Golub Capital BDC, Inc. reported a decrease in net asset value per share and earnings per share for Q1 FY2026 compared to the prior quarter. The company declared a reduced quarterly distribution, citing an evolving outlook for rates, asset spreads, and financing costs.
Opportunistically repurchased approximately 2.6 million shares of common stock for $35.9 million during Q1 FY2026.
positiveThe Golub Capital Employee Grant Program Rabbi Trust purchased $11.6 million of common stock for incentive compensation.
neutralInvestments in portfolio companies remained substantial at $8.6 billion, with a slight decrease from the prior quarter.
neutralNet asset value per share decreased to $14.84 from $14.97 in the prior quarter.
negativeEarnings per share decreased to $0.25 from $0.36 in the prior quarter.
negativeNet investment income per share decreased to $0.37 from $0.38 in the prior quarter.
negativeDeclared a quarterly distribution of $0.33 per share, a reduction from $0.39 in the prior quarter, reflecting an evolving outlook for rates, asset spreads, and financing costs.
negativeNet realized and unrealized loss per share was ($0.12) compared to a net realized and unrealized gain/(loss) per share of ($0.02) in the prior quarter.
negativeTotal assets decreased to $8.9 billion from $9.0 billion in the prior quarter.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Senior secured | N/A | — | — | — |
One stop | N/A | — | — | — |
Junior debt* | N/A | — | — | — |
Equity | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
The reduction in quarterly distribution from $0.39 to $0.33 per share reflects our evolving outlook for rates, asset spreads, and financing costs in the market environment.
We believe this change appropriately balances GBDC’s four longstanding goals in setting its dividend.
During the three months ended December 31, 2025, we opportunistically repurchased approximately 2,623,298 shares of our common stock for an aggregate purchase price of approximately $35.9 million, at an aggregate price of $13.69 per share.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.