--- title: "Bain Capital Specialty Finance | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 66.17 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/286193225.md" datetime: "2026-05-13T03:58:37.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286193225.md) - [en](https://longbridge.com/en/news/286193225.md) - [zh-HK](https://longbridge.com/zh-HK/news/286193225.md) --- # Bain Capital Specialty Finance | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 66.17 M Revenue: As of FY2026 Q1, the actual value is USD 66.17 M, beating the estimate of USD 65.58 M. EPS: As of FY2026 Q1, the actual value is USD 0.05, missing the estimate of USD 0.4233. EBIT: As of FY2026 Q1, the actual value is USD -846 K. #### Net Investment Income Bain Capital Specialty Finance, Inc.’s net investment income (NII) per share was $0.42 for the first quarter ended March 31, 2026, equating to an annualized NII yield on book value of 10.0%. Total net investment income was $27.4 million for the first quarter of 2026, compared to $29.7 million for the fourth quarter of 2025. #### Net Income Net income per share was $0.05 for the first quarter ended March 31, 2026, which equates to an annualized return on book value of 1.2%. The net increase in net assets resulting from operations was $3.4 million, or $0.05 per share, for the three months ended March 31, 2026. This compares to $28.5 million, or $0.44 per share, for the three months ended March 31, 2025. #### Net Asset Value (NAV) Net asset value per share was $16.86 as of March 31, 2026, a decrease from $17.23 as of December 31, 2025. Total net assets were $1,093.6 million as of March 31, 2026, down from $1,117.4 million as of December 31, 2025. #### Investment Activity Gross investment fundings for the first quarter of 2026 were $243.2 million, including $123.6 million in 13 new companies, $110.6 million in 93 existing companies, and $9.0 million in SLP. Sales and repayments totaled $255.4 million during the quarter, resulting in net investment fundings of - $12.2 million. This net investment activity of - $12.2 million for Q1 2026 compares to - $25.3 million for Q4 2025. The total fair value of investments was $2,470.8 million as of March 31, 2026. #### Investment Portfolio Composition (as of March 31, 2026) - First Lien Senior Secured Loan: $1,631.1 million (66.0% of total) - Second Lien Senior Secured Loan: $30.1 million (1.2% of total) - Subordinated Debt: $81.7 million (3.3% of total) - Preferred Equity: $165.1 million (6.7% of total) - Equity Interest: $167.3 million (6.8% of total) - Warrants: $0.8 million (0.0% of total) - Investment Vehicles: $394.7 million (16.0% of total) - Subordinated Note in ISLP: $190.7 million (7.7% of total) - Equity Interest in ISLP: $31.6 million (1.3% of total) - Subordinated Note in SLP: $166.9 million (6.8% of total) - Preferred and Equity Interest in SLP: $5.5 million (0.2% of total) #### Operational Metrics - **Non-Accrual Investments**: Investments on non-accrual status represented 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively, as of March 31, 2026, a decrease from 1.5% and 0.8%, respectively, as of December 31, 2025. - **Weighted Average Yield**: The weighted average yield on the investment portfolio at amortized cost and fair value was 10.8% and 10.9%, respectively, as of March 31, 2026, consistent with 10.8% and 10.9%, respectively, as of December 31, 2025. - **Total Investment Income**: Total investment income was $66.2 million for the three months ended March 31, 2026, compared to $68.2 million for the three months ended December 31, 2025, and $66.8 million for the three months ended March 31, 2025. - **Total Expenses**: Total expenses (before taxes) were $37.9 million for the three months ended March 31, 2026, compared to $37.7 million for the three months ended December 31, 2025, and $33.7 million for the three months ended March 31, 2025. - **Net Realized and Unrealized Gains (Losses)**: The Company had net realized and unrealized losses of - $24.0 million during the three months ended March 31, 2026, which included a net realized gain on non-controlled/non-affiliate investments of $3.8 million, a net realized loss on controlled affiliate investments of - $13.4 million, and a net change in unrealized appreciation on non-controlled/non-affiliate investments of - $23.2 million. #### Capital and Liquidity - **Total Principal Debt Outstanding**: $1,467.0 million as of March 31, 2026, comprising various credit facilities and senior unsecured notes. - **Weighted Average Interest Rate on Debt**: 4.6% for the three months ended March 31, 2026, consistent with the rate for the three months ended December 31, 2025. - **Cash and Cash Equivalents**: $16.6 million (including foreign cash) as of March 31, 2026, with restricted cash and cash equivalents of $17.6 million. - **Debt-to-Equity Ratios**: The Company’s debt-to-equity ratio was 1.34x and net debt-to-equity ratio was 1.28x as of March 31, 2026, an increase from 1.32x and 1.24x, respectively, as of December 31, 2025. - **Undrawn Investment Commitments**: $442.6 million as of March 31, 2026. #### Other Key Financial Metrics Bain Capital Specialty Finance, Inc. announced a second fiscal quarter 2026 dividend of $0.42 per share, payable on June 29, 2026, for stockholders of record as of June 15, 2026. #### Outlook Bain Capital Specialty Finance, Inc. anticipates navigating the current market effectively due to its predominantly first lien portfolio, diversified industry exposure, and robust balance sheet. The company maintains a selective investment approach, prioritizing structures that offer strong lender controls. 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