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Bain Capital Specialty Finance , Inc. (NYSE:BCSF), a business development company with a notable 11.78% dividend yield and strong financial health indicators, announced Wednesday that its stockholders did not approve a proposal to renew the company’s authorization to offer and sell shares of common stock at prices below the then-current net asset value (NAV) per share. According to InvestingPro data, the company maintains robust liquidity with a current ratio of 3.71. The vote took place at the company’s reconvened 2025 Annual Meeting of Stockholders held Tuesday.
According to the company’s press release statement, the proposal required approval by both a majority of all outstanding shares and a majority of outstanding shares not held by affiliated persons. While a majority of all outstanding shares voted in favor of the proposal—32,442,310 shares for, 4,671,682 against, and 506,763 abstaining—the proposal did not receive the required majority from non-affiliated stockholders. Among non-affiliated shares, 20,304,772 voted for, 4,671,682 against, and 506,763 abstained. Trading at a P/E ratio of 8.92, BCSF has demonstrated strong returns over the past five years.
As a result, the company will not be authorized to sell shares of its common stock below its net asset value per share, subject to the limitations outlined in the proposal. For deeper insights into BCSF’s valuation and growth prospects, investors can access comprehensive analysis through the InvestingPro Research Report, which is part of the platform’s coverage of over 1,400 US stocks.
The meeting was initially convened on May 22, 2025, and subsequently adjourned to June 12, 2025, and then to July 15, 2025, when the final vote was conducted. As of the record date, April 8, 2025, there were 64,868,506.64 outstanding shares of common stock entitled to vote, including 52,730,969 shares not held by affiliated persons.
Bain Capital Specialty Finance, Inc. is incorporated in Delaware and its common stock is listed on the New York Stock Exchange under the symbol BCSF. This information is based on a statement issued in a SEC filing.
In other recent news, Bain Capital Specialty Finance reported its first-quarter 2025 earnings, revealing a mixed performance. The company exceeded earnings per share (EPS) expectations with $0.50, against a forecast of $0.4551, but fell short on revenue, posting $66.84 million compared to the anticipated $67.4 million. Additionally, Bain Capital Specialty Finance has adjourned its 2025 Annual Meeting of Stockholders to gather more votes on a proposal to offer and sell shares below net asset value. In another development, the firm announced the resignation of Jessica Yeager as Vice President, with Adriana Rojas Garzón stepping into the role. Meanwhile, Bain Capital raised $1 billion in debt financing for its acquisition of Sizzling Platter, which includes a $425 million term loan and $500 million in senior secured notes. The company is also reportedly in talks to acquire PCI Pharma Services in a deal valued at over $10 billion. These developments reflect Bain Capital’s active engagement in strategic acquisitions and internal restructuring.
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