Earnings summaries and quarterly performance for GOLUB CAPITAL BDC.
Research analysts who have asked questions during GOLUB CAPITAL BDC earnings calls.
RD
Robert Dodd
Raymond James
7 questions for GBDC
Also covers: , ARCC, BBDC +24 more
Paul Johnson
Keefe, Bruyette & Woods
4 questions for GBDC
Also covers: ARCC, BCSF, BXSL +22 more
EK
Ethan Kaye
Lucid Capital Markets
2 questions for GBDC
Also covers: ARCC, OCSL
Finian O'Shea
Wells Fargo
2 questions for GBDC
Also covers: ARCC, OCSL
Finian O'Shea
Wells Fargo Securities
2 questions for GBDC
Also covers: ARCC, BBDC, BCSF +18 more
JW
Jordan Wathen
Wells Fargo
2 questions for GBDC
RC
Ray Cheesman
Anfield Capital Management, LLC
2 questions for GBDC
Heli Sheth
Raymond James
1 question for GBDC
Also covers: BBDC, BXSL, MFIC +4 more
Recent press releases and 8-K filings for GBDC.
GBDC Reports Q1 2026 Results, Resets Base Dividend, and Anticipates Challenging 2026
GBDC
Earnings
Dividends
Share Buyback
- For the fiscal quarter ended December 31, 2025, GBDC reported adjusted net investment income per share of $0.38 and adjusted net income per share of $0.25, while paying a $0.39 per share distribution.
- The board of directors has reset the quarterly base dividend to $0.33 per share and plans to maintain a quarterly variable supplemental dividend policy, aiming to distribute 50% of earnings in excess of $0.33 per share.
- Management anticipates a challenging 2026 due to continuing industry headwinds, including lower base rates, tighter spreads, muted M&A activity, and high levels of credit stress.
- The investment portfolio decreased by 1.5% quarter-over-quarter to $8.6 billion at fair value, with approximately 89% remaining in the highest internal rating categories and non-accrual investments at 0.8% of the total investment portfolio at fair value.
- GBDC repurchased 5.5 million shares totaling $76.5 million in calendar year 2025, which resulted in $0.01 per share of accretion to net asset value in the quarter.
1 day ago
GBDC Reports Q1 2026 Earnings with Decreased NAV and Share Repurchases
GBDC
Earnings
Dividends
Share Buyback
- GBDC reported adjusted net investment income per share of $0.38 and adjusted earnings per share of $0.25 for the quarter ended December 31, 2025.
- The net asset value per share decreased by $0.13 to $14.84 as of December 31, 2025, primarily due to unrealized losses, despite the repurchase of 2.6 million shares ($35.9 million) during the quarter.
- The company declared a quarterly base distribution of $0.33 per share for FY 2026 Q2 and maintained a variable supplemental distribution policy.
- The investment portfolio was valued at $8.6 billion at fair value as of December 31, 2025, with non-accrual investments remaining low at 0.8% of total investments at fair value.
1 day ago
GBDC Announces Q1 2026 Results and Dividend Policy Reset
GBDC
Earnings
Dividends
Share Buyback
- For the fiscal quarter ended December 31, 2025, GBDC reported adjusted net investment income per share of $0.38 and adjusted net income per share of $0.25, with a $0.39 per share distribution paid.
- The board of directors reset the quarterly base dividend to $0.33 per share and plans to maintain a variable supplemental dividend policy going forward.
- GBDC anticipates a challenging 2026 due to continuing industry headwinds, including lower base rates, tighter spreads, muted M&A activity, and high credit stress.
- Credit performance remains solid with approximately 89% of the investment portfolio at fair value in the highest internal rating categories. Non-accruals increased quarter-over-quarter to 80 basis points of total investments at fair value.
- GBDC continued opportunistic share repurchases, with 5.5 million shares or $76.5 million purchased in calendar year 2025.
1 day ago
GBDC Reports Q1 2026 Results and Resets Dividend Policy
GBDC
Earnings
Dividends
Guidance Update
- For the fiscal quarter ended December 31, 2025, GBDC reported adjusted net investment income per share of $0.38 and adjusted net income per share of $0.25.
- The company's board of directors reset the quarterly base dividend to $0.33 per share, with plans to maintain a variable supplemental dividend policy going forward.
- Management expects industry headwinds, including lower base rates, tighter spreads, muted M&A, and high credit stress, to continue, leading to a challenging 2026.
- The investment portfolio decreased by 1.5% quarter-over-quarter to $8.6 billion at fair value, with 89% of the portfolio in the highest internal rating categories and non-accruals at 0.8% of fair value.
- GBDC repurchased 5.5 million shares totaling $76.5 million in calendar year 2025, which contributed $0.01 per share of accretion to net asset value in the quarter, bringing the NAV to $14.84 per share as of December 31, 2025.
1 day ago
Golub Capital BDC Announces Q1 FY2026 Financial Results and Dividend Reduction
GBDC
Earnings
Dividends
Share Buyback
- Golub Capital BDC, Inc. reported net investment income per share of $0.37 and earnings per share of $0.25 for the first fiscal quarter ended December 31, 2025.
- Net asset value per share decreased to $14.84 at December 31, 2025, from $14.97 at September 30, 2025.
- The company declared a quarterly distribution of $0.33 per share, payable on March 30, 2026, which is a reduction from the prior quarter's $0.39 per share, reflecting an evolving outlook for rates, asset spreads, and financing costs.
- During the three months ended December 31, 2025, GBDC repurchased approximately 2,623,298 shares of its common stock for an aggregate purchase price of approximately $35.9 million.
- As of December 31, 2025, the investment portfolio had a total fair value of $8,639.2 million across 420 portfolio companies, and the GAAP leverage ratio increased to 1.27x.
2 days ago
Golub Capital BDC, Inc. Reports Q1 2026 Financial Results
GBDC
Earnings
Dividends
Share Buyback
- For the quarter ended December 31, 2025, Golub Capital BDC, Inc. reported adjusted net investment income per share of $0.38 and adjusted earnings per share of $0.25.
- The net asset value per share was $14.84 as of December 31, 2025, a decrease of $0.13 per share from the prior quarter. During the quarter, the company repurchased 2.6 million shares ($35.9 million) at a weighted average price of $13.69 per share.
- A quarterly base distribution of $0.33 per share was declared for FY 2026 Q2, payable March 30, 2026, and the company maintained a variable supplemental distribution policy.
- The investment portfolio at fair value totaled $8.6 billion as of December 31, 2025, with non-accrual investments at 0.8% of total investments at fair value. The GAAP debt-to-equity ratio was 1.23x, and total available liquidity was $1.3 billion.
2 days ago
Golub Capital BDC, Inc. Announces First Fiscal Quarter 2026 Financial Results
GBDC
Earnings
Dividends
- Golub Capital BDC, Inc. reported earnings per share of $0.25 and Adjusted Net Investment Income Per Share of $0.38 for the first fiscal quarter ended December 31, 2025.
- The net asset value per share decreased to $14.84 at December 31, 2025, from $14.97 at September 30, 2025.
- The company's board of directors declared a quarterly distribution of $0.33 per share, payable on March 30, 2026, which is a reduction from the prior quarter's distribution of $0.39 per share.
- The total investment portfolio at fair value was $8,639.2 million as of December 31, 2025.
2 days ago
GBDC Reports Q4 2025 Results and Fiscal Year 2025 Performance
GBDC
Earnings
Dividends
Share Buyback
- 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
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
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
Quarterly earnings call transcripts for GOLUB CAPITAL BDC.
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