Golub Capital Bdc (GBDC) Incentive Fees (2010 - 2026)
Golub Capital Bdc (GBDC) recorded Incentive Fees of $18.06 million in fiscal Q1 2025 (quarter ended Dec 31, 2024), down 15.2% from $21.29 million a year earlier and down 13.4% from the prior quarter.
Powered by 
Analysis
Golub Capital Bdc (GBDC) Incentive Fees (2010 - 2026) Analysis & Trends
On a TTM basis, Golub Capital Bdc's Incentive Fees came in at $73.94 million as of Dec 31, 2024, down 6.8% year-over-year; for FY2024 (ended Sep 30, 2024), it was $77.16 million, up 4.2% from FY2023.
- Annual Incentive Fees has increased for three straight fiscal years, with a four-year compound annual growth rate of 53.7% (FY2020 to FY2024).
- Across earlier fiscal years, Incentive Fees came in at $74.07 million in FY2023 (+317.1%), $17.76 million in FY2022 (+452.5%), $3.21 million in FY2021 (-76.8%) and $13.83 million in FY2020.
- Quarterly Incentive Fees has ranged from $718,000 in fiscal Q3 2022 to $21.29 million in fiscal Q1 2024 over the past five years.
- On a year-over-year basis, Incentive Fees has declined for three consecutive quarters, with growth averaging 52.8% over the last seven quarters.
- Peak year-over-year performance for Incentive Fees in the last five years was growth of 373.6% in fiscal Q1 2023, against a decline of 23.6% in fiscal Q3 2024 at the low end.
- Per Business Quant, the preceding three fiscal quarters came in at $20.85 million (Q4 2024), $14.4 million (Q3 2024) and $20.63 million (Q2 2024).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Incentive Fees (Qtr) |
|---|---|---|---|---|---|
| 1 | Royalty Pharma | 39.80 Bn | 40.13 Bn | - | - |
| 2 | Rocket Companies | 38.90 Bn | 27.72 Bn | - | - |
| 3 | Orix | 38.66 Bn | 9.30 Bn | 13.83 Bn | - |
| 4 | Federal National Mortgage Association Fannie Mae | 26.46 Bn | -16,107.65 Bn | - | - |
| 5 | Synchrony Financial | 22.47 Bn | -45.15 Bn | - | - |
| 6 | Affirm Holdings | 22.07 Bn | 15.11 Bn | - | - |
| 7 | Royal Gold | 21.71 Bn | 20.92 Bn | 402.46 Mn | - |
| 8 | Ares Capital | 13.84 Bn | 11.59 Bn | - | 82.00 Mn |
| 9 | Annaly Capital Management | 13.83 Bn | 4.86 Bn | - | - |
| 10 | Golub Capital Bdc | 3.26 Bn | 3.16 Bn | - | 15.44 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 15.44 Mn |
| Mar 31, 2026 | 15.54 Mn |
| Dec 31, 2025 | 17.46 Mn |
| Sep 30, 2025 | 18.43 Mn |
| Jun 30, 2025 | 18.54 Mn |
| Mar 31, 2025 | 18.25 Mn |
| Dec 31, 2024 | 18.06 Mn |
| Sep 30, 2024 | 20.85 Mn |
| Jun 30, 2024 | 14.40 Mn |
| Mar 31, 2024 | 20.63 Mn |
| Dec 31, 2023 | 21.29 Mn |
| Sep 30, 2023 | 21.22 Mn |
| Jun 30, 2023 | 18.86 Mn |
| Mar 31, 2023 | 17.98 Mn |
| Dec 31, 2022 | 16.01 Mn |
| Sep 30, 2022 | 14.11 Mn |
| Jun 30, 2022 | 718,000.00 |
| Mar 31, 2022 | 4.36 Mn |
| Dec 31, 2021 | 3.38 Mn |
| Sep 30, 2021 | 268,000.00 |
API Access
Golub Capital Bdc Incentive Fees API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=incentive-fees&ticker=GBDC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "incentive-fees", "ticker": "GBDC", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=incentive-fees&ticker=GBDC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();