Barings BDC, Inc. BBDC
We are a Maryland corporation incorporated on October 10, 2006. We currently operate as a closed-end, non-diversified investment company and have elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected for federal income tax purposes to be treated and intend to qualify annually as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").
In April 2018, we entered into an asset purchase agreement (the "Asset Purchase Agreement"), with BSP Asset Acquisition I, LLC (the "Asset Buyer"), an affiliate of Benefit Street Partners L.L.C., pursuant to which we agreed to sell our December 31, 2017 investment portfolio to the Asset Buyer for gross proceeds of $981.2 million in cash, subject to certain adjustments to take into account portfolio activity and other matters occurring since December 31, 2017 (such transaction referred to herein as the "Asset Sale Transaction"). Also in April 2018, we entered into a stock purchase and transaction agreement (the "Externalization Agreement"), with Barings LLC ("Barings" or the "Adviser") through which Barings agreed to become our investment adviser in exchange for (1) a payment by Barings of $85.0 million, or approximately $1.78 per share, directly to our stockholders, (2) an investment by Barings of $100.0 million in newly issued shares of our common stock at net asset value ("NAV") and (3) a commitment from Barings to purchase up to $50.0 million of shares of our common stock in the open market at prices up to and including our then-current NAV per share for a two-year period, after which Barings agreed to use any remaining funds from the $50.0 million to purchase additional newly-issued shares of our common stock at the greater of our then-current NAV per share or market price (collectively, the "Externalization Transaction"). The Asset Sale Transaction and the Externalization Transaction are collectively referred to as the "Transactions." The Transactions were approved by our stockholders at our July 24, 2018 special meeting of stockholders (the "2018 Special Meeting").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| SG&A | $7.8M | $9.8M | $10.0M | $9.9M | $9.1M | $5.8M | — |
| Interest expense | — | — | $84.7M | $56.9M | $33.0M | $19.8M | — |
| Net income | $101.9M | $110.3M | $128.0M | $4.7M | $77.7M | $8.2M | — |
| EPS, basic | 1.12 | 1.24 | 1.20 | 1.12 | 0.90 | 0.64 | — |
| EPS, diluted | 1.12 | 1.24 | 1.20 | 1.12 | 0.90 | 0.64 | — |
| Shares, diluted (wtd. avg.) | 105.2M | 105.8M | 107.0M | 102.9M | 65.3M | 48.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $66.8M | $91.3M | $70.5M | $139.4M | $84.3M | $92.5M | $22.0M |
| Total assets | $2.64B | $2.70B | $2.68B | $2.71B | $2.16B | — | — |
| Long-term debt | $1.20B | $1.01B | $720.6M | $719.0M | $717.6M | — | — |
| Total liabilities | $1.48B | $1.51B | $1.48B | $1.52B | $1.42B | — | — |
| Retained earnings | -$702.3M | -$656.7M | -$658.0M | -$663.8M | -$285.8M | -$310.0M | — |
| Total equity | $1.16B | $1.19B | $1.20B | $1.19B | $741.9M | $717.8M | $570.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $160.5M | $122.2M | $76.9M | $86.3M | -$396.6M | -$218.1M | — |
| Financing cash flow | -$185.1M | -$101.3M | -$145.8M | -$31.1M | $388.3M | $288.6M | — |
| Dividends paid | $125.2M | $110.1M | $109.0M | $93.7M | $13.1M | $12.4M | $7.8M |
| Buybacks | $6.3M | $6.4M | $14.8M | $32.1M | $0 | $7.1M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001379785-26-000009.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | $8.2M | $77.7M | $4.7M | $128.0M | $110.3M | $101.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.