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Mar 31, 2022
Golub Capital BDC Q2 2022 Earnings Report
Golub Capital BDC reported an increase in net asset value and earnings per share, driven by strong earnings growth and solid net originations.
Key Takeaways
Golub Capital BDC reported strong earnings driven by portfolio company performance and solid net originations. Earnings growth across middle market private companies in Golub Capital portfolios was strong at 9.4% as compared to calendar Q1 2021. Net asset value per share increased from $15.26 to $15.35.
GBDC portfolio companies generally continued to perform well with stable internal performance ratings, low non-accruals, and solid net realized and unrealized gains.
Solid net originations supported a modest increase in GBDC's leverage within the target range of 0.85x-1.25x.
Earnings growth across middle market private companies in Golub Capital portfolios was strong at 9.4% as compared to calendar Q1 2021, reflecting an economy that continues to grow.
Middle market deal activity slowed as expected from a historically prolific calendar Q4 2021, while repayments were unusually low.
Forward Guidance
No specific forward guidance was provided in the report.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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