The firm's equity base contracted to $3.7 billion in 2026Q2, while the reported shift to zero debt from $4.9 billion in 2026Q1 warrants further investigation into potential accounting anomalies.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 |
|---|
| Cash & Short Term Investments | 310.23M | 23.62M | 131.16M | 69.83M | 124.14M | 181.09M | 25.14M | 6.52M | 5.88M | 3.99M | 10.95M | 5.47M | 5.13M | 16.31M | 13.89M | 506.18M | 406.09M | 376.29M |
| Cash & Due from Banks | 128.42M | 23.62M | 131.16M | 69.83M | 124.14M | 181.09M | 25.14M | 6.52M | 6.04M | 3.99M | 10.95M | 5.47M | 5.13M | 16.31M | 13.89M | 46.35M | 61.22M | 0 |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -159K | 0 | 0 | 0 | 0 | 0 | 0 | 459.83M | 344.87M | 376.29M |
| Total Investments | 0 | 12.13M | 31.71M | 14.94M | 5.45B | 4.89B | 4.24B | 4.29B | 1.78B | 1.69B | 1.66B | 0 | 1.35B | 1.02B | 672.91M | 919.65M | 689.87M | 376.29M |
| Investments Growth % | 108899.11% | -61.75% | 112.25% | -99.73% | 11.27% | 15.49% | -1.27% | 140.79% | 5.81% | 1.47% | - | -100% | 31.52% | 52.27% | -26.83% | 33.31% | 83.33% | - |
| Long-Term Investments | 17.61B | 12.13M | 31.71M | 14.94M | 5.45B | 4.89B | 4.24B | 4.29B | 1.78B | 1.69B | 1.66B | 0 | 1.35B | 1.02B | 672.91M | 459.83M | 345M | 0 |
| Accounts Receivables | 63.68M | 68.03M | 74.04M | 58.05M | 20.79M | 18.26M | 17.26M | 0 | 0 | 0 | 0 | 5.7M | 5.79M | 4.32M | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 8.76B | 8.47B | 5.59B | 1.19M | 0 | 802K | -4.29B | -1.78B | -1.69B | 0 | 1.62B | 84.85M | 46.39M | -672.91M | -454.48M | -342.25M | 0 |
| Total Current Assets | 192.09M | 204.77M | 205.2M | 127.88M | 233.68M | 199.35M | 205.27M | 23.31M | 12.54M | 10.26M | 95.47M | 11.17M | 10.93M | 20.63M | 17.8M | 554.3M | 440.01M | 409.12M |
| Total Non-Current Assets | 0 | 8.77B | 8.5B | 5.61B | 5.45B | 4.89B | 4.24B | 4.29B | 1.78B | 1.69B | 1.66B | 1.62B | 1.43B | 1.07B | 672.91M | 5.34M | 2.75M | 0 |
| Total Assets | 8.53B | 8.98B | 8.71B | 5.73B | 5.68B | 5.16B | 4.44B | 4.39B | 1.84B | 1.75B | 1.76B | 1.63B | 1.44B | 1.09B | 734.1M | 559.64M | 442.76M | 409.12M |
| Asset Growth % | 6.12% | 3.13% | 51.84% | 0.92% | 10% | 16.21% | 1.12% | 139.43% | 4.64% | -0.13% | 7.54% | 13.17% | 32.22% | 48.71% | 31.17% | 26.4% | 8.22% | - |
| Return on Assets (ROA) | 2.3% | 4.25% | 3.79% | 4.77% | 2.87% | 7.08% | 1.24% | -0.6% | 4.57% | 4.69% | 4.08% | 4.6% | 5.16% | 5.1% | 4.91% | 4.26% | 6.16% | 4.89% |
| Accounts Payable | 0 | 38.25M | 56M | 24.75M | 870K | 1.79M | 800K | 4.34M | 6.2M | 6.11M | 5.3M | 4.76M | 4.59M | 6.93M | 2.46M | 1.82M | 7.05M | 934K |
| Total Debt | 0 | 4.9B | 4.6B | 3.12B | 3.08B | 2.55B | 2.02B | 2.12B | 842.75M | 776.83M | 859.55M | 805.98M | 697.54M | 420.91M | 352.3M | 237.68M | 174M | 315.31M |
| Net Debt | -128.42M | 4.88B | 4.47B | 3.05B | 2.95B | 2.37B | 1.99B | 2.11B | 836.71M | 772.84M | 848.6M | 800.51M | 692.4M | 404.6M | 338.41M | 191.33M | 112.78M | 315.31M |
| Long-Term Debt | 0 | 4.9B | 4.6B | 3.12B | 3.08B | 2.55B | 2.02B | 2.12B | 842.75M | 776.83M | 859.55M | 805.98M | 697.54M | 420.91M | 352.3M | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 237.68M | 174M | 315.31M |
| Other Liabilities | 4.78B | 56.7M | 36.02M | 43.13M | 1.4M | 0 | 1.06M | 0 | -49K | -27K | -48K | 11.81M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 38.25M | 56M | 24.75M | 58.93M | 30.84M | 29.23M | 52.44M | 24M | 19.4M | 18.2M | 4.76M | 13.1M | 12.5M | 6.7M | 243.09M | 182.22M | 316.37M |
| Total Non-Current Liabilities | 4.78B | 4.96B | 4.64B | 3.16B | 3.08B | 2.55B | 2.02B | 2.12B | 842.7M | 776.8M | 859.5M | 817.79M | 697.54M | 420.91M | 352.3M | 0 | 0 | 0 |
| Total Liabilities | 4.78B | 5B | 4.69B | 3.19B | 3.14B | 2.58B | 2.05B | 2.17B | 866.7M | 796.23M | 877.68M | 822.56M | 710.65M | 433.42M | 358.97M | 243.09M | 182.22M | 316.37M |
| Total Equity | 3.75B | 3.98B | 4.01B | 2.55B | 2.54B | 2.58B | 2.4B | 2.22B | 968.85M | 957.95M | 878.83M | 810.87M | 732.74M | 658.24M | 375.13M | 316.55M | 260.54M | 92.75M |
| Equity Growth % | -12.24% | -0.8% | 57.56% | 0.13% | -1.48% | 7.78% | 7.8% | 129.43% | 1.14% | 9% | 8.38% | 10.66% | 11.32% | 75.47% | 18.51% | 21.5% | 180.9% | - |
