Headquartered in Charlotte, NC Fiscal year ends December NYSE: BBDC barings.com
Barings 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 invests primarily in senior secured loans to middle-market companies across a wide range of industries.
As of September 30, 2026:
- The portfolio was valued at $2.51 billion across 349 portfolio companies.
- About $1.77 billion was in senior debt and first lien notes.
- The rest was in subordinated and second lien debt, structured products, equity shares and warrants, royalty rights and joint venture investments.
- 92.8% of the portfolio was in floating rate securities.
The company earns income mainly from interest, dividends, payment-in-kind interest and fees. It distributes income to shareholders through regular quarterly dividends and offers a dividend reinvestment plan.
Its investment activities are managed by Barings, a global alternative asset manager with about $500 billion of assets under management. Barings is a subsidiary of MassMutual, with a minority investment from MS&AD.
The company funds itself through:
- An $821.5 million senior secured credit facility.
- Unsecured notes.
- Collateralized loan obligations, including the newly priced Barings BDC CLO 2026-1. Updated
Net investment income exactly covered the $0.26 dividend, with no cushion left over, and leverage climbed to 1.28x debt-to-equity from 1.23x. The $396.3 million CLO priced this month is what repays the $350 million of 3.300% notes maturing November 23, so the refinancing is the thing to track.
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Lee Jackson Barings 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 invests primarily in senior secured loans to middle-market companies across a wide range of industries.
The Wall Street consensus 12-month price target for BBDC is $9.79.
