Barings BDC, Inc. (BBDC) 10-Year Financial Performance & Capital Metrics

BBDC • • Banking & Credit

Financial ServicesCredit ServicesBusiness Development & Commercial LendingBusiness Development Companies

AboutBarings 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.Show more

Net Interest Income $143M -7.5%
Total Revenue $209M -27.7%
Net Income $110M -13.8%
Return on Equity 9.24% -13.8%
Net Interest Margin 5.29% -8.1%
Efficiency Ratio 4.7% -81.8%
ROA 4.11% -13.6%
Equity / Assets 44.16% -1.2%
Book Value per Share 11.26 +0.7%
Tangible BV/Share 11.26 +0.7%
Debt/Equity 1.22 +1.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 5.3%
✓Efficient operations: 4.7% efficiency ratio
✓Well capitalized: 44.2% equity/assets
✓Trading at only 0.8x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.18%

5Y22.55%

3Y20.4%

TTM-

Profit (Net Income) CAGR

10Y14.55%

5Y13.64%

3Y12.39%

TTM-32.42%

EPS CAGR

10Y0.91%

5Y-2.16%

3Y-4.39%

TTM-2.75%

ROCE

10Y Avg6.33%

5Y Avg4.84%

3Y Avg6.51%

Latest4.27%

Peer Comparison

Business Development Companies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OCSLOaktree Specialty Lending Corporation	1.15B	13.00	33.33	60.93%	11.32%	2.31%	19.94%	1.01
CGBDLCarlyle Secured Lending, Inc. 8.20% Notes due 2028	1.86B	25.48	16.13	-11.85%	45.8%	3.02%	4.09%	1.06
SAJSaratoga Investment Corp 8.00%	411.55M	25.49	12.62	35.4%	29.83%	9.33%	48%	1.99
FCRXCrescent Capital BDC, Inc.		25.05	12.59	7.18%	37.32%	5.04%		1.18
SAZSaratoga Investment Corp 8.50%	410.13M	25.40	12.58	35.4%	29.83%	9.33%	48.17%	1.99
SAYSaratoga Investment Corp 8.125%		25.39	12.57	35.4%	29.83%	9.33%		1.99
BBDCBarings BDC, Inc.	975.87M	9.28	8.92	-27.7%	52.74%	6.68%	12.08%	1.22
OBDCBlue Owl Capital Corporation	6.51B	12.73	8.32	-13.67%	54.06%	8.71%	2.46%	1.25

