Market Overview

Barings BDC, Inc. Reports Third Quarter 2019 Results And Announces Quarterly Cash Dividend Of $0.15 Per Share

Share:

CHARLOTTE, N.C., Oct. 29, 2019 /PRNewswire/ -- Barings BDC, Inc. (NYSE:BBDC) ("Barings BDC" or the "Company") today reported its financial and operating results for the third quarter of 2019 and announced that the Company's Board of Directors declared a quarterly cash dividend of $0.15 per share.

(PRNewsfoto/Barings)

Highlights

Income Statement

Three Months Ended
September 30, 2019

Three Months Ended
June 30, 2019

(dollars in millions, except per share data)

Total Amount

Per

Share(1)

Total Amount

Per

Share(2)

Net investment income

$

8.0


$

0.16


$

7.4


$

0.15


Net realized gains (losses)

$

(1.0)


$

(0.02)


$

0.1


$


Net unrealized appreciation (depreciation)

$

(1.8)


$

(0.04)


$

1.9


$

0.04


Net increase in net assets resulting from operations

$

5.2


$

0.10


$

9.2


$

0.18


Dividends paid


$

0.14



$

0.13



(1) Based on weighted average shares outstanding during the period of 49,987,312.

(2) Based on weighted average shares outstanding during the period of 50,473,640.

 

Investment Portfolio and Balance Sheet





(dollars in millions, except per share data)

As of

September 30,
2019

As of

June 30,

2019

As of

March 31,

2019

As of

December 31,
2018

Investment portfolio at fair value

$1,158.2

$1,200.6

$1,189.4

$1,121.9

Weighted average yield on debt investments, excluding
short-term investments (at principal amount)

5.9%

6.2%

6.3%

6.2%






Total assets

$1,214.2

$1,226.2

$1,211.2

$1,167.6

Debt outstanding (principal)

$632.5

$633.8

$620.0

$570.0

Total net assets (equity)

$572.4

$583.1

$584.2

$563.0

Net asset value per share

$11.58

$11.59

$11.52

$10.98

Debt-to-equity ratio

1.10x

1.09x

1.06x

1.01x

Third Quarter 2019 Results

Commenting on the quarter, Eric Lloyd, Chief Executive Officer, stated, "The third quarter saw us continue our steady and deliberate middle-market investment ramp, rotating out of $130 million of broadly-syndicated loans and investing $116 million in middle-market loans. These new middle-market investments included three European investments, providing additional diversity with the goal of generating attractive risk-adjusted returns. In today's competitive environment, Barings' wide investment frame of reference across global markets and multiple asset classes, further enabled by our joint venture with the South Carolina Retirement System, allows us to find attractive investment opportunities while maintaining an appropriate balance between risk and current income."

During the three months ended September 30, 2019, the Company reported total investment income of $19.3 million, net investment income of $8.0 million, or $0.16 per share, and a net increase in net assets resulting from operations of $5.2 million, or $0.10 per share.

Net asset value ("NAV") per share as of September 30, 2019 was $11.58, as compared to $11.59 as of June 30, 2019. The change in NAV per share from June 30, 2019 to September 30, 2019 was primarily attributable to net unrealized depreciation on the Company's investment portfolio and foreign currency transactions of approximately $0.04 per share and a net realized loss of $0.02 per share, partially offset by net investment income exceeding the second quarter dividend by $0.02 per share and the impact of accretive sha

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