Barings BDC (BBDC) Aandelenoverzicht
Barings BDC, Inc. is een beursgenoteerde vastgoedbeleggingsmaatschappij die extern wordt beheerd en ervoor heeft gekozen om te worden behandeld als een ‘business development company’ in de zin van de Investment Company Act van 1940. Meer informatie
| Sneeuwvlok Score | |
|---|---|
| Waardering | 2/6 |
| Toekomstige groei | 0/6 |
| Prestaties in het verleden | 1/6 |
| Financiële gezondheid | 1/6 |
| Dividenden | 3/6 |
BBDC Community Fair Values
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Analyst Price Targets
Barings BDC, Inc. Concurrenten
Prijsgeschiedenis en prestaties
| Historische aandelenkoersen | |
|---|---|
| Huidige aandelenkoers | US$8.57 |
| 52 Week Hoogtepunt | US$9.92 |
| 52 Week Laag | US$7.96 |
| Bèta | 0.65 |
| 1 maand verandering | 2.76% |
| 3 maanden verandering | 2.76% |
| 1 Jaar Verandering | -7.05% |
| 3 jaar verandering | 11.44% |
| 5 jaar verandering | -20.43% |
| Verandering sinds IPO | -46.44% |
Recent nieuws en updates
Recent updates
Seeking Alpha • Jun 23
Barings BDC: Dividend May Be Reduced
Summary Barings BDC remains a hold as portfolio stability persists, but growth catalysts are lacking amid sector headwinds and higher rates. BBDC trades at a 24.77% discount to NAV, reflecting limited growth, thin dividend coverage, and persistent net investment income declines. Dividend yield stands at 12.5%, but coverage is razor-thin; a 20% reduction is advised to improve sustainability and NAV protection. Balance sheet strength and low non-accruals support the risk profile, yet portfolio contraction and capital deployment challenges constrain upside. Read the full article on Seeking AlphaSeeking Alpha • Apr 24
Barings BDS Is Not A Great Buy Despite The Sell-Off
Summary Barings BDS experienced a significant sell-off due to Trump's tariffs, impacting the entire BDC sector and leading to valuation drops. I recommend focusing on top-tier BDCs like Blackstone Secured Lending Fund and Morgan Stanley Direct Lending Fund due to their defensive portfolios. BBDC's portfolio shows declining credit quality and higher non-accrual risks, making it less attractive compared to peers with higher first-lien debt exposure. Despite BBDC's reasonable dividend coverage, I consider it a "hold" due to its higher risk and prefer more defensive BDCs in the current economic climate. Read the full article on Seeking AlphaSeeking Alpha • Mar 15
Barings BDC: Probably Not The Time For Offense
Summary Barings BDC Inc's recent stock decline raises questions about a buy-the-dip opportunity amid rising headwinds from systematic variables. Positives include a strong credit support agreement, issuer diversification, compelling risk-adjusted portfolio returns, and a 10.96% forward dividend yield. Concerns involve potential increases in non-performing loans, a modest net debt-to-equity ratio, and high value-at-risk, questioning the sustainability of interim investor returns. Verdict: 'Hold' due to fundamental headwinds and potential portfolio metric deterioration in fiscal 2025, despite the BDC's key strengths. Read the full article on Seeking AlphaSeeking Alpha • Feb 28
Barings BDC: This Is Why I Am Downgrading It Back To Hold
Summary BBDC has several fundamental strengths embedded in its business. Combining these qualities with a ~8% discount and 10%+ dividend, the case might look interesting. Yet, after seeing the Q4, 2024 report, I have to revert back to a hold status before the risks materialize. In this article I share more details behind my downgrade of BBDC. Read the full article on Seeking Alpha
Nieuw narratief • Feb 17
Maintaining Dividends At 92% Yield On NAV Will Strain Finances, Affecting Future Earnings
Reduction in interest rates could compress net interest margins, negatively affecting net margins and earnings despite improved credit metrics.Seeking Alpha • Jan 06
Barings BDC: Portfolio Quality Continues To Weaken (Rating Downgrade)
Summary I am downgrading my rating on Barings BDC due to a slight uptick in non-accruals, lower earnings, and weaker dividend coverage. Despite a 10.7% dividend yield and a well-diversified portfolio, I expect no sizeable dividend raises as net investment income is projected to decrease. The recent 5% price drop presents an entry point, but the NAV decline and higher non-accrual rate raise concerns about future performance. BBDC's portfolio is strong with 88% floating rate investments, but interest rate cuts in 2025 could negatively impact earnings as the BDC will be able to collect less interest income. Read the full article on Seeking AlphaSeeking Alpha • Dec 28
Barings BDC: Improving Performance Could Close Valuation Gap
