Barings BDC, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
BBDC$8.77+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Consolidated Statements of Operations for thenths Ended
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three MonthsEnded | Three MonthsEnded | Nine MonthsEnded | Nine MonthsEnded | |
|---|---|---|---|---|
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |
| Investment income: | ||||
| Interest income: | ||||
| Non-Control / Non-Affiliate investments | $40,369 | $47,746 | $119,168 | $141,272 |
| Affiliate investments | 2,138 | 911 | 6,962 | 2,965 |
| Control investments | 120 | 151 | 264 | 407 |
| Total interest income | 42,627 | 48,808 | 126,394 | 144,644 |
| Dividend income: | ||||
| Non-Control / Non-Affiliate investments | 1,681 | 4,298 | 6,043 | 7,109 |
| Affiliate investments | 9,691 | 9,879 | 31,255 | 29,586 |
| Control investments | — | — | — | 2,817 |
| Total dividend income | 11,372 | 14,177 | 37,298 | 39,512 |
| Fee and other income: | ||||
| Non-Control / Non-Affiliate investments | 3,548 | 3,904 | 9,704 | 12,251 |
| Affiliate investments | 177 | 57 | 378 | 161 |
| Control investments | 1 | 43 | 49 | 47 |
| Total fee and other income | 3,726 | 4,004 | 10,131 | 12,459 |
| Payment-in-kind interest income: | ||||
| Non-Control / Non-Affiliate investments | 3,792 | 4,401 | 11,570 | 12,156 |
| Affiliate investments | 2,169 | 555 | 2,900 | 1,164 |
| Control investments | 477 | 243 | 1,332 | 705 |
| Total payment-in-kind interest income | 6,438 | 5,199 | 15,802 | 14,025 |
| Interest income from cash | 131 | 216 | 437 | 601 |
| Total investment income | 64,294 | 72,404 | 190,062 | 211,241 |
| Operating expenses: | ||||
| Interest and other financing fees | 20,282 | 21,508 | 59,146 | 63,882 |
| Base management fee (Note 2) | 7,841 | 8,415 | 24,063 | 24,626 |
| Incentive management fees (Note 2) | 6,333 | 5,634 | 16,014 | 24,489 |
| General and administrative expenses (Note 2) | 1,904 | 1,896 | 6,146 | 5,884 |
| Total operating expenses | 36,360 | 37,453 | 105,369 | 118,881 |
| Net investment income before taxes | 27,934 | 34,951 | 84,693 | 92,360 |
| Income taxes, including excise tax expense | 700 | 1,338 | 2,604 | 2,547 |
| Net investment income after taxes | $27,234 | $33,613 | $82,089 | $89,813 |
| Barings BDC, Inc.Unaudited Consolidated Statements of Operations — (Continued)(in thousands, except share and per share data) | ||||
|---|---|---|---|---|
| Three MonthsEnded | Three MonthsEnded | Nine MonthsEnded | Nine MonthsEnded | |
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |
| Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts: | ||||
| Net realized gains (losses): | ||||
| Non-Control / Non-Affiliate investments | $(3,055) | $6,442 | $(18,285) | $2,083 |
| Affiliate investments | (1,233) | (4,833) | (1,233) | (4,833) |
| Control investments | — | 6 | (69) | (24,450) |
| Net realized gains (losses) on investments | (4,288) | 1,615 | (19,587) | (27,200) |
| Credit support agreements | — | — | 22,628 | 9,400 |
| Foreign currency transactions | 178 | 76 | (1,975) | 2,312 |
| Forward currency contracts | (672) | (2,998) | 2,165 | (2,045) |
| Net realized gains (losses) | (4,782) | (1,307) | 3,231 | (17,533) |
| Net unrealized appreciation (depreciation): | ||||
| Non-Control / Non-Affiliate investments | 2,779 | (14,718) | (7,466) | 16,489 |
| Affiliate investments | (5,300) | 3,891 | (5,848) | 2,693 |
| Control investments | 2,034 | (5,252) | (3,187) | 25,194 |
| Net unrealized appreciation (depreciation) on investments | (487) | (16,079) | (16,501) | 44,376 |
| Credit support agreements | (69) | 1,600 | (16,169) | 2,950 |
| Foreign currency transactions | 757 | (1,536) | 6,058 | (24,519) |
| Forward currency contracts | 1,977 | 7,259 | 4,244 | (18,401) |
| Net unrealized appreciation (depreciation) | 2,178 | (8,756) | (22,368) | 4,406 |
| Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts | (2,604) | (10,063) | (19,137) | (13,127) |
| Net increase (decrease) in net assets resulting from operations | $24,630 | $23,550 | $62,952 | $76,686 |
| Net investment income per share — basic and diluted | $0.26 | $0.32 | $0.78 | $0.85 |
| Net increase (decrease) in net assets resulting from operations per share — basic and diluted | $0.24 | $0.22 | $0.60 | $0.73 |
| Dividends / distributions per share: | ||||
| Regular quarterly dividends / distributions | $0.26 | $0.26 | $0.78 | $0.78 |
| Special dividends / distributions | — | 0.05 | — | 0.15 |
| Total dividends / distributions per share | $0.26 | $0.31 | $0.78 | $0.93 |
| Weighted average shares outstanding — basic and diluted | 104,706,884 | 105,158,938 | 104,706,884 | 105,253,993 |
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