Barings BDC, Inc. Reports Third Quarter 2026 Results and Announces Quarterly Cash Dividend of $0.26 Per Share
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Barings BDC, Inc. (NYSE: BBDC) (“Barings BDC” or the “Company”) today reported its financial and operating results for the third quarter of 2026 and announced that the Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.26 per share.
Highlights
|
|
Three Months Ended |
Three Months Ended |
||
|
Income Statement |
September 30, 2026 |
June 30, 2026 |
||
|
(dollars in millions, except per share data) |
Total
|
Per
|
Total
|
Per
|
|
Net investment income |
$27.2 |
$0.26 |
$29.0 |
$0.28 |
|
Net realized gains (losses) |
$(4.8) |
$(0.05) |
$18.8 |
$0.18 |
|
Net unrealized appreciation (depreciation) |
$2.2 |
$0.02 |
$(29.4) |
$(0.28) |
|
Net increase in net assets resulting from operations |
$24.6 |
$0.24 |
$18.3 |
$0.18 |
|
Dividends paid |
|
$0.26 |
|
$0.26 |
|
(1) Based on weighted average shares outstanding during the period of 104,706,884. |
||||
|
Investment Portfolio and Balance Sheet |
|
|
|
(dollars in millions, except per share data) |
As of
|
As of
|
|
Investment portfolio at fair value |
$2,509.8 |
$2,458.6 |
|
Total assets |
$2,634.9 |
$2,584.2 |
|
Debt outstanding (principal) |
$1,467.2 |
$1,409.7 |
|
Total net assets (equity) |
$1,143.3 |
$1,145.9 |
|
Net asset value per share |
$10.92 |
$10.94 |
|
Debt-to-equity ratio |
1.28x |
1.23x |
|
Net debt-to-equity ratio (adjusted for unrestricted cash and net unsettled transactions)(1) |
1.24x |
1.18x |
|
(1) See the “Non-GAAP Financial Measures” section of this press release. |
||
Third Quarter 2026 Results
Commenting on the quarter, Thomas McDonnell, Chief Executive Officer of Barings BDC, stated, “Our third quarter results reflect the stability of our predominantly senior secured portfolio. Net investment income of $0.26 per share fully covered our dividend, and NAV per share was largely unchanged at $10.92. We remained active in the market, funding $196 million of investments, including 20 new portfolio companies, and grew the portfolio to $2.5 billion. We believe our liquidity position and the breadth of the Barings platform position us well to continue delivering value for our shareholders.”
During the three months ended September 30, 2026, the Company reported total investment income of $64.3 million, net investment income of $27.2 million, or $0.26 per share, and a net increase in net assets resulting from operations of $24.6 million, or $0.24 per share.
Net asset value (“NAV”) per share decreased by $0.02 from the prior quarter to $10.92 as of September 30, 2026, primarily reflecting net realized losses of $0.05 per share, partially offset by net unrealized appreciation of $0.02 per share.
|
Portfolio Activity |
Three Months
|
Three Months
|
|
(dollars in millions) |
September 30, 2026 |
June 30, 2026 |
|
Investments funded: |
|
|
|
New portfolio company investments |
$121.4 |
$172.1 |
|
Additional investments in existing portfolio companies |
74.6 |
90.0 |
|
Total investments funded |
$196.0 |
$262.1 |
|
Investments sold or repaid: |
|
|
|
Loans repaid |
$66.8 |
$49.3 |
|
Principal payments and sales proceeds |
78.5 |
59.1 |
|
Sales to joint venture |
— |
51.7 |
|
Equity sales |
0.2 |
2.2 |
|
Return of capital from joint ventures, royalty rights, and equity investments |
0.4 |
4.8 |
|
Total investments sold or repaid |
$145.9 |
$167.1 |
|
|
|
|
|
Number of new portfolio company investments |
20 |
21 |
|
Portfolio Information
(dollars in millions) |
As of
|
As of
|
|
Investment portfolio at fair value |
$2,509.8 |
$2,458.6 |
|
Number of portfolio company investments |
349 |
342 |
|
Percentage of floating rate securities at fair value |
92.8 % |
92.8 % |
|
|
|
|
|
Weighted average yield: |
|
|
|
Debt investments other than non-accrual debt investments(1) |
9.5 % |
9.4 % |
|
Total debt investments(2) |
9.2 % |
9.1 % |
|
Debt investments other than non-accrual debt investments and other income producing securities(3) |
10.0 % |
9.9 % |
|
