Golub Capital BDC: Stable Q2 2025, Eyeing Credit Cycle

Golub Capital BDC reports a solid Q2 2025, with adjusted net investment income at $0.39 per share and a 10.4% ROE. Portfolio grows to $8.9 billion, fueled by $557 million in new commitments. Credit remains strong, with nonaccruals at 0.6% and 90% of portfolio in top internal ratings. Distributions match NII at $0.39 per share, yielding a 10.4% annualized yield on NAV. NAV dips to $15.00 due to unrealized losses, while net leverage rises slightly to 1.26x. Liquidity remains strong at $950 million, with a flexible debt mix and maturities extended to 2030. Execs anticipate a drawn-out credit cycle with elevated defaults, but GBDC is well-positioned for success through diversification and discipline. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/2d1ba5addd8d465c