Summary We take a look at the Q3 numbers from the Barings BDC. Barings BDC trades at a 14% discount to book, offers a 10.6% dividend yield, and has a stable NAV over the last few years. Net investment income fell 9% year-over-year, but dividend coverage remains strong at 110%. Portfolio quality slightly worsened with non-accruals rising, but interest coverage remains strong at 2.2x, and management continues shareholder-friendly actions like share repurchases. BBDC's valuation is low compared to the sector, but recent performance improvements and credit support agreements from Barings parent company offer downside protection. Read the full article on Seeking AlphaSeeking Alpha • Nov 28
Barings BDC: Solid Hold For Existing Shareholders
Summary Barings BDC focuses on sponsor-backed investments in middle market businesses with EBITDA ranging from $15m to $75m, ensuring a diversified portfolio. BBDC's $2.4B portfolio is predominantly in secured debt, with 68% in first-lien and 4% in second-lien, highlighting its defensive nature. The portfolio is well-diversified, with the top 10 companies accounting for only 24%, and non-accruals are low at 0.5% as of September 30, 2024. Its regular dividend coverage is solid and quite resistant to interest rate changes (sensitivity analysis provided). Read the full article on Seeking AlphaSeeking Alpha • Nov 19
Barings BDC: Quality 10%+ Yield And P/NAV Of 0.87x Make It A Buy
Summary I have been quite hesitant ongoing long BBDC since December 2023. Now, looking at the recent financials and significant discount, things have changed. Even though there are risks in the system, they do not increase the risk of a 10.5% dividend cut. Hence, if I can get 10.5% yield at ~13% discount to NAV, it just makes sense to open at least a slight position here. Read the full article on Seeking AlphaSeeking Alpha • Oct 21
Barings BDC: Undervalued 11% Yield With 154% Dividend Coverage
Summary Barings BDC offers a 10.7% yield that's well-covered by cash flows, and trades at a 14% discount to book value. BBDC's portfolio is diversified with 72% secured debt, a low non-accrual rate of 0.3%, and has a strong balance sheet. BBDC could benefit from increased borrower demand in a slowly declining interest rate environment and retains plenty of capital after paying the dividend to fund new investments. Read the full article on Seeking AlphaSeeking Alpha • Oct 04
Barings BDC: Potential Upside If Credit Issues Remain Managed
Summary Barings BDC offers an appealing 11% yield and is undervalued, making it a solid choice for passive income investors. Improved credit trend, lower non-accrual ratio, and a 25% YoY increase in net investment income enhance dividend safety. The stock trades at a 15% discount to NAV, presenting a potential upside if credit issues remain managed. Despite floating-rate exposure risks, reduced incentive fees and a better dividend pay-out ratio justify upgrading the rating from 'Hold' to 'Buy'. Read the full article on Seeking AlphaSeeking Alpha • Sep 06
Barings BDC: Solid BDC But Lack Of NAV Growth Reduces Appeal
Summary Barings BDC operates as a business development company that generates its earnings through a portfolio of debt investments. BBDC's portfolio is highly diversified, with 66% in first lien senior secured debt and 87% in floating rate investments. Despite solid net investment income and a strong dividend yield of 10.6%, BBDC's NAV growth has been lackluster, limiting future growth appeal. I maintain a buy rating due to strong dividend coverage, low non-accruals, and an attractive discount to NAV, but I remain cautious about NAV growth potential. Read the full article on Seeking AlphaSeeking Alpha • Aug 12
Barings BDC: Getting Very Close To A Buy Rating
Summary Barings BDC has delivered second quarter in a row with improving fundamentals and minimal non-accruals. In fact, Q2, 2024 marked the highest earnings over the TTM period. Looking at the Q2, 2024 report, we will find several data points that indicate an overall strengthening of BBDC's financial profile. However, while there are many encouraging signals and the leverage has decreased substantially, the portfolio quality remains an issue (from the structural perspective). In this article, I explain why I have decided not to assign a bullish rating yet even though the Q2, 2024 report includes so many positives. Read the full article on Seeking AlphaSeeking Alpha • Jul 24
Barings BDC: Elevated Risk Profile But Fairly Priced 10% Yield
Summary BDCs are attractive to income investors due to high dividend yields of 8-10%, but not all BDCs are suitable for long-term investing. Barings BDC charges management fees and incentive fees that align with shareholder interests, but consume a significant portion of investment income. Barings BDC's leverage, asset portfolio seniority, credit quality, cost of leverage, and industry diversification should be carefully evaluated before considering investment. Overall, BBDC has an elevated risk profile caused by its slightly elevated level of leverage, short underwriting history, and large allocation to subordinated debt and equity investments. It is currently likely to be fairly valued, trading at a slight discount to book value. Read the full article on Seeking AlphaSeeking Alpha • Jun 27
