BBDC Barings BDC Inc

Barings BDC, Inc. (NYSE: BBDC) (“Barings BDC” or the “Company”) today reported its financial and operating results for the second quarter of 2024 and announced that the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.26 per share.

Highlights

Income Statement

Three Months Ended

June 30, 2024

Three Months Ended

March 31, 2024

(dollars in millions, except per share data)

Total Amount

Per Share(1)

Total Amount

Per Share(2)

Net investment income

$42.1

$0.40

$29.4

$0.28

Net realized gains (losses)

$8.1

$0.08

$(21.5)

$(0.20)

Net unrealized appreciation (depreciation)

$(30.8)

$(0.29)

$36.1

$0.34

Net increase (decrease) in net assets resulting from operations

$19.4

$0.18

$44.0

$0.41

Dividends paid

 

$0.26

 

$0.26

(1) Based on weighted average shares outstanding during the period of 105,898,271.

(2) Based on weighted average shares outstanding during the period of 106,038,873.

Investment Portfolio and Balance Sheet

 

 

 

(dollars in millions, except per share data)

As of June 30, 2024

As of March 31, 2024

As of December 31, 2023

Investment portfolio at fair value

$2,395.7

$2,527.5

$2,488.7

Weighted average yield on performing debt investments (at principal amount)

10.9 %

10.7 %

10.5 %

 

 

 

 

Total assets

$2,603.6

$2,698.7

$2,677.5

Debt outstanding (principal)

$1,375.8

$1,465.4

$1,444.9

Total net assets (equity)

$1,201.9

$1,211.9

$1,196.6

Net asset value per share

$11.36

$11.44

$11.28

Debt-to-equity ratio

1.14x

1.21x

1.21x

Net debt-to-equity ratio (adjusted for unrestricted cash and net unsettled transactions)

1.07x

1.17x

1.15x

Second Quarter 2024 Results

Commenting on the quarter, Eric Lloyd, Chief Executive Officer of Barings BDC, stated, “We continued to deliver strong, stable results for our shareholders this quarter, demonstrated by net investment income that was meaningfully higher than our dividend and industry leading non-accrual rates. We made further meaningful progress this quarter reducing our non-core positions, providing us with capital to recycle into attractively structured and priced, first lien, middle market loans in what we believe will be an accelerating deal environment in the second half of the year.”

During the three months ended June 30, 2024, the Company reported total investment income of $74.9 million, net investment income of $42.1 million, or $0.40 per share, and a net increase in net assets resulting from operations of $19.4 million, or $0.18 per share.

Net asset value (“NAV”) per share as of June 30, 2024 was $11.36, as compared to $11.44 as of March 31, 2024. The decrease in NAV per share from March 31, 2024 to June 30, 2024 was primarily attributed to net unrealized depreciation on the Company’s investment portfolio, credit support agreements, foreign currency transactions and forward currency contracts of approximately $0.29 per share, partially offset by net investment income exceeding the Company’s second quarter dividend by $0.14 per share and a net realized gain on investments, foreign currency transactions and forward currency contracts of $0.07 per share.

Recent Portfolio Activity

During the three months ended June 30, 2024, the Company made nine new investments totaling $38.5 million and made investments in existing portfolio companies totaling $40.0 million. The Company had 15 loans repaid totaling $116.2 million, received $21.8 million of portfolio company principal payments and received $3.8 million of return of capital from joint ventures and equity investments. The Company received $28.2 million for the sale of loans, recognizing a net realized gain on these transactions of $0.5 million. Lastly, the Company received proceeds related to the sale of equity investments totaling $24.9 million and recognized a net realized gain on such sales totaling $3.0 million.

