Barings BDC, Inc. reported a net increase in net assets resulting from operations of $19.99 million for the three months ended March 31, 2026, compared to $32.58 million for the same period in 2025. Net investment income after taxes was $25.9 million, or $0.25 per share, for the quarter ended March 31, 2026, slightly lower than the $26.39 million, or $0.25 per share, reported for the quarter ended March 31, 2025. The company's total investment income was $60.57 million, a decrease from $64.44 million in the prior year period. This decrease was primarily due to a decrease in interest income from $45.62 million to $41.17 million, partially offset by an increase in dividend income from $10.74 million to $11.91 million.
The company's operating expenses totaled $34.27 million for the three months ended March 31, 2026, compared to $37.65 million for the three months ended March 31, 2025. This decrease was mainly due to a decrease in incentive management fees from $7.74 million to $4.72 million and a decrease in interest and other financing fees from $20.20 million to $18.93 million. These decreases were partially offset by an increase in general and administrative expenses from $1.69 million to $2.32 million. The company also reported net realized losses of $10.79 million and net unrealized appreciation of $4.88 million for the three months ended March 31, 2026.
As of March 31, 2026, the company's total assets were $2.60 billion and total liabilities were $1.45 billion, resulting in net assets of $1.15 billion, or $11.02 per share. This compares to total assets of $2.64 billion, total liabilities of $1.48 billion, and net assets of $1.16 billion, or $11.09 per share, as of December 31, 2025. The company's investment portfolio at fair value was $2.37 billion as of March 31, 2026, consisting of $1.78 billion in non-control/non-affiliate investments, $386.2 million in affiliate investments, and $88.78 million in control investments. The company's investment portfolio at fair value was $2.40 billion as of December 31, 2025, consisting of $1.92 billion in non-control/non-affiliate investments, $399.18 million in affiliate investments, and $82.98 million in control investments.
During the three months ended March 31, 2026, the company made new portfolio company investments totaling $54.7 million and investments in existing portfolio companies totaling $54.0 million. The company also declared a quarterly distribution of $0.26 per share, payable on June 10, 2026, to holders of record as of June 3, 2026. The company's investment activities and financial performance are managed by Barings LLC, its investment adviser, under the terms of the Barings BDC Advisory Agreement.
About Barings BDC, Inc.
Barings BDC, Inc. is a closed-end, non-diversified business development company investing primarily in senior secured private debt of middle-market companies across various industries. It targets established, cash-flow positive businesses, often backed by private equity sponsors, to generate current income through customized financing solutions. Managed by Barings, a global asset manager, Barings BDC emphasizes rigorous credit analysis, active portfolio management, and diversified investments in U.S. and select international markets.
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