Golub Capital BDC Inc (GBDC)

Golub Capital BDC, Inc. Prices Public Offering of $500 Million 6.250% Notes Due 2031May 19, 2026 4:27 PM
Business Wire Golub Capital BDC, Inc. (the “Company,” “we,” “us” or “our”), a business development company (Nasdaq: GBDC), announced that it has priced an underwritten public offering of $500 million in aggregate principal amount of 6.250% notes due 2031 (the “Notes”). The Notes will mature on June 1, 2031 and may be redeemed in whole or in part at the Company’s option at any time prior to May 1, 2031, at par plus a “make-whole” premium, and thereafter at par. Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, Santander US Capital Markets LLC, SMBC Nikko Securities America, Inc., Truist Securities, Inc., Capital One Securities, Inc., MUFG Securities Americas Inc., RBC Capital Markets, LLC, Regions Securities LLC and SG Americas Securities, LLC are acting as joint book-running managers for this offering. BNP Paribas Securities Corp., CastleOak Securities, L.P., CIBC World Markets Corp., Comerica Securities, Inc., FNB America Securities LLC, Goldman Sachs & Co. LLC, Lucid Capital Markets, LLC, Morgan Stanley & Co. LLC, Oppenheimer & Co. Inc., Raymond James & Associates, Inc. and U.S. Bancorp Investments, Inc are acting as co-managers for the offering. The offering is expected to close on May 27, 2026, subject to customary closing conditions. The Company intends to use the net proceeds from this offering to repay a portion of the outstanding indebtedness under the Company’s senior secured revolving credit facility with JPMorgan Chase Bank, N.A. (the “JPM Credit Facility”). However, the Company may re-borrow under the JPM Credit Facility or borrow under the Company’s unsecured revolving credit facility with GC Advisors LLC for general corporate purposes, which may include investing in portfolio companies in accordance with the Company’s investment strategy. Investors are advised to carefully consider the investment objective, risks, charges and expenses of the Company before investing. The preliminary prospectus supplement dated May 19, 2026 and the accompanying prospectus dated March 28, 2025, each of which have been filed with the Securities and Exchange Commission (the “SEC”), contain this and other information about the Company and should be read carefully before investing. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of the Company and are not soliciting an offer to buy the notes in any jurisdiction where such offer and sale is not permitted. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by calling Wells Fargo Securities, LLC at 1-800-645-3751, J.P. Morgan Securities at 212-834-4533, Santander US Capital Markets LLC at 1-855-403-3636, SMBC Nikko Securities America, Inc. at 1-888-868-6856 or Truist Securities, Inc. at 1-800-685-4786. ABOUT GOLUB CAPITAL BDC, INC. The Company is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in one stop and other senior secured loans to middle-market companies that are often sponsored by private equity investors. The Company’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). ABOUT GOLUB CAPITAL Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital’s sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors. As of April 1, 2026, Golub Capital had over 1,000 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com. FORWARD-LOOKING STATEMENTS Some of the statements in this press release constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements may include statements as to the Company’s notes offering , the expected net proceeds from the offering, and the anticipated use of the net proceeds of the offering. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and elsewhere in our annual report on Form 10-K and our other filings with the SEC. Other factors that could cause actual results to differ materially include: changes in the economy, financial and lending markets and geopolitical environment; changes in the markets in which we invest; changes in the interest rate environment and its impact on our business and our portfolio companies; the impact of elevated levels of inflation and its impact on our portfolio companies and the industries in which we invest; future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies or regulated investment companies; and other considerations that may be disclosed from time to time in our publicly disseminated documents and filings. We have based the forward-looking statements included in this press release on information available to us on the date of this press release, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519871677/en/ Investor Contact:
Christopher Ericson
312-212-4036
cericson@golubcapital.com Original: Golub Capital BDC, Inc. Prices Public Offering of $500 Million 6.250% Notes Due 2031

