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Golub Capital BDC (GBDC) investor relations material
Golub Capital BDC Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Nov, 2025
Executive summary
Adjusted net investment income per share was $0.39 for the quarter, with adjusted net income per share at $0.36 and adjusted NII ROE of 10.4%.
Net asset value per share ended at $14.97, a slight decrease from $15.00 in the prior quarter but $0.34 above IPO level.
Fiscal year 2025 cumulative distributions totaled $1.65 per share, and a $0.39 per share distribution was declared for Q1 2026.
Portfolio company performance remained strong, with about 90% of investments in the highest-performing internal rating categories and non-accruals at 0.3% of portfolio at fair value.
Board will revisit dividend policy early next year as more clarity emerges on rates and spreads.
Financial highlights
Investment income yield was 10.4%, with net investment spread at 4.8%, and weighted average cost of debt at 5.6%.
Portfolio at fair value was just under $8.8 billion, with net funds growth decreasing by $192 million as repayments outpaced new originations.
Net debt to equity ended at 1.23x, within the targeted range.
Opportunistically repurchased 2.9 million shares in FY25, with an additional 2.5 million shares repurchased post quarter-end.
Total available liquidity stood at $1.2 billion.
Outlook and guidance
Expects continued credit cycle with elevated defaults and credit stress in both public and private credit markets.
Anticipates persistent market headwinds: tighter spreads, declining base rates, and ongoing credit stress.
Board to revisit dividend policy in early 2026 as more clarity emerges on rates and spreads.
Quarterly base distribution for FY 2026 Q1 set at $0.39 per share, maintaining a 10.5% base dividend yield on NAV.
Sees opportunity for private credit specialists to outperform in current environment.
What drove the recent share repurchases?
Explain the shift in portfolio risk ratings.
Why did the investment portfolio shrink?
What specific economic segments concern you most?
What factors will drive the new dividend policy?
What would cause spreads to widen absent a credit event?
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Next Golub Capital BDC earnings date
Q1 20264 Feb, 2026
Next Golub Capital BDC earnings date
Q1 20264 Feb, 2026
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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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