Tearsheet

Barings BDC (BBDC)

Market Price (12/4/2025): $8.725 | Market Cap: $917.5 Mil
Sector: Financials | Industry: Asset Management & Custody Banks

Barings BDC (BBDC)

Market Price (12/4/2025): $8.725
Market Cap: $917.5 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%	Weak multi-year price returns 2Y Excs Rtn is -24%, 3Y Excs Rtn is -33%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 168%
1	Low stock price volatility Vol 12M is 21%		Expensive valuation multiples P/SPrice/Sales ratio is 8.1x
2	Megatrend and thematic drivers Megatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit.		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -78%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -78%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 25%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%
1	Low stock price volatility Vol 12M is 21%
2	Megatrend and thematic drivers Megatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit.
3	Weak multi-year price returns 2Y Excs Rtn is -24%, 3Y Excs Rtn is -33%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 168%
5	Expensive valuation multiples P/SPrice/Sales ratio is 8.1x
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%
7	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -78%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -78%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$8.72	$8.44	$6.81	$5.75	$7.06
Market Cap CYE ($ Mil)	917.5	890.4	724.6	624.6	461.2
Total Debt ($ Mil)	1,619.5	1,450.4	1,440.5	1,448.1	1,372.7
Total Cash ($ Mil)	70.3	77.8	70.5	139.4	84.3
Enterprise Value ($ Mil)	2,466.7	2,340.8	2,165.1	2,072.7	1,833.9
Valuation Ratios
P/S TTM	8.1	8.2	6.6	52.4	8.3
P/EBIT TTM	0.0	0.0	0.0	0.0	0.0
P/E TTM	9.1	9.2	7.2	179.2	9.3
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	8.1	8.5	7.5	7.7	7.3
P/E TTM (Sector)	11.7	11.6	10.2	9.4	10.1

	12/4/25	2024	2023
Share Price CYE	$8.72	$8.44	$6.81
Market Cap CYE ($ Mil)	917.5	890.4	724.6
Total Debt ($ Mil)	1,619.5	1,450.4	1,440.5
Total Cash ($ Mil)	70.3	77.8	70.5
Enterprise Value ($ Mil)	2,466.7	2,340.8	2,165.1
Valuation Ratios
P/S TTM	8.1	8.2	6.6
P/EBIT TTM	0.0	0.0	0.0
P/E TTM	9.1	9.2	7.2
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8
P/EBIT TTM (Sector)	8.1	8.5	7.5
P/E TTM (Sector)	11.7	11.6	10.2

	BBDC	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.1
Rev Chg Q	5.1%	7.1%
Rev Chg LTM	-10.7%	6.1%
Rev Chg 3Y Avg	87.5%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	0.1
CFO/Rev LTM	-78.1%	20.5%
Net Inc Mgn	88.9%	13.1%
VALUATION	MODERATE
P/S	8.1	3.2
P/CFO	-10.3	15.8
P/FCF	-10.3	20.5
P/E	9.1	23.5

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Metric	Value	Date	Source
Number of Portfolio Companies	329	3312025	Link
Weighted Average Yield on Performing Debt Investments (at principal amount)	9.9%	3312025	Link
New Investment Commitments	128.2 million	3312025	Link
First Lien Senior Secured Debt Investments Percentage of Portfolio	69%	12312024	Link
Weighted Average Interest Coverage of Portfolio Companies	2.2x	12312024	Link
Non-Accrual Rate at Fair Value	0.30%	12312024	Link
Percentage of Barings-Originated Positions in Portfolio	93%	12312024	Link

Recent
11/06/2025	Earnings Release	Rev: $72 Mil (A) vs. $66 Mil (E) EPS: 0.32 (A) vs. $0.27 (E)
Upcoming
12/03/2025	Dividend	Amount: $0.26 Payment On: 12/10/2025
2/19/2026	Earnings Release	Rev: - EPS: -

BBDC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Net Asset Value (NAV) Decline. Despite reporting strong Q3 2025 earnings, Barings BDC experienced a slight decrease in its Net Asset Value per share, moving from $11.18 as of June 30, 2025, to $11.10 as of September 30, 2025. This decline was primarily attributed to net unrealized depreciation on the investment portfolio, including factors related to a credit support agreement and foreign exchange.