Golub Capital BDC, Inc. Announces Fiscal Year 2026 Second Quarter Financial ResultsMay 4, 2026 4:22 PM
Business Wire Declares Quarterly Distribution of $0.33 Per Share Golub Capital BDC, Inc., a business development company (Nasdaq: GBDC), today announced its financial results for its second fiscal quarter ended March 31, 2026. Except where the context suggests otherwise, the terms “we,” “us,” “our,” and “Company” refer to Golub Capital BDC, Inc. and its consolidated subsidiaries. “GC Advisors” refers to GC Advisors LLC, our investment adviser. SELECTED FINANCIAL HIGHLIGHTS               (in thousands, except per share data)         March 31, 2026   December 31, 2025 Investment portfolio, at fair value $ 8,317,245     $ 8,639,231   Total assets $ 8,529,697     $ 8,893,965   Net asset value per share $ 14.35     $ 14.84             Quarter Ended   March 31, 2026   December 31, 2025 Net investment income per share $ 0.33     $ 0.37   Amortization of purchase premium per share   0.01       0.01   Adjusted net investment income per share1 $ 0.34     $ 0.38           Net realized/unrealized gain/(loss) per share $ (0.51 )   $ (0.12 ) Reversal of realized/unrealized loss resulting from the amortization of purchase premium per share1   (0.01 )     (0.01 ) Adjusted net realized/unrealized gain/(loss) per share1 $ (0.52 )   $ (0.13 )         Earnings/(loss) per share $ (0.18 )   $ 0.25   Adjusted earnings/(loss) per share1 $ (0.18 )   $ 0.25           Net asset value per share $ 14.35     $ 14.84   Distributions paid per share $ 0.33     $ 0.39           1  On September 16, 2019 and June 3, 2024, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”) and Golub Capital BDC 3, Inc. (“GBDC 3”), respectively. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC and GBDC 3’s stockholders exceeded the relative fair values of the assets acquired, the premium paid by the Company was allocated to the cost of the GCIC and GBDC 3 investments acquired by the Company pro-rata based on their relative fair value. Immediately following each acquisition, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities acquired from GCIC and GBDC 3 will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the GCIC and GBDC 3 equity securities acquired and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the GCIC and GBDC 3 equity securities acquired.   As a supplement to U.S. generally accepted accounting principles (“GAAP”) financial measures, the Company is providing the following non-GAAP financial measures that it believes are useful for the reasons described below:   “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” – excludes the amortization of the purchase premium from net investment income calculated in accordance with GAAP. “Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” – Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee required under GAAP; “Adjusted Net Realized and Unrealized Gain/(Loss)” and “Adjusted Net Realized and Unrealized Gain/(Loss) Per Share” – excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss from the amortization of the premium from the determination of realized and unrealized gain/(loss) in accordance with GAAP. “Adjusted Net Income/(Loss)” and “Adjusted Earnings/(Loss) Per Share” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).   The Company believes that excluding the financial impact of the purchase premium write down in the above non-GAAP financial measures is useful for investors as it is a non-cash expense/loss resulting from the acquisitions of GCIC and GBDC 3 and is one method the Company uses to measure its financial condition and results of operations. In addition, the Company believes excluding the accrual of the capital gain incentive fee under GAAP is useful as a portion of such accrual is not contractually payable under the terms of the Company’s investment advisory agreement with GC Advisors. Second Fiscal Quarter 2026 Highlights Net investment income per share for the quarter ended March 31, 2026 was $0.33 as compared to $0.37 for the quarter ended December 31, 2025. Excluding $0.01 per share in purchase premium amortization from the GCIC/GBDC 3 acquisitions, and no accrual or reversal for the capital gain incentive fee under GAAP, Adjusted Net Investment Income Per Share1 for the quarter ended March 31, 2026 was $0.34. This compares to Adjusted Net Investment Income Per Share1 of $0.38 for the quarter ended December 31, 2025 when excluding $0.01 per share in purchase premium amortization from the GCIC/GBDC 3 acquisitions and no accrual or reversal for the capital gain incentive fee under GAAP. Credit spreads widened meaningfully during the quarter ended March 31, 2026, across a wide variety of credit asset classes, including loans to sponsor-backed companies. For the Company, this spread widening led to unrealized depreciation from fair value adjustments (not permanent impairment of capital), even though overall credit performance of the portfolio remained solid. Net realized and unrealized gain/(loss) per share for the quarter ended March 31, 2026 was ($0.51). Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 was ($0.52) when excluding $0.01 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the GCIC/GBDC 3 acquisition purchase premium. Approximately 69%, or ($0.35) per share of the Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended March 31, 2026, was due to the fair value adjustments on the Company’s investments rated in the Adviser’s highest internal performance rating (“IPR”) categories (as defined below) IPR 4 and IPR 5. As of March 31, 2026, the fair value of the Company’s IPR 4 and IPR 5 debt investments as a percentage of outstanding principal (“Average Price”) declined to 98.5% compared to 99.7% as of December 31, 2025. In addition, unrealized depreciation resulting from the underperformance of certain portfolio companies that were on or taken to non-accrual during the quarter and a realized loss recognized on the restructuring of a portfolio company investment which were partially offset by net realized and unrealized gains recognized on the translation of foreign currency transactions, contributed to the Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended March 31, 2026. For additional analysis, please refer to the Quarter Ended 03.31.2026 Earnings Presentation available on the Investor Resources link on the homepage of the Company's website (www.golubcapitalbdc.com) under Events/Presentations. The Earnings Presentation was also filed with the Securities and Exchange Commission as an exhibit to a Form 8-K. These results compare to net realized and unrealized gain/(loss) per share of ($0.12) during the quarter ended December 31, 2025. Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended December 31, 2025 was ($0.13) when excluding $0.01 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the GCIC/GBDC 3 acquisition purchase premium. Earnings per share for the quarter ended March 31, 2026 was a loss of ($0.18) as compared to earnings per share of $0.25 for the quarter ended December 31, 2025. Adjusted Earnings/(Loss) Per Share1 for the quarter ended March 31, 2026 was ($0.18) as compared to $0.25 for the quarter ended December 31, 2025. Net asset value (“NAV”) per share decreased to $14.35 at March 31, 2026 from $14.84 at December 31, 2025. On March 30, 2026, we paid a quarterly distribution of $0.33 per share. On May 1, 2026, our board of directors declared a quarterly distribution of $0.33 per share, which is payable on June 29, 2026, to stockholders of record as of June 15, 2026. During the three months ended March 31, 2026, we opportunistically repurchased approximately 2,236,904 shares of our common stock for an aggregate purchase price of approximately $27.8 million, at an aggregate price of $12.43 per share, and during the period April 1, 2026 through May 4, 2026 we repurchased approximately 0.7 million shares of our common stock for an aggregate purchase price of approximately $8.4 million, at an aggregate price of $12.93 per share in response to market volatility. During the three months ended March 31, 2026, the Golub Capital Employee Grant Program Rabbi Trust (the “Trust”) purchased approximately $18.7 million, or 1,500,000 shares, of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During the calendar year 2025, the Trust purchased approximately $45.1 million or 3,089,459 shares, of our common stock. Portfolio and Investment Activities As of March 31, 2026, the Company had investments in 420 portfolio companies with a total fair value of $8,317.2 million. This compares to the Company’s portfolio as of December 31, 2025, when the Company had investments in 420 portfolio companies with a total fair value of $8,639.2 million. Investments in portfolio companies as of March 31, 2026 and December 31, 2025 consisted of the following:     As of March 31, 2026   As of December 31, 2025     Investments   Percentage of   Investments   Percentage of     at Fair Value   Total   at Fair Value   Total Investment Type   (In thousands)   Investments   (In thousands)   Investments Senior secured   $ 403,460   4.9 %   $ 414,507   4.8 % One stop     7,241,236   87.0       7,531,078   87.1   Junior debt*     57,190   0.7       61,019   0.8   Equity     615,359   7.4       632,627   7.3   Total   $ 8,317,245   100.0 %   $ 8,639,231   100.0 % * Junior debt is comprised of second lien and subordinated debt. The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2026:   New Investment       Commitments   Percentage of   (In thousands)   Commitments         Senior secured $ 1,000   5.6 % One stop   16,380   92.4   Junior debt*   —   —   Equity   354   2.0   Total new investment commitments $ 17,734   100.0 % * Junior debt is comprised of second lien and subordinated debt. Total investments in portfolio companies at fair value were $8,317.2 million at March 31, 2026. As of March 31, 2026, total assets were $8,529.7 million, net assets were $3,748.1 million and net asset value per share was $14.35. Consolidated Results of Operations For the second fiscal quarter of 2026, the Company reported GAAP net loss of ($46.8) million or ($0.18) per share and Adjusted Net Loss2 of ($46.8) million or ($0.18) per share. GAAP net investment income was $85.5 million or $0.33 per share and Adjusted Net Investment Income1 was $88.1 million or $0.34 per share. GAAP net realized and unrealized gain/(loss) was ($132.3) million or ($0.51) per share and Adjusted Realized and Unrealized Gain/(Loss)1 was ($134.9) million or ($0.52) per share. Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful. Liquidity and Capital Resources The Company’s liquidity and capital resources are derived from the Company’s debt securitizations (also known as collateralized loan obligations, or CLOs), unsecured notes, revolving credit facilities and cash flow from operations. The Company’s primary uses of funds from operations include investments in portfolio companies and payment of fees and other expenses that the Company incurs. The Company has used, and expects to continue to use, its debt securitizations, unsecured notes, revolving credit facilities, proceeds from its investment portfolio and proceeds from offerings of its securities and its dividend reinvestment plan to finance its investment objectives. As of March 31, 2026, we had cash, cash equivalents and foreign currencies of $72.2 million, restricted cash, restricted cash equivalents and restricted foreign currencies of $63.0 million and $4,723.9 million of debt outstanding. As of March 31, 2026, subject to leverage and borrowing base restrictions, we had approximately $1,049.8 million of remaining availability, in the aggregate, on our revolving credit facility with JPMorgan. In addition, as of March 31, 2026, we had $300.0 million of remaining commitments and availability on our unsecured line of credit with GC Advisors. The Company’s GAAP leverage ratio remained stable at 1.27x as of March 31, 2026 and our GAAP debt-to-equity ratio, net3 increased modestly to 1.24x as of March 31, 2026 (1.21x, on average, throughout the quarter ended March 31, 2026). Portfolio and Asset Quality GC Advisors regularly assesses the risk profile of each of the Company’s investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:       Internal Performance Ratings Rating   Definition 5   Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable. 4   Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable. 3   Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due. 2   Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due). 1   Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered. Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. For additional analysis on the Company's internal performance ratings as of March 31, 2026, please refer to the Quarter Ended 03.31.2026 Earnings Presentation available on Investors Resources link on the homepage of the Company's website (www.golubcapitalbdc.com) under Events/Presentations. The following table shows the distribution of the Company’s investments on the 1 to 5 internal performance rating scale at fair value as of March 31, 2026 and December 31, 2025:     March 31, 2026   December 31, 2025 Internal   Investments   Percentage of   Investments   Percentage of Performance   at Fair Value   Total   at Fair Value   Total Rating   (In thousands)   Investments   (In thousands)   Investments 5   $ 123,169   1.5 %   $ 240,987   2.8 % 4     7,288,701   87.6       7,412,877   85.8   3     722,546   8.7       875,417   10.1   2     182,722   2.2       109,950   1.3   1     107   0.0 *     —   —   Total   $ 8,317,245   100.0 %   $ 8,639,231   100.0 % * Represents an amount less than 0.1% The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2026 and December 31, 2025, the net change in unrealized depreciation on debt and equity investments for the three months ending March 31, 2026 and the primary drivers of reductions in average price of our debt investments by internal performance rating category as for March 31, 2026 as compared to December 31, 2025:     Average Price1   Net Change in Unrealized Depreciation on Investments2,3     Category   March 31, 2026   December 31, 2025   $ Per Share   % to Total   Primary Driver Internal Performance Ratings 4 and 5 (Performing At or Above Expectations)   98.5%   99.7%   $(0.35)   69%   Spread widening Internal Performance Rating 3 (Performing Below Expectations)   92.2   92.6   $(0.08)   16%   Spread widening, credit challenges Internal Performance Ratings 1 and 2 (Performing Materially Below Expectations)   45.3   45.7   $(0.08)   16%   Pre-existing credit challenges Total   96.8%   98.2%   $(0.51)   100%     ____________________ Note: Percentages may not sum due to rounding. (1) Includes only debt investments held as of March 31, 2026 and December 31, 2025. Price reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category. (2) Net change in unrealized depreciation on investments reflect the net change in unrealized appreciation or depreciation on total debt and equity investments for the three months ended March 31, 2026 and excludes (i) the change in unrealized appreciation or depreciation resulting from the translation of assets and liabilities in foreign currencies and forward currency contracts and (ii) the reversal of the unrealized loss resulting from GCIC/GBDC 3 purchase premium amortization. (3) Based on weighted average share outstanding for the three months ended March 31, 2026. Conference Call The Company will host an earnings conference call at 11:00 am (Eastern Time) on Tuesday, May 5, 2026 to discuss the quarterly financial results. All interested parties may participate in the conference call by dialing (800) 715-9871 approximately 10-15 minutes prior to the call; international callers should dial (646) 307-1963. Participants should reference Golub Capital BDC, Inc. when prompted or reference conference ID number 8711124. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Resources link on the homepage of our website (www.golubcapitalbdc.com) and click on the Quarter Ended 03.31.2026 Earnings Presentation under Events/Presentations. An archived replay of the call will be available shortly after the call until 11:59 p.m. (Eastern Time) on May 12, 2026. To hear the replay, please dial (800) 770-2030. International dialers, please dial +1 (609) 800-9909. For all replays, please reference program ID number 8711124.   Golub Capital BDC, Inc. and Subsidiaries       Consolidated Statements of Financial Condition       (In thousands, except share and per share data)         March 31, 2026   December 31, 2025 Assets (unaudited)   (unaudited) Investments, at fair value (cost of $8,477,016 and $8,653,728, respectively) $ 8,317,245     $ 8,639,231   Cash and cash equivalents   65,429       84,310   Unrestricted foreign currencies (cost of $6,884 and $9,406, respectively)   6,763       9,659   Restricted cash and cash equivalents   62,987       66,573   Interest receivable   63,678       72,129   Receivable for investments   3,587       6,701   Other assets   10,008       15,362   Total Assets $ 8,529,697     $ 8,893,965           Liabilities       Debt $ 4,723,905     $ 4,903,076   Less unamortized debt issuance costs   (21,427 )     (23,849 ) Debt less unamortized debt issuance costs   4,702,478       4,879,227   Interest payable   33,891       49,092   Management and income incentive fees payable   36,533       39,637   Accounts payable and other liabilities   8,675       16,855   Total Liabilities   4,781,577       4,984,811           Net Assets       Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.   —       —   Common stock, par value $0.001 per share, 500,000,000 shares authorized, 261,147,881 issued and outstanding as of March 31, 2026 and 263,384,785 issued and outstanding as of December 31, 2025.   261       263   Paid in capital in excess of par   3,967,414       3,995,213   Distributable earnings   (219,555 )     (86,322 ) Total Net Assets   3,748,120       3,909,154   Total Liabilities and Total Net Assets $ 8,529,697     $ 8,893,965   Number of common shares outstanding   261,147,881       263,384,785   Net asset value per common share $ 14.35     $ 14.84     Golub Capital BDC, Inc. and Subsidiaries         Consolidated Statements of Operations         (In thousands, except share and per share data)             Three months ended     March 31, 2026   December 31, 2025     (unaudited)   (unaudited) Investment income     Interest income   $ 183,528     $ 201,443   Acquisition purchase price premium amortization     (2,520 )     (3,168 ) Dividend income     6,360       7,619   Fee income     766       1,113   Total investment income     188,134       207,007   Expenses         Interest and other debt financing expenses     61,069       66,314   Base management fee     21,035       22,115   Incentive fee     15,542       17,457   Administrative service fee     2,939       3,180   Professional fees     1,627       1,785   General and administrative expenses     375       398   Total expenses     102,587       111,249   Net investment income after tax     85,547       95,758             Net gain (loss) on investment transactions         Net realized gain (loss) from:         Investments     (1,451 )     (2,718 ) Foreign currency transactions     1,354       (1,120 ) Forward currency contracts     (10,258 )     —   Net realized gain (loss) in investment transactions     (10,355 )     (3,838 ) Net change in unrealized appreciation (depreciation) from:         Investments     (131,632 )     (29,014 ) Translation of assets and liabilities in foreign currencies     (4,398 )     2,048   Forward currency contracts     14,042       292   Net change in unrealized appreciation (depreciation) on investment transactions     (121,988 )     (26,674 ) Net gain (loss) on investment transactions     (132,343 )     (30,512 ) (Provision) benefit for taxes on unrealized appreciation on investments     —       —   Net increase (decrease) in net assets resulting from operations   $ (46,796 )   $ 65,246             Per Common Share Data         Basic and diluted earnings per common share   $ (0.18 )   $ 0.25   Dividends and distributions declared per common share   $ 0.33     $ 0.39   Basic and diluted weighted average common shares outstanding     262,676,687       263,678,730   ABOUT GOLUB CAPITAL BDC, INC. Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). ABOUT GOLUB CAPITAL Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital’s sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors. As of January 1, 2026, Golub Capital had over 1,000 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com. FORWARD-LOOKING STATEMENTS This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. Golub Capital BDC, Inc. undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. ___________________ 1 See footnote 1 to “Selected Financial Highlights” above. 2 See footnote 1 to “Selected Financial Highlights” above. 3 GAAP debt-to-equity, net is calculated as (a) total debt reduced by (i) cash, (ii) cash equivalents and foreign currencies and (iii) restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) divided by (b) total net assets.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260504411563/en/ Christopher Ericson
312-212-4036
cericson@golubcapital.com Original: Golub Capital BDC, Inc. Announces Fiscal Year 2026 Second Quarter Financial Results