Total debt investments and other income producing securities(4) |
9.7 % |
9.7 % |
| (1) Computed using the principal amount of our outstanding debt investments, other than non-accrual debt investments. | ||
| (2) Computed using the principal amount of our outstanding debt investments, including non-accrual debt investments. | ||
| (3) Computed using the principal amount of our outstanding debt investments, other than non-accrual debt investments, and the fair value of other income producing securities. | ||
| (4) Computed using the principal amount of our outstanding debt investments, including non-accrual debt investments, and the fair value of other income producing securities. | ||
|
Portfolio Composition
(dollars in millions) |
As of
|
As of
|
|
Senior debt and 1st lien notes |
$1,771.7 |
$1,725.7 |
|
Subordinated debt and 2nd lien notes |
233.3 |
234.4 |
|
Structured products |
23.4 |
24.2 |
|
Equity shares |
445.0 |
435.6 |
|
Equity warrants |
1.4 |
1.3 |
|
Royalty rights |
1.5 |
1.4 |
|
Investment in joint ventures |
33.5 |
36.0 |
|
Total investments at fair value |
$2,509.8 |
$2,458.6 |
Liquidity and Capitalization
As of September 30, 2026, the Company had cash and foreign currencies of $76.2 million (including restricted cash of $25.0 million), $334.7 million of borrowings outstanding under its $821.5 million senior secured credit agreement, $1,132.5 million aggregate principal amount of unsecured notes outstanding and a net receivable from unsettled transactions of $1.4 million.
On October 30, 2026, the Company priced Barings BDC CLO 2026-1, an approximately $396.3 million collateralized loan obligation (“CLO”). The CLO consists of $304.0 million of rated secured notes sold to third-party investors and $92.3 million of subordinated notes retained by the Company. The floating rate notes carry a weighted average interest rate of Term SOFR plus 1.64%. The transaction is expected to close in mid-November 2026, subject to customary closing conditions. The Company intends to use the net proceeds, together with borrowings under its senior secured credit agreement, to repay in full its $350.0 million of 3.300% notes due November 23, 2026.
Dividend Information
The Board declared a quarterly cash dividend of $0.26 per share, which is payable as follows:
|
Fourth Quarter 2026 Dividend: |
|
|
Amount per share: |
$0.26 |
|
Record date: |
December 2, 2026 |
|
Payment date: |
December 9, 2026 |
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 (net of applicable withholding tax) 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 September 30, 2026, the Company made approximately $70.9 million of new commitments, of which $36.2 million closed and funded. The $36.2 million of investments consists of $35.8 million of first lien senior secured debt investments and $0.4 million of equity investments. The weighted average yield of the debt investments was 11.1%. In addition, the Company funded $35.0 million of previously committed revolvers and delayed draw term loans.
Conference Call to Discuss Third Quarter 2026 Results
Barings BDC has scheduled a conference call to discuss third quarter 2026 financial and operating results for Friday, November 6, 2026, at 8:30 a.m. ET.
To listen to the call, please dial 877-407-8831 or 201-493-6736 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 November 13, 2026. To access the replay, please dial 877-660-6853 or 201-612-7415 and enter conference ID 13763218.
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 November 13, 2026.
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 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, a leading global asset manager based in Charlotte, NC with $500 billion* of AUM firm-wide. For more information, visit www.baringsbdc.com.
About Barings
Barings is a $500 billion* global alternative asset manager that partners with institutional, insurance and wealth clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual with a minority investment from MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets. Learn more at www.barings.com.
