Barings BDC, Inc. (BBDC) Balance Sheet
BBDC balance sheet, 2025
December 31, 2025 · U.S. dollars$2.64B assets = $1.48B liabilities + $1.16B equity
Both columns are drawn to the same scale: what BBDC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BBDC financial health
Descriptive bands, not a rating. Fiscal 2025.
BBDC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.16B2016 | $2.64B2025 | +9.6%/yr | |
| Total liabilities | $548.5M2016 | $1.48B2025 | +11.6%/yr | |
| Shareholders’ equity | $611.2M2016 | $1.16B2025 | +7.4%/yr | |
| Cash & short-term investments | $107.1M2016 | $66.8M2025 | −5.1%/yr | |
| Total debt | $535.2M2016 | $1.43B2025 | +11.5%/yr | |
| Net cash (debt) | −$428.1M2016 | −$1.36B2025 | −$935.3M | |
| Working capital | $108.1M2016 | $122.2M2025 | +$14.1M | |
| Book value per share | $16.792016 | $11.042025 | −4.6%/yr | |
| Current ratio | 11.022016 | 3.912025 | −7.11 | |
| Debt / equity | 0.882016 | 1.232025 | +0.36 | |
| Shares outstanding | 36.4M2016 | 105.2M2025 | +12.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BBDC assets
BBDC liabilities and equity
BBDC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BBDC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $66.8M | $77.8M | $70.5M | $139.4M | $84.3M | $89.0M | $22.0M | $12.4M | $191.8M | $107.1M |
| Cash & equivalents | $66.8M | $77.8M | $70.5M | $139.4M | $84.3M | $89.0M | $22.0M | $12.4M | $191.8M | $107.1M |
| Short-term investments | — | −$88.3M | $2.49T | $2.4M | $1.49B | $65.6M | $96.6M | $45.2M | $1.02T | $1.04T |
| Receivables | $41.4M | $56.3M | $52.9M | $62.7M | $253.4M | $69.0M | $50.5M | $28.9M | $7.8M | $10.2M |
| Inventory | $0 | $0 | $122.1M | $0 | $0 | $1 | $1 | $1 | $1 | $1 |
| Other current assets | $56.0M | $0 | $0 | $0 | $3.4M | $2.0M | $0 | $4.1M | $1.9M | $1.7M |
| Total current assets | $164.2M | $134.2M | $127.0M | $202.1M | $341.0M | $160.0M | $72.5M | $45.5M | $201.6M | $118.9M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $81,149 | $106,494 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.46B | $2.54B | $2.55B | $54.6M | $1.85B | $1.54B | $1.17B | $1.12B | $1.02B | $1.04B |
| Other non-current assets | $9.7M | $23.9M | $3.9M | $2.45B | $0 | $0 | $6.5M | $251,908 | $5.1M | $2.7M |
| Total assets | $2.64B | $2.70B | $2.68B | $2.71B | $2.16B | $1.68B | $1.25B | $1.17B | $1.22B | $1.16B |
| Liabilities | ||||||||||
| Accounts payable | $7.4M | $29.2M | $12.5M | $44.2M | $34.8M | $9.8M | $12.6M | $34.6M | $16.0M | $10.8M |
| Short-term debt | — | — | $1.44B | $1.45B | $1.37B | $944.0M | $107.2M | $570.0M | $565.8M | $535.2M |
| Deferred revenue | — | — | −$1.43B | −$1.40B | −$26.8M | −$934.2M | −$94.6M | −$28.5M | −$565.8M | −$535.2M |
| Total current liabilities | $42.0M | $29.2M | $12.5M | $44.2M | $34.8M | $9.8M | $12.6M | $604.6M | $16.0M | $10.8M |
| Long-term debt | $0 | $0 | $0 | $735.7M | $0 | $0 | $669.2M | $570.0M | $565.8M | $535.2M |
| Other long-term liabilities | $1.43B | $1.48B | $1.47B | $0 | $1.38B | $949.4M | $3 | $0 | $0 | $2.5M |
| Total liabilities | $1.48B | $1.51B | $1.48B | $1.52B | $1.42B | $959.2M | $681.8M | $604.6M | $581.8M | $548.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $104,000 | $105,000 | $106,000 | $108,000 | $65,000 | $65,316 | $48,951 | $51,284 | $47,741 | $40,401 |
