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Mar 31, 2022
Barings BDC Q1 2022 Earnings Report
Reported financial and operating results for the first quarter of 2022 and announced an increased quarterly cash dividend of $0.24 per share.
Key Takeaways
Barings BDC reported a strong quarter with net portfolio growth, consistent investment performance, and the closure of the Sierra transaction. The company reported total investment income of $43.8 million, net investment income of $19.0 million, or $0.23 per share, and a net increase in net assets resulting from operations of $21.0 million, or $0.25 per share.
Net asset value per share as of March 31, 2022 was $11.86, compared to $11.36 as of December 31, 2021.
The increase in NAV per share was primarily attributed to the net impact of the acquisition of Sierra Income Corporation and net unrealized appreciation on the Company's investment portfolio.
The company made 22 new investments totaling $229.3 million and purchased $442.2 million of investments as part of the acquisition of Sierra.
The Board of Directors declared a dividend increase of 4% to $0.24 per share in the second quarter.
Revenue by Segment
Forward Guidance
Subsequent to March 31, 2022, the Company made approximately $174.4 million of new commitments, of which $141.0 million closed and funded. Effective on April 1, 2022, the Company increased aggregate commitments under its senior secured credit facility with ING Capital LLC to $1.1 billion from $965.0 million.
Positive Outlook
- New commitments of approximately $174.4 million were made.
- $141.0 million of new commitments closed and were funded.
- Aggregate commitments under the senior secured credit facility with ING Capital LLC increased to $1.1 billion.
- $120.9 million of first lien senior secured debt investments were funded.
- $16.2 million of second lien senior secured and subordinated debt investments were funded.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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