Barings BDC, Inc. Reports Fourth Quarter and Full Year 2023 Results and Announces Quarterly Cash Dividend of $0.26 Per Share
- Positive financial results for Q4 and full year 2023, including a quarterly cash dividend of $0.26 per share.
- Stable and strong investment portfolio with positive trends in net investment income, net realized gains/losses, and net increase in net assets.
- CEO emphasized the strength of the core middle market loan portfolio and the defensive underwriting approach.
- Improved liquidity position through the issuance of $300.0 million in unsecured notes at a 7.00% coupon.
- Authorization of share repurchase programs to enhance shareholder value.
- None.
Insights
The recent financial results from Barings BDC, Inc. indicate a robust quarter with a net investment income increase and a dividend out-earning scenario, which can be seen as a positive sign for investors. Notably, the reported net investment income of $33.4 million, or $0.31 per share and a net increase in net assets resulting from operations of $29.9 million, or $0.28 per share, reflect a stable performance. The net asset value per share showing a slight increase from $11.25 to $11.28 suggests a stable equity position, which could be reassuring for stakeholders concerned about the intrinsic value of their investment.
From a financial perspective, the company's debt-to-equity ratio has slightly decreased from 1.27x to 1.21x, indicating a more conservative capital structure and potentially lower financial risk. The issuance of $300 million in senior unsecured notes at a 7% coupon rate is a strategic move to optimize the company's liability structure and could provide more flexibility in terms of financial maneuvering. However, the interest rate on these notes should be compared with the industry average to assess cost-effectiveness.
Barings BDC's strategic actions, including the share repurchase program and the issuance of new senior unsecured notes, reflect a proactive approach to managing market perceptions and capital structure. The share repurchase program, in particular, may signal to the market the management's confidence in the company's intrinsic value, potentially leading to positive investor sentiment. The repurchase of shares at prices below the net asset value per share could also be accretive to shareholders.
The company's investment activity, with 14 new investments totaling $100.9 million, demonstrates an active approach to portfolio management and an appetite for growth. The weighted average yield on performing debt investments has increased from 9.7% to 10.5%, which may indicate a higher income-generating capability but could also suggest a potential uptick in risk profile, considering higher yields often come with increased credit risk.
The legal framework surrounding the issuance of the February 2029 Notes, including the option for redemption at par plus a 'make whole' premium, is a standard practice in corporate finance. It provides the company with flexibility to manage debt in response to future changes in interest rates or other economic factors. Investors should be aware of these terms as they can affect the future cash flows and the overall return on investment. Additionally, the company's adherence to applicable legal, contractual and regulatory requirements in the execution of its share repurchase program demonstrates a commitment to corporate governance and compliance, which is essential for maintaining investor trust.
Highlights
Income Statement |
Three Months Ended December 31, 2023 |
Three Months Ended September 30, 2023 |
Full Year Ended December 31, 2023 |
|||
(dollars in millions, except per share data) |
Total Amount |
Per Share(1) |
Total Amount |
Per Share(2) |
Total Amount |
Per Share(3) |
Net investment income |
|
|
|
|
|
|
Net realized gains (losses) |
|
|
|
|
|
|
Net unrealized appreciation (depreciation) |
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
|
|
|
|
|
Dividends paid |
|
|
|
|
|
|
(1) |
Based on weighted average shares outstanding during the period of 106,371,835. |
(2) |
Based on weighted average shares outstanding during the period of 106,516,166. |
(3) |
Based on weighted average shares outstanding during the period of 107,040,677. |
Investment Portfolio and Balance Sheet |
|
|
|
(dollars in millions, except per share data) |
As of December 31, 2023 |
As of September 30, 2023 |
As of December 31, 2022 |
Investment portfolio at fair value |
|
|
|
Weighted average yield on performing debt investments (at principal amount) |
10.5 % |
10.6 % |
9.7 % |
|
|
|
|
Total assets |
|
|
|
Debt outstanding (principal) |
|
|
|
Total net assets (equity) |
|
|
|
Net asset value per share |
|
|
|
Debt-to-equity ratio |
1.21x |
1.27x |
1.22x |
Net debt-to-equity ratio (adjusted for unrestricted cash and net unsettled transactions) |
1.15x |
1.18x |
1.12x |
Fourth Quarter 2023 Results
Commenting on the quarter, Eric Lloyd, Chief Executive Officer of Barings BDC, stated, “BBDC fourth quarter results speak to the strength of our core middle market loan portfolio and our defensive approach to underwriting. In the fourth quarter, we out-earned the dividend by approximately
During the three months ended December 31, 2023, the Company reported total investment income of
Net asset value (“NAV”) per share as of December 31, 2023 was
Recent Portfolio Activity
During the three months ended December 31, 2023, the Company made 14 new investments totaling
