<p>Golub Capital Bdc ((GBDC)) 举行了第四季度财报电话会议。以下是会议的主要亮点。</p>
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<p>Golub Capital BDC 最近的财报电话会议描绘了一个强劲的 2025 财年，表现出稳健的收益和极少的非应计投资。尽管面临市场挑战，如利差收窄和杠杆贷款市场的高违约率，公司通过强劲的发放活动和有效的债务管理策略展示了其韧性。</p>
<h2>强劲的 2025 财年表现</h2>
<p>GBDC 报告了一个稳健的季度，以每股调整后净投资收益 (NII) 0.39 美元和调整后 NII 股本回报率 (ROE) 10.4% 结束了 2025 财年。公司每股分配累计分配 1.65 美元，占年末净资产值 (NAV) 每股的 10.9%，比 2010 年首次公开募股时的 NAV 每股高出 0.34 美元。</p>
<h2>低非应计水平</h2>
<p>公司成功维持了低水平的非应计投资，仅有 0.3% 的总投资组合在公允价值上处于非应计状态。令人印象深刻的是，约 90% 的 GBDC 投资组合位于表现最佳的内部评级类别中，使其在 BDC 同行中脱颖而出。</p>
<h2>成功的债务管理</h2>
<p>GBDC 将其有效借款成本降低至年化 5.6%，被认为是行业领先的。这是通过重新定价其联合企业循环信贷和召回最终的遗留债务证券化实现的，展示了强大的财务管理能力。</p>
<h2>强劲的发放活动</h2>
<p>公司完成了 3.8% 的审核交易，维持了 42% 的加权平均贷款价值比 (LTV)。GBDC 在核心中型市场中的地位依然强劲，其发放的中位 EBITDA 为 6100 万美元，突显了其战略重点和市场渗透力。</p>
<h2>市场逆风和利差收窄</h2>
<p>直接贷款市场面临显著的逆风，包括各类固定收益市场的利差收窄和基准利率的下降。这些趋势预计将持续，对 GBDC 及其同行构成挑战。</p>
<h2>信用周期和高违约率</h2>
<p>杠杆贷款市场正经历异常的违约和信用压力水平，预计这种情况将持续。这种环境将以不同方式影响不同的 BDC，需要 GBDC 小心应对。</p>
<h2>投资收益率下降</h2>
<p>GBDC 的投资收益率经历了大约 20 个基点的顺序下降，降至 10.4%。这主要是由于加权平均基准利率的适度下降和投资组合利差的收缩，反映了更广泛的市场趋势。</p>
<h2>前瞻性指导</h2>
<p>展望未来，GBDC 提供了其财务表现和市场前景的指导。公司计划保持对股息的谨慎态度，并在 2026 年初重新审视其股息政策，以与其稳定的每股 NAV、最小化的消费税和可持续的股息收益目标保持一致。尽管面临行业普遍的挑战，GBDC 仍致力于其战略目标和财务健康。</p>
<p>总之，Golub Capital BDC 的财报电话会议强调了 2025 财年的强劲财务表现，突显了有效的债务管理和低非应计水平。尽管面临市场逆风和严峻的信用周期，公司仍通过战略发放活动和谨慎的股息策略为未来的韧性做好了充分准备。</p>

GBDC

<p>Golub Capital BDC 报告了强劲的 2025 财年业绩，尽管面临市场挑战。主要亮点包括每股调整后净投资收益为 0.39 美元，回报率为 10.4%，每股分配为 1.65 美元。公司保持了低的不计息水平，并将借款成本降低至 5.6%。尽管面临利差收缩和高违约率等逆风，GBDC 依然展现出韧性，拥有强劲的融资活动和战略性的债务管理。未来指引包括对分红采取谨慎态度，旨在保持每股净资产稳定和可持续的收益</p>

