Alistair Berg This article was coproduced with The Dividend Collectuh. Introduction With the Fed all but confirming that interest rates will likely be cut this month, I have to admit I was expecting a larger pullback within the business development company sector. However, many of the higher-quality BDCs and their share prices have held up well since the July CPI report showed inflation to be cooling, paving the way for interest rate cuts. Although the BDC sector has seen a slight retraction over the past t ...

The Zacks SBIC & Commercial Finance industry will continue to benefit from favorable regulatory changes and a rise in demand for personalized financing solutions as rates come down. However, gradual deterioration in asset quality because of prolonged high rates and the expected economic slowdown will hurt industry players' financials in the coming days. Heightened competition and portfolio companies' difficulty in servicing debt are other major industry headwinds. Yet, a few players like Golub Capital BDC, ...

公司经营情况 - 公司在23年6月30日完成与Golub Capital BDC 3的合并后投资资产大幅增长成为行业第五大BDC截至23年6月30日总投资达79亿美元较上季度增长46% [3] - 公司合并后仍以第一留置权为核心投资组合中93%为第一留置权且99%为浮动利率投资组合质量上季度无重大恶化非应计比率为1.0% [4][5] - 公司总投资收入同比增长11%至1.713亿美元净投资收入飙升26%至9270万美元 [7] - 公司调整后的净投资收入在二季度为每股0.48美元总股息支出为每股0.50美元股息支付率本季度为104%十二个月为91%但调整后净投资收入可轻松覆盖每股0.39美元的基本股息股息支付率为81% [11][12][13] - 公司24年6月30日的每股净资产值为15.32美元较合并前每股增加0.20美元目前估值较合并后净资产值有5%的折扣 [14][15] 公司与同行业对比 - 与Blackstone Secured Lending Inc. (BXSL)和Ares Capital Corp. (ARCC)相比公司上季度非应计比率分别为0.3%和0.7%公司1.0%的非应计比率不算高 [6] - 公司与Goldman Sachs BDC Inc. (GSBD)和Oaktree Specialty Leading Corp. (OCSL)相比后两者因信用质量较差以低于净资产值的价格出售而公司是由于行业短期利率预期下降导致BDC估值修正 [15] 公司投资观点 - 公司是管理良好的BDC在24年第三季度净投资收入超过基本股息 [1] - 公司股票收益率为11%信用质量可靠目前股价较有吸引力且以第一留置权为核心的投资组合即使在经济衰退期间也有良好表现 [1] - 公司股票较合并后每股15.32美元的净资产值有折扣风险回报关系有利于持有公司股票 [2] - 尽管公司有大量浮动利率贷款投资在利率下降环境下净利息收入可能降低但股息相当安全若股息覆盖范围下降公司有机会削减补充股息支付 [18] - 公司是管理良好的BDC合并后规模扩大净资产值和净投资收入逐季上升核心投资组合指标在合并后未改变 [18] - 公司目前股价低于账面价值11%的收益率有可分配收益合理支撑预计公司今年剩余时间将维持每股0.39美元的季度股息 [18]