2. Analyst Price Target Reductions. In November 2025, some analysts, including those from Wells Fargo and Keefe, Bruyette & Woods, reduced their price objectives for Barings BDC from $10.00 to $9.50. Such downward revisions in price targets from financial institutions can indicate concerns about future performance and contribute to negative stock movement.

3. Increased Leverage. Barings BDC issued $300 million in 5.200% senior unsecured notes due in 2028 on September 15, 2025. This issuance led to an increase in the company's debt-to-equity ratio, rising to 1.40x from 1.34x in the previous quarter. An increase in leverage can sometimes be perceived as heightened risk by investors, potentially exerting downward pressure on the stock price.

4. Deteriorating Business Development Company (BDC) Sector Outlook. Fitch Ratings projected a "deteriorating" environment for BDCs in 2025, forecasting a rise in non-accruals and portfolio losses, alongside a competitive underwriting landscape. This broader negative outlook for the BDC sector could have contributed to investor caution and impacted BBDC's stock performance.

5. Concerns Over Dividend Quality and Coverage in the BDC Sector. Fitch also highlighted that decelerating net investment income (NII) and elevated payment-in-kind (PIK) income could lead to a lower quality of earnings for BDCs and potentially strain cash dividend coverage in the near term. While Barings BDC's Q3 2025 NII covered its declared dividend, the general sector-wide concerns regarding dividend sustainability could have contributed to a more cautious investor sentiment towards BBDC.

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Stock Movement Drivers

Fundamental Drivers

The -4.3% change in BBDC stock from 9/3/2025 to 12/3/2025 was primarily driven by a -5.8% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	9.12	8.73	-4.25%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	112.89	114.20	1.16%
Net Income Margin (%)	88.56%	88.89%	0.37%
P/E Multiple	9.60	9.04	-5.76%
Shares Outstanding (Mil)	105.23	105.16	0.07%
Cumulative Contribution			-4.25%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
BBDC	-4.3%
Market (SPY)	6.2%	38.0%
Sector (XLF)	0.1%	50.7%

Fundamental Drivers

The 4.8% change in BBDC stock from 6/4/2025 to 12/3/2025 was primarily driven by a 2.6% change in the company's Total Revenues ($ Mil).

	6042025	12032025	Change
Stock Price ($)	8.33	8.73	4.76%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	111.33	114.20	2.58%
Net Income Margin (%)	88.80%	88.89%	0.10%
P/E Multiple	8.88	9.04	1.82%
Shares Outstanding (Mil)	105.37	105.16	0.20%
Cumulative Contribution			4.76%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
BBDC	4.8%
Market (SPY)	15.1%	34.1%
Sector (XLF)	5.8%	43.4%

Fundamental Drivers

The -0.6% change in BBDC stock from 12/3/2024 to 12/3/2025 was primarily driven by a -10.7% change in the company's Total Revenues ($ Mil).

	12032024	12032025	Change
Stock Price ($)	8.78	8.73	-0.59%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	127.89	114.20	-10.71%
Net Income Margin (%)	90.21%	88.89%	-1.46%
P/E Multiple	8.05	9.04	12.38%
Shares Outstanding (Mil)	105.72	105.16	0.53%
Cumulative Contribution			-0.59%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
BBDC	-0.6%
Market (SPY)	14.3%	56.7%
Sector (XLF)	7.4%	59.8%

Fundamental Drivers

The 38.5% change in BBDC stock from 12/4/2022 to 12/3/2025 was primarily driven by a 279.9% change in the company's Total Revenues ($ Mil).

	12042022	12032025	Change
Stock Price ($)	6.30	8.73	38.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	30.06	114.20	279.86%
Net Income Margin (%)	57.91%	88.89%	53.50%
P/E Multiple	39.56	9.04	-77.14%
Shares Outstanding (Mil)	109.27	105.16	3.76%
Cumulative Contribution			38.33%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
BBDC	25.4%
Market (SPY)	53.2%	51.5%
Sector (XLF)	52.4%	55.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BBDC Return	-3%	29%	-19%	19%	24%	3%	54%
Peers Return	23%	18%	-13%	10%	1%	1%	42%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
BBDC Win Rate	58%	83%	50%	50%	58%	70%
Peers Win Rate	67%	50%	35%	56%	48%	45%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
BBDC Max Drawdown	-47%	-4%	-22%	-9%	0%	-15%
Peers Max Drawdown	-39%	-13%	-31%	-11%	-12%	-16%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTS, SLRC, DHIL, GEG, BLKS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	BBDC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-37.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	59.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-49.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	97.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	426 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-53.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	115.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-58.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	142.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	361 days	1480 days

Compare to VRTS, SLRC, DHIL, GEG, BLKS

In The Past

Barings BDC's stock fell -37.3% during the 2022 Inflation Shock from a high on 11/10/2021. A -37.3% loss requires a 59.5% gain to breakeven.

