Golub Capital BDC Inc

Latest Results (08.01.2026):

Golub Capital BDC, Inc. — Quarter Ended September 30, 2025 (FY 2025 Q4): Golub Capital BDC reported continued solid profitability and credit quality in Q4 FY2025, with adjusted net investment income of $0.39 per share, adjusted earnings of $0.36 per share, an $8.8 billion portfolio at fair value, modest NAV decline to $14.97, low non‑accrual levels, and ample liquidity and financing capacity.

Profitability & earnings

Adjusted net investment income (NII) per share was $0.39; adjusted NII ROE was 10.4%. Adjusted earnings per share were $0.36 (Adjusted ROE 9.6%). Reported net investment income per share was $0.38 and GAAP earnings per share were $0.36. The quarter included an adjusted net realized/unrealized loss per share of ($0.03).

Portfolio size & activity

Total investments at fair value were $8.8 billion. During the quarter the firm recorded $370.8 million of exits/sales and $86.5 million of new investment commitments (approximately $60.3 million funded at close). Portfolio fair value decreased ~2.1% (~$192.2 million) during the quarter.

Credit quality

Credit metrics remained strong: ~90% of the portfolio by fair value rated Internal Performance 4 or 5, nine investments remained on non‑accrual (0.3% of portfolio at fair value; 0.6% at cost). The business continues to emphasize first‑lien/senior secured and one‑stop loans.

Balance sheet & NAV

NAV per share was $14.97, down $0.03 from $15.00 at June 30, 2025. The company repurchased 0.4 million shares ($5.2 million) in the quarter (FY repurchases 2.9 million shares / $40.6 million) with NAV accretion > $0.01 per share. GAAP debt‑to‑equity, net was 1.23x (quarter average 1.23x).

Liquidity & funding costs

Total available liquidity reported was approximately $1.2 billion. Unrestricted cash was $23.6 million and restricted cash $88.8 million. Weighted average cost of debt was 5.6%; 49% of debt funding was unsecured and ~81% was floating rate. The company issued an additional $250 million of 2028 unsecured notes (7.05% coupon) in September and entered a swap to convert that tranche’s effective cost.

Distributions & shareholder returns

Golub Capital BDC declared a quarterly base distribution of $0.39 per share for FY2026 Q1; quarterly base distribution coverage remained ~100%. The reported base dividend yield on NAV was 10.5% as of September 30, 2025.

Portfolio economics & new originations

Weighted average rate on new investments in the quarter was ~8.9% with an average spread over base rate of ~4.9% and average fees ~0.9%. The portfolio remains concentrated in middle‑market, sponsor‑backed first‑lien and one‑stop opportunities.