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Golub Capital BDC
Golub Capital BDC (GBDC) investor relations material
Golub Capital BDC Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Feb, 2026
Executive summary
Adjusted net investment income per share was $0.38, with adjusted NII ROE of 10.2% for the quarter ended December 31, 2025, despite sector headwinds and lower origination spreads.
Adjusted net income per share was $0.25, with an adjusted ROE of 6.7%.
Net asset value per share decreased to $14.84 from $14.97 sequentially, mainly due to unrealized losses.
Portfolio at fair value was $8.64 billion, diversified across 420 companies, primarily in one stop and senior secured loans.
Quarterly distribution was reset to $0.33 per share, with a variable supplemental dividend policy maintained.
Financial highlights
Total investment income for the quarter was $207.0 million, with net investment income after taxes at $95.8 million.
Net realized and unrealized losses on investments totaled $30.5 million, with adjusted net realized/unrealized loss per share at $(0.13).
Weighted average investment income yield was 10%, down 40 basis points sequentially.
Portfolio size at quarter-end was $8.6 billion at fair value, down 1.5% quarter-over-quarter.
Distributions declared per share were $0.39 for the quarter.
Outlook and guidance
Management expects industry headwinds to persist, with continued pressure on ROEs and credit quality, and is planning for a challenging 2026.
The board retained the supplemental dividend policy, distributing 50% of earnings above the $0.33 base dividend, subject to NAV stability.
Asset coverage for borrowings was 178.9%, above the 150% regulatory minimum.
Elaborate on evolving rates/spreads outlook
Discuss the increase in lower-rated investments
Why repurchase shares with low new investments?
Challenging 2026: credit or earnings impact?
How durable are software moats against AI advances?
Capital allocation: buybacks vs. new originations
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Next Golub Capital BDC earnings date
Q2 20265 May, 2026
Golub Capital BDC
Next Golub Capital BDC earnings date
Q2 20265 May, 2026
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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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