BBDC

EX-99.1

2 exhibit99120260507earnings.htm

EX-99.1

Document

Exhibit 99.1

BARINGS BDC, INC. REPORTS FIRST QUARTER 2026 RESULTS AND

ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.26 PER SHARE

CHARLOTTE, N.C., May 7, 2026 - Barings BDC, Inc. (NYSE: BBDC) (“Barings BDC” or the “Company”) today reported its financial and operating results for the first quarter of 2026 and announced that the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.26 per share.

Highlights

Three Months EndedThree Months Ended

Income Statement

March 31, 2026 December 31, 2025

(dollars in millions, except per share data)Total Amount Per

Share(1) Total Amount Per

Share(2)

Net investment income $25.9$0.25$28.0$0.27

Net realized gains (losses)$(10.8)$(0.10)$(5.2)$(0.05)

Net unrealized appreciation (depreciation)$4.9$0.05$2.5$0.02

Net increase in net assets resulting from operations$20.0$0.19$25.2$0.24

Dividends paid$0.26$0.26

(1) Based on weighted average shares outstanding during the period of 104,706,884.

(2) Based on weighted average shares outstanding during the period of 105,043,119.

Investment Portfolio and Balance Sheet

(dollars in millions, except per share data) As of

March 31, 2026

As of

December 31, 2025

Investment portfolio at fair value$2,370.0$2,398.5

Weighted average yield on performing debt investments (at principal amount)9.4 %9.5 %

Total assets$2,600.1$2,636.4

Debt outstanding (principal)$1,425.2$1,439.3

Total net assets (equity)$1,153.5$1,160.7

Net asset value per share$11.02$11.09

Debt-to-equity ratio1.24x1.24x

Net debt-to-equity ratio (adjusted for unrestricted cash and net unsettled transactions)(1)

1.17x1.15x

(1) See the “Non-GAAP Financial Measures” section of this press release.

First Quarter 2026 Results

Commenting on the quarter, Thomas McDonnell, Chief Executive Officer of Barings BDC, stated, “During the first quarter, we continued to deliver solid operating performance and declared a $0.26 quarterly dividend, which was supported by the strength and resilience of our predominantly senior secured portfolio. Despite a volatile market backdrop, we believe credit quality remains sound, liquidity is ample, and we are continuing to execute on initiatives designed to enhance long‑term shareholder value.”

During the three months ended March 31, 2026, the Company reported total investment income of $60.6 million, net investment income of $25.9 million, or $0.25 per share, and a net increase in net assets resulting from operations of $20.0 million, or $0.19 per share.

Net asset value (“NAV”) per share as of March 31, 2026 was $11.02, as compared to $11.09 as of December 31, 2025. During the three months ended March 31, 2026, the NAV per share activity was primarily attributed to net realized loss on investments, foreign currency transactions and forward currency contracts of $0.11 per share, and the Company’s first quarter dividend exceeding net investment income by $0.01 per share, partially offset by net unrealized appreciation on the Company’s investment portfolio, credit support agreement, foreign currency transactions and forward currency contracts of approximately $0.05 per share.

Recent Portfolio Activity

During the three months ended March 31, 2026, the Company made 13 new investments totaling $54.7 million and made investments in existing portfolio companies totaling $54.0 million. The Company had 10 loans repaid totaling $66.4 million and recognized a net realized gain on these transactions of $0.5 million. The Company also received $31.4 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.9 million. The Company received $22.3 million of return of capital from joint ventures, equity, and royalty rights investments. Also, investments in one portfolio company were restructured, which resulted in a net realized loss of $4.5 million. Lastly, the Company received proceeds related to the sale of equity investments and the Sierra Income Corporation collateralized loan obligation investments totaling $5.3 million and recognized a net realized loss on such sales totaling $3.2 million.

During the three months ended March 31, 2026, the Company recorded net unrealized appreciation totaling $4.9 million, consisting of net unrealized appreciation reclassification adjustments of $7.4 million related to the net realized losses on the sales / exits of certain investments, net unrealized appreciation related to forward currency contracts of $5.5 million, unrealized appreciation of $5.3 million on the Sierra credit support agreement with Barings LLC (“Barings”), net unrealized appreciation related to foreign currency transactions of $4.1 million, and a deferred tax asset of $0.1 million, partially offset by net unrealized depreciation on the Company’s current portfolio of $17.5 million. The net unrealized depreciation on the Company’s current portfolio of $17.5 million was driven primarily by

bbdc-202602190001379785FALSE00013797852026-02-192026-02-19

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 19, 2026

Barings BDC, Inc. (Exact name of registrant as specified in its charter)

Maryland 814-00733 06-1798488 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

300 South Tryon Street, Suite 2500 Charlotte, North Carolina 28202 (Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (704) 805-7200 N/A (Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered Common Stock, par value $0.001 per shareBBDCThe New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.    Results of Operations and Financial Condition. On February 19, 2026, Barings BDC, Inc. (the “Company” or “Barings BDC”) issued a press release announcing its financial results for the quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Item 2.02 of this Current Report on Form 8-K, and Exhibit 99.1 attached hereto, is being furnished by the Company in satisfaction of the public disclosure requirements of Item 2.02 of Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information included in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended.

Item 7.01.    Regulation FD Disclosure. Additionally, on February 19, 2026, the Company made available on its website, www.baringsbdc.com, a supplemental investor presentation with respect to the fourth quarter and year-end 2025 earnings release. The information furnished in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.

Item 9.01.    Financial Statements and Exhibits. (d) Exhibits

Exhibit No.  Description 99.1  Press Release, dated February 19, 2026

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Barings BDC, Inc.

Date: February 19, 2026 By: /s/    Elizabeth A. Murray Elizabeth A. Murray Chief Financial Officer and Chief Operating Officer

bbdc-202511060001379785FALSE00013797852025-11-062025-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 6, 2025

Barings BDC, Inc. (Exact name of registrant as specified in its charter)

Maryland 814-00733 06-1798488 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

300 South Tryon Street, Suite 2500 Charlotte, North Carolina 28202 (Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (704) 805-7200 N/A (Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered Common Stock, par value $0.001 per shareBBDCThe New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.    Results of Operations and Financial Condition. On November 6, 2025, Barings BDC, Inc. (the “Company” or “Barings BDC”) issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Item 2.02 of this Current Report on Form 8-K, and Exhibit 99.1 attached hereto, is being furnished by the Company in satisfaction of the public disclosure requirements of Item 2.02 of Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information included in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”).

Item 7.01.    Regulation FD Disclosure. Additionally, on November 6, 2025, the Company made available on its website, www.baringsbdc.com, a supplemental investor presentation with respect to the third quarter 2025 earnings release. The information furnished in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.

Item 9.01.    Financial Statements and Exhibits. (d) Exhibits Exhibit No.  Description 99.1  Press Release, dated November 6, 2025

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Barings BDC, Inc.

Date: November 6, 2025 By: /s/    Elizabeth A. Murray Elizabeth A. Murray Chief Financial Officer and Chief Operating Officer