Golub Capital BDC, Inc. Announces Fiscal Year 2026 First Quarter Financial Results
Declares Quarterly Distribution of $0.33 Per Share
Golub Capital BDC, Inc., a business development company (NASDAQ:GBDC), today announced its financial results for its first fiscal quarter ended December 31, 2025.
Except where the context suggests otherwise, the terms "we," "us," "our," and "Company" refer to Golub Capital BDC, Inc. and its consolidated subsidiaries. "GC Advisors" refers to GC Advisors LLC, our investment adviser.
SELECTED FINANCIAL HIGHLIGHTS |
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(in thousands, except per share data) |
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December 31, 2025 |
|
September 30, 2025 |
||||
Investment portfolio, at fair value |
$ |
8,639,231 |
|
|
$ |
8,769,389 |
|
Total assets |
$ |
8,893,965 |
|
|
$ |
8,978,299 |
|
Net asset value per share |
$ |
14.84 |
|
|
$ |
14.97 |
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Quarter Ended |
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December 31, 2025 |
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September 30, 2025 |
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Net investment income per share |
$ |
0.37 |
|
|
$ |
0.38 |
|
Amortization of purchase premium per share |
|
0.01 |
|
|
|
0.01 |
|
Adjusted net investment income per share1 |
$ |
0.38 |
|
|
$ |
0.39 |
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|
|
|
|
||||
Net realized/unrealized gain/(loss) per share |
$ |
(0.12 |
) |
|
$ |
(0.02 |
) |
Reversal of realized/unrealized loss resulting from the amortization of purchase premium per share1 |
|
(0.01 |
) |
|
|
(0.01 |
) |
Adjusted net realized/unrealized gain/(loss) per share1 |
$ |
(0.13 |
) |
|
$ |
(0.03 |
) |
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|
|
|
||||
Earnings/(loss) per share |
$ |
0.25 |
|
|
$ |
0.36 |
|
Adjusted earnings/(loss) per share1 |
$ |
0.25 |
|
|
$ |
0.36 |
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Net asset value per share |
$ |
14.84 |
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$ |
14.97 |
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Distributions paid per share |
$ |
0.39 |
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$ |
0.39 |
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1 |
On September 16, 2019 and June 3, 2024, the Company completed its acquisition of Golub Capital Investment Corporation ("GCIC") and Golub Capital BDC 3, Inc. ("GBDC 3"), respectively. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC and GBDC 3's stockholders exceeded the relative fair values of the assets acquired, the premium paid by the Company was allocated to the cost of the GCIC and GBDC 3 investments acquired by the Company pro-rata based on their relative fair value. Immediately following each acquisition, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities acquired from GCIC and GBDC 3 will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the GCIC and GBDC 3 equity securities acquired and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the GCIC and GBDC 3 equity securities acquired.
As a supplement to U.S. generally accepted accounting principles ("GAAP") financial measures, the Company is providing the following non-GAAP financial measures that it believes are useful for the reasons described below:
The Company believes that excluding the financial impact of the purchase premium write down in the above non-GAAP financial measures is useful for investors as it is a non-cash expense/loss resulting from the acquisitions of GCIC and GBDC 3 and is one method the Company uses to measure its financial condition and results of operations. In addition, the Company believes excluding the accrual of the capital gain incentive fee under GAAP is useful as a portion of such accrual is not contractually payable under the terms of the Company's investment advisory agreement with GC Advisors. |
First Fiscal Quarter 2026 Highlights
- Net investment income per share for the quarter ended December 31, 2025 was $0.37 as compared to $0.38 for the quarter ended September 30, 2025. Excluding $0.01 per share in purchase premium amortization from the GCIC/GBDC 3 acquisitions, and no accrual or reversal for the capital gain incentive fee under GAAP, Adjusted Net Investment Income Per Share1 for the quarter ended December 31, 2025 was $0.38. This compares to Adjusted Net Investment Income Per Share1 of $0.39 for the quarter ended September 30, 2025 when excluding $0.01 per share in purchase premium amortization from the GCIC/GBDC 3 acquisitions and no accrual or reversal for the capital gain incentive fee under GAAP.