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About Barings BDC (BBDC)

Barings BDC, Inc. (NYSE: BBDC) is a publicly traded, externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. It seeks to invest primarily in senior secured loans, first lien debt, unitranche, second lien debt, subordinated debt, equity co-investments and senior secured private debt investments in private middle-market companies that operate across a wide range of industries. It specializes in mezzanine, leveraged buyouts, management buyouts, ESOPs, change of control transactions, acquisition financings, growth financing, and recapitalizations in lower middle market, mature, and later stage companies. It invests in manufacturing and distribution; business services and technology; transportation and logistics; consumer product and services. It invests in United States. It invests in companies with EBITDA of $10 million to $75 million, typically in private equity sponsor backed. Barings BDC, Inc. Barings BDC, Inc. was incorporated on October 10, 2006 and is based in Charlotte, North Carolina with an additional office in Raleigh, North Carolina.

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Here are 1-2 brief analogies to describe Barings BDC (BBDC):

Like a private equity firm, but one that primarily provides debt (loans) to private middle-market companies.
The commercial lending division of a bank like JPMorgan Chase, but specializing in loans to private, mid-sized businesses.

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Major Products & Services of Barings BDC (BBDC)

Senior Secured Loans: Provides capital to middle-market companies through debt secured by the borrower's assets, holding the highest repayment priority.
Unitranche Loans: Offers comprehensive financing solutions by combining senior and subordinated debt into a single, simplified loan facility for middle-market companies.
Second Lien Loans: Delivers capital to middle-market companies through debt secured by the borrower's assets, ranking below senior secured loans in repayment priority.
Equity Investments: Acquires minority ownership stakes, preferred equity, or warrants in middle-market companies, often alongside debt financing, for potential capital appreciation.

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Barings BDC (BBDC) is a Business Development Company (BDC) that primarily invests in private, middle-market companies. Its business model involves providing debt and equity financing to these companies. Therefore, BBDC's "customers" are the companies to which it provides capital. BBDC sells primarily to **other companies**. Barings BDC maintains a diversified portfolio of investments across numerous private middle-market companies in various industries. As such, it generally does not have a few "major customers" that dominate its revenue stream in the way a traditional sales-oriented company might. Its success depends on the performance of its broad portfolio of investments. Since BBDC's portfolio consists of privately held companies, these companies **do not have public stock symbols**. Examples of companies in BBDC's diversified investment portfolio include (but are not limited to, and no single investment constitutes a "major customer" due to diversification): * AccentCare, Inc. * AmerCareRoyal, LLC * Ancillary Medical Solutions, LLC * BigHand Inc. * Data Axle, Inc. These are private companies across various sectors such as healthcare services, manufacturing, business services, and software.

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Barings LLC
U.S. Bancorp (USB)
PricewaterhouseCoopers LLP

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Eric Lloyd, Executive Chairman of the Board and Chief Executive Officer

Eric Lloyd is the current Executive Chairman of the Board and Chief Executive Officer of Barings BDC, Inc. He will transition to Executive Chairman of the Board, effective January 1, 2026, with Thomas Q. McDonnell succeeding him as CEO. Mr. Lloyd is also the President of Barings LLC, where he is responsible for leading and managing cross-asset investment teams, corporate strategy, business development, and product management. He has been in the industry since 1990, with his experience encompassing leadership positions in investment management, investment banking, leveraged finance, and risk management. Prior to joining Barings in 2013, Mr. Lloyd served as Head of Market and Institutional Risk for Wells Fargo, was a member of Wells Fargo's Management Committee, and was on the Board of Directors of Wells Fargo Securities. Before Wells Fargo acquired Wachovia, he worked in Wachovia's Global Markets Investment Banking division, holding various leadership roles, including Head of Wachovia's Global Leveraged Finance Group.