During the three months ended June 30, 2024, the Company recorded net unrealized depreciation totaling $30.8 million, consisting of net unrealized depreciation on its current portfolio of $30.1 million, unrealized depreciation of $2.8 million on the Sierra credit support agreement with Barings and net unrealized depreciation related to forward currency contracts of $4.5 million, partially offset by net unrealized appreciation reclassification adjustments of $3.6 million related to the net realized losses on the sales / repayments and restructures of certain investments, unrealized appreciation of $1.9 million on the MVC credit support agreement with Barings and net unrealized appreciation related to foreign currency transactions of $1.0 million. The net unrealized depreciation on the Company’s current portfolio of $30.1 million was driven primarily by the credit or fundamental performance of investments of $21.6 million, broad market moves for investments of $7.7 million and the impact of foreign currency exchange rates on investments of $0.8 million.

Liquidity and Capitalization

As of June 30, 2024, the Company had cash and foreign currencies of $84.4 million (including restricted cash of $15.0 million), $350.8 million of borrowings outstanding under its $1,065.0 million senior secured revolving credit agreement, $1,025.0 million aggregate principal amount of unsecured notes outstanding and a net receivable from unsettled transactions of $20.6 million.

Share Repurchase Program

On February 22, 2024, the Board authorized a new 12-month share repurchase program. Under the program, the Company may repurchase, during the 12-month period commencing on March 1, 2024, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The program is expected to be in effect until March 1, 2025, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time. During the three months ended June 30, 2024, the Company repurchased a total of 193,167 shares of its common stock in the open market under the authorized program at an average price of $9.88 per share, including brokerage commissions. As of August 7, 2024, the Company had repurchased a total of 309,078 shares of its common stock in the open market under the authorized program at an average price of $9.76 per share, including brokerage commissions.

Dividend Information

The Board declared a quarterly cash dividend of $0.26 per share.

The Company’s third quarter dividend is payable as follows:

Third Quarter 2024 Dividend:

Amount per share:

$0.26

Record date:

September 4, 2024

Payment date:

September 11, 2024

Dividend Reinvestment Plan

Barings BDC has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends and distributions on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend or distribution, stockholders who have not opted out of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash.

When the Company declares and pays dividends and distributions, it determines the allocation of the distribution between current income, accumulated income, capital gains and return of capital on the basis of accounting principles generally accepted in the United States (“GAAP”). At each year end, the Company is required for tax purposes to determine the allocation based on tax accounting principles. Due to differences between GAAP and tax accounting principles, the portion of each dividend distribution that is ordinary income, capital gain or return of capital may differ for GAAP and tax purposes. The tax status of the Company’s distributions can be found on the Investor Relations page of its website.

Subsequent Events

Subsequent to June 30, 2024, the Company made approximately $55.9 million of new commitments, of which $45.6 million closed and funded. The $45.6 million of investments consists of $45.3 million of first lien senior secured debt investments and $0.3 million of equity investments. The weighted average yield of the debt investments was 10.7%. In addition, the Company funded $8.5 million of previously committed revolvers and delayed draw term loans.

Conference Call to Discuss Second Quarter 2024 Results

Barings BDC has scheduled a conference call to discuss second quarter 2024 financial and operating results for Thursday, August 8, 2024, at 9:00 a.m. ET.

To listen to the call, please dial 888-428-7458 or 862-298-0702 approximately 10 minutes prior to the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until August 15, 2024. To access the replay, please dial 877-660-6853 or 201-612-7415 and enter conference ID 13747692.

This conference call will also be available via a live webcast on the investor relations section of Barings BDC’s website at https://ir.barings.com/ir-calendar. Access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the Company's website until August 15, 2024.