- Net realized and unrealized gain/(loss) per share for the quarter ended December 31, 2025 was ($0.12). Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 was ($0.13) when excluding $0.01 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the purchase premium. The Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended December 31, 2025 was primarily due to (i) unrealized depreciation resulting from the underperformance of certain portfolio companies and (ii) a realized loss recognized on the restructuring of a portfolio company investment that was partially offset by (i) net realized gains recognized on the disposition of equity investments in multiple portfolio companies and (ii) net realized and unrealized gains recognized on the translation of foreign currency transactions. For additional analysis, please refer to the Quarter Ended 12.31.2025 Earnings Presentation available on the Investor Resources link on the homepage of the Company's website (www.golubcapitalbdc.com) under Events/Presentations. The Earnings Presentation was also filed with the Securities and Exchange Commission as an exhibit to a Form 8-K. These results compare to net realized and unrealized gain/(loss) per share of ($0.02) during the quarter ended September 30, 2025. Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended September 30, 2025 was ($0.03) when excluding $0.01 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the purchase premium.
- Earnings per share for the quarter ended December 31, 2025 was $0.25 as compared to $0.36 for the quarter ended September 30, 2025. Adjusted Earnings Per Share1 for the quarter ended December 31, 2025 was $0.25 as compared to $0.36 for the quarter ended September 30, 2025.
- Net asset value ("NAV") per share decreased to $14.84 at December 31, 2025 from $14.97 at September 30, 2025.
- On December 30, 2025, we paid a quarterly distribution of $0.39 per share.
- On February 2, 2026, our board of directors declared a quarterly distribution of $0.33 per share, which is payable on March 30, 2026, to stockholders of record as of March 13, 2026. We believe this change appropriately balances GBDC's four longstanding goals in setting its dividend. Those goals are to maintain a stable NAV over time, to minimize excise taxes over time, to make adjustments infrequently and to pay as high a dividend yield on NAV as sustainable consistent with the above goals. The reduction in quarterly distribution from $0.39 to $0.33 per share reflects our evolving outlook for rates, asset spreads, and financing costs in the market environment. In addition, our board of directors has elected to retain GBDC's current quarterly variable supplemental dividend policy that generally seeks to distribute to investors through a quarterly supplemental distribution 50% of the earnings of GBDC above the $0.33 quarterly distribution, subject to certain exceptions for maintenance of a stable NAV over time.
- During the three months ended December 31, 2025, we opportunistically repurchased approximately 2,623,298 shares of our common stock for an aggregate purchase price of approximately $35.9 million, at an aggregate price of $13.69 per share, and during the period January 1, 2026 through February 4, 2026 we repurchased approximately 0.2 million shares of our common stock for an aggregate purchase price of approximately $2.1 million, at an aggregate price of $13.20 per share in response to market volatility.
- During the three months ended December 31, 2025, the Golub Capital Employee Grant Program Rabbi Trust (the "Trust") purchased approximately $11.6 million, or 846,200 shares, of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During the calendar year 2025, the Trust purchased approximately $45.1 million or 3,089,459 shares, of our common stock.
Portfolio and Investment Activities
As of December 31, 2025, the Company had investments in 420 portfolio companies with a total fair value of $8,639.2 million. This compares to the Company's portfolio as of September 30, 2025, as of which date the Company had investments in 417 portfolio companies with a total fair value of $8,769.4 million. Investments in portfolio companies as of December 31, 2025 and September 30, 2025 consisted of the following:
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As of December 31, 2025 |
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As of September 30, 2025 |
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Investments |
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Percentage of |
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Investments |
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Percentage of |
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at Fair Value |
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Total |
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at Fair Value |
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Total |
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Investment Type |
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(In thousands) |
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Investments |
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(In thousands) |
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Investments |
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Senior secured |
|
$ |
414,507 |
|
4.8 |
% |
|
$ |
442,477 |
|
5.0 |
% |
One stop |
|
|
7,531,078 |
|
87.1 |
|
|
|
7,615,809 |
|
86.8 |
|
Junior debt* |
|
|
61,019 |
|
0.8 |
|
|
|
64,821 |
|
0.8 |
|
Equity |
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632,627 |
|
7.3 |
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|
|
646,282 |
|
7.4 |
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Total |
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$ |
8,639,231 |
|
100.0 |
% |
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$ |
8,769,389 |
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100.0 |
% |
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* |
Junior debt is comprised of second lien and subordinated debt. |
The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2025:
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New Investment |
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Commitments |
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Percentage of |
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(In thousands) |
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Commitments |
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Senior secured |
$ |
3,000 |
|
6.7 |
% |
One stop |
|
40,499 |
|
90.7 |
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Junior debt* |
|
— |
|
— |
|
Equity |
|
1,157 |
|
2.6 |
|
Total new investment commitments |
$ |
44,656 |
|
100.0 |
% |
|
|
|
|
||
* |
Junior debt is comprised of second lien and subordinated debt. |
Total investments in portfolio companies at fair value were $8,639.2 million at December 31, 2025. As of December 31, 2025, total assets were $8,894.0 million, net assets were $3,909.2 million and net asset value per share was $14.84.
