Barings BDC, Inc. Reports Third Quarter 2024 Results and Announces Quarterly Cash Dividend of $0.26 Per Share
Barings BDC (NYSE: BBDC) reported its Q3 2024 financial results and declared a quarterly dividend of $0.26 per share. The company recorded net investment income of $30.2 million ($0.29 per share), total investment income of $70.9 million, and a net increase in assets from operations of $22.0 million ($0.21 per share). Net Asset Value (NAV) per share was $11.32 as of September 30, 2024, slightly down from $11.36 in Q2. During Q3, BBDC made 11 new investments totaling $88.4 million and investments in existing portfolio companies of $36.6 million. The investment portfolio stood at $2.4 billion with a weighted average yield of 10.6% on performing debt investments.
Barings BDC (NYSE: BBDC) ha riportato i risultati finanziari per il terzo trimestre del 2024 e ha dichiarato un dividendo trimestrale di 0,26 $ per azione. L'azienda ha registrato un reddito netto da investimenti di 30,2 milioni di dollari (0,29 $ per azione), un reddito totale da investimenti di 70,9 milioni di dollari e un aumento netto delle attività dalle operazioni di 22,0 milioni di dollari (0,21 $ per azione). Il valore netto dell'attivo (NAV) per azione era di 11,32 $ al 30 settembre 2024, leggermente in calo rispetto a 11,36 $ nel secondo trimestre. Durante il terzo trimestre, BBDC ha effettuato 11 nuovi investimenti per un totale di 88,4 milioni di dollari e investimenti in aziende del portafoglio esistente per 36,6 milioni di dollari. Il portafoglio di investimenti ammontava a 2,4 miliardi di dollari con un rendimento medio ponderato del 10,6% su investimenti in debito performanti.
Barings BDC (NYSE: BBDC) informó sus resultados financieros del tercer trimestre de 2024 y declaró un dividendo trimestral de 0,26 $ por acción. La compañía registró un ingreso neto de inversión de 30,2 millones de dólares (0,29 $ por acción), un ingreso total por inversiones de 70,9 millones de dólares y un aumento neto en activos operativos de 22,0 millones de dólares (0,21 $ por acción). El valor neto de los activos (NAV) por acción era de 11,32 $ al 30 de septiembre de 2024, ligeramente por debajo de 11,36 $ en el segundo trimestre. Durante el tercer trimestre, BBDC realizó 11 nuevas inversiones por un total de 88,4 millones de dólares y realizó inversiones en empresas de cartera existentes por 36,6 millones de dólares. El portafolio de inversiones se situaba en 2,4 mil millones de dólares con un rendimiento promedio ponderado del 10,6% en inversiones en deuda en funcionamiento.
Barings BDC (NYSE: BBDC)는 2024년 3분기 재무 결과를 발표하고 주당 0.26달러의 분기 배당금을 선언했습니다. 회사는 순 투자 수익 3천 2백만 달러(주당 0.29달러), 총 투자 수익 7천 9백만 달러를 기록했으며, 운영에서의 순자산 증가는 2천 2백만 달러(주당 0.21달러)입니다. 2024년 9월 30일 기준 주당 순 자산 가치(NAV)는 11.32달러로, 2분기의 11.36달러에서 약간 하락했습니다. 3분기 동안 BBDC는 총 8천 8백만 달러에 해당하는 11개의 새로운 투자를 했고, 기존 포트폴리오 회사에 3천 6백만 달러를 투자했습니다. 투자 포트폴리오는 24억 달러였으며, 수행 가능한 부채 투자에 대한 가중 평균 수익률은 10.6%였습니다.
Barings BDC (NYSE: BBDC) a publié ses résultats financiers pour le troisième trimestre de 2024 et a déclaré un dividende trimestriel de 0,26 $ par action. L'entreprise a enregistré un revenu net d'investissement de 30,2 millions de dollars (0,29 $ par action), un revenu total d'investissement de 70,9 millions de dollars et une augmentation nette des actifs provenant des opérations de 22,0 millions de dollars (0,21 $ par action). La valeur nette des actifs (NAV) par action était de 11,32 $ au 30 septembre 2024, en légère baisse par rapport à 11,36 $ au 2e trimestre. Au cours du 3e trimestre, BBDC a effectué 11 nouveaux investissements totalisant 88,4 millions de dollars et des investissements dans des entreprises de portefeuille existantes de 36,6 millions de dollars. Le portefeuille d'investissement s'élevait à 2,4 milliards de dollars avec un rendement moyen pondéré de 10,6 % sur les investissements en dette performants.
