Declares Increased Quarterly Distribution
to $0.37 Per Share and a Third
Quarter Supplemental Distribution of $0.04 Per Share
Announces Management Fee
Reduction
NEW
YORK, Aug. 7, 2023 /PRNewswire/ -- Golub Capital
BDC, Inc., a business development company (Nasdaq: GBDC), today
announced its financial results for its third fiscal quarter ended
June 30, 2023 with record Adjusted
Net Investment Income of $0.44 per
share.
"This was an excellent quarter for GBDC's shareholders: record
Adjusted Net Investment Income, strong credit results, a more than
12% increase in the base quarterly distribution to $0.37 per share, a supplemental distribution of
$0.04 per share as part of a new
variable supplemental distribution framework and a permanent
reduction in the base management fee from 1.375% of assets to 1.0%
of assets. We believe GBDC is well-positioned to continue to thrive
in the coming period," said Chief Executive Officer David Golub.
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, expect
per share data)
|
|
June 30,
2023
|
|
March 31,
2023
|
Investment portfolio,
at fair value
|
$
5,525,009
|
|
$
5,486,352
|
Total assets
|
$
5,736,835
|
|
$
5,671,750
|
Net asset value per
share
|
$
14.83
|
|
$
14.73
|
|
|
|
|
|
Quarter
Ended
|
|
June 30,
2023
|
|
March 31,
2023
|
Net investment income
per share
|
$
0.43
|
|
$
0.41
|
Amortization of
purchase premium per share
|
0.01
|
|
0.01
|
Adjusted net investment
income per share1
|
$
0.44
|
|
$
0.42
|
Accrual (reversal) for
capital gain incentive fee per share
|
—
|
|
—
|
Adjusted net investment
income before accrual for capital gain incentive fee per
share1
|
$
0.44
|
|
$
0.42
|
|
|
|
|
Net realized/unrealized
gain/(loss) per share
|
$
0.00 *
|
|
$
(0.07)
|
Reversal of realized /
unrealized loss resulting from the purchase premium per
share
|
(0.01)
|
|
(0.01)
|
Adjusted net
realized/unrealized gain/(loss) per share1
|
$
(0.01)
|
|
$
(0.08)
|
|
|
|
|
Earnings/(loss) per
share
|
$
0.43
|
|
$
0.34
|
Adjusted
earnings/(loss) per share1
|
$
0.43
|
|
$
0.34
|
|
|
|
|
Net asset value per
share
|
$
14.83
|
|
$
14.73
|
Distributions paid per
share
|
$
0.33
|
|
$
0.33
|
|
|
|
*
|
Represents an amount
less than $0.01
|
1
|
On September 16, 2019,
the Company completed its acquisition of Golub Capital Investment
Corporation ("GCIC"). The merger 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'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 assets acquired by the Company pro-rata
based on their relative fair value. Immediately following the
acquisition of GCIC, the Company recorded its assets at their
respective fair values and, as a result, the purchase premium
allocated to the cost basis of the GCIC 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 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 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 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
acquisition of GCIC 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.
|
Management Fee Reduction
- On August 3, 2023, the Company's
board of directors approved a permanent reduction in the base
management fee rate the Company pays to GC Advisors. The base
management fee rate was reduced to 1.0% per annum from 1.375% per
annum and remains based on the Company's average adjusted gross
assets at the end of the two most recently completed calendar
quarters, excluding cash and cash equivalents and including assets
purchased with borrowed funds. All other terms of the Company's
investment advisory agreement with GC Advisors remain unchanged.
The new base management fee rate takes effect as of July 1, 2023.
Third Fiscal Quarter 2023 Highlights
- Net investment income per share for the quarter ended
June 30, 2023 was $0.43 as compared to $0.41 for the quarter ended March 31, 2023. Excluding $0.01 per share in purchase premium amortization
from the GCIC acquisition and no accrual or reversal for the
capital gain incentive fee under GAAP, Adjusted Net Investment
Income Before Accrual for Capital Gain Incentive Fee1
for the quarter ended June 30, 2023
was $0.44. This compares to Adjusted
Net Investment Income Before Accrual for Capital Gain Incentive
Fee1 of $0.42 for the
quarter ended March 31, 2023 when
excluding $0.01 per share in purchase
premium amortization from the GCIC acquisition and no accrual or
reversal for the capital gain incentive fee under GAAP.
