Bain Capital Specialty Finance, Inc. (BCSF) Balance Sheet
BCSF balance sheet, 2025
December 31, 2025 · U.S. dollars$2.66B assets = $1.55B liabilities + $1.12B equity
Both columns are drawn to the same scale: what BCSF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BCSF financial health
Descriptive bands, not a rating. Fiscal 2025.
BCSF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $176.9M2016 | $2.66B2025 | +35.2%/yr | |
| Total liabilities | $66.5M2016 | $1.55B2025 | +41.8%/yr | |
| Shareholders’ equity | $110.3M2016 | $1.12B2025 | +29.3%/yr | |
| Cash & short-term investments | $66.7M2016 | $135.3M2025 | +8.2%/yr | |
| Total debt | $59.1M2016 | $1.47B2025 | +42.9%/yr | |
| Net cash (debt) | $7.6M2016 | −$1.34B2025 | −$1.3B | |
| Working capital | $60.6M2016 | −$392.4M2025 | −$453.1M | |
| Book value per share | $5.572016 | $17.242025 | +13.4%/yr | |
| Current ratio | 9.862016 | 0.352025 | −9.51 | |
| Debt / equity | 0.542016 | 1.322025 | +0.78 | |
| Shares outstanding | 19.8M2016 | 64.8M2025 | +14.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BCSF assets
BCSF liabilities and equity
BCSF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BCSF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $135.3M | $53.5M | $49.4M | $59.8M | $117.4M | $54.7M | $37.3M | $15.3M | $140.9M | $66.7M |
| Cash & equivalents | $58.9M | $53.5M | $49.4M | $59.8M | $117.4M | $54.7M | $37.3M | $15.3M | $140.9M | $66.7M |
| Short-term investments | $76.4M | — | −$63.1M | $1.77B | $1.90B | — | $1.0M | −$10 | $4.4M | — |
| Receivables | $72.2M | $82.7M | $41.5M | $66.1M | $68.0M | $29.2M | $45.4M | $16.6M | $5.4M | $616,579 |
| Inventory | $0 | $0 | $0 | $178.2M | $253.2M | $103.3M | $113.3M | $27.3M | −$137,785 | −$139,876 |
| Other current assets | $0 | $60.2M | $210,000 | $0 | $0 | $0 | $0 | $0 | $4.6M | $279,751 |
| Total current assets | $207.6M | $196.4M | $91.1M | $201.7M | $185.4M | $83.9M | $82.8M | $31.9M | $150.7M | $67.5M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.52B | $2.44B | $2.30B | $2.39B | $2.29B | $2.49B | $2.53B | $1.74B | $833.0M | $107.9M |
| Other non-current assets | $0 | $0 | $82.9M | $3.7M | $91.3M | $34.1M | $33.9M | $21.4M | $4.5M | $1.4M |
| Total assets | $2.66B | $2.63B | $2.47B | $2.59B | $2.57B | $2.60B | $2.65B | $1.79B | $988.3M | $176.9M |
| Liabilities | ||||||||||
| Accounts payable | $37.1M | $43.5M | $20.6M | $19.0M | $13.7M | $14.3M | $39.2M | $146.4M | $16.0M | $6.8M |
| Short-term debt | $600.0M | — | $1.26B | $1.39B | $1.41B | $1.46B | $1.57B | — | — | — |
| Deferred revenue | — | — | −$1.19B | −$1.31B | −$1.37B | −$1.41B | −$1.54B | −$634.9M | −$451.0M | −$52.3M |
| Total current liabilities | $600.0M | $102.2M | $50.6M | $90.7M | $56.2M | $44.4M | $39.2M | $146.4M | $30.3M | $6.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $1.57B | $634.9M | $451.0M | $59.1M |
| Other long-term liabilities | $945.2M | $1.39B | $1.26B | $1.39B | $1.41B | $1.46B | $0 | $8.1M | $0 | $565,586 |
| Total liabilities | $1.55B | $1.49B | $1.34B | $1.48B | $1.47B | $1.54B | $1.63B | $789.4M | $481.3M | $66.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $52,000 | $51,000 | $24,976 | $5,491 |
| Retained earnings (deficit) | −$43.8M | −$19.9M | −$32.0M | −$52.1M | −$68.4M | −$98.5M | −$20.0M | −$32.7M | −$3.4M | −$1.0M |
