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Golub Capital BDC, Inc. Announces Fiscal Year 2026 First Quarter Financial Results

GBDC
  • Golub Capital BDC, Inc. (NASDAQ: GBDC) announced its financial results for the first fiscal quarter ended December 31, 2025, and declared a quarterly distribution of $0.33 per share payable on March 30, 2026.
  • Net investment income per share was $0.37 for the quarter ended December 31, 2025, compared to $0.38 in the prior quarter, while adjusted net investment income per share was $0.38.
  • Earnings per share for the quarter were $0.25, down from $0.36 in the previous quarter, driven by a net realized/unrealized loss of $0.12 per share.
  • Net asset value per share decreased to $14.84 at December 31, 2025, from $14.97 at September 30, 2025.
  • The board reduced the quarterly distribution from $0.39 to $0.33 per share to balance goals of maintaining stable NAV, minimizing excise taxes, and adapting to evolving interest rate and financing cost environments.
  • The company retained its variable supplemental dividend policy, which generally distributes 50% of earnings above the $0.33 base distribution.
  • Golub Capital BDC repurchased approximately 2.62 million shares for $35.9 million during the quarter ended December 31, 2025, and an additional 0.2 million shares for $2.1 million between January 1, 2026, and February 4, 2026.
  • The Golub Capital Employee Grant Program Rabbi Trust purchased approximately $11.6 million of common stock during the quarter and $45.1 million for the full year 2025.
  • The investment portfolio fair value was $8,639.2 million at December 31, 2025, covering 420 portfolio companies, down from $8,769.4 million and 417 companies in the prior quarter.
  • As of December 31, 2025, the portfolio consisted of 87.1% one-stop loans, 4.8% senior secured debt, 7.3% equity, and 0.8% junior debt.
  • Total assets were $8,894.0 million with $4,903.1 million in debt outstanding, resulting in a GAAP leverage ratio of 1.27x.
  • Approximately 85.8% of the portfolio held an internal performance rating of 4, while 10.1% held a rating of 3, with no investments rated 1.
  • The company reported GAAP net income of $65.2 million ($0.25 per share) for the quarter.
  • An earnings conference call is scheduled for February 5, 2026, at 10:00 am Eastern Time to discuss these results.