Barings BDC, Inc.

Listed Company

BBDCCIK 0001379785NYSELarge AcceleratedNorth CarolinaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

—

Total Assets

$2.64B

Equity

$1.16B

Shares Out

104.71M

Op. Cash Flow

$160.54M

Business

Barings BDC, Inc. is a closed-end, non-diversified business development company that invests primarily in senior secured private debt of middle-market companies. It offers directly-originated debt investments and, to a lesser extent, non-control equity, special situations, syndicated loans and structured credit. The company’s investment and portfolio management activities are performed by Barings as its adviser and administrator, with oversight from Barings GPFG investment committees and a dedicated Investment Committee. Barings BDC primarily targets middle-market companies in the United States and also executes transactions in Europe and Asia‑Pacific, and its securities trade publicly.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total interest income	190	211	220	161	102
Total dividend income	51	41	37	30	9
Total fee and other income	18	17	13	15	13
Total payment-in-kind interest income	19	16	18	12	11
Total investment income	279	286	289	219	135
Interest and other financing fees	85	86	85	57	—
Base management fee (Note 2)	33	32	33	30	20
Incentive management fees (Note 2)	32	24	32	7	15
General and administrative expenses (Note 2)	8	10	10	10	9
Total operating expenses	158	152	159	103	76
Net investment income before taxes	122	135	130	116	59
Income taxes, including excise tax expense	4	3	2	611,000	7,000
Net investment income after taxes	118	131	128	116	59
Net realized gains (losses) on investments	−39	−24	−60	−17	3
Credit support agreements	9	0	0	—	—
Foreign currency transactions	8	−535,000	4	−1	−6
Forward currency contracts	−287,000	−14	−7	25	−378,000
Net realized gains (losses)	−23	−38	−63	13	−3
Net unrealized appreciation (depreciation) on investments	46	−29	67	−124	3
Credit support agreements	11	6	5	−7	—
Foreign currency transactions	−29	9	−13	23	17
Forward currency contracts	−21	31	4	−15	2
Net unrealized appreciation (depreciation)	7	17	63	−123	22
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts	−16	−21	−126,000	−110	19
Provision for taxes	−106,000	0	0	−795,000	−1,000
Net increase (decrease) in net assets resulting from operations	102	110	128	5	78
Net investment income per sharebasic (in dollars per share)	1.12	1.24	1.2	1.12	0.9
Net investment income per sharediluted (in dollars per share)	1.12	1.24	1.2	1.12	0.9
Net increase (decrease) in net assets resulting from operations per sharebasic and diluted (in dollars per share)	0.97	1.04	1.2	0.05	1.19
Regular quarterly dividends / distributions, declared (in dollars per share)	1.04	1.04	1.02	—	—
Regular quarterly dividends / distributions, paid (in dollars per share)	1.04	1.04	1.02	—	—
Special dividends / distributions, declared (in dollars per share)	0.15	0	0	—	—
Special dividends / distributions, paid (in dollars per share)	0.15	0	0	—	—
Total dividends/distributions per share, declared (in dollars per share)	1.19	1.04	1.02	0.95	0.82
Total dividends/distributions per share, paid (in dollars per share)	1.19	1.04	1.02	0.95	0.82
Weighted average number of shares outstanding basic (in shares)	105	106	107	103	65
Weighted average number of shares outstanding diluted (in shares)	105	106	107	103	65

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Total investments at fair value	2,399	—	—	—	2,449
Cash (restricted cash of $12,933 and $13,493 as of December 31, 2025 and 2024, respectively)	52	—	—	—	74
Foreign currencies (cost of $14,922 and $17,343 as of December 31, 2025 and 2024, respectively)	15	—	—	—	17
Interest and fees receivable	41	—	—	—	40
Prepaid expenses and other assets	981,000	—	—	—	2
Deferred financing fees	9	—	—	—	9
Receivable from unsettled transactions	56	—	—	—	16
Total assets	2,636	—	—	—	2,696
Accounts payable and accrued liabilities	7	—	—	—	6
Interest payable	18	—	—	—	16
Administrative fees payable	400,000	—	—	—	500,000
Base management fees payable	9	—	—	—	8
Incentive management fees payable	7	—	—	—	8
Payable from unsettled transactions	183,000	—	—	—	7
Borrowings under credit facility	227	—	—	—	439
Notes payable (net of deferred financing fees)	1,203	—	—	—	1,012
Total liabilities	1,476	—	—	—	1,505
Commitments and contingencies (Note 7)	—	—	—	—	—
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,558,938 and 106,067,070 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)	104,000	—	—	—	105,000
Additional paid-in capital	1,863	—	—	—	1,847
Total distributable earnings (loss)	−702	—	—	—	−657
Total net assets	1,161	—	—	—	1,190
Total liabilities and net assets	2,636	—	—	—	2,696
Net asset value per share (in dollars per share)	11.09	11.1	11.18	11.29	11.29

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net increase (decrease) in net assets resulting from operations	102	110	128	5	78
Purchases of portfolio investments	−698	−637	−615	−1,162	−1,069
Repayments received/sales of portfolio investments/ Sales of short-term investments	735	642	594	1,041	—
Loan origination and other fees received	12	9	8	20	31
Net realized (gain) loss on investments	39	24	60	11	−3
Payment-in-kind interest / dividends	−25	−18	−27	−12	−11
Amortization of deferred financing fees	5	5	3	3	2
Accretion of loan origination and other fees	−11	−12	−8	−12	−9
Amortization / accretion of purchased loan premium / discount	−1	−1	−2	−2	−5
Proceeds from termination of CSA	23	0	0	—	—
Payments for derivative contracts	−27	−24	−22	−6	−2
Proceeds from derivative contracts	27	10	14	31	2
Interest and fees receivable	317,000	8	−6	−15	−14
Prepaid expenses and other assets	764,000	−203,000	−462,000	−3	−2
Accounts payable and accrued liabilities	−24,000	2	9	−8	2
Interest payable	2	8	811,000	2	3
Net cash provided by (used in) operating activities	161	122	77	86	−397
Borrowings under credit facility	540	207	93	245	456
Repayments of credit facility	−774	−478	−113	−148	−507
Proceeds from notes	300	300	0	0	500
Repayments of notes	−113	0	0	0	0
Financing fees paid	−7	−14	−2	−2	−7
Purchases of shares in repurchase plan	−6	−6	−15	−32	0
Cash dividends / distributions paid	−125	−110	−109	−94	−54
Net cash provided by (used in) financing activities	−185	−101	−146	−31	388
Net increase (decrease) in cash and foreign currencies	−25	21	−69	55	−8
Cash paid for interest	74	68	79	51	27
Excise taxes paid during the period	4	2	1	0	71,000

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