GOLUB CAPITAL BDC (GBDC) Company Report

GBDC reported adjusted Net Investment Income (NII) per share of $0.39 for the fiscal quarter ended September 30, 2025, resulting in an adjusted NII Return on Equity (ROE) of 10.4%.
For fiscal year 2025, GBDC's Net Asset Value (NAV) per share was $14.97, and it paid $1.65 per share in cumulative distributions.
The company maintained solid credit performance, with 90% of its investment portfolio at fair value in the highest internal rating categories and non-accrual investments at a low 0.3% of the total investment portfolio at fair value.
The Board declared a $0.39 per share distribution for the first fiscal quarter of 2026 and will revisit the dividend policy early next year.
GBDC repurchased 368,000 shares during the quarter and an additional 2.5 million shares since quarter-end at an average price of $13.69 per share.

Nov 19, 2025, 3:00 PM

Transcript

GBDC Reports Q4 2025 Financial Results

GBDC

Earnings

Dividends

Demand Weakening

GBDC's Net Asset Value (NAV) per share was $14.97 as of September 30, 2025, reflecting a modest decrease from June 30, 2025.
For the quarter ended September 30, 2025, the company reported Net Investment Income per share of $0.38 and Earnings per share of $0.36.
Total investments at fair value decreased by 2.1%, or $192.2 million, during the quarter, totaling $8.8 billion at September 30, 2025.
Credit quality remained strong, with non-accrual investments at 0.3% of total investments at fair value as of September 30, 2025.
GBDC declared a quarterly distribution of $0.39 per share for the quarter ended September 30, 2025, and another $0.39 per share for December 30, 2025.

Nov 19, 2025, 3:00 PM

Presentation

GBDC Reports Solid Q4 2025 Results with $0.39 Adjusted NII Per Share and $14.97 NAV Per Share

GBDC

Earnings

Dividends

Share Buyback

GBDC reported adjusted net investment income (NII) per share of $0.39 and adjusted net income per share of $0.36 for the fiscal quarter ended September 30, 2025.
The company concluded fiscal year 2025 with a net asset value (NAV) per share of $14.97 and distributed $1.65 per share in cumulative distributions for the year.
Credit quality remained strong, with non-accrual investments at a low 0.3% of the total investment portfolio at fair value.
For the quarter, GBDC's investment income yield was 10.4%, while its cost of debt decreased to 5.6% annualized, leading to a net investment spread of 4.8%.
The board declared a $0.39 per share distribution for Q1 2026 and will revisit the dividend policy next year; the company also repurchased 2.9 million shares for $40.6 million in FY 2025 and an additional 2.5 million shares post-quarter.

Nov 19, 2025, 3:00 PM

Transcript

GBDC Reports Solid Q4 and Fiscal Year 2025 Results, Declares Q1 2026 Distribution

GBDC

Earnings

Dividends

Share Buyback

GBDC reported adjusted net investment income per share of $0.39 and adjusted net income per share of $0.36 for the fiscal quarter ended September 30, 2025.
The company's net asset value per share stood at $14.97 at the end of fiscal year 2025, marking a $0.34 increase from its IPO net asset value per share.
Credit performance remained solid, with approximately 90% of the investment portfolio at fair value in the highest internal rating categories and non-accrual investments decreasing to a very low 0.3% of the total investment portfolio at fair value.
The board declared a $0.39 per share distribution for the first fiscal quarter of 2026 and plans to revisit the dividend policy early next year.
GBDC repurchased 368,000 shares during the quarter, contributing to a total of 2.9 million shares or $40.6 million in repurchases for fiscal year 2025.

Nov 19, 2025, 3:00 PM

Transcript

Golub Capital BDC, Inc. Reports Q4 2025 Financial Results and Declares Distribution

GBDC

Earnings

Dividends

Share Buyback

For the fourth fiscal quarter ended September 30, 2025, Golub Capital BDC, Inc. reported adjusted net investment income per share of $0.39 and adjusted earnings per share of $0.36.
The company declared a quarterly base distribution of $0.39 per share for FY 2026 Q1.
The net asset value (NAV) per share was $14.97 as of September 30, 2025, representing a decrease of $0.03 per share from June 30, 2025.
During the quarter ended September 30, 2025, GBDC repurchased 0.4 million shares for $5.2 million at a weighted average price of $14.02 per share.
As of September 30, 2025, total available liquidity was $1.2 billion, and the GAAP debt-to-equity ratio, net, was 1.23x.

Nov 18, 2025, 9:05 PM

8-K

Golub Capital BDC, Inc. Announces Fiscal Year 2025 Fourth Quarter Financial Results

GBDC

Earnings

Dividends

Share Buyback

Golub Capital BDC, Inc. (GBDC) reported net investment income per share of $0.38 and earnings per share of $0.36 for the fourth fiscal quarter ended September 30, 2025.
The company's Net Asset Value (NAV) per share decreased to $14.97 as of September 30, 2025, from $15.00 at June 30, 2025.
GBDC declared a quarterly distribution of $0.39 per share, payable on December 30, 2025.
The company repurchased approximately 368,333 shares of its common stock for approximately $5.2 million during the three months ended September 30, 2025, and an additional 2.5 million shares for approximately $34.8 million between October 1, 2025, and November 18, 2025.

Nov 18, 2025, 9:04 PM

8-K

Golub Capital BDC Reports Q4 Earnings Amid Revenue Decline

GBDC

Earnings

Demand Weakening

Debt Issuance

Golub Capital BDC reported fourth-quarter earnings per share at $0.39, exceeding consensus estimates, and achieved an adjusted net investment income ROE of 10.4%.
Despite exceeding EPS estimates, revenues declined to $217.84 million, missing expectations and continuing a multi-year downward trend.
The company's investment portfolio at fair value dropped to $8.77 billion, and net asset value per share marginally decreased to $14.97.
The portfolio maintains strong quality with approximately 90% of investments highly rated and non-accrual investments remaining low at 0.3% of total investments.
Challenges include the declining revenue trajectory, moderate leverage with a debt-to-equity ratio of 1.28, and operational inefficiencies indicated by a low Piotroski F-Score of 2.

Nov 18, 2025, 12:50 AM

Morningstar

Golub Capital BDC, Inc. Issues Additional 7.050% Notes Due 2028

GBDC

Debt Issuance

New Projects/Investments

On September 26, 2025, Golub Capital BDC, Inc. issued an additional $250.0 million in aggregate principal amount of its 7.050% Notes due 2028.
This issuance brings the total outstanding aggregate principal amount of the Company's 7.050% Notes due 2028 to $700.0 million.
The notes mature on December 5, 2028, and bear interest at a rate of 7.050% per year, payable semi-annually.
The net proceeds from the offering are intended to repay a portion of outstanding indebtedness under the Company's senior secured revolving credit facility with JPMorgan Chase Bank, N.A..

Sep 26, 2025, 8:05 PM

8-K

Golub Capital BDC, Inc. Announces $250 Million Debt Offering

GBDC

Debt Issuance

Golub Capital BDC, Inc. entered into an underwriting agreement on September 19, 2025, for the issuance and sale of an additional $250.0 million aggregate principal amount of 7.050% Notes due 2028.
The closing of the offering is expected to occur on September 26, 2025.
Upon settlement, these new notes will be fungible with previously issued notes, bringing the total outstanding principal amount of the 7.050% Notes due 2028 to $700,000,000.
The purchase price for the notes is 105.082% of the aggregate principal amount, plus accrued and unpaid interest from June 5, 2025.