*Assets under management as of September 30, 2026
|
Barings BDC, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) |
|||||||
|
|
|||||||
|
|
September 30, 2026 |
|
December 31, 2025 |
||||
|
|
(Unaudited) |
|
|
||||
|
Assets: |
|
|
|
||||
|
Investments at fair value: |
|
|
|
||||
|
Non-Control / Non-Affiliate investments (cost of $2,008,413 and $1,951,962 as of September 30, 2026 and December 31, 2025, respectively) |
$ |
1,970,299 |
|
|
$ |
1,916,364 |
|
|
Affiliate investments (cost of $442,982 and $386,190 as of September 30, 2026 and December 31, 2025, respectively) |
|
445,193 |
|
|
|
399,183 |
|
|
Control investments (cost of $100,617 and $86,128 as of September 30, 2026 and December 31, 2025, respectively) |
|
94,279 |
|
|
|
82,977 |
|
|
Total investments at fair value |
|
2,509,771 |
|
|
|
2,398,524 |
|
|
Cash (restricted cash of $24,961 and $12,933 as of September 30, 2026 and December 31, 2025, respectively) |
|
64,600 |
|
|
|
51,891 |
|
|
Foreign currencies (cost of $11,574 and $14,922 as of September 30, 2026 and December 31, 2025, respectively) |
|
11,557 |
|
|
|
14,889 |
|
|
Interest and fees receivable |
|
34,867 |
|
|
|
41,415 |
|
|
Prepaid expenses and other assets |
|
987 |
|
|
|
981 |
|
|
Credit support agreement (cost of $1,329 and $44,400 as of September 30, 2026 and December 31, 2025, respectively) |
|
1,260 |
|
|
|
60,500 |
|
|
Derivative assets |
|
2,905 |
|
|
|
3,515 |
|
|
Deferred financing fees |
|
7,347 |
|
|
|
8,681 |
|
|
Receivable from unsettled transactions |
|
1,576 |
|
|
|
55,987 |
|
|
Total assets |
$ |
2,634,870 |
|
|
$ |
2,636,383 |
|
|
Liabilities: |
|
|
|
||||
|
Accounts payable and accrued liabilities |
$ |
5,956 |
|
|
$ |
7,379 |
|
|
Interest payable |
|
10,611 |
|
|
|
18,451 |
|
|
Administrative fees payable |
|
373 |
|
|
|
381 |
|
|
Base management fees payable |
|
7,841 |
|
|
|
8,562 |
|
|
Incentive management fees payable |
|
6,333 |
|
|
|
7,019 |
|
|
Derivative liabilities |
|
15,323 |
|
|
|
3,619 |
|
|
Payable from unsettled transactions |
|
214 |
|
|
|
183 |
|
|
Borrowings under credit facility |
|
334,732 |
|
|
|
226,786 |
|
|
Notes payable (net of deferred financing fees) |
|
1,110,195 |
|
|
|
1,203,321 |
|
|
Total liabilities |
|
1,491,578 |
|
|
|
1,475,701 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Net Assets: |
|
|
|
||||
|
Common stock, $0.001 par value per share (150,000,000 shares authorized, 104,706,884 shares issued and outstanding as of both September 30, 2026 and December 31, 2025) |
|
104 |
|
|
|
104 |
|
|
Additional paid-in capital |
|
1,864,163 |
|
|
|
1,862,834 |
|
|
Total distributable earnings (loss) |
|
(720,975 |
) |
|
|
(702,256 |
) |
|
Total net assets |
|
1,143,292 |
|
|
|
1,160,682 |
|
|
Total liabilities and net assets |
$ |
2,634,870 |
|
|
$ |
2,636,383 |
|
|
Net asset value per share |
$ |
10.92 |
|
|
$ |
11.09 |
|
|
Barings BDC, Inc. Unaudited Consolidated Statements of Operations (in thousands, except share and per share data) |
|||||||||||
|
|
|||||||||||
|
|
Three Months
|
|
Three Months
|
|
Nine Months
|
|
Nine Months
|
||||
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||
|
Investment income: |
|
|
|
|
|
|
|
||||
|
