Barings BDC, Inc. Reports Second Quarter 2024 Results and Announces Quarterly Cash Dividend of $0.26 Per Share
Barings BDC (NYSE: BBDC) reported its Q2 2024 financial results and declared a quarterly cash dividend of $0.26 per share. Key highlights include:
- Net investment income of $42.1 million ($0.40 per share)
- Net increase in net assets from operations of $19.4 million ($0.18 per share)
- Net Asset Value (NAV) per share of $11.36 as of June 30, 2024
- Total investment income of $74.9 million
- Investment portfolio fair value of $2,395.7 million
- Debt-to-equity ratio of 1.14x
The company made nine new investments totaling $38.5 million and investments in existing portfolio companies totaling $40.0 million. The Board also authorized a new 12-month share repurchase program of up to $30.0 million.
Barings BDC (NYSE: BBDC) ha riportato i suoi risultati finanziari del Q2 2024 e ha dichiarato un dividendo in contante trimestrale di $0,26 per azione. I punti salienti includono:
- Reddito netto da investimenti di $42,1 milioni ($0,40 per azione)
- Aumento netto delle attività nette dalle operazioni di $19,4 milioni ($0,18 per azione)
- Valore delle attività nette (NAV) per azione di $11,36 al 30 giugno 2024
- Reddito totale da investimenti di $74,9 milioni
- Valore equitativo del portafoglio di investimenti di $2.395,7 milioni
- Rapporto debito/equità di 1,14x
La società ha effettuato nove nuovi investimenti per un totale di $38,5 milioni e investimenti in società del portafoglio esistente per un totale di $40,0 milioni. Il Consiglio ha anche autorizzato un nuovo programma di riacquisto di azioni di 12 mesi fino a $30,0 milioni.
Barings BDC (NYSE: BBDC) presentó sus resultados financieros del Q2 2024 y declaró un dividendo en efectivo trimestral de $0,26 por acción. Los aspectos más destacados incluyen:
- Ingreso neto por inversiones de $42,1 millones ($0,40 por acción)
- Aumento neto de activos netos de operaciones de $19,4 millones ($0,18 por acción)
- Valor neto de los activos (NAV) por acción de $11,36 al 30 de junio de 2024
- Ingreso total por inversiones de $74,9 millones
- Valor de mercado del portafolio de inversiones de $2.395,7 millones
- Relación deuda/capital de 1,14x
La empresa realizó nueve nuevas inversiones por un total de $38,5 millones y una inversión en empresas del portafolio existente por un total de $40,0 millones. La Junta también autorizó un nuevo programa de recompra de acciones de 12 meses por hasta $30,0 millones.
Barings BDC (NYSE: BBDC)는 2024년 2분기 재무 결과를 발표하고 주당 $0.26의 분기 배당금을 선언했습니다. 주요 하이라이트는 다음과 같습니다:
- 순 투자 수익 $42.1 백만 ($0.40 per share)
- 영업에서의 순 자산 증가 $19.4 백만 ($0.18 per share)
- 2024년 6월 30일 기준 주당 순 자산 가치(NAV) $11.36
- 총 투자 수익 $74.9 백만
- 투자 포트폴리오의 공정 가치 $2,395.7 백만
- 부채 대 자본 비율 1.14x
회사는 총 $38.5 백만의 아홉 건의 새로운 투자를 진행하였고, 기존 포트폴리오 회사에 총 $40.0 백만의 투자를 했습니다. 이사회는 또한 최대 $30.0 백만의 12개월 주식 매입 프로그램을 승인했습니다.
Barings BDC (NYSE: BBDC) a annoncé ses résultats financiers du Q2 2024 et a déclaré un dividende trimestriel en espèces de 0,26 $ par action. Les points saillants comprennent :
- Revenus nets d'investissement de 42,1 millions $ (0,40 $ par action)
- Augmentation nette des actifs nets d'exploitation de 19,4 millions $ (0,18 $ par action)
- Valeur nette d'actif (VNA) par action de 11,36 $ au 30 juin 2024
- Revenu total des investissements de 74,9 millions $
- Valeur de marché du portefeuille d'investissements de 2.395,7 millions $
- Ratio dette/capitaux propres de 1,14x
L'entreprise a réalisé neuf nouveaux investissements pour un total de 38,5 millions $ et un investissement dans des entreprises de portefeuille existantes totalisant 40,0 millions $. Le Conseil a également autorisé un nouveau programme de rachat d'actions de 12 mois d'un montant allant jusqu'à 30,0 millions $.
