Barings Bdc (BBDC) Financials

$8.65 +0.06 (+0.64%)

Closing price 03:59 PM Eastern

Extended Trading

$8.64 -0.02 (-0.23%)

As of 06:50 PM Eastern

Annual Income Statements for Barings Bdc

This table shows Barings Bdc's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	8.18	137	-47	128	114	133
Consolidated Net Income / (Loss)	-12	137	-47	128	114	133
Net Income / (Loss) Continuing Operations	-12	59	-47	128	114	133
Total Pre-Tax Income	-12	59	-47	128	114	133
Total Revenue	8.67	102	-12	289	64	59
Net Interest Income / (Expense)	-20	102	31	0.97	42	52
Total Interest Income	0.00	135	31	0.97	42	52
Investment Securities Interest Income	0.00	135	31	0.97	42	52
Total Interest Expense	20	33	0.00	0.00	0.00	0.00
Total Non-Interest Income	28	0.00	-42	288	21	6.92
Other Service Charges	4.08	-	-49	13	-92	-99
Net Realized & Unrealized Capital Gains on Investments	-32	-	6.09	4.52	114	106
Total Non-Interest Expense	20	43	35	161	-51	-66
Other Operating Expenses	20	29	35	129	-51	-66
Nonoperating Income / (Expense), net	-	-	-	-	-0.54	7.64
Basic Earnings per Share	$0.64	$0.90	$1.12	$1.20	$1.24	$1.12
Weighted Average Basic Shares Outstanding	48.58M	65.32M	102.91M	107.04M	105.79M	105.20M
Diluted Earnings per Share	$0.64	$0.90	$1.12	$1.20	$1.24	$1.12
Weighted Average Diluted Shares Outstanding	48.58M	65.32M	102.91M	107.04M	105.79M	105.20M
Weighted Average Basic & Diluted Shares Outstanding	-	-	107.92M	106.07M	105.41M	104.71M
Cash Dividends to Common per Share	$1.30	$1.64	$1.90	$2.04	$2.08	$2.38

This table shows Barings Bdc's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-4.84	7.97	66	4.08	22	43	19	3.69	9.86	54	30
Consolidated Net Income / (Loss)	-4.84	7.84	66	4.08	21	43	19	3.69	9.86	54	30
Net Income / (Loss) Continuing Operations	-4.84	47	66	4.08	21	87	26	3.69	9.86	54	26
Total Pre-Tax Income	-5.10	48	66	4.08	21	86	19	3.69	9.86	54	31
Total Revenue	-12	222	42	-9.08	62	24	44	-1.50	-2.04	37	42
Net Interest Income / (Expense)	8.81	-66	8.68	12	0.26	-29	44	15	0.22	26	42
Total Interest Income	8.81	-86	8.68	12	0.26	-50	65	15	0.22	26	61
Investment Securities Interest Income	8.81	-86	8.68	12	0.26	-50	65	15	0.22	26	61
Total Interest Expense	0.00	-19	0.00	0.00	0.00	-21	20	0.00	0.00	-	19
Total Non-Interest Income	-21	288	33	-21	62	52	0.00	-16	-2.25	11	0.00
Total Non-Interest Expense	-7.00	175	-24	-13	41	-63	17	-4.41	-12	-12	15
Salaries and Employee Benefits	-	-	-	-	-	-	7.74	-	-	-	4.72
Other Operating Expenses	-7.00	152	-24	-13	34	-55	9.71	-4.41	-12	-12	11
Nonoperating Income / (Expense), net	-0.33	-	0.24	0.15	-	-	-7.78	0.79	-	-	4.10
Income Tax Expense	-0.26	-	-	-	-	-	0.40	-	-	-	0.40
Basic Earnings per Share	$0.31	$0.33	$0.28	$0.40	$0.29	$0.27	$0.25	$0.28	$0.32	$0.27	$0.25
Weighted Average Basic Shares Outstanding	106.52M	107.04M	106.04M	105.90M	105.72M	105.79M	105.37M	105.23M	105.16M	105.20M	104.71M
Diluted Earnings per Share	$0.31	$0.33	$0.28	$0.40	$0.29	$0.27	$0.25	$0.28	$0.32	$0.27	$0.25
Weighted Average Diluted Shares Outstanding	106.52M	107.04M	106.04M	105.90M	105.72M	105.79M	105.37M	105.23M	105.16M	105.20M	104.71M
Weighted Average Basic & Diluted Shares Outstanding	106.52M	106.07M	105.95M	105.76M	105.56M	105.41M	105.26M	105.16M	105.16M	104.71M	104.71M
Cash Dividends to Common per Share	$0.52	$0.52	$0.52	$0.52	$0.52	$0.52	$0.62	$0.62	$0.62	$0.52	$0.52