Interest income: |
|
|
|
|
|
|
|
||||
|
Non-Control / Non-Affiliate investments |
$ |
40,369 |
|
$ |
47,746 |
|
$ |
119,168 |
|
$ |
141,272 |
|
Affiliate investments |
|
2,138 |
|
|
911 |
|
|
6,962 |
|
|
2,965 |
|
Control investments |
|
120 |
|
|
151 |
|
|
264 |
|
|
407 |
|
Total interest income |
|
42,627 |
|
|
48,808 |
|
|
126,394 |
|
|
144,644 |
|
Dividend income: |
|
|
|
|
|
|
|
||||
|
Non-Control / Non-Affiliate investments |
|
1,681 |
|
|
4,298 |
|
|
6,043 |
|
|
7,109 |
|
Affiliate investments |
|
9,691 |
|
|
9,879 |
|
|
31,255 |
|
|
29,586 |
|
Control investments |
|
— |
|
|
— |
|
|
— |
|
|
2,817 |
|
Total dividend income |
|
11,372 |
|
|
14,177 |
|
|
37,298 |
|
|
39,512 |
|
Fee and other income: |
|
|
|
|
|
|
|
||||
|
Non-Control / Non-Affiliate investments |
|
3,548 |
|
|
3,904 |
|
|
9,704 |
|
|
12,251 |
|
Affiliate investments |
|
177 |
|
|
57 |
|
|
378 |
|
|
161 |
|
Control investments |
|
1 |
|
|
43 |
|
|
49 |
|
|
47 |
|
Total fee and other income |
|
3,726 |
|
|
4,004 |
|
|
10,131 |
|
|
12,459 |
|
Payment-in-kind interest income: |
|
|
|
|
|
|
|
||||
|
Non-Control / Non-Affiliate investments |
|
3,792 |
|
|
4,401 |
|
|
11,570 |
|
|
12,156 |
|
Affiliate investments |
|
2,169 |
|
|
555 |
|
|
2,900 |
|
|
1,164 |
|
Control investments |
|
477 |
|
|
243 |
|
|
1,332 |
|
|
705 |
|
Total payment-in-kind interest income |
|
6,438 |
|
|
5,199 |
|
|
15,802 |
|
|
14,025 |
|
Interest income from cash |
|
131 |
|
|
216 |
|
|
437 |
|
|
601 |
|
Total investment income |
|
64,294 |
|
|
72,404 |
|
|
190,062 |
|
|
211,241 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||
|
Interest and other financing fees |
|
20,282 |
|
|
21,508 |
|
|
59,146 |
|
|
63,882 |
|
Base management fee |
|
7,841 |
|
|
8,415 |
|
|
24,063 |
|
|
24,626 |
|
Incentive management fees |
|
6,333 |
|
|
5,634 |
|
|
16,014 |
|
|
24,489 |
|
General and administrative expenses |
|
1,904 |
|
|
1,896 |
|
|
6,146 |
|
|
5,884 |
|
Total operating expenses |
|
36,360 |
|
|
37,453 |
|
|
105,369 |
|
|
118,881 |
|
Net investment income before taxes |
|
27,934 |
|
|
34,951 |
|
|
84,693 |
|
|
92,360 |
|
Income taxes, including excise tax expense |
|
700 |
|
|
1,338 |
|
|
2,604 |
|
|
2,547 |
|
Net investment income after taxes |
$ |
27,234 |
|
$ |
33,613 |
|
$ |
82,089 |
|
$ |
89,813 |
|
Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data) |
|||||||||||||||
|
|
|||||||||||||||
|
|
Three Months
|
|
Three Months
|
|
Nine Months
|
|
Nine Months
|
||||||||
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||
|
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 |
$ |
(3,055 |
) |
|
$ |
6,442 |
|
|
$ |
(18,285 |
) |
|
$ |
2,083 |
|
|
Affiliate investments |
|
(1,233 |
) |
|
|
(4,833 |
) |
|
|
(1,233 |
) |
|
|
(4,833 |
) |
|
Control investments |
|
— |
|
|
|
6 |
|
|
|
(69 |
) |
|
|
(24,450 |
) |
|
Net realized gains (losses) on investments |
|
(4,288 |
) |
|
|
1,615 |
|
|
|
(19,587 |
) |
|
|
(27,200 |
) |
|
Credit support agreements |
|
— |
|
|
|
— |
|
|
|
22,628 |
|
|
|
9,400 |
|
|
Foreign currency transactions |
|
178 |
|
|
|
76 |
|
|
|
(1,975 |
) |
|
|
2,312 |
|
|
Forward currency contracts |
|
(672 |
) |
|
|
(2,998 |
) |
|
|
2,165 |
|
|
|
(2,045 |
) |
|