Barings BDC (NYSE: BBDC) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht und eine vierteljährliche Dividende von 0,26 $ pro Aktie festgelegt. Das Unternehmen erzielte ein Nettoinvestitionseinkommen von 30,2 Millionen Dollar (0,29 $ pro Aktie), ein Gesamteinkommen aus Investitionen von 70,9 Millionen Dollar und einen Nettowachstum der Vermögenswerte aus dem operativen Geschäft von 22,0 Millionen Dollar (0,21 $ pro Aktie). Der Nettoinventarwert (NAV) pro Aktie betrug zum 30. September 2024 11,32 $, leicht gesunken von 11,36 $ im 2. Quartal. Im 3. Quartal tätigte BBDC 11 neue Investitionen in Höhe von insgesamt 88,4 Millionen Dollar und Investitionen in bestehende Portfoliounternehmen in Höhe von 36,6 Millionen Dollar. Das Investitionsportfolio belief sich auf 2,4 Milliarden Dollar mit einer gewichteten durchschnittlichen Rendite von 10,6 % bei funktionierenden Schuldverschreibungen.
- Net investment income of $0.29 per share exceeds quarterly dividend of $0.26
- Strong liquidity position with $66.0 million in cash and $540.0 million of available capital
- Investment portfolio yield remains robust at 10.6%
- Successfully extended credit facility maturity to November 2029 with improved terms
- NAV per share decreased from $11.36 to $11.32 quarter-over-quarter
- Net realized losses of $10.9 million ($0.10 per share) in Q3
- Net investment income declined from $0.40 to $0.29 per share quarter-over-quarter
- Debt-to-equity ratio increased slightly to 1.15x from 1.14x
Insights
The Q3 2024 results show mixed performance with several key developments. Net investment income came in at
Notable metrics include a conservative debt-to-equity ratio of 1.15x and strong liquidity position with
Highlights
Income Statement |
Three Months Ended
|
Three Months Ended
|
||||||||||
(dollars in millions, except per share data) |
Total
|
Per
|
Total
|
Per
|
||||||||
Net investment income |
$ |
30.2 |
|
$ |
0.29 |
|
$ |
42.1 |
|
$ |
0.40 |
|
Net realized gains (losses) |
$ |
(10.9 |
) |
$ |
(0.10 |
) |
$ |
8.1 |
|
$ |
0.08 |
|
Net unrealized appreciation (depreciation) |
$ |
2.7 |
|
$ |
0.02 |
|
$ |
(30.8 |
) |
$ |
(0.29 |
) |
Net increase in net assets resulting from operations |
$ |
22.0 |
|
$ |
0.21 |
|
$ |
19.4 |
|
$ |
0.18 |
|
Dividends paid |
|
$ |
0.26 |
|
|
$ |
0.26 |
|
||||
(1) Based on weighted average shares outstanding during the period of 105,715,277. |
||||||||||||
(2) Based on weighted average shares outstanding during the period of 105,898,271. |
Investment Portfolio and Balance Sheet |
|
|
|
|
||||||||
(dollars in millions, except per share data) |
As of
|
As of
|
As of
|
As of
|
||||||||
Investment portfolio at fair value |
$ |
2,416.7 |
|
$ |
2,395.7 |
|
$ |
2,527.5 |
|
$ |
2,488.7 |
|
Weighted average yield on performing debt investments (at principal amount) |
|
10.6 |
% |
|
10.9 |
% |
|
10.7 |
% |
|
10.5 |
% |
|
|
|
|
|
||||||||
Total assets |
$ |
2,605.1 |
|
$ |
2,603.6 |
|
$ |
2,698.7 |
|
$ |
2,677.5 |
|
Debt outstanding (principal) |
$ |
1,372.8 |
|
$ |
1,375.8 |
|
$ |
1,465.4 |
|
$ |
1,444.9 |
|
Total net assets (equity) |
$ |
1,194.4 |
|
$ |
1,201.9 |
|
$ |
1,211.9 |
|
$ |
1,196.6 |
|
Net asset value per share |
$ |
11.32 |
|
$ |
11.36 |
|
$ |
11.44 |
|
$ |
11.28 |
|
Debt-to-equity ratio |
|
1.15 |
x |
|
1.14 |
x |
|
1.21 |
x |
|
1.21 |
x |
Net debt-to-equity ratio (adjusted for unrestricted cash and net unsettled transactions) |
|
1.09 |
x |
|
1.07 |
x |
|
1.17 |
x |
|
1.15 |
x |
Third Quarter 2024 Results
Commenting on the quarter, Eric Lloyd, Chief Executive Officer of Barings BDC, stated, “We continue to deliver attractive returns by executing our disciplined investment strategy focused on Barings-originated, senior secured loans to competitively advantaged middle market companies that we have rigorously analyzed and conservatively underwritten. In the third quarter, we maintained our strong momentum with net investment income well above the dividend, strong credit metrics, and NAV that is above where it was at the end of last year, reflecting portfolio resiliency and increased deployment compared to last quarter. We believe that we remain well positioned for what we expect to be a more active environment, particularly given our strong sponsor relationships and ample liquidity.”
