10-K · February 19, 2026
Barings BDC positions itself as a middle‑market private credit BDC that seeks current income from directly‑originated senior secured private debt, leveraging Barings GPF’s origination scale and teams. The 2025 filing…
Earnings analysis · 10-Q
BBDC earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Barings BDC, Inc. reported Q1 2026 earnings showing total revenue of $60.6 million, down 6.5% from $64.4 million in Q1 2025, with EPS of $0.25 in line with estimates. The company declared a quarterly dividend of $0.26…
Read full summary
Barings BDC, Inc. reported Q1 2026 earnings showing total revenue of $60.6 million, down 6.5% from $64.4 million in Q1 2025, with EPS of $0.25 in line with estimates. The company declared a quarterly dividend of $0.26 per share. Management forecasts stable commitments despite a downturn in investment income due to lower debt investments and yields.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.25
- Segment
- Debt Investments
- Segment
- Equity Investments
What stood out
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Revenue Declines Year-On-Year
Total revenue decreased to $60.6 million, down 6.5% from $64.4 million in Q1 2025.
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EPS Matches Expectations
Earnings per share remained at $0.25, meeting analyst estimates.
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Cash Dividend Declared
Declared a quarterly cash dividend of $0.26 per share.
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Operating Expenses Lowered
Operating expenses reduced to $34.3 million from $37.6 million year-on-year.
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Operating Cash Flow Strong
Generated operating cash flow of $68 million in Q1 2026.
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Decreased Non-Accrual Portfolio
Non-accruals improved with 10 portfolio companies vs 7 in the prior quarter.
What to watch
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Increased Net Realized Losses
Reported net realized losses of $10.8 million compared to a loss of $1.1 million in Q1 2025.
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Declined Investment Income
Total investment income dropped to $60.6 million, reflecting decreased yields from debt investments.
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Increased Non-accrual Investments
The fair value of non-accrual assets increased to $23.9 million, comprising 1.0% of the portfolio.
Management's outlook
No explicit numeric guidance provided, outlook remains cautious due to changing market conditions.
Earlier filings 4
10-Q · November 6, 2025
Barings BDC reported Q3 (ended September 30, 2025) investment income of $72,404,000 and net investment income per share of $0.32, both up versus the prior-year quarter. Net investment income after taxes rose to…
10-K · February 20, 2025
Barings BDC (BBDC) positions itself as a middle‑market private credit BDC focused on senior secured private debt, leveraging Barings GPFG’s origination scale (Barings GPFG $344.1 billion global fixed income platform as…
10-Q · November 6, 2024
Barings BDC reported Q3 (ended 9/30/2024) with total investment income essentially flat at $70,851 (in thousands) vs $70,846 in Q3 2023, net investment income per share declined to $0.29 from $0.31 a year ago, and NII…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.