Net realized gains (losses) |
|
(4,782 |
) |
|
|
(1,307 |
) |
|
|
3,231 |
|
|
|
(17,533 |
) |
|
Net unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
||||||||
|
Non-Control / Non-Affiliate investments |
|
2,779 |
|
|
|
(14,718 |
) |
|
|
(7,466 |
) |
|
|
16,489 |
|
|
Affiliate investments |
|
(5,300 |
) |
|
|
3,891 |
|
|
|
(5,848 |
) |
|
|
2,693 |
|
|
Control investments |
|
2,034 |
|
|
|
(5,252 |
) |
|
|
(3,187 |
) |
|
|
25,194 |
|
|
Net unrealized appreciation (depreciation) on investments |
|
(487 |
) |
|
|
(16,079 |
) |
|
|
(16,501 |
) |
|
|
44,376 |
|
|
Credit support agreements |
|
(69 |
) |
|
|
1,600 |
|
|
|
(16,169 |
) |
|
|
2,950 |
|
|
Foreign currency transactions |
|
757 |
|
|
|
(1,536 |
) |
|
|
6,058 |
|
|
|
(24,519 |
) |
|
Forward currency contracts |
|
1,977 |
|
|
|
7,259 |
|
|
|
4,244 |
|
|
|
(18,401 |
) |
|
Net unrealized appreciation (depreciation) |
|
2,178 |
|
|
|
(8,756 |
) |
|
|
(22,368 |
) |
|
|
4,406 |
|
|
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts |
|
(2,604 |
) |
|
|
(10,063 |
) |
|
|
(19,137 |
) |
|
|
(13,127 |
) |
|
Net increase (decrease) in net assets resulting from operations |
$ |
24,630 |
|
|
$ |
23,550 |
|
|
$ |
62,952 |
|
|
$ |
76,686 |
|
|
Net investment income per share — basic and diluted |
$ |
0.26 |
|
|
$ |
0.32 |
|
|
$ |
0.78 |
|
|
$ |
0.85 |
|
|
Net increase (decrease) in net assets resulting from operations per share — basic and diluted |
$ |
0.24 |
|
|
$ |
0.22 |
|
|
$ |
0.60 |
|
|
$ |
0.73 |
|
|
Dividends / distributions per share: |
|
|
|
|
|
|
|
||||||||
|
Regular quarterly dividends / distributions |
$ |
0.26 |
|
|
$ |
0.26 |
|
|
$ |
0.78 |
|
|
$ |
0.78 |
|
|
Special dividends / distributions |
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
0.15 |
|
|
Total dividends / distributions per share |
$ |
0.26 |
|
|
$ |
0.31 |
|
|
$ |
0.78 |
|
|
$ |
0.93 |
|
|
Weighted average shares outstanding — basic and diluted |
|
104,706,884 |
|
|
|
105,158,938 |
|
|
|
104,706,884 |
|
|
|
105,253,993 |
|
|
Barings BDC, Inc. Unaudited Consolidated Statements of Cash Flows (in thousands) |
|||||||
|
|
|||||||
|
|
Nine Months
|
|
Nine Months
|
||||
|
|
September 30,
|
|
September 30,
|
||||
|
Cash flows from operating activities: |
|
|
|
||||
|
Net increase (decrease) in net assets resulting from operations |
$ |
62,952 |
|
|
$ |
76,686 |
|
|
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 |
|
(566,761 |
) |
|
|
(561,582 |
) |
|
Repayments received / sales of portfolio investments |
|
493,021 |
|
|
|
425,436 |
|
|
Loan origination and other fees received |
|
7,860 |
|
|
|
9,579 |
|
|
Net realized (gain) loss on investments |
|
19,587 |
|
|
|
27,200 |
|
|
Net realized (gain) loss of CSAs |
|
(22,628 |
) |
|
|
(9,400 |
) |
|
Net realized (gain) loss on foreign currency transactions |
|
1,975 |
|
|
|
(2,312 |
) |
|
Net realized (gain) loss on forward currency contracts |
|
(2,165 |
) |
|
|
2,045 |
|
|
Net unrealized (appreciation) depreciation on investments |
|
16,501 |
|
|
|
(44,376 |
) |
|
Net unrealized (appreciation) depreciation of CSAs |
|
16,169 |
|
|
|
(2,950 |
) |
|
Net unrealized (appreciation) depreciation on foreign currency transactions |
|
(6,058 |
) |
|
|
24,519 |