Forward-Looking Statements

Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or Barings BDC’s future performance or financial condition. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. Forward-looking statements include, but are not limited to, the Company’s projected net investment income and earnings, the Company’s distribution levels and frequency of distributions, the Company’s share repurchase activity and investment activity, and the ability of Barings LLC to manage Barings BDC and identify investment opportunities, all of which are subject to change at any time based upon economic, market or other conditions, and may not be relied upon as investment advice or an indication of Barings BDC’s trading intent. More information on the risks and other potential factors that could affect Barings BDC’s financial results and future events, including important factors that could cause actual results or events to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is included in Barings BDC’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Barings BDC’s most recently filed annual report on Form 10-K, as well as in subsequent filings, including Barings BDC’s quarterly reports on Form 10-Q. In addition, there is no assurance that Barings BDC or any of its affiliates will purchase additional shares of Barings BDC at any specific discount levels or in any specific amounts. There is no assurance that the market price of Barings BDC’s shares, either absolutely or relative to NAV, will increase as a result of any share repurchases, or that any repurchase plan will enhance stockholder value over the long term.

Non-GAAP Financial Measures

To provide additional information about the Company’s results, the Company’s management has discussed in this press release the Company’s net debt (calculated as (i) total debt less (ii) unrestricted cash and foreign currencies (excluding restricted cash) net of net payables/receivables from unsettled transactions) and its net debt-to-equity ratio (calculated as net debt divided by total net assets), which are not prepared in accordance with GAAP. These non-GAAP measures are included to supplement the Company’s financial information presented in accordance with GAAP and because the Company uses such measures to monitor and evaluate its leverage and financial condition and believes the presentation of these measures enhances investors’ ability to analyze trends in the Company’s business and to evaluate the Company’s leverage and ability to take on additional debt. However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP.

These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate the Company’s results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Item 10(e) of Regulation S-K, as promulgated under the Securities Exchange Act of 1934, as amended, the Company has provided a reconciliation of these non-GAAP measures in the last table included in this press release.

About Barings BDC

Barings BDC, Inc. (NYSE: BBDC) is a publicly traded, externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Barings BDC seeks to invest primarily in senior secured loans in middle-market companies that operate across a wide range of industries. Barings BDC’s investment activities are managed by its investment adviser, Barings LLC, a leading global asset manager based in Charlotte, NC with $409+ billion* of AUM firm-wide. For more information, visit www.baringsbdc.com.

About Barings LLC

Barings is a $409+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of June 30, 2024

Barings BDC, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

June 30, 2024

 

December 31, 2023

 

(Unaudited)

 

 

Assets:

 

 

 

Investments at fair value:

 

 

 

Non-Control / Non-Affiliate investments (cost of $1,969,097 and $2,053,548 as of June 30, 2024 and December 31, 2023, respectively)

$

1,911,585

 

 

$

1,995,372

 

Affiliate investments (cost of $372,603 and $378,865 as of June 30, 2024 and December 31, 2023, respectively)

 

393,922

 

 

 

402,423

 

Control investments (cost of $104,162 and $103,163 as of June 30, 2024 and December 31, 2023, respectively)

 

90,153

 

 

 

90,920

 

Total investments at fair value

 

2,395,660

 

 

 

2,488,715

 

Cash (restricted cash of $15,018 and $0 as of June 30, 2024 and December 31, 2023, respectively)

 

66,093

 

 

 

57,187

 

Foreign currencies (cost of $18,220 and $13,023 as of June 30, 2024 and December 31, 2023, respectively)

 

18,270

 

 

 

13,341

 

Interest and fees receivable

 

37,120

 

 

 

51,598

 

Prepaid expenses and other assets

 

2,942

 

 

 

3,564

 

Credit support agreements (cost of $58,000 as of both June 30, 2024 and December 31, 2023)

 

50,546

 

 

 

57,800

 

Derivative assets

 

4,350

 

 

 

1

 

Deferred financing fees

 

3,031

 

 

 

3,948

 

Receivable from unsettled transactions

 

25,631

 

 

 

1,299

 

Total assets

$

2,603,643

 

 

$

2,677,453

 

Liabilities:

 

 

 

Accounts payable and accrued liabilities

$

2,875

 

 

$

2,950

 

Interest payable

 

14,322

 

 

 

8,450

 

Administrative fees payable

 

400

 

 

 

536

 

Base management fees payable

 

8,190

 

 

 

8,347

 

Incentive management fees payable

 

1,122

 

