Golub Capital BDC, Inc. (GBDC) Balance Sheet
GBDC balance sheet, FY2025
September 30, 2025 · U.S. dollars$8.98B assets = $5.00B liabilities + $3.98B equity
Both columns are drawn to the same scale: what GBDC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GBDC financial health
Descriptive bands, not a rating. Fiscal FY2025.
GBDC balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.76BFY2016 | $8.98BFY2025 | +19.9%/yr | |
| Total liabilities | $877.7MFY2016 | $5.00BFY2025 | +21.3%/yr | |
| Shareholders’ equity | $878.8MFY2016 | $3.98BFY2025 | +18.3%/yr | |
| Cash & short-term investments | $10.9MFY2016 | $23.6MFY2025 | +8.9%/yr | |
| Total debt | $859.5MFY2016 | $4.90BFY2025 | +21.3%/yr | |
| Net cash (debt) | −$848.6MFY2016 | −$4.88BFY2025 | −$4.0B | |
| Working capital | $77.3MFY2016 | $166.5MFY2025 | +$89.2M | |
| Book value per share | $16.04FY2016 | $14.97FY2025 | −0.8%/yr | |
| Current ratio | 5.25FY2016 | 5.35FY2025 | +0.11 | |
| Debt / equity | 0.98FY2016 | 1.23FY2025 | +0.25 | |
| Shares outstanding | 54.8MFY2016 | 266.0MFY2025 | +19.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GBDC assets
GBDC liabilities and equity
GBDC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GBDC balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $23.6M | $131.2M | $69.8M | $124.1M | $181.1M | $25.1M | $6.5M | $5.9M | $4.0M | $10.9M |
| Cash & equivalents | $23.6M | $131.2M | $69.8M | $124.1M | $181.1M | $25.1M | $6.5M | $6.0M | $4.0M | $10.9M |
| Short-term investments | — | $31.7M | −$14.9M | $32.3M | — | — | — | −$159,000 | $58.6M | $78.6M |
| Receivables | $68.0M | $74.0M | $58.1M | $20.8M | $18.3M | $17.3M | $16.8M | $6.7M | $6.3M | $5.9M |
| Inventory | $0 | $0 | $198.3M | $201.3M | $1 | $202.0M | $101.6M | −$1.84B | $1 | $1 |
| Other current assets | $113.1M | $0 | $0 | $0 | $0 | $0 | $0 | $1.84B | $0 | $78.6M |
| Total current assets | $204.8M | $205.2M | $127.9M | $144.9M | $199.4M | $205.3M | $23.3M | $12.5M | $10.3M | $95.5M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $8.78B | $8.27B | $5.53B | $5.48B | $4.90B | $4.24B | $4.29B | $1.78B | $1.69B | $1.66B |
| Other non-current assets | $0 | $233.7M | $74.0M | $57.6M | $65.1M | $235,000 | $78.6M | $40.0M | $58.9M | $422,000 |
| Total assets | $8.98B | $8.71B | $5.73B | $5.68B | $5.16B | $4.44B | $4.39B | $1.84B | $1.75B | $1.76B |
| Liabilities | ||||||||||
| Accounts payable | $38.3M | $56.0M | $24.7M | $26.9M | $1.8M | $800,000 | $39.4M | $6.2M | $6.1M | $5.3M |
| Short-term debt | — | — | $500.7M | $3.08B | $2.55B | $2.02B | $2.12B | — | $776.8M | $859.5M |
| Deferred revenue | — | — | −$468.5M | −$3.08B | −$2.53B | −$2.01B | −$2.08B | −$608.0M | −$776.8M | −$859.5M |
| Total current liabilities | $38.3M | $56.0M | $24.7M | $26.7M | $30.8M | $29.2M | $39.4M | $24.0M | $19.4M | $18.2M |
| Long-term debt | $0 | $0 | $0 | $3.08B | $0 | $0 | $2.12B | $842.7M | $776.8M | $859.5M |
| Other long-term liabilities | $4.96B | $4.64B | $3.16B | $0 | $2.55B | $2.02B | $0 | $0 | $0 | $0 |
| Total liabilities | $5.00B | $4.69B | $3.19B | $3.14B | $2.58B | $2.05B | $2.17B | $866.7M | $796.2M | $877.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $266,000 | $264,000 | $170,000 | $171,000 | $170,000 | $167,000 | $133,000 | $60,000 | $60,000 | $55,000 |
