Golub Capital's Dividends Are At Risk
GBDC remains a 'hold' due to strong credit quality but rising risk of a dividend cut amid declining net investment income. GBDC's portfolio is highly sensitive to falling interest rates, leading to a 17% year-over-year decline in net investment income and just 100% dividend coverage. Despite a discounted valuation (P/BV 0.92x) and healthy portfolio quality, lower yields and spreads threaten future dividend sustainability.
Golub Capital BDC (GBDC) Q4 2025 Earnings Call Transcript
Golub Capital BDC ( GBDC ) Q4 2025 Earnings Call November 19, 2025 10:00 AM EST Company Participants David B. Golub - CEO & Director Tim Topicz Christopher Ericson - CFO & Treasurer Conference Call Participants Jordan Wathen - Wells Fargo Securities, LLC, Research Division Robert Dodd - Raymond James & Associates, Inc., Research Division Presentation Operator Hello, everyone, and welcome to GBDC's earnings call for the fiscal quarter and fiscal year ended September 30, 2025.
Golub Capital BDC (GBDC) Meets Q4 Earnings Estimates
Golub Capital BDC (GBDC) came out with quarterly earnings of $0.39 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.47 per share a year ago.
Golub Capital BDC (GBDC) Q3 2025 Earnings Call Transcript
Golub Capital BDC (NASDAQ:GBDC ) Q3 2025 Earnings Conference Call August 5, 2025 10:30 AM ET Company Participants Christopher Compton Ericson - CFO & Treasurer David B. Golub - CEO & Director Matthew W.
Golub Capital BDC (GBDC) Q3 Earnings and Revenues Surpass Estimates
Golub Capital BDC (GBDC) came out with quarterly earnings of $0.39 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.48 per share a year ago.
Golub Capital: A Dividend Cut Is Still Likely
I maintain my 'Hold' rating on GBDC due to ongoing concerns about dividend sustainability, despite a recent improvement in the payout ratio to 100%. The cessation of special dividends reduced short-term risk, but the base dividend remains at risk if adjusted net investment income doesn't stabilize. GBDC's portfolio quality is average, with a low non-accrual ratio, but negative net funds growth and dilution from the merger weigh on per-share results.
Golub Capital BDC, Inc. (GBDC) Q2 2025 Earnings Call Transcript
Golub Capital BDC, Inc. (NASDAQ:GBDC ) Q2 2025 Earnings Conference Call May 6, 2025 12:00 PM ET Company Participants David Golub - CEO & Director Matt Benton - COO Chris Ericson - CFO & Treasurer Conference Call Participants Finian O'Shea - Wells Fargo Robert Dodd - Raymond James Paul Johnson - KBW Operator Welcome to GBDC's Earnings Call for the Fiscal Quarter ended March 31, 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 1995.
Golub Capital BDC (GBDC) Misses Q2 Earnings and Revenue Estimates
Golub Capital BDC (GBDC) came out with quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.51 per share a year ago.
Golub Capital: Massive 11% Yield On Sale
Golub Capital BDC offers an attractive 11% dividend yield and trades at a discount to book value, making it a compelling buy. The company's portfolio is heavily weighted towards first lien debt, ensuring lower risk and strong asset quality. Recent operational performance shows a 3.5% quarterly asset growth and a declining cost of debt, offsetting some yield pressures.
Golub Capital: Is A Dividend Cut In The Cards In 2025? (Rating Downgrade)
Golub Capital BDC's dividend pay-out ratio rose to 123% in 4Q24, raising concerns about potential dividend cuts in 2025 despite improved credit profile. The BDC's portfolio grew to $8.7 billion with a strong focus on First Lien loans, benefiting from robust origination growth and successful restructuring. Despite earning $0.39 per share in adjusted net investment income, the total dividend pay-out ratio suggests heightened dividend risks, leading to a 'Hold' rating.
Golub Capital BDC, Inc. (GBDC) Q1 2025 Earnings Call Transcript
Golub Capital BDC, Inc. (NASDAQ:GBDC ) Q1 2025 Earnings Conference Call February 5, 2025 10:00 AM ET Company Participants David Golub - Chief Executive Officer Chris Ericson - Chief Financial Officer Matt Benton - Chief Operating Officer Conference Call Participants Ray Cheesman - Anfield Capital Finian O'Shea - Wells Fargo Robert Dodd - Raymond James Operator Hello everyone, and welcome to GBDC's Earnings Call for the Fiscal Quarter Ended December 31, 2024. 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 1995.
