Barings BDC Q1 NII $0.25/share, NAV $11.17; declares $0.25 dividend; shareholders approve below-NAV stock issuance

Barings BDC, Inc.

2023-Q1 EPS reported $0.25

Net investment income $27.5M ($0.25/share), total investment income $67.2M; net increase from operations $39.7M ($0.37).
NAV per share rose to $11.17 from $11.05 as of Dec 31, 2022; portfolio yield 10.2% on performing debt investments.
Quarterly cash dividend declared $0.25 per share, payable June 14, 2023, record June 7.
Shareholders approved proposal to issue shares below NAV (up to 30% of outstanding) for 12 months.
Board authorized $30M share repurchase program through March 2024; no shares repurchased in Q1.

item 2.02 item 5.07 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Barings BDC, Inc. reported first quarter of 2023 results: revenue $67.2 million, net income $39.7 million, EPS $0.37 per share.

Period: first quarter of 2023
Revenue: $67.2 million
Net income: $39.7 million
EPS: $0.37 per share
Result: reported results

Exact text from the filing

During the three months ended March 31, 2023, the Company reported total investment income of $67.2 million, net investment income of $27.5 million, or $0.25 per share, and a net increase in net assets resulting from operations of $39.7 million, or $0.37 per share.

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Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

Barings BDC, Inc. shareholders approved to authorize the Company, pursuant to subsequent approval of its Board of Directors, to issue and sell shares of its common stock (during the 12 months following such authorization) at a price below the Company’s then-current net asset value per share in one or more offerings, subject to certain lim at the 2023-05-04 meeting.

Outcome: passed
Meeting: 2023-05-04

Exact text from the filing

The final voting results for the Below-NAV Share Issuance Proposal, which was approved by the Company’s stockholders, are set forth below: For Against Abstain Broker Non-Votes 56,358,896 10,160,012 1,939,600 —

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Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

Barings BDC, Inc. shareholders approved to elect three Class II directors to serve for a three-year term and until their successors have been duly elected and qualify at the 2023-05-04 meeting.

Proposal: director election
Outcome: passed
Meeting: 2023-05-04

Exact text from the filing

All director nominees listed in the Director Election Proposal were elected by the Company’s stockholders at the Annual Meeting as Class II directors to serve until the Company’s 2026 annual meeting of stockholders and until their successors have been duly elected and qualified. The final voting results for each director nominee are set forth below: Director For Against Abstain Broker Non-Votes Steve Byers 57,036,322 9,745,626 1,676,560 — Valerie Lancaster-Beal 57,161,139 9,696,676 1,600,693 — John A. Switzer 57,054,378 9,768,500 1,635,630 —

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Barings BDC, Inc. filing history →

Source: SEC EDGAR

accession 0001379785-23-000029

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