| Retained earnings (deficit) | −$702.3M | −$656.7M | −$658.0M | −$663.8M | −$285.8M | −$310.0M | −$282.9M | −$322.0M | −$182.4M | $5.9M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $570.9M | $0 | −$190.7M | −$81.6M |
| Total shareholders' equity | $1.16B | $1.19B | $1.20B | $1.19B | $741.9M | $717.8M | $570.9M | $563.0M | $641.3M | $611.2M |
| Key figures | ||||||||||
| Total debt | $1.43B | $1.45B | $1.44B | $2.18B | $1.37B | $944.0M | $776.4M | $1.14B | $565.8M | $535.2M |
| Net cash (debt) | −$1.36B | −$1.37B | −$1.37B | −$2.04B | −$1.29B | −$855.0M | −$754.4M | −$1.13B | −$374.0M | −$428.1M |
| Working capital | $122.2M | $105.0M | $114.5M | $158.0M | $306.2M | $150.2M | $59.9M | −$559.1M | $185.6M | $108.1M |
| Tangible book value | $1.16B | $1.19B | $1.20B | $1.19B | $741.9M | $717.8M | $570.9M | $563.0M | $641.3M | $611.2M |
| Book value per share | $11.04 | $11.26 | $11.18 | $11.59 | $11.36 | $14.78 | $11.38 | $11.28 | $13.79 | $16.79 |
| Shares outstanding | 105.2M | 105.7M | 107.0M | 102.9M | 65.3M | 48.6M | 50.2M | 49.9M | 46.5M | 36.4M |
| Current ratio | 3.91 | 4.60 | 10.15 | 4.58 | 9.79 | 16.31 | 5.75 | 0.08 | 12.61 | 11.02 |
| Quick ratio | 2.58 | 4.60 | 9.86 | 4.58 | 9.69 | 16.10 | 5.75 | 0.07 | 12.49 | 10.86 |
| Debt / equity | 1.23 | 1.22 | 1.20 | 1.83 | 1.85 | 1.32 | 1.36 | 2.02 | 0.88 | 0.88 |
| Equity / assets | 44.0% | 44.2% | 44.7% | 44.0% | 34.3% | 42.8% | 45.6% | 48.2% | 52.4% | 52.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $51.4M | $79.8M | $66.8M | $70.3M | $44.5M | $93.4M | $77.8M | $62.8M | $69.3M | $50.7M | $70.5M | $49.8M |
| Cash & equivalents | $51.4M | $79.8M | $66.8M | $70.3M | $44.5M | $93.4M | $77.8M | $62.8M | $69.3M | $50.7M | $70.5M | $49.8M |
| Short-term investments | — | — | — | — | — | — | — | — | −$54.9M | −$56.5M | $2.49T | $2.52T |
| Receivables | $38.2M | $36.8M | $41.4M | $135.9M | $57.3M | $38.2M | $56.3M | $57.2M | $62.8M | $43.8M | $52.9M | $101.2M |
| Inventory | −$1.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $111.5M | $51.67B | $47.32B |
| Other current assets | $25.9M | $0 | $56.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $114.5M | $79.8M | $164.2M | $206.2M | $101.9M | $131.5M | $134.2M | $120.0M | $132.1M | $97.8M | $127.0M | $153.2M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.46B | $2.44B | $2.46B | $2.59B | $2.68B | $2.64B | $2.54B | $2.48B | $2.45B | $2.58B | $2.55B | $2.58B |
| Other non-current assets | $8.5M | $78.7M | $9.7M | $21.3M | $13.0M | $17.1M | $23.9M | $9.6M | $21.0M | $16.9M | $3.9M | $4.4M |
| Total assets | $2.58B | $2.60B | $2.64B | $2.82B | $2.79B | $2.79B | $2.70B | $2.61B | $2.60B | $2.70B | $2.68B | $2.74B |
| Liabilities | ||||||||||||
| Accounts payable | $4.8M | $15.7M | $7.4M | $19.5M | $23.6M | $66.0M | $29.2M | $16.7M | $22.3M | $14.9M | $12.5M | $13.5M |
| Short-term debt | $277.2M | — | — | — | $542.5M | — | — | — | — | — | — | — |
| Total current liabilities | $317.5M | $29.1M | $42.0M | $19.5M | $23.6M | $66.0M | $29.2M | $16.7M | $22.3M | $14.9M | $12.5M | $13.5M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.12B | $1.42B | $1.43B | $1.64B | $1.59B | $1.54B | $1.48B | $1.39B | $1.38B | $1.47B | $1.47B | $1.53B |