财务数据和关键指标变化 - 调整后的净投资收益(NII)为每股0.48美元,对应的调整后NII收益率为12.7% [19] - 调整后每股收益为0.31美元,对应的调整后净收益率为8.1% [19] - 公司净资产价值(NAV)每股增加0.20美元至15.32美元 [28] - 公司的杠杆比率大幅下降至1.05倍(扣除现金),或1.00倍(扣除现金和债务证券化中的受限现金) [29] 各条业务线数据和关键指标变化 - 公司的投资组合规模增加25亿美元至79亿美元,主要是由于GBDC 3并购的影响 [22] - 整体投资组合信用质量保持良好,评级4和5级的投资占比增加至89.2% [22] - 不良贷款占比略有上升至1%,但仍低于行业平均水平 [22-23] 各个市场数据和关键指标变化 - 中型市场并购活动有所恢复,但公司预计下半年交易量可能会保持温和 [60-61] - 大型市场贷款利差压缩50-100个基点,中型市场压缩幅度较小 [61-62] - 整体信用环境有所恶化,但公司预计其投资组合将相对表现良好 [63-64] 公司战略和发展方向及行业竞争 - 公司保持专注于为中型市场健康、有抵御力的企业提供一级抵押贷款的投资策略 [7] - 公司完成了与GBDC 3的"双赢"合并,提升了NAV和降低了激励费率 [11-12] - 公司的投资组合高度分散,最大单一借款人仅占1.7%,前10大借款人占14% [46] 管理层对经营环境和未来前景的评论 - 公司预计下半年并购交易量可能温和,利差压缩和信用环境恶化仍是挑战 [59-64] - 但公司认为其投资组合和融资结构有利于在当前环境中表现良好 [64-65] 其他重要信息 - 公司自愿放弃本季度的激励费,以支持股东回报 [21] - 公司宣布了一系列特别分红,总计每股0.15美元 [30-31] 问答环节重要的提问和回答 问题1 **Robert Dodd 提问** 市场波动是否会使贷款利差重新稳定下来 [67] **David Golub 回答** 目前市场波动导致的影响还很难判断,但可能会减弱利差压缩的势头 [68-70] 问题2 **Finian O'Shea 提问** 公司是否会提高杠杆水平,以及在当前利差环境下的考虑 [81] **David Golub 回答** 公司将谨慎提高杠杆至1.15倍,但不会以牺牲资产质量为代价 [82-83] 问题3 **Paul Johnson 提问** 本季度自愿放弃激励费的原因 [84] **David Golub 回答** 这是公司长期以来的惯例做法,旨在为投资者提供更好的体验 [85]

财报发布信息 - 2024年6月30日季度财报将于2024年8月5日发布[8] - 公司将于2024年8月5日收盘后发布财务业绩[8] - 公司未来展望将在财报发布后公布[8] 公司首席财务官信息 - 公司首席财务官为Christopher C. Ericson[12]

Pgiam/E+ via Getty Images Overview With interest rate cuts expected to happen in September, it seems like capital is starting to flow out of the Business Development Company sector. As a result, we can see lots of BDCs experiencing price declines. However, I am totally comfortable with this happening and I'll try to explain why you should be as well. For example, we can see how Golub Capital (NASDAQ:GBDC) fell by nearly 5% over the last five days. This movement followed the both the VanEck BDC Income ETF (B ...

Sashkinw It pays to have a diversified basket of income, and for most investors, that means putting together a portfolio of 20 or more stocks in different industries. That’s probably easier said than done, as stocks in a portfolio will fall in and out of favor with the market, thereby creating imbalances. This results in a need for portfolio rebalancing every now and then for those who want to maintain equal weightings as a manner of reducing risk and volatility, and this can involve additional work, th ...

The Zacks SBIC & Commercial Finance industry will continue to benefit from favorable regulatory changes and decent demand for personalized financing solutions.However, gradual deterioration in asset quality because of prolonged high rates and economic slowdown will hurt industry players’ financials. Increased competition and portfolio companies’ difficulty in servicing debt are other major headwinds being faced by the industry. Yet, a few names, like Golub Capital BDC, Inc. (GBDC) and Crescent Capital BDC, ...

The Finance group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Golub Capital BDC (GBDC) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Finance peers, we might be able to answer that question.Golub Capital BDC is a member of our Finance group, which includes 854 different ...

Klaus Vedfelt Golub Capital BDC Inc. (NASDAQ:GBDC) is selling for a reasonable 8% premium to net asset value considering the strength of the business development company’s underlying excess dividend coverage and adjusted net investment income growth. Golub Capital BDC paid out only 84% of its adjusted net investment income in the last year and has consistently distributed excess portfolio income as special dividends. I think that the 8% for Golub Capital is reasonable considering that the business devel ...