During the three months ended December 31, 2023, the Company recorded net unrealized depreciation totaling
Liquidity and Capitalization
As of December 31, 2023, the Company had cash and foreign currencies of
On February 12, 2024, the Company issued
Commenting on the Company's liquidity position, Elizabeth Murray, Chief Financial Officer, stated, “During the first quarter, BBDC continued to improve its liquidity position and financing profile through the issuance of
Share Repurchase Program
On February 23, 2023, the Board authorized a 12-month share repurchase program. Under the program, the Company may repurchase, during the 12-month period that commenced on March 1, 2023, up to
On February 22, 2024, the Board authorized a new 12-month share repurchase program. Under the program, the Company may repurchase, during the 12-month period commencing on March 1, 2024, up to
Dividend Information
The Board declared a quarterly cash dividend of
The Company’s first quarter dividend is payable as follows:
First Quarter 2024 Dividend: |
|
Amount per share: |
|
Record date: |
March 6, 2024 |
Payment date: |
March 13, 2024 |
Dividend Reinvestment Plan
Barings BDC has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends and distributions on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend or distribution, stockholders who have not opted out of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash.
When the Company declares and pays dividends and distributions, it determines the allocation of the distribution between current income, accumulated income, capital gains and return of capital on the basis of accounting principles generally accepted in
Subsequent Events
Subsequent to December 31, 2023, the Company made approximately
Conference Call to Discuss Fourth Quarter and Full Year 2023 Results
Barings BDC has scheduled a conference call to discuss fourth quarter and full year 2023 financial and operating results for Friday, February 23, 2024, at 9:00 a.m. ET.
To listen to the call, please dial 877-407-8831 or 201-493-6736 approximately 10 minutes prior to the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until March 1, 2024. To access the replay, please dial 877-660-6853 or 201-612-7415 and enter conference ID 13743633.
This conference call will also be available via a live webcast on the investor relations section of Barings BDC’s website at https://ir.barings.com/ir-calendar. Access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the Company’s website until March 1, 2024.
Forward-Looking Statements
Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or Barings BDC’s future performance or financial condition. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. Forward-looking statements include, but are not limited to, the Company’s projected net investment income and earnings, the Company’s distribution levels and frequency of distributions, the Company’s share repurchase activity, and the Company’s investment activity and the ability of Barings LLC to manage Barings BDC and identify investment opportunities, all of which are subject to change at any time based upon economic, market or other conditions, and may not be relied upon as investment advice or an indication of Barings BDC’s trading intent. More information on the risks and other potential factors that could affect Barings BDC’s financial results and future events, including important factors that could cause actual results or events to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is included in Barings BDC’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Barings BDC’s most recently filed annual report on Form 10-K, as well as in subsequent filings, including Barings BDC’s quarterly reports on Form 10-Q. In addition, there is no assurance that Barings BDC or any of its affiliates will purchase additional shares of Barings BDC at any specific discount levels or in any specific amounts. There is no assurance that the market price of Barings BDC’s shares, either absolutely or relative to NAV, will increase as a result of any share repurchases, or that any repurchase plan will enhance stockholder value over the long term.
Non-GAAP Financial Measures
To provide additional information about the Company’s results, the Company’s management has discussed in this press release the Company’s net debt (calculated as (i) total debt less (ii) unrestricted cash and foreign currencies (excluding restricted cash) net of net payables/receivables from unsettled transactions) and its net debt-to-equity ratio (calculated as net debt divided by total net assets), which are not prepared in accordance with GAAP. These non-GAAP measures are included to supplement the Company’s financial information presented in accordance with GAAP and because the Company uses such measures to monitor and evaluate its leverage and financial condition and believes the presentation of these measures enhances investors’ ability to analyze trends in the Company’s business and to evaluate the Company’s leverage and ability to take on additional debt. However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP.
These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate the Company’s results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Item 10(e) of Regulation S-K, as promulgated under the Securities Exchange Act of 1934, as amended, the Company has provided a reconciliation of these non-GAAP measures in the last table included in this press release.
