Barings(BBDC)2024-08-07 20:15Financial Performance - Barings BDC reported net investment income of $42.1 million, or $0.40 per share, for Q2 2024, an increase from $29.4 million, or $0.28 per share, in Q1 2024[2]. - The total investment income for the quarter was $74.9 million, with a net increase in net assets resulting from operations of $19.4 million, or $0.18 per share[4]. - Total investment income for the six months ended June 30, 2024, was $144,692, an increase of 1.53% compared to $142,506 for the same period in 2023[22]. - Net investment income after taxes for the six months ended June 30, 2024, was $71,494, up 16.83% from $61,123 for the same period in 2023[22]. - Net investment income per share increased to $0.40 for the period ending June 30, 2024, compared to $0.31 for the same period in 2023[23]. - Total dividends/distributions per share increased to $0.26 for the period ending June 30, 2024, compared to $0.25 for the same period in 2023[23]. Investment Portfolio - The investment portfolio at fair value decreased to $2,395.7 million as of June 30, 2024, down from $2,527.5 million as of March 31, 2024[3]. - The company made nine new investments totaling $38.5 million and had 15 loans repaid totaling $116.2 million during the quarter[7]. - Non-Control/Non-Affiliate investments generated interest income of $107,273 for the six months ended June 30, 2024, compared to $105,729 for the same period in 2023[22]. - Net realized gains on investments were $9,101,000 for the period ending June 30, 2024, compared to $45,446,000 for the same period in 2023[24]. Assets and Liabilities - As of June 30, 2024, total assets were $2,603.6 million, with total net assets (equity) of $1,201.9 million[3]. - Total assets as of June 30, 2024, were $2,603,643, a decrease of 2.75% from $2,677,453 as of December 31, 2023[21]. - Total liabilities decreased to $1,401,767 as of June 30, 2024, down 5.32% from $1,480,894 as of December 31, 2023[21]. - Total debt as of June 30, 2024, was $1,375,823,000, down from $1,465,352,000 as of March 31, 2024[26]. Cash Flow and Expenses - Net cash provided by operating activities was $143,203,000 for the period ending June 30, 2024, compared to a net cash used of $(27,196,000) for the same period in 2023[24]. - Total operating expenses for the six months ended June 30, 2024, were $72,633, a decrease of 10.3% from $80,988 for the same period in 2023[22]. - Cash dividends/distributions paid were $(55,109,000) for the period ending June 30, 2024, compared to $(53,646,000) for the same period in 2023[24]. Debt and Equity - The debt-to-equity ratio improved to 1.14x from 1.21x in the previous quarter[3]. - Total net debt-to-equity ratio decreased to 1.07x as of June 30, 2024, from 1.17x as of March 31, 2024[26]. - Borrowings under credit facility decreased significantly to $350,823 as of June 30, 2024, from $719,914 as of December 31, 2023[21]. Market Performance - The weighted average yield on performing debt investments increased to 10.9% from 10.7% in the previous quarter[3]. - The company recorded net unrealized depreciation of $30.8 million during the quarter, primarily due to credit performance and market moves[8]. - Subsequent to June 30, 2024, Barings BDC made new commitments of approximately $55.9 million, with $45.6 million closed and funded[14].