The company operates near its regulatory ceiling with a debt-to-equity ratio of 1.33x and a stagnant equity base of $1.1 billion, which limits strategic flexibility.
| Total Current Assets | 112.3M | 207.57M | 196.38M | 91.09M | 201.72M | 185.42M | 83.91M | 82.78M | 31.88M | 150.73M | 67.49M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 46.37M | 0 | 59.99M | 0 | 75.62M | 0 | 0 | 0 | 0 | 4.42M | 0 |
| Total Non-Current Assets | 2.49B | 2.46B | 2.44B | 2.3B | 2.39B | 2.29B | 2.48B | 2.53B | 1.76B | 837.39M | 109.37M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 4.95B | 2.45B | 2.43B | 2.3B | 2.39B | 2.29B | 2.48B | 2.53B | 307.57M | 831.58M | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.6B | 2.66B | 2.63B | 2.47B | 2.59B | 2.57B | 2.6B | 2.65B | 1.79B | 988.25M | 176.86M |
| Asset Turnover | 0.07x | 0.09x | 0.08x | 0.09x | 0.07x | 0.07x | 0.03x | 0.06x | 0.04x | 0.02x | 0.01x |
| Asset Growth % | 21.28% | 1.16% | 6.46% | -4.63% | 0.83% | -1.24% | -1.59% | 47.71% | 81.23% | 458.79% | - |
| Total Current Liabilities | 50.73M | 600M | 102.22M | 50.57M | 90.74M | 56.2M | 44.43M | 52.52M | 146.39M | 30.29M | 6.85M |
| Accounts Payable | 31.26M | 37.13M | 43.46M | 20.63M | 19.02M | 13.68M | 14.25M | 2.45M | 146.39M | 15.96M | 6.85M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 600M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | -65.32M | 30.24M | 0 | 23.24M | 21.95M | 30.17M | 22.76M | 0 | 11.25M | 0 |
| Current Ratio | 2.21x | 0.35x | 1.92x | 1.80x | 2.22x | 3.30x | 1.89x | 1.58x | 0.22x | 4.98x | 9.86x |
| Quick Ratio | 2.21x | 0.35x | 1.92x | 1.80x | 2.22x | 3.30x | 1.89x | 1.58x | 0.22x | 4.98x | 9.86x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.51B | 945.17M | 1.39B | 1.26B | 1.39B | 1.41B | 1.46B | 1.57B | 643M | 451M | 59.67M |
| Long-Term Debt | 1.45B | 870.8M | 1.39B | 1.26B | 1.39B | 1.41B | 1.46B | 1.57B | 634.92M | 451M | 59.1M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.51B | 1.55B | 1.49B | 1.34B | 1.48B | 1.47B | 1.54B | 1.63B | 789.38M | 481.29M | 66.51M |
| Total Debt | 1.45B | 1.47B | 1.39B | 1.26B | 1.39B | 1.41B | 1.46B | 1.57B | 634.92M | 451M | 59.1M |
| Net Debt | 1.42B | 1.41B | 1.34B | 1.21B | 1.33B | 1.3B | 1.4B | 1.54B | 619.64M | 310.08M | -7.63M |
| Debt / Equity | 1.33x | 1.32x | 1.22x | 1.11x | 1.24x | 1.29x | 1.37x | 1.55x | 0.63x | 0.89x | 0.54x |
| Debt / EBITDA | 14.93x | 8.03x | 11.22x | 9.91x | 13.03x | 11.80x | 171.37x | 16.05x | 12.53x | 19.24x | 97.05x |
| Net Debt / EBITDA | 14.62x | 7.71x | 10.79x | 9.52x | 12.47x | 10.82x | 164.95x | 15.67x | 12.23x | 13.23x | -12.53x |
| Interest Coverage | 1.19x | 2.27x | 1.66x | 1.58x | 2.03x | 2.34x | 0.13x | 1.48x | 2.11x | 6.34x | 22.54x |
| Total Equity | 1.09B | 1.12B | 1.14B | 1.14B | 1.12B | 1.1B | 1.07B | 1.02B | 1B | 506.96M | 110.34M |
| Equity Growth % | -8.29% | -1.95% | 0.28% | 1.8% | 1.49% | 3% | 4.87% | 1.67% | 97.57% | 359.44% | - |
| Book Value per Share | 16.86 | 17.24 | 17.65 | 17.60 | 17.29 | 17.04 | 18.20 | 19.46 | 25.61 | 25.57 | 5.57 |
| Total Shareholders' Equity | 1.09B | 1.12B | 1.14B | 1.14B | 1.12B | 1.1B | 1.07B | 1.02B | 1B | 506.96M | 110.34M |
| Common Stock | 65K | 65K | 65K | 65K | 65K | 65K | 65K | 52K | 51K | 24.98K | 5.49K |
| Retained Earnings | -67.62M | -43.77M | -19.89M | -31.98M | -52.06M | -68.44M | -98.51M | -20M | -32.68M | -3.43M | -1.03M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.84M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Elevated leverage and liquidity
According to historical balance sheet data, BCSF has maintained a debt-to-equity ratio consistently above 1.20x since 2024Q1, suggesting that the company is operating near its regulatory leverage ceiling, which may restrict its ability to pursue new investment opportunities without further dilutive equity issuance.
The persistent elevation of the debt-to-equity ratio indicates a reliance on external financing to fuel portfolio growth, which leaves the company vulnerable to shifts in credit market conditions. Investors should monitor whether this leverage profile forces management to prioritize capital preservation over yield-enhancing originations in the coming quarters.
As reported in recent financial filings, BCSF's total debt has trended upward to $1.5 billion as of 2026Q1, a level that necessitates significant interest expense and potentially constrains the company's ability to absorb further credit losses within its middle-market loan portfolio.
The reliance on debt to fund the asset base creates a structural sensitivity to interest rate volatility and borrower default rates. Given the current leverage levels, any sustained increase in non-accruals could rapidly impair the company's ability to service its debt obligations while maintaining dividend distributions.
Based on the provided quarterly data, BCSF's current ratio has fluctuated dramatically from a low of 0.35 in 2025Q4 to 2.21 in 2026Q1, reflecting significant instability in the company's short-term liquidity position and its ability to meet immediate obligations without relying on external credit facilities.
This extreme variance in liquidity metrics suggests that the company's cash management is highly dependent on the timing of loan repayments and capital calls. Such inconsistency warrants further investigation into the predictability of the company's cash inflows and its resilience against sudden liquidity shocks.
As indicated by the reported financial statements, BCSF's equity has remained stagnant at approximately $1.1 billion since 2023Q4, while retained earnings have consistently remained in negative territory, reaching -$67.6 million in 2026Q1, which suggests a persistent erosion of the company's internal capital base.
The inability to grow equity through retained earnings implies that the company is effectively distributing more capital than it is generating through its operations. This trend may indicate that the current dividend policy is being funded by capital rather than sustainable earnings, which is a significant long-term risk.
Quick answers to the most common questions about buying BCSF stock.
As of 2025, Bain Capital Specialty Finance, Inc. (BCSF) had total assets of $2.66B including $207.6M in current assets.
Bain Capital Specialty Finance, Inc. (BCSF) carries total debt of $1.47B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bain Capital Specialty Finance, Inc. (BCSF) has total shareholders' equity (book value) of $1.12B ($17.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bain Capital Specialty Finance, Inc. (BCSF) reported a current ratio of 0.35x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.