 

 

7,737

 

Derivative liabilities

 

9,869

 

 

 

11,265

 

Payable from unsettled transactions

 

5,081

 

 

 

1,112

 

Borrowings under credit facility

 

350,823

 

 

 

719,914

 

Notes payable (net of deferred financing fees)

 

1,009,085

 

 

 

720,583

 

Total liabilities

 

1,401,767

 

 

 

1,480,894

 

Commitments and contingencies

 

 

 

Net Assets:

 

 

 

Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,757,992 and 106,067,070 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)

 

106

 

 

 

106

 

Additional paid-in capital

 

1,851,442

 

 

 

1,854,457

 

Total distributable earnings (loss)

 

(649,672

)

 

 

(658,004

)

Total net assets

 

1,201,876

 

 

 

1,196,559

 

Total liabilities and net assets

$

2,603,643

 

 

$

2,677,453

 

Net asset value per share

$

11.36

 

 

$

11.28

 

Barings BDC, Inc.

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)

 

 

Three Months

Ended

 

Three Months

Ended

 

Six Months

Ended

 

Six Months

Ended

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

Investment income:

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

Non-Control / Non-Affiliate investments

$

54,084

 

 

$

54,561

 

 

$

107,273

 

 

$

105,729

 

Affiliate investments

 

792

 

 

 

459

 

 

 

1,749

 

 

 

839

 

Control investments

 

51

 

 

 

404

 

 

 

437

 

 

 

746

 

Total interest income

 

54,927

 

 

 

55,424

 

 

 

109,459

 

 

 

107,314

 

Dividend income:

 

 

 

 

 

 

 

Non-Control / Non-Affiliate investments

 

1,324

 

 

 

831

 

 

 

2,645

 

 

 

1,658

 

Affiliate investments

 

10,410

 

 

 

9,419

 

 

 

17,565

 

 

 

16,466

 

Total dividend income

 

11,734

 

 

 

10,250

 

 

 

20,210

 

 

 

18,124

 

Fee and other income:

 

 

 

 

 

 

 

Non-Control / Non-Affiliate investments

 

3,552

 

 

 

4,232

 

 

 

6,939

 

 

 

7,314

 

Affiliate investments

 

200

 

 

 

37

 

 

 

269

 

 

 

204

 

Control investments

 

17

 

 

 

32

 

 

 

34

 

 

 

83

 

Total fee and other income

 

3,769

 

 

 

4,301

 

 

 

7,242

 

 

 

7,601

 

Payment-in-kind interest income:

 

 

 

 

 

 

 

Non-Control / Non-Affiliate investments

 

3,246

 

 

 

4,782

 

 

 

5,728

 

 

 

8,317

 

Affiliate investments

 

268

 

 

 

48

 

 

 

519

 

 

 

251

 

Control investments

 

684

 

 

 

292

 

 

 

1,076

 

 

 

496

 

Total payment-in-kind interest income

 

4,198

 

 

 

5,122

 

 

 

7,323

 

 

 

9,064

 

Interest income from cash

 

258

 

 

 

205

 

 

 

458

 

 

 

403

 

Total investment income

 

74,886

 

 

 

75,302

 

 

 

144,692

 

 

 

142,506

 

Operating expenses:

 

 

 

 

 

 

 

Interest and other financing fees

 

20,774

 

 

 

20,811

 

 

 

41,856

 

 

 

40,127

 

Base management fee

 

8,190

 

 

 

8,134

 

 

 

16,469

 

 

 

15,987

 

Incentive management fees

 

1,122

 

 

 

10,086

 

 

 

9,289

 

 

 

19,691

 

General and administrative expenses

 

2,343

 

 

 

2,447

 

 

 

5,019

 

 

 

5,183

 

Total operating expenses

 

32,429

 

 

 

41,478

 

 

 

72,633

 

 

 

80,988

 

Net investment income before taxes

 

42,457

 

 

 

33,824

 

 

 

72,059

 

 

 

61,518

 

Income taxes, including excise tax expense

 

315

 

 

 

200

 

 

 

565

 

 

 

395

 

Net investment income after taxes

$

42,142

 

 

$

33,624

 

 

$

71,494

 

 

$

61,123

 

 

Barings BDC, Inc.