Thomas Q. McDonnell, Chief Executive Officer (Incoming, effective January 1, 2026)

Thomas Q. McDonnell is appointed as the incoming Chief Executive Officer of Barings BDC, Inc., effective January 1, 2026. He brings over 30 years of experience in global finance, investment management, and strategic business planning. Mr. McDonnell previously spent nearly two decades at Barings, where he served as a Managing Director and a member of the U.S. High Yield Investment Committee and other credit-related investment committees. During his tenure, he played a key role in managing multi-strategy and global loan portfolios and spearheaded fundraising efforts exceeding $15 billion. Earlier in his career, he held roles at Patriarch Partners, Bank of America, and JP Morgan Chase, focusing on deal structuring, credit risk management, portfolio strategy, and financial planning. Mr. McDonnell also serves on the board of directors of Rocade Holdings LLC, a specialty finance company focused on litigation finance. He is a retired Certified Public Accountant.

Elizabeth Murray, Chief Financial Officer and Chief Operating Officer

Elizabeth Murray serves as the Chief Financial Officer and Chief Operating Officer of Barings BDC, Inc. She also holds these roles for Barings Capital Investment Corporation and Barings Private Credit Corporation. Ms. Murray is a board member for Rocade LLC. Her previous experience includes serving as the Chief Accounting Officer for Barings BDC, Barings Capital Investment Corporation, and Barings Private Credit Corporation. Prior to that, she was the Vice President of Financial Reporting at Triangle Capital Corporation before the investment management of the company was externalized to Barings LLC.

Matthew Freund, President

Matthew Freund serves as the President of Barings BDC, Inc. He is also the President of Barings Capital Investment Corporation and Barings Private Credit Corporation. Mr. Freund is a member of Barings' Global Private Finance Group and the North America Private Finance Investment Committee. He also serves as a board member for Eclipse Business Credit, a specialty lender focused on providing asset-backed loans. Before joining Barings in 2015, Mr. Freund worked for US Bank, where he structured bank loans to support leveraged buyouts for private equity sponsors.

Albert Perley, Treasurer

Albert Perley serves as the Treasurer of Barings BDC, Inc. He also holds the Treasurer position for Barings Capital Investment Corporation and Barings Private Credit Corporation. Mr. Perley is a member of Barings' Permanent Capital team, working within the Barings BDC Complex and related Joint Ventures. He is also a board member of Sierra Senior Loan Strategy JV I LLC, a joint venture with Barings BDC. Prior to joining Barings in 2021, Mr. Perley worked in investment banking at Wells Fargo Securities, where he underwrote CLOs and leveraged lending credit facilities to numerous private credit managers.

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Barings BDC (BBDC) primarily focuses on providing debt investments, predominantly senior secured loans, to private U.S. middle-market companies. These investments often include first lien debt, unitranche, second lien debt, subordinated debt, and equity co-investments. The companies they target typically have an EBITDA between $10 million and $75 million and are often backed by private equity sponsors. The addressable market for Barings BDC's main products and services is within the U.S. private credit and direct lending landscape. The U.S. private credit market is estimated to be approximately $1.1 trillion to $1.25 trillion. Globally, this market is larger, estimated at around $1.6 trillion to $2 trillion. Direct lending constitutes just over half of the private credit market. Some analyses suggest that the broader addressable market for private credit in the United States could exceed $30 trillion. The U.S. "middle market," which Barings BDC targets, is estimated by some to have a combined revenue of $4 trillion. This market consists of nearly 200,000 businesses, with 90% in the lower middle market segment, generating annual revenues between $10 million and $150 million.

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Barings BDC (BBDC) is expected to drive future revenue growth over the next two to three years through several strategic initiatives focused on its core investment activities and market positioning.