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	76.19M	76.25M	80.41M	50.27M	47.39M	47.13M	80.42M	117.14M	154.17M	142.63M
NII Growth %	0.11%	0%	0.05%	-0.37%	-0.06%	-0.01%	0.71%	0.46%	0.32%	-0.07%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	102.95M	102.97M	109.67M	74.16M	73.49M	66.95M	113.44M	174M	238.88M	228.14M
Interest Expense	26.75M	26.72M	29.26M	23.89M	26.1M	19.81M	33.01M	56.87M	84.71M	85.52M
Loan Loss Provision	-26.75M	-26.72M	-29.26M	-23.89M	-26.1M	289	335	-56.87M	-84.71M	0
Non-Interest Income+	18.34M	10.71M	13.33M	6.06M	2.16M	-29.97M	6.37M	45.13M	50.32M	-19.04M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	121.29M	113.68M	123M	80.22M	75.65M	36.97M	119.8M	219.13M	289.2M	209.1M
Revenue Growth %	0.16%	-0.06%	0.08%	-0.35%	-0.06%	-0.51%	2.24%	0.83%	0.32%	-0.28%
Non-Interest Expense	22.9M	21.08M	21.51M	28.8M	19M	8.93M	9.1M	46M	74.68M	9.83M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	98.38M	92.6M	101.5M	51.43M	56.65M	8.23M	77.69M	173.13M	214.52M	113.75M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.18%	-0.06%	0.1%	-0.49%	0.1%	-0.85%	8.44%	1.23%	0.24%	-0.47%
Pretax Income+	48.24M	34.69M	-27.78M	-115.21M	58.53M	8.23M	77.69M	6.09M	129.69M	113.75M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	384.03K	435.25K	871.41K	-932.17K	340.33K	52K	8K	1.41M	1.69M	3.47M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	47.86M	34.26M	-28.65M	-114.28M	58.19M	8.18M	77.69M	4.68M	128M	110.29M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.69%	-0.28%	-1.84%	-2.99%	1.51%	-0.86%	8.5%	-0.94%	26.34%	-0.14%
Net Income (Continuing)	47.86M	34.26M	-28.65M	-114.28M	58.19M	8.18M	77.69M	4.68M	128M	110.29M
EPS (Diluted)+	1.44	0.94	-0.62	-2.29	1.16	0.17	1.19	0.05	1.20	1.04
EPS Growth %	0.52%	-0.35%	-1.66%	-2.69%	1.51%	-0.85%	6%	-0.96%	25.37%	-0.13%
EPS (Basic)	1.44	0.94	-0.62	-2.29	1.16	0.17	1.19	0.05	1.20	1.04
Diluted Shares Outstanding	33.23M	36.41M	46.5M	49.9M	50.19M	48.58M	65.32M	102.91M	107.04M	105.72M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	52.62M	107.09M	191.85M	12.43M	21.99M	89M	84.25M	139.41M	70.53M	77.85M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	977.28M	1.04B	1.02B	1.12B	0	13.6M	16.34M	54.59M	57.8M	88.27M
Investments Growth %	0.1%	0.06%	-0.02%	0.1%	-1%	-	0.2%	2.34%	0.06%	0.53%
Long-Term Investments	977.28M	1.04B	1.02B	1.12B	0	13.6M	16.34M	54.59M	57.8M	88.27M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	105.7K	106.49K	81.15K	0	0	0	0	0	0	0
Other Assets	3.48M	2.7M	5.11M	251.91K	1.18B	1.5B	1.8B	2.45B	2.49B	2.47B
Total Current Assets	58.45M	118.94M	201.59M	45.47M	73.62M	160.04M	340.99M	203.2M	126.99M	134.19M
Total Non-Current Assets	980.86M	1.04B	1.02B	1.12B	1.18B	1.52B	1.82B	2.51B	2.55B	2.56B
Total Assets+	1.04B	1.16B	1.22B	1.17B	1.25B	1.68B	2.16B	2.71B	2.68B	2.7B
Asset Growth %	0.07%	0.12%	0.05%	-0.05%	0.07%	0.34%	0.29%	0.25%	-0.01%	0.01%
Return on Assets (ROA)	0.05%	0.03%	-0.02%	-0.1%	0.05%	0.01%	0.04%	0%	0.05%	0.04%
Accounts Payable	11.18M	10.79M	15.99M	34.61M	8.92M	9.81M	34.83M	44.17M	12.51M	29.19M
Total Debt+	514.05M	535.16M	565.8M	1.14B	669.15M	944M	1.37B	1.45B	1.44B	1.45B
Net Debt	461.43M	428.07M	373.95M	1.13B	647.16M	855M	1.29B	1.31B	1.37B	1.37B
Long-Term Debt	514.05M	535.16M	565.8M	570M	669.15M	944M	1.37B	1.45B	1.44B	1.45B
Short-Term Debt	0	0	0	570M	0	0	0	0	0	0
Other Liabilities	735.5K	489.69K	-1.33M	-570M	3.69M	5.42M	11.4M	25.34M	27.89M	25.69M
Total Current Liabilities	11.18M	10.79M	15.99M	604.61M	8.92M	9.81M	34.83M	44.17M	12.51M	29.19M
Total Non-Current Liabilities	519.77M	537.7M	565.8M	0	672.84M	949.42M	1.38B	1.47B	1.47B	1.48B
Total Liabilities	530.95M	548.49M	581.79M	604.61M	681.76M	959.23M	1.42B	1.52B	1.48B	1.51B
Total Equity+	508.37M	611.16M	641.28M	562.97M	570.87M	717.8M	741.93M	1.19B	1.2B	1.19B
Equity Growth %	-0.04%	0.2%	0.05%	-0.12%	0.01%	0.26%	0.03%	0.61%	0%	-0.01%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.06%	-0.05%	-0.19%	0.1%	0.01%	0.11%	0%	0.11%	0.09%