| Retained earnings (deficit) | −$48.8M | −$153.0M | −$99.2M | −$132.3M | −$81.7M | −$228.6M | −$87.9M | $19.2M | $18.6M | $18.8M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | $968.9M | $957.9M | $878.8M |
| Total shareholders' equity | $3.98B | $4.01B | $2.55B | $2.54B | $2.58B | $2.40B | $2.22B | $968.9M | $957.9M | $878.8M |
| Key figures | ||||||||||
| Total debt | $4.90B | $4.60B | $3.12B | $3.08B | $2.55B | $2.02B | $2.12B | $842.7M | $776.8M | $859.5M |
| Net cash (debt) | −$4.88B | −$4.47B | −$3.05B | −$2.95B | −$2.37B | −$1.99B | −$2.11B | −$836.9M | −$772.8M | −$848.6M |
| Working capital | $166.5M | $149.2M | $103.1M | $118.3M | $168.5M | $176.0M | −$16.0M | −$11.5M | −$9.1M | $77.3M |
| Tangible book value | $3.98B | $4.01B | $2.55B | $2.54B | $2.58B | $2.40B | $2.22B | $968.9M | $957.9M | $878.8M |
| Book value per share | $14.97 | $19.95 | $14.96 | $14.91 | $15.37 | $16.09 | $33.22 | $15.69 | $16.83 | $16.04 |
| Shares outstanding | 266.0M | 201.3M | 170.3M | 170.7M | 168.0M | 148.9M | 66.9M | 61.7M | 56.9M | 54.8M |
| Current ratio | 5.35 | 3.66 | 5.17 | 5.43 | 6.46 | 7.02 | 0.59 | 0.52 | 0.53 | 5.25 |
| Quick ratio | 2.40 | 3.66 | 5.17 | 5.43 | 6.46 | 1.45 | 0.59 | 0.52 | 0.53 | 0.93 |
| Debt / equity | 1.23 | 1.15 | 1.22 | 1.21 | 0.99 | 0.84 | 0.95 | 0.87 | 0.81 | 0.98 |
| Equity / assets | 44.4% | 46.1% | 44.4% | 44.8% | 50.0% | 53.9% | 50.6% | 52.8% | 54.6% | 50.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $13.0M | $128.4M | $58.4M | $23.6M | $99.8M | $116.9M | $110.3M | $131.2M | $147.5M | $300.7M | $76.7M | $69.8M |
| Cash & equivalents | $13.0M | $128.4M | $58.4M | $23.6M | $99.8M | $116.9M | $110.3M | $131.2M | $147.5M | $300.7M | $76.7M | $69.8M |
| Short-term investments | — | — | — | — | — | — | −$8.69B | $31.7M | −$317.2M | −$13.6M | −$9.2M | $14.9M |
| Receivables | $60.9M | $63.7M | $72.1M | $68.0M | $75.6M | $65.7M | $73.3M | $74.0M | $90.8M | $65.8M | $54.5M | $58.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $522.4M | $227.9M | $198.3M |
| Other current assets | $50.7M | $10.3M | $122.6M | $77.1M | $98.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $124.5M | $202.4M | $253.2M | $168.8M | $274.2M | $182.7M | $183.6M | $205.2M | $238.3M | $366.6M | $131.2M | $127.9M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $8.20B | $8.33B | $8.65B | $8.78B | $8.97B | $8.63B | $8.70B | $8.27B | $7.89B | $5.41B | $5.45B | $5.53B |
| Other non-current assets | $13.2M | $1.1M | $0 | $28.0M | $0 | $134.3M | $127.5M | $233.7M | $349.0M | $167.8M | $116.1M | $74.0M |
| Total assets | $8.34B | $8.53B | $8.89B | $8.98B | $9.24B | $8.95B | $9.01B | $8.71B | $8.48B | $5.94B | $5.70B | $5.73B |
| Liabilities | ||||||||||||
| Accounts payable | $13.0M | $33.9M | $88.7M | $38.3M | $4.1M | $58.3M | $58.8M | $56.0M | $93.3M | $52.6M | $35.2M | $24.7M |
| Short-term debt | — | $949.1M | — | — | — | — | — | — | — | $500.1M | $500.4M | $500.7M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | −$447.5M | −$465.2M | −$468.5M |
| Total current liabilities | $84.1M | $949.1M | $88.7M | $38.3M | $113.6M | $58.3M | $58.8M | $56.0M | $93.3M | $52.6M | $35.2M | $24.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $4.54B | $3.83B | $4.90B | $4.96B | $5.13B | $4.85B | $4.93B | $4.64B | $4.33B | $3.30B | $3.10B | $3.16B |
| Total liabilities | $4.63B | $4.78B | $4.98B | $5.00B | $5.24B | $4.91B | $4.99B | $4.69B | $4.42B | $3.35B | $3.14B | $3.19B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $260,000 | $261,000 | $263,000 | $266,000 | $266,000 | $269,000 | $265,000 | $264,000 | $265,000 | $172,000 | $171,000 | $170,000 |