During the three months ended September 30, 2024, the Company reported total investment income of
Net asset value (“NAV”) per share as of September 30, 2024 was
Recent Portfolio Activity
During the three months ended September 30, 2024, the Company made 11 new investments totaling
During the three months ended September 30, 2024, the Company recorded net unrealized appreciation totaling
Liquidity and Capitalization
As of September 30, 2024, the Company had cash and foreign currencies of
On November 5, 2024, the Company entered into an amended and restated senior secured credit agreement, which amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term SOFR plus
Commenting on the Company’s liquidity position, Elizabeth Murray, Chief Financial Officer of Barings BDC, stated, “Subsequent to the end of the third quarter, we continue to strengthen our liability structure by amending our revolving credit facility at attractive terms. With over
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 fourth quarter dividend is payable as follows:
Fourth Quarter 2024 Dividend: |
||
Amount per share: |
|
|
Record date: |
December 4, 2024 |
|
Payment date: |
December 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 September 30, 2024, the Company made approximately
Conference Call to Discuss Third Quarter 2024 Results
Barings BDC has scheduled a conference call to discuss third quarter 2024 financial and operating results for Thursday, November 7, 2024, at 9:00 a.m. ET.
To listen to the call, please dial 800-715-9871 or 646-307-1963 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 November 14, 2024. To access the replay, please dial 877-660-6853 or 201-612-7415 and enter conference ID 13749495.
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 November 14, 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 September 30, 2024
Barings BDC, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) |
|||||||
|
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
|
(Unaudited) |
|
|
||||
Assets: |
|
|
|
||||
Investments at fair value: |
|
|
|||||
Non-Control / Non-Affiliate investments (cost of |
$ |
1,937,200 |
|
|
$ |
1,995,372 |
|
Affiliate investments (cost of |
|
390,239 |
|
|
|
402,423 |
|
Control investments (cost of |
|
89,275 |
|
|
|
90,920 |
|
Total investments at fair value |
|
2,416,714 |
|
|
|
2,488,715 |
|
Cash (restricted cash of |
|
48,881 |
|
|
|
57,187 |
|
Foreign currencies (cost of |
|
17,113 |
|
|
|
13,341 |
|
Interest and fees receivable |
|
44,379 |
|
|
|
51,598 |
|
Prepaid expenses and other assets |
|
3,841 |
|
|
|
3,564 |
|
Credit support agreements (cost of |
|
51,200 |
|
|
|
57,800 |
|
Derivative assets |
|
7,563 |
|
|
|
1 |
|
Deferred financing fees |
|
2,567 |
|
|
|
3,948 |
|
Receivable from unsettled transactions |
|
12,820 |
|
|
|
1,299 |
|
Total assets |
$ |
2,605,078 |
|
|
$ |
2,677,453 |
|
Liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
3,409 |
|
|
$ |
2,950 |
|
Interest payable |
|
12,267 |
|
|
|
8,450 |
|
Administrative fees payable |
|
436 |
|
|
|
536 |
|
Base management fees payable |
|
8,046 |
|
|
|
8,347 |
|
Incentive management fees payable |
|
6,597 |
|
|
|
7,737 |
|
Derivative liabilities |
|
10,039 |
|
|
|
11,265 |
|
Payable from unsettled transactions |
|
988 |
|
|
|
1,112 |
|
Borrowings under credit facility |
|
347,811 |
|
|
|
719,914 |
|
