Want to see BCSF full AI Analyst Report?
EarningsQ2 2026 Earnings Report
BCSF Q2 2026 EPS Results
Actual EPS$0.44
Consensus EPS$0.42
Beat/MissBeat by +$0.02
One Year Ago EPS$0.47
BCSF Q2 2026 Revenue Results
Actual Revenue$45.31M
Expected Revenue$64.44M
Beat/MissMissed by -$19.13M
YoY Revenue Growth-38.53%
Earnings Announcement Details
QuarterQ2 2026
Date08/10/2026
TimeAfter Close
Conference CallMonday, August 10, 2026
BCSF Upcoming Earnings
Bain Capital Specialty Finance's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
BCSF Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized steady earnings generation (NII of $0.44/share covering the dividend), attractive new origination spreads (≈570 bps) and conservative underwriting (new deal leverage ~4.5x), supported by strong liquidity and liability management (facility extension, $806M liquidity). Offsetting positives were a modest NAV decline ($0.21/share) driven by $14.6M of net realized/unrealized losses, a q-o-q decline in total investment income (-5.9%), and a meaningful increase in nonaccruals at fair value (0.6% to 2.2%). Overall, the company appears well positioned in the core middle market with manageable challenges that management is addressing, including careful dividend assessment and continued monitoring of credit trends.Company Guidance
Net Investment Income and Dividend Coverage
Net investment income (NII) of $28.6M or $0.44 per share in Q2, up from $27.4M or $0.42 in Q1 (~+4.4% NII, +4.8% per-share). NII represents an annualized yield of 10.5% on equity and covered the base dividend of $0.42 by 105%.
Attractive Origination Spreads and Conservative New-leverage
Weighted average spread on new first-lien originations ~570 basis points in Q2. Net leverage of new portfolio company investments averaged 4.5x versus sponsored middle market peer average ~5.4x, indicating more conservative leverage on new deals.
Portfolio Scale, Diversification and Yield
Investment portfolio at fair value ~ $2.4B across 214 companies and 30 industries; average position size ~40 bps. Portfolio composition remains first-lien biased (63.4%) and 95% of debt investments are floating rate. Weighted average yield on portfolio at amortized cost was 10.8% (10.4% at fair value).
Credit Fundamentals and Selected Software Exposure
Median borrower net leverage was 4.7x and median interest coverage 2.1x at quarter end, reflecting generally healthy credit metrics. Software (including adjacent) exposure is ~12% of the portfolio and only ~4% of the total portfolio (at fair value) is rated high/moderate risk for AI-driven disruption.
Strong Liquidity and Liability Management
Liquidity totaled ~$806M including $606M undrawn revolver and ~$130.6M cash; credit facility amended/extended to 2031 and an unsecured issuance prefunded upcoming maturities. Weighted average debt maturity ~3.9 years and net leverage was 1.22x at quarter end (improved from 1.28x).
Dividend Maintenance and Board Actions
Board declared Q3 dividend of $0.42 per share (payable Sept 15), representing a 10.1% annualized rate on ending book value. Management reiterated focus on covering/dividend sustainability and will reassess dividend level as visibility improves.
Expense Control
Total expenses before taxes decreased to $33.0M in Q2 from $37.9M in Q1 (≈-12.9%), driven primarily by lower incentive fees.
BCSF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed