Barings BDC, Inc. (NYSE: BBDC) on Thursday reported fourth-quarter net investment income of $68.0 million and total net investment income of $28.0 million, or $0.27 per share. For the full year ended December 31, 2025, the company recorded total investment income of $279.2 million and investment income of $117.8 million.
Latest Quarterly Results
The company’s net investment income was $28.0 million for the quarter ended Dec. 31, 2025, compared to $33.6 million for the quarter ended Sept. 30, 2025. The increase in net assets attributable to operations was $25.2 million, or $0.24 per share, in the fourth quarter.
The prominent segment based on investment category is as follows:
- Non-Controlling / Non-Participating Investments: Interest income reached $44.2 million, with dividend income of $1.8 million and net income of $5.1 million.
- Related Investments: Interest income was $1.4 million, and dividend income amounted to $9.8 million.
- Manage Investments: Interest income was $0.2 million.
The company’s net asset value (NAV) per share was $11.09 as of Dec. 31, 2025, compared to $11.10 as of September 30, 2025.
Summary of Full Year Results
For the full year 2025, Barings BDC reported a net increase in net assets from operations of 101.9 million, or $0.97 per share. This represents a decrease compared to the $110.3 million reported for the full year of 2024. Total investment income for 2025 was $279.2 million, up from $258.4 million in 2024. The debt-to-equity ratio stood at 1.24x at the end of the year, compared to 1.23×2 at the end of 20.
Business & Operations Update
In the fourth quarter of 2025, the company made 19 new investments totaling $83.2 million and contributed $50.0 million to existing portfolio companies. An additional $2.9 million debt investment was made in a portfolio company that provides financing to plaintiffs’ law firms. Fourteen loans totaling $84.6 million were repaid during that period. Investments in one portfolio company were restructured, resulting in a net loss of $2.9 million. Non-accumulation is reported at 0.2% of fair value.
IM&A or Strategic Moves
The company sold $90.9 million of investments in its joint ventures in the fourth quarter, realizing a net gain of $0.4 billion. On Feb. 19, 2026, the Board approved a new 12-month share repurchase plan to purchase up to $30.0 million of common stock effective March 1, 2026. This follows a previous $30.0 million plan in which the company repurchased 702,054 shares at an average price of $9,201 in February.
Direction & Outlook
The board declared a quarterly dividend of $0.26 per share, payable on March 11, 2026, to stockholders of record as of March 4, 2026. According to post-quarter activity, the company made approximately $47.6 million in new bonds after Dec. 31, 2025, which closed $379 million. This new investment includes $22.9 million in senior debt and $14.7 million in second debt.
Performance summary
Barings BDC reported Q4 investment income of $0.27 per share. Assets for the full year 2025 increased by $101.9 million. The company has approved a new $30 million share repurchase program. Total assets were $1.16 billion at the end of the year.