Barings BDC (NYSE: BBDC) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 bekannt gegeben und eine vierteljährliche Bar-Dividende von 0,26 $ pro Aktie erklärt. Zu den wichtigsten Highlights gehören:
- Nettoinvestitionseinkommen von 42,1 Millionen $ (0,40 $ pro Aktie)
- Nettosteigerung der Nettowertanlagen aus dem Betrieb von 19,4 Millionen $ (0,18 $ pro Aktie)
- Nettowert des Vermögens (NAV) pro Aktie von 11,36 $ zum 30. Juni 2024
- Gesamte Investmenterträge von 74,9 Millionen $
- Marktwert des Investitionsportfolios von 2.395,7 Millionen $
- Verschuldungsgrad von 1,14x
Das Unternehmen hat insgesamt neun neue Investitionen in Höhe von 38,5 Millionen $ getätigt und in bestehende Portfoliounternehmen insgesamt 40,0 Millionen $ investiert. Der Vorstand hat außerdem ein neues Aktienrückkaufprogramm über 12 Monate in Höhe von bis zu 30,0 Millionen $ genehmigt.
- Net investment income of $42.1 million ($0.40 per share) exceeds the quarterly dividend of $0.26 per share
- Total investment income increased to $74.9 million
- Weighted average yield on performing debt investments increased to 10.9%
- Nine new investments totaling $38.5 million were made
- Board authorized a new 12-month share repurchase program of up to $30.0 million
- Net Asset Value (NAV) per share decreased from $11.44 to $11.36 quarter-over-quarter
- Net unrealized depreciation of $30.8 million recorded
- Investment portfolio fair value decreased from $2,527.5 million to $2,395.7 million quarter-over-quarter
Insights
Barings BDC's Q2 2024 results show a mixed performance. The company reported
However, the NAV per share decreased from
The weighted average yield on performing debt investments increased to
Barings BDC's Q2 results reflect the challenging market conditions in the BDC sector. The company's focus on reducing non-core positions and recycling capital into first lien, middle market loans is a prudent strategy in the current environment.
The company's share repurchase program, authorizing up to
The management's expectation of an accelerating deal environment in the second half of 2024 could present opportunities for portfolio growth and improved returns. However, investors should monitor the impact of market volatility on the company's NAV and investment portfolio valuation.
Highlights
Income Statement |
Three Months Ended June 30, 2024 |
Three Months Ended March 31, 2024 |
||
(dollars in millions, except per share data) |
Total
|
Per
|
Total
|
Per
|
Net investment income |
|
|
|
|
Net realized gains (losses) |
|
|
|
|
Net unrealized appreciation (depreciation) |
|
|
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
|
|
Dividends paid |
|
|
|
|
(1) Based on weighted average shares outstanding during the period of 105,898,271. |
(2) Based on weighted average shares outstanding during the period of 106,038,873. |
Investment Portfolio and Balance Sheet |
|
|
|
(dollars in millions, except per share data) |
As of
|
As of
|
As of
|
Investment portfolio at fair value |
|
|
|
Weighted average yield on performing debt investments (at principal amount) |
10.9 % |
10.7 % |
10.5 % |
|
|
|
|
Total assets |
|
|
|
Debt outstanding (principal) |
|
|
|
Total net assets (equity) |
|
|
|
Net asset value per share |
|
|
|
Debt-to-equity ratio |
1.14x |
1.21x |
1.21x |
Net debt-to-equity ratio (adjusted for unrestricted cash and net unsettled transactions) |
1.07x |
1.17x |
1.15x |
Second Quarter 2024 Results
Commenting on the quarter, Eric Lloyd, Chief Executive Officer of Barings BDC, stated, “We continued to deliver strong, stable results for our shareholders this quarter, demonstrated by net investment income that was meaningfully higher than our dividend and industry leading non-accrual rates. We made further meaningful progress this quarter reducing our non-core positions, providing us with capital to recycle into attractively structured and priced, first lien, middle market loans in what we believe will be an accelerating deal environment in the second half of the year.”