Golub Capital BDC, Inc. Schedules Release of Fiscal Year 2026 Second Quarter ResultsApril 6, 2026 4:20 PM
Business Wire
Golub Capital BDC, Inc., a business development company (NASDAQ: GBDC, www.golubcapitalbdc.com), announced today that it will report its financial results for the quarter ended March 31, 2026 on Monday, May 4, 2026 after the close of the financial markets.


Golub Capital BDC, Inc. will host an earnings conference call at 11:00 a.m. (Eastern Time) on Tuesday, May 5, 2026 to discuss its quarterly financial results.


All interested parties may participate in the conference call by dialing (800) 715-9871 approximately 10-15 minutes prior to the call; international callers should dial (646) 307-1963. Participants should reference Golub Capital BDC, Inc. when prompted, or reference conference ID number 8711124. An archived replay of the call will be available shortly after the call until 11:59 p.m. (Eastern Time) on May 12, 2026. To hear the replay, please dial (800) 770-2030. International dialers, please dial (609) 800-9909. For all replays, please reference program ID number 8711124.


ABOUT GOLUB CAPITAL BDC, INC.


Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”).


ABOUT GOLUB CAPITAL


Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital’s sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.


As of January 1, 2026, Golub Capital had over 1,100 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com.


FORWARD-LOOKING STATEMENTS


This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. Golub Capital BDC, Inc. undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406573993/en/
Christopher Ericson

312-212-4036

cericson@golubcapital.com


Original: Golub Capital BDC, Inc. Schedules Release of Fiscal Year 2026 Second Quarter Results

Golub Capital BDC, Inc. Announces Fiscal Year 2026 First Quarter Financial ResultsFebruary 4, 2026 4:11 PM
Business Wire
Declares Quarterly Distribution of $0.33 Per Share


Golub Capital BDC, Inc., a business development company (Nasdaq: GBDC), today announced its financial results for its first fiscal quarter ended December 31, 2025.


Except where the context suggests otherwise, the terms “we,” “us,” “our,” and “Company” refer to Golub Capital BDC, Inc. and its consolidated subsidiaries. “GC Advisors” refers to GC Advisors LLC, our investment adviser.




SELECTED FINANCIAL HIGHLIGHTS






 






 






 








 






 






 






 








(in thousands, except per share data)






 






 






 








 






December 31, 2025






 






September 30, 2025








Investment portfolio, at fair value






$






8,639,231






 






 






$






8,769,389






 








Total assets






$






8,893,965






 






 






$






8,978,299






 








Net asset value per share






$






14.84






 






 






$






14.97






 








 






 






 






 








 






Quarter Ended








 






December 31, 2025






 






September 30, 2025








Net investment income per share






$






0.37






 






 






$






0.38






 








Amortization of purchase premium per share






 






0.01






 






 






 






0.01






 








