Barings BDC (BBDC)
Finances middle-market companies through senior secured loans managed by Barings.
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An externally managed BDC that invests primarily in senior secured loans to middle-market companies across industries. Barings supplies investment and administrative services, separating the listed vehicle from its external manager.
Pursues private credit for middle-market companies, primarily through senior secured loans to companies across industries. The listed investment company is a business development company, rather than an operating business that sells products or services.
Barings LLC serves as investment adviser and administrator, providing day-to-day investment and administrative services. The issuer reports no employees, so the operating model depends on those advisory and administration agreements.
The company emerged from Triangle Capital's portfolio sale and externalization to Barings, then completed combinations with MVC Capital and Sierra Income. Its common shares trade on the NYSE under BBDC.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 10, 2026 | Wells Fargo | Reiterate | Rating: —Target: $12.50 | Target: $10 |
| May 28, 2025 | Wells Fargo | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $51.4M · Total debt $1.39B · Total assets $2.58B · Shareholders' equity $1.15B
- Revenue
- $83.7M
- Operating income
- $38.3M
- Net income
- $18.3M
HistoryDividendAnnual yield
| Institutions | 48.05% | 50.31M shares | |
|---|---|---|---|
| 207 holders · as of Jun 30, 2026 | |||
| Insiders | 0.20% | 209.5K shares | |
| 5 holders · as of Jun 5, 2026 | |||
| Other | 51.75% | 54.19M shares | |
| remainder | |||
104.71M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Barings LLCInstitution | 13.03% | 13.64M | as of Jun 30, 2026 |
Private Management Group IncInstitution | 4.56% | 4.78M | as of Jun 30, 2026 |
Ares Management LLCInstitution | 3.98% | 4.16M | as of Jun 30, 2026 |
Cresset Asset Management, LLCInstitution | 2.43% | 2.55M | as of Jun 30, 2026 |
Van Eck Associates CorpInstitution | 2.21% | 2.31M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 3, 2026 | Thomas McDonnell | officer: Chief Executive Officer | +10,000 | $8.27 |
| Dec 9, 2025 | Stephen R. Byers | director | −5,671 | $8.98 |
| Dec 9, 2025 | Stephen R. Byers | director | +6,761 | $8.97 |
- Ares Capital
Large-scale direct lender to U.S. middle-market borrowers
- Blue Owl Capital
Direct lender to U.S. middle-market companies
- FS KKR Capital
Customized credit provider to private U.S. middle-market companies
- Blackstone Secured Lending Fund
First-lien private-credit lender to U.S. companies
- Golub Capital BDC
Private-equity-sponsored middle-market credit lender
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Barings BDC | $8.79 | −0.17% | $921.4M | 10.6 | 8.5 | 3.6 | +42.3% |
| Ares Capital | $19.38 | −0.33% | $13.96B | 14.4 | 10.1 | 6.0 | +32.6% |
| Blue Owl Capital | $11.21 | +0.13% | $5.55B | 20.0 | 8.7 | 3.9 | −20.8% |
| FS KKR Capital | $11.40 | −0.26% | $3.20B | — | 7.3 | 3.4 | +11.5% |
| Blackstone Secured Lending Fund | $24.82 | −0.58% | $5.81B | 19.6 | 9.5 | 5.5 | +25.9% |
| Golub Capital BDC | $12.57 | +0.13% | $3.27B | 22.8 | 9.8 | 4.6 | −14.2% |
| Median | 19.8 | 9.5 | 4.6 | +11.5% |