During the three months ended June 30, 2024, the Company reported total investment income of
Net asset value (“NAV”) per share as of June 30, 2024 was
Recent Portfolio Activity
During the three months ended June 30, 2024, the Company made nine new investments totaling
During the three months ended June 30, 2024, the Company recorded net unrealized depreciation totaling
Liquidity and Capitalization
As of June 30, 2024, the Company had cash and foreign currencies of
Share Repurchase Program
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 third quarter dividend is payable as follows:
Third Quarter 2024 Dividend: |
|||
Amount per share: |
|
||
Record date: |
September 4, 2024 |
||
Payment date: |
September 11, 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 June 30, 2024, the Company made approximately
Conference Call to Discuss Second Quarter 2024 Results
Barings BDC has scheduled a conference call to discuss second quarter 2024 financial and operating results for Thursday, August 8, 2024, at 9:00 a.m. ET.
To listen to the call, please dial 888-428-7458 or 862-298-0702 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 August 15, 2024. To access the replay, please dial 877-660-6853 or 201-612-7415 and enter conference ID 13747692.
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 August 15, 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 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 June 30, 2024
Barings BDC, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) |
|||||||
|
June 30,
|
|
December 31,
|
||||
|
(Unaudited) |
|
|
||||
Assets: |
|
|
|
||||
Investments at fair value: |
|
|
|
||||
Non-Control / Non-Affiliate investments (cost of |
$ |
1,911,585 |
|
|
$ |
1,995,372 |
|
Affiliate investments (cost of |
|
393,922 |
|
|
|
402,423 |
|
Control investments (cost of |
|
90,153 |
|
|
|
90,920 |
|
Total investments at fair value |
|
2,395,660 |
|
|
|
2,488,715 |
|
Cash (restricted cash of |
|
66,093 |
|
|
|
57,187 |
|
Foreign currencies (cost of |
|
18,270 |
|
|
|
13,341 |
|
Interest and fees receivable |
|
37,120 |
|
|
|
51,598 |
|
Prepaid expenses and other assets |
|
2,942 |
|
|
|
3,564 |
|
Credit support agreements (cost of |
|
50,546 |
|
|
|
57,800 |
|
Derivative assets |
|
4,350 |
|
|
|
1 |
|
Deferred financing fees |
|
3,031 |
|
|
|
3,948 |
|
Receivable from unsettled transactions |
|
25,631 |
|
|
|
1,299 |
|
Total assets |
$ |
2,603,643 |
|
|
$ |
2,677,453 |
|
Liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
2,875 |
|
|
$ |
2,950 |
|
Interest payable |
|
14,322 |
|
|
|
8,450 |
|
Administrative fees payable |
|
400 |
|
|
|
536 |
|
Base management fees payable |
|
8,190 |
|
|
|
8,347 |
|
Incentive management fees payable |
|
1,122 |
|
|
|
7,737 |
|
Derivative liabilities |
|
9,869 |
|
|
|
11,265 |
|
Payable from unsettled transactions |
|
5,081 |
|
|
|
1,112 |
|
Borrowings under credit facility |
|
350,823 |
|
|
|
719,914 |
|
Notes payable (net of deferred financing fees) |
|
1,009,085 |
|
|
|
720,583 |
|
Total liabilities |
|
1,401,767 |
|
|
|
1,480,894 |
|
Commitments and contingencies |
|
|
|
||||
Net Assets: |
|
|
|
||||
Common stock, |
|
106 |
|
|
|
106 |
|
Additional paid-in capital |
|
1,851,442 |
|
|
|
1,854,457 |
|
