Golub Capital BDC, Inc. Announces Fiscal Year 2025 Second Quarter Financial Results

Declares Quarterly Distribution of $0.39 Per Share

NEW YORK--(BUSINESS WIRE)--May 05, 2025-- 

Golub Capital BDC, Inc., a business development company (Nasdaq: GBDC), today announced its financial results for its second fiscal quarter ended March 31, 2025.

Except where the context suggests otherwise, the terms "we," "us," "our, " and "Company" refer to Golub Capital BDC, Inc. and its consolidated subsidiaries. "GC Advisors" refers to GC Advisors LLC, our investment adviser.

 
SELECTED FINANCIAL HIGHLIGHTS 
(in thousands, except per 
share data) 
                                  March 31, 2025     December 31, 2024 
                                 ----------------  --------------------- 
Investment portfolio, at fair 
 value                            $    8,621,220    $       8,685,231 
Total assets                      $    8,949,865    $       9,008,786 
Net asset value per share         $        15.04    $           15.13 
 
                                              Quarter Ended 
                                 --------------------------------------- 
                                  March 31, 2025     December 31, 2024 
                                 ----------------  --------------------- 
Net investment income per share   $         0.37    $            0.37 
Amortization of purchase 
 premium per share                          0.02                 0.02 
                                     -----------       -------------- 
Adjusted net investment income 
 per share(1)                     $         0.39    $            0.39 
 
Net realized/unrealized 
 gain/(loss) per share            $        (0.07)   $            0.05 
Reversal of realized/unrealized 
 loss resulting from the 
 amortization of purchase 
 premium per share(1)                      (0.02)               (0.02) 
                                     -----------       -------------- 
Adjusted net 
 realized/unrealized 
 gain/(loss) per share(1)         $        (0.09)   $            0.03 
 
Earnings/(loss) per share         $         0.30    $            0.42 
Adjusted earnings/(loss) per 
 share(1)                         $         0.30    $            0.42 
 
Net asset value per share         $        15.04    $           15.13 
Distributions paid per share      $         0.39    $            0.48 
 
 
(1)    On September 16, 2019 and June 3, 2024, the Company completed its 
       acquisition of Golub Capital Investment Corporation ("GCIC") and Golub 
       Capital BDC 3, Inc. ("GBDC 3"), respectively. Each acquisition was 
       accounted for under the asset acquisition method of accounting in 
       accordance with Accounting Standards Codification 805-50, Business 
       Combinations -- Related Issues. Under asset acquisition accounting, 
       where the consideration paid to GCIC and GBDC 3's stockholders exceeded 
       the relative fair values of the assets acquired, the premium paid by 
       the Company was allocated to the cost of the GCIC and GBDC 3 
       investments acquired by the Company pro-rata based on their relative 
       fair value. Immediately following each acquisition, the Company 
       recorded its assets at their respective fair values and, as a result, 
       the purchase premium allocated to the cost basis of the assets acquired 
       was immediately recognized as unrealized depreciation on the Company's 
       Consolidated Statement of Operations. The purchase premium allocated to 
       investments in loan securities acquired from GCIC and GBDC 3 will 
       amortize over the life of the loans through interest income with a 
       corresponding reversal of the unrealized depreciation on such loans 
       acquired through their ultimate disposition. The purchase premium 
       allocated to investments in equity securities will not amortize over 
       the life of the equity securities through interest income and, assuming 
       no subsequent change to the fair value of the GCIC and GBDC 3 equity 
       securities acquired and disposition of such equity securities at fair 
       value, the Company will recognize a realized loss with a corresponding 
       reversal of the unrealized depreciation upon disposition of the GCIC 
       and GBDC 3 equity securities acquired. 
 
