Golub Capital BDC, Inc. reported its financial results for the quarter ending December 31, 2025, revealing a total investment income of $207.0 million, a decrease from $220.7 million in the same period last year. The decline was primarily attributed to a drop in interest income, which fell to $180.4 million from $200.0 million year-over-year. The company’s net investment income after taxes was $95.8 million, slightly down from $96.6 million in the previous year. The basic and diluted earnings per share for the quarter were $0.25, compared to $0.42 in the prior year.
In terms of financial position, Golub Capital's total assets decreased to $8.9 billion as of December 31, 2025, down from $9.0 billion at the end of September 2025. The company’s total investments at fair value also declined to $8.6 billion from $8.8 billion in the previous quarter. Notably, the net asset value per common share decreased to $14.84 from $14.97, reflecting a reduction in total net assets to $3.9 billion from $4.0 billion. The company’s liabilities remained relatively stable, with total liabilities at $5.0 billion, slightly down from $5.0 billion in the prior quarter.
Operationally, Golub Capital reported a total of 420 portfolio companies as of December 31, 2025, an increase from 417 in the previous quarter. The company’s investment strategy continues to focus on one-stop loans and senior secured loans primarily to U.S. middle-market companies. The weighted average annualized income yield on investments was reported at 9.7%, down from 10.1% in the previous quarter, indicating a tightening in the yield environment. The company also noted that 98.0% of its debt portfolio had interest rate floors, which helps mitigate the impact of declining interest rates.
Strategically, Golub Capital has been active in managing its capital structure, with a focus on maintaining a debt-to-equity ratio between 0.85x to 1.25x. As of December 31, 2025, the company’s asset coverage ratio for borrowed amounts was 178.9%. The company has also repurchased approximately 2.6 million shares of its common stock during the quarter under its share repurchase program, which allows for repurchases of up to $150 million. Looking ahead, Golub Capital remains committed to its investment strategy and plans to continue leveraging its established loan origination channels to generate returns for its shareholders.
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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