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Barings BDC Q1 results

Barings BDC (BBDC) released its Q1 results and a Presentation. Conference call Friday, May 10. A couple of highlights:

  • Dividend will go up to 13 (from 12)
  • NAV as of 3/31/19 is $11.52 (up from $10.98). Closed today at $9.94
  • As of May 9, 2019, they repurchased a total of 753,856 shares at an average price of $9.89

[5/10/19 Added by edit: Closed up today 1.41% to $10.08]

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Re: Barings BDC Q1 results

Things seem to be going ridiculously well here.  I love the capital discipline, and the announced system of how they will return capital when market prices suggest they do so.

Sister funds - I use the term loosely - MCI & MPV trade at 10 to 15% premiums to NAV.  Although they have higher divs and lower fees, I don't see any reason why BBDC can't at least trade to flat, given those premia.  That's understanding that BBDC will issue when it can, so I could never see it trading really rich (unlike the other two funds).  

The main fear here - as always with this category of credits - is that any kind of mild recession tends to hammer these weak borrowers much more than people realize.  They typically never recover their losses.  Barings has managed this better than others, but I think that's because their other funds had some equity slivers to rebuild the default losses that NAV bore.  Doubt BBDC will be able to have any of that.....

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