Total distributable earnings (loss) |
|
(649,672 |
) |
|
|
(658,004 |
) |
Total net assets |
|
1,201,876 |
|
|
|
1,196,559 |
|
Total liabilities and net assets |
$ |
2,603,643 |
|
|
$ |
2,677,453 |
|
Net asset value per share |
$ |
11.36 |
|
|
$ |
11.28 |
|
Barings BDC, Inc. Unaudited Consolidated Statements of Operations (in thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
Six Months Ended |
|
Six Months Ended |
||||||||
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||
Investment income: |
|
|
|
|
|
|
|
||||||||
Interest income: |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
$ |
54,084 |
|
|
$ |
54,561 |
|
|
$ |
107,273 |
|
|
$ |
105,729 |
|
Affiliate investments |
|
792 |
|
|
|
459 |
|
|
|
1,749 |
|
|
|
839 |
|
Control investments |
|
51 |
|
|
|
404 |
|
|
|
437 |
|
|
|
746 |
|
Total interest income |
|
54,927 |
|
|
|
55,424 |
|
|
|
109,459 |
|
|
|
107,314 |
|
Dividend income: |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
|
1,324 |
|
|
|
831 |
|
|
|
2,645 |
|
|
|
1,658 |
|
Affiliate investments |
|
10,410 |
|
|
|
9,419 |
|
|
|
17,565 |
|
|
|
16,466 |
|
Total dividend income |
|
11,734 |
|
|
|
10,250 |
|
|
|
20,210 |
|
|
|
18,124 |
|
Fee and other income: |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
|
3,552 |
|
|
|
4,232 |
|
|
|
6,939 |
|
|
|
7,314 |
|
Affiliate investments |
|
200 |
|
|
|
37 |
|
|
|
269 |
|
|
|
204 |
|
Control investments |
|
17 |
|
|
|
32 |
|
|
|
34 |
|
|
|
83 |
|
Total fee and other income |
|
3,769 |
|
|
|
4,301 |
|
|
|
7,242 |
|
|
|
7,601 |
|
Payment-in-kind interest income: |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
|
3,246 |
|
|
|
4,782 |
|
|
|
5,728 |
|
|
|
8,317 |
|
Affiliate investments |
|
268 |
|
|
|
48 |
|
|
|
519 |
|
|
|
251 |
|
Control investments |
|
684 |
|
|
|
292 |
|
|
|
1,076 |
|
|
|
496 |
|
Total payment-in-kind interest income |
|
4,198 |
|
|
|
5,122 |
|
|
|
7,323 |
|
|
|
9,064 |
|
Interest income from cash |
|
258 |
|
|
|
205 |
|
|
|
458 |
|
|
|
403 |
|
Total investment income |
|
74,886 |
|
|
|
75,302 |
|
|
|
144,692 |
|
|
|
142,506 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Interest and other financing fees |
|
20,774 |
|
|
|
20,811 |
|
|
|
41,856 |
|
|
|
40,127 |
|
Base management fee |
|
8,190 |
|
|
|
8,134 |
|
|
|
16,469 |
|
|
|
15,987 |
|
Incentive management fees |
|
1,122 |
|
|
|
10,086 |
|
|
|
9,289 |
|
|
|
19,691 |
|
General and administrative expenses |
|
2,343 |
|
|
|
2,447 |
|
|
|
5,019 |
|
|
|
5,183 |
|
Total operating expenses |
|
32,429 |
|
|
|
41,478 |
|
|
|
72,633 |
|
|
|
80,988 |
|
Net investment income before taxes |
|
42,457 |
|
|
|
33,824 |
|
|
|
72,059 |
|
|
|
61,518 |
|
Income taxes, including excise tax expense |
|
315 |
|
|
|
200 |
|
|
|
565 |
|
|
|
395 |
|
Net investment income after taxes |
$ |
42,142 |
|
|
$ |
33,624 |
|
|
$ |
71,494 |
|
|
$ |
61,123 |
|
Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended |
|
Three Months Ended |
|
Six Months Ended |
|
Six Months Ended |
||||||||
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||
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 |
$ |
7,685 |
|
|
$ |
(46,218 |
) |
|
$ |
(4,922 |
) |
|
$ |
(45,446 |
) |
Affiliate investments |
|
(4,179 |
) |
|
|
— |
|
|
|
(4,179 |
) |
|
|
— |
|
Net realized gains (losses) on investments |
