Bain Capital Specialty Finance (BCSF) Tops Q1 EPS by 15c

Bain Capital Specialty Finance (NYSE: BCSF) reported Q1 EPS of $0.49, $0.15 better than the analyst estimate of $0.34.

• Net investment income per share was $0.34, as compared to $0.34 for the quarter ended December 31, 2020;
• Net income per share was $0.49, as compared to $0.61 for the quarter ended December 31, 2020;
• Net asset value per share as of March 31, 2021 was $16.69, as compared to $16.54 as of December 31, 2020;
• Gross and net investment fundings were $383.9 million and $(165.5) million, respectively. Ending debt-to-equity (net of cash) ratio was 1.15x, as compared to 1.30x as of December 31, 2020;
• The investment portfolio yield at amortized cost was 7.6%, up from 7.3% as of December 31, 2020(1);
• No investments were on non-accrual status as of March 31, 2021;
• In February 2021, the Company formed the International Senior Loan Program, LLC (“ISLP”), a joint venture focused on investing in middle market direct lending opportunities across Europe and Australia. The Company contributed senior secured debt investments at fair value of $317.1 million in exchange for an ownership stake in the joint venture;
• Moody’s Investors Service assigned the Company with an investment grade rating of Baa3 and Stable outlook;
• On March 10, 2021, the Company closed an offering of $300.0 million aggregate principal amount of 2.95% unsecured notes due 2026. The net proceeds of the offering were primarily used to pay down debt under the Company’s revolving credit facilities; and
• Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.34 per share for the second quarter of 2021 payable to stockholders of record as of June 30, 2021(2).

For earnings history and earnings-related data on Bain Capital Specialty Finance (BCSF) click here.

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