Notes payable (net of deferred financing fees) |
|
1,021,044 |
|
|
|
720,583 |
|
Total liabilities |
|
1,410,637 |
|
|
|
1,480,894 |
|
Commitments and contingencies |
|
|
|
||||
Net Assets: |
|
|
|
||||
Common stock, |
|
106 |
|
|
|
106 |
|
Additional paid-in capital |
|
1,849,484 |
|
|
|
1,854,457 |
|
Total distributable earnings (loss) |
|
(655,149 |
) |
|
|
(658,004 |
) |
Total net assets |
|
1,194,441 |
|
|
|
1,196,559 |
|
Total liabilities and net assets |
$ |
2,605,078 |
|
|
$ |
2,677,453 |
|
Net asset value per share |
$ |
11.32 |
|
|
$ |
11.28 |
|
Barings BDC, Inc. Unaudited Consolidated Statements of Operations (in thousands, except share and per share data) |
|||||||||||||||
|
|||||||||||||||
|
Three Months
|
|
Three Months
|
|
Nine Months
|
|
Nine Months
|
||||||||
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||
Investment income: |
|
|
|
|
|
|
|
||||||||
Interest income: |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
$ |
50,787 |
|
|
$ |
54,365 |
|
|
$ |
158,060 |
|
|
$ |
160,094 |
|
Affiliate investments |
|
854 |
|
|
|
576 |
|
|
|
2,602 |
|
|
|
1,415 |
|
Control investments |
|
22 |
|
|
|
464 |
|
|
|
460 |
|
|
|
1,210 |
|
Total interest income |
|
51,663 |
|
|
|
55,405 |
|
|
|
161,122 |
|
|
|
162,719 |
|
Dividend income: |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
|
1,190 |
|
|
|
897 |
|
|
|
3,835 |
|
|
|
2,555 |
|
Affiliate investments |
|
8,651 |
|
|
|
7,618 |
|
|
|
26,216 |
|
|
|
24,084 |
|
Total dividend income |
|
9,841 |
|
|
|
8,515 |
|
|
|
30,051 |
|
|
|
26,639 |
|
Fee and other income: |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
|
4,221 |
|
|
|
2,544 |
|
|
|
11,161 |
|
|
|
9,858 |
|
Affiliate investments |
|
52 |
|
|
|
88 |
|
|
|
321 |
|
|
|
291 |
|
Control investments |
|
16 |
|
|
|
18 |
|
|
|
50 |
|
|
|
101 |
|
Total fee and other income |
|
4,289 |
|
|
|
2,650 |
|
|
|
11,532 |
|
|
|
10,250 |
|
Payment-in-kind interest income: |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
|
3,987 |
|
|
|
3,317 |
|
|
|
9,714 |
|
|
|
11,634 |
|
Affiliate investments |
|
193 |
|
|
|
412 |
|
|
|
712 |
|
|
|
663 |
|
Control investments |
|
622 |
|
|
|
250 |
|
|
|
1,698 |
|
|
|
746 |
|
Total payment-in-kind interest income |
|
4,802 |
|
|
|
3,979 |
|
|
|
12,124 |
|
|
|
13,043 |
|
Interest income from cash |
|
256 |
|
|
|
297 |
|
|
|
715 |
|
|
|
701 |
|
Total investment income |
|
70,851 |
|
|
|
70,846 |
|
|
|
215,544 |
|
|
|
213,352 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Interest and other financing fees |
|
22,563 |
|
|
|
21,829 |
|
|
|
64,419 |
|
|
|
61,956 |
|
Base management fee |
|
8,046 |
|
|
|
8,315 |
|
|
|
24,515 |
|
|
|
24,302 |
|
Incentive management fees |
|
6,597 |
|
|
|
4,618 |
|
|
|
15,886 |
|
|
|
24,309 |
|
General and administrative expenses |
|
2,427 |
|
|
|
2,363 |
|
|
|
7,446 |
|
|
|
7,546 |
|
Total operating expenses |
|
39,633 |
|
|
|
37,125 |
|
|
|
112,266 |
|
|
|
118,113 |
|
Net investment income before taxes |
|
31,218 |
|
|
|
33,721 |
|
|
|
103,278 |
|
|
|
95,239 |
|
Income taxes, including excise tax expense |
|
1,033 |
|
|
|
412 |
|
|
|
1,599 |
|
|
|
807 |
|
Net investment income after taxes |
$ |
30,185 |
|
|
$ |
33,309 |
|
|
$ |
101,679 |
|
|
$ |
94,432 |
|
|
|||||||||||||||
Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data) |
|||||||||||||||
|
|||||||||||||||
|
Three Months
|
|
Three Months
|