|
3,506 |
|
|
|
(46,218 |
) |
|
|
(9,101 |
) |
|
|
(45,446 |
) |
Foreign currency transactions |
|
153 |
|
|
|
372 |
|
|
|
393 |
|
|
|
4,074 |
|
Forward currency contracts |
|
4,415 |
|
|
|
(2,692 |
) |
|
|
(4,671 |
) |
|
|
(16,911 |
) |
Net realized gains (losses) |
|
8,074 |
|
|
|
(48,538 |
) |
|
|
(13,379 |
) |
|
|
(58,283 |
) |
Net unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
|
(7,831 |
) |
|
|
45,334 |
|
|
|
672 |
|
|
|
52,771 |
|
Affiliate investments |
|
(5,034 |
) |
|
|
2,722 |
|
|
|
(2,239 |
) |
|
|
13,563 |
|
Control investments |
|
(13,572 |
) |
|
|
5,602 |
|
|
|
(1,766 |
) |
|
|
(1,667 |
) |
Net unrealized appreciation (depreciation) on investments |
|
(26,437 |
) |
|
|
53,658 |
|
|
|
(3,333 |
) |
|
|
64,667 |
|
Credit support agreements |
|
(904 |
) |
|
|
1,978 |
|
|
|
(7,254 |
) |
|
|
7,564 |
|
Foreign currency transactions |
|
1,025 |
|
|
|
(2,839 |
) |
|
|
4,541 |
|
|
|
(10,966 |
) |
Forward currency contracts |
|
(4,460 |
) |
|
|
2,262 |
|
|
|
11,372 |
|
|
|
15,764 |
|
Net unrealized appreciation (depreciation) |
|
(30,776 |
) |
|
|
55,059 |
|
|
|
5,326 |
|
|
|
77,029 |
|
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts |
|
(22,702 |
) |
|
|
6,521 |
|
|
|
(8,053 |
) |
|
|
18,746 |
|
Benefit from (provision for) income taxes |
|
— |
|
|
|
(28 |
) |
|
|
— |
|
|
|
(101 |
) |
Net increase (decrease) in net assets resulting from operations |
$ |
19,440 |
|
|
$ |
40,117 |
|
|
$ |
63,441 |
|
|
$ |
79,768 |
|
Net investment income per share — basic and diluted |
$ |
0.40 |
|
|
$ |
0.31 |
|
|
$ |
0.67 |
|
|
$ |
0.57 |
|
Net increase (decrease) in net assets resulting from operations per share — basic and diluted |
$ |
0.18 |
|
|
$ |
0.37 |
|
|
$ |
0.60 |
|
|
$ |
0.74 |
|
Dividends / distributions per share: |
|
|
|
|
|
|
|
||||||||
Total dividends / distributions per share |
$ |
0.26 |
|
|
$ |
0.25 |
|
|
$ |
0.52 |
|
|
$ |
0.50 |
|
Weighted average shares outstanding — basic and diluted |
|
105,898,271 |
|
|
|
107,381,276 |
|
|
|
105,968,572 |
|
|
|
107,647,243 |
|
Barings BDC, Inc. Unaudited Consolidated Statements of Cash Flows (in thousands) |
|||||||
|
Six Months Ended |
|
Six Months Ended |
||||
|
June 30, 2024 |
|
June 30, 2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net increase (decrease) in net assets resulting from operations |
$ |
63,441 |
|
|
$ |
79,768 |
|
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 |
|
(216,878 |
) |
|
|
(255,744 |
) |
Repayments received / sales of portfolio investments |
|
289,310 |
|
|
|
188,422 |
|
Loan origination and other fees received |
|
3,768 |
|
|
|
2,876 |
|
Net realized (gain) loss on investments |
|
9,101 |
|
|
|
45,446 |
|
Net realized (gain) loss on foreign currency transactions |
|
(393 |
) |
|
|
(4,074 |
) |
Net realized (gain) loss on forward currency contracts |
|
4,671 |
|
|
|
16,911 |
|
Net unrealized (appreciation) depreciation on investments |
|
3,333 |
|
|
|
(64,667 |
) |
Net unrealized (appreciation) depreciation of CSAs |
|
7,254 |
|
|
|
(7,564 |
) |
Net unrealized (appreciation) depreciation on foreign currency transactions |
|
(4,541 |
) |
|
|
10,966 |
|
Net unrealized (appreciation) depreciation on forward currency contracts |
|
(11,372 |
) |
|
|
(15,764 |
