The firm operates with a debt-to-equity ratio of 1.23x as of 2026Q1, indicating limited strategic flexibility for new originations without further dilutive capital raises.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Current Assets | 132.79M | 164.18M | 134.19M | 126.99M | 203.2M | 340.99M | 160.04M | 73.62M | 45.47M | 201.59M | 118.94M | 58.45M | 86.61M | 139.39M | 75.35M | 69.38M | 55.81M | 56.16M | 27.97M | 22.14M | 2.69M | 0 | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 332K | 55.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -74.72M | -16.76M |
| Total Non-Current Assets | 2.47B | 2.47B | 2.56B | 2.55B | 2.51B | 1.82B | 1.52B | 1.18B | 1.12B | 1.02B | 1.04B | 980.86M | 888.56M | 675.5M | 719.18M | 513.82M | 332.24M | 204.89M | 185.7M | 114.07M | 56.23M | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 81.15K | 106.49K | 105.7K | 108.75K | 60.52K | 55.53K | 58.3K | 47.65K | 28.67K | 48.02K | 34.17K | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | 1515.79x | 1067.47x | 1147.48x | 961.00x | 1669.20x | 1627.23x | 1210.74x | 600.99x | 727.74x | 356.76x | 383.57x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 5.02B | 2.46B | 88.27M | 57.8M | 54.59M | 16.34M | 13.6M | 0 | 1.12B | 1.02B | 1.04B | 977.28M | 887.22M | 664.37M | 706.8M | 507.08M | 325.99M | 201.32M | 182.11M | 227.41M | 55M | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.6B | 2.64B | 2.7B | 2.68B | 2.71B | 2.16B | 1.68B | 1.25B | 1.17B | 1.22B | 1.16B | 1.04B | 975.17M | 814.89M | 794.54M | 583.19M | 388.05M | 261.05M | 213.67M | 136.21M | 58.92M | 112.95M | 37.28M |
| Asset Turnover | 0.08x | 0.09x | 0.08x | 0.11x | 0.08x | 0.06x | 0.02x | 0.06x | 0.07x | 0.10x | 0.10x | 0.12x | 0.11x | 0.12x | 0.11x | 0.12x | 0.07x | 0.08x | 0.08x | 0.10x | 0.11x | 0.04x | 0.05x |
| Asset Growth % | 6.56% | -2.2% | 0.68% | -1.2% | 25.41% | 28.85% | 33.88% | 7.29% | -4.54% | 5.47% | 11.58% | 6.58% | 19.67% | 2.56% | 36.24% | 50.29% | 48.65% | 22.18% | 56.87% | 131.18% | -47.84% | 202.95% | - |
| Total Current Liabilities | 0 | 41.98M | 29.19M | 12.51M | 44.17M | 34.83M | 9.81M | 8.92M | 604.61M | 15.99M | 10.79M | 11.18M | 10.51M | 10.51M | 9.54M | 11.76M | 4.66M | 4.56M | 3.49M | 1.84M | 1.4M | 0 | 0 |
| Accounts Payable | 0 | 7.38M | 29.19M | 12.51M | 44.17M | 34.83M | 9.81M | 8.92M | 34.61M | 15.99M | 10.79M | 11.18M | 10.51M | 10.51M | 9.54M | 7.64M | 2.39M | 2.33M | 1.88M | 698.74K | 606.3K | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 570M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 183K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | - | 3.91x | 4.60x | 10.15x | 4.60x | 9.79x | 16.31x | 8.26x | 0.08x | 12.61x | 11.02x | 5.23x | 8.24x | 13.26x | 7.90x | 5.90x | 11.98x | 12.33x | 8.01x | 12.01x | 1.92x | - | - |
| Quick Ratio | - | 3.91x | 4.60x | 10.15x | 4.60x | 9.79x | 16.31x | 8.26x | 0.08x | 12.61x | 11.02x | 5.23x | 8.24x | 13.26x | 7.90x | 5.90x | 11.98x | 12.33x | 8.01x | 12.01x | 1.92x | - | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.45B | 1.43B | 1.48B | 1.47B | 1.47B | 1.38B | 949.42M | 672.84M | 0 | 565.8M | 537.7M | 519.77M | 433.83M | 358.59M | 367.66M | 237.15M | 202.91M | 127.4M | 118.75M | 40.89M | 32.36M | 0 | 0 |
