Barings BDC Inc
NYSE:BBDC
Income Statement
Earnings Waterfall
Barings BDC Inc
Income Statement
Barings BDC Inc
| Sep-2006 | Dec-2006 | Mar-2007 | Jun-2007 | Sep-2007 | Dec-2007 | Mar-2008 | Jun-2008 | Sep-2008 | Dec-2008 | Mar-2009 | Jun-2009 | Sep-2009 | Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
1
|
1
|
1
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Revenue |
7
N/A
|
7
+1%
|
7
+11%
|
9
+19%
|
11
+21%
|
13
+19%
|
14
+14%
|
16
+12%
|
18
+14%
|
21
+16%
|
24
+12%
|
26
+7%
|
27
+5%
|
28
+4%
|
29
+3%
|
30
+6%
|
33
+9%
|
36
+9%
|
41
+14%
|
49
+20%
|
55
+13%
|
63
+14%
|
70
+10%
|
76
+8%
|
84
+11%
|
90
+8%
|
96
+6%
|
101
+6%
|
104
+3%
|
101
-3%
|
101
0%
|
98
-2%
|
96
-2%
|
105
+9%
|
111
+6%
|
114
+3%
|
120
+5%
|
121
+1%
|
117
-3%
|
118
+1%
|
114
-3%
|
114
-1%
|
117
+3%
|
120
+2%
|
122
+2%
|
123
+0%
|
119
-3%
|
113
-5%
|
95
-16%
|
80
-16%
|
72
-10%
|
67
-8%
|
74
+11%
|
76
+2%
|
76
+1%
|
73
-5%
|
70
-4%
|
71
+2%
|
83
+17%
|
100
+21%
|
119
+19%
|
135
+14%
|
148
+10%
|
171
+15%
|
192
+12%
|
219
+14%
|
243
+11%
|
262
+8%
|
277
+6%
|
289
+4%
|
292
+1%
|
291
0%
|
291
+0%
|
286
-2%
|
281
-2%
|
280
0%
|
282
+1%
|
|
| Gross Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
(5)
|
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(8)
|
(9)
|
(11)
|
(11)
|
(13)
|
(14)
|
(16)
|
(18)
|
(19)
|
(20)
|
(20)
|
(20)
|
(20)
|
(21)
|
(21)
|
(22)
|
(25)
|
(26)
|
(27)
|
(27)
|
(26)
|
(26)
|
(27)
|
(27)
|
(27)
|
(28)
|
(29)
|
(30)
|
(30)
|
(28)
|
(27)
|
(27)
|
(30)
|
(35)
|
(38)
|
(40)
|
(38)
|
(35)
|
(34)
|
(38)
|
(46)
|
(57)
|
(67)
|
(76)
|
(80)
|
(87)
|
(93)
|
(107)
|
(126)
|
(135)
|
(149)
|
(150)
|
(141)
|
(144)
|
(142)
|
(140)
|
(152)
|
(150)
|
|
| Gross Profit |
5
N/A
|
5
+2%
|
6
+13%
|
7
+24%
|
9
+26%
|
11
+23%
|
12
+16%
|
14
+11%
|
15
+12%
|
17
+11%
|
19
+9%
|
19
+4%
|
20
+3%
|
21
+4%
|
22
+4%
|
23
+7%
|
26
+11%
|
28
+9%
|
33
+18%
|
41
+22%
|
46
+14%
|
53
+13%
|
59
+12%
|
63
+7%
|
69
+11%
|
74
+7%
|
78
+5%
|
82
+6%
|
84
+2%
|
81
-4%
|
80
-1%
|
78
-3%
|
75
-4%
|
83
+11%
|
89
+7%
|
90
+1%
|
94
+5%
|
95
+0%
|
90
-4%
|
91
+1%
|
88
-4%
|
87
-1%
|
90
+4%
|
93
+3%
|
94
+2%
|
94
