Golub Capital BDC Q3 adjusted net income misses, hurt by portfolio underperformance

Golub Capital BDC

03/08/2026 21:24

Overview
U.S. business development company's fiscal Q3 adjusted net income missed analyst expectations
Net investment income per share held steady at $0.33 from prior quarter
Company repurchased 1.1 mln shares for $14.4 mln during the quarter

Outlook
Golub Capital BDC did not provide specific guidance for future quarters or the full yr in the press release

Result Drivers
PORTFOLIO UNDERPERFORMANCE - Co said realized and unrealized losses were mainly due to underperformance and non-accrual of certain portfolio companies, as well as realized losses from restructuring two portfolio companies
EQUITY INVESTMENT EXITS - Net realized gains on the exit of equity investments in multiple portfolio companies partially offset losses
REVERSAL OF PRIOR DEPRECIATION - Some unrealized depreciation was reversed due to fair value adjustments related to earlier market-wide credit spread widening

Company press release: ID:nBw2RfNzta

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
 
$0.22
 
Q3 Adjusted Net Income
Miss
$57 mln
$84.65 mln (6 Analysts)
Q3 Net Asset Value Per Share
 
$14.25
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "hold."
Wall Street's median 12-month price target for Golub Capital BDC Inc is $14.00, about 9.1% above its July 31 closing price of $12.83
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)