This table details how cash moves in and out of Barings Bdc's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	70	673	55	-69	21	-25
Net Cash From Operating Activities	-218	-397	86	77	122	161
Net Cash From Continuing Operating Activities	1,199	284	86	77	122	161
Net Income / (Loss) Continuing Operations	8.18	78	4.68	128	110	102
Consolidated Net Income / (Loss)	8.18	78	4.68	128	110	102
Depreciation Expense	-29	-3.03	131	-72	23	-57
Amortization Expense	-3.05	-12	-11	-7.04	-8.06	-7.08
Non-Cash Adjustments to Reconcile Net Income	1,205	211	-1,076	-576	-672	-627
Changes in Operating Assets and Liabilities, net	17	12	1,038	604	669	750
Net Cash From Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	289	388	-31	-146	-101	-185
Net Cash From Continuing Financing Activities	289	388	-31	-146	-101	-185
Issuance of Debt	862	956	245	93	507	840
Repayment of Debt	-695	-514	-150	-116	-491	-893
Repurchase of Common Equity	-7.13	0.00	-32	-15	-6.44	-6.35
Payment of Dividends	-31	-54	-94	-109	-110	-125
Cash Interest Paid	17	27	51	79	68	74
Cash Income Taxes Paid	-	0.07	0.00	1.01	1.94	4.00

This table details how cash moves in and out of Barings Bdc's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-31	21	-6.42	20	-18	25	9.28	-51	34	-16	29
Net Cash From Operating Activities	-35	139	4.89	138	24	-45	-7.75	-53	16	205	68
Net Cash From Continuing Operating Activities	-35	139	4.89	138	24	-45	-7.75	-53	16	205	68
Net Income / (Loss) Continuing Operations	18	30	44	19	22	25	33	21	24	25	20
Consolidated Net Income / (Loss)	18	30	44	19	22	25	33	21	24	25	20
Depreciation Expense	13	-13	-17	27	-21	33	-37	-24	14	-9.49	4.73
Amortization Expense	-1.27	-2.29	-1.64	-2.00	-1.61	-2.81	-2.18	-1.55	-1.61	-1.74	-1.33
Non-Cash Adjustments to Reconcile Net Income	124	-470	-156	-79	314	-752	-128	-204	-168	-128	-114
Changes in Operating Assets and Liabilities, net	-189	594	135	172	-290	651	127	157	148	318	158
Net Cash From Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Continuing Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	4.29	-118	-11	-118	-42	71	17	1.36	17	-221	-39
Net Cash From Continuing Financing Activities	4.29	-118	-11	-118	-42	71	17	1.36	17	-221	-39
Issuance of Debt	32	26	325	-	67	115	104	67	561	108	134
Repayment of Debt	-0.01	-113	-307	-89	-80	-16	-53	-32	-511	-298	-145
Repurchase of Common Equity	-	-3.92	-1.11	-1.91	-1.96	-1.47	-1.45	-0.89	-	-4.01	0.00
Payment of Dividends	-28	-28	-28	-28	-27	-27	-33	-33	-33	-27	-27
Cash Interest Paid	18	25	16	17	20	15	18	21	22	14	23
Cash Income Taxes Paid	0.21	-	1.70	-	0.24	-	3.67	-	0.34	-	3.40