-1%
|
89
-5%
|
83
-7%
|
68
-18%
|
54
-21%
|
45
-16%
|
36
-19%
|
39
+6%
|
37
-3%
|
36
-3%
|
35
-4%
|
35
0%
|
37
+7%
|
45
+21%
|
54
+20%
|
62
+15%
|
68
+11%
|
73
+7%
|
91
+25%
|
105
+15%
|
126
+20%
|
135
+7%
|
136
+1%
|
142
+4%
|
140
-1%
|
142
+1%
|
150
+6%
|
148
-2%
|
144
-2%
|
141
-3%
|
129
-8%
|
132
+2%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
(5)
|
(5)
|
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(10)
|
(11)
|
(12)
|
(13)
|
(14)
|
(15)
|
(16)
|
(17)
|
(19)
|
(20)
|
(19)
|
(20)
|
(19)
|
(18)
|
(21)
|
(23)
|
(22)
|
(24)
|
(23)
|
(28)
|
(28)
|
(27)
|
(28)
|
(23)
|
(22)
|
(23)
|
(22)
|
(22)
|
(25)
|
(58)
|
(54)
|
(50)
|
(44)
|
(7)
|
(7)
|
(6)
|
(6)
|
(6)
|
(6)
|
(7)
|
(8)
|
(9)
|
(9)
|
(9)
|
(10)
|
(11)
|
(10)
|
(10)
|
(9)
|
(9)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(9)
|
(9)
|
(8)
|
|
| Selling, General & Administrative |
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
(5)
|
(5)
|
(6)
|
(6)
|
(7)
|
(7)
|
(7)
|
(6)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(10)
|
(11)
|
(12)
|
(13)
|
(14)
|
(15)
|
(16)
|
(17)
|
(19)
|
(20)
|
(19)
|
(20)
|
(19)
|
(18)
|
(21)
|
(23)
|
(22)
|
(24)
|
(23)
|
(27)
|
(28)
|
(27)
|
(28)
|
(23)
|
(22)
|
(23)
|
(22)
|
(22)
|
(25)
|
(58)
|
(54)
|
(50)
|
(44)
|
(7)
|
(7)
|
(6)
|
(6)
|
(6)
|
(6)
|
(7)
|
(8)
|
(9)
|
(9)
|
(9)
|
(10)
|
(11)
|
(10)
|
(10)
|
(9)
|
(9)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(9)
|
(9)
|
(8)
|
|
| Depreciation & Amortization |
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Operating Income |
3
N/A
|
3
-2%
|
4
+13%
|
4
+18%
|
5
+28%
|
6
+21%
|
8
+20%
|
9
+12%
|
10
+15%
|
11
+8%
|
12
+14%
|
13
+6%
|
13
+4%
|
14
+5%
|
15
+8%
|
16
+9%
|
19
+14%
|
21
+9%
|
25
+22%
|
31
+22%
|
35
+15%
|
41
+15%
|
45
+12%
|
49
+7%
|
54
+11%
|
58
+6%
|
61
+5%
|
63
+4%
|
64
+1%
|
62
-4%
|
60
-2%
|
59
-3%
|
57
-2%
|
62
+8%
|
66
+6%
|
67
+2%
|
71
+5%
|
72
+1%
|
62
-13%
|
64
+3%
|
61
-4%
|
59
-3%
|
67
+14%
|
70
+4%
|
71
+2%
|
72
+1%
|
67
-7%
|
58
-14%
|
10
-83%
|
(0)
N/A
|
(5)
-4 730%
|
(7)
-55%
|
32
N/A
|
31
-3%
|
30
-2%
|
29
-3%
|
29
0%
|
31
+7%
|
38
+23%
|
46
+21%
|
53
+15%
|
59
