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Golub Capital BDC Q2 2025 Earnings Report
Golub Capital BDC, Inc. announced its financial results for the second fiscal quarter ended March 31, 2025.
Key Takeaways
Golub Capital BDC, Inc. reported a net investment income of $98.7 million and net income of $79.0 million for the second fiscal quarter of 2025. The company's total assets were $8.95 billion, with a net asset value per share of $15.04.
Net investment income per share remained consistent at $0.37.
Adjusted net investment income per share was $0.39.
Net asset value per share decreased to $15.04 from $15.13.
The company declared a quarterly distribution of $0.39 per share.
Golub Capital BDC
Golub Capital BDC
Golub Capital BDC Revenue by Segment
Revenue by Segment
Senior secured Revenue
CapyFin.comOne stop Revenue
CapyFin.comJunior debt Revenue
CapyFin.comEquity Revenue
CapyFin.com Forward Guidance
The company amended its revolving credit facility with JPMorgan, extending the maturity date to April 4, 2030, and permitting increases to total commitments up to $3.0 billion. The company also declared a quarterly distribution of $0.39 per share payable on June 27, 2025.
Positive Outlook
- Extension of revolving credit facility maturity date to April 4, 2030.
- Increased total commitments for the revolving credit facility up to $3.0 billion.
- Reduction in unused fee rate on all unused commitments to 0.325%.
- Declaration of a quarterly distribution of $0.39 per share.
- Accretive capital management through issuance of common stock at a premium to NAV and share repurchases.
Challenges Ahead
- Applicable margin for the revolving credit facility changed to a range of 1.525% to 1.775%.
- Net asset value per share decreased from the previous quarter.
- Net realized and unrealized gain/(loss) per share was negative.
- Underperformance of certain portfolio companies contributed to unrealized depreciation.
- Net realized losses recognized on restructuring of debt and equity investments of two portfolio companies.