Barings BDC Declares $0.26 Quarterly Dividend, Maintains Prior Rate
Barings BDC, Inc., a business development company, announced a quarterly cash dividend of $0.26 per share. The dividend matches the prior quarter's payout and will be paid March 11 to shareholders of record as of March 4.
Barings BDC, Inc. (NYSE: BBDC), a business development company, declared a quarterly cash dividend of $0.26 per share on February 19, 2026. The dividend maintains the rate paid in the previous quarter and represents an annualized yield of approximately 9.4% based on the company's recent net asset value of $11.09 per share. Read more dividend announcements.
Shareholders of record as of March 4, 2026 will receive payment on March 11, 2026. The company did not announce an ex-dividend date.
| Dividend Details | Information |
|---|---|
| Amount per Share | $0.26 |
| Record Date | March 4, 2026 |
| Payment Date | March 11, 2026 |
| Frequency | Quarterly |
Fourth Quarter and Full Year Results
The Charlotte-based company reported net investment income of $28.0 million, or $0.27 per share, for the fourth quarter ended December 31, 2025, down from $33.6 million, or $0.32 per share, in the prior quarter. For the full year 2025, net investment income totaled $117.8 million, or $1.12 per share.
Net increase in assets from operations reached $25.2 million, or $0.24 per share, in the fourth quarter. The company recorded net realized losses of $5.2 million and net unrealized appreciation of $2.5 million during the period. For the full year, operations generated a net increase in assets of $101.9 million, or $0.97 per share.
Portfolio and Balance Sheet
As of December 31, 2025, Barings BDC's investment portfolio stood at $2.40 billion in fair value, down from $2.54 billion at the end of the prior quarter. The weighted average yield on performing debt investments declined to 9.5% from 9.8% in the previous quarter and 10.2% a year earlier.
Total assets decreased to $2.64 billion from $2.82 billion at September 30, 2025. Net asset value per share slipped to $11.09 from $11.10 in the prior quarter and $11.29 a year earlier. The company's debt-to-equity ratio stood at 1.24x, down from 1.40x in the previous quarter.
Outstanding debt principal totaled $1.44 billion as of December 31, 2025, compared to $1.63 billion at the end of the third quarter and $1.46 billion a year earlier.
Dividend Reinvestment Plan
Barings BDC maintains a dividend reinvestment plan that automatically reinvests cash dividends into additional shares of common stock unless shareholders elect to receive cash. Distributions are allocated between current income, accumulated income, capital gains, and return of capital based on GAAP accounting principles, with final tax treatment determined at year-end.
Share Repurchase Program
The company's board authorized a new $30.0 million share repurchase program effective March 1, 2026, running for 12 months. Under the program, Barings BDC may buy back shares in the open market at prices below its then-current net asset value per share. The program replaces a prior authorization under which the company had repurchased 702,054 shares at an average price of $9.04 per share, including commissions, as of February 19, 2026.
Recent Investment Activity
Following the end of the fourth quarter, Barings BDC made approximately $47.6 million in new commitments, of which $37.9 million closed and funded. The new investments consisted of $22.9 million in first lien senior secured debt, $14.7 million in second lien senior secured debt, and $0.3 million in equity investments. The weighted average yield on the debt investments was 8.6%. The company also funded $16.3 million in previously committed revolvers and delayed draw term loans.