+11%
|
64
+8%
|
81
+27%
|
94
+16%
|
116
+24%
|
125
+7%
|
127
+2%
|
133
+5%
|
130
-2%
|
132
+1%
|
140
+7%
|
138
-2%
|
135
-2%
|
132
-2%
|
120
-9%
|
124
+3%
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
4
|
6
|
6
|
3
|
4
|
2
|
1
|
1
|
(1)
|
(3)
|
(6)
|
(12)
|
(16)
|
(10)
|
(6)
|
2
|
8
|
6
|
9
|
11
|
16
|
17
|
13
|
11
|
5
|
4
|
7
|
11
|
16
|
21
|
16
|
20
|
(10)
|
(31)
|
(39)
|
(51)
|
(28)
|
(22)
|
(10)
|
(17)
|
(24)
|
(24)
|
(38)
|
(49)
|
(116)
|
(100)
|
(88)
|
(61)
|
(46)
|
(105)
|
(81)
|
(85)
|
(28)
|
28
|
(117)
|
(70)
|
(32)
|
(20)
|
108
|
74
|
38
|
19
|
13
|
(57)
|
(75)
|
(110)
|
(100)
|
(39)
|
(36)
|
(0)
|
2
|
(27)
|
(20)
|
(21)
|
(29)
|
(16)
|
(18)
|
|
| Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(1)
|
(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(11)
|
(11)
|
(11)
|
(11)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(3)
|
(3)
|
(3)
|
(2)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Pre-Tax Income |
7
N/A
|
9
+16%
|
9
+6%
|
7
-21%
|
10
+32%
|
9
-7%
|
9
-2%
|
9
+8%
|
9
-9%
|
8
-9%
|
6
-19%
|
1
-91%
|
(3)
N/A
|
4
N/A
|
9
+113%
|
19
+109%
|
27
+43%
|
26
-4%
|
34
+32%
|
41
+23%
|
52
+25%
|
58
+12%
|
58
+0%
|
59
+2%
|
58
-2%
|
61
+5%
|
66
+10%
|
73
+9%
|
79
+9%
|
82
+3%
|
76
-7%
|
79
+4%
|
48
-40%
|
32
-34%
|
27
-14%
|
15
-46%
|
41
+179%
|
48
+18%
|
52
+8%
|
47
-11%
|
37
-21%
|
35
-6%
|
29
-15%
|
21
-29%
|
(44)
N/A
|
(28)
+37%
|
(20)
+26%
|
(3)
+86%
|
(47)
-1 494%
|
(115)
-148%
|
(97)
+16%
|
(103)
-7%
|
3
N/A
|
59
+1 740%
|
(87)
N/A
|
(42)
+52%
|
(4)
+91%
|
8
N/A
|
143
+1 647%
|
118
-18%
|
89
-24%
|
78
-13%
|
76
-2%
|
24
-69%
|
19
-20%
|
6
-68%
|
25
+309%
|
88
+254%
|
97
+10%
|
130
+33%
|
134
+3%
|
113
-15%
|
118
+4%
|
114
-4%
|
102
-10%
|
104
+2%
|
106
+2%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
(1)
|
(1)
|
(2)
|
(3)
|
(3)
|
(2)
|
(2)
|
(0)
|
(0)
|
(0)
|
(1)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
1
|
1
|
1
|
2
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(2)
|
(2)
|
(1)
|
(2)
|
(0)
|
(0)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
|
| Income from Continuing Operations |
7
|
9
|
9
|
7
|
10
|