This table presents Barings Bdc's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,161	2,710	2,677	2,696	2,636
Cash and Due from Banks	50	96	57	74	52
Trading Account Securities	16	55	58	88	64
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00
Deferred Acquisition Cost	2.99	3.22	3.95	8.70	8.68
Other Assets	2,092	2,556	2,565	2,524	2,514
Total Liabilities & Shareholders' Equity	2,161	2,710	2,677	2,696	2,636
Total Liabilities	1,419	1,518	1,481	1,505	1,476
Short-Term Debt	655	729	720	439	227
Accrued Interest Payable	5.70	7.64	8.45	16	18
Long-Term Debt	718	719	721	1,012	1,203
Other Long-Term Liabilities	41	62	21	39	24
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	742	1,192	1,197	1,190	1,161
Total Preferred & Common Equity	742	1,192	1,197	1,190	1,161
Total Common Equity	742	1,192	1,197	1,190	1,161
Common Stock	1,028	1,856	1,855	1,847	1,863
Retained Earnings	-286	-664	-658	-657	-702

This table presents Barings Bdc's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,647	2,727	2,730	2,742	2,699	2,604	2,605	2,791	2,793	2,822	2,600
Cash and Due from Banks	97	47	63	33	49	66	49	88	40	71	70
Trading Account Securities	65	60	63	62	56	55	59	2,654	55	58	72
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Deferred Acquisition Cost	3.60	2.85	4.86	4.41	3.49	3.03	2.57	8.25	7.81	7.38	8.24
Other Assets	165	2,617	2,599	2,658	2,590	2,480	2,495	53	2,704	2,698	2,434
Total Liabilities & Shareholders' Equity	2,647	2,727	2,730	2,742	2,699	2,604	2,605	2,791	2,793	2,822	2,600
Total Liabilities	1,419	1,522	1,523	1,543	1,487	1,402	1,411	1,603	1,617	1,655	1,447
Short-Term Debt	651	769	772	796	440	351	348	497	547	354	293
Accrued Interest Payable	9.72	11	8.19	11	12	14	12	15	15	13	11
Long-Term Debt	719	719	720	720	1,011	1,009	1,021	1,018	1,021	1,266	1,122
Other Long-Term Liabilities	40	22	23	16	23	28	30	71	28	21	22
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,228	1,205	1,208	1,198	1,212	1,202	1,194	1,189	1,176	1,167	1,153
Total Preferred & Common Equity	1,228	1,205	1,208	1,198	1,212	1,202	1,194	1,189	1,176	1,167	1,153
Total Common Equity	1,228	1,205	1,208	1,198	1,212	1,202	1,194	1,189	1,176	1,167	1,153
Common Stock	1,576	1,856	1,845	1,845	1,853	1,852	1,850	1,846	1,845	1,845	1,863
Retained Earnings	-348	-651	-638	-647	-642	-650	-655	-657	-669	-678	-709