BBDC: Adding A Starter Position In This 10.9% Yielding BDC
Summary We take a look at BDC BBDC, which trades at a 16% discount to book with a 10.8% dividend yield and 11.6% net investment income yield. BBDC has performed in line with the sector over the last few years. BBDC offers a margin of safety with a market-performing portfolio and a significantly lower than average valuation. The key risks include a high level of equity in the portfolio and recent staff turnover. Read the full article on Seeking AlphaSeeking Alpha • Jun 21
Barings BDC: An 11% Yield That Has The Makings Of A Great Long-Term Investment
Summary Barings BDC remains an attractive investment with strong fundamentals and performance. They are one of the few high-quality BDCs trading below their NAV with a 20% discount currently. Strong credit quality, NAV growth, and share buybacks make Barings BDC a buy despite risks investing in smaller companies. As a result, BBDC could see non-accruals tick up if the economy avoids a soft landing and falls into a recession as their smaller borrowers could face bankruptcy challenges. Read the full article on Seeking AlphaSeeking Alpha • May 31
Barings BDC: Credit Quality Improvement Fully Priced In (Rating Downgrade)
Summary Barings BDC has improved its credit quality and has a sustainable dividend payout ratio. The BDC's non-accrual ratio dropped significantly, leading to a higher stock price and lower discount to net asset value. The BDC's dividend is still covered by net investment income, but the payout ratio has increased and the trend is slightly negative. Read the full article on Seeking AlphaSeeking Alpha • May 18
Barings BDC: Signs Of Improving Profile, But Still Risks Remain
Summary Barings BDC (BBDC) reported decent Q1, 2024 earning results. Most of the main metrics improved relative to Q4, 2023 levels, and, importantly, the non-accrual base finally landed in an optimal territory. Yet, the increase in leverage, higher concentration of portfolio in weakly performing assets and a very thin dividend coverage still render the case suboptimal. In this article I assess Barings BDC Q1, 2024 earnings report and elaborate on why I still remain somewhat bearish against the BDC. Read the full article on Seeking AlphaSeeking Alpha • May 09
Barings BDC: One Of The Few Deals In The BDC Sector
Summary Barings BDC is a high-quality business development company trading at a discount to NAV of -14.6%, making it an attractive opportunity. BBDC's dividend yield is currently at 10.8% and is fully covered by the net investment income. BBDC's portfolio is highly diversified and focused on middle market companies, with a low non-accrual rate and a strong track record of managing risk. Non-accruals sit at 0.3%, which is much lower than some popular peer BDCs. Read the full article on Seeking AlphaSeeking Alpha • Mar 30
Barings BDC: This 11.4% Yielding BDC Looks Like A Future Superstar
Summary Barings BDC has the potential to become a future superstar in the BDC sector with a strong balance sheet with no debt maturities until 2025. BBDC has a strong credit quality and avoids sectors prone to economic volatility. Their non-accruals are also low, which is a testament to their strong management team. The company has reported decent financials, strong dividend coverage, and repurchased a substantial amount of shares, taking advantage of the BDC's discount to NAV. Additionally, they approved an additional repurchase program worth $30 million for 2024. Despite the strong year, they did see a significant rise in PIK income, which could be a potential risk going forward for the BDC. Read the full article on Seeking AlphaSeeking Alpha • Mar 13
Barings BDC: Still Too Thin Margin Of Safety To Go Long
Summary Barings BDC delivered stable Q4 results with unchanged key performance metrics and a slight increase in NAV. There are some concerns remaining about the ability to sustain dividends due to a declining asset base and potential consequences from debt refinancing. Moreover, the portfolio has a high exposure to secured investments, which elevates the risk profile even further. In the context of this, the current dividend payout ratio of 85% is too aggressive. Read the full article on Seeking AlphaSeeking Alpha • Feb 05
Barings BDC: Discount To NAV More Than Reflects Risks
Summary Barings BDC offers a discount to its portfolio's value and a high yield, making it an attractive option for risk-tolerant investors. BBDC has taken on some risk through its acquisitions of MVC Capital and Sierra Income, but its credit support agreements help protect its net asset value. The risk-reward looks attractive at current levels. Read the full article on Seeking AlphaSeeking Alpha • Jan 09
Barings BDC: Should You Buy The 20% Discount To NAV And 11.6% Dividend Yield?