- Net realized and unrealized loss per share for the quarter
ended June 30, 2023 was an amount
less than $0.01. Adjusted Net
Realized and Unrealized Loss Per Share1 was $0.01 when excluding the $0.01 per share net reversal of unrealized
depreciation and realized loss resulting from the amortization of
the purchase premium. For additional analysis, please refer to the
Quarter Ended 6.30.2023 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 loss per share
of $0.07 during the quarter ended
March 31, 2023. Adjusted Net Realized
and Unrealized Loss Per Share1 for the quarter ended
March 31, 2023 was $0.08 when excluding the $0.01 per share reversal of net realized loss and
unrealized loss resulting from the amortization of the purchase
premium.
- Earnings per share for the quarter ended June 30, 2023 was $0.43 as compared to $0.34 for the quarter ended March 31, 2023. Adjusted Earnings Per
Share1 for the quarter ended June
30, 2023 was $0.43 as compared
to $0.34 for the quarter ended
March 31, 2023.
- Net asset value per share increased to $14.83 at June 30,
2023 from $14.73 at
March 31, 2023.
- On June 29, 2023, we paid a
quarterly distribution of $0.33 per
share and on August 3, 2023, our
board of directors increased our quarterly base distribution by
over 12% and declared a quarterly distribution of $0.37 per share, which is payable on September 29, 2023 to stockholders of record as
of September 1, 2023 and a
supplemental distribution of $0.04
per share, which is payable on September 15,
2023 to stockholders of record as of August 18, 2023. For additional details on the
framework we intend to use for determining the amount of
supplemental distributions going forward, please refer to the
Quarter Ended 6.30.2023 Earnings
Presentation available on the Investor Resources link on the
homepage of the Company's website (www.golubcapitalbdc.com) under
Events/Presentations.
- During the three months ended June 30,
2023, GBDC repurchased approximately $7 million, or 544,134 shares, of our common
stock pursuant to the Company's previously disclosed share
repurchase program. During the nine months ended June 30, 2023, GBDC repurchased approximately
$17 million, or 1,295,678 shares, of
our common stock pursuant to the Company's previously disclosed
share repurchase program.
- During the three months ended June 30,
2023, the Golub Capital Employee Grant Program Rabbi Trust
(the "Trust") purchased approximately $5.7
million, or 428,000 shares, of our common stock for the
purpose of awarding incentive compensation to employees of Golub
Capital. Through the first two calendar quarters of 2023, the Trust
purchased $10.5 million, or 784,204
shares, of our common stock.
Portfolio and Investment Activities
As of June 30, 2023, the Company
had investments in 333 portfolio companies with a total fair value
of $5,525.0 million. This
compares to the Company's portfolio as of March 31, 2023, as of which date the Company had
investments in 333 portfolio companies with a total fair value of
$5,486.4 million. Investments in
portfolio companies as of June 30,
2023 and March 31, 2023
consisted of the following:
|
|
As of June 30,
2023
|
|
As of March 31,
2023
|
|
|
Investments
|
|
Percentage
of
|
|
Investments
|
|
Percentage
of
|
|
|
at Fair
Value
|
|
Total
|
|
at Fair
Value
|
|
Total
|
Investment
Type
|
|
(In
thousands)
|
|
Investments
|
|
(In
thousands)
|
|
Investments
|
Senior
secured
|
|
$
488,475
|
|
8.8 %
|
|
$
480,590
|
|
8.8 %
|
One stop
|
|
4,719,262
|
|
85.4
|
|
4,708,204
|
|
85.8
|
Junior
debt*
|
|
33,109
|
|
0.7
|
|
28,586
|
|
0.5
|
Equity
|
|
284,163
|
|
5.1
|
|
268,972
|
|
4.9
|
Total
|
|
$
5,525,009
|
|
100.0 %
|
|
$
5,486,352
|
|
100.0 %
|
|
|
|
|
|
|
|
|
|
*
|
Junior debt is
comprised of second lien and subordinated debt.
|
The following table shows the asset mix of our new investment
commitments for the three months ended June
30, 2023:
|
For the three months
ended June 30, 2023
|
|
New
Investment
|
|
|
|
Commitments
|
|
Percentage
of
|
|
(In
thousands)
|
|
Commitments
|
|
|
|
|
Senior
secured
|
$
1,189
|
|
1.1 %
|
One stop
|
109,511
|
|
98.9
|
Equity
|
31
|
|
0.0 *
|
Total new investment
commitments
|
$
110,731
|
|
100.0 %
|
|
|
|
|
*
|
Represents an amount
less than 0.1%
|
Total investments in portfolio companies at fair value were
$5,525.0 million at June 30, 2023. As of June
30, 2023, total assets were $5,736.8
million, net assets were $2,515.9
million and net asset value per share was $14.83.
