BCSFMEDIUM SIGNALFINANCIAL10-K
BCSF's portfolio has undergone substantial restructuring with new investments added while cash position declined materially despite maintained profitability.
The business development company appears to be actively rebalancing its investment portfolio, adding positions in telecommunications, technology, and healthcare sectors while exiting others. The substantial cash decline alongside increased dividend payments suggests aggressive capital deployment and shareholder return prioritization.
Comparing 2026-02-27 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS
BCSF experienced a material decline in cash reserves while maintaining dividend distributions that increased 27.6% to $145.8M. Net income declined 17.3% to $98.8M, indicating some pressure on profitability. The overall picture suggests an active investment cycle with aggressive cash deployment into new portfolio companies while continuing robust shareholder returns, though at the expense of balance sheet liquidity.
FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
$51.6M→$23.1M
Cash declined 55.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.
Dividends Paid
Cash Flow
$114.3M→$145.8M
Dividend payments increased 27.6% — management confidence in sustained cash generation.
Net Income
P&L
$119.4M→$98.8M
Net income declined 17.3% — review whether driven by operations, interest costs, or non-recurring items.
LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-27
ADDED
Equity Interest 2025-12-31 0001655050 us-gaap:SubordinatedDebtMember 2025-01-01 2025-12-31 0001655050 country:NZ 2024-01-01 2024-12-31 0001655050 us-gaap:ConstructionSectorMember bcsf:BainCapitalSeniorLoanProgramLlcMember 2025-12-31 0001655050 bcsf:PolloTropicalMember bcsf:RevolverCommitmentMember 2024-12-31 0001655050 Non-controlled/Non-Affiliated Investments High Tech Industries Superna Inc.
First Lien Senior Secured Loan SOFR Spread 2.65% (4.25% PIK) Interest Rate 10.56% Maturity Date 2/3/2028 One 2025-12-31 0001655050 Investment Fineline Technologies, Inc.
Acquisition Date 2/22/2021 2025-01-01 2025-12-31 0001655050 us-gaap:PreferredStockMember 2025-01-01 2025-12-31 0001655050 us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member us-gaap:SubordinatedDebtMember us-gaap:MeasurementInputComparabilityAdjustmentMember 2025-12-31 0001655050 Telecommunications Meriplex Communications, Ltd.
First Lien Senior Secured Loan SOFR Spread 5.10% Interest Rate 8.82% Maturity Date 7/17/2028 bcsf:BainCapitalSeniorLoanProgramLlcMember 2025-12-31 0001655050 Non-controlled/Non-Affiliated Investments Telecommunications Taoglas First Lien Senior Secured Loan SOFR Spread 7.25% Interest Rate 11.58% Maturity Date 2/28/2029 One 2024-12-31 0001655050 bcsf:ApplitoolsMember bcsf:RevolverCommitmentMember 2024-12-31 0001655050 Non-controlled/Non-Affiliated Investments Transportation: Cargo A R Logistics, Inc.
GmbH First Lien Senior Secured Loan EURIBOR Spread 6.25% (0.75% PIK) Interest Rate 9.69% Maturity Date 5/28/2026 2024-12-31 0001655050 bcsf:BccJetstreamHoldingsAviationOffILlcMember bcsf:EquityInterestMember bcsf:ControlledAffiliatedEntityMember 2024-12-31 0001655050 bcsf:HealthdriveMember bcsf:RevolverCommitmentMember 2024-12-31 0001655050 bcsf:BainCapitalSeniorLoanProgramLlcMember Wholesale Blackbird Purchaser, Inc.
Acquisition Date 5/3/2021 2024-01-01 2024-12-31 0001655050 Non-controlled/Non-Affiliated Investments FIRE: Insurance Simplicity First Lien Senior Secured Loan - Delayed Draw Maturity Date 12/31/2031 2024-12-31 0001655050 Non-controlled/Non-Affiliated Investments Services: Business DTIQ First Lien Senior Secured Loan SOFR Spread 7.50% Interest Rate 11.22% Maturity Date 9/30/2029 2025-12-31 0001655050 bcsf:BainCapitalSeniorLoanProgramLlcMember Healthcare Pharmaceuticals CRH Healthcare Purchaser, Inc.
First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 8.92% Maturity Date 9/17/2031 2025-12-31 0001655050 bcsf:Class2RSeniorSecuredFloatingRateNotesMember 2021-11-30 0001655050 Non-controlled/Non-Affiliated Investments Utilities: Water Vessco Water First Lien Senior Secured Loan - Revolver Maturity Date 7/24/2031 2025-12-31 0001655050 bcsf:SimplicityMember bcsf:DelayedDrawCommitmentMember 2025-12-31 0001655050 FIRE: Finance Allworth Financial Group, L.P.
First Lien Senior Secured Loan Revolver SOFR Spread 5.65% (1.50% PIK) Interest Rate 11.48% Maturity Date 5/12/2025 2024-12-31 0001655050 Forward Foreign Currency Exchange Contracts Counterparty Wells Fargo Settlement Date 5/19/2026 2025-12-31 0001655050 Forward Foreign Currency Exchange Contracts Counterparty Morgan Stanley Settlement Date 01/09/2025 2024-12-31 0001655050 Non-controlled/Non-Affiliated Investments Consumer Goods: Non-Durable WU Holdco, Inc.