| Retained earnings (deficit) | −$248.4M | −$219.6M | −$86.3M | −$48.8M | −$207.9M | −$194.0M | −$168.5M | −$153.0M | −$164.1M | −$83.0M | −$98.0M | −$99.2M |
| Accumulated other comprehensive income | — | — | — | — | $0 | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $3.70B | $3.75B | $3.91B | $3.98B | $4.00B | $4.04B | $4.02B | $4.01B | $4.05B | $2.59B | $2.56B | $2.55B |
| Key figures | ||||||||||||
| Total debt | $4.54B | $4.70B | $4.88B | $4.90B | $5.13B | $4.81B | $4.89B | $4.60B | $4.32B | $3.27B | $3.07B | $3.12B |
| Net cash (debt) | −$4.52B | −$4.57B | −$4.82B | −$4.88B | −$5.03B | −$4.69B | −$4.78B | −$4.47B | −$4.17B | −$2.97B | −$2.99B | −$3.05B |
| Working capital | $40.4M | −$746.7M | $164.5M | $130.5M | $160.5M | $124.4M | $124.7M | $149.2M | $145.1M | $314.0M | $95.9M | $103.1M |
| Tangible book value | $3.70B | $3.75B | $3.91B | $3.98B | $4.00B | $4.04B | $4.02B | $4.01B | $4.05B | $2.59B | $2.56B | $2.55B |
| Book value per share | $14.23 | $14.27 | $14.83 | $14.97 | $14.97 | $15.17 | $15.20 | $15.25 | $20.27 | $15.20 | $15.11 | $14.96 |
| Shares outstanding | 260.4M | 262.7M | 263.7M | 266.0M | 266.8M | 266.5M | 264.3M | 263.3M | 200.0M | 170.6M | 169.7M | 170.3M |
| Current ratio | 1.48 | 0.21 | 2.85 | 4.41 | 2.41 | 3.13 | 3.12 | 3.66 | 2.56 | 6.97 | 3.73 | 5.17 |
| Quick ratio | 0.88 | 0.20 | 1.47 | 2.40 | 1.54 | 3.13 | 3.12 | 3.66 | 2.56 | 6.97 | 3.73 | 5.17 |
| Debt / equity | 1.22 | 1.25 | 1.25 | 1.23 | 1.28 | 1.19 | 1.22 | 1.15 | 1.06 | 1.26 | 1.20 | 1.22 |
| Equity / assets | 44.4% | 43.9% | 44.0% | 44.4% | 43.3% | 45.2% | 44.6% | 46.1% | 47.8% | 43.6% | 45.0% | 44.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 18, 2025); data from EODHD.
GBDC financial position
At the end of fiscal 2025 (September 30, 2025), Golub Capital BDC had total assets of $9.0 billion (up 3.1% from a year earlier), total liabilities of $5.0 billion and shareholders' equity of $4.0 billion. It held $23.6 million in cash and short-term investments against $4.9 billion of debt, net debt of $4.9 billion. Its current ratio was 5.35. In the latest quarter (ended June 30, 2026) total assets were $8.3 billion and equity $3.7 billion.
Related: GBDC income statement, GBDC cash flow statement, GBDC key metrics. See the GBDC stock overview for the latest quote and news.
GBDC balance sheet FAQ
What are Golub Capital BDC's total assets?
Golub Capital BDC reported total assets of $9.0 billion at the end of fiscal 2025 (September 30, 2025), compared with $8.7 billion a year earlier.
How much debt does Golub Capital BDC have?
Golub Capital BDC had $4.9 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.23.
How much cash does Golub Capital BDC have?
Golub Capital BDC held $23.6 million in cash and short-term investments at the end of fiscal 2025; with $4.9 billion of debt that is net debt of $4.9 billion.
What is Golub Capital BDC's book value?
Golub Capital BDC's shareholders' equity (book value) was $4.0 billion at the end of fiscal 2025, or $14.97 per share.
What is Golub Capital BDC's current ratio?
Golub Capital BDC had current assets of $204.8 million and current liabilities of $38.3 million, a current ratio of 5.35 (it can cover its short-term obligations).