Golub Capital BDC Reports Strong Q2 Results

Golub Capital BDC, Inc. (NASDAQ: GBDC) has announced its preliminary financial results for the second fiscal quarter ending March 31, 2024. The company reported estimated net investment income per share between $0.50 and $0.52, with adjusted net investment income per share falling within the same range. The estimated net asset value per share as of March 31, 2024, is between $15.10 and $15.14, showing an increase from the actual net asset value per share of $15.03 on December 31, 2023.

During the quarter, Golub Capital BDC, Inc. originated $22.1 million in new middle-market investment commitments, with approximately 96% of the commitments being one stop loans. However, total investments at fair value are estimated to have decreased by around $49.0 million during the same period.

The company estimates that its GAAP debt-to-equity ratio, net decreased to 1.17x as of March 31, 2024. Following debt redemptions and repayments, the pro forma effect would decrease the GAAP debt-to-equity ratio, net to 1.12x.

Additionally, the company estimates that non-accrual investments as a percentage of total investments at fair value and cost decreased to approximately 0.9% and 1.5%, respectively, from 1.1% and 1.7% as of December 31, 2023. The number of non-accrual investments remained at nine as of March 31, 2024.

On April 19, 2024, the board of directors declared a quarterly distribution of $0.39 per share, payable on June 21, 2024, to stockholders of record as of May 2, 2024.

Furthermore, the company filed an amended registration statement on Form N-14 on April 12, 2024, for its proposed merger with Golub Capital BDC 3, Inc. The registration statement was declared effective by the SEC on April 15, 2024, and the special meetings for each of the company’s and GBDC 3’s stockholders are scheduled for May 29, 2024.

Golub Capital BDC, Inc. will host an earnings conference call on May 7, 2024, to discuss the quarterly financial results.

Golub Capital BDC, Inc. ("GBDC") is a business development company that primarily invests in one stop and other senior secured loans to middle-market companies often sponsored by private equity investors. As of January 1, 2024, Golub Capital had over 875 employees and over $65 billion of capital under management. The market has reacted to these announcements by moving the company's shares 0.3% to a price of $16.84. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.