Golub Capital Bdc (GBDC)
NASDAQ:GBDC
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Earnings Data
Report Date
Aug 10, 2026After Close (Confirmed)
Period Ending
2026 (Q3)Consensus EPS Forecast
0.34Last Year’s EPS
0.39Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mixed picture: strong portfolio diversification, low nonaccruals, conservative underwriting, healthy liquidity, low borrowing costs and active capital-return actions were offset by a GAAP loss driven by mark-to-market fair value markdowns from spread widening, a NAV decline to $14.35 and modest near-term deployment. Management emphasized that the bulk of unrealized losses appear tied to market spreads (and thus potentially reversible) rather than permanent credit losses and expressed confidence in medium- to long-term prospects, but acknowledged ongoing macro and credit headwinds that could extend the cycle.Company Guidance
Adjusted NII and Earnings Power
Adjusted net investment income (NII) per share was $0.34 for the quarter, which corresponds to an annualized adjusted NII return on equity of 9.5% and fully covered the $0.33 per share base distribution.
Low Borrowing Cost and Favorable Funding Mix
Weighted average borrowing cost declined ~20 basis points to 5.2% annualized; ~80% of total debt funding is floating rate or swapped to floating rate, helping offset lower investment yields.
Investment Income Yield and Net Spread
Investment income yield was 9.7% annualized (down 30 basis points sequentially); reported net investment spread was 4.5%.
Strong Liquidity and Diversified Debt Profile
Total liquidity of approximately $1.4 billion (cash + undrawn commitments / adviser revolver); 51% of debt funding in unsecured notes with a well-laddered maturity profile and next unsecured note maturity in August 2026.
Portfolio Size and Granularity
Portfolio at fair value of approximately $8.3 billion across 420 borrowers; investments are granular (each avg <0.2% of portfolio) and top 10 investments comprise ~13% of portfolio (less than half peer concentration).
Low Nonaccruals and Strong Internal Ratings
Nonaccruals remained low at ~1.4% (140 bps) of total investments at fair value; ~89-90% of the investment portfolio is in the top internal performance rating categories (ratings 4 and 5).
Software Expertise and Low Historical Defaults
Software represents ~26% of the portfolio; 95% of software investments are first lien senior secured and 95% are in internal ratings 4 and 5; Golub highlighted a 20-year platform annualized default rate of 0.05 (5 bps).
Origination Selectivity and M&A Participation
At the Golub level, the team originated >$3.3 billion in Q1 2026; GBDC participated selectively with $17.7 million in new commitments, closing ~1.9% of reviewed deals at a weighted avg loan-to-value ~42%; ~57% of origination volume supported M&A transactions.
Share Repurchase and Accretion
Repurchased 2.2 million GBDC shares in the quarter at a weighted average price of $12.43 (approximately a 16% discount to 12/31/2025 NAV), generating $0.02 per share NAV accretion; Golub Capital Rabbi Trust purchased ~$19 million (1.5 million shares) for incentive awards.
Improving Operating Metrics in Portfolio
Portfolio average interest coverage improved to 1.8x and average leverage declined ~0.25 turns from year-end 2024; loan-to-value ratios remained stable at ~45%.
GBDC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
GBDC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 04, 2026 | $13.68 | $13.40 | -2.05% |
Feb 04, 2026 | $12.70 | $12.04 | -5.20% |
Nov 18, 2025 | $12.82 | $12.79 | -0.22% |
Aug 04, 2025 | $13.55 | $13.62 | +0.55% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Golub Capital Bdc (GBDC) report earnings?
Golub Capital Bdc (GBDC) is schdueled to report earning on Aug 10, 2026, After Close (Confirmed).
What is Golub Capital Bdc (GBDC) earnings time?
Golub Capital Bdc (GBDC) earnings time is at Aug 10, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is GBDC EPS forecast?
GBDC EPS forecast for the fiscal quarter 2026 (Q3) is 0.34.