Increased Origination and Deployment of Capital: Barings BDC's primary objective is to generate current income by investing in privately held middle-market companies. The company continues to deploy capital into new and existing portfolio companies, with approximately $150 million deployed in Q3 2025 and new commitments of $73.5 million ($41.1 million funded) subsequent to September 30, 2025. Management commentary from Q2 2025 indicated a "building pipeline with more nascent opportunities" and strong indications from investment banks of increased transaction activity, pointing to higher merger and acquisition (M&A) activity which could fuel further investment opportunities.
Disciplined Investment Strategy and Credit Quality: The company's strategic focus on senior secured, middle-market investments, comprising 95% of its portfolio by Q2 2025, emphasizes careful credit selection to achieve attractive, risk-adjusted returns. With 97% of its investments in senior secured debt and a low non-accrual rate (0.6% at fair value in Q2 2025), Barings BDC aims to ensure consistent and high-quality income generation from its portfolio, contributing to stable revenue growth.
Capital Rotation and Optimization of Legacy Holdings: Barings BDC is actively working to maximize the value of legacy holdings acquired from MVC Capital and Sierra, seeking to divest these assets at attractive valuations. The termination of the MVC Capital Credit Support Agreement in Q2 2025 resulted in a $23 million inflow, which is being redirected into income-producing assets. This strategic capital rotation allows the company to reallocate capital into new, potentially higher-yielding investments, thereby enhancing overall portfolio yield and income.
Leveraging the Barings Platform and Expertise: The strength and scale of the broader Barings platform, combined with its skilled team, are highlighted as key factors bolstering the resilience of Barings BDC's portfolio and enhancing its strategic approach. This extensive credit platform and disciplined underwriting are expected to continue positioning the company to generate attractive returns and source differentiated investment opportunities, underpinning future revenue streams.

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Share Repurchases

Barings BDC authorized a new 12-month share repurchase program on February 20, 2025, allowing for repurchases of up to $30.0 million of its common stock at prices below the then-current net asset value per share, commencing March 1, 2025.
As of November 6, 2025, the company repurchased 250,000 shares under the authorized program at an average price of $9.35 per share.
The company repurchased approximately 200,000 shares during the third quarter of 2024 and over 500,000 shares through September 30, 2024, under its 2024 share repurchase plan.

Share Issuance

Barings BDC issued $300.0 million in aggregate principal amount of 5.200% senior unsecured notes due September 15, 2028, with the offering priced on September 8, 2025.
Stockholders did not approve a proposal to issue shares below net asset value at the company's 2025 Annual Meeting on May 8, 2025.

Inbound Investments

A strategic move to rotate into income-producing assets was supported by a $23 million payment received from Barings, which was associated with the termination of its MVC Credit Support Agreement.

Outbound Investments

Barings BDC primarily focuses on investing in senior secured loans to private middle-market companies across various industries.
During the third quarter of 2025, the company deployed nearly $150 million across new and existing portfolio companies.
In the second quarter of 2025, Barings BDC invested $137.3 million in 19 new companies and an additional $61.7 million in existing positions.

Better Bets than Barings BDC (BBDC)

	BBDC	Better Performance than BBDC
Metric	Value	INDUSTRY: Asset Management & Custody Banks
Rev Chg LTM	-10.7%	BX (21.9%), BAM (21.4%), BLK (18.2%), BK (7.0%), APO (-4.8%)
Rev Chg 3Y Avg	87.5%	DBRG (13055.0%), PFLT (12481.5%), OTF (470.5%), APO (129.8%), PSEC (96.8%)
CFO/Rev LTM	-78.1%	BX (33.0%), KKR (31.5%), BK (20.3%), BAM (20.3%), BLK (18.6%)
FCF/Rev LTM	-78.1%	BX (32.1%), KKR (30.4%), BAM (20.3%), BLK (17.2%), BK (12.6%)
Total Yield	24.6%	GSBD (30.8%), TRIN (27.8%), NCDL (27.4%), BCSF (25.9%), FSK (25.3%)
P/S	8.1	BN (2.0), APO (3.3), BK (4.1), KKR (6.9), BLK (7.9)

	BBDC	Better Performance than BBDC
Metric	Value	SECTOR: Financials
Rev Chg LTM	-10.7%	MA (14.6%), V (11.3%), BAC (8.9%), JPM (8.6%), WFC (0.2%)
Rev Chg 3Y Avg	87.5%	JXN (169.2%), NLY (143.3%), APO (129.8%), AGNC (108.3%), SLF (88.9%)
CFO/Rev LTM	-78.1%	V (57.6%), BAC (57.3%), MA (56.1%), BRK-B (9.8%), JPM (-66.7%)
FCF/Rev LTM	-78.1%	BAC (57.3%), V (53.9%), MA (52.5%), BRK-B (4.8%), JPM (-66.7%)
Total Yield	24.6%	XP (65.2%), LNC (33.4%), FMCC (29.4%), VIRT (26.6%), FSK (25.3%)
P/S	8.1	BRK-B (2.7), WFC (3.2), BAC (3.6), MS (3.9), JPM (4.9)

