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Bain Capital Specialty Finance (DE:618)
FRANKFURT:618
Earnings Data
Report Date
May 11, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.37Last Year’s EPS
0.42Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized steady core operating performance, disciplined underwriting, attractive origination spreads, low nonaccruals, strong liquidity, and sustainable dividend coverage — supported by Bain Capital’s platform and selective sector exposures. Offsetting items include modest yield compression from lower reference rates, a small NAV decline driven by special dividends, a minor decline in median EBITDA, and management-flagged earnings headwinds from a lower-rate environment and debt maturities. On balance, the positives around credit quality, dividend support, active liability management, and favorable new origination economics outweigh the headwinds.Company Guidance
Strong Net Investment Income and Dividend Coverage
Q4 net investment income (NII) per share of $0.46 (annualized yield on equity 10.6%); Q4 earnings per share $0.43 (annualized ROE 9.9%). Full-year 2025 NII per share $1.88 (11.1% ROE) and EPS $1.53 (9.0% ROE). Q4 NII covered the regular $0.42 per share dividend by 110% and the Board declared a $0.42 per share Q1 dividend (9.8% annualized on ending book value).
Attractive New Origination Spreads and Conservative Structures
Weighted average spread on new first-lien originations in Q4 was 535 basis points (2025 weighted average 560 bps), comparing favorably to sponsored middle-market first-lien loans (~500 bps). New originations had net leverage of 4.6x and 89% of Q4 fundings were first-lien senior secured, reflecting focus on downside protection.
Portfolio Credit Quality and Stability
Median net leverage across borrowers 4.7x (stable q/q; 4.8x y/y), median interest coverage 2.0x, watchlist ~5% of portfolio fair value (stable), and nonaccruals low at 1.5% (amortized cost) and 0.8% (fair value) with no new nonaccruals added in Q4.
Diversified and Sizeable Portfolio with Ongoing Activity
Portfolio at fair value ~$2.5 billion across 203 companies and 30 industries. Q4 fundings $167.9 million into 93 portfolio companies (41% of Q4 fundings to new companies). Full-year fundings $1.3 billion with $1.2 billion in sales and repayments, keeping portfolio size relatively stable.
High Floating-Rate Exposure with Competitive Yields
92% of investments are floating-rate. Weighted average yield on the investment portfolio at cost/fair value was 10.8%/10.9% (vs. 11.1%/11.2% prior quarter), demonstrating continued high contractual cash income (98% of investment income from interest/dividends).
Strong Liquidity and Liability Management
Quarter-end liquidity $690 million, including $604 million undrawn revolver capacity. Subsequent issuance of $350 million 5.95% notes due 2031 prefunded maturities and extended debt maturity. Weighted average interest rate on debt decreased to 4.6% from 4.8% q/q; debt-to-equity ~1.32x (stable).
Meaningful Spillover Income and Return Durability
Healthy spillover income totaling $1.29 per share (over three times the regular dividend), and multi-year performance with three- and five-year annualized ROE of approximately 10%, supporting durability of returns.
Selective Technology Exposure with Low AI Disruption Risk
High-tech/software allocation is ~11% of the portfolio, with focus on systems-of-record and vertical enterprise software. Management's review indicates low portfolio-level risk of AI replacement and demonstrated borrower credit fundamentals (median LTV ~34% and interest coverage ~1.7x for software cohort).
DE:618 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
DE:618 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | €11.03 | €10.54 | -4.46% |
Nov 10, 2025 | €11.44 | €11.74 | +2.55% |
Aug 05, 2025 | €11.66 | €11.66 | 0.00% |
May 05, 2025 | €11.60 | €11.54 | -0.48% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Bain Capital Specialty Finance (DE:618) report earnings?
Bain Capital Specialty Finance (DE:618) is schdueled to report earning on May 11, 2026, After Close (Confirmed).
What is Bain Capital Specialty Finance (DE:618) earnings time?
Bain Capital Specialty Finance (DE:618) earnings time is at May 11, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Bain Capital Specialty Finance stock?
The P/E ratio of Bain Capital Specialty Finance is N/A.
What is DE:618 EPS forecast?
DE:618 EPS forecast for the fiscal quarter 2026 (Q1) is 0.37.