Golub Capital BDC, Inc. (OGL)
XFRA 
Summary
OGL Chart
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.
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Golub Capital BDC, Inc. Profile
| Capital Markets Industry | Financials Sector | David B. Golub CEO | XFRA Exchange | US38173M1027 ISIN |
| US Country | 875 Employees | 12 Dec 2025 Last Dividend | 13 Apr 2020 Last Split | 15 Apr 2010 IPO Date |
Overview
Golub Capital BDC, Inc. (GBDC) operates as a business development company (BDC), focusing on providing debt and minority equity investments to middle-market companies typically backed by private equity investors. As an externally managed, closed-end, non-diversified management investment company, GBDC's investment strategy is tailored to support the growth and operational needs of these companies. GBDC primarily targets businesses across various sectors such as consumer services, healthcare, IT, and specialty retail, among others, predominantly within the United States.
Products and Services
- First Lien Traditional Senior Debt: These are debt instruments that hold the highest priority on a borrower's assets, providing GBDC with security in the form of a first claim on any payments or in the event of bankruptcy.
- First Lien One Stop: This is a flexible financing solution that combines the characteristics of senior and subordinated debt, designed to simplify the capital structure and ease the funding process for middle-market companies.
- Junior Debt and Equity: GBDC invests in subordinated debt or takes minority equity positions in companies, seeking to capitalize on higher yield opportunities while supporting the growth or operational initiatives of these firms.
- Senior Secured, One Stop, Unitranche: These investment options blend senior and junior debt into a single layer of financing, offering a simplified capital solution to businesses with tailored repayment profiles and risk-adjusted returns for GBDC.
- Second Lien: Loans positioned below first lien traditional senior debt in the priority of repayment but above unsecured debt, giving GBDC an intermediate level of security and potentially higher yields than senior debt.
- Subordinated and Mezzanine Loans: Typically unsecured and with lower priority in case of liquidation, these loans offer GBDC higher interest rates in exchange for taking on more risk compared to secured loans.
- Warrants: These are financial instruments that give GBDC the right, but not the obligation, to buy equity in the companies it invests in at a pre-agreed price, offering a potential upside beyond interest or dividend income.
Contact Information
