Bain Capital Specialty Finance

BCSF • NYSE

Bain Capital Specialty Finance is a asset management company in the financial services sector on NYSE, led by Michael A. Ewald, with a market cap of $940.6M. As of Q3 2025, 51% of shares are held by 135 institutional investors, with Sankaty Advisors, LLC as the largest holder at 18.23%.

Chief Executive OfficerMichael A. Ewald

Market Cap$940.6M

Asset Management

Financial Services

Websitebaincapitalbdc.com

Country

United States of America

Overview

Overview of institutional ownership in BCSF as of Q3 2025 with a market cap of $924.4M

All Institutions

Institutions: 135
Value Held: $476.0M
Shares Held: 33.4M
Avg Position: $3.5M
Median Position: $448.9K

Hedge Funds

Hedge Funds: 13
Value Held: $195.8M
Shares Held: 13.7M
Avg Position: $15.1M
Median Position: $685.2K

Ownership Breakdown

Institutional (non-HF)

30.32%

$280.2M

Hedge Funds

21.18%

$195.8M

Retail & Other

48.5%

$448.4M

Based on market cap of $924.4M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BCSF as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Sankaty Advisors, LLC Hedge Fund•Credit Arb	Sally Dee Fassler Dornaus CFO	$168.5M 53.13% of portfolio	18.23% 11.8M shares	Q1 2020 Held for 5y 8m	$317.1M
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$59.4M 0.00% of portfolio	6.43% 4.2M shares	Q4 2018 Held for 6y 11m	$1.33T
UBS Group AG Institution	Sergio P. Ermotti CEO	$21.3M 0.00% of portfolio	2.30% 1.5M shares	Q4 2018 Held for 6y 11m	$511.54B
Cresset Asset Management, LLC RIA/Wealth	Jack Alan Ablin Founder	$20.7M 0.08% of portfolio	2.24% 1.5M shares	Q4 2024 Held for 11 months	$25.7B
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$18.6M 0.02% of portfolio	2.01% 1.3M shares	Q1 2019 Held for 6y 8m	$96.6B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$17.3M 0.00% of portfolio	1.87% 1.2M shares	Q4 2018 Held for 6y 11m	$1.65T
Melia Wealth LLC RIA/Wealth	Gregory Scott Melia President	$16.0M 7.02% of portfolio	1.73% 1.1M shares	Q4 2023 Held for 1y 11m	$228.2M
DIMENSION CAPITAL MANAGEMENT PARTNERS Fund of Funds	Miguel Fernando Duenas President	$9.8M 1.43% of portfolio	1.06% 689.1K shares	Q4 2018 Held for 6y 11m	$685.4M
Muzinich & Co., Inc. Long Only Manager	Justin George Muzinich CEO	$9.2M 3.58% of portfolio	1.00% 647.5K shares	Q4 2018 Held for 6y 11m	$258.0M
S Sumitomo Mitsui Trust Holdings, Inc. Institution	-	$7.8M 0.00% of portfolio	0.84% 545.2K shares	Q1 2020 Held for 5y 8m	$173.79B

Net Capital Flow

Institutional buying and selling activity for BCSF in Q3 2025

Traded: +$17.9M
Buyers: 68
Sellers: 55
Total Bought: +$40.3M
Total Sold: −$22.4M
Avg Position: $3.1M

Biggest Buyers

Institution	Net Bought	Current Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$5.3M +370.5K shares	$7.3M 511.1K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$5.3M +370.2K shares	$7.0M 489.6K shares
Cresset Asset Management, LLC RIA/Wealth	+$3.6M +250.8K shares	$20.7M 1.5M shares
VAN ECK ASSOCIATES CORP ETF Provider	+$2.6M +181.6K shares	$18.6M 1.3M shares
CF Capital LLC Hedge Fund•Sector	+$2.5M +175.0K shares	$2.5M 175.0K shares
Rockefeller Capital Management L.P. Long Only Manager	+$2.3M +158.0K shares	$7.5M 524.5K shares
Melia Wealth LLC RIA/Wealth	+$1.9M +132.5K shares	$16.0M 1.1M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	+$1.6M +109.9K shares	$7.5M 523.6K shares
S Sumitomo Mitsui Trust Holdings, Inc. Institution	+$1.4M +98.2K shares	$7.8M 545.2K shares
Muzinich & Co., Inc. Long Only Manager	+$1.3M +93.7K shares	$9.2M 647.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
BANK OF AMERICA CORP /DE/ Institution	−$3.2M −224.7K shares	$59.4M 4.2M shares
F FIRST NATIONAL TRUST CO Institution	−$1.8M −121.7K shares	Sold Off 0 shares
MORGAN STANLEY RIA/Wealth	−$1.6M −113.4K shares	$17.3M 1.2M shares
JPMORGAN CHASE & CO Institution	−$1.5M −107.1K shares	$931.8K 65.4K shares
H HRT FINANCIAL LLC Institution	−$1.5M −97.7K shares	Sold Off 0 shares
Hanson McClain, Inc. RIA/Wealth	−$1.3M −87.7K shares	$1.1M 75.3K shares
NORTHERN TRUST CORP Institution	−$1.2M −82.5K shares	$673.5K 47.3K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	−$957.6K −63.7K shares	Sold Off 0 shares
Pathstone Holdings, LLC Family Office	−$914.0K −64.1K shares	$1.6M 115.0K shares
J Jump Financial, LLC Institution	−$911.8K −60.6K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BCSF in Q3 2025