Book Value per Share	15.30	16.79	13.79	11.28	11.38	14.78	11.36	11.59	11.18	11.26
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	33.38K	40.4K	47.74K	51.28K	48.95K	65.32K	65K	108K	106K	105K
Additional Paid-in Capital	549.24M	686.84M	823.61M	884.89M	853.77M	1.03B	1.03B	1.86B	1.85B	1.85B
Retained Earnings	16.13M	5.88M	-182.39M	-321.98M	-282.94M	-309.97M	-285.82M	-663.75M	-658M	-656.73M
Accumulated OCI	-57.04M	-81.6M	-190.69M	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-31.23M	-23.14M	7.97M	-198.29M	-31.5M	-218.13M	-396.55M	86.27M	98.09M	117.85M
Operating CF Growth %	0.83%	0.26%	1.34%	-25.89%	0.84%	-5.92%	-0.82%	1.22%	0.14%	0.2%
Net Income	47.86M	34.26M	-28.65M	-114.28M	58.19M	8.18M	77.69M	4.68M	128M	110.29M
Depreciation & Amortization	60.24K	70.11K	65.86K	27.41K	-33.37B	8.36B	-21.92B	121.87M	0	0
Deferred Taxes	1.62M	-2.93M	-722.17K	-103.22M	0	0	0	0	0	0
Other Non-Cash Items	-88.67M	-58.22M	25.69M	23.13M	33.28B	-8.58B	21.46B	-16.65M	-32.54M	-10.51M
Working Capital Changes	906.29K	-6.64M	5.56M	-18.17M	5.4M	-1.59M	-11.12M	-23.63M	2.63M	18.07M
Cash from Investing+	-57.19K	-70.9K	-40.51K	31.5K	-75.16B	-262.35B	-451.63B	-120.88M	-21.14M	4.31M
Purchase of Investments	-453.93B	-319.47B	-483.74B	-2.92T	-1.39T	-2.06T	-1.76T	-1.16B	-614.65M	-637.44M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	31.5K	0	-96.72B	0	0	0	0
Other Investing	110.66B	82.77B	80.06B	992.36B	0	0	0	0	0	0
Cash from Financing+	5.15M	77.68M	76.84M	18.83M	41.07M	288.63M	388.32M	-31.11M	-145.83M	-101.35M
Dividends Paid	-74.75M	-66.48M	-77.07M	-21.07M	-26.93M	-31.33M	-53.56M	-93.73M	-109M	-110.05M
Share Repurchases	-2.55M	-4.45M	-2.18M	-51M	-23.36M	-7.13M	0	-32.1M	-14.77M	-6.44M
Stock Issued	0	129.13M	132M	99.84M	0	160.35M	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	-2.97M	-5.57M	-5.6M	99.53M	-8.29M	-773.39K	-7.27M	-1.87M	0	0
Net Change in Cash+	-26.14M	54.47M	84.76M	-179.42M	9.56M	70.5M	-8.23M	55.16M	-68.89M	20.81M
Exchange Rate Effect	0	0	0	0	1000K	1000K	1000K	1000K	0	0
Cash at Beginning	78.76M	52.62M	107.09M	191.85M	12.43M	21.99M	92.49M	84.25M	139.41M	70.53M
Cash at End	52.62M	107.09M	191.85M	12.43M	21.99M	92.49M	84.25M	139.41M	70.53M	91.34M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-31.29M	-23.21M	7.93M	-198.29M	-31.5M	-218.13M	-396.55M	86.27M	98.09M	117.85M
FCF Growth %	0.83%	0.26%	1.34%	-26.02%	0.84%	-5.92%	-0.82%	1.22%	0.14%	0.2%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.21%	6.12%	-4.58%	-18.98%	10.26%	1.27%	10.64%	0.48%	10.72%	9.24%
Return on Assets (ROA)	4.75%	3.12%	-2.4%	-9.56%	4.81%	0.56%	4.05%	0.19%	4.75%	4.11%
Net Interest Margin	7.33%	6.58%	6.57%	4.31%	3.78%	2.81%	3.72%	4.32%	5.76%	5.29%
Efficiency Ratio	18.88%	18.55%	17.48%	35.9%	25.11%	24.16%	7.59%	20.99%	25.82%	4.7%
Equity / Assets	48.91%	52.7%	52.43%	48.22%	45.57%	42.8%	34.33%	44%	44.69%	44.16%
Book Value / Share	15.3	16.79	13.79	11.28	11.38	14.78	11.36	11.59	11.18	11.26
NII Growth	10.67%	0.08%	5.45%	-37.48%	-5.74%	-0.53%	70.62%	45.65%	31.62%	-7.49%
Dividend Payout	156.2%	194.05%	-	-	46.27%	383.09%	68.94%	2002.26%	-	-

Frequently Asked Questions

Valuation & Price

Barings BDC, Inc. (BBDC) has a price-to-earnings (P/E) ratio of 8.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Barings BDC, Inc. (BBDC) saw revenue decline by 27.7% over the past year.

Yes, Barings BDC, Inc. (BBDC) is profitable, generating $78.0M in net income for fiscal year 2024 (52.7% net margin).

Dividend & Returns

Yes, Barings BDC, Inc. (BBDC) pays a dividend with a yield of 11.22%. This makes it attractive for income-focused investors.

Barings BDC, Inc. (BBDC) has a return on equity (ROE) of 9.2%. This is below average, suggesting room for improvement.

Industry Metrics

Barings BDC, Inc. (BBDC) has a net interest margin (NIM) of 5.3%. This indicates healthy earnings from lending activities.

Barings BDC, Inc. (BBDC) has an efficiency ratio of 4.7%. This is excellent, indicating strong cost control.

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