Summary Barings BDC is paying out a $0.29 per share quarterly dividend that was 119% covered by its fiscal 2023 third quarter net investment income. This amounts to an 11.6% dividend yield, with the commons also trading at a 20% discount to net asset value. The BDC has been buying back shares since March of 2023 to try and close a discount to NAV that has stayed sticky. Read the full article on Seeking AlphaSeeking Alpha • Dec 04
Barings BDC: A Suboptimal Way To Play The BDC Exposure
Summary Barings BDC focuses on issuing private credit for middle-market businesses with a disciplined approach to asset selection. The portfolio is well-diversified, with a bias toward finance, insurance, tech, and service-oriented businesses. BBDC primarily relies on sponsor-backed investments but also allocates a portion to speculative deals with relaxed financial conditions. About 33% of the portfolio is exposed to riskier segments than second lien. In the past 5 quarters, the Company has increased its debt by ~20%, while experiencing a slight decline in its NAV and further pressures on the write-downs. While BBDC provides an attractive yield of 11.5% and is placed in a favourable segment, the underlying risk profile renders the investment case suboptimal. Read the full article on Seeking AlphaSeeking Alpha • Oct 30
Barings BDC: A 12% Yield And Improving Portfolio Quality
Summary Barings BDC offers a high dividend yield of 12.01% with strong net-investment income coverage and potential for further dividend increases. The transition to a greater percentage of senior secured lending enhances earnings stability and could attract a broader base of income investors. The portfolio consists mainly of senior-secured debt with a suitable interest coverage ratio, reducing the risk of defaults in the face of rising interest rates. Read the full article on Seeking AlphaSeeking Alpha • Oct 24
Barings BDC Isn't Well Known, But Maybe This 11.76% Yielding BDC Should Be
Summary Barings BDC is a smaller BDC with potential as the Fed's tightening cycle ends and investors seek higher-yielding alternatives. BBDC focuses on debt investments in middle-market companies and has a strong track record of growing its investment income and dividend. BBDC is undervalued compared to its peers, trading at a discount to NAV and offering a higher yield of 10.86%. Read the full article on Seeking AlphaSeeking Alpha • Aug 27
Barings BDC: 11% Yield, 19% Discount, 23% Dividend Growth
Summary The BDC industry is worth investigating for profit from rising rates as they loan money to privately held companies at floating rates. BDCs have less risk exposure as the underlying companies receive most of their funding from private equity, hedge funds, and VC sponsors. Barings BDC Inc has a $2.5 billion portfolio, with a focus on 1st Lien loans and a weighted-average portfolio yield of 10.9%. Read the full article on Seeking AlphaSeeking Alpha • Jul 03
Barings BDC: Low But Realistic Valuation Signals Fair Value
Summary We discuss and highlight key income dynamics of Barings BDC's portfolio. We expect net income to increase significantly next quarter due to the moderation in incentive fees and a further increase in base rates. BBDC has gone through a number of challenges recently and its valuation has fallen to an unusually low level. The company has a number of potential catalysts for outperformance which could cause a pop in the stock price. However, its level of underperformance over various periods suggests its valuation is not unreasonable so for the time being we remain on the sidelines. Read the full article on Seeking AlphaSeeking Alpha • Feb 23
Barings BDC Q4 2022 Earnings Preview
Barings BDC (NYSE:BBDC) is scheduled to announce Q4 earnings results on Friday, February 24th, before market open. The consensus EPS Estimate is $0.27 (+17.4% Y/Y) and the consensus Revenue Estimate is $62.7M (+71.3% Y/Y). Over the last 1 year, BBDC has beaten EPS estimates 25% of the time and has beaten revenue estimates 75% of the time. Over the last 3 months, EPS estimates have seen 1 upward revision and 0 downward. Revenue estimates have seen 1 upward revision and 0 downward.Seeking Alpha • Feb 07
Barings BDC: An Attractive 10.8% Yield Along With Some Downside Protection
Summary Barings BDC, Inc. is an externally managed closed-end fund that is regulated as a BDC. It provides financing to small and medium-sized companies. The current book value is $11.28 per share as of Sept. 30, 2022. BBDC generates a 10.80% dividend yield on the share price and trades at a 21% discount to book value. Institutional ownership is 50%. The largest holder is parent company Barings LLC. Share buybacks and credit support agreements provide some downside protection if we head into a recession. Written by George Spritzer, co-produced by Alpha Gen Capital (Data below is sourced from the Barings BDC website unless otherwise stated.) Barings BDC Inc. (BBDC) is a business development company or BDC that focuses on providing financing to small and medium-sized companies. The company's investment portfolio includes a variety of securities- senior secured loans, mezzanine debt, and equity securities. BBDC has an experienced management team. Barings is a $347 Billion global investment manager with a long history of investing in the middle market. BBDC's portfolio is diversified across a wide range of industries, which helps to mitigate single sector risk. The company's portfolio is currently invested in industries such as healthcare, business services, and consumer products. BBDC's performance has been a bit disappointing since its IPO in 2007. But it is a good conservative holding. Its underlying portfolio tends to have better interest coverage than many of its BDC peers. It also has a low price to NAV ratio, large insider