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PRELIMINARY ESTIMATES OF CERTAIN FINANCIAL RESULTS (In thousands, expect per share data) Estimated Ranges for the three monthsended
PRELIMINARY ESTIMATES OF CERTAIN FINANCIAL RESULTS | ||||||||
(In thousands, expect per share data) | ||||||||
Estimated Ranges for the three months ended December 31, 2023 |
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Net Investment Income Per Share | ||||||||
Net investment income per share | $ | 0.48 | $ | 0.50 | ||||
Amortization of purchase premium per share1 | 0.01 | 0.01 | ||||||
Adjusted net investment income per share1 | 0.49 | 0.51 | ||||||
Accrual (reversal) for capital gain incentive fee per share | — | — | ||||||
Adjusted net investment income before accrual for capital gain incentive fee per share1 | 0.49 | 0.51 | ||||||
Net realized/unrealized gain/(loss) per share | ||||||||
Net realized/unrealized gain/(loss) per share | (0.05 | ) | (0.03 | ) | ||||
Reversal of unrealized loss resulting from the purchase premium per share1 | (0.01 | ) | (0.01 | ) | ||||
Adjusted net realized/unrealized gain/(loss) per share1 | (0.06 | ) | (0.04 | ) | ||||
Earnings/(loss) per share | ||||||||
Earnings per share | 0.43 | 0.47 | ||||||
Adjusted earnings/(loss) per share1 | 0.43 | 0.47 | ||||||
Return on Equity | ||||||||
Adjusted net investment income return on equity2 | 13.1 | % | 13.6 | % | ||||
Adjusted return on equity3 | 11.5 | % | 12.5 | % |
Based on the estimated range of earnings per share in the table above, the Company is estimating a net asset value per share between $15.01 and $15.05 as of December 31, 2023, as shown below:
Net Asset Value Per Share | ||||||||
Actual net asset value per share, September 30, 2023 | $ | 15.02 | $ | 15.02 | ||||
Estimated Earnings per share for the three months ended December 31, 2023 | 0.43 | 0.47 | ||||||
Supplemental Distribution paid on December 15, 2023 | (0.07 | ) | (0.07 | ) | ||||
Quarterly Distribution paid on December 29, 2023 | (0.37 | ) | (0.37 | ) | ||||
Estimated net asset value per share, December 31, 2023 | $ | 15.01 | $ | 15.05 |
Other First Fiscal Quarter 2024 Preliminary Estimates
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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.
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. 2 Adjusted net investment income return on equity is calculated as (1) (a) the adjusted net investment income per share (b) annualized by multiplying by four and (2) divided by the estimated net asset value per share. 3 Adjusted return on equity is calculated as (1) (a) the adjusted earnings/(loss) per share (b) annualized by multiplying by four and (2) divided by the estimated net asset value per share. |
Posted In: GBDC