| Long-Term Debt | 1.41B | 1.43B | 1.45B | 1.44B | 1.45B | 1.37B | 944M | 669.15M | 570M | 565.8M | 535.16M | 514.05M | 436.9M | 354.01M | 149.5M | 239.24M | 202.46M | 121.91M | 115.11M | 37.01M | 0 | 31.8M | 17.7M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.45B | 1.48B | 1.51B | 1.48B | 1.52B | 1.42B | 959.23M | 681.76M | 604.61M | 581.79M | 548.49M | 530.95M | 444.34M | 369.1M | 377.2M | 248.91M | 207.57M | 131.95M | 122.24M | 42.74M | 33.76M | 32.98M | 18.47M |
| Total Debt | 1.41B | 1.43B | 1.45B | 1.44B | 1.45B | 1.37B | 944M | 669.15M | 1.14B | 565.8M | 535.16M | 514.05M | 436.9M | 354.01M | 149.5M | 239.24M | 202.46M | 121.91M | 115.11M | 37.01M | 0 | 31.8M | 17.7M |
| Net Debt | 1.32B | 1.36B | 1.37B | 1.37B | 1.31B | 1.29B | 855M | 647.16M | 1.13B | 373.95M | 428.07M | 461.43M | 358.14M | 220.7M | 77.2M | 172.37M | 147.64M | 66.71M | 87.92M | 15.22M | -2.56M | 25.73M | 14.85M |
| Debt / Equity | 1.23x | 1.23x | 1.22x | 1.20x | 1.21x | 1.85x | 1.32x | 1.17x | 2.02x | 0.88x | 0.88x | 1.01x | 0.82x | 0.79x | 0.36x | 0.72x | 1.12x | 0.94x | 1.26x | 0.40x | - | 0.40x | 0.94x |
| Debt / EBITDA | 10.58x | 7.49x | 12.75x | 6.71x | 8.36x | 17.67x | 114.72x | 11.81x | 22.16x | 5.57x | 5.78x | 5.22x | 5.25x | 4.33x | 2.02x | 3.53x | 10.04x | 8.66x | 10.82x | 4.17x | - | 27.45x | - |
| Net Debt / EBITDA | 9.87x | 7.14x | 12.07x | 6.39x | 7.56x | 16.58x | 103.90x | 11.42x | 21.91x | 3.68x | 4.62x | 4.69x | 4.30x | 2.70x | 1.04x | 2.54x | 7.32x | 4.74x | 8.26x | 1.72x | -0.19x | 22.22x | - |
| Interest Coverage | 1.59x | 2.24x | 1.33x | 2.53x | 3.04x | 2.35x | 0.42x | 2.17x | 2.15x | 3.47x | 3.47x | 3.68x | 3.93x | 4.04x | 4.51x | 4.75x | -0.00x | 1.98x | 1.84x | 3.10x | 7.51x | 0.75x | - |
| Total Equity | 1.15B | 1.16B | 1.19B | 1.2B | 1.19B | 741.93M | 717.8M | 570.87M | 562.97M | 641.28M | 611.16M | 508.37M | 530.83M | 445.79M | 417.34M | 334.29M | 180.48M | 129.1M | 91.43M | 93.47M | 25.16M | 79.97M | 18.82M |
| Equity Growth % | -9.95% | -2.49% | -0.52% | 0.35% | 60.71% | 3.36% | 25.74% | 1.4% | -12.21% | 4.93% | 20.22% | -4.23% | 19.07% | 6.82% | 24.84% | 85.22% | 39.8% | 41.21% | -2.19% | 271.56% | -68.54% | 325.01% | - |
| Book Value per Share | 11.02 | 11.04 | 11.26 | 11.18 | 11.59 | 11.36 | 14.78 | 11.38 | 11.28 | 13.79 | 16.79 | 15.30 | 17.83 | 16.17 | 15.61 | 17.09 | 14.14 | 15.02 | 13.29 | 13.89 | 3.76 | 11.96 | 2.81 |
| Total Shareholders' Equity | 1.15B | 1.16B | 1.19B | 1.2B | 1.19B | 741.93M | 717.8M | 570.87M | 562.97M | 641.28M | 611.16M | 508.37M | 530.83M | 445.79M | 417.34M | 334.29M | 180.48M | 129.1M | 91.43M | 93.47M | 25.16M | 79.97M | 18.82M |
| Common Stock | 104K | 104K | 105K | 106K | 108K | 65K | 65.32K | 48.95K | 51.28K | 47.74K | 40.4K | 33.38K | 32.95K | 27.7K | 27.29K | 22.77K | 14.93K | 11.7K | 6.92K | 6.8K | 0 | 6K | 0 |
| Retained Earnings | -709.49M | -702.26M | -656.73M | -658M | -663.75M | -285.82M | -309.97M | -282.94M | -321.98M | -182.39M | 5.88M | 16.13M | 12.93M | 8.61M | 6.78M | 6.85M | 0 | 1.07M | 2.12M | 0 | -103 | 1.49M | -2.43M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -190.69M | -81.6M | -57.04M | -24.25M | 36.72M | 13.99M | 9.12M | -3.14M | -7.68M | 1.47M | 6.52M | 3.91M | 0 | 21.25M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 100 |
