Golub Capital BDC (NASDAQ:GBDC) Q4 2024 Results Conference Call November 20, 2024 10:00 AM ET
Company Participants
David Golub - Chief Executive Officer
Matt Benton - Chief Operating Officer
Chris Ericson - Chief Financial Officer
Conference Call Participants
Robert Dodd - Raymond James
Paul Johnson - KBW
Ray Cheesman - Anfield Capital
Operator
Hello, everyone, and welcome to GBDC's Earnings Call for the Fiscal Year and Fiscal Quarter Ended September 30, 2024. Before we begin, I'd like to take a moment to remind our listeners that remarks made during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Statements other than statements of historical facts made during this call 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 in the forward-looking statements as a result of a number of factors, including those described from time to time in GBDC's SEC filings.
For materials we intend to refer to on today's earnings call, please visit the Investor Resources tab on the homepage of our website, which is www.golubcapitalbdc.com and click on the Events Presentations link. Our earnings release is also available on our website in the Investor Resources section. As a reminder, this call is being recorded.
With that, I'm pleased to turn the call over to David Golub, Chief Executive Officer of GBDC.
David Golub
Hello, everybody, and thanks for joining us today. I'm joined by Chris Ericson, our Chief Financial Officer; and Matt Benton, our Chief Operating Officer. For you who are new to GBDC, our investment strategy is to focus on providing first lien senior secured loans to healthy, resilient middle-market companies that are backed by strong partnership-oriented private equity sponsors.
Yesterday, we issued our earnings press release for the fiscal quarter and for the year ended September 30, and we posted an earnings presentation on our website. We'll be referring to that presentation during the course of today's call. I'm going to start as usual with headlines and with a summary of performance for the quarter, and then Matt and Chris are going to go through our operating and financial performance for the quarter in more detail. And finally, I'll wrap up with our outlook for the coming period, and I'll take some questions.
The headline is that GBDC had a good fourth quarter and a solid fiscal 2024. You'll recall that fiscal 2024 had a number of landmark events that made GBDC's shareholder value proposition more compelling. First, a permanent reduction in the Company's incentive fee rate; second, a new supplemental variable distribution framework and that distribution framework has led to $0.29 per share of supplemental distributions so far; and third and most importantly, the closing of a second win-win-win affiliate merger with GBDC 3. So, while we're going to focus today on GBDC's performance for the final quarter of the fiscal year, I think it's important to keep in mind the transformational nature of fiscal 2024 as a whole.