Golub Capital(US:GBDC)2025-08-05 14:30Financial Performance - The adjusted net investment income per share remained solid at $0.39, resulting in an adjusted NII ROE of 10.4%[10] - Adjusted earnings per share were $0.34, yielding an adjusted ROE of 9.1%[10] - The company declared a quarterly base distribution of $0.39 per share for FY 2025 Q3, with a distribution coverage of approximately 100%[10] - As of June 30, 2025, the dividend yield was 10.4% based on the NAV[10] Portfolio and Credit Quality - The investment portfolio modestly increased to $9.0 billion at fair value, with $305.8 million in exits/sales and $556.8 million in new investment commitments (of which $410.8 million were funded at close)[10] - Net funds increased by $340.3 million, representing a 4% increase in portfolio size from March 31, 2025[10] - Approximately 90% of the total investment portfolio had internal performance ratings of '4' or '5'[10, 40] - Non-accrual investments remained low, accounting for 0.6% of total investments at fair value[10, 40] Balance Sheet and Liquidity - The net asset value was $15.00 per share, a decrease of $0.04 per share from $15.04 as of March 31, 2025[10] - The company repurchased approximately 2.4 million shares of its common stock at an aggregate price of $13.99 per share[10] - The GAAP debt-to-equity ratio, net increased to 1.26x, with an average of 1.21x for the quarter; 42% of debt funding is unsecured debt, and 82% is floating rate debt funding[10] - The weighted average cost of debt was 5.7%[10] - Total available liquidity amounted to $947.1 million[10]