|
Nine Months
|
|
Nine Months
|
||||||||
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 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 |
$ |
(8,543 |
) |
|
$ |
(16,696 |
) |
|
$ |
(13,465 |
) |
|
$ |
(62,142 |
) |
Affiliate investments |
|
— |
|
|
|
— |
|
|
|
(4,179 |
) |
|
|
— |
|
Net realized gains (losses) on investments |
|
(8,543 |
) |
|
|
(16,696 |
) |
|
|
(17,644 |
) |
|
|
(62,142 |
) |
Foreign currency transactions |
|
508 |
|
|
|
(330 |
) |
|
|
902 |
|
|
|
3,743 |
|
Forward currency contracts |
|
(2,859 |
) |
|
|
(234 |
) |
|
|
(7,531 |
) |
|
|
(17,144 |
) |
Net realized gains (losses) |
|
(10,894 |
) |
|
|
(17,260 |
) |
|
|
(24,273 |
) |
|
|
(75,543 |
) |
Net unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
||||||||
Non-Control / Non-Affiliate investments |
|
24,957 |
|
|
|
9,336 |
|
|
|
25,629 |
|
|
|
62,108 |
|
Affiliate investments |
|
(3,452 |
) |
|
|
184 |
|
|
|
(5,691 |
) |
|
|
13,745 |
|
Control investments |
|
(1,496 |
) |
|
|
(15,999 |
) |
|
|
(3,262 |
) |
|
|
(17,665 |
) |
Net unrealized appreciation (depreciation) on investments |
|
20,009 |
|
|
|
(6,479 |
) |
|
|
16,676 |
|
|
|
58,188 |
|
Credit support agreements |
|
654 |
|
|
|
(6,450 |
) |
|
|
(6,600 |
) |
|
|
1,114 |
|
Foreign currency transactions |
|
(9,775 |
) |
|
|
7,560 |
|
|
|
(5,234 |
) |
|
|
(3,406 |
) |
Forward currency contracts |
|
(8,159 |
) |
|
|
7,379 |
|
|
|
3,213 |
|
|
|
23,143 |
|
Net unrealized appreciation (depreciation) |
|
2,729 |
|
|
|
2,010 |
|
|
|
8,055 |
|
|
|
79,039 |
|
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts. |
|
(8,165 |
) |
|
|
(15,250 |
) |
|
|
(16,218 |
) |
|
|
3,496 |
|
Benefit from (provision for) income taxes |
|
— |
|
|
|
262 |
|
|
|
— |
|
|
|
161 |
|
Net increase (decrease) in net assets resulting from operations |
$ |
22,020 |
|
|
$ |
18,321 |
|
|
$ |
85,461 |
|
|
$ |
98,089 |
|
Net investment income per share — basic and diluted |
$ |
0.29 |
|
|
$ |
0.31 |
|
|
$ |
0.96 |
|
|
$ |
0.88 |
|
Net increase (decrease) in net assets resulting from operations per share — basic and diluted |
$ |
0.21 |
|
|
$ |
0.17 |
|
|
$ |
0.81 |
|
|
$ |
0.91 |
|
Dividends / distributions per share: |
|
|
|
|
|
|
|
||||||||
Total dividends / distributions per share |
$ |
0.26 |
|
|
$ |
0.26 |
|
|
$ |
0.78 |
|
|
$ |
0.76 |
|
Weighted average shares outstanding — basic and diluted |
|
105,715,277 |
|
|
|
106,516,166 |
|
|
|
105,883,524 |
|
|
|
107,266,074 |
|
Barings BDC, Inc. Unaudited Consolidated Statements of Cash Flows (in thousands) |
|||||||
Nine Months
|
|
Nine Months
|
|||||
September 30,
|
|
September 30,
|
|||||
Cash flows from operating activities: |
|
|
|
||||
Net increase (decrease) in net assets resulting from operations |
$ |
85,461 |
|
|
$ |
98,089 |
|
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 |
|
(345,954 |
) |
|
|
(400,507 |
) |
Repayments received / sales of portfolio investments |
|
422,926 |
|
|
|
273,550 |
|
Loan origination and other fees received |
|
5,759 |
|
|
|
5,852 |
|
Net realized (gain) loss on investments |
|
17,644 |
|
|
|
62,142 |
|
Net realized (gain) loss on foreign currency transactions |
|
(902 |
) |
|
|
(3,743 |
) |
Net realized (gain) loss on forward currency contracts |
|
7,531 |
|
|
|
17,144 |
|
Net unrealized (appreciation) depreciation on investments |
|
(16,676 |
) |
|
|
(58,188 |
) |
Net unrealized (appreciation) depreciation of CSAs |