9
|
9
|
9
|
8
|
8
|
6
|
1
|
(3)
|
4
|
9
|
18
|
26
|
25
|
34
|
41
|
52
|
57
|
57
|
58
|
57
|
60
|
66
|
72
|
79
|
81
|
75
|
78
|
46
|
28
|
24
|
12
|
39
|
48
|
52
|
46
|
36
|
34
|
29
|
20
|
(45)
|
(29)
|
(21)
|
(4)
|
(48)
|
(114)
|
(96)
|
(102)
|
5
|
58
|
(87)
|
(42)
|
(4)
|
8
|
143
|
118
|
89
|
78
|
76
|
22
|
17
|
5
|
23
|
88
|
97
|
128
|
132
|
112
|
115
|
110
|
99
|
100
|
102
|
|
| Net Income (Common) |
6
N/A
|
7
+17%
|
8
+9%
|
7
-15%
|
9
+39%
|
9
-3%
|
9
-3%
|
9
+7%
|
8
-10%
|
8
-8%
|
6
-17%
|
1
-90%
|
(3)
N/A
|
4
N/A
|
9
+119%
|
18
+111%
|
26
+43%
|
25
-4%
|
34
+32%
|
41
+23%
|
52
+25%
|
57
+10%
|
57
+0%
|
58
+2%
|
57
-2%
|
60
+6%
|
66
+10%
|
72
+9%
|
79
+10%
|
81
+3%
|
75
-7%
|
78
+3%
|
46
-41%
|
28
-38%
|
24
-15%
|
12
-50%
|
39
+219%
|
48
+23%
|
52
+8%
|
46
-11%
|
36
-22%
|
34
-6%
|
29
-15%
|
20
-30%
|
(45)
N/A
|
(29)
+36%
|
(21)
+26%
|
(4)
+81%
|
(48)
-1 089%
|
(114)
-139%
|
(96)
+16%
|
(102)
-6%
|
5
N/A
|
58
+1 081%
|
(87)
N/A
|
(42)
+52%
|
(4)
+90%
|
8
N/A
|
143
+1 646%
|
118
-18%
|
89
-24%
|
78
-13%
|
76
-2%
|
22
-71%
|
17
-21%
|
5
-73%
|
23
+396%
|
88
+279%
|
97
+10%
|
128
+32%
|
132
+3%
|
112
-16%
|
115
+3%
|
110
-4%
|
99
-10%
|
100
+1%
|
102
+2%
|
|
| EPS (Diluted) |
1.1
N/A
|
1.04
-5%
|
1.14
+10%
|
0.97
-15%
|
1.33
+37%
|
1.31
-2%
|
1.26
-4%
|
1.34
+6%
|
1.2
-10%
|
1.11
-7%
|
0.91
-18%
|
0.07
-92%
|
-0.31
N/A
|
0.47
N/A
|
0.73
+55%
|
1.54
+111%
|
2.15
+40%
|
1.99
-7%
|
1.99
N/A
|
2.22
+12%
|
2.57
+16%
|
2.9
+13%
|
2.27
-22%
|
2.13
-6%
|
2.08
-2%
|
2.25
+8%
|
2.4
+7%
|
2.62
+9%
|
2.87
+10%
|
2.94
+2%
|
2.72
-7%
|
2.8
+3%
|
1.5
-46%
|
0.95
-37%
|
0.73
-23%
|
0.36
-51%
|
1.17
+225%
|
1.44
+23%
|
1.56
+8%
|
1.39
-11%
|
0.95
-32%
|
0.94
-1%
|
0.67
-29%
|
0.42
-37%
|
-0.94
N/A
|
-0.62
+34%
|
-0.44
+29%
|
-0.08
+82%
|
-0.91
-1 038%
|
-2.29
-152%
|
-1.86
+19%
|
-2.01
-8%
|
0.1
N/A
|
1.16
+1 060%
|
-1.8
N/A
|
-0.87
+52%
|
-0.08
+91%
|
0.17
N/A
|
2.19
+1 188%
|
1.8
-18%
|
1.36
-24%
|
1.19
-13%
|
0.92
-23%
|
0.19
-79%
|
0.15
-21%
|
0.05
-67%
|
0.22
+340%
|
0.82
+273%
|
0.9
+10%
|
1.2
+33%
|
1.24
+3%
|
1.05
-15%
|
1.09
+4%
|
1.04
-5%
|
0.94
-10%
|
0.95
+1%
|
0.96
+1%
|
|