ownership and a shareholder friendly structure. In 2018, BBDC was holding a very large allocation to cash because of acquisitions. As they have gradually transitioned the portfolio into investments, they have been able to steadily raise the quarterly distribution. Recent Distribution History The table below shows recent quarterly distributions paid by BBDC. Note that the quarterly distributions have been gradually increasing over time. Ex-Div date Payment Date Amount 12/06/2022 12/14/2022 $0.24 09/06/2022 09/14/2022 $0.24 06/07/2022 06/15/2022 $0.24 02/15/2022 02/23/2022 $0.23 11/23/2021 12/01/2021 $0.22 09/07/2021 09/15/2021 $0.21 06/08/2021 06/16/2021 $0.20 03/09/2021 03/17/2021 $0.19 The company's dividend yield currently stands at 10.8%, which is higher than the average for similar BDCs. Comparison To Some BDC Peers Discount to Book Non-Lev Expense Yield ((TTM)) BBDC -21.19% 4.47% 10.80% [[BKCC]] -17.32% 5.90% 10.61% [[FCRD]] 7.98% 4.50% 9.30% [[MRCC]] -20.13% 9.07% 12.00% [[GSBD]] + 5.53% 3.05% 11.36% [[PNNT]] -32.85% 3.87% 10.95% Source: cefdata.com BBDC Performance Record versus BIZD ETF (as of Feb. 3, 2023) BBDC [[BIZD]] YTD + 9.08% +10.11% 1 Year 11.11% 2.23% 3 Year + 3.03% + 8.32% 5 Year + 5.80% + 9.72% 15 Year + 6.53% ------ Source: morningstar.com BBDC has lagged the BIZD over the last 5 years in performance. This is partially because of two large mergers during that time period. But it has a fairly strong performance over the last 15 years of around 7% a year. MVC Merger In 2020, BBDC merged with MVC. As part of the merger, Barings entered into a credit support agreement with BBDC, for the benefit of the combined company, to protect against net cumulative unrealized and realized losses of up to $23.0 million on the acquired MVC investment portfolio over 10 years after the merger. Barings LLC also amended its investment management agreement with Barings BDC to lower the base management fee to 1.25%, down from 1.375%. Sierra Income Merger On February 25, 2022, BBDC completed its merger with Sierra Income with BBDC surviving the merger. Following the closing of the merger, Barings LLC and BBDC entered into an updated investment advisory agreement that increased the incentive fee hurdle rate from 8.00% to 8.25% annualized. Barings LLC also entered into a credit support agreement with BBDC to protect against net cumulative unrealized and realized losses of up to $100 million on the acquired Sierra investment portfolio over 10 years after the merger. Share Repurchase Program In connection with the closing of the merger with Sierra Income, BBDC's board announced an open market buyback program of up to $30.0 million whenever the shares trade below 90% of BBDC's NAV. Repurchases can occur during the 12-month period starting on April 1, 2022. As of November 10, 2022, the Company repurchased a total of 2,263,496 shares of its common stock in the open market under the authorized program at an average price of $9.69 per share, including broker commissions. Credit Support Agreement On February 25, 2022, right after the Sierra Merger, BBDC and Barings entered into a Credit Support Agreement whereby Barings agreed to provide credit support of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over the next 10 years. Here is a link to the details of the agreement: https://ir.barings.com/all-sec-filings/content/0001140361-22-007670/0001140361-22-007670.pdfSeeking Alpha • Nov 10
Barings BDC reports Q3 results
Barings BDC press release (NYSE:BBDC): Q3 total investment income of $56.3 million. Q3 net investment income of $27.9 million, or $0.26 per share. NAV per share as of September 30, 2022 was $11.28, as compared to $11.41 as of June 30, 2022. During the three months ended September 30, 2022, made 21 new investments totaling $183.4 million and made investments in existing portfolio companies totaling $50.7 million. Expects Q4 net investment income of at least $0.27 per share, with further expansion into 2023. Board declared a Q4 cash dividend of $0.24 per share.Seeking Alpha • Oct 24
Barings gets $11.5M financing for Euclid Glenmore Apartments
Barings (NYSE:BBDC) will provide $11.5M in permanent financing for Euclid Glenmore Apartments, an affordable multifamily housing development in the East New York section of Brooklyn. The project is being developed by the Lantern Organization and Mega Contracting Group. "It's great to see this housing development begin construction. Market dynamics for affordable housing developers are currently very challenging and structuring these transactions requires creativity and the ability to continuously restructure deals until they are ready to close," said Daron Tubian, Managing Director and Head of Affordable Housing Investments at Barings. "Barings' long-lasting commitment to work with Lantern and Mega on this development is a key element of how we manage our relationships with partners dedicated to helping communities in New York City and across the country."Seeking Alpha • Sep 16
Barings BDC: A Cheap Capital Markets Investment Company, But Trending Lower
