Pulling SEC filings + quote and writing the call…

Barings BDC, Inc.
Next earnings Aug 5, 2026 · consensus $0.25 EPS, $62.5M rev
Last earnings -3.3% on 2026-05-07
Cheap BDC at 7.2x earnings with a covered ~12% yield, but shrinking portfolio yield and rising leverage cap the upside — own for income, don't chase.
Sources: SEC EDGAR (CIK 0001379785, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/25/2026, 2:50:33 PM.
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Middling fundamentals offset by an attractive price (~17% below fair value) — worth a look on the value angle.
Barings BDC is a textbook 'cheap for a reason' middle-market lender. The 10-K narrative reveals the core problem clearly: total investment income fell to $279.2M from $286.2M YoY because outstanding debt investments shrank from $2.118B to $2.048B AND the weighted-average portfolio yield compressed from 10.2% to 9.5%. The income drop was only partially offset by higher dividend income ($51.2M vs $41.1M) and higher PIK interest ($19.0M vs $15.7M) — and PIK growth is a yellow flag in BDC-land because it reflects non-cash interest accrued from borrowers who can't (or won't) pay cash. Net realized losses of $22.7M in FY2025 (on top of $38.1M in FY2024) confirm credit is not pristine.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $77.7M | $4.68M | $128M | $110M | $102M |
| Diluted EPS | $0.90 | $1.12 | $1.20 | $1.24 | $1.12 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Entered new material agreement and terminated prior one (likely credit facility refi)
Q1 2026 10-Q: continued portfolio runoff and yield compression pressure
Q1 2026 10-Q: continued portfolio runoff and yield compression pressure
2026 annual meeting proxy; routine director/auditor approvals
FY25: NII $118M vs $131M, EPS -9.7%, leverage up, dividends +14%
FY25: NII $118M vs $131M, EPS -9.7%, leverage up, dividends +14%
New debt issuance and direct financial obligation (Sept 2028 Notes)
Q3 2025: weighted avg portfolio yield slipped from 10.2% toward 9.5%
Q3 2025: weighted avg portfolio yield slipped from 10.2% toward 9.5%
1072 tracked peers · median
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Last 90 days: 1 open-market buy · 0 sales
| 2026-06-03 | McDonnell Thomas Chief Executive Officer | Buy | 10.0K @ $8.27 | $82.7K |
| 2025-12-09 | BYERS STEPHEN R Director | Buy | 6.76K @ $8.97 | $60.6K |
| 2025-12-09 | BYERS STEPHEN R Director | Sell | 5.67K @ $8.98 | $50.9K |
| 2025-06-06 | Murray Elizabeth A. CFO and COO and PAO | Buy | 3.40K @ $8.84 | $30.1K |
| 2025-06-06 | BYERS STEPHEN R Director | Buy | 8.70K @ $8.89 | $77.3K |
| 2025-05-19 | Lloyd Eric J CEO | Buy | 27.3K @ $9.13 | $249K |
| 2025-05-19 | Lloyd Eric J CEO | Buy | 7.10K @ $9.09 | $64.5K |
| 2025-05-19 | Freund Matthew President | Buy | 3.50K @ $9.07 | $31.7K |
| 2025-05-19 | Freund Matthew President | Buy | 22.00 @ $9.07 | $199.54 |
| 2025-05-19 | Freund Matthew President | Sell | 0.85 @ $9.06 | $7.67 |
| 2025-05-19 | Freund Matthew President | Sell | 1.00 @ $9.06 | $9.06 |
| 2024-12-13 | BYERS STEPHEN R Director | Buy | 8.48K @ $9.73 | $82.6K |