NYSE$BBDC

Barings Bdc Inc · Q3 2022 earnings

Q3 2022 earnings · · Investor relations

Briefing

Reported financial and operating results for the third quarter of 2022 and announced a quarterly cash dividend of $0.24 per share.

Barings BDC reported strong performance across its diversified investment portfolio, with portfolio yields increasing due to rising base rates. The company expects continued strong portfolio performance and benefits from deploying incremental capital at attractive risk-adjusted returns. Fourth quarter net investment income is expected to be at least $0.27 per share, with further expansion into 2023.

  • Total investment income was $56.3 million.
  • Net investment income was $27.9 million, or $0.26 per share.
  • Net increase in net assets resulting from operations was $9.9 million, or $0.09 per share.
  • NAV per share as of September 30, 2022 was $11.28, compared to $11.41 as of June 30, 2022.

Headline financials

Total Revenue

$6.3M

Previous: $35M-82.0%
EPS (adj)

$0.26

Previous: $0.23+13.0%
Weighted Average Yield on Performing Debt Investments

8.6%

Previous: 7.3%+17.8%
Debt-to-Equity Ratio

1.12

Previous: 1.39-19.4%
Net Debt-to-Equity Ratio

0.99

No prior period
Free Cash Flow

$5.93M

No prior period
Net Income

$5.93M

Previous: $14.9M-60.1%
Operating Income

-$7.65M

No prior period
Gross Profit

$6.3M

No prior period
Cash & Equivalents

$96.7M

Previous: $41.4M+133.5%
Total Assets

$2.65B

Previous: $1.8B+47.1%

Revenue & EPS history

Barings BDC · Revenue · Quarterly

$6.3M

Q3 2022-82%vs Q3 2021
Beat estimate in 5 of 13 quarters(38%)
ActualEstimate

Revenue by segment

Barings BDC · $32.1M total across 3 segments · Q1 2022

  • Non-Control / Non-Affiliate
    $31.6M
  • Control Investments
    $273K
  • Affiliate Investments
    $172K

Forward guidance

The company expects fourth quarter net investment income of at least $0.27 per share, with further expansion into 2023.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2022

Historical avgQ3 2022

+1.3%

Avg return

Earnings day

+0.9%

Avg return

5 days after

-1.2%

Avg return

30 days after

71%

15 / 21 earnings

Positive

+6.0%

Q2 2024

Best reaction

-3.9%

Q3 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-0.2%-3.2%-6.2%
Q4 2025+0.9%-2.3%-10.5%
Q3 2025-0.7%-1.5%-2.1%
Q1 2025+1.0%+3.1%+3.3%
Q4 2024+2.7%-3.0%-8.7%
Q3 2024+3.1%+2.7%+2.7%
Q2 2024+6.0%+3.7%+3.5%
Q1 2024-1.9%+0.9%+2.2%
Q4 2023+5.8%+8.6%-0.8%
Q3 2023-3.9%-3.8%-6.2%
Q2 2023+5.8%+7.1%+5.1%
Q1 2023-2.4%-3.2%+7.1%
Q4 2022+0.3%+0.7%-9.9%
Q3 2022+2.9%+1.1%-3.1%
Q2 2022+2.1%+2.7%-5.0%
Q1 2022+1.5%+0.4%+1.1%
Q4 2021+0.6%+0.8%-3.3%
Q3 2021+0.7%+0.0%-4.6%
Q2 2021+2.7%+2.9%+3.5%
Q1 2021+1.3%+0.4%+3.2%
Q4 2020-0.2%+0.9%+3.8%

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