Golub Capital Bdc (GBDC) Operating Expenses (2021 - 2026)
Golub Capital Bdc's (GBDC) quarterly Operating Expenses came in at $102.5 million in Q2 2026, down 12.44% year-over-year from $117.1 million in Q2 2025, and little changed quarter-over-quarter from $102.6 million in Q1 2026.
Analysis
Golub Capital Bdc (GBDC) Operating Expenses (2021 - 2026) Analysis & Trends
Golub Capital Bdc has disclosed Operating Expenses across 6 years of filings, most recently posting $102.5 million for Q2 2026.
- In Q2 2026, Operating Expenses fell 12.44% year-over-year to $102.5 million; the TTM figure through Jun 2026 stood at $433.4 million (down 7.67% YoY), while the FY2025 annual figure was $474.0 million, up 28.67% from the prior year.
- Operating Expenses came in at $102.5 million for Q2 2026 at Golub Capital Bdc, roughly flat from $102.6 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $124.6 million in Q4 2024 to a low of $41.7 million in Q2 2022.
- Average Operating Expenses over 5 years is $90.0 million, with a median of $87.6 million recorded in 2024.
- Year-over-year, Operating Expenses surged 94.11% in 2023 and fell 12.44% in 2026.
- Over 5 years, Operating Expenses stood at $73.0 million in 2022, then rose by 10.57% to $80.7 million in 2023, then soared by 54.31% to $124.6 million in 2024, then decreased by 10.7% to $111.2 million in 2025, then dropped by 7.85% to $102.5 million in 2026.
- Per Business Quant data, the three most recent Operating Expenses figures were $102.5 million in Q2 2026, $102.6 million in Q1 2026, and $111.2 million in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Ares Capital | 14.12 Bn | 13.74 Bn | - | 401.00 Mn |
| 2 | Blackstone Secured Lending Fund | 5.63 Bn | 5.37 Bn | - | 142.27 Mn |
| 3 | Blue Owl Capital | 5.49 Bn | 5.25 Bn | - | 224.46 Mn |
| 4 | Main Street Capital | 5.20 Bn | 5.15 Bn | - | 55.78 Mn |
| 5 | Blue Owl Technology Finance | 4.94 Bn | 4.73 Bn | - | 198.97 Mn |
| 6 | Hercules Capital | 4.66 Bn | 4.61 Bn | - | 61.10 Mn |
| 7 | FS KKR Capital | 3.33 Bn | 3.22 Bn | - | 179.00 Mn |
| 8 | Golub Capital Bdc | 3.31 Bn | 3.26 Bn | - | 102.51 Mn |
| 9 | PennantPark Floating Rate Capital | 2.49 Bn | -118.08 Mn | - | 40.19 Mn |
| 10 | MidCap Financial Investment | 2.07 Bn | 2.03 Bn | - | 35.52 Mn |
Historic Data
Download Data
Historic 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 | 112.53 Mn |
| Jun 30, 2024 | 92.82 Mn |
| Mar 31, 2024 | 82.28 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 |