Adjusted net investment income per share1






$






0.38






 






 






$






0.39






 








 






 






 






 








Net realized/unrealized gain/(loss) per share






$






(0.12






)






 






$






(0.02






)








Reversal of realized/unrealized loss resulting from the amortization of purchase premium per share1






 






(0.01






)






 






 






(0.01






)








Adjusted net realized/unrealized gain/(loss) per share1






$






(0.13






)






 






$






(0.03






)








 






 






 






 








Earnings/(loss) per share






$






0.25






 






 






$






0.36






 








Adjusted earnings/(loss) per share1






$






0.25






 






 






$






0.36






 








 






 






 






 








Net asset value per share






$






14.84






 






 






$






14.97






 








Distributions paid per share






$






0.39






 






 






$






0.39






 








 






 






 






 









1







On September 16, 2019 and June 3, 2024, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”) and Golub Capital BDC 3, Inc. (“GBDC 3”), respectively. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC and GBDC 3’s stockholders exceeded the relative fair values of the assets acquired, the premium paid by the Company was allocated to the cost of the GCIC and GBDC 3 investments acquired by the Company pro-rata based on their relative fair value. Immediately following each acquisition, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities acquired from GCIC and GBDC 3 will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the GCIC and GBDC 3 equity securities acquired and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the GCIC and GBDC 3 equity securities acquired.




 




As a supplement to U.S. generally accepted accounting principles (“GAAP”) financial measures, the Company is providing the following non-GAAP financial measures that it believes are useful for the reasons described below:





“Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” – excludes the amortization of the purchase premium from net investment income calculated in accordance with GAAP.



“Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” – Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee required under GAAP;



“Adjusted Net Realized and Unrealized Gain/(Loss)” and “Adjusted Net Realized and Unrealized Gain/(Loss) Per Share” – excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss from the amortization of the premium from the determination of realized and unrealized gain/(loss) in accordance with GAAP.



“Adjusted Net Income/(Loss)” and “Adjusted Earnings/(Loss) Per Share” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss).




 




The Company believes that excluding the financial impact of the purchase premium write down in the above non-GAAP financial measures is useful for investors as it is a non-cash expense/loss resulting from the acquisitions of GCIC and GBDC 3 and is one method the Company uses to measure its financial condition and results of operations. In addition, the Company believes excluding the accrual of the capital gain incentive fee under GAAP is useful as a portion of such accrual is not contractually payable under the terms of the Company’s investment advisory agreement with GC Advisors.







First Fiscal Quarter 2026 Highlights



Net investment income per share for the quarter ended December 31, 2025 was $0.37 as compared to $0.38 for the quarter ended September 30, 2025. Excluding $0.01 per share in purchase premium amortization from the GCIC/GBDC 3 acquisitions, and no accrual or reversal for the capital gain incentive fee under GAAP, Adjusted Net Investment Income Per Share1 for the quarter ended December 31, 2025 was $0.38. This compares to Adjusted Net Investment Income Per Share1 of $0.39 for the quarter ended September 30, 2025 when excluding $0.01 per share in purchase premium amortization from the GCIC/GBDC 3 acquisitions and no accrual or reversal for the capital gain incentive fee under GAAP.



Net realized and unrealized gain/(loss) per share for the quarter ended December 31, 2025 was ($0.12). Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 was ($0.13) when excluding $0.01 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the purchase premium. The Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended December 31, 2025 was primarily due to (i) unrealized depreciation resulting from the underperformance of certain portfolio companies and (ii) a realized loss recognized on the restructuring of a portfolio company investment that was partially offset by (i) net realized gains recognized on the disposition of equity investments in multiple portfolio companies and (ii) net realized and unrealized gains recognized on the translation of foreign currency transactions. For additional analysis, please refer to the Quarter Ended 12.31.2025 Earnings Presentation available on the Investor Resources link on the homepage of the Company's website (www.golubcapitalbdc.com) under Events/Presentations. The Earnings Presentation was also filed with the Securities and Exchange Commission as an exhibit to a Form 8-K. These results compare to net realized and unrealized gain/(loss) per share of ($0.02) during the quarter ended September 30, 2025. Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended September 30, 2025 was ($0.03) when excluding $0.01 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the purchase premium.



