Barings BDC Inc

NYSE:BBDCUnited States

Nov 6, 2024

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• Press Release: Barings BDC, Inc. Reports Third Quarter 2024 Results and Announces Quarterly Cash Dividend of $0.26 Per Share, from 4:15PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:15PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: BBDC

• Barings BDC, Inc. Reports Third Quarter 2024 Results and Announces Quarterly Cash Dividend of $0.26 Per Share, from 4:15PM ET on Wednesday Nov 06, 2024 by Dow Jones

  4:15PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: BBDC
  =========== =========== =========== =========== 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 Ended Ended September 30, September 30, 2024 2023 ---------------- ------------------ 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 June 30, March 31, December 31, 30, 2024 2024 2024 2023 ----------- ----------- ----------- ------------- 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) 1.09x 1.07x 1.17x 1.15x (1) See the "Non-GAAP Financial Measures" section of this press release.