This table displays calculated financial ratios and metrics derived from Barings Bdc's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-
Valuation Ratios	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Efficiency Ratios	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.12	$1.19	$1.24	$1.12
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	102.91M	107.04M	105.79M	105.20M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.12	$1.19	$1.24	$1.12
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	102.91M	107.04M	105.79M	105.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.20	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	107.92M	106.07M	105.41M	104.71M
Debt Service Ratios	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Barings Bdc's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	104,706,884.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	104,706,884.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.29
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-128.60%	226.57%	1.74%	-129.56%	100.97%	-89.32%	-38.45%	83.44%	-103.29%	-	-5.92%
EBITDA Growth	-75.45%	120.76%	17.13%	15,836.02%	-310.38%	263.06%	-49.34%	-178.92%	2,579.50%	-	337.83%
EBIT Growth	-116.97%	127.25%	6.84%	-93.16%	262.97%	83.09%	-3.21%	-26.09%	-53.82%	-	-1.90%
NOPAT Growth	-111.96%	139.10%	6.74%	-93.16%	332.82%	81.52%	-3.21%	-26.09%	-53.82%	-	-1.12%
Net Income Growth	-112.79%	104.95%	9.24%	-92.93%	271.19%	442.21%	-1.37%	-9.56%	-53.82%	-	60.46%
EPS Growth	19.23%	-2.94%	12.00%	29.03%	-6.45%	-18.18%	-10.71%	-30.00%	10.34%	-	0.00%
Operating Cash Flow Growth	-128.50%	693.68%	105.32%	113.37%	169.17%	-132.49%	-258.50%	-138.11%	-31.67%	-	976.69%
Free Cash Flow Firm Growth	95.32%	0.00%	102.24%	105.36%	232.25%	62.11%	-76.97%	-226.77%	-223.50%	-	1,191.19%
Invested Capital Growth	4.50%	-0.13%	-1.13%	-5.10%	-5.57%	0.14%	1.55%	7.12%	8.70%	-	-5.05%
Revenue Q/Q Growth	-138.29%	1,986.28%	-35.99%	-118.56%	101.26%	20,686.84%	8.57%	-105.85%	-35.51%	-	13.66%
EBITDA Q/Q Growth	3,807.53%	368.07%	81.16%	156.50%	-149.57%	907.76%	-79.63%	-196.77%	198.43%	-	-21.02%
EBIT Q/Q Growth	-108.31%	1,093.87%	246.82%	-86.83%	97.94%	1,016.54%	-26.91%	-95.42%	239.99%	-	-46.05%
NOPAT Q/Q Growth	-105.82%	1,524.50%	236.77%	-86.63%	97.94%	1,010.59%	-26.52%	-95.42%	239.99%	-	-52.04%
Net Income Q/Q Growth	-108.38%	262.23%	250.87%	-94.44%	102.97%	413.85%	52.48%	-94.31%	167.43%	-	-44.61%
EPS Q/Q Growth	0.00%	6.45%	-12.50%	42.86%	-27.50%	-6.90%	-7.41%	12.00%	14.29%	-	-7.41%
Operating Cash Flow Q/Q Growth	-153.78%	498.70%	-96.48%	2,727.89%	-82.56%	-287.26%	82.83%	-579.95%	131.26%	-	-66.77%
Free Cash Flow Firm Q/Q Growth	95.45%	142.36%	393.58%	136.90%	12.28%	-48.08%	-73.24%	-912.69%	-18.74%	-	55.68%
Invested Capital Q/Q Growth	0.56%	-2.85%	0.99%	-3.80%	0.06%	3.02%	2.41%	1.47%	1.53%	-	-0.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	0.00%	14.55%	23.32%	0.00%	-12,726.32%	494.54%	92.78%	0.00%	0.00%	-	71.45%
EBIT Margin	0.00%	21.35%	60.91%	0.00%	6,814.91%	366.05%	246.43%	0.00%	0.00%	-	63.32%
Profit (Net Income) Margin	0.00%	3.53%	149.93%	0.00%	7,260.53%	179.48%	252.06%	0.00%	0.00%	-	72.17%
Tax Burden Percent	94.86%	16.50%	247.79%	100.00%	100.00%	49.29%	100.00%	100.00%	100.00%	-	98.69%
Interest Burden Percent	106.92%	100.33%	99.33%	103.90%	106.54%	99.47%	102.28%	127.13%	100.00%	-	115.49%
Effective Tax Rate	0.00%	0.00%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	1.31%
Return on Invested Capital (ROIC)	0.00%	2.35%	4.60%	0.00%	458.31%	8.78%	4.37%	0.00%	0.00%	-	1.34%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-0.40%	7.59%	0.00%	458.34%	5.76%	4.47%	0.00%	0.00%	-	1.61%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-0.49%	9.24%	0.00%	552.68%	6.97%	5.52%	0.00%	0.00%	-	2.02%