About Barings BDC
Barings BDC, Inc. (NYSE: BBDC) is a publicly traded, externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Barings BDC seeks to invest primarily in senior secured loans in middle-market companies that operate across a wide range of industries. Barings BDC’s investment activities are managed by its investment adviser, Barings LLC, a leading global asset manager based in
About Barings LLC
Barings is a
*Assets under management as of December 31, 2023
Barings BDC, Inc. Consolidated Balance Sheets (in thousands, except share and per share data)
|
||||||||
|
|
December 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
Assets: |
|
|
|
|
||||
Investments at fair value: |
|
|
|
|
||||
Non-Control / Non-Affiliate investments (cost of |
|
$ |
1,995,372 |
|
|
$ |
2,052,614 |
|
Affiliate investments (cost of |
|
|
402,423 |
|
|
|
289,993 |
|
Control investments (cost of |
|
|
90,920 |
|
|
|
106,328 |
|
Total investments at fair value |
|
|
2,488,715 |
|
|
|
2,448,935 |
|
Cash |
|
|
57,187 |
|
|
|
96,160 |
|
Foreign currencies (cost of |
|
|
13,341 |
|
|
|
43,255 |
|
Interest and fees receivable |
|
|
51,598 |
|
|
|
42,738 |
|
Prepaid expenses and other assets |
|
|
3,564 |
|
|
|
1,079 |
|
Credit support agreements (cost of |
|
|
57,800 |
|
|
|
53,086 |
|
Derivative assets |
|
|
1 |
|
|
|
1,508 |
|
Deferred financing fees |
|
|
3,948 |
|
|
|
3,224 |
|
Receivable from unsettled transactions |
|
|
1,299 |
|
|
|
19,972 |
|
Total assets |
|
$ |
2,677,453 |
|
|
$ |
2,709,957 |
|
Liabilities: |
|
|
|
|
||||
Accounts payable and accrued liabilities |
|
$ |
2,950 |
|
|
$ |
971 |
|
Interest payable |
|
|
8,450 |
|
|
|
7,635 |
|
Administrative fees payable |
|
|
536 |
|
|
|
677 |
|
Base management fees payable |
|
|
8,347 |
|
|
|
7,981 |
|
Incentive management fees payable |
|
|
7,737 |
|
|
|
— |
|
Derivative liabilities |
|
|
11,265 |
|
|
|
16,677 |
|
Payable from unsettled transactions |
|
|
1,112 |
|
|
|
35,565 |
|
Borrowings under credit facilities |
|
|
719,914 |
|
|
|
729,144 |
|
Notes payable (net of deferred financing fees) |
|
|
720,583 |
|
|
|
718,978 |
|
Total liabilities |
|
|
1,480,894 |
|
|
|
1,517,628 |
|
Commitments and contingencies |
|
|
|
|
||||
Net Assets: |
|
|
|
|
||||
Common stock, |
|
|
106 |
|
|
|
108 |
|
Additional paid-in capital |
|
|
1,854,457 |
|
|
|
1,855,975 |
|
Total distributable earnings (loss) |
|
|
(658,004 |
) |
|
|
(663,754 |
) |
Total net assets |
|
|
1,196,559 |
|
|
|
1,192,329 |
|
Total liabilities and net assets |
|
$ |
2,677,453 |
|
|
$ |
2,709,957 |
|
Net asset value per share |
|
$ |
11.28 |
|
|
$ |
11.05 |
|
Barings BDC, Inc. Consolidated Statements of Operations (in thousands, except share and per share data)
|
||||||||||||
|
|
Three Months Ended (Unaudited) |
|
Full Year Ended |
||||||||
|
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2023 |
||||||
Investment income: |
|
|
|
|
|
|
||||||
Interest income: |
|
|
|
|
|
|
||||||
Non-Control / Non-Affiliate investments |
|
$ |
56,232 |
|
$ |
54,365 |
|
|
$ |
216,326 |
||
Affiliate investments |
|
|
760 |
|
|
|
576 |
|
|
|
2,175 |
|
Control investments |
|
|
77 |
|
|
|
464 |
|
|
|
1,288 |
|
Total interest income |
|
|
57,069 |
|
|
|
55,405 |
|
|
|
219,789 |
|
Dividend income: |
|
|
|
|
|
|
||||||
Non-Control / Non-Affiliate investments |
|
|