| Accumulated other comprehensive income | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.8M | $110.3M |
| Total shareholders' equity | $1.12B | $1.14B | $1.14B | $1.12B | $1.10B | $1.07B | $1.02B | $1.00B | $507.0M | $110.3M |
| Key figures | ||||||||||
| Total debt | $1.47B | $1.39B | $1.26B | $1.39B | $1.41B | $1.46B | $1.57B | $634.9M | $451.0M | $59.1M |
| Net cash (debt) | −$1.34B | −$1.34B | −$1.21B | −$1.33B | −$1.30B | −$1.40B | −$1.54B | −$619.6M | −$310.1M | $7.6M |
| Working capital | −$392.4M | $94.2M | $40.5M | $111.0M | $129.2M | $39.5M | $43.6M | −$114.5M | $120.4M | $60.6M |
| Tangible book value | $1.12B | $1.14B | $1.14B | $1.12B | $1.10B | $1.07B | $1.02B | $1.00B | $507.0M | $110.3M |
| Book value per share | $17.24 | $17.65 | $17.60 | $17.29 | $17.04 | $18.20 | $19.46 | $25.61 | $25.57 | $5.57 |
| Shares outstanding | 64.8M | 64.6M | 64.6M | 64.6M | 64.6M | 58.7M | 52.3M | 39.1M | 19.8M | 19.8M |
| Current ratio | 0.35 | 1.92 | 1.80 | 2.22 | 3.30 | 1.89 | 2.11 | 0.22 | 4.98 | 9.86 |
| Quick ratio | 0.35 | 1.33 | 1.80 | 1.39 | 3.30 | 1.89 | 2.11 | 0.22 | 4.83 | 9.84 |
| Debt / equity | 1.32 | 1.22 | 1.11 | 1.24 | 1.29 | 1.37 | 1.55 | 0.63 | 0.89 | 0.54 |
| Equity / assets | 42.0% | 43.3% | 46.0% | 43.1% | 42.8% | 41.0% | 38.5% | 55.9% | 51.3% | 62.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $115.7M | $16.6M | $135.3M | $60.6M | $37.6M | $38.4M | $53.5M | $30.5M | $31.1M | $48.9M | $49.4M | $79.5M |
| Cash & equivalents | $115.7M | $16.6M | $58.9M | $60.6M | $37.6M | $38.4M | $53.5M | $30.5M | $31.1M | $122.5M | $49.4M | $79.5M |
| Short-term investments | — | — | $76.4M | — | — | — | $198.4M | $24.2M | −$54.3M | −$73.6M | — | $11.6M |
| Receivables | $109.1M | $35.1M | $72.2M | $70.5M | $75.2M | $69.3M | $82.7M | $61.1M | $65.8M | $39.4M | $41.5M | $49.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $112.1M | −$570,000 | −$754,000 | −$210,000 | $1 |
| Other current assets | $15.0M | $0 | $0 | $0 | $856,000 | $0 | $60.2M | $0 | $75.8M | $84.0M | $420,000 | $44.2M |
| Total current assets | $239.7M | $16.9M | $207.6M | $61.3M | $113.6M | $107.7M | $196.4M | $130.9M | $172.2M | $171.6M | $91.1M | $173.2M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.37B | $2.48B | $2.52B | $2.54B | $2.51B | $2.47B | $2.44B | $2.41B | $2.24B | $2.41B | $2.30B | $2.40B |
| Other non-current assets | $14.1M | $108.8M | $0 | $111.5M | $150.2M | $62.8M | $0 | $4.9M | $4.5M | $1.6M | $82.9M | $0 |
| Total assets | $2.62B | $2.60B | $2.66B | $2.72B | $2.77B | $2.64B | $2.63B | $2.54B | $2.41B | $2.58B | $2.47B | $2.57B |
| Liabilities | ||||||||||||
| Accounts payable | $14.0M | $31.3M | $37.1M | $58.2M | $31.9M | $29.3M | $43.5M | $31.1M | $38.9M | $60.0M | $20.6M | $9.4M |
| Short-term debt | — | — | $600.0M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $32.9M | $50.7M | $600.0M | $80.5M | $31.9M | $29.3M | $102.2M | $96.5M | $98.4M | $140.4M | $50.6M | $63.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.51B | $1.46B | $945.2M | $1.51B | $1.60B | $1.47B | $1.39B | $1.30B | $1.17B | $1.36B | $1.26B | $1.37B |
| Total liabilities | $1.54B | $1.51B | $1.55B | $1.59B | $1.64B | $1.50B | $1.49B | $1.40B | $1.27B | $1.44B | $1.34B | $1.43B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 |
