NYSE$BBDC
Barings Bdc Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported fourth quarter and full year 2023 results, and announced a quarterly cash dividend of $0.26 per share.
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.
Headline financials
Revenue & EPS history
Barings BDC · Revenue · Quarterly
$75.8M
Revenue by segment
Barings BDC · $32.1M total across 3 segments · Q1 2022
- Non-Control / Non-Affiliate$31.6M—98.6%
- Control Investments$273K—0.9%
- Affiliate Investments$172K—0.5%
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.
Tailwinds
- 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
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+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
| Quarter | Report date | Reaction (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% |
Discussion
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