	BBDC	Better Performance than BBDC
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-10.7%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	87.5%	QXO (2715.8%), BBIO (727.6%), IONQ (107.6%), RIVN (103.0%), NVDA (92.0%)
CFO/Rev LTM	-78.1%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-78.1%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	24.6%	FLR (49.7%), RCI (40.7%), BCE (40.6%), COMM (27.2%), BYD (27.0%)
P/S	8.1	WMT (1.1), XOM (1.4), AMZN (3.5), JNJ (4.8), GOOGL (7.6)

		Best Bets In Financials Sector
	BBDC
What You Pay
P/E	9.1
P/EBIT	�
What You Get
Rev Chg Q	5.1%
Rev Chg LTM	-10.7%
Rev Chg 3Y Avg	87.5%
FCF/Rev 3Y Avg	26.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can Barings BDC Stock Really Go?	Return
2	Barings BDC (BBDC) Debt Comparison	Financials
3	Barings BDC (BBDC) Net Income Comparison	Financials
4	Barings BDC (BBDC) Operating Cash Flow Comparison	Financials
5	Barings BDC (BBDC) Operating Income Comparison	Financials
6	Barings BDC (BBDC) EBITDA Comparison	Financials
7	Barings BDC (BBDC) Tax Expense Comparison	Financials
8	Barings BDC (BBDC) Revenue Comparison	Financials
9	Why Barings BDC Stock Moved: BBDC Stock Has Gained 53% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues
10	Barings BDC (BBDC) Valuation Ratios Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to BBDC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	9.5%	9.5%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.1%	0.1%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-7.7%	-7.7%	-11.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Barings BDC

Peers to compare with:

Financials

	BBDC	VRTS	SLRC	DHIL	GEG	BLKS	Median
Name	Barings .	Virtus I.	SLR Inve.	Diamond .	Great Elm	Black Un.
Mkt Price	8.73	163.16	16.02	116.90	2.60	-	16.02
Mkt Cap	0.9	1.1	0.9	0.3	0.1	-	0.9
Rev LTM	114	874	100	152	16	-	114
Op Inc LTM	-	179	-	44	-8	-	44
FCF LTM	-89	70	104	-35	-9	-	-9
FCF 3Y Avg	44	125	138	16	-10	-	44
CFO LTM	-89	77	104	-32	-9	-	-9
CFO 3Y Avg	44	132	138	17	-9	-	44

Growth & Margins

	BBDC	VRTS	SLRC	DHIL	GEG	BLKS	Median
Name	Barings .	Virtus I.	SLR Inve.	Diamond .	Great Elm	Black Un.
Rev Chg LTM	-10.7%	-1.2%	-6.2%	2.9%	-8.5%	-	-6.2%
Rev Chg 3Y Avg	87.5%	-2.4%	159.6%	-2.1%	13.5%	-	13.5%
Rev Chg Q	5.1%	-4.8%	8.2%	-2.0%	-37.1%	-	-2.0%
QoQ Delta Rev Chg LTM	1.2%	-1.2%	2.1%	-0.6%	-16.9%	-	-0.6%
Op Mgn LTM	-	20.5%	-	28.8%	-49.1%	-	20.5%
Op Mgn 3Y Avg	-	18.9%	-	26.5%	-74.1%	-	18.9%
QoQ Delta Op Mgn LTM	-	-0.1%	-	-0.2%	-6.5%	-	-0.2%
CFO/Rev LTM	-78.1%	8.9%	104.5%	-21.2%	-55.2%	-	-21.2%
CFO/Rev 3Y Avg	26.9%	15.6%	142.9%	11.7%	-56.6%	-	15.6%
FCF/Rev LTM	-78.1%	8.0%	104.5%	-23.1%	-55.2%	-	-23.1%
FCF/Rev 3Y Avg	26.9%	14.7%	142.9%	11.0%	-66.7%	-	14.7%