| Total liabilities | $1.44B | $1.45B | $1.48B | $1.66B | $1.62B | $1.60B | $1.51B | $1.41B | $1.40B | $1.49B | $1.48B | $1.54B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $104,000 | $104,000 | $104,000 | $105,000 | $105,000 | $105,000 | $105,000 | $106,000 | $106,000 | $106,000 | $106,000 | $107,000 |
| Retained earnings (deficit) | −$718.4M | −$709.5M | −$702.3M | −$677.9M | −$668.9M | −$656.8M | −$656.7M | −$655.1M | −$649.7M | −$641.6M | −$658.0M | −$647.0M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $1.15B | $1.15B | $1.16B | $1.17B | $1.18B | $1.19B | $1.19B | $1.19B | $1.20B | $1.21B | $1.20B | $1.20B |
| Key figures | ||||||||||||
| Total debt | $1.39B | $1.41B | $1.43B | $1.62B | $1.57B | $1.52B | $1.45B | $1.37B | $1.36B | $1.45B | $1.44B | $1.52B |
| Net cash (debt) | −$1.34B | −$1.33B | −$1.36B | −$1.55B | −$1.52B | −$1.42B | −$1.37B | −$1.31B | −$1.29B | −$1.40B | −$1.37B | −$1.47B |
| Working capital | −$202.9M | $50.7M | $122.2M | $186.7M | $78.3M | $65.6M | $105.0M | $103.3M | $109.8M | $82.9M | $114.5M | $139.7M |
| Tangible book value | $1.15B | $1.15B | $1.16B | $1.17B | $1.18B | $1.19B | $1.19B | $1.19B | $1.20B | $1.21B | $1.20B | $1.20B |
| Book value per share | $10.94 | $11.02 | $11.04 | $11.10 | $11.17 | $11.28 | $11.28 | $11.30 | $11.35 | $11.43 | $11.25 | $11.25 |
| Shares outstanding | 104.7M | 104.7M | 105.2M | 105.2M | 105.2M | 105.4M | 105.5M | 105.7M | 105.9M | 106.0M | 106.4M | 106.5M |
| Current ratio | 0.36 | 2.74 | 3.91 | 10.56 | 4.32 | 1.99 | 4.60 | 7.20 | 5.93 | 6.55 | 10.15 | 11.36 |
| Quick ratio | 0.28 | 4.00 | 2.58 | 10.56 | 4.32 | 1.99 | 4.60 | 7.20 | 5.93 | 6.33 | 9.86 | 11.19 |
| Debt / equity | 1.22 | 1.23 | 1.23 | 1.39 | 1.33 | 1.27 | 1.22 | 1.15 | 1.13 | 1.20 | 1.20 | 1.27 |
| Equity / assets | 44.3% | 44.4% | 44.0% | 41.3% | 42.1% | 42.6% | 44.2% | 45.9% | 46.2% | 44.9% | 44.7% | 43.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
BBDC financial position
At the end of fiscal 2025 (December 31, 2025), Barings BDC had total assets of $2.6 billion (down 2.2% from a year earlier), total liabilities of $1.5 billion and shareholders' equity of $1.2 billion. It held $66.8 million in cash and short-term investments against $1.4 billion of debt, net debt of $1.4 billion. Its current ratio was 3.91. In the latest quarter (ended June 30, 2026) total assets were $2.6 billion and equity $1.1 billion.
Related: BBDC income statement, BBDC cash flow statement, BBDC key metrics. See the BBDC stock overview for the latest quote and news.
BBDC balance sheet FAQ
What are Barings BDC's total assets?
Barings BDC reported total assets of $2.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.7 billion a year earlier.
How much debt does Barings BDC have?
Barings BDC had $1.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.23.
How much cash does Barings BDC have?
Barings BDC held $66.8 million in cash and short-term investments at the end of fiscal 2025; with $1.4 billion of debt that is net debt of $1.4 billion.
What is Barings BDC's book value?
Barings BDC's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $11.04 per share.
What is Barings BDC's current ratio?
Barings BDC had current assets of $164.2 million and current liabilities of $42.0 million, a current ratio of 3.91 (it can cover its short-term obligations).