Here are the 10-Q quarterly reports from Barings BDC, Inc. (BBDC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BBDC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BBDC filings page.
Barings BDC, Inc. reported total investment income of $64.3 million for the three months ended September 30, 2026, compared with $72.4 million a year earlier. Net investment income after taxes was $27.2 million, versus $33.6 million, and net investment income per share was $0.26, versus $0.32. Net increase in net assets resulting from operations was $24.6 million, compared with $23.6 million.
Quarterly distributions were $0.26 per share, versus $0.31 a year earlier; the current-period amount was the $0.26 regular quarterly distribution, while the prior-year total included a $0.26 regular distribution and $0.05 in special distributions. Net asset value was $10.92 per share at September 30, 2026, compared with $11.09 at December 31, 2025. Operating activities provided $58.9 million in cash over the first nine months, versus $44.0 million used in the prior-year period.
Investments at fair value totaled $2.510 billion as of September 30, 2026, compared with $2.399 billion at December 31, 2025. Borrowings under the credit facility were $334.7 million versus $226.8 million at those respective dates, while notes payable, net of deferred financing fees, were $1.110 billion versus $1.203 billion.
Barings BDC, Inc. (BBDC) presents a detailed schedule of investments that prominently features first lien senior secured term loans and related revolving credit facilities, with stated dates such as June 30 2026, December 31 2025 and December 31 2024.
The portfolio list also includes second lien and super senior loans, subordinated and senior unsecured term loans, structured secured notes, subordinated structured notes and a first lien secured bond. In addition to debt, the company holds common and preferred stock, LLC and LP units, partnership equity, warrants, royalty rights and specific member interests in joint ventures. Derivative positions include interest rate swaps and foreign currency forward contracts across several currencies, reflecting active management of rate and FX exposures alongside the credit and equity investment book.
Barings BDC (BBDC) discloses a highly diversified investment portfolio concentrated in private credit. The holdings list spans hundreds of positions, primarily first lien senior secured term loans and associated revolving credit facilities to middle‑market companies across many industries and geographies.
The schedule also includes second lien and subordinated term loans, senior unsecured loans, structured notes and CLO subordinated tranches, plus a wide range of equity interests such as common stock, preferred stock, partnership and LLC units, warrants and royalty rights. Several foreign currency forward contracts in AUD, CAD, DKK, EUR, NZD, NOK, GBP, SEK and CHF appear, indicating active currency hedging around the credit portfolio.
Positions are shown as of multiple reporting dates, including December 31, 2024, December 31, 2025 and March 31, 2026, giving a snapshot of how Barings BDC deploys capital across secured loans, structured products and equity co‑investments.
Barings BDC (BBDC) filed its quarterly report describing its middle‑market lending model and portfolio approach. The company generates revenue primarily from interest on debt investments, loan origination and other fees, and dividend income.
Senior secured, middle‑market, private debt investments generally have terms of between five and seven years. First‑lien loans generally bear interest between SOFR plus 450 basis points and SOFR plus 650 basis points per annum. Subordinated middle‑market private debt generally bears interest between SOFR plus 700 basis points and SOFR plus 900 basis points if floating rate, and between 8% and 15% if fixed rate. Some investments may accrue payment‑in‑kind interest, which is added to principal and paid at maturity.
Barings emphasizes fundamental credit analysis, seeks relatively low cyclicality and operating risk, and uses leverage with a prudent, capital‑preservation focus. A significant portion of investments are expected to be rated below investment grade. The strategy also allows opportunistic allocations to equity, special situations, structured credit, syndicated loans, and mortgage securities.