New Positions: 12
New Value: $7.0M
Exited Positions: 17
Exited Value: $8.9M

New Positions

Institution	Position Value
CF Capital LLC Hedge Fund•Sector	$2.5M 175.0K shares
A Alpine Partners VI, LLC Institution	$1.3M 92.6K shares
B Brevan Howard Capital Management LP Institution	$995.8K 69.9K shares
C Cottage Street Advisors LLC Institution	$591.4K 41.5K shares
CV Advisors LLC Family Office	$448.9K 31.5K shares
M M.E. ALLISON & CO., INC. Institution	$347.2K 24.4K shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	$280.3K 19.7K shares
IMC-Chicago, LLC RIA/Wealth	$237.8K 16.7K shares
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	$193.1K 12.6K shares
S Security National Bank Institution	$66.3K 4.7K shares

Exited Positions

Institution	Previous Position
F FIRST NATIONAL TRUST CO Institution	$1.8M 121.7K shares
H HRT FINANCIAL LLC Institution	$1.5M 97.7K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$957.6K 63.7K shares
J Jump Financial, LLC Institution	$911.8K 60.6K shares
Y Y-Intercept Ltd Institution	$793.3K 52.7K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$695.2K 46.2K shares
D Dynamic Technology Lab Private Ltd Institution	$489.2K 32.5K shares
KKM Financial LLC RIA/Wealth	$292.2K 19.4K shares
S SG Americas Securities, LLC Institution	$286.5K 19.0K shares
J JANE STREET GROUP, LLC Institution	$280.4K 18.6K shares

Options Activity

Institutions with the largest Call and Put options positions in BCSF as of Q3 2025

Call Positions: 4
Call Value: $2.3M
Put Positions: 2
Put Value: $262.2K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.3M 927.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$699.7K 491.0 contracts
J JANE STREET GROUP, LLC Institution	$265.1K 186.0 contracts
W WOLVERINE TRADING, LLC Institution	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$262.2K 184.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

Institutions with BCSF as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Sankaty Advisors, LLC Hedge Fund•Credit Arb	Sally Dee Fassler Dornaus CFO	53.13% $168.5M	18.23% 11.8M shares	Q1 2020 Held for 5y 8m	$317.1M
Melia Wealth LLC RIA/Wealth	Gregory Scott Melia President	7.02% $16.0M	1.73% 1.1M shares	Q4 2023 Held for 1y 11m	$228.2M
Muzinich & Co., Inc. Long Only Manager	Justin George Muzinich CEO	3.58% $9.2M	1.00% 647.5K shares	Q4 2018 Held for 6y 11m	$258.0M
CF Capital LLC Hedge Fund•Sector	Jenaro Cardona-Fox CIO	1.58% $2.5M	0.27% 175.0K shares	Q3 2025 Held for 2 months	$158.3M
DIMENSION CAPITAL MANAGEMENT PARTNERS Fund of Funds	Miguel Fernando Duenas President	1.43% $9.8M	1.06% 689.1K shares	Q4 2018 Held for 6y 11m	$685.4M
HAGER INVESTMENT MANAGEMENT SERVICES, LLC RIA/Wealth	Andrew Webster Hager Managing Partner	1.31% $2.4M	0.26% 169.5K shares	Q4 2024 Held for 11 months	$185.0M
G Garner Asset Management Corp RIA/Wealth	Robert Sibley Garner President	0.76% $1.9M	0.19% 125.7K shares	Q1 2025 Held for 8 months	$248.2M
GRIES FINANCIAL LLC RIA/Wealth	Carina Shipotofsky Diamond CEO	0.51% $3.2M	0.35% 224.0K shares	Q1 2021 Held for 4y 8m	$627.7M
A Alpine Partners VI, LLC Institution	-	0.31% $1.3M	0.14% 92.6K shares	Q3 2025 Held for 2 months	$423.2M
C Cottage Street Advisors LLC Institution	-	0.25% $591.4K	0.06% 41.5K shares	Q3 2025 Held for 2 months	$235.5M

Hedge Fund Spotlight

Discover hedge funds investing in BCSF

Sankaty Advisors, LLC

Hedge Fund • Credit Arb

Portfolio ManagerSally Dee Fassler Dornaus

Portfolio Value: $317.1M
Positions: 6
Last Reported: Q3 2025

Sector Allocation

Position in Bain Capital Specialty Finance

Market Value: $168.5M
Shares Held: 11.8M
Portfolio Weight: 53.13%
Owned Since: 2020-Q1

Top Holding	Sector	Market Value	Weight
1 Bain Capital Specialty Finance BCSF	Asset Management Financial Services	$168.5M	53.13%
2 Invesco Senior Loan BKLN	ETF ETF	$113.3M	35.72%
3 iShares iBoxx High Yield Corporate Bond HYG	ETF ETF	$20.6M	6.51%