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Golub Capital BDC (GBDC) investor relations material

Golub Capital BDC Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Aug, 2025

Executive summary

  • Adjusted net investment income per share was $0.39, with a 10.4% return on equity for the quarter ended June 30, 2025; net investment income after tax was $101.3 million.

  • Portfolio at fair value grew to $9.0 billion across 401 companies, driven by the GBDC 3 acquisition and $556.8 million in new investment commitments.

  • Net asset value per share decreased by $0.04 sequentially to $15.00, mainly due to net unrealized losses.

  • Quarterly distribution of $0.39 per share declared and paid, maintaining a ~100% coverage ratio and a 10.4% dividend yield on NAV.

  • Accretive capital management included repurchasing 2.4 million shares for $34.3 million at a discount to NAV.

Financial highlights

  • Total investment income for the quarter was $218.3 million, up from $213.9 million in the prior quarter.

  • Adjusted net realized and unrealized losses were $0.05 per share, mainly from fair value markdowns on underperforming investments.

  • Net debt to equity ended at 1.26x, with asset coverage ratio at 176.8%.

  • Weighted average cost of debt was 5.7% for the quarter.

  • Portfolio yield on earning investments was 10.3% for the quarter.

Outlook and guidance

  • Management expects a prolonged credit cycle with elevated default rates and gradual M&A recovery amid market uncertainties.

  • Portfolio company performance remains strong, with nearly 90% of investments in top internal rating categories and nonaccruals at 0.6% of fair value.

  • Focus remains on proactive credit management, disciplined underwriting, and readiness to capitalize on opportunities.

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Frequently asked questions

Golub Capital BDC Inc is a business development company that provides financing solutions to middle-market companies. It focuses on senior secured loans, mezzanine debt, and equity investments. The company is headquartered in Chicago, Illinois, and its shares are listed on the NASDAQ.

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