       As a supplement to U.S. generally accepted accounting principles 
       ("GAAP") financial measures, the Company is providing the following 
       non-GAAP financial measures that it believes are useful for the reasons 
       described below: "Adjusted Net Investment Income" and "Adjusted Net 
       Investment Income Per Share" -- excludes the amortization of the 
       purchase premium from net investment income calculated in accordance 
       with GAAP. "Adjusted Net Investment Income Before Accrual for Capital 
       Gain Incentive Fee" - Adjusted Net Investment Income excluding the 
       accrual or reversal for the capital gain incentive fee required under 
       GAAP; "Adjusted Net Realized and Unrealized Gain/(Loss)" and "Adjusted 
       Net Realized and Unrealized Gain/(Loss) Per Share" -- excludes the 
       unrealized loss resulting from the purchase premium write-down and the 
       corresponding reversal of the unrealized loss from the amortization of 
       the premium from the determination of realized and unrealized 
       gain/(loss) in accordance with GAAP. "Adjusted Net Income/(Loss)" and 
       "Adjusted Earnings/(Loss) Per Share" -- calculates net income and 
       earnings per share based on Adjusted Net Investment Income and Adjusted 
       Net Realized and Unrealized Gain/(Loss). 
       The Company believes that excluding the financial impact of the 
       purchase premium write down in the above non-GAAP financial measures is 
       useful for investors as it is a non-cash expense/loss resulting from 
       the acquisitions of GCIC and GBDC 3 and is one method the Company uses 
       to measure its financial condition and results of operations. In 
       addition, the Company believes excluding the accrual of the capital 
       gain incentive fee under GAAP is useful as a portion of such accrual is 
       not contractually payable under the terms of the Company's investment 
       advisory agreement with GC Advisors. 
 

Second Fiscal Quarter 2025 Highlights

   -- Net investment income per share for the quarter ended March 31, 2025 
      remained consistent at $0.37 compared to the quarter ended December 31, 
      2024. Excluding $0.02 per share in purchase premium amortization from the 
      GCIC/GBDC 3 acquisitions, and no accrual or reversal for the capital gain 
      incentive fee under GAAP, Adjusted Net Investment Income Per Share1 for 
      the quarters ended March 31, 2025 and December 31, 2024 was $0.39. 
 
   -- Net realized and unrealized gain/(loss) per share for the quarter ended 
      March 31, 2025 was $(0.07). Adjusted Net Realized and Unrealized 
      Gain/(Loss) Per Share1 was ($0.09) when excluding $0.02 per share net 
      reversal of unrealized depreciation and realized loss resulting from the 
      amortization of the purchase premium. The Adjusted Net Realized and 
      Unrealized Gain/(Loss) Per Share1 for the quarter ended March 31, 2025 
      was primarily due to (i) unrealized depreciation resulting from the 
      underperformance of certain portfolio companies and (ii) net realized 
      losses recognized on the restructuring of debt and equity investments of 
      two portfolio companies that was partially offset by net realized and 
      unrealized gains recognized on the translation of foreign currency 
      transactions. For additional analysis, please refer to the Quarter Ended 
      03.31.2025 Earnings Presentation available on the Investor Resources link 
      on the homepage of the Company's website (www.golubcapitalbdc.com) under 
      Events/Presentations. The Earnings Presentation was also filed with the 
      Securities and Exchange Commission as an Exhibit to a Form 8-K. These 
      results compare to net realized and unrealized gain/(loss) per share of 
      $0.05 during the quarter ended December 31, 2024. Adjusted Net Realized 
      and Unrealized Gain/(Loss) Per Share1 for the quarter ended December 31, 
      2024 was $0.03 when excluding $0.02 per share net reversal of unrealized 
      depreciation and realized loss resulting from the amortization of the 
      purchase premium. 
 
   -- Earnings per share for the quarter ended March 31, 2025 was $0.30 as 
      compared to $0.42 for the quarter ended December 31, 2024. Adjusted 
      Earnings Per Share1 for the quarter ended March 31, 2025 was $0.30 as 
      compared to $0.42 for the quarter ended December 31, 2024. 
 
   -- Net asset value ("NAV") per share decreased to $15.04 at March 31, 2025 
      from $15.13 at December 31, 2024. 
 
   -- On March 28, 2025 we paid a quarterly distribution of $0.39 per share. 
 
   -- On May 2, 2025, our board of directors declared a quarterly distribution 
      of $0.39 per share, which is payable on June 27, 2025, to stockholders of 
      record as of June 13, 2025. 
 
   -- Accretive capital management in response to market volatility through (i) 
      issuance of 2.4 million shares of our common stock, at a premium to NAV, 
      under our equity distribution agreement with net proceeds totaling 
      approximately $38 million, after giving effect to sales agents' 
      commissions and certain estimated offering expenses and (ii) during the 
      period March 1, 2025 through May 5, 2025 we repurchased approximately 2.5 
      million shares of our common stock for an aggregate purchase price of 
      approximately $35 million, at an aggregate price of $14.00 per share. 
 
   -- During the three months ended March 31, 2025, the Golub Capital Employee 
      Grant Program Rabbi Trust (the "Trust") purchased approximately $13.0 
      million, or 832,821 shares, of our common stock for the purpose of 

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