Summary Investors have found relative safety in high-dividend companies this year. Financials engaged in Capital Markets have not caught a bid, though. One firm is caught in the middle and features somewhat low volatility and a solid dividend. The technicals are not so sanguine, however. What's worked in 2022? High dividend stocks. The iShares Core High Dividend ETF (HDV) is positive since last November, back when so many once-high-flying tech stocks and small caps peaked. What hasn't worked in that time? Capital Markets stocks, as evidenced by a 27% plunge in the SPDR S&P Capital Markets ETF (KCE). Amid a freeze in IPO activity and reduced M&A as interest rates have risen, Financials sector stocks that rely on dealmaking have struggled. This comes as some niches of the sector are doing fine, such as regional banks. One small closed-end management company that targets the middle market for investment opportunities pays a big dividend, but it, too, is stuck in a downtrend. Hot: Dividend Stocks. Not: Capital Markets Companies. Stockcharts.com According to Bank of America Global Research, Barings BDC Inc (BBDC) is a specialty finance company, regulated as a BDC that invests in debt and equity of middle market businesses. The company's objective is to achieve high total returns through current income from its debt investments and capital appreciation from equity investments. The company has some upside potential fundamentally due to its origination platform and a portfolio geared toward the tail end of the credit cycle, which we appear to be in. Downside risks include deteriorating credit markets even with a stable portfolio, reduced investment and capital markets activity, which has already been reported by some investment banks, and generally poor investment performance expectations. The North Carolina-based $1.1 billion market cap Capital Markets industry company within the Financials sector trades at an elevated 22.6 trailing 12-month GAAP price-to-earnings ratio and pays a very high 9.7% dividend yield. On valuation, BofA sees earnings growing sharply this year after a strong 2021 rebound. EPS is then expected to slow down through 2024, but the Bloomberg consensus forecast is more upbeat looking forward. Dividends are anticipated to increase through next year, resulting in a continued high yield, perhaps in the double digits. Its NAV is about $11.50 at last check and its forward GAAP P/E is near 10, which is quite cheap. BBDC: Earnings, Dividend, Valuation Forecasts BofA Global Research Looking ahead, BBDC's corporate event calendar by Wall Street Horizon is quiet. It has a Q3 unconfirmed earnings date of Wednesday, November 9, after market close. Corporate Event Calendar Wall Street Horizon The Technical Take Baring's valuation and dividend yield are compelling, but its chart is mired in a downtrend that dates back to November last year. After rallying sharply to a high above $11.50, shares have dropped almost 20% with lower highs and lower lows throughout the year. The stock also found resistance at its downtrending 200-day moving average last month, which had confluence with its downtrend resistance line. Also notice the 'volume by price' indicator on the left - once BBDC rallied to the bar indicating the highest volume of shares previously traded, the stock quickly retreated. The $10 to $10.50 range is clearly resistance.Seeking Alpha • Aug 09
Barings BDC GAAP EPS of $0.23 misses by $0.01, revenue of $31.8M
Barings BDC press release (NYSE:BBDC): Q2 GAAP EPS of $0.23 misses by $0.01. Net investment income of $31.8M Net asset value ("NAV") per share as of June 30, 2022 was $11.41, as compared to $11.86 as of March 31, 2022.Seeking Alpha • Jul 05
Barings' Recession Scenario Breakpoint: A 20% Fall In Portfolio Fair Value
BBDC's new management increased leverage since taking over in 2018, lowering the asset coverage ratio from 240% to 180%. A 20% fall in portfolio fair values in a recession scenario will push the company outside regulatory leverage limits. Aside from macroeconomic risks, BBDC offers quality exposure to the US middle market. Investment Thesis MassMutual, through its subsidiary Barings LLC, is doubling down on the Business Development Company "BDC" sector, encouraged by the renewed interest in private equity "PE," expanding the asset base of its newly acquired Triangle Capital -now called Barings BDC (BBDC), through multiple acquisitions, including MVC Capital in 2020 and the Sierra Income merger last quarter, funded via new debt and equity offerings. MassMutual's transactions in the sector shouldn't be read as a vote of confidence in BDCs as an investment. Instead, a sign of an active sector and strong PE demand. MassMutual's exposure to the BDC industry is fundamentally different than yours. Unlike common shareholders profiting from dividend distribution and stock price appreciation, portfolio managers, such as MassMutual (through Barings LLC) and Blackstone (BX), collect a fixed-rate management fee regardless of performance. The bigger the fund, the bigger the profits. It is too early to judge Barings' performance. Although the new management almost tripled dividend distribution since taking over operations, this comes from a low distribution base. In absolute terms, dividends are down 40% since pre-acquisition levels. In other words, until now, dividend increase is more attributed to leverage and conservative distribution policy in the early days of the transaction rather than any reflection of operational success. Data by YCharts Before acquiring Triangle Capital, Barings LLC had no experience managing BDCs, and its PE experience was limited to the PE funds it ran as registered companies. Despite its short operating history, BBDC has some unique characteristics that we explore in more detail below. Our hold rating mirrors BDDC's quality portfolio, conservative NAV estimates, discount to book value, solid origination platform, relatively low borrowing costs, weighed against increasing recession prospects, high leverage, and peer competition. Portfolio BBDC's new management made welcomed changes in the portfolio composition in terms of debt priority, focusing on first-lien instead of the second lien and subordinated debt carried by its predecessor. Author's estimates, based on company filings BBDC holds a well-diversified portfolio consisting of approximately 274 portfolio companies, five joint ventures, and 8 Collateralized Loan Obligation funds. Like its predecessor, its focus is mainly on the lower middle market, representing companies