Portfolio credit quality volatility
As reported in recent SEC filings, BBDC's total assets have fluctuated between $2.6 billion and $2.8 billion over the last ten quarters, suggesting that the firm's balance sheet trajectory is currently defined by portfolio rotation rather than meaningful, sustained growth in its underlying investment base.
The stagnation in total assets despite the integration of legacy portfolios implies that management is struggling to achieve net growth after accounting for asset exits and potential write-downs. This lack of expansion suggests that the firm's current strategy is focused on stabilizing the existing asset base rather than scaling the platform.
Based on quarterly financial statements, BBDC maintains a debt-to-equity ratio of 1.23x as of 2026Q1, which indicates that the firm is operating near the midpoint of its target leverage range and possesses limited capacity for aggressive new originations without further dilutive equity capital raises.
The reliance on a $1.4 billion debt stack to support a $1.2 billion equity base highlights the structural necessity of leverage in the BDC model. Investors should monitor whether this leverage level remains sustainable if the underlying portfolio experiences further credit migration or valuation compression.
According to the company's balance sheet data, cash holdings have declined from $93.4 million in 2025Q1 to $95.7 million in 2026Q1, representing a relatively thin liquidity buffer that may leave the firm vulnerable to sudden shifts in borrower interest payments or unexpected portfolio funding requirements.
The volatility in cash balances, which dropped as low as $44.5 million in 2025Q2, suggests that liquidity management is highly reactive to the timing of investment exits and debt service obligations. This lack of a consistent cash cushion may force the firm to rely more heavily on revolving credit facilities during periods of market stress.
As indicated by the reported financial figures, BBDC carries a significant accumulated deficit of $709.5 million as of 2026Q1, which serves as a non-obvious indicator that historical investment performance has struggled to generate sufficient retained earnings to offset past portfolio impairments and operational costs.
This persistent deficit suggests that the firm's reported net income may be frequently offset by realized losses or valuation adjustments, complicating the assessment of true economic profitability. Investors should interpret this as a potential signal that the firm's capital base is being eroded by legacy portfolio issues rather than being bolstered by organic growth.
Quick answers to the most common questions about buying BBDC stock.
As of 2025, Barings BDC, Inc. (BBDC) had total assets of $2.64B including $164.2M in current assets.
Barings BDC, Inc. (BBDC) carries total debt of $1.43B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Barings BDC, Inc. (BBDC) has total shareholders' equity (book value) of $1.16B ($11.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Barings BDC, Inc. (BBDC) reported a current ratio of 3.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.