# Barings BDC, Inc. (BBDC)

> Source: Nexqual · https://nexqual.com/BBDC · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Barings BDC, Inc. (BBDC), nexqual.com/BBDC" · informational, not investment advice.

**Price:** USD 8.71 (+1.63% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 8.57 · day 8.6–8.74 · 52w 7.96–9.54 · market cap $912M · NYQ

## Key facts
- Valuation: P/E 8.9x (avg 8.6x at the last 3 fiscal year-ends), net debt $1.03B.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $83K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (6 analysts), mean target USD 9.79 (range 9–10.25).
- Total return with dividends: 1Y +8.1% vs S&P 500 +14.8%; 5Y +34.9% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.26, revenue estimate $63.5M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: USD 1.04 a year (yield 12.14%), paid quarterly; latest ex-dividend date 2026-09-02; annual dividends grew 7.8% a year 2022–2025.
- Short interest: 2.83% of float (as of 2026-10-15), 4.8 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $77.7M | $4.7M | $128M | $110M | $102M | $103M |
| EPS (diluted) | $0.90 | $1.12 | $1.20 | $1.24 | $1.12 | — |
| Cash + short-term investments | $84.3M | $139M | $70.5M | $91.3M | $66.8M | — |
| Total debt | $718M | $719M | $721M | $1.01B | $1.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Mar 31, 2026)
P/E 8.9x · P/B 0.8x · Earnings yield 11.25% · Dividend yield (paid, TTM) 12.58% · Buyback yield (TTM) 0.76% · Net debt $1.03B · EV $1.94B
P/E at fiscal year-ends: Dec 2025 9.5x, Dec 2024 9.2x, Dec 2023 7.2x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $83K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-03 | McDonnell Thomas | Chief Executive Officer | 10,000 | $83K | 8.27 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 6 analysts; mean target USD 9.79 (low 9, high 10.25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | Wells Fargo | Target raised | Overweight | $9.5 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +8.1% | +34.9% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +8.1% | +6.2% |
| Volatility (annualized) | 21.4% | 19.8% |
| Max drawdown | -11.2% (Jan 2026→Mar 2026) | -26.6% (Jan 2022→May 2023) |

## Dividends
Annual dividend rate USD 1.04 per share, yield 12.14% at the current price. Paid over the last 12 months: USD 1.04 in 4 payments (quarterly).
Most recent ex-dividend date: Sep 2, 2026; payment date: Sep 9, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: cut 16.1% to USD 0.26 per payment from USD 0.31, starting with the Dec 3, 2025 ex-dividend date.
Payout ratio 127% of earnings (above 100%: dividends exceeded net income; for REITs and partnerships, cash-flow measures are more relevant) · 5-year average yield 10.61% · annual dividends grew 7.8% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-09-02 | USD 0.26 |
| 2026-06-03 | USD 0.26 |
| 2026-03-04 | USD 0.26 |
| 2025-12-03 | USD 0.26 |
| 2025-09-03 | USD 0.31 |
| 2025-06-04 | USD 0.31 |
| 2025-03-05 | USD 0.31 |
| 2024-12-04 | USD 0.26 |
Total by calendar year: 2022 USD 0.95 · 2023 USD 1.02 · 2024 USD 1.04 · 2025 USD 1.19.

## Short interest
2,557,016 shares sold short, 2.83% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,492,878 shares (+2.6%). Days to cover: 4.8 (short shares ÷ average daily volume).

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.52 +1.38% · PDI (PIMCO Dynamic Income Fund) USD 14.33 +1.63% · VCTR (Victory Capital Holdings, Inc. ) USD 113.81 +1.73% · AMG (Affiliated Managers Group, Inc.) USD 399.02 +1.47% · SEIC (SEI Investments Company) USD 104.73 +1.48% · IVZ (Invesco Ltd) USD 29.02 +1.19%

## More
Full page: https://nexqual.com/BBDC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.26 | $0.25 | +6.1% | $63.5M | 6 |
| Next quarter (ends 2026-12-31) | $0.25 | $0.24 | +3.4% | $64.5M | 6 |
| Current fiscal year (ends 2026-12-31) | $1.04 | $0.98 | +5.8% | $253.9M | 6 |
| Next fiscal year (ends 2027-12-31) | $1.02 | $0.97 | +5.2% | $261.8M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-05): ±19.2%; last 8 reports averaged ±2.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 50 | 24.3% | ±19.2% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.28 | $0.25 | Beat +12.0% | +7.4% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $0.25 | $0.25 | In line | -3.6% |
| Feb 19, 2026 | Quarter ended Dec 31, 2025 | $0.27 | $0.26 | Beat +3.8% | +0.2% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.32 | $0.27 | Beat +18.5% | -1.1% |
| Aug 7, 2025 | — | — | — | — | +3.2% |
| May 8, 2025 | — | — | — | — | -0.6% |
| Feb 20, 2025 | — | — | — | — | +3.1% |
| Nov 6, 2024 | — | — | — | — | +3.1% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1379785/000137978526000030/0001379785-26-000030-index.htm |
| 2026-08-05 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1379785/000137978526000031/0001379785-26-000031-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.