Valuation

	BBDC	VRTS	SLRC	DHIL	GEG	BLKS	Median
Name	Barings .	Virtus I.	SLR Inve.	Diamond .	Great Elm	Black Un.
Mkt Cap	0.9	1.1	0.9	0.3	0.1	-	0.9
P/S	8.1	1.5	8.3	2.5	3.4	-	3.4
P/EBIT	-	3.6	-	8.7	2.8	-	3.6
P/E	9.1	9.4	9.3	8.1	4.3	-	9.1
P/CFO	-10.3	16.6	8.0	-11.8	-6.1	-	-6.1
Total Yield	24.6%	15.6%	21.5%	16.6%	23.4%	-	21.5%
Dividend Yield	13.6%	5.0%	10.7%	4.3%	0.0%	-	5.0%
FCF Yield 3Y Avg	3.6%	8.7%	16.7%	2.9%	-17.7%	-	3.6%
D/E	1.8	2.0	1.4	0.0	1.1	-	1.4
Net D/E	1.7	1.6	0.9	-0.1	-0.9	-	0.9

Returns

	BBDC	VRTS	SLRC	DHIL	GEG	BLKS	Median
Name	Barings .	Virtus I.	SLR Inve.	Diamond .	Great Elm	Black Un.
1M Rtn	-0.1%	1.8%	4.2%	-5.3%	4.4%	-	1.8%
3M Rtn	-4.3%	-14.1%	-0.8%	-14.0%	-15.9%	-	-14.0%
6M Rtn	4.8%	-1.2%	0.7%	-10.1%	20.6%	-	0.7%
12M Rtn	-0.6%	-30.3%	5.6%	-24.3%	43.6%	-	-0.6%
3Y Rtn	38.5%	-7.0%	43.3%	-24.8%	31.3%	-	31.3%
1M Excs Rtn	-0.1%	1.8%	4.2%	-5.3%	4.5%	-	1.8%
3M Excs Rtn	-9.8%	-21.2%	-6.9%	-21.0%	-18.7%	-	-18.7%
6M Excs Rtn	-10.0%	-15.9%	-14.1%	-24.8%	5.9%	-	-14.1%
12M Excs Rtn	-14.3%	-44.0%	-8.0%	-37.4%	29.3%	-	-14.3%
3Y Excs Rtn	-32.6%	-75.8%	-22.7%	-96.4%	-43.4%	-	-43.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/20/2025	2/22/2024	2/23/2023	2/23/2022	3/23/2021	2/27/2020
Key Financials
Total Revenue	114	124	140	16	87	17	66
Net Income	102	110	128	5	78	8	58
EPS	0.97	1.04	1.20	0.05	1.19	0.17	1.16
Growth Rates
Total Revenue Growth	-10.7%	-11.5%	772.7%	-81.6%	405.8%	-73.9%	225.1%
Net Income Growth	-12.0%	-13.8%	2634.4%	-94.0%	850.0%	-85.9%	150.9%
Margins
Net Income Margin	88.9%	89.2%	91.6%	29.2%	89.5%	47.7%	88.6%
Cash & Debt
Total Cash	70	78	71	139	84	89	22
Total Debt	1,620	1,450	1,440	1,448	1,373	944	669
Net Debt / (Cash)	1,549	1,373	1,370	1,309	1,288	855	647
Cash Flows
Net Cash from Operations	-89	122	77	86	-397	-218	-32
Free Cash from Operations	-89	122	77	86	-397	-218	-32
Returns to Shareholders
Dividends	125	110	109	94	54	31	27
Share Repurchases	4	6	15	32	-0	7	23

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/7/2025	5/8/2025	2/20/2025	11/6/2024	8/7/2024	5/7/2024	2/22/2024	11/9/2023	8/9/2023	5/4/2023	2/23/2023
Key Financials Quarterly
Total Revenue	27	24	35	29	25	22	47	33	21	43	43	-0
Net Income	24	21	33	25	22	19	44	30	18	40	40	-1
EPS	0.22	0.20	0.31	0.24	0.21	0.18	0.41	0.29	0.17	0.37	0.37	-0.01
Key Financials TTM
Total Revenue TTM	114	113	111	124	128	123	144	140	106	98	35	16
Net Income TTM	102	100	99	110	115	112	132	128	97	88	23	5
Growth Rates Quarterly
Total Revenue Growth	5.1%	7.1%	-26.1%	-12.9%	22.3%	-48.4%	10.0%	12465.9%	65.2%	315.8%	81.6%	-102.0%
Net Income Growth	6.9%	5.8%	-26.0%	-17.0%	20.2%	-51.5%	11.0%	2490.9%	85.2%	260.5%	88.5%	-110.9%
Margins Quarterly
Net Income Margin	87.9%	86.9%	94.0%	85.4%	86.4%	88.0%	93.8%	89.6%	87.9%	93.7%	93.0%	-
Cash & Debt
Total Cash	70	45	93	78	63	69	51	71	50	80	55	139
Total Debt	1,620	1,568	1,516	1,450	1,369	1,360	1,451	1,440	1,516	1,492	1,488	1,448
Net Debt / (Cash)	1,549	1,524	1,422	1,373	1,306	1,291	1,400	1,370	1,467	1,412	1,433	1,309
Cash Flows Quarterly
FCF from Operations	16	-53	-8	-45	24	138	5	139	-35	65	-92	-23
Cash Flows TTM
FCF from Operations TTM	-89	-82	110	122	306	247	174	77	-85	72	13	86
Returns to Shareholders Quarterly
Dividends	33	33	33	27	27	28	28	28	28	27	27	26
Share Repurchases	-0	1	1	1	2	2	1	4	-0	11	-0	8
Return on Invested Capital (ROIC) Quarterly
ROIC	2.8%	2.4%	4.0%	3.1%	2.8%	2.5%	5.4%	3.7%	2.2%	4.9%	4.8%	-0.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.0%	3.0%	3.0%	3.4%	3.7%	3.6%	4.1%	4.0%	2.9%	2.7%	0.7%	0.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Lending and investment	289	109	154		104
Total	289	109	154		104