1,428 |
|
|
|
897 |
|
|
|
3,983 |
|
Affiliate investments |
|
|
8,849 |
|
|
|
7,618 |
|
|
|
32,934 |
|
Total dividend income |
|
|
10,277 |
|
|
|
8,515 |
|
|
|
36,917 |
|
Fee and other income: |
|
|
|
|
|
|
||||||
Non-Control / Non-Affiliate investments |
|
|
3,094 |
|
|
|
2,544 |
|
|
|
12,951 |
|
Affiliate investments |
|
|
46 |
|
|
|
88 |
|
|
|
337 |
|
Control investments |
|
|
12 |
|
|
|
18 |
|
|
|
113 |
|
Total fee and other income |
|
|
3,152 |
|
|
|
2,650 |
|
|
|
13,401 |
|
Payment-in-kind interest income: |
|
|
|
|
|
|
||||||
Non-Control / Non-Affiliate investments |
|
|
3,646 |
|
|
|
3,317 |
|
|
|
15,280 |
|
Affiliate investments |
|
|
273 |
|
|
|
412 |
|
|
|
936 |
|
Control investments |
|
|
1,166 |
|
|
|
250 |
|
|
|
1,912 |
|
Total payment-in-kind interest income |
|
|
5,085 |
|
|
|
3,979 |
|
|
|
18,128 |
|
Interest income from cash |
|
|
265 |
|
|
|
297 |
|
|
|
966 |
|
Total investment income |
|
|
75,848 |
|
|
|
70,846 |
|
|
|
289,201 |
|
Operating expenses: |
|
|
|
|
|
|
||||||
Interest and other financing fees |
|
|
22,755 |
|
|
|
21,829 |
|
|
|
84,711 |
|
Base management fee |
|
|
8,347 |
|
|
|
8,315 |
|
|
|
32,649 |
|
Incentive management fees |
|
|
7,737 |
|
|
|
4,618 |
|
|
|
32,046 |
|
General and administrative expenses |
|
|
2,438 |
|
|
|
2,363 |
|
|
|
9,984 |
|
Total operating expenses |
|
|
41,277 |
|
|
|
37,125 |
|
|
|
159,390 |
|
Net investment income before taxes |
|
|
34,571 |
|
|
|
33,721 |
|
|
|
129,811 |
|
Income taxes, including excise tax expense |
|
|
1,200 |
|
|
|
412 |
|
|
|
2,007 |
|
Net investment income after taxes |
|
$ |
33,371 |
|
|
$ |
33,309 |
|
|
$ |
127,804 |
|
Barings BDC, Inc. Consolidated Statements of Operations - (Continued) (in thousands, except share and per share data)
|
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended (Unaudited) |
|
Full Year Ended |
||||||||
|
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2023 |
||||||
Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts: |
|
|
|
|
|
|
||||||
Net realized gains (losses): |
|
|
|
|
|
|
||||||
Non-Control / Non-Affiliate investments |
|
$ |
2,673 |
|
|
$ |
(16,696 |
) |
|
$ |
(59,469 |
) |
Affiliate investments |
|
|
(64 |
) |
|
|
— |
|
|
|
(64 |
) |
Net realized gains (losses) on investments |
|
|
2,609 |
|
|
|
(16,696 |
) |
|
|
(59,533 |
) |
Foreign currency transactions |
|
|
416 |
|
|
|
(330 |
) |
|
|
4,160 |
|
Forward currency contracts |
|
|
9,768 |
|
|
|
(234 |
) |
|
|
(7,377 |
) |
Net realized gains (losses) |
|
|
12,793 |
|
|
|
(17,260 |
) |
|
|
(62,750 |
) |
Net unrealized appreciation (depreciation): |
|
|
|
|
|
|
||||||
Non-Control / Non-Affiliate investments |
|
|
21,026 |
|
|
|
9,336 |
|
|
|
83,134 |
|
Affiliate investments |
|
|
(6,486 |
) |
|
|
184 |
|
|
|
7,260 |
|
Control investments |
|
|
(5,334 |
) |
|
|
(15,999 |
) |
|
|
(23,000 |
) |
Net unrealized appreciation (depreciation) on investments |
|
|
9,206 |
|
|
|
(6,479 |
) |
|
|
67,394 |
|
Credit support agreements |
|
|
3,600 |
|
|
|
(6,450 |
) |
|
|
4,714 |
|
Foreign currency transactions |
|
|
(9,983 |
) |
|
|
7,560 |
|
|
|
(13,389 |
) |
Forward currency contracts |
|
|
(19,238 |
) |
|
|
7,379 |
|
|
|
3,905 |
|
Net unrealized appreciation (depreciation) |
|
|
(16,415 |
) |
|
|
2,010 |
|
|
|
62,624 |
|
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts |
|
|
(3,622 |
) |
|
|
(15,250 |
) |
|
|
(126 |
) |
Benefit from (provision for) taxes |
|
|
160 |
|
|
|
262 |
|
|
|
321 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
29,909 |
|
|
$ |
18,321 |
|
|
$ |
127,999 |
|
Net investment income per share — basic and diluted |
|
$ |
0.31 |
|
|
$ |
0.31 |
|
|
$ |
1.19 |
|
Net increase (decrease) in net assets resulting from operations per share — basic and diluted |
|
$ |
0.28 |
|
|
$ |
0.17 |
|
|
$ |
1.20 |
|
Dividends / distributions per share: |
|
|
|
|
|
|
||||||
Total dividends/distributions per share |
|
$ |
0.26 |
|
|
$ |
0.26 |
|
|
$ |
1.02 |
|
Weighted average number of shares outstanding — basic and diluted |
|
|
106,371,835 |
|
|
|
106,516,166 |
|
|
|
107,040,677 |
|
Barings BDC, Inc. Consolidated Statements of Cash Flows (in thousands)
|
||||||||||||
|
|
Year Ended December 31, |
||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
||||||
Net increase (decrease) in net assets resulting from operations |
|
$ |
127,999 |
|
|
$ |
4,681 |
|
|
$ |
77,685 |
|
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||||||
Purchases of portfolio investments |
|
|
(614,648 |
) |
|
|
(1,162,247 |
) |
|
|
(1,461,057 |
) |
Net cash acquired from Sierra merger (cash consideration paid) |
|
|
— |
|
|
|
101,896 |
|
|
|
— |
|
Transaction costs from Sierra merger |
|
|
— |
|
|
|
(8,127 |
) |
|
|
— |
|
Repayments received / sales of portfolio investments |
|
|
593,505 |
|
|
|
1,041,370 |
|
|
|
943,867 |
|
Purchases of short-term investments |
|
|
— |
|
|
|
— |
|
|
|
(297,561 |
) |
Sales of short-term investments |
|
|
— |
|
|
|
— |
|
|
|
363,118 |
|
Loan origination and other fees received |
|
|
8,286 |
|
|
|
20,120 |
|
|
|
30,504 |
|
Net realized (gain) loss on investments |
|
|
59,533 |
|
|
|
11,020 |
|
|
|
(2,645 |
) |
Net realized (gain) loss on foreign currency transactions |
|
|
(4,160 |
) |
|
|
1,259 |
|
|
|
5,647 |
|
Net realized (gain) loss on forward currency contracts |
|
|
7,377 |
|
|
|
(25,140 |
) |
|
|
378 |
|
Net unrealized (appreciation) depreciation on investments |
|
|
(67,394 |
) |
|
|
124,189 |
|
|
|
(3,029 |
) |
Net unrealized (appreciation) depreciation of CSAs |
|
|
(4,714 |
) |
|
|
6,714 |
|
|
|
(1,800 |
) |
Net unrealized (appreciation) depreciation on foreign currency transactions |
|
|
13,389 |
|
|
|
(22,812 |
) |
|
|
(17,014 |
) |
Net unrealized (appreciation) depreciation on forward currency contracts |
|
|
(3,905 |
) |
|
|
14,950 |
|
|
|
(262 |
) |
Payment-in-kind interest / dividends |
|
|
(26,540 |
) |
|
|
(12,307 |
) |
|
|
(10,795 |
) |
Amortization of deferred financing fees |
|
|
3,285 |
|
|
|
3,053 |
|
|
|
1,620 |
|
Accretion of loan origination and other fees |
|
|
(8,425 |
) |
|
|
(11,538 |
) |
|
|
(9,444 |
) |
Amortization / accretion of purchased loan premium / discount |
|
|
(1,895 |
) |
|
|
(2,322 |
) |
|
|
(4,646 |
) |
Payments for derivative contracts |
|
|
(21,742 |
) |
|
|
(5,628 |
) |
|
|
(2,362 |
) |
Proceeds from derivative contracts |
|
|
14,365 |
|
|
|
30,768 |
|
|
|
1,984 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||||||
Interest and fees receivable |
|
|
(6,431 |
) |
|
|
(14,597 |
) |
|
|
(14,472 |
) |
Prepaid expenses and other assets |
|
|
(462 |
) |
|
|
(3,214 |
) |
|
|
(2,198 |
) |
Accounts payable and accrued liabilities |
|
|