with annual revenue between $10 to $250 million. A typical BBDC debt investment is a 1st or 2nd lien debt between $1-9 million, with two-thirds of BBDC's debt investments falling within this range. Author's estimates, based on company filings The recent Sierra acquisition (closed Q1 2022) expanded BBDC's portfolio fair value "FV" by $436 million but hasn't changed the overall composition in terms of asset classes, thanks to management's efforts in tweaking the portfolio by working with Sierra management to dispose of a significant portion of structured products in the months before the closing date. This proactive approach to portfolio management was also present in past acquisitions, demonstrating a systematic and disciplined investment strategy. Author's estimates, based on company filings Another unique feature of BBDC is its above-average portfolio turnover, giving some assurance on fair value estimates' alignment with market values, which can differ because of reliance on management's estimates and good faith. Secondly, high turnover offers an index on management's ability to originate loans. Author's estimates, based on company filings Revenue Trends Generally, a BDC's investment income is a factor of its income-bearing assets multiplied by the weighted average yield. BBDC saw its asset base expand by $600 million (at cost), mainly due to the Sierra acquisition, contributing to a 27% increase in interest income. The company also profited from a jump in dividend yields, from $72,000 to $7.7 million, driven equally by asset expansion and extraordinary dividend income from its 16% interest in Thompson Rivers LLC, its mortgage lending joint venture. Floating interest rate is the sector's standard practice of lending. Most of BBDC's interest-bearing assets are tied to a benchmark rate index to protect fair values as interest rates change. Although LIBOR, which remains the underlying benchmark for most of the sector's lending, rose from 0.2% to 0.96%, BBDC's weighted average yield remained stable at 8.1%. This is because most of the company's debt investments incorporate an interest rate floor, often set at 1%. LIBOR only exceeded the 1% threshold in Q2. Thus the benefits of rising interest rates are more likely to be felt in the next earnings release. We saw similar dynamics for Gladstone Capital (GLAD), Horizon Technology (HRZN), OFS Capital (OFS), and Fidus Investment (FDUS), all reporting decreasing weighted average yields on debt investment due to competition, despite rising interest rates. Balance Sheet Like many of its peers, BBDC increased leverage after a change in regulatory requirements under the Trump administration, which saw asset coverage ratio mandates decrease from 200% to 150%. BBDC leverage's proximity to peer average doesn't say as much about its balance sheet as it does about the high leverage of the sector. Taking the Assets/Liabilities ratio as a proxy for regulatory asset coverage, a 20% fall in the fair value of BBDC's portfolio, say from a recession, will force management to raise equity to meet regulatory leverage thresholds. One can only imagine the amount of dilution when a BDC is pushed to raise capital at a time of economic turbulence. Despite its asset quality, discount to NAV, and conservative fair value estimates, I believe that BBDC doesn't offer an attractive risk/reward balance given the current macroeconomic environment. However, if you wish to gain exposure to the US middle market today, BBDC is one of the better picks in the sector.Analyseartikel • May 26
Barings BDC (NYSE:BBDC) Is Increasing Its Dividend To US$0.24
Barings BDC, Inc. ( NYSE:BBDC ) will increase its dividend on the 15th of June to US$0.24. This makes the dividend...Analyseartikel • May 08
Industry Analysts Just Made A Sizeable Upgrade To Their Barings BDC, Inc. (NYSE:BBDC) Revenue Forecasts
Barings BDC, Inc. ( NYSE:BBDC ) shareholders will have a reason to smile today, with the analysts making substantial...Seeking Alpha • May 07
War, Inflation, Rising Interest Rates? No Time To Be A Hero; Check Out Barings BDC
Nervous about what's going on in the markets, the economy and the world in general? So am I. As an investor I don't want to be a hero, especially in the current environment, but I can't afford to move to the sidelines and give up income. I want a rock-solid business, experienced management, able to "muddle through" whatever challenges we face in the next few years, especially inflation and higher interest rates. Like Barings BDC: priced at a 15% discount to its net asset value and yielding 9.5%, with secured, floating-rate loan assets to help us withstand inflation and rising rates. What's not to like? Apparently not much, judging by all of the top institutional investors who agree, and are right in there investing along side of us.Seeking Alpha • Mar 14
Barings BDC: Quality On The Inside, 'Junky' On The Yield
Barings BDC has a quality loan portfolio with some riskier assets to back that 9.08% dividend yield. The Sierra Income Corporation merger will not change the asset quality mixture, although $16 million of non-accruals have already emerged. The credit support agreements, conditional share repurchase plans, and management compensation increase amendment point to an increased degree of interest alignment between management and shareholders. Barings BDC is what I call a "stockbond", due to its high but safe dividend and its quality loan portfolio.Analyseartikel • Mar 01
New Forecasts: Here's What Analysts Think The Future Holds For Barings BDC, Inc. (NYSE:BBDC)
Celebrations may be in order for Barings BDC, Inc. ( NYSE:BBDC ) shareholders, with the analysts delivering a...Analyseartikel • Feb 26
Barings BDC, Inc. (NYSE:BBDC) Just Reported Annual Earnings: Have Analysts Changed Their Mind On The Stock?
