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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q4 FY232023-12-31 |
|---|---|---|---|---|---|---|---|
| Revenue | $54.58M | $54.66M | $65.28M | $65.15M | $70.62M | $65.94M | $72.23M |
| Cost of revenue | $19.93M | $18.93M | $21.20M | $22.18M | $20.20M | $21.10M | $22.76M |
| Gross profit | $34.65M | $35.72M | $44.09M | $42.97M | $50.43M | $44.84M | $49.47M |
| Gross margin | 63.5% | 65.4% | 67.5% | 66.0% | 71.4% | 68.0% | 68.5% |
| Operating expenses | $14.81M | $15.33M | $17.51M | $21.60M | $17.45M | $18.15M | $18.52M |
| Operating income | $19.84M | $20.39M | $26.57M | $21.37M | $32.98M | $26.70M | $30.95M |
| Operating margin | 36.3% | 37.3% | 40.7% | 32.8% | 46.7% | 40.5% | 42.9% |
| EBITDA | $19.84M | $20.39M | $26.57M | $21.37M | $32.98M | $26.70M | $30.95M |
| Income before taxes | $19.84M | $20.39M | $26.57M | $21.37M | $32.98M | $26.70M | $30.95M |
| Income taxes | $1.50M | $400.00K | $1.33M | $808.00K | $401.00K | $1.87M | $1.04M |
| Net income | $18.33M | $19.99M | $25.24M | $20.56M | $32.58M | $24.83M | $29.91M |
| Net margin | 33.6% | 36.6% | 38.7% | 31.6% | 46.1% | 37.7% | 41.4% |
| EPS, basic | $0.18 | $0.19 | $0.24 | $0.20 | $0.31 | $0.24 | $0.28 |
| EPS, diluted | $0.18 | $0.19 | $0.24 | $0.20 | $0.31 | $0.24 | $0.28 |
| Diluted shares | 104.71M | 104.71M | 105.04M | 105.23M | 105.37M | 105.52M | 106.35M |
Figures describe Barings BDC shares, not any token. As of Aug 5, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.