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Dec 31, 2023
Barings BDC Q4 2023 Earnings Report
Reported fourth quarter and full year 2023 results, and announced a quarterly cash dividend of $0.26 per share.
Key Takeaways
Barings BDC reported strong Q4 results driven by the strength of its middle market loan portfolio and defensive underwriting approach. The company out-earned its dividend by approximately 20%, increased net investment income from the previous quarter, and repurchased shares as part of its share repurchase program.
Net investment income was $33.4 million, or $0.31 per share.
Net increase in net assets resulting from operations was $29.9 million, or $0.28 per share.
NAV per share as of December 31, 2023, was $11.28, compared to $11.25 as of September 30, 2023.
The company made new investments totaling $100.9 million and investments in existing portfolio companies totaling $79.1 million.
Forward Guidance
Barings BDC aims to enhance its liquidity and financial stability through strategic debt issuances and remains focused on delivering strong risk-adjusted returns to its shareholders.
Positive Outlook
- Issuance of $300 million in 5-year unsecured notes at a 7.00% coupon improves liquidity position.
- Unsecured debt issuance enhances operational stability.
- Optimization of liability structure.
- Expansion of maturity ladder out to 2029.
- Focus on delivering strong risk-adjusted returns to shareholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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