap with Bain PE portfolio companies creates conflict potential.

Sponsor

Bain Capital$185B AUM