The yearly results for Barings BDC, Inc. ( NYSE:BBDC ) were released last week, making it a good time to revisit its...Seeking Alpha • Aug 30
Barings BDC: Continues To Earn A+ Rating For Investors Seeking Growth From Dividend Income
I will recap my initial SA article related to Barings BDC. Readers will be shown how Barings BDC has performed with their business model for growth and shareholders' benefit. I will offer caveats and opinion for the future.Rendement voor aandeelhouders
| BBDC | US Capital Markets | US Markt | |
|---|---|---|---|
| 7D | 1.8% | 4.1% | 1.6% |
| 1Y | -7.0% | 1.6% | 18.6% |
Rendement versus industrie: BBDC presteerde slechter dan de US Capital Markets -sector, die het afgelopen jaar een rendement van 1.6 % opleverde.
Rendement versus markt: BBDC presteerde slechter dan US Market, dat het afgelopen jaar een rendement van 18.6 % opleverde.
Prijsvolatiliteit
| BBDC volatility | |
|---|---|
| BBDC Average Weekly Movement | 3.5% |
| Capital Markets Industry Average Movement | 3.9% |
| Market Average Movement | 7.3% |
| 10% most volatile stocks in US Market | 16.7% |
| 10% least volatile stocks in US Market | 3.2% |
Stabiele aandelenkoers: BBDC heeft de afgelopen 3 maanden geen significante prijsvolatiliteit gekend vergeleken met de US markt.
Volatiliteit in de loop van de tijd: De wekelijkse volatiliteit ( 4% ) van BBDC is het afgelopen jaar stabiel geweest.
Over het bedrijf
| Opgericht | Werknemers | CEO | Website |
|---|---|---|---|
| 2006 | n/a | Tom McDonnell | www.barings.com/en-us/guest/funds/business-development-companies/barings-bdc |
Barings BDC, Inc. is een beursgenoteerde, extern beheerde vastgoedbeleggingsmaatschappij die ervoor heeft gekozen om te worden behandeld als een ‘business development company’ in de zin van de Investment Company Act van 1940. De onderneming streeft ernaar voornamelijk te beleggen in senior secured leningen, first lien-schulden, unitranche-leningen, second lien-schulden, achtergestelde schulden, co-investeringen in aandelen en senior secured particuliere schuldbeleggingen in particuliere middelgrote ondernemingen die actief zijn in een breed scala aan sectoren. Het is gespecialiseerd in mezzaninefinanciering, leveraged buy-outs, management buy-outs, ESOP’s, transacties bij zeggenschapswijzigingen, overnamefinanciering, groeifinanciering en herkapitalisaties bij ondernemingen in het lagere middensegment, volwassen bedrijven en bedrijven in een latere ontwikkelingsfase.
Barings BDC, Inc. Samenvatting
| BBDC fundamentele statistieken | |
|---|---|
| Marktkapitalisatie | US$897.34m |
| Inkomsten(TTM) | US$89.34m |
| Inkomsten(TTM) | US$275.34m |
10.0x
Koers/Winstverhouding3.3x
P/S-verhoudingIs BBDC overgewaardeerd?
Zie Reële waarde en waarderingsanalyseInkomsten en omzet
| BBDC resultatenrekening (TTM) | |
|---|---|
| Inkomsten | US$275.34m |
| Kosten van inkomsten | US$0 |
| Brutowinst | US$275.34m |
| Overige uitgaven | US$186.00m |
| Inkomsten | US$89.34m |
Laatst gerapporteerde inkomsten
Mar 31, 2026
Volgende inkomensdatum
n.v.t.
| Winst per aandeel (EPS) | 0.85 |
| Brutomarge | 100.00% |
| Nettowinstmarge | 32.45% |
| Schuld/Eigen Vermogen Verhouding | 122.6% |
Hoe presteerde BBDC op de lange termijn?
Bekijk historische prestaties en vergelijkingDividenden
12.1%
Huidig dividendrendement122%
UitbetalingsratioBedrijfsanalyse en status van financiële gegevens
| Gegevens | Laatst bijgewerkt (UTC-tijd) |
|---|---|
| Bedrijfsanalyse | 2026/07/06 10:17 |
| Aandelenkoers aan het einde van de dag | 2026/07/02 00:00 |
| Inkomsten | 2026/03/31 |
| Jaarlijkse inkomsten | 2025/12/31 |
Gegevensbronnen
De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.
| Pakket | Gegevens | Tijdframe | Voorbeeld Amerikaanse bron * |
|---|---|---|---|
| Financiële gegevens bedrijf | 10 jaar |
| |
| Consensus schattingen analisten | +3 jaar |
|
|
| Marktprijzen | 30 jaar |
| |
| Eigendom | 10 jaar |
| |
| Beheer | 10 jaar |
| |
| Belangrijkste ontwikkelingen | 10 jaar |
|
* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.
Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.
Analysemodel en Snowflake
Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina, we hebben ook handleidingen over hoe u onze rapporten kunt gebruiken en tutorials op YouTube.
Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.
Industrie en sector
Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.
Bronnen van analisten
Barings BDC, Inc. wordt gevolgd door 14 analisten. 5 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.
| Analist | Instelling |
|---|---|
| Bryce Rowe | Baird |
| Derek Hewett | BofA Global Research |
| Mitchel Penn | Brean Capital Historical (Janney Montgomery) |