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Sep 30, 2023
Barings BDC Q3 2023 Earnings Report
Reported strong Q3 2023 results, out-earning the dividend by 20% and demonstrating solid portfolio performance despite elevated base rates.
Key Takeaways
Barings BDC reported a strong third quarter, with net investment income increasing by 19% year-over-year. The company out-earned its dividend by 20% and continues to demonstrate strong credit culture and flexible capital solutions.
Net investment income for Q3 2023 was $33.3 million, or $0.31 per share.
NAV per share as of September 30, 2023, was $11.25, compared to $11.34 as of June 30, 2023.
The company made 10 new investments totaling $64.5 million and invested $73.4 million in existing portfolio companies.
A quarterly cash dividend of $0.26 per share was declared.
Forward Guidance
Subsequent to September 30, 2023, the Company made approximately $105.3 million of new commitments, of which $96.7 million closed and funded. The $96.7 million of investments consists of $94.6 million of first lien senior secured debt investments, $2.0 million of subordinated debt investments and $0.1 million of equity investments. The weighted average yield of the debt investments was 13.1%.
Positive Outlook
- The company made approximately $105.3 million of new commitments after the quarter.
- $96.7 million of these commitments were closed and funded.
- These investments included $94.6 million in first lien senior secured debt investments.
- $2.0 million was allocated to subordinated debt investments.
- $0.1 million was invested in equity investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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