Sabrina Rusnak-Carlson
About Sabrina Rusnak-Carlson
Sabrina Rusnak-Carlson, 46, was appointed General Counsel of Bain Capital Specialty Finance, Inc. (BCSF) effective November 5, 2025; she also serves as General Counsel of Credit and Public Equity at Bain Capital . Prior roles include General Counsel of First Eagle Alternative Credit (formerly THL Credit) and Partner in Proskauer Rose LLP’s Private Credit Group; she holds a B.S. with honors from Georgetown University (McDonough) and a J.D. from Boston University School of Law . Company operating performance context during 2024–2025 is shown below; revenue/EBITDA detail was not available via our financials data, but quarterly net income and ROE illustrate profitability trends.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bain Capital | General Counsel, Credit & Public Equity | Not disclosed | Oversees legal across credit and public equity platforms; supports BCSF governance and transactions |
| First Eagle Alternative Credit (formerly THL Credit) | General Counsel | Not disclosed | Led legal/compliance for alternative credit platform; negotiated financings and governance frameworks |
| Proskauer Rose LLP | Partner, Private Credit Group | Not disclosed | Structured private credit transactions; documentation and execution for lenders/investors |
External Roles
No external public-company directorships disclosed in BCSF filings for Sabrina Rusnak-Carlson .
Fixed Compensation
| Item | Description |
|---|---|
| Company employment/compensation structure | BCSF has no employees; officers receive no direct compensation from the Company. BCSF reimburses its Advisor (administrator) for allocable overhead and personnel costs (including legal/compliance) under the Administration Agreement . |
| Administrative costs (FY2024) | $2.5 million incurred for administrator; $0.6 million for sub-administrator (company-wide, not per officer) . |
Performance Compensation
| Incentive Element | Status | Notes |
|---|---|---|
| Cash bonus, RSUs/PSUs, options (Company-level) | Not applicable | BCSF does not pay executive compensation directly; no Company-paid equity grants or option awards are disclosed for officers . |
| Performance metrics tied to pay (Company-level) | Not applicable | No Company-paid incentive program for officers; compensation is at the Advisor level and not disclosed in BCSF filings . |
| Clawback, retention/sign-on, severance/CoC terms | Not disclosed | No executive employment agreement or related comp terms for Sabrina are disclosed by BCSF . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 7,260 common shares, Direct (Form 3 filed 11/06/2025) . |
| Ownership as % of shares outstanding | ≈0.011% of 64,868,506.64 outstanding as of 04/08/2025 (derived from 7,260 / 64,868,506.64) . |
| Vested vs unvested shares | Not disclosed; Form 3 reports common shares only . |
| Options (exercisable/unexercisable) | None reported; Table II shows no derivative securities . |
| Pledging/hedging | Company Insider Trading Policy prohibits short-selling and margining/borrowing against BCSF securities; trades require CCO pre-clearance . |
| Stock ownership guidelines | Not disclosed in the proxy/filings reviewed . |
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment date and role | Appointed General Counsel of BCSF effective November 5, 2025 . |
| Family relationships / related-party transactions | None; no Item 404(a) transactions; no family relationships disclosed . |
| Arrangement/understanding re: appointment | None; no arrangement or understanding under which she was appointed . |
| Contract term, severance, change-of-control | Not disclosed in 8-K/DEF 14A reviewed . |
| Non-compete/non-solicit, garden leave, consulting | Not disclosed in BCSF filings reviewed . |
| Insider trading policy | Pre-clearance required; short-selling and margin/borrowing against BCSF securities prohibited . |
Company Performance Context
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Net Income - (IS) ($USD) | $22,137,000 | $28,547,000 | $23,722,000 | $18,703,000 |
| Total Assets ($USD) | $2,632,157,000 | $2,642,315,000 | $2,774,306,000 | $2,716,036,000 |
| Total Equity ($USD) | $1,139,672,000 | $1,144,504,000 | $1,139,035,000 | $1,128,547,000 |
| Return On Equity % | 7.746 | 9.998* | 8.3104* | 6.598 |
Values marked with an asterisk (*) were retrieved from S&P Global.
Notes:
- Periods presented oldest to newest to show trajectory.
- Revenue and EBITDA were not available in our financials data for BCSF’s periods reviewed.
Investment Implications
- Alignment: Direct Company-paid incentives do not apply to BCSF officers; alignment relies primarily on share ownership and Bain Capital employment. Sabrina’s initial stake is small (~0.011%), but pledging/borrowing against shares is prohibited, reducing forced-selling risk .
- Retention risk: Newly appointed in November 2025; no disclosed severance/change-of-control protections at the Company level, and compensation resides at the Advisor, limiting Company-level retention levers .
- Trading signals: Form 3 shows initial beneficial ownership with no derivatives, implying limited near-term selling pressure from vesting/option exercises; policy pre-clearance and prohibition on margining further dampen opportunistic trading .
- Pay-for-performance: With no Company-paid executive compensation plan, traditional pay-for-performance metrics (bonuses, PSUs, options) are not applicable; governance oversight occurs through independent Compensation Committee and external management structure .
- Disclosure gaps: No stock ownership guidelines for officers, no clawback specifics, and no say-on-pay proposals in the latest proxy, reducing visibility into incentive alignment at the Company level .