Unaudited Consolidated Statements of Operations — (Continued)

(in thousands, except share and per share data)

 

Three Months

Ended

 

Three Months

Ended

 

Six Months

Ended

 

Six Months

Ended

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts:

 

 

 

 

 

 

 

Net realized gains (losses):

 

 

 

 

 

 

 

Non-Control / Non-Affiliate investments

$

7,685

 

 

$

(46,218

)

 

$

(4,922

)

 

$

(45,446

)

Affiliate investments

 

(4,179

)

 

 

—

 

 

 

(4,179

)

 

 

—

 

Net realized gains (losses) on investments

 

3,506

 

 

 

(46,218

)

 

 

(9,101

)

 

 

(45,446

)

Foreign currency transactions

 

153

 

 

 

372

 

 

 

393

 

 

 

4,074

 

Forward currency contracts

 

4,415

 

 

 

(2,692

)

 

 

(4,671

)

 

 

(16,911

)

Net realized gains (losses)

 

8,074

 

 

 

(48,538

)

 

 

(13,379

)

 

 

(58,283

)

Net unrealized appreciation (depreciation):

 

 

 

 

 

 

 

Non-Control / Non-Affiliate investments

 

(7,831

)

 

 

45,334

 

 

 

672

 

 

 

52,771

 

Affiliate investments

 

(5,034

)

 

 

2,722

 

 

 

(2,239

)

 

 

13,563

 

Control investments

 

(13,572

)

 

 

5,602

 

 

 

(1,766

)

 

 

(1,667

)

Net unrealized appreciation (depreciation) on investments

 

(26,437

)

 

 

53,658

 

 

 

(3,333

)

 

 

64,667

 

Credit support agreements

 

(904

)

 

 

1,978

 

 

 

(7,254

)

 

 

7,564

 

Foreign currency transactions

 

1,025

 

 

 

(2,839

)

 

 

4,541

 

 

 

(10,966

)

Forward currency contracts

 

(4,460

)

 

 

2,262

 

 

 

11,372

 

 

 

15,764

 

Net unrealized appreciation (depreciation)

 

(30,776

)

 

 

55,059

 

 

 

5,326

 

 

 

77,029

 

Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts

 

(22,702

)

 

 

6,521

 

 

 

(8,053

)

 

 

18,746

 

Benefit from (provision for) income taxes

 

—

 

 

 

(28

)

 

 

—

 

 

 

(101

)

Net increase (decrease) in net assets resulting from operations

$

19,440

 

 

$

40,117

 

 

$

63,441

 

 

$

79,768

 

Net investment income per share — basic and diluted

$

0.40

 

 

$

0.31

 

 

$

0.67

 

 

$

0.57

 

Net increase (decrease) in net assets resulting from operations per share — basic and diluted

$

0.18

 

 

$

0.37

 

 

$

0.60

 

 

$

0.74

 

Dividends / distributions per share:

 

 

 

 

 

 

 

Total dividends / distributions per share

$

0.26

 

 

$

0.25

 

 

$

0.52

 

 

$

0.50

 

Weighted average shares outstanding — basic and diluted

 

105,898,271

 

 

 

107,381,276

 

 

 

105,968,572

 

 

 

107,647,243

 

Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows

(in thousands)

 

 

Six Months Ended

 

Six Months Ended

 

June 30, 2024

 

June 30, 2023

Cash flows from operating activities:

 

 

 

Net increase (decrease) in net assets resulting from operations

$

63,441

 

 

$

79,768

 

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

 

(216,878

)

 

 

(255,744

)

Repayments received / sales of portfolio investments

 

289,310

 

 

 

188,422

 

