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Visual22 Oct 2025
Epiroc's cash spent on M&A
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.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.
Explain the drivers behind the Adjusted Net Realized/Unrealized Loss.
How did the JPMorgan credit facility amendment impact GBDC?
Detail the composition of new investment commitments.
What common themes drive current credit stress?
What factors balance M&A optimism and caution?
How will GBDC manage leverage within its target?
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Next Golub Capital BDC earnings date
Q4 202519 Nov, 2025
Next Golub Capital BDC earnings date
Q4 202519 Nov, 2025
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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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