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Barings(BBDC) - 2024 Q4 - Annual Results
BBDCBarings(BBDC)2025-02-20 21:15

Financial Performance - Barings BDC reported net investment income of 29.5million,or29.5 million, or 0.28 per share, for Q4 2024, with a total investment income of 70.6million[6].−Netinvestmentincomeaftertaxesforthefullyear2024was70.6 million[6]. - Net investment income after taxes for the full year 2024 was 131,194,000, compared to 134,660,000forthepreviousyear,reflectingadecreaseofabout3.5134,660,000 for the previous year, reflecting a decrease of about 3.5%[29]. - Total investment income for the full year 2024 was 286,169,000, a decrease from 286,169,000inthepreviousyear[29].−Thecompanyreportedatotaldividend/distributionpershareof286,169,000 in the previous year[29]. - The company reported a total dividend/distribution per share of 1.04 for the full year 2024, consistent with the previous year[31]. - The company recorded net unrealized appreciation of 9.2millioninQ42024,despiteanetunrealizeddepreciationof9.2 million in Q4 2024, despite a net unrealized depreciation of 46.0 million on its current portfolio[9]. Assets and Liabilities - Total assets increased to 2,695.7million,whiletotalnetassets(equity)decreasedslightlyto2,695.7 million, while total net assets (equity) decreased slightly to 1,190.4 million[4]. - Total liabilities increased from 1,480,894,000in2023to1,480,894,000 in 2023 to 1,505,306,000 in 2024, representing an increase of approximately 1.6%[27]. - Total debt as of December 31, 2024, was 1,463,590,000,upfrom1,463,590,000, up from 1,372,811,000 as of September 30, 2024[36]. - The debt-to-equity ratio as of December 31, 2024, was 1.23x, up from 1.15x as of September 30, 2024[4]. - The total net debt-to-equity ratio increased to 1.16x as of December 31, 2024, compared to 1.09x as of September 30, 2024[36]. Cash and Investments - Cash and cash equivalents increased from 57,187,000in2023to57,187,000 in 2023 to 74,381,000 in 2024, an increase of approximately 29.9%[27]. - Cash and foreign currencies at the end of the period increased to 91,339,000from91,339,000 from 70,528,000 in 2023[33]. - The investment portfolio at fair value as of December 31, 2024, was 2,449.3million,withaweightedaverageyieldonperformingdebtinvestmentsof10.22,449.3 million, with a weighted average yield on performing debt investments of 10.2%[4]. - Total investments at fair value decreased from 2,488,715,000 in 2023 to 2,449,272,000in2024,adeclineofapproximately1.62,449,272,000 in 2024, a decline of approximately 1.6%[27]. - Purchases of portfolio investments totaled 637,440,000 in 2024, compared to 614,648,000in2023,indicatingaslightincreaseof3.0614,648,000 in 2023, indicating a slight increase of 3.0%[33]. Shareholder Actions - The company declared a quarterly cash dividend of 0.26 per share and special dividends totaling 0.15pershare,tobepaidinthreeequalinstallmentsin2025[1].−Thecompanyauthorizedanewsharerepurchaseprogramallowingfortherepurchaseofupto0.15 per share, to be paid in three equal installments in 2025[1]. - The company authorized a new share repurchase program allowing for the repurchase of up to 30.0 million of its common stock over the next 12 months[12]. - The company did not report any cash consideration paid for the Sierra merger in 2024, while it had 101,896,000in2023[33].OperationalHighlights−DuringQ42024,BaringsBDCmade15newinvestmentstotaling101,896,000 in 2023[33]. Operational Highlights - During Q4 2024, Barings BDC made 15 new investments totaling 137.9 million and invested an additional 156.5millioninexistingportfoliocompanies[8].−Netcashprovidedbyoperatingactivitiesfor2024was156.5 million in existing portfolio companies[8]. - Net cash provided by operating activities for 2024 was 122,161,000, an increase of 58.8% compared to 76,944,000in2023[33].−Thecompanyreportedanetincreaseinnetassetsresultingfromoperationsof76,944,000 in 2023[33]. - The company reported a net increase in net assets resulting from operations of 110,289,000 for 2024, down from 127,999,000in2023[33].−Thenetrealizedlossesoninvestmentsforthefullyear2024amountedto127,999,000 in 2023[33]. - The net realized losses on investments for the full year 2024 amounted to 23,773,000, compared to 6,129,000inthepreviousquarter,indicatingasignificantincreaseinlosses[31].−SubsequenttoDecember31,2024,BaringsBDCmadeapproximately6,129,000 in the previous quarter, indicating a significant increase in losses[31]. - Subsequent to December 31, 2024, Barings BDC made approximately 81.3 million of new commitments, with $49.9 million closed and funded[16].