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BBDC

Barings BDC, Inc.

BBDC

Barings BDC, Inc. • NYSE
$9.15 ▲ 0.99% (+0.09)
Market Cap $962.20 M
52w High $10.85
52w Low $7.66
Dividend Yield 1.19%
P/E 9.53
Volume 386.97K
Outstanding Shares 105.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $0 ▼ $0 ▼ 0% ▼ $0.31 ▲ $15.952M ▼
Q2-2025 $45.837M ▼ $2.294M ▲ $20.559M ▼ 44.852% ▼ $0.2 ▼ $21.367M ▼
Q1-2025 $54.867M ▲ $1.694M ▼ $32.576M ▲ 59.373% ▲ $0.31 ▲ $32.977M ▲
Q4-2024 $50.178M ▲ $2.386M ▼ $24.828M ▲ 49.48% ▲ $0.24 ▲ $26.695M ▲
Q3-2024 $48.043M $2.427M $22.02M 45.834% $0.21 $23.053M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $2.822B ▲ $1.655B ▲ $1.167B ▼
Q2-2025 $44.547M ▼ $2.793B ▲ $1.617B ▲ $1.176B ▼
Q1-2025 $93.355M ▲ $2.791B ▲ $1.603B ▲ $1.189B ▼
Q4-2024 $77.846M ▲ $2.696B ▲ $1.505B ▲ $1.19B ▼
Q3-2024 $62.781M $2.605B $1.411B $1.194B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $23.55M ▲ $16.477M ▼ $0 ▲ $17.468M ▲ $33.945M ▲ $16.477M ▼
Q2-2025 $20.559M ▼ $36.966M ▲ $-89.676M ▼ $1.355M ▼ $-51.355M ▼ $36.966M ▲
Q1-2025 $32.576M ▲ $-7.752M ▲ $0 $17.029M ▼ $9.277M ▼ $-7.752M ▲
Q4-2024 $24.828M ▲ $-45.157M ▼ $0 ▼ $70.502M ▲ $25.345M ▲ $-45.157M ▼
Q3-2024 $22.02M $19.575M $4.54M $-42.484M $-18.369M $19.575M

Five-Year Company Overview

Income Statement

Income Statement Barings BDC’s earnings profile looks generally healthy and fairly consistent, with a clear recovery from the weaker year a few periods ago. Revenue has grown meaningfully versus the early years in your data, though it dipped slightly in the most recent year. Profitability remains solid overall: the company is still generating a comfortable level of net income, even if operating margins stepped down from the unusually strong prior year. The dip in gross profit versus revenue in the latest period hints at some pressure on costs or yields, but not enough to threaten overall profitability. Earnings per share have been lumpy over time, which is common for a credit-focused business that can be affected by credit losses, repayments, and market conditions, but the recent level of earnings looks robust by historical comparison.

Balance Sheet

Balance Sheet The balance sheet shows a relatively large portfolio of assets funded by a mix of debt and equity, as is typical for a business development company. Asset levels have grown from earlier years and then largely stabilized, suggesting the portfolio has reached a more mature scale. Debt remains significant and is higher than equity, which means leverage is an important part of the model and a key risk to watch if credit conditions worsen. Equity has trended upward over time, indicating value has been built and retained in the business despite occasional earnings volatility. Cash on hand is modest but fairly steady, which is normal for a lender that prefers to keep capital invested rather than idle, but it does mean access to credit lines and capital markets remains important.

Cash Flow

Cash Flow Cash generation has improved noticeably compared with the earlier years in your data. Operating cash flow was negative a few years ago but has turned consistently positive more recently, indicating a healthier, more self-funding portfolio. Free cash flow essentially mirrors operating cash flow because the business has minimal capital spending needs, which is typical for a financial company that does not rely on heavy physical assets. The shift from cash outflows to regular inflows suggests better discipline in portfolio construction and repayments, and less drag from problem assets or one-off restructuring activity. Still, as a lender, cash flow can swing with the credit cycle, prepayments, and new investment opportunities, so this strength should be viewed as encouraging but not guaranteed to be smooth every year.

Competitive Edge

Competitive Edge Barings BDC’s main edge comes from being part of the broader Barings asset management platform. This gives it access to a wide network of middle-market borrowers, strong relationships with private equity sponsors, and a steady pipeline of investment opportunities that many smaller rivals cannot easily replicate. The focus on senior secured lending provides a more defensive position in the capital structure, which can offer some protection in downturns compared with riskier junior debt strategies. Scale, brand, and institutional infrastructure from Barings help with underwriting quality, risk management, and portfolio monitoring, all of which are critical in private credit. On the other hand, the company operates in a crowded and growing private credit market, where competition can pressure loan terms, and it is reliant on its external manager for origination, investment decisions, and overall strategy, which concentrates key-person and platform risk.

Innovation and R&D

Innovation and R&D Innovation for Barings BDC is less about traditional research and development and more about how it uses information, analytics, and the broader Barings platform. The manager relies on a large global research team, sophisticated credit underwriting, and data-driven risk tools to evaluate borrowers and structure deals, which can be an important advantage in avoiding losses rather than chasing the highest yields. Integration across different asset classes inside Barings provides cross-industry insight and may allow Barings BDC to identify trends or risks earlier than smaller, stand-alone BDCs. The firm appears to be gradually incorporating more advanced analytics and technology, but these improvements are evolutionary rather than disruptive. Future innovation is likely to show up through new credit strategies, selective expansion into attractive sectors or geographies, and continued refinement of risk models rather than headline-grabbing “tech” products.

Summary

Overall, Barings BDC looks like a mature, credit-focused vehicle with stable profitability, a reasonably solid balance sheet, and improving cash generation. Earnings and equity have generally trended upward over the longer period, despite a few choppy years, which is typical for a lender operating through different parts of the credit cycle. Leverage is an essential part of the model and remains the key structural risk, especially in a scenario of rising defaults or tighter funding conditions. The company’s tie-in with the Barings platform is its main strength, providing scale, origination capabilities, and risk management that many peers lack, but it also creates dependence on the external manager. Going forward, performance will likely hinge on credit discipline, underwriting quality, and how effectively Barings uses its global reach and analytical tools to navigate a competitive and rapidly evolving private credit market.

NEWS

November 6, 2025 · 4:25 PM UTC

Barings BDC, Inc. Announces Chief Executive Officer Transition

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November 6, 2025 · 4:15 PM UTC

Barings BDC, Inc. Reports Third Quarter 2025 Results

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October 7, 2025 · 6:15 AM UTC

Barings BDC, Inc. Announces Fourth Quarter Cash Dividend of $0.26 Per Share and Announces Conference Call to Discuss Third Quarter 2025 Results

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September 8, 2025 · 5:15 PM UTC

Barings BDC, Inc. Prices Public Offering of $300 Million of 5.200% Notes due 2028

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