Golub Capital Bdc (GBDC)
NASDAQ:GBDC
Earnings Data
Report Date
May 04, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.36Last Year’s EPS
0.39Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a balanced picture: GBDC delivered resilient adjusted earnings and demonstrated portfolio quality, liquidity and disciplined capital management despite significant market headwinds. Offsetting positives were meaningful rate and spread compression, a modest NAV decline, increased nonaccruals and a reset lower in the base dividend. Management signaled preparedness for a challenging 2026 and emphasized selective underwriting and loss minimization.Company Guidance
Solid Adjusted Earnings and NII
Adjusted net investment income (NII) per share of $0.38 (adjusted NII ROE of 10.2%) and adjusted net income per share of $0.25 (adjusted ROE of 6.7%) for the quarter, demonstrating resilience of earnings given the challenging market backdrop.
Thoughtful Capital Allocation and Dividend Framework
Paid a $0.39 per share distribution for the quarter and the Board reset the quarterly base dividend to $0.33 per share while retaining a variable supplemental dividend policy to distribute 50% of earnings above the base, signaling a calibrated approach to payout sustainability.
Strong Portfolio Quality and Diversification
Approximately 89% of portfolio fair value is in the top two internal performance rating categories; nonaccruals remain low at ~0.8% of portfolio fair value (1.3% at amortized cost). Portfolio is highly granular: ~420 companies, average investment ~20 basis points, largest borrower 1.6% and top 10 borrowers 12%.
Robust Liquidity and Conservative Leverage
Ended the quarter with approximately $1.3 billion of liquidity (cash, undrawn commitments and adviser revolver). Net debt to equity was 1.23x, inside the targeted 0.85x–1.25x range, and ~81% of debt funding is floating or swapped to floating, supporting asset-liability matching.
Accretive Share Repurchases and Low Operating Costs
Repurchased 5.5 million shares in 2025 (~$76.5 million aggregate), which provided $0.01 per share NAV accretion in the quarter. Management highlighted a market-leading fee structure and one of the lowest operating expense loads among public BDCs.
Declining Borrowing Costs Help Offset Rate Pressure
Cost of debt fell ~20 basis points sequentially to ~5.4%, reflecting the predominantly floating-rate funding structure and partially offsetting the negative impact of lower base rates on investment yield.
Disciplined Origination and Sponsor Relationships
Remained selective: closed on ~3.1% of reviewed opportunities at a weighted-average LTV of ~43%, acted as sole/lead lender in ~96% of transactions, originated to 18 new borrowers and leaned on existing sponsor/portfolio incumbencies for ~60% of originations; median EBITDA of originations was ~$81 million.
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 |
|---|---|---|---|
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% |
May 05, 2025 | $12.68 | $12.73 | +0.43% |
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 May 04, 2026, After Close (Confirmed).
What is Golub Capital Bdc (GBDC) earnings time?
Golub Capital Bdc (GBDC) earnings time is at May 04, 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 (Q2) is 0.36.