Private Credit Portfolio Analysis | Golub Capital BDC Reports Q1 2025 Results
- Editor
- Feb 4
- 2 min read
What's New:
Golub Capital BDC released its Q1 2025 financial results, showing growth in total assets and investments at fair value compared to the previous quarter. The fund's net asset value per share decreased slightly from $15.19 to $15.13.
Portfolio Dynamics:
Total assets increased from $8.70 billion to $9.01 billion quarter-over-quarter.
Investments owned at fair value grew from $8.24 billion to $8.69 billion.
Cash and cash equivalents decreased from $123.12 million to $103.51 million.
Investment Activity :
Restricted cash and cash equivalents declined significantly from $227.15 million to $110.60 million.
Derivative assets decreased from $29.49 million to $12.49 million.
Other assets increased from $5.27 million to $16.90 million.
Capital Structure:
Total liabilities increased from $4.69 billion to $4.99 billion.
Long-term debt grew from $4.60 billion to $4.89 billion.
Stockholders' equity remained relatively stable, increasing slightly from $4.01 billion to $4.02 billion.
Performance Profile:
Net asset value per share decreased from $15.19 to $15.13.
Common stock shares outstanding increased from 264,277,128 to 265,498,597.
Retained earnings deficit increased from $152.99 million to $168.53 million.
Risk & Quality:
Derivative liabilities increased from $0 to $2.91 million.
Interest payable increased from $45.70 million to $51.52 million.
Management and incentive fee payable grew from $33.62 million to $38.82 million.
The Wrap:
Golub Capital BDC's Q1 2025 results show growth in total assets and investments, but with a slight decrease in net asset value per share. The fund increased its long-term debt and saw changes in various asset and liability categories. While the overall portfolio size expanded, the increase in liabilities and slight decline in NAV per share suggest potential challenges in maintaining profitability and efficiency in the current quarter.
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