Consolidated Results of Operations
For the first fiscal quarter of 2026, the Company reported GAAP net income of $65.2 million or $0.25 per share and Adjusted Net Income2 of $65.2 million or $0.25 per share. GAAP net investment income was $95.7 million or $0.37 per share and Adjusted Net Investment Income1 was $98.9 million or $0.38 per share. GAAP net realized and unrealized gain/(loss) was ($30.5) million or ($0.12) per share and Adjusted Realized and Unrealized Gain/(Loss)1 was ($33.7) million or ($0.13) per share.
Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful.
Liquidity and Capital Resources
The Company's liquidity and capital resources are derived from the Company's debt securitizations (also known as collateralized loan obligations, or CLOs), unsecured notes, revolving credit facilities and cash flow from operations. The Company's primary uses of funds from operations include investments in portfolio companies and payment of fees and other expenses that the Company incurs. The Company has used, and expects to continue to use, its debt securitizations, unsecured notes, revolving credit facilities, proceeds from its investment portfolio and proceeds from offerings of its securities and its dividend reinvestment plan to finance its investment objectives.
As of December 31, 2025, we had cash, cash equivalents and foreign currencies of $94.0 million, restricted cash, restricted cash equivalents and restricted foreign currencies of $66.6 million and $4,903.1 million of debt outstanding. As of December 31, 2025, subject to leverage and borrowing base restrictions, we had approximately $881.8 million of remaining availability, in the aggregate, on our revolving credit facility with JPMorgan. In addition, as of December 31, 2025, we had $300.0 million of remaining commitments and availability on our unsecured line of credit with GC Advisors.
The Company's GAAP leverage ratio increased to 1.27x as of December 31, 2025 and our GAAP debt-to-equity ratio, net3 remained stable at 1.23x as of December 31, 2025 (1.21x, on average, throughout the quarter ended December 31, 2025).
Portfolio and Asset Quality
GC Advisors regularly assesses the risk profile of each of the Company's investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors' internal performance ratings:
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Internal Performance Ratings |
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Rating |
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Definition |
5 |
|
Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable. |
4 |
|
Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable. |
3 |
|
Involves a borrower performing below expectations and indicates that the loan's risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due. |
2 |
|
Involves a borrower performing materially below expectations and indicates that the loan's risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due). |
1 |
|
Involves a borrower performing substantially below expectations and indicates that the loan's risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered. |
Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. For additional analysis on the Company's internal performance ratings as of December 31, 2025, please refer to the Quarter Ended 12.31.2025 Earnings Presentation available on Investors Resources link on the homepage of the Company's website (www.golubcapitalbdc.com) under Events/Presentations.
