Golub Capital BDC will report its financial results for the quarter and year ended September 30, 2026, on Tuesday, November 17, 2026, after the close of financial markets. The business development company announced the schedule for its fourth-quarter fiscal year 2026 earnings release.

Earnings call details

The company will host an earnings conference call at 10:00 am (Eastern Time) on Wednesday, November 18, 2026, to discuss the quarterly financial results. Interested parties may register for the call via the company's investor relations portal. Participants are advised to dial in approximately 10 to 15 minutes prior to the start time.

Dial-in information

Participants can access the conference call using the following numbers:

• Domestic: +1 (833) 461-5787
• International: +1 (585) 542-9983

Callers should reference Golub Capital BDC or use conference ID number 927 093 304. An archived replay will be available on the Events & Presentations section of the company's website for one year.

Company profile

Golub Capital BDC is an externally managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The firm invests primarily in one-stop and other senior secured loans to middle-market companies, often sponsored by private equity investors.

Its investment activities are managed by GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies. As of July 1, 2026, Golub Capital had over 1,100 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm maintains offices in North America, Europe, Asia, and the Middle East.

Golub Capital BDC (NASDAQ: GBDC) reported adjusted net investment income of $0.34 per share for the fiscal quarter ended June 30, 2026. This figure fully covered the company's declared distribution of $0.33 per share, maintaining a stable payout despite a slight decline in net asset value to $14.25.

The improvement in adjusted net income to $0.22 per share, compared to a loss of $0.18 in the prior quarter, was driven primarily by a reduction in realized and unrealized losses. These losses narrowed to $0.12 per share from $0.52 per share in the previous period. Management attributed the remaining credit stress to specific junior debt and equity positions rather than the core first lien senior secured loan portfolio.

Portfolio performance and credit metrics

The company's portfolio remains diversified across 424 borrowers with an average position size of less than 0.2% of total investments. Non-accruals stood at 1.9% of total investments at fair value, up slightly from 18 investments to 20 investments during the quarter. Approximately 87% of the portfolio remained in the highest-performing internal rating categories.

Rob Toucher, Senior Managing Director, highlighted that new investment commitments totaled $13 million, reflecting a conservative underwriting stance with a weighted average loan-to-value of approximately 45%. The company closed on just 1.5% of deals reviewed, prioritizing accretive share repurchases and deleveraging over aggressive deployment.

Financial highlights

What the numbers show

A divergence exists between the headline adjusted ROE and the underlying yield dynamics. While the annualized adjusted ROE of 6.2% trails the company's historical 9.4% average, the adjusted NII ROE remained robust at 9.5%. This gap is entirely attributable to non-cash valuation marks on junior debt and equity positions, which accounted for the majority of the $0.12 per share loss. The core debt portfolio demonstrated stability, with realized losses from restructurings being more than offset by the reversal of prior unrealized losses.

Balance sheet and liquidity

GBDC ended the quarter with approximately $2 billion in liquidity, providing 1.3 times coverage of unfunded commitments and upcoming note maturities. The company issued $500 million in 5-year unsecured notes in May 2026, swapped to SOFR + 218 bps. Borrowing costs remained competitive at 5.3% annualized, one of the lowest in the listed BDC peer group.

Share repurchases continued as a capital allocation priority. The company bought back 1.1 million shares at a weighted average price of $12.90, representing an approximate 10% discount to the March 31, 2026 NAV. Additionally, the Golub Capital Rabbi Trust purchased $31 million worth of shares, bringing affiliate ownership to about 8% of shares outstanding.