Return on Equity (ROE)	0.00%	1.86%	13.84%	0.00%	1,010.99%	15.75%	9.89%	0.00%	9.78%	-	3.35%
Cash Return on Invested Capital (CROIC)	0.00%	4.97%	5.98%	8.13%	9.12%	4.72%	3.21%	-2.09%	-4.02%	-	9.91%
Operating Return on Assets (OROA)	0.00%	2.29%	4.61%	0.00%	452.39%	8.67%	4.27%	0.00%	0.00%	-	1.32%
Return on Assets (ROA)	0.00%	0.38%	11.35%	0.00%	481.98%	4.25%	4.37%	0.00%	0.00%	-	1.51%
Return on Common Equity (ROCE)	0.00%	1.86%	13.84%	0.00%	1,010.99%	15.75%	9.89%	0.00%	9.78%	-	3.35%
Return on Equity Simple (ROE_SIMPLE)	10.76%	0.00%	11.06%	6.69%	7.83%	0.00%	10.71%	10.80%	9.90%	-	12.50%
Net Operating Profit after Tax (NOPAT)	-3.34	48	29	3.93	7.77	86	63	2.90	9.86	-	26
NOPAT Margin	0.00%	21.42%	60.00%	0.00%	6,814.91%	364.11%	246.43%	0.00%	0.00%	-	62.49%
Net Nonoperating Expense Percent (NNEP)	0.10%	2.75%	-2.99%	-0.01%	-0.04%	3.03%	-0.10%	-0.05%	0.00%	-	-0.28%
SG&A Expenses to Revenue	0.00%	0.00%	16.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	11.30%
Operating Expenses to Revenue	0.00%	78.65%	39.09%	0.00%	-6,714.91%	-266.05%	-146.43%	0.00%	0.00%	-	36.68%
Earnings before Interest and Taxes (EBIT)	-4.77	47	30	3.93	7.77	87	63	2.90	9.86	-	26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.90	32	11	29	-15	117	24	-23	23	-	30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.71	0.69	0.80	0.86	0.87	0.85	0.85	0.82	0.79	-	0.75
Price to Tangible Book Value (P/TBV)	0.71	0.69	0.80	0.86	0.87	0.85	0.85	0.82	0.79	-	0.75
Price to Revenue (P/Rev)	12.86	2.85	4.70	6.23	5.84	15.87	21.13	17.44	0.00	-	15.30
Price to Earnings (P/E)	4.87	6.43	7.19	12.80	11.06	7.88	7.90	7.58	8.02	-	5.98
Dividend Yield	12.51%	13.20%	11.37%	10.69%	10.61%	10.87%	11.43%	12.47%	13.58%	-	13.85%
Earnings Yield	20.52%	15.55%	13.91%	7.82%	9.04%	12.69%	12.66%	13.20%	12.46%	-	16.74%
Enterprise Value to Invested Capital (EV/IC)	0.86	0.84	0.89	0.91	0.92	0.90	0.90	0.91	0.89	-	0.86
Enterprise Value to Revenue (EV/Rev)	35.26	7.64	11.53	14.04	13.28	37.49	51.14	45.15	0.00	-	39.17
Enterprise Value to EBITDA (EV/EBITDA)	128.91	45.28	19.30	33.62	28.97	16.64	20.26	36.76	27.02	-	21.27
Enterprise Value to EBIT (EV/EBIT)	33.14	17.25	18.24	30.45	26.51	18.61	19.29	19.91	21.74	-	17.69
Enterprise Value to NOPAT (EV/NOPAT)	33.30	17.25	18.24	30.54	26.33	18.61	19.11	19.62	21.39	-	17.69
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	28.67	13.62	9.40	7.69	19.53	22.22	0.00	0.00	-	9.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	16.81	14.78	10.87	9.79	19.16	28.29	0.00	0.00	-	8.45
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.27	1.20	1.20	1.13	1.15	1.22	1.27	1.33	1.39	-	1.23
Long-Term Debt to Equity	0.60	0.60	0.83	0.84	0.85	0.85	0.86	0.87	1.08	-	0.97
Financial Leverage	1.19	1.21	1.22	1.18	1.21	1.21	1.24	1.23	1.27	-	1.25
Leverage Ratio	2.22	2.26	2.24	2.21	2.23	2.25	2.29	2.27	2.30	-	2.30
Compound Leverage Factor	2.37	2.26	2.23	2.30	2.38	2.24	2.34	2.89	2.30	-	2.66
Debt to Total Capital	55.86%	54.63%	54.49%	53.08%	53.40%	54.92%	56.04%	57.15%	58.12%	-	55.08%
Short-Term Debt to Total Capital	29.33%	27.30%	16.54%	13.69%	13.57%	16.61%	18.39%	19.94%	12.70%	-	11.40%
Long-Term Debt to Total Capital	26.53%	27.33%	37.96%	39.39%	39.83%	38.32%	37.65%	37.21%	45.42%	-	43.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	44.14%	45.37%	45.51%	46.92%	46.60%	45.08%	43.96%	42.85%	41.88%	-	44.92%
Debt to EBITDA	83.72	29.56	11.83	19.67	16.83	10.12	12.62	23.15	17.72	-	13.63
Net Debt to EBITDA	81.89	28.39	11.43	18.71	16.23	9.60	11.89	22.56	16.94	-	12.96