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Lending and investment				1,677
Total				1,677

Price Behavior

Price Behavior

Market Price	$8.73
Market Cap ($ Bil)	0.9
First Trading Date	02/22/2007
Distance from 52W High	-8.2%
	50 Days	200 Days
DMA Price	$8.58	$8.60
DMA Trend	indeterminate	down
Distance from DMA	1.8%	1.5%
	3M	1YR
Volatility	15.6%	20.8%
Downside Capture	76.05	58.62
Upside Capture	34.40	50.17
Correlation (SPY)	35.6%	56.6%

BBDC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.34	0.52	0.41	0.45	0.59	0.63
Up Beta	-0.19	0.67	0.79	0.43	0.65	0.57
Down Beta	-0.08	0.24	0.14	0.16	0.58	0.69
Up Capture	66%	67%	9%	46%	37%	31%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	21	27	61	128	393
Down Capture	48%	55%	72%	68%	68%	85%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	17	32	57	110	328

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of BBDC With Other Asset Classes (Last 1Y)
	BBDC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-0.9%	5.7%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	20.7%	19.2%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.15	0.16	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		59.6%	56.6%	5.5%	31.1%	51.4%	16.9%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of BBDC With Other Asset Classes (Last 5Y)
	BBDC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	11.0%	15.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	18.8%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.47	0.67	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		51.5%	49.3%	8.2%	16.5%	46.3%	16.1%

Based On 10-Year Data

		Comparison of BBDC With Other Asset Classes (Last 10Y)
	BBDC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	1.9%	12.5%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	26.1%	22.4%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.10	0.52	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		44.6%	42.0%	6.7%	20.4%	42.2%	8.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	971,952
Short Interest: % Change Since 10312025	18.5%
Average Daily Volume	513,275
Days-to-Cover Short Interest	1.89
Basic Shares Quantity	105,158,938
Short % of Basic Shares	0.9%

Returns Analyses

	Title
0	How Low Can Barings BDC Stock Really Go?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2202025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8072024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2222024	10-K 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	11102022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2232022	10-K 12/31/2021

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Barings BDC (BBDC)

Market Price (12/4/2025): $8.725 | Market Cap: $917.5 MilSector: Financials | Industry: Asset Management & Custody Banks

Barings BDC (BBDC)

Market Price (12/4/2025): $8.725Market Cap: $917.5 MilSector: FinancialsIndustry: Asset Management & Custody Banks

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About Barings BDC (BBDC)

Major Products & Services of Barings BDC (BBDC)

Eric Lloyd, Executive Chairman of the Board and Chief Executive Officer

Thomas Q. McDonnell, Chief Executive Officer (Incoming, effective January 1, 2026)

Elizabeth Murray, Chief Financial Officer and Chief Operating Officer

Matthew Freund, President

Albert Perley, Treasurer

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Market Price (12/4/2025): $8.725 | Market Cap: $917.5 Mil
Sector: Financials | Industry: Asset Management & Custody Banks

Market Price (12/4/2025): $8.725
Market Cap: $917.5 Mil
Sector: Financials
Industry: Asset Management & Custody Banks