Consolidated Results of Operations
For the third fiscal quarter of 2023, the Company reported GAAP
net income and Adjusted Net Income1 of $73.0 million or $0.43 per share. GAAP net investment income
was $73.8 million or
$0.43 per share and Adjusted Net
Investment Income Before Accrual for Capital Gain Incentive Fee
1 was $75.3 million
or $0.44 per share. GAAP net realized
and unrealized gain/(loss) was $(0.9)
million or less than $(0.01)
per share and Adjusted Realized and Unrealized
Gain/(Loss)1 was $(2.4)
million or $(0.01) per
share.
Net income can vary substantially from period to period due to
various factors, including the level of new investment commitments,
the recognition of realized gains and losses and unrealized
appreciation and depreciation. As a result, quarterly comparisons
of net income may not be meaningful.
1
|
See footnote 1 to
'Selected Financial Highlights' above.
|
Liquidity and Capital Resources
The Company's liquidity and capital resources are derived from
the Company's debt securitizations (also known as collateralized
loan obligations, or CLOs), unsecured notes, revolving credit
facilities and cash flow from operations. The Company's primary
uses of funds from operations include investments in portfolio
companies and payment of fees and other expenses that the Company
incurs. The Company has used, and expects to continue to use, its
debt securitizations, unsecured notes, revolving credit facilities,
proceeds from its investment portfolio and proceeds from offerings
of its securities and its dividend reinvestment plan to finance its
investment objectives.
As of June 30, 2023, we had cash,
cash equivalents and foreign currencies of $91.7 million, restricted cash and cash
equivalents of $79.3 million and
$3,168.9 million of debt
outstanding. As of June 30, 2023,
subject to leverage and borrowing base restrictions, we had
approximately $706.6 million of
remaining commitments and availability, in the aggregate, on our
revolving credit facility with JPMorgan. In addition, as of
June 30, 2023, we had $100.0 million of remaining commitments and
availability on our unsecured line of credit with GC Advisors.
On June 30, 2023, we entered into
supplemental indentures to amend both the 2018 Debt Securitization
and GCIC 2018 Debt Securitization to, among other things, replace
three-month LIBOR as an interest rate benchmark for the notes
issued in the 2018 Debt Securitization and GCIC 2018 Debt
Securitization with three-month term SOFR1, effective as
of the start of the first interest accrual period commencing after
June 30, 2023.
1
|
The three-month SOFR
interest rate is subject to an additional spread adjustment rate of
0.26161%.
|
Portfolio and Asset Quality
GC Advisors regularly assesses the risk profile of each of the
Company's investments and rates each of them based on an internal
system developed by Golub Capital and its affiliates. This system
is not generally accepted in our industry or used by our
competitors. It is based on the following categories, which we
refer to as GC Advisors' internal performance ratings:
Internal Performance
Ratings
|
Rating
|
|
Definition
|
5
|
|
Involves the least
amount of risk in our portfolio. The borrower is performing above
expectations, and the trends and risk factors are generally
favorable.
|
4
|
|
Involves an acceptable
level of risk that is similar to the risk at the time of
origination. The borrower is generally performing as expected, and
the risk factors are neutral to favorable.
|
3
|
|
Involves a borrower
performing below expectations and indicates that the loan's risk
has increased somewhat since origination. The borrower could be out
of compliance with debt covenants; however, loan payments are
generally not past due.
|
2
|
|
Involves a borrower
performing materially below expectations and indicates that the
loan's risk has increased materially since origination. In addition
to the borrower being generally out of compliance with debt
covenants, loan payments could be past due (but generally not more
than 180 days past due).
|
1
|
|
Involves a borrower
performing substantially below expectations and indicates that the
loan's risk has substantially increased since origination. Most or
all of the debt covenants are out of compliance and payments are
substantially delinquent. Loans rated 1 are not anticipated to be
repaid in full and we will reduce the fair market value of the loan
to the amount we anticipate will be recovered.
|
Our internal performance ratings do not constitute any rating of
investments by a nationally recognized statistical rating
organization or represent or reflect any third-party assessment of
any of our investments. For additional analysis on the
Company's internal performance ratings as of June 30, 2023, please refer to the Quarter Ended
6.30.2023 Earnings Presentation
available on Investors Resources link on the homepage of the
Company's website (www.golubcapitalbdc.com) under
Events/Presentations.