Dollar High Tech Industries NearMap First Lien Senior Secured Loan SOFR Spread 5.00% Interest Rate 9.63% Maturity Date 12/9/2029 2024-12-31 0001655050 bcsf:FirstLienSeniorSecuredLoanDelayedDrawMember bcsf:NonControlledAffiliatedEntityMember bcsf:DirectTravelIncMember 2023-12-31 0001655050 Non-controlled/Non-Affiliated Investments High Tech Industries Superna Inc.
First Lien Senior Secured Loan - Delayed Draw Maturity Date 3/6/2028 2025-12-31 0001655050 Non-controlled/Non-Affiliated Investments High Tech Industries HG Insights, Inc.
REMOVED
GmbH First Lien Senior Secured Loan EURIBOR Spread 6.25% (0.75% PIK) Interest Rate 10.90% Maturity Date 5/28/2026 2023-12-31 0001655050 bcsf:InternationalSeniorLoanProgramLlcMember U.S.
First Lien Senior Secured Loan SOFR Spread 6.25% Interest Rate 10.83% Maturity Date 3/10/2028 2023-12-31 0001655050 bcsf:BainCapitalSeniorLoanProgramLlcMember High Tech Industries Proofpoint First Lien Senior Secured Loan SOFR Spread 3.00% Interest Rate 7.36% Maturity Date 8/31/2028 2024-12-31 0001655050 Non-Controlled/Non-Affiliate Investments High Tech Industries Superna Inc.
First Lien Senior Secured Loan SOFR Spread 5.65% Interest Rate 9.96% Maturity Date 12/19/2025 2024-12-31 0001655050 Investment AXH Air Coolers Acquisition Date 10/31/2023 2023-01-01 2023-12-31 0001655050 bcsf:SubordinatedNoteInvestmentVehicleMember bcsf:ControlledAffiliatedEntityMember bcsf:InternationalSeniorLoanProgramLlcMember 2023-12-31 0001655050 Investment Superna Inc.
Acquisition Date 3/8/2022 2024-01-01 2024-12-31 0001655050 Controlled Affiliate Investments Transportation: Cargo Lightning Holdings B, LLC Equity Interest 2024-12-31 0001655050 bcsf:TitanCloudSoftwareIncMember bcsf:RevolverCommitmentMember 2023-12-31 0001655050 Non-controlled/Non-Affiliated Investments Banking, Finance, Insurance Real Estate Electronic Merchant Systems Equity Interest 2024-09-30 0001655050 Non-controlled/Non-Affiliated Investments Construction Building YLG Holdings, Inc.
Acquisition Date 4/1/2021 2023-01-01 2023-12-31 0001655050 bcsf:InternationalSeniorLoanProgramLlcMember currency:USD us-gaap:AutomotiveSectorMember 2023-12-31 0001655050 Forward Foreign Currency Exchange Contracts Counterparty Six Standard Chartered Settlement Date 01/17/2024 2023-01-01 2023-12-31 0001655050 bcsf:WholesaleMember 2024-01-01 2024-12-31 0001655050 Investment Toro Private Investments II, L.P.
Acquisition Date 4/2/2019 2023-01-01 2023-12-31 0001655050 Investment CB Titan Holdings, Inc.
First Lien Senior Secured Loan SOFR Spread 5.50% (1.25% PIK) Interest Rate 11.21% Maturity Date 8/3/2026 Two 2024-12-31 0001655050 us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember bcsf:BainCapitalSeniorLoanProgramLlcMember bcsf:MM222CreditFacilityMember 2022-08-24 2022-08-24 0001655050 bcsf:Notes2.95PercentDueMarch2026Member 2024-01-01 2024-12-31 0001655050 Forward Foreign Currency Exchange Contracts Counterparty Morgan Stanley Settlement Date 02/14/2024 2023-12-31 0001655050 bcsf:BainCapitalSeniorLoanProgramLlcMember Consumer Goods: Non-Durable WU Holdco, Inc.
First Lien Senior Secured Loan SOFR Spread 5.65% Interest Rate 11.00% Maturity Date 3/26/2026 One 2023-12-31 0001655050 Forward Foreign Currency Exchange Contracts Counterparty Morgan Stanley Settlement Date 01/17/2024 2023-12-31 0001655050 Non-controlled/Non-Affiliated Investments Aerospace Defense Robinson Helicopter Equity Interest 2023-12-31 0001655050 Non-controlled/Non-Affiliated Investments Beverage, Food Tobacco Arctic Glacier U.S.A., Inc.
First Lien Senior Secured Loan SOFR Spread 6.00% Interest Rate 11.48% Maturity Date 5/5/2025 One 2023-12-31 0001655050 bcsf:InternationalSeniorLoanProgramLlcMember Consumer Goods: Non-Durable Solaray, LLC First Lien Senior Secured Loan SOFR Spread 6.85% Interest Rate 11.21% Maturity Date 12/15/2025 2024-12-31 0001655050 bcsf:BainCapitalSeniorLoanProgramLlcMember Consumer Goods: Durable TLC Purchaser, Inc.
First Lien Senior Secured Loan SOFR Spread 5.25% Interest Rate 10.76% Maturity Date 12/23/2026 2023-12-31 0001655050 country:GB 2024-12-31 0001655050 bcsf:TransportationConsumerMember 2024-01-01 2024-12-31 0001655050 bcsf:BainCapitalSeniorLoanProgramLlcMember Services: Business Avalon Acquiror, Inc.
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