| Retained earnings (deficit) | −$80.8M | −$67.6M | −$43.8M | −$35.6M | −$25.1M | −$19.6M | −$19.9M | −$18.7M | −$22.7M | −$22.7M | −$32.0M | −$35.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $1.08B | $1.09B | $1.12B | $1.13B | $1.14B | $1.14B | $1.14B | $1.15B | $1.14B | $1.14B | $1.14B | $1.13B |
| Key figures | ||||||||||||
| Total debt | $1.50B | $1.45B | $1.47B | $1.50B | $1.56B | $1.45B | $1.39B | $1.30B | $1.17B | $1.36B | $1.26B | $1.37B |
| Net cash (debt) | −$1.39B | −$1.44B | −$1.34B | −$1.44B | −$1.53B | −$1.41B | −$1.34B | −$1.27B | −$1.14B | −$1.31B | −$1.21B | −$1.29B |
| Working capital | $206.8M | −$33.9M | −$392.4M | −$19.2M | $81.8M | $78.4M | $94.2M | $34.4M | $73.9M | $31.2M | $40.5M | $109.6M |
| Tangible book value | $1.08B | $1.09B | $1.12B | $1.13B | $1.14B | $1.14B | $1.14B | $1.15B | $1.14B | $1.14B | $1.14B | $1.13B |
| Book value per share | $16.65 | $16.86 | $17.24 | $17.40 | $17.56 | $17.70 | $17.65 | $17.76 | $17.70 | $17.70 | $17.60 | $17.54 |
| Shares outstanding | 64.9M | 64.9M | 64.8M | 64.9M | 64.9M | 64.7M | 64.6M | 64.6M | 64.6M | 64.6M | 64.6M | 64.6M |
| Current ratio | 7.29 | 0.33 | 0.35 | 0.76 | 3.57 | 3.68 | 1.92 | 1.36 | 1.75 | 1.22 | 1.80 | 2.72 |
| Quick ratio | 6.84 | 1.02 | 0.35 | 1.63 | 3.54 | 3.68 | 1.33 | 0.95 | 0.99 | 0.63 | 1.80 | 2.03 |
| Debt / equity | 1.39 | 1.33 | 1.32 | 1.33 | 1.37 | 1.27 | 1.22 | 1.13 | 1.03 | 1.19 | 1.11 | 1.21 |
| Equity / assets | 41.2% | 42.0% | 42.0% | 41.6% | 41.1% | 43.3% | 43.3% | 45.1% | 47.3% | 44.3% | 46.0% | 44.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
BCSF financial position
At the end of fiscal 2025 (December 31, 2025), Bain Capital Specialty Finance had total assets of $2.7 billion (up 1.2% from a year earlier), total liabilities of $1.5 billion and shareholders' equity of $1.1 billion. It held $135.3 million in cash and short-term investments against $1.5 billion of debt, net debt of $1.3 billion. Its current ratio was 0.35. In the latest quarter (ended June 30, 2026) total assets were $2.6 billion and equity $1.1 billion.
Related: BCSF income statement, BCSF cash flow statement, BCSF key metrics. See the BCSF stock overview for the latest quote and news.
BCSF balance sheet FAQ
What are Bain Capital Specialty Finance's total assets?
Bain Capital Specialty Finance reported total assets of $2.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.6 billion a year earlier.
How much debt does Bain Capital Specialty Finance have?
Bain Capital Specialty Finance had $1.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.32.
How much cash does Bain Capital Specialty Finance have?
Bain Capital Specialty Finance held $135.3 million in cash and short-term investments at the end of fiscal 2025; with $1.5 billion of debt that is net debt of $1.3 billion.
What is Bain Capital Specialty Finance's book value?
Bain Capital Specialty Finance's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $17.24 per share.
What is Bain Capital Specialty Finance's current ratio?
Bain Capital Specialty Finance had current assets of $207.6 million and current liabilities of $600.0 million, a current ratio of 0.35 (current liabilities exceed current assets).