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Forensic Analysis · General / Diversified · as of Nov 9, 2026

Bain Capital Specialty Finance, Inc. (BCSF)

A forensic read on Bain Capital Specialty Finance, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective
Forensic grade
Not computable
Earnings quality
2
Forensic signals
8.8%
ROE
-6.6%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Bain Capital Specialty Finance, Inc. earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

0.65×
FY2023–FY2025
Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was 0.65× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
494% of OCF
FY2025
Shareholder returns. Returned $146M to shareholders (buybacks + dividends) in FY2025 — 494% of operating cash flow. Capex isn't disclosed for FY2025, so this is the ceiling on coverage, not the free-cash-flow payout; returns exceed even operating cash, so the extra is coming from debt or reserves.

Key fundamentals

Latest Revenue$273.2M
Revenue Growth YoY-6.6%
Revenue CAGR (2yr)-4.2%
Net Margin36.1%
Return on Equity8.8%
Debt / Equity1.32x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.