Q3 2025 Golub Capital BDC Inc Earnings Call Transcript

Aug 5, 2025 / 02:30 PM GMT

Transcript 10-Q8-K8-K

Key Points

Positve

Adjusted NII per share was $0.39, corresponding to an adjusted NII return on equity of 10.4%.
Nearly 90% of GBDC's investment portfolio remains in the highest performing internal rating categories.
Investments on non-accrual status remained very low at 60 basis points of the total investment portfolio fair value.
GBDC's investment portfolio grew modestly quarter over quarter, with an increase of 4% to just under $9 billion of fair value.
GBDC's board declared a regular quarterly distribution of $0.39 per share, representing an annualized dividend yield of 10.4%.

Negative

Adjusted net income per share included $0.05 per share of adjusted net realized and unrealized losses.
The overall M&A environment remained muted, affecting new investment activity.
Net asset value per share decreased by $0.04 on a sequential basis to $15 due to net unrealized loss.
Net debt to equity increased modestly quarter over quarter, ending at 1.26 terms.
The investment income yield fell 20 basis points sequentially to 10.6%, primarily due to lower weighted average spread on debt investments.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GBDC.OQ - Golub Capital BDC Inc
Q3 2025 Golub Capital BDC Inc Earnings Call
Aug 05, 2025 / 02:30PM GMT

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Presentation
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Unidentified_1 [1]
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Hello everyone and welcome to GBDC's earnings call for the fiscal quarter ended June 30, 2025. Before we begin, I'd like to take a moment to remind our listeners that remarks made during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995. Statements other than statements of historical facts made during this call 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 in the forward-looking statements as a result of a number of factors, including those described from time to time in GBDC's SEC filings. For materials we intend

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