Private Credit Portfolio Analysis | Barings BDC Reports Q1 2025 Results
- Editor
- May 8
- 2 min read
Whats New:
Barings BDC reported its Q1 2025 financial results, showing growth in total assets and investments at fair value compared to the previous quarter. The fund's total assets increased to $2.79 billion as of March 31, 2025, up from $2.70 billion at the end of 2024. Investments owned at fair value rose to $2.57 billion from $2.45 billion in the previous quarter.
Portfolio Dynamics:
Total assets grew to $2.79 billion as of March 31, 2025, compared to $2.70 billion at the end of 2024.
Investments owned at fair value increased to $2.57 billion, up from $2.45 billion at the end of 2024.
Cash and cash equivalents rose to $100.62 million from $91.34 million at the end of 2024.
Investment Activty:
Payments for purchase of investments were $167.24 million in Q1 2025, compared to $143.13 million in Q1 2024.
Proceeds from disposition of investments were $122.36 million in Q1 2025, up from $118.01 million in Q1 2024.
Receivable from investment sales decreased to $340,000 from $16.43 million at the end of 2024.
Capital Structure:
Long-term debt increased to $1.52 billion from $1.45 billion at the end of 2024.
Stockholders' equity slightly decreased to $1.19 billion from $1.19 billion at the end of 2024.
The fund maintained its common stock value at $105,000.
Performance Profile:
Net asset value per share remained stable at $11.29 as of March 31, 2025, unchanged from December 31, 2024.
Net income for Q1 2025 was $32.58 million, compared to $44.00 million in Q1 2024.
Interest and fee income from loan origination fees decreased to -$4.16 million from -$2.52 million in Q1 2024.
Risk & Quality:
Unrealized gain on investments was $33.00 million in Q1 2025, up from $23.10 million in Q1 2024.
Foreign currency transaction gain (loss) realized was $1.45 million in Q1 2025, compared to $241,000 in Q1 2024.
Unrealized gain (loss) on derivatives was -$22.32 million in Q1 2025, compared to $15.83 million in Q1 2024.
The Wrap:
Barings BDC demonstrated growth in Q1 2025, with increases in total assets and investments at fair value. The fund maintained a stable NAV per share while experiencing changes in investment activity and performance metrics. Notable shifts include increased investment purchases, higher proceeds from investment dispositions, and changes in realized and unrealized gains across various investment categories. The fund's capital structure saw an increase in long-term debt, while stockholders' equity remained relatively stable.
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