8,710 |
|
|
|
(7,756 |
) |
|
|
2,446 |
|
Interest payable |
|
|
811 |
|
|
|
1,935 |
|
|
|
3,483 |
|
Net cash provided by (used in) operating activities |
|
|
76,944 |
|
|
|
86,267 |
|
|
|
(396,553 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||||||
Borrowings under credit facilities |
|
|
93,447 |
|
|
|
244,657 |
|
|
|
455,732 |
|
Repayments of credit facilities |
|
|
(113,105 |
) |
|
|
(148,061 |
) |
|
|
(506,580 |
) |
Proceeds from notes |
|
|
— |
|
|
|
— |
|
|
|
500,000 |
|
Financing fees paid |
|
|
(2,404 |
) |
|
|
(1,870 |
) |
|
|
(7,274 |
) |
Purchases of shares in repurchase plan |
|
|
(14,772 |
) |
|
|
(32,105 |
) |
|
|
— |
|
Cash dividends / distributions paid |
|
|
(108,997 |
) |
|
|
(93,726 |
) |
|
|
(53,559 |
) |
Net cash provided by (used in) financing activities |
|
|
(145,831 |
) |
|
|
(31,105 |
) |
|
|
388,319 |
|
Net increase (decrease) in cash and foreign currencies |
|
|
(68,887 |
) |
|
|
55,162 |
|
|
|
(8,234 |
) |
Cash and foreign currencies, beginning of year |
|
|
139,415 |
|
|
|
84,253 |
|
|
|
92,487 |
|
Cash and foreign currencies, end of year |
|
$ |
70,528 |
|
|
$ |
139,415 |
|
|
$ |
84,253 |
|
Barings BDC, Inc. Consolidated Statements of Cash Flows - (Continued) (in thousands)
|
||||||||||||
|
|
Year Ended December 31, |
||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
Supplemental Information: |
|
|
|
|
|
|
||||||
Cash paid for interest |
|
$ |
79,409 |
|
$ |
50,641 |
|
|
$ |
27,203 |
||
Excise taxes paid during the period |
|
$ |
1,012 |
|
|
$ |
— |
|
|
$ |
71 |
|
Supplemental non-cash information |
|
|
|
|
|
|
||||||
Acquisitions: |
|
|
|
|
|
|
||||||
Fair value of net assets acquired, net of cash |
|
|
— |
|
|
|
(435,812 |
) |
|
|
— |
|
Transaction costs |
|
|
— |
|
|
|
2,433 |
|
|
|
— |
|
Common stock issued in acquisition of net assets |
|
|
— |
|
|
|
499,418 |
|
|
|
— |
|
Credit support agreement |
|
|
— |
|
|
|
(44,400 |
) |
|
|
— |
|
Deemed contribution - from Adviser |
|
|
— |
|
|
|
27,730 |
|
|
|
— |
|
Deemed contributions - CSA |
|
|
— |
|
|
|
44,400 |
|
|
|
— |
|
Barings BDC, Inc. Unaudited Reconciliation of Debt to Net Debt and Calculation of Net Debt-to-Equity Ratio (in thousands, except ratios)
|
||||||||||||
|
|
As of December 31, 2023 |
|
As of September 30, 2023 |
|
As of December 31, 2022 |
||||||
Total debt (principal) |
|
$ |
1,444,914 |
|
|
$ |
1,521,126 |
|
|
$ |
1,454,144 |
|
minus: Cash and foreign currencies (excluding restricted cash) |
|
|
(70,528 |
) |
|
|
(49,758 |
) |
|
|
(139,415 |
) |
plus: Payable from unsettled transactions |
|
|
1,112 |
|
|
|
424 |
|
|
|
35,565 |
|
minus: Receivable from unsettled transactions |
|
|
(1,299 |
) |
|
|
(53,961 |
) |
|
|
(19,972 |
) |
Total net debt(1) |
|
$ |
1,374,199 |
|
|
$ |
1,417,831 |
|
|
$ |
1,330,322 |
|
|
|
|
|
|
|
|
||||||
Total net assets |
|
$ |
1,196,559 |
|
|
$ |
1,198,224 |
|
|
$ |
1,192,329 |
|
|
|
|
|
|
|
|
||||||
Total net debt-to-equity ratio(1) |
|
1.15 x |
|
1.18 x |
|
1.12 x |
||||||
(1) |
See the “Non-GAAP Financial Measures” section of this press release. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240222946397/en/
Media Contact:
MediaRelations@barings.com
Investor Relations:
BDCinvestorrelations@barings.com, 888-401-1088
Source: Barings BDC, Inc.
FAQ
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