|
6,600 |
|
|
|
(1,114 |
) |
Net unrealized (appreciation) depreciation on foreign currency transactions |
|
5,234 |
|
|
|
3,406 |
|
Net unrealized (appreciation) depreciation on forward currency contracts |
|
(3,213 |
) |
|
|
(23,143 |
) |
Payment-in-kind interest / dividends |
|
(15,847 |
) |
|
|
(18,270 |
) |
Amortization of deferred financing fees |
|
3,473 |
|
|
|
2,425 |
|
Accretion of loan origination and other fees |
|
(8,071 |
) |
|
|
(6,042 |
) |
Amortization / accretion of purchased loan premium / discount |
|
(650 |
) |
|
|
(1,124 |
) |
Payments for derivative contracts |
|
(15,827 |
) |
|
|
(21,459 |
) |
Proceeds from derivative contracts |
|
8,296 |
|
|
|
4,315 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Interest and fees receivable |
|
9,058 |
|
|
|
(2,743 |
) |
Prepaid expenses and other assets |
|
(257 |
) |
|
|
(641 |
) |
Accounts payable and accrued liabilities |
|
(1,083 |
) |
|
|
4,264 |
|
Interest payable |
|
3,816 |
|
|
|
3,727 |
|
Net cash provided by (used in) operating activities |
|
167,318 |
|
|
|
(62,060 |
) |
Cash flows from financing activities: |
|
|
|
||||
Borrowings under credit facility |
|
91,500 |
|
|
|
67,000 |
|
Repayments of credit facility |
|
(468,568 |
) |
|
|
— |
|
Proceeds from notes |
|
300,000 |
|
|
|
— |
|
Financing fees paid |
|
(7,205 |
) |
|
|
(2,403 |
) |
Purchases of shares in repurchase plan |
|
(4,973 |
) |
|
|
(10,854 |
) |
Cash dividends / distributions paid |
|
(82,606 |
) |
|
|
(81,340 |
) |
Net cash provided by (used in) financing activities |
|
(171,852 |
) |
|
|
(27,597 |
) |
Net increase (decrease) in cash and foreign currencies |
|
(4,534 |
) |
|
|
(89,657 |
) |
Cash and foreign currencies, beginning of period |
|
70,528 |
|
|
|
139,415 |
|
Cash and foreign currencies, end of period |
$ |
65,994 |
|
|
$ |
49,758 |
|
Supplemental Information: |
|
|
|
||||
Cash paid for interest |
$ |
52,942 |
|
|
$ |
54,858 |
|
Excise taxes paid during the period |
$ |
1,936 |
|
|
$ |
1,012 |
|
Barings BDC, Inc. Unaudited Reconciliation of Debt to Net Debt and Calculation of Net Debt-to-Equity Ratio (in thousands, except ratios) |
||||||||||||||||
|
||||||||||||||||
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||
Total debt (principal). |
|
$ |
1,372,811 |
|
|
$ |
1,375,823 |
|
|
$ |
1,465,352 |
|
|
$ |
1,444,914 |
|
minus: Cash and foreign currencies (excluding restricted cash) |
|
|
(62,781 |
) |
|
|
(69,345 |
) |
|
|
(50,740 |
) |
|
|
(70,528 |
) |
plus: Payable from unsettled transactions. |
|
|
988 |
|
|
|
5,081 |
|
|
|
336 |
|
|
|
1,112 |
|
minus: Receivable from unsettled transactions |
|
|
(12,821 |
) |
|
|
(25,631 |
) |
|
|
(2,159 |
) |
|
|
(1,299 |
) |
Total net debt(1) |
|
$ |
1,298,197 |
|
|
$ |
1,285,928 |
|
|
$ |
1,412,789 |
|
|
$ |
1,374,199 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total net assets |
|
$ |
1,194,441 |
|
|
$ |
1,201,876 |
|
|
$ |
1,211,876 |
|
|
$ |
1,196,559 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total net debt-to-equity ratio(1) |
|
|
1.09 |
x |
|
|
1.07 |
x |
|
|
1.17 |
x |
|
|
1.15 |
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/20241106451749/en/
Media Contact:
MediaRelations@barings.com
Investor Relations:
BDCinvestorrelations@barings.com, 888-401-1088
Source: Barings BDC, Inc.
FAQ
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