|
|
Net unrealized (appreciation) depreciation on forward currency contracts |
|
(4,244 |
) |
|
|
18,401 |
|
|
Payment-in-kind interest / dividends |
|
(18,785 |
) |
|
|
(19,508 |
) |
|
Amortization of deferred financing fees |
|
4,755 |
|
|
|
3,651 |
|
|
Accretion of loan origination and other fees |
|
(7,137 |
) |
|
|
(7,962 |
) |
|
Amortization / accretion of purchased loan premium / discount |
|
(765 |
) |
|
|
(1,022 |
) |
|
Proceeds from termination of CSAs |
|
67,028 |
|
|
|
23,000 |
|
|
Payments for derivative contracts |
|
(4,595 |
) |
|
|
(27,447 |
) |
|
Proceeds from derivative contracts |
|
6,760 |
|
|
|
25,402 |
|
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Interest and fees receivable |
|
6,143 |
|
|
|
2,031 |
|
|
Prepaid expenses and other assets |
|
(6 |
) |
|
|
731 |
|
|
Accounts payable and accrued liabilities |
|
(2,855 |
) |
|
|
(2,702 |
) |
|
Interest payable |
|
(7,837 |
) |
|
|
(3,405 |
) |
|
Net cash provided by (used in) operating activities |
|
58,915 |
|
|
|
(43,985 |
) |
|
Cash flows from financing activities: |
|
|
|
||||
|
Borrowings under credit facility |
|
373,092 |
|
|
|
431,839 |
|
|
Repayments of credit facility |
|
(260,959 |
) |
|
|
(540,495 |
) |
|
Proceeds from notes |
|
— |
|
|
|
300,000 |
|
|
Repayments of notes |
|
(80,000 |
) |
|
|
(50,000 |
) |
|
Financing fees paid |
|
— |
|
|
|
(5,247 |
) |
|
Purchases of shares in repurchase plan |
|
— |
|
|
|
(2,339 |
) |
|
Cash dividends / distributions paid |
|
(81,671 |
) |
|
|
(97,906 |
) |
|
Net cash provided by (used in) financing activities |
|
(49,538 |
) |
|
|
35,852 |
|
|
Net increase (decrease) in cash and foreign currencies |
|
9,377 |
|
|
|
(8,133 |
) |
|
Cash and foreign currencies, beginning of period |
|
66,780 |
|
|
|
91,339 |
|
|
Cash and foreign currencies, end of period |
$ |
76,157 |
|
|
$ |
83,206 |
|
|
Supplemental Information: |
|
|
|
||||
|
Cash paid for interest |
$ |
58,776 |
|
|
$ |
60,376 |
|
|
Excise taxes paid during the period |
$ |
3,400 |
|
|
$ |
4,001 |
|
|
Supplemental non-cash information |
|
|
|
||||
|
Deemed contributions - CSA |
$ |
1,329 |
|
|
$ |
— |
|
|
Barings BDC, Inc. Unaudited Reconciliation of Debt to Net Debt and Calculation of Net Debt-to-Equity Ratio (in thousands, except ratios) |
||||||||
|
|
||||||||
|
|
|
September 30,
|
|
June 30,
|
||||
|
Total debt (principal) |
|
$ |
1,467,232 |
|
|
$ |
1,409,726 |
|
|
minus: Cash and foreign currencies (excluding restricted cash) |
|
|
(51,196 |
) |
|
|
(51,543 |
) |
|
plus: Payable from unsettled transactions |
|
|
214 |
|
|
|
2,151 |
|
|
minus: Receivable from unsettled transactions |
|
|
(1,576 |
) |
|
|
(6,413 |
) |
|
Total net debt(1) |
|
$ |
1,414,674 |
|
|
$ |
1,353,921 |
|
|
|
|
|
|
|
||||
|
Total net assets |
|
$ |
1,143,292 |
|
|
$ |
1,145,886 |
|
|
|
|
|
|
|
||||
|
Total net debt-to-equity ratio(1) |
|
1.24x |
|
1.18x |
||||
|
(1) See the “Non-GAAP Financial Measures” section of this press release. |
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20261105305638/en/
Media Contact:
MediaRelations@barings.com
Investor Relations:
BDCinvestorrelations@barings.com, 888-401-1088
Source: Barings BDC, Inc.
Released November 5, 2026