The following table shows the distribution of the Company's investments on the 1 to 5 internal performance rating scale at fair value as of December 31, 2025 and September 30, 2025:
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December 31, 2025 |
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September 30, 2025 |
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Internal |
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Investments |
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Percentage of |
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Investments |
|
Percentage of |
|
||||
Performance |
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at Fair Value |
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Total |
|
at Fair Value |
|
Total |
|
||||
Rating |
|
(In thousands) |
|
Investments |
|
(In thousands) |
|
Investments |
|
||||
5 |
|
$ |
240,987 |
|
2.8 |
% |
|
$ |
157,871 |
|
1.8 |
% |
|
4 |
|
|
7,412,877 |
|
85.8 |
|
|
|
7,683,585 |
|
87.6 |
|
|
3 |
|
|
875,417 |
|
10.1 |
|
|
|
843,352 |
|
9.6 |
|
|
2 |
|
|
109,950 |
|
1.3 |
|
|
|
84,581 |
|
1.0 |
|
|
1 |
|
|
— |
|
— |
|
|
|
— |
|
— |
|
|
Total |
|
$ |
8,639,231 |
|
100.0 |
% |
|
$ |
8,769,389 |
|
100.0 |
% |
|
Conference Call
The Company will host an earnings conference call at 10:00 am (Eastern Time) on Thursday, February 5, 2026 to discuss the quarterly financial results. All interested parties may participate in the conference call by dialing (888) 330-3529 approximately 10-15 minutes prior to the call; international callers should dial (646) 960-0656. Participants should reference Golub Capital BDC, Inc. when prompted or reference conference ID number 5111111. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Resources link on the homepage of our website (www.golubcapitalbdc.com) and click on the Quarter Ended 12.31.2025 Earnings Presentation under Events/Presentations. An archived replay of the call will be available shortly after the call until 11:59 p.m. (Eastern Time) on February 12, 2026. To hear the replay, please dial (800) 770-2030. International dialers, please dial +1 (609) 800-9909. For all replays, please reference program ID number 5111111.
Golub Capital BDC, Inc. and Subsidiaries |
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Consolidated Statements of Financial Condition |
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(In thousands, except share and per share data) |
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December 31, 2025 |
|
September 30, 2025 |
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Assets |
(unaudited) |
|
(audited) |
||||
Investments, at fair value (cost of $8,653,728 and $8,759,938, respectively) |
$ |
8,639,231 |
|
|
$ |
8,769,389 |
|
Cash and cash equivalents |
|
84,310 |
|
|
|
11,935 |
|
Unrestricted foreign currencies (cost of $9,406 and $11,685, respectively) |
|
9,659 |
|
|
|
11,681 |
|
Restricted cash and cash equivalents |
|
66,573 |
|
|
|
88,827 |
|
Interest receivable |
|
72,129 |
|
|
|
68,031 |
|
Receivable for investments |
|
6,701 |
|
|
|
7,273 |
|
Other assets |
|
15,362 |
|
|
|
21,163 |
|
Total Assets |
$ |
8,893,965 |
|
|
$ |
8,978,299 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Debt |
$ |
4,903,076 |
|
|
$ |
4,926,778 |
|
Less unamortized debt issuance costs |
|
(23,849 |
) |
|
|
(26,005 |
) |
Debt less unamortized debt issuance costs |
|
4,879,227 |
|
|
|
4,900,773 |
|
Interest payable |
|
49,092 |
|
|
|
38,254 |
|
Management and income incentive fees payable |
|
39,637 |
|
|
|
40,884 |
|
Accounts payable and other liabilities |
|
16,855 |
|
|
|
15,821 |
|
Total Liabilities |
|
4,984,811 |
|
|
|
4,995,732 |
|
|
|
|
|
||||
Net Assets |
|
|
|
||||
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively. |
|
— |
|
|
|
— |
|
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 263,384,785 issued and outstanding as of December 31, 2025 and 266,008,083 issued and outstanding as of September 30, 2025. |