<p>Golub Capital Bdc ((GBDC)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Golub Capital Bdc ((GBDC)) 举行了第四季度财报电话会议。以下是会议的主要亮点。</p>
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</div><p>Golub Capital BDC’s recent earnings call painted a picture of a strong fiscal year 2025, marked by solid earnings and minimal nonaccrual investments. Despite facing market challenges such as spread compression and elevated defaults in the leveraged loan market, the company showcased its resilience through robust origination activity and effective debt management strategies.</p>
<div class="lb-trans"><p>Golub Capital BDC 最近的财报电话会议描绘了一个强劲的 2025 财年，表现出稳健的收益和极少的非应计投资。尽管面临市场挑战，如利差收窄和杠杆贷款市场的高违约率，公司通过强劲的发放活动和有效的债务管理策略展示了其韧性。</p>
</div><h2>Strong Fiscal Year 2025 Performance</h2>
<div class="lb-trans"><h2>强劲的 2025 财年表现</h2>
</div><p>GBDC reported a solid quarter, concluding fiscal year 2025 with an adjusted net investment income (NII) per share of $0.39 and an adjusted NII return on equity (ROE) of 10.4%. The company distributed $1.65 per share in cumulative distributions, representing 10.9% of the end-of-year net asset value (NAV) per share, which is $0.34 above the NAV per share at its IPO in 2010.</p>
<div class="lb-trans"><p>GBDC 报告了一个稳健的季度，以每股调整后净投资收益 (NII) 0.39 美元和调整后 NII 股本回报率 (ROE) 10.4% 结束了 2025 财年。公司每股分配累计分配 1.65 美元，占年末净资产值 (NAV) 每股的 10.9%，比 2010 年首次公开募股时的 NAV 每股高出 0.34 美元。</p>
</div><h2>Low Nonaccrual Levels</h2>
<div class="lb-trans"><h2>低非应计水平</h2>
</div><p>The company successfully maintained low levels of nonaccrual investments, with only 0.3% of the total investment portfolio at fair value on nonaccrual status. Impressively, about 90% of GBDC’s investment portfolio is within the highest-performing internal rating categories, setting it apart from its BDC peers.</p>
<div class="lb-trans"><p>公司成功维持了低水平的非应计投资，仅有 0.3% 的总投资组合在公允价值上处于非应计状态。令人印象深刻的是，约 90% 的 GBDC 投资组合位于表现最佳的内部评级类别中，使其在 BDC 同行中脱颖而出。</p>
</div><h2>Successful Debt Management</h2>
<div class="lb-trans"><h2>成功的债务管理</h2>
</div><p>GBDC achieved a reduction in its effective borrowing costs to an annualized rate of 5.6%, which is considered industry-leading. This was accomplished by repricing its syndicated corporate revolver and calling the final legacy debt securitization, demonstrating strong financial stewardship.</p>
<div class="lb-trans"><p>GBDC 将其有效借款成本降低至年化 5.6%，被认为是行业领先的。这是通过重新定价其联合企业循环信贷和召回最终的遗留债务证券化实现的，展示了强大的财务管理能力。</p>
</div><h2>Robust Origination Activity</h2>
<div class="lb-trans"><h2>强劲的发放活动</h2>
</div><p>The company closed on 3.8% of reviewed deals, maintaining a weighted average loan-to-value (LTV) of 42%. GBDC’s position in the core middle market remains strong, with a median EBITDA of $61 million for its originations, highlighting its strategic focus and market penetration.</p>
<div class="lb-trans"><p>公司完成了 3.8% 的审核交易，维持了 42% 的加权平均贷款价值比 (LTV)。GBDC 在核心中型市场中的地位依然强劲，其发放的中位 EBITDA 为 6100 万美元，突显了其战略重点和市场渗透力。</p>
</div><h2>Market Headwinds and Spread Compression</h2>
<div class="lb-trans"><h2>市场逆风和利差收窄</h2>
</div><p>The direct lending market faces significant headwinds, including narrower spreads across various fixed income markets and a decline in base rates. These trends are expected to continue, posing challenges for GBDC and its peers.</p>
<div class="lb-trans"><p>直接贷款市场面临显著的逆风，包括各类固定收益市场的利差收窄和基准利率的下降。这些趋势预计将持续，对 GBDC 及其同行构成挑战。</p>
</div><h2>Credit Cycle and Elevated Defaults</h2>
<div class="lb-trans"><h2>信用周期和高违约率</h2>
</div><p>The leveraged loan market is experiencing unusual levels of defaults and credit stress, which are anticipated to persist. This environment will impact different BDCs in varying ways, requiring careful navigation by GBDC.</p>
<div class="lb-trans"><p>杠杆贷款市场正经历异常的违约和信用压力水平，预计这种情况将持续。这种环境将以不同方式影响不同的 BDC，需要 GBDC 小心应对。</p>
</div><h2>Decline in Investment Income Yield</h2>
<div class="lb-trans"><h2>投资收益率下降</h2>
</div><p>GBDC’s investment income yield experienced a sequential decline of approximately 20 basis points to 10.4%. This was driven by a modest decrease in weighted average base rates and compression of portfolio spreads, reflecting broader market trends.</p>
<div class="lb-trans"><p>GBDC 的投资收益率经历了大约 20 个基点的顺序下降，降至 10.4%。这主要是由于加权平均基准利率的适度下降和投资组合利差的收缩，反映了更广泛的市场趋势。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, GBDC provided guidance on its financial performance and market outlook. The company plans to maintain a prudent approach to dividends, revisiting its dividend policy in early 2026 to align with its goals of stable NAV per share, minimized excise taxes, and sustainable dividend yield. Despite industry-wide challenges, GBDC remains committed to its strategic objectives and financial health.</p>
<div class="lb-trans"><p>展望未来，GBDC 提供了其财务表现和市场前景的指导。公司计划保持对股息的谨慎态度，并在 2026 年初重新审视其股息政策，以与其稳定的每股 NAV、最小化的消费税和可持续的股息收益目标保持一致。尽管面临行业普遍的挑战，GBDC 仍致力于其战略目标和财务健康。</p>
</div><p>In summary, Golub Capital BDC’s earnings call highlighted a strong fiscal performance in 2025, underscored by effective debt management and low nonaccrual levels. While facing market headwinds and a challenging credit cycle, the company remains well-positioned for future resilience through strategic origination activities and a cautious approach to dividends.</p>
<div class="lb-trans"><p>总之，Golub Capital BDC 的财报电话会议强调了 2025 财年的强劲财务表现，突显了有效的债务管理和低非应计水平。尽管面临市场逆风和严峻的信用周期，公司仍通过战略发放活动和谨慎的股息策略为未来的韧性做好了充分准备。</p>
</div>

Golub Capital BDC 在市场挑战中报告了强劲的 2025 财年表现