Long-Term Debt to EBITDA	39.76	14.79	8.24	14.59	12.55	7.06	8.48	15.07	13.85	-	10.81
Debt to NOPAT	21.63	11.27	11.18	17.87	15.30	11.31	11.90	12.35	14.03	-	11.34
Net Debt to NOPAT	21.16	10.82	10.81	17.00	14.75	10.73	11.21	12.04	13.41	-	10.78
Long-Term Debt to NOPAT	10.27	5.64	7.79	13.26	11.41	7.89	8.00	8.04	10.96	-	9.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-120	51	60	142	159	83	22	-180	-213	-	163
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	2.84	0.00	0.00	0.00	0.00	0.00	0.00	-	8.59
Operating Cash Flow to Interest Expense	0.00	0.00	0.23	0.00	0.00	0.00	0.00	0.00	0.00	-	3.59
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.23	0.00	0.00	0.00	0.00	0.00	0.00	-	3.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.02	0.11	0.08	0.06	0.07	0.02	0.02	0.02	0.00	-	0.02
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,715	2,637	2,663	2,562	2,563	2,641	2,704	2,744	2,786	-	2,568
Invested Capital Turnover	0.02	0.11	0.08	0.06	0.07	0.02	0.02	0.02	0.00	-	0.02
Increase / (Decrease) in Invested Capital	117	-3.40	-30	-138	-151	3.72	41	182	223	-	-136
Enterprise Value (EV)	2,335	2,206	2,368	2,325	2,356	2,386	2,434	2,490	2,469	-	2,206
Market Capitalization	852	823	965	1,031	1,036	1,010	1,006	962	921	-	862
Book Value per Share	$11.25	$11.23	$11.43	$11.34	$11.29	$11.28	$11.28	$11.17	$11.10	-	$11.02
Tangible Book Value per Share	$11.25	$11.23	$11.43	$11.34	$11.29	$11.28	$11.28	$11.17	$11.10	-	$11.02
Total Capital	2,715	2,637	2,663	2,562	2,563	2,641	2,704	2,744	2,786	-	2,568
Total Debt	1,516	1,440	1,451	1,360	1,369	1,450	1,516	1,568	1,620	-	1,414
Total Long-Term Debt	720	721	1,011	1,009	1,021	1,012	1,018	1,021	1,266	-	1,122
Net Debt	1,483	1,383	1,402	1,294	1,320	1,376	1,428	1,528	1,548	-	1,345
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Net Nonoperating Expense (NNE)	1.50	40	-44	-0.15	-0.51	44	-1.45	-0.79	0.00	-	-4.05
Net Nonoperating Obligations (NNO)	1,516	1,440	1,451	1,360	1,369	1,450	1,516	1,568	1,620	-	1,414
Total Depreciation and Amortization (D&A)	12	-15	-18	25	-22	30	-40	-26	13	-	3.40
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	$0.33	$0.28	$0.40	$0.29	$0.27	$0.25	$0.28	$0.32	$0.27	$0.25
Adjusted Weighted Average Basic Shares Outstanding	106.52M	107.04M	106.04M	105.90M	105.72M	105.79M	105.37M	105.23M	105.16M	105.20M	104.71M
Adjusted Diluted Earnings per Share	$0.31	$0.33	$0.28	$0.40	$0.29	$0.27	$0.25	$0.28	$0.32	$0.27	$0.25
Adjusted Weighted Average Diluted Shares Outstanding	106.52M	107.04M	106.04M	105.90M	105.72M	105.79M	105.37M	105.23M	105.16M	105.20M	104.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	106.52M	106.07M	105.95M	105.76M	105.56M	105.41M	105.26M	105.16M	105.16M	104.71M	104.71M
Normalized Net Operating Profit after Tax (NOPAT)	-3.34	33	29	2.75	5.44	60	44	2.03	6.90	-	26
Normalized NOPAT Margin	0.00%	14.99%	60.00%	0.00%	4,770.44%	254.87%	172.50%	0.00%	0.00%	-	62.49%
Pre Tax Income Margin	0.00%	21.42%	60.51%	0.00%	7,260.53%	364.11%	252.06%	0.00%	0.00%	-	73.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	1.41	0.00	0.00	0.00	0.00	0.00	0.00	-	1.40
NOPAT to Interest Expense	0.00	0.00	1.39	0.00	0.00	0.00	0.00	0.00	0.00	-	1.38
EBIT Less CapEx to Interest Expense	0.00	0.00	1.41	0.00	0.00	0.00	0.00	0.00	0.00	-	1.40
NOPAT Less CapEx to Interest Expense	0.00	0.00	1.39	0.00	0.00	0.00	0.00	0.00	0.00	-	1.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	83.23%	85.24%	81.74%	137.32%	117.86%	85.82%	90.43%	94.72%	108.57%	-	83.06%
Augmented Payout Ratio	98.22%	96.79%	93.58%	145.94%	127.37%	90.84%	95.76%	99.26%	111.87%	-	86.46%