The following table shows the distribution of the Company's
investments on the 1 to 5 internal performance rating scale at fair
value as of June 30, 2023 and
March 31, 2023:
|
|
June 30,
2023
|
|
March 31,
2023
|
|
Internal
|
|
Investments
|
|
Percentage
of
|
|
Investments
|
|
Percentage
of
|
|
Performance
|
|
at Fair
Value
|
|
Total
|
|
at Fair
Value
|
|
Total
|
|
Rating
|
|
(In
thousands)
|
|
Investments
|
|
(In
thousands)
|
|
Investments
|
|
5
|
|
$
86,581
|
|
1.6 %
|
|
$
61,836
|
|
1.1 %
|
|
4
|
|
4,663,766
|
|
84.4
|
|
4,714,002
|
|
85.9
|
|
3
|
|
759,337
|
|
13.7
|
|
647,335
|
|
11.8
|
|
2
|
|
15,325
|
|
0.3
|
|
62,896
|
|
1.2
|
|
1
|
|
—
|
|
—
|
|
283
|
|
0.0 *
|
|
Total
|
|
$
5,525,009
|
|
100.0 %
|
|
$
5,486,352
|
|
100.0 %
|
|
|
|
*
|
Represents an amount
less than 0.1%.
|
Conference Call
The Company will host an earnings conference call at
11:00 am (Eastern Time) on Tuesday,
August 8, 2023 to discuss the quarterly financial results. All
interested parties may participate in the conference call by
dialing (888) 330-3529 approximately 10-15 minutes prior to the
call; international callers should dial +1 (646) 960-0656.
Participants should reference Golub Capital BDC, Inc. when
prompted. For a slide presentation that we intend to refer to on
the earnings conference call, please visit the Investor Resources
link on the homepage of our website (www.golubcapitalbdc.com) and
click on the Quarter Ended 6.30.2023
Earnings Presentation under Events/Presentations. An archived
replay of the call will be available shortly after the call until
11:59 p.m. (Eastern Time) on
August 22, 2023. To hear the replay,
please dial (800) 770-2030. International dialers, please dial +1
(647) 362-9199. For all replays, please reference program ID number
5111111.
Golub Capital BDC,
Inc. and Subsidiaries
|
|
|
|
Consolidated
Statements of Financial Condition
|
|
|
|
(In thousands,
except share and per share data)
|
|
|
|
|
June 30,
2023
|
|
March 31,
2023
|
Assets
|
(unaudited)
|
|
(unaudited)
|
Investments, at fair
value (cost of $5,605,521 and $5,618,695, respectively)
|
$
5,525,009
|
|
$
5,486,352
|
Cash and cash
equivalents
|
85,096
|
|
76,757
|
Unrestricted foreign
currencies (cost of $6,679 and $10,547, respectively)
|
6,628
|
|
10,716
|
Restricted cash and
cash equivalents
|
79,314
|
|
50,223
|
Interest
receivable
|
29,933
|
|
31,240
|
Other assets
|
10,855
|
|
16,462
|
Total
Assets
|
$
5,736,835
|
|
$
5,671,750
|
|
|
|
|
Liabilities
|
|
|
|
Debt
|
$
3,168,906
|
|
$
3,116,857
|
Less unamortized debt
issuance costs
|
(17,217)
|
|
(19,154)
|
Debt less unamortized
debt issuance costs
|
3,151,689
|
|
3,097,703
|
Interest
payable
|
26,175
|
|
23,574
|
Management and
incentive fees payable
|
37,854
|
|
36,653
|
Accounts payable and
accrued expenses
|
5,199
|
|
7,675
|
Total
Liabilities
|
3,220,917
|
|
3,165,605
|
|
|
|
|
Net
Assets
|
|
|
|
Preferred stock, par
value $0.001 per share, 1,000,000 shares authorized, zero
shares issued and outstanding as of June 30, 2023 and
March 31, 2023,
respectively.
|
—
|
|
—
|
Common stock, par value
$0.001 per share, 350,000,000 shares authorized,
169,599,992 issued and outstanding as of June 30, 2023
and 170,144,126
issued and outstanding as of March 31,
2023.