|
263 |
|
|
|
266 |
|
Paid in capital in excess of par |
|
3,995,213 |
|
|
|
4,031,117 |
|
Distributable earnings |
|
(86,322 |
) |
|
|
(48,816 |
) |
Total Net Assets |
|
3,909,154 |
|
|
|
3,982,567 |
|
Total Liabilities and Total Net Assets |
$ |
8,893,965 |
|
|
$ |
8,978,299 |
|
Number of common shares outstanding |
|
263,384,785 |
|
|
|
266,008,083 |
|
Net asset value per common share |
$ |
14.84 |
|
|
$ |
14.97 |
|
Golub Capital BDC, Inc. and Subsidiaries |
|
|
|
|
||||
Consolidated Statements of Operations |
|
|
|
|
||||
(In thousands, except share and per share data) |
|
|
|
|
||||
|
|
Three months ended |
||||||
|
|
December 31, 2025 |
|
September 30, 2025 |
||||
|
|
(unaudited) |
|
(unaudited) |
||||
Investment income |
|
|
||||||
Interest income |
|
$ |
201,443 |
|
|
$ |
211,548 |
|
Acquisition purchase price premium amortization |
|
|
(3,168 |
) |
|
|
(3,543 |
) |
Dividend income |
|
|
7,619 |
|
|
|
8,059 |
|
Fee income |
|
|
1,113 |
|
|
|
1,777 |
|
Total investment income |
|
|
207,007 |
|
|
|
217,841 |
|
Expenses |
|
|
|
|
||||
Interest and other debt financing expenses |
|
|
66,314 |
|
|
|
70,366 |
|
Base management fee |
|
|
22,115 |
|
|
|
22,514 |
|
Incentive fee |
|
|
17,457 |
|
|
|
18,434 |
|
Professional fees |
|
|
1,785 |
|
|
|
2,264 |
|
Administrative service fee |
|
|
3,180 |
|
|
|
3,022 |
|
General and administrative expenses |
|
|
398 |
|
|
|
476 |
|
Total expenses |
|
|
111,249 |
|
|
|
117,076 |
|
Net expenses |
|
|
111,249 |
|
|
|
117,076 |
|
Net investment income after tax |
|
|
95,758 |
|
|
|
100,765 |
|
|
|
|
|
|
||||
Net gain (loss) on investment transactions |
|
|
|
|
||||
Net realized gain (loss) from: |
|
|
|
|
||||
Investments |
|
|
(2,718 |
) |
|
|
(30,370 |
) |
Foreign currency transactions |
|
|
(1,120 |
) |
|
|
(55 |
) |
Forward currency contracts |
|
|
— |
|
|
|
(3,035 |
) |
Net realized gain (loss) in investment transactions |
|
|
(3,838 |
) |
|
|
(33,460 |
) |
Net change in unrealized appreciation (depreciation) from: |
|
|
|
|
||||
Investments |
|
|
(29,014 |
) |
|
|
24,712 |
|
Translation of assets and liabilities in foreign currencies |
|
|
2,048 |
|
|
|
(3,126 |
) |
Forward currency contracts |
|
|
292 |
|
|
|
7,245 |
|
Net change in unrealized appreciation (depreciation) on investment transactions |
|
|
(26,674 |
) |
|
|
28,831 |
|
Net gain (loss) on investment transactions |
|
|
(30,512 |
) |
|
|
(4,629 |
) |
(Provision) benefit for taxes on unrealized appreciation on investments |
|
|
— |
|
|
|
154 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
65,246 |
|
|
$ |
96,290 |
|
|
|
|
|
|
||||
Per Common Share Data |
|
|
|
|
||||
Basic and diluted earnings per common share |
|
$ |
0.25 |
|
|
$ |
0.36 |
|
Dividends and distributions declared per common share |
|
$ |
0.39 |
|
|
$ |
0.39 |
|
Basic and diluted weighted average common shares outstanding |
|
|
263,678,730 |
|
|
|
266,345,245 |
|
ABOUT GOLUB CAPITAL BDC, INC.
Golub Capital BDC, Inc. ("GBDC") is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC's investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies ("Golub Capital").
ABOUT GOLUB CAPITAL
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital's sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.
As of January 1, 2026, Golub Capital had over 1,000 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. Golub Capital BDC, Inc. undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Source: Golub Capital BDC, Inc.
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1 See footnote 1 to "Selected Financial Highlights" above. |
2 See footnote 1 to "Selected Financial Highlights" above. |
3 GAAP debt-to-equity, net is calculated as (a) total debt reduced by (i) cash, (ii) cash equivalents and foreign currencies and (iii) restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) divided by (b) total net assets. |
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Christopher Ericson
312-212-4036
cericson@golubcapital.com