Barings BDC, Inc. (NYSE:BBDC) Q3 2023 Earnings Call Transcript
Barings BDC, Inc. (NYSE:BBDC) Q3 2023 Earnings Call Transcript November 10, 2023
Operator: Greetings. At this time, I would like to welcome everyone to the Barings BDC Inc Conference call for the quarter ended September 30th, 2023. All participants are in a listen-only mode. A question-and-answer session will follow the company's formal remarks. [Operator Instructions] Today's call is being recorded and a replay will be available approximately two hours after the conclusion of the call on the company's website at www.barings.com under the investor relations section. Please note that this call may contain forward-looking statements that include statements regarding the company's goals, beliefs, strategies, future operating results, and cash flows. Although the company believes these statements are reasonable, actual results could differ materially from those projected in forward-looking statements.
These statements are based on various underlying assumptions and are subject to numerous uncertainties and risks, including those disclosed under the sections titled Risk Factors and Forward-Looking Statements in the company's quarterly report on Form 10-Q for the quarter ended September 30th, 2023, as filed with the Securities and Exchange Commission. Bearings BDC undertakes no obligation to update or revise any forward-looking statements unless required by law. I will now turn the call over to Eric Lloyd, Chief Executive Officer of Barings BDC.
Eric Lloyd: Thank you, operator, and good morning, everyone. With it being Veterans Day tomorrow, I want to start off by thanking all the veterans that are on the phone, and any of their family members or loved ones who've supported veterans over the years. We're very grateful for your service and everything you've done for our country. [Indiscernible] we appreciate you joining us for today's call. Please note that throughout today's call, we'll be referring to our third quarter 2023 earnings presentation that's posted on the investor relations section of our website. On the call today I'm joined by Barings Co-Head of Global Private Finance and President of Barings BDC, Ian Fowler; the BDC's Chief Financial Officer, Elizabeth Murray, and the BDC's Co-Portfolio Managers, Bryan High and Matt Freund.
I'd like to start by acknowledging that we have refreshed them with a presentation of our financial information and portfolio statistics. Over the course of the past several months, the team has been intentional about presenting information in a manner consistent with how we review and manage the portfolio. The strategy has not changed. Barings BDC was and remains an investor in the credit of companies engaged in the middle market. Our portfolio is predominantly sponsor-backed and is complemented by a selection of non-sponsored and platform investments. Our portfolio strategy is outlined in greater detail on slide five. We will not spend time this morning discussing our approach. We hope our investors and partners understand that this strategy serves as our guiding light and as we continue to successfully invest throughout the market and deliver compelling returns to our shareholders.
And with the acknowledgement of a new stylistic deal out of the way, we'll shift our attentions to the important matters at hand and discussing performance during the quarter. BBDC exhibited stability and strong operating results against the backdrop of significant economic uncertainty and macroeconomic volatility during the quarter ended September 30th. Our focus on the top of the capital structure investments and sponsor-backed issuers is serving investors well in these uncertain times. Net asset value per share was $11.25, compared to the prior quarter of $11.34 and $11.05 at December 2022, reflecting a year-to-date increase of 1.8%. Net investment income for the quarter was $0.31, unchanged from the prior quarter. Consistent NII was fueled by normalization of yields from rising base rates.
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