Loan origination and other fees received

 

3,768

 

 

 

2,876

 

Net realized (gain) loss on investments

 

9,101

 

 

 

45,446

 

Net realized (gain) loss on foreign currency transactions

 

(393

)

 

 

(4,074

)

Net realized (gain) loss on forward currency contracts

 

4,671

 

 

 

16,911

 

Net unrealized (appreciation) depreciation on investments

 

3,333

 

 

 

(64,667

)

Net unrealized (appreciation) depreciation of CSAs

 

7,254

 

 

 

(7,564

)

Net unrealized (appreciation) depreciation on foreign currency transactions

 

(4,541

)

 

 

10,966

 

Net unrealized (appreciation) depreciation on forward currency contracts

 

(11,372

)

 

 

(15,764

)

Payment-in-kind interest / dividends

 

(10,331

)

 

 

(11,567

)

Amortization of deferred financing fees

 

2,251

 

 

 

1,565

 

Accretion of loan origination and other fees

 

(5,473

)

 

 

(4,094

)

Amortization / accretion of purchased loan premium / discount

 

(412

)

 

 

(946

)

Payments for derivative contracts

 

(11,586

)

 

 

(19,437

)

Proceeds from derivative contracts

 

6,914

 

 

 

2,526

 

Changes in operating assets and liabilities:

 

 

 

Interest and fees receivable

 

14,625

 

 

 

(2,730

)

Prepaid expenses and other assets

 

628

 

 

 

651

 

Accounts payable and accrued liabilities

 

(6,984

)

 

 

9,702

 

Interest payable

 

5,877

 

 

 

558

 

Net cash provided by (used in) operating activities

 

143,203

 

 

 

(27,196

)

Cash flows from financing activities:

 

 

 

Borrowings under credit facility

 

24,500

 

 

 

35,000

 

Repayments of credit facility

 

(388,539

)

 

 

—

 

Proceeds from notes

 

300,000

 

 

 

—

 

Financing fees paid

 

(7,205

)

 

 

(2,389

)

Purchases of shares in repurchase plan

 

(3,015

)

 

 

(10,854

)

Cash dividends / distributions paid

 

(55,109

)

 

 

(53,646

)

Net cash provided by (used in) financing activities

 

(129,368

)

 

 

(31,889

)

Net increase (decrease) in cash and foreign currencies

 

13,835

 

 

 

(59,085

)

Cash and foreign currencies, beginning of period

 

70,528

 

 

 

139,415

 

Cash and foreign currencies, end of period

$

84,363

 

 

$

80,330

 

Supplemental Information:

 

 

 

Cash paid for interest

$

32,855

 

 

$

37,354

 

Excise taxes paid during the period

$

1,700

 

 

$

800

 

Barings BDC, Inc.

Unaudited Reconciliation of Debt to Net Debt and Calculation of Net Debt-to-Equity Ratio

(in thousands, except ratios)

 

 

 

June 30,

2024

 

March 31, 2024

 

December 31, 2023

Total debt (principal)

 

$

1,375,823

 

 

$

1,465,352

 

 

$

1,444,914

 

minus: Cash and foreign currencies (excluding restricted cash)

 

 

(69,345

)

 

 

(50,740

)

 

 

(70,528

)

plus: Payable from unsettled transactions

 

 

5,081

 

 

 

336

 

 

 

1,112

 

minus: Receivable from unsettled transactions

 

 

(25,631

)

 

 

(2,159

)

 

 

(1,299

)

Total net debt(1)

 

$

1,285,928

 

 

$

1,412,789

 

 

$

1,374,199

 

 

 

 

 

 

 

 

Total net assets

 

$

1,201,876

 

 

$

1,211,876

 

 

$

1,196,559

 

 

 

 

 

 

 

 

Total net debt-to-equity ratio(1)

 

1.07x

 

1.17x

 

1.15x

(1) See the “Non-GAAP Financial Measures” section of this press release.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240807435328/en/

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