<p>Golub Capital Bdc ((GBDC)) 舉行了第四季度財報電話會議。以下是會議的主要亮點。</p>
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<p>Golub Capital BDC 最近的財報電話會議描繪了一個強勁的 2025 財年，表現出穩健的收益和極少的非應計投資。儘管面臨市場挑戰，如利差收窄和槓桿貸款市場的高違約率，公司通過強勁的發放活動和有效的債務管理策略展示了其韌性。</p>
<h2>強勁的 2025 財年表現</h2>
<p>GBDC 報告了一個穩健的季度，以每股調整後淨投資收益 (NII) 0.39 美元和調整後 NII 股本回報率 (ROE) 10.4% 結束了 2025 財年。公司每股分配累計分配 1.65 美元，佔年末淨資產值 (NAV) 每股的 10.9%，比 2010 年首次公開募股時的 NAV 每股高出 0.34 美元。</p>
<h2>低非應計水平</h2>
<p>公司成功維持了低水平的非應計投資，僅有 0.3% 的總投資組合在公允價值上處於非應計狀態。令人印象深刻的是，約 90% 的 GBDC 投資組合位於表現最佳的內部評級類別中，使其在 BDC 同行中脱穎而出。</p>
<h2>成功的債務管理</h2>
<p>GBDC 將其有效借款成本降低至年化 5.6%，被認為是行業領先的。這是通過重新定價其聯合企業循環信貸和召回最終的遺留債務證券化實現的，展示了強大的財務管理能力。</p>
<h2>強勁的發放活動</h2>
<p>公司完成了 3.8% 的審核交易，維持了 42% 的加權平均貸款價值比 (LTV)。GBDC 在核心中型市場中的地位依然強勁，其發放的中位 EBITDA 為 6100 萬美元，突顯了其戰略重點和市場滲透力。</p>
<h2>市場逆風和利差收窄</h2>
<p>直接貸款市場面臨顯著的逆風，包括各類固定收益市場的利差收窄和基準利率的下降。這些趨勢預計將持續，對 GBDC 及其同行構成挑戰。</p>
<h2>信用週期和高違約率</h2>
<p>槓桿貸款市場正經歷異常的違約和信用壓力水平，預計這種情況將持續。這種環境將以不同方式影響不同的 BDC，需要 GBDC 小心應對。</p>
<h2>投資收益率下降</h2>
<p>GBDC 的投資收益率經歷了大約 20 個基點的順序下降，降至 10.4%。這主要是由於加權平均基準利率的適度下降和投資組合利差的收縮，反映了更廣泛的市場趨勢。</p>
<h2>前瞻性指導</h2>
<p>展望未來，GBDC 提供了其財務表現和市場前景的指導。公司計劃保持對股息的謹慎態度，並在 2026 年初重新審視其股息政策，以與其穩定的每股 NAV、最小化的消費税和可持續的股息收益目標保持一致。儘管面臨行業普遍的挑戰，GBDC 仍致力於其戰略目標和財務健康。</p>
<p>總之，Golub Capital BDC 的財報電話會議強調了 2025 財年的強勁財務表現，突顯了有效的債務管理和低非應計水平。儘管面臨市場逆風和嚴峻的信用週期，公司仍通過戰略發放活動和謹慎的股息策略為未來的韌性做好了充分準備。</p>

GBDC

<p>Golub Capital BDC 報告了強勁的 2025 財年業績，儘管面臨市場挑戰。主要亮點包括每股調整後淨投資收益為 0.39 美元，回報率為 10.4%，每股分配為 1.65 美元。公司保持了低的不計息水平，並將借款成本降低至 5.6%。儘管面臨利差收縮和高違約率等逆風，GBDC 依然展現出韌性，擁有強勁的融資活動和戰略性的債務管理。未來指引包括對分紅採取謹慎態度，旨在保持每股淨資產穩定和可持續的收益</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)) 舉行了第四季度財報電話會議。以下是會議的主要亮點。</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 最近的財報電話會議描繪了一個強勁的 2025 財年，表現出穩健的收益和極少的非應計投資。儘管面臨市場挑戰，如利差收窄和槓桿貸款市場的高違約率，公司通過強勁的發放活動和有效的債務管理策略展示了其韌性。</p>
</div><h2>Strong Fiscal Year 2025 Performance</h2>
<div class="lb-trans"><h2>強勁的 2025 財年表現</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 報告了一個穩健的季度，以每股調整後淨投資收益 (NII) 0.39 美元和調整後 NII 股本回報率 (ROE) 10.4% 結束了 2025 財年。公司每股分配累計分配 1.65 美元，佔年末淨資產值 (NAV) 每股的 10.9%，比 2010 年首次公開募股時的 NAV 每股高出 0.34 美元。</p>
</div><h2>Low Nonaccrual Levels</h2>
<div class="lb-trans"><h2>低非應計水平</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>公司成功維持了低水平的非應計投資，僅有 0.3% 的總投資組合在公允價值上處於非應計狀態。令人印象深刻的是，約 90% 的 GBDC 投資組合位於表現最佳的內部評級類別中，使其在 BDC 同行中脱穎而出。</p>
</div><h2>Successful Debt Management</h2>
<div class="lb-trans"><h2>成功的債務管理</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 將其有效借款成本降低至年化 5.6%，被認為是行業領先的。這是通過重新定價其聯合企業循環信貸和召回最終的遺留債務證券化實現的，展示了強大的財務管理能力。</p>
</div><h2>Robust Origination Activity</h2>
<div class="lb-trans"><h2>強勁的發放活動</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% 的審核交易，維持了 42% 的加權平均貸款價值比 (LTV)。GBDC 在核心中型市場中的地位依然強勁，其發放的中位 EBITDA 為 6100 萬美元，突顯了其戰略重點和市場滲透力。</p>
</div><h2>Market Headwinds and Spread Compression</h2>
<div class="lb-trans"><h2>市場逆風和利差收窄</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>直接貸款市場面臨顯著的逆風，包括各類固定收益市場的利差收窄和基準利率的下降。這些趨勢預計將持續，對 GBDC 及其同行構成挑戰。</p>
</div><h2>Credit Cycle and Elevated Defaults</h2>
<div class="lb-trans"><h2>信用週期和高違約率</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>槓桿貸款市場正經歷異常的違約和信用壓力水平，預計這種情況將持續。這種環境將以不同方式影響不同的 BDC，需要 GBDC 小心應對。</p>
</div><h2>Decline in Investment Income Yield</h2>
<div class="lb-trans"><h2>投資收益率下降</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 的投資收益率經歷了大約 20 個基點的順序下降，降至 10.4%。這主要是由於加權平均基準利率的適度下降和投資組合利差的收縮，反映了更廣泛的市場趨勢。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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>展望未來，GBDC 提供了其財務表現和市場前景的指導。公司計劃保持對股息的謹慎態度，並在 2026 年初重新審視其股息政策，以與其穩定的每股 NAV、最小化的消費税和可持續的股息收益目標保持一致。儘管面臨行業普遍的挑戰，GBDC 仍致力於其戰略目標和財務健康。</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>總之，Golub Capital BDC 的財報電話會議強調了 2025 財年的強勁財務表現，突顯了有效的債務管理和低非應計水平。儘管面臨市場逆風和嚴峻的信用週期，公司仍通過戰略發放活動和謹慎的股息策略為未來的韌性做好了充分準備。</p>
</div>

Golub Capital BDC 在市場挑戰中報告了強勁的 2025 財年表現