) |
Payment-in-kind interest / dividends |
|
(10,331 |
) |
|
|
(11,567 |
) |
Amortization of deferred financing fees |
|
2,251 |
|
|
|
1,565 |
|
Accretion of loan origination and other fees |
|
(5,473 |
) |
|
|
(4,094 |
) |
Amortization / accretion of purchased loan premium / discount |
|
(412 |
) |
|
|
(946 |
) |
Payments for derivative contracts |
|
(11,586 |
) |
|
|
(19,437 |
) |
Proceeds from derivative contracts |
|
6,914 |
|
|
|
2,526 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Interest and fees receivable |
|
14,625 |
|
|
|
(2,730 |
) |
Prepaid expenses and other assets |
|
628 |
|
|
|
651 |
|
Accounts payable and accrued liabilities |
|
(6,984 |
) |
|
|
9,702 |
|
Interest payable |
|
5,877 |
|
|
|
558 |
|
Net cash provided by (used in) operating activities |
|
143,203 |
|
|
|
(27,196 |
) |
Cash flows from financing activities: |
|
|
|
||||
Borrowings under credit facility |
|
24,500 |
|
|
|
35,000 |
|
Repayments of credit facility |
|
(388,539 |
) |
|
|
— |
|
Proceeds from notes |
|
300,000 |
|
|
|
— |
|
Financing fees paid |
|
(7,205 |
) |
|
|
(2,389 |
) |
Purchases of shares in repurchase plan |
|
(3,015 |
) |
|
|
(10,854 |
) |
Cash dividends / distributions paid |
|
(55,109 |
) |
|
|
(53,646 |
) |
Net cash provided by (used in) financing activities |
|
(129,368 |
) |
|
|
(31,889 |
) |
Net increase (decrease) in cash and foreign currencies |
|
13,835 |
|
|
|
(59,085 |
) |
Cash and foreign currencies, beginning of period |
|
70,528 |
|
|
|
139,415 |
|
Cash and foreign currencies, end of period |
$ |
84,363 |
|
|
$ |
80,330 |
|
Supplemental Information: |
|
|
|
||||
Cash paid for interest |
$ |
32,855 |
|
|
$ |
37,354 |
|
Excise taxes paid during the period |
$ |
1,700 |
|
|
$ |
800 |
|
Barings BDC, Inc. Unaudited Reconciliation of Debt to Net Debt and Calculation of Net Debt-to-Equity Ratio (in thousands, except ratios) |
||||||||||||
|
|
June 30, 2024 |
|
March 31,
|
|
December 31,
|
||||||
Total debt (principal) |
|
$ |
1,375,823 |
|
|
$ |
1,465,352 |
|
|
$ |
1,444,914 |
|
minus: Cash and foreign currencies (excluding restricted cash) |
|
|
(69,345 |
) |
|
|
(50,740 |
) |
|
|
(70,528 |
) |
plus: Payable from unsettled transactions |
|
|
5,081 |
|
|
|
336 |
|
|
|
1,112 |
|
minus: Receivable from unsettled transactions |
|
|
(25,631 |
) |
|
|
(2,159 |
) |
|
|
(1,299 |
) |
Total net debt(1) |
|
$ |
1,285,928 |
|
|
$ |
1,412,789 |
|
|
$ |
1,374,199 |
|
|
|
|
|
|
|
|
||||||
Total net assets |
|
$ |
1,201,876 |
|
|
$ |
1,211,876 |
|
|
$ |
1,196,559 |
|
|
|
|
|
|
|
|
||||||
Total net debt-to-equity ratio(1) |
|
1.07x |
|
1.17x |
|
1.15x |
||||||
(1) See the “Non-GAAP Financial Measures” section of this press release. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807435328/en/
Media Contact:
MediaRelations@barings.com
Investor Relations:
BDCinvestorrelations@barings.com, 888-401-1088
Source: Barings BDC, Inc.
FAQ
What was Barings BDC's (BBDC) net investment income for Q2 2024?
What is the quarterly dividend declared by Barings BDC (BBDC) for Q3 2024?
What was Barings BDC's (BBDC) Net Asset Value (NAV) per share as of June 30, 2024?
How many new investments did Barings BDC (BBDC) make in Q2 2024?
What is the size of Barings BDC's (BBDC) new share repurchase program?
