Barings BDC Inc

ir.barings.com

What Do They Do?

Makes senior secured loans and other debt investments in privately held middle-market companies, helping them fund acquisitions, growth or refinancing.

How Do They Make Money?

Earns interest from debt investments, plus loan-origination and other fees and dividends. Loan fees are earned over a loan’s life or when earned; some interest is added to the loan balance and paid at the end of the loan.

FY2025 revenue

Who Are Their Customers?

Provides financing directly to privately held middle-market companies, helping fund acquisitions, growth or refinancing. These companies are often privately owned, including by private equity sponsors.

Do Revenues Turn Into Profits?

Yes. It kept 84 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

84% of revenue

▼ −8% vs FY2024 ($110.3M, 82%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $30.6M in Q2 FY2025

Growing. Revenue grew 2.1x in 4 years, from $59M in FY2021 to $121.6M in FY2025, about 20% a year.

More opportunistic investments The earlier report described syndicated loans mainly as a cash-management option. The latest report also describes opportunistic investments in equity, special situations, structured credit and high-yield investments.

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