Golub Capital BDC, Inc. reported significant financial performance for the quarter ending June 30, 2025, with total investment income reaching $218.3 million, a 27.7% increase from $171.3 million in the same quarter of the previous year. The company's net investment income after taxes was $101.3 million, translating to earnings per share of $0.34, compared to $0.05 per share in the prior year. For the nine months ending June 30, 2025, total investment income was $652.9 million, up from $500.3 million year-over-year, driven by increased interest income and non-cash dividend income, largely attributed to the acquisition of Golub Capital BDC 3, Inc. in June 2024.
The company’s total assets increased to $9.2 billion as of June 30, 2025, up from $8.7 billion at the end of September 2024. This growth was primarily fueled by a rise in investments at fair value, which reached $8.96 billion, compared to $8.24 billion in the previous fiscal period. The increase in total investments included a notable rise in non-controlled/non-affiliate company investments, which grew to $8.68 billion from $8.01 billion. However, the net asset value per common share decreased to $15.00 from $15.19, reflecting a decline in distributable earnings, which stood at $(207.9) million compared to $(153.0) million previously.
Strategically, Golub Capital BDC has focused on expanding its investment portfolio, which now includes 401 portfolio companies, up from 381. The company has also engaged in various debt securitizations, including the completion of a $2.2 billion term debt securitization in November 2024. As of June 30, 2025, the company had outstanding commitments to fund investments totaling $996.1 million, including $251.2 million in undrawn revolvers. The company’s asset coverage ratio for borrowed amounts was reported at 176.8%, indicating a solid leverage position.
Operationally, the company has seen a rise in average debt outstanding, which increased to $4.96 billion for the three months ended June 30, 2025, compared to $3.35 billion in the same period last year. The effective average interest rate on total debt was 5.7%, down from 6.5% in the previous quarter, reflecting a decrease in borrowing costs. The company has also implemented a share repurchase program, repurchasing approximately 2.5 million shares for $35.5 million during the nine months ended June 30, 2025.
Looking ahead, Golub Capital BDC anticipates continued growth in its investment income, driven by its strategic focus on middle-market companies and the ongoing management of its investment portfolio. The company remains committed to maintaining its status as a regulated investment company, which requires it to distribute at least 90% of its taxable income to avoid federal income taxes. The management is optimistic about navigating market conditions and leveraging its investment strategies to enhance shareholder value.
About GOLUB CAPITAL BDC, Inc.
Golub Capital BDC is a management investment company focused on providing senior secured and one-stop loans to U.S. middle-market companies. It partners with private equity sponsors, offering debt and equity investments in industries like software, healthcare, and specialty retail. Managed by GC Advisors, it leverages Golub Capital’s extensive deal flow, disciplined underwriting, and active portfolio monitoring to generate income and capital appreciation.
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