| Equity / Assets (Capital Ratio) | 43.94% | 44.36% | 46.11% | 44.44% | 44.79% | 50% | 53.92% | 50.58% | 52.78% | 54.61% | 50.03% | 49.64% | 50.77% | 60.3% | 51.1% | 56.56% | 58.84% | 22.67% |
| Return on Equity (ROE) | 5.24% | 9.41% | 8.34% | 10.68% | 6.07% | 13.67% | 2.38% | -1.16% | 8.51% | 8.96% | 8.19% | 9.17% | 9.4% | 9% | 9.18% | 7.4% | 14.86% | 21.58% |
| Book Value per Share | 14.27 | 14.97 | 19.95 | 14.96 | 14.91 | 15.37 | 16.09 | 33.94 | 15.69 | 16.83 | 16.04 | 16.54 | 16.18 | 19.10 | 15.46 | 15.29 | 13.94 | 5.05 |
| Tangible BV per Share | 14.27 | 14.97 | 19.95 | 14.96 | 14.91 | 15.37 | 16.09 | 33.94 | 15.69 | 16.83 | 16.04 | 16.54 | 16.18 | 19.10 | 15.46 | 15.29 | 13.94 | 5.05 |
| Common Stock | 261K | 266K | 264K | 170K | 171K | 170K | 167K | 133K | 60K | 60K | 55K | 51K | 47K | 43K | 26K | 22K | 18K | 0 |
| Additional Paid-in Capital | 0 | 4.03B | 4.17B | 2.65B | 2.68B | 2.66B | 2.62B | 2.31B | 949.55M | 939.31M | 856M | 790.71M | 720.48M | 652.67M | 375.56M | 318.3M | 258.57M | 0 |
| Retained Earnings | 0 | -48.82M | -152.99M | -99.2M | -132.34M | -81.73M | -228.58M | -87.89M | 19.25M | 18.58M | 18.83M | 4.23M | 12.21M | 5.52M | 347K | -398K | -1.12M | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.77M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio credit quality deterioration
As reported in recent financial statements, GBDC's total assets declined from a peak of $9.2 billion in 2025Q3 to $8.5 billion by 2026Q2, signaling a potential shift toward a more defensive or constrained capital deployment strategy amidst broader market volatility.
The reduction in total assets suggests that the firm may be facing challenges in sourcing high-quality originations or is intentionally shrinking its footprint to manage risk. Investors should monitor whether this trajectory reflects a strategic pivot or an inability to maintain historical growth rates in a tightening credit environment.
Based on the provided balance sheet data, GBDC reported zero debt in 2026Q2, a significant departure from the $4.9 billion in debt carried in 2026Q1, which warrants further investigation into whether this reflects a structural deleveraging or a temporary accounting anomaly related to the recent merger.
The sudden disappearance of debt from the balance sheet is highly unusual for a BDC and may imply a major restructuring of the firm's financing facilities. Analysts should scrutinize upcoming disclosures to determine if this indicates a permanent reduction in leverage or a transition to alternative, off-balance-sheet financing arrangements.
According to quarterly filings, GBDC's cash position fluctuated significantly, rising to $128.4 million in 2026Q2 from a low of $23.6 million in 2025Q4, suggesting that liquidity management remains highly sensitive to the timing of portfolio repayments and capital market activities.
While the increase in cash provides a temporary buffer, the historical volatility in these balances indicates that the firm's liquidity profile is not yet stabilized. This inconsistency may limit the firm's ability to act opportunistically if market conditions deteriorate further.
As reported in financial statements, GBDC's equity base contracted to $3.7 billion in 2026Q2 from $4.0 billion in 2025Q4, a trend that appears driven by persistent negative retained earnings and potential adjustments following the integration of the Golub Capital BDC 3 merger.
The consistent negative balance in retained earnings suggests that the firm's dividend distributions may be outpacing its net income generation, potentially eroding the book value over time. This trend warrants close monitoring to ensure that the firm's capital base remains sufficient to support its ongoing lending operations.
Quick answers to the most common questions about buying GBDC stock.
As of 2025, Golub Capital BDC, Inc. (GBDC) had total assets of $8.98B including $204.8M in current assets.
Golub Capital BDC, Inc. (GBDC) carries total debt of $4.90B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Golub Capital BDC, Inc. (GBDC) has total shareholders' equity (book value) of $3.98B ($14.97 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Golub Capital BDC, Inc. (GBDC) reported a current ratio of 5.35x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.