Golub Capital Bdc (GBDC) Operating Expenses (2021 - 2026)
Golub Capital Bdc (GBDC) posted Operating Expenses of $102.6 million for Q1 2026, down 7.79% sequentially from $111.2 million in Q4 2025, and down 10.97% YoY from $115.2 million in Q1 2025.
Golub Capital Bdc (GBDC) Operating Expenses (2021 - 2026) Analysis & Trends
Golub Capital Bdc has reported Operating Expenses for 6 years, with the latest figure at $102.6 million in Q1 2026.
- Quarterly Operating Expenses fell 10.97% year-over-year to $102.6 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $448.0 million (up 7.22% YoY) and the FY2025 annual result came in at $474.0 million, up 38.98% from the prior year.
- Operating Expenses eased to $102.6 million in Q1 2026 per GBDC's latest filing, from $111.2 million in the prior quarter.
- Over five years, Operating Expenses peaked at $124.6 million in Q4 2024 and troughed at $41.7 million in Q2 2022.
- A 5-year average of $87.4 million and a median of $80.9 million in 2023 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2023 and 2026: Operating Expenses soared 94.11% in 2023, then declined 10.97% in 2026.
- Over 5 years, Operating Expenses stood at $73.0 million in 2022, then advanced by 10.57% to $80.7 million in 2023, then surged by 54.31% to $124.6 million in 2024, then dropped by 10.7% to $111.2 million in 2025, then decreased by 7.79% to $102.6 million in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $102.6 million, $111.2 million, and $117.1 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 178.91 Bn | 165.04 Bn | - | 4.62 Bn |
| 2 | Blackstone | 114.69 Bn | 112.18 Bn | - | 2.38 Bn |
| 3 | Kkr | 97.11 Bn | -179.96 Bn | - | 5.41 Bn |
| 4 | Brookfield | 93.28 Bn | 45.88 Bn | - | 14.94 Bn |
| 5 | Brookfield Asset Management | 83.64 Bn | 82.14 Bn | - | 659.00 Mn |
| 6 | Apollo Global Management | 78.59 Bn | 53.22 Bn | 10.54 Bn | 8.74 Bn |
| 7 | State Street | 51.37 Bn | 51.37 Bn | - | 2.66 Bn |
| 8 | Ameriprise Financial | 51.06 Bn | 40.01 Bn | 4.72 Bn | 3.50 Bn |
| 9 | Raymond James Financial | 33.90 Bn | 20.65 Bn | - | 3.18 Bn |
| 10 | Golub Capital Bdc | 3.44 Bn | 3.40 Bn | - | 102.51 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 102.51 Mn |
| Mar 31, 2026 | 102.59 Mn |
| Dec 31, 2025 | 111.25 Mn |
| Sep 30, 2025 | 117.08 Mn |
| Jun 30, 2025 | 117.08 Mn |
| Mar 31, 2025 | 115.23 Mn |
| Dec 31, 2024 | 124.59 Mn |
| Sep 30, 2024 | 85.20 Mn |
| Jun 30, 2024 | 92.82 Mn |
| Mar 31, 2024 | 77.13 Mn |
| Dec 31, 2023 | 80.74 Mn |
| Sep 30, 2023 | 79.85 Mn |
| Jun 30, 2023 | 80.94 Mn |
| Mar 31, 2023 | 76.52 Mn |
| Dec 31, 2022 | 73.01 Mn |
| Sep 30, 2022 | 65.62 Mn |
| Jun 30, 2022 | 41.70 Mn |
| Mar 31, 2022 | 44.43 Mn |
| Dec 31, 2021 | 41.78 Mn |