Financials Breakdown Chart

Key Financial Trends

Note: The JSON data you provided appears to cover Barings BDC, Inc. (ticker: BBDC), not Triangle Capital (TCAP). I’ve prepared a concise, sentiment-based summary of the data you shared. If you can share TCAP-specific statements, I’ll re-run the analysis.

Here are the 10 most impactful points, organized with positives first, then neutral, then negatives.

Positive: In Q4 2025, net income attributable to common shareholders was $54.45 million, or $0.27 per share, supported by capital gains on investments (net realized & unrealized gains of $29.64 million).
Positive: Capital gains on investments contributed meaningfully in Q4 2025, with net realized & unrealized gains of $29.64 million helping profitability.
Positive: Operating cash flow was strong in Q4 2025, with net cash from continuing operating activities of $204.53 million, indicating solid cash generation from core operations.
Positive: The company maintained a quarterly dividend per share of $0.52 in Q4 2025, supporting income-oriented investors.
Positive: As of Q3 2025, the asset base remained robust for a BDC-like lender, with total assets around $2.82 billion and total equity about $1.17 billion, signaling solid capitalization.

Neutral: Non-Cash Adjustments to Reconcile Net Income in Q4 2025 were large (about -$127.6 million), which can distort cash flow and earnings signals in the period.
Neutral: Debt activity in Q4 2025 shows both debt issuance of $108.1 million and substantial repayments of $297.8 million, resulting in a net financing cash outflow (about $221 million).

Negative: Net cash from financing activities in Q4 2025 was a sizable outflow of about $220.95 million, suggesting meaningful debt remodeling and equity funding needs that could affect liquidity.
Negative: In several earlier quarters (e.g., Q1–Q3 2025), net cash from operating activities was negative or weak, indicating periods of working-capital pressure or non-cash adjustments overshadowing cash flow.
Negative: Revenue volatility is evident, including a period (e.g., Q3 2025) with Total Revenue reported as negative (-$2.04 million) in one quarter, highlighting inconsistent top-line performance outside investment gains.
Negative: Leverage remains high: as of Q3 2025 the company carried long-term debt around $1.266 billion and total liabilities around $1.656 billion, implying a leveraged balance sheet relative to equity.

05/27/26 11:45 PM ETAI Generated. May Contain Errors.

Barings Bdc Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Barings Bdc's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Barings Bdc's net income appears to be on an upward trend, with a most recent value of $132.86 million in 2025, falling from -$11.56 million in 2020. The previous period was $113.90 million in 2024. See Barings Bdc's forecast for analyst expectations on what's next for the company.

Over the last 5 years, Barings Bdc's total revenue changed from $8.67 million in 2020 to $58.96 million in 2025, a change of 580.3%.

Barings Bdc's total liabilities were at $1.48 billion at the end of 2025, a 2.0% decrease from 2024, and a 4.0% increase since 2021.

In the past 4 years, Barings Bdc's cash and equivalents has ranged from $49.99 million in 2021 to $96.16 million in 2022, and is currently $51.89 million as of their latest financial filing in 2025.

Related Companies

Financial statements for NYSE:BBDC last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Barings Bdc (BBDC) Financials

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Barings Bdc (BBDC) Financials

Annual Income Statements for Barings Bdc

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Financials Breakdown Chart

Key Financial Trends

Barings Bdc Financials - Frequently Asked Questions

When does Barings Bdc's financial year end?

How has Barings Bdc's net income changed over the last 5 years?

How has Barings Bdc's revenue changed over the last 5 years?

How much debt does Barings Bdc have?

How much cash does Barings Bdc have?

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