|
170
|
|
170
|
Paid in capital in
excess of par
|
2,659,884
|
|
2,667,028
|
Distributable
earnings
|
(144,136)
|
|
(161,053)
|
Total Net
Assets
|
2,515,918
|
|
2,506,145
|
Total Liabilities
and Total Net Assets
|
$
5,736,835
|
|
$
5,671,750
|
Number of common shares
outstanding
|
169,599,992
|
|
170,144,126
|
Net asset value per
common share
|
$
14.83
|
|
$
14.73
|
Golub Capital BDC,
Inc. and Subsidiaries
|
Consolidated
Statements of Operations
|
(In thousands,
except share and per share data)
|
|
|
Three months
ended
|
|
|
June 30,
2023
|
|
March 31,
2023
|
|
|
(unaudited)
|
|
(unaudited)
|
Investment
income
|
|
|
Interest
income
|
|
$
151,937
|
|
$
143,661
|
GCIC acquisition
purchase price premium amortization
|
|
(1,570)
|
|
(1,652)
|
Dividend
income
|
|
4,058
|
|
3,906
|
Fee income
|
|
295
|
|
1,038
|
Total investment
income
|
|
154,720
|
|
146,953
|
|
|
|
|
|
Expenses
|
|
|
|
|
Interest and other
debt financing expenses
|
|
39,487
|
|
36,256
|
Base management
fee
|
|
18,997
|
|
18,688
|
Incentive
fee
|
|
18,857
|
|
17,976
|
Professional
fees
|
|
1,225
|
|
1,320
|
Administrative service
fee
|
|
2,049
|
|
1,958
|
General and
administrative expenses
|
|
327
|
|
317
|
Total
expenses
|
|
80,942
|
|
76,515
|
Net investment
income before tax
|
|
73,778
|
|
70,438
|
Excise tax
|
|
—
|
|
232
|
Net investment
income after tax
|
|
73,778
|
|
70,206
|
|
|
|
|
|
Net gain (loss) on
investment transactions
|
|
|
|
|
Net realized gain
(loss) from:
|
|
|
|
|
Investments
|
|
(45,085)
|
|
(5,487)
|
Foreign currency
transactions
|
|
1,141
|
|
17
|
Forward currency
contracts
|
|
2,021
|
|
708
|
Net realized gain
(loss) in investment transactions
|
|
(41,923)
|
|
(4,762)
|
Net change in
unrealized appreciation (depreciation) from:
|
|
|
|
|
Investments
|
|
43,082
|
|
(7,100)
|
Translation of assets
and liabilities in foreign currencies
|
|
3,399
|
|
2,561
|
Forward currency
contracts
|
|
(5,431)
|
|
(2,447)
|
Net change in
unrealized appreciation (depreciation) on investment
transactions
|
|
41,050
|
|
(6,986)
|
Net gain (loss) on
investments
|
|
(873)
|
|
(11,748)
|
Provision for taxes on
unrealized appreciation on investments
|
|
78
|
|
45
|
Net increase
(decrease) in net assets resulting from operations
|
|
$
72,983
|
|
$
58,503
|
|
|
|
|
|
Per Common Share
Data
|
|
|
|
|
Basic and diluted
earnings (loss) per common share
|
|
$
0.43
|
|
$
0.34
|
Dividends and
distributions declared per common share
|
|
$
0.33
|
|
$
0.33
|
Basic and diluted
weighted average common shares outstanding
|
|
169,980,131
|
|
170,835,435
|
ABOUT GOLUB CAPITAL BDC, INC.
Golub Capital BDC, Inc. ("GBDC") is an externally-managed,
non-diversified closed-end management investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. GBDC invests primarily in one stop
and other senior secured loans to middle market companies that are
often sponsored by private equity investors. GBDC's investment
activities are managed by its investment adviser, GC Advisors LLC,
an affiliate of the Golub Capital LLC group of companies ("Golub
Capital").
ABOUT GOLUB CAPITAL
Golub Capital is a market-leading, award-winning direct lender
and experienced credit asset manager. The firm specializes in
delivering reliable, creative and compelling financing solutions to
companies backed by private equity sponsors. Golub Capital's
sponsor finance expertise also forms the foundation of its Broadly
Syndicated Loan and Credit Opportunities investment programs. Golub
Capital nurtures long-term, win-win partnerships that inspire
repeat business from private equity sponsors and investors.
As of April 1, 2023, Golub Capital
had over 800 employees and over $60
billion of capital under management, a gross measure of
invested capital including leverage. The firm has lending offices
in Chicago, New York, San
Francisco and London. For
more information, please visit golubcapital.com.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those expressed or implied in the
forward-looking statements as a result of a number of factors,
including those described from time to time in filings with the
Securities and Exchange Commission. Golub Capital BDC, Inc.
undertakes no duty to update any forward-looking statement made
herein. All forward-looking statements speak only as of the date of
this press release.
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SOURCE Golub Capital BDC, Inc.