Earnings per share for the quarter ended December 31, 2025 was $0.25 as compared to $0.36 for the quarter ended September 30, 2025. Adjusted Earnings Per Share1 for the quarter ended December 31, 2025 was $0.25 as compared to $0.36 for the quarter ended September 30, 2025.



Net asset value (“NAV”) per share decreased to $14.84 at December 31, 2025 from $14.97 at September 30, 2025.



On December 30, 2025, we paid a quarterly distribution of $0.39 per share.



On February 2, 2026, our board of directors declared a quarterly distribution of $0.33 per share, which is payable on March 30, 2026, to stockholders of record as of March 13, 2026. We believe this change appropriately balances GBDC’s four longstanding goals in setting its dividend. Those goals are to maintain a stable NAV over time, to minimize excise taxes over time, to make adjustments infrequently and to pay as high a dividend yield on NAV as sustainable consistent with the above goals. The reduction in quarterly distribution from $0.39 to $0.33 per share reflects our evolving outlook for rates, asset spreads, and financing costs in the market environment. In addition, our board of directors has elected to retain GBDC’s current quarterly variable supplemental dividend policy that generally seeks to distribute to investors through a quarterly supplemental distribution 50% of the earnings of GBDC above the $0.33 quarterly distribution, subject to certain exceptions for maintenance of a stable NAV over time.



During the three months ended December 31, 2025, we opportunistically repurchased approximately 2,623,298 shares of our common stock for an aggregate purchase price of approximately $35.9 million, at an aggregate price of $13.69 per share, and during the period January 1, 2026 through February 4, 2026 we repurchased approximately 0.2 million shares of our common stock for an aggregate purchase price of approximately $2.1 million, at an aggregate price of $13.20 per share in response to market volatility.



During the three months ended December 31, 2025, the Golub Capital Employee Grant Program Rabbi Trust (the “Trust”) purchased approximately $11.6 million, or 846,200 shares, of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During the calendar year 2025, the Trust purchased approximately $45.1 million or 3,089,459 shares, of our common stock.



Portfolio and Investment Activities


As of December 31, 2025, the Company had investments in 420 portfolio companies with a total fair value of $8,639.2 million. This compares to the Company’s portfolio as of September 30, 2025, as of which date the Company had investments in 417 portfolio companies with a total fair value of $8,769.4 million. Investments in portfolio companies as of December 31, 2025 and September 30, 2025 consisted of the following:




 






 






As of December 31, 2025






 






As of September 30, 2025








 






 






Investments






 






Percentage of






 






Investments






 






Percentage of








 






 






at Fair Value






 






Total






 






at Fair Value






 






Total








Investment Type






 






(In thousands)






 






Investments






 






(In thousands)






 






Investments








Senior secured






 






$






414,507






 






4.8






%






 






$






442,477






 






5.0






%








One stop






 






 






7,531,078






 






87.1






 






 






 






7,615,809






 






86.8






 








Junior debt*






 






 






61,019






 






0.8






 






 






 






64,821






 






0.8






 








Equity






 






 






632,627






 






7.3






 






 






 






646,282






 






7.4






 








Total






 






$






8,639,231






 






100.0






%






 






$






8,769,389






 






100.0






%








 






 






 






 






 






 






 






 






 









*






Junior debt is comprised of second lien and subordinated debt.







The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2025:




 






New Investment






 






 








 






Commitments






 






Percentage of








 






(In thousands)






 






Commitments








 






 






 






 








Senior secured






$






3,000






 






6.7






%








One stop






 






40,499






 






90.7






 








Junior debt*






 






—






 






—






 








Equity






 






1,157






 






2.6






 








Total new investment commitments






$






44,656






 






100.0






%








 






 






 






 









*






Junior debt is comprised of second lien and subordinated debt.







Total investments in portfolio companies at fair value were $8,639.2 million at December 31, 2025. As of December 31, 2025, total assets were $8,894.0 million, net assets were $3,909.2 million and net asset value per share was $14.84.


Consolidated Results of Operations


For the first fiscal quarter of 2026, the Company reported GAAP net income of $65.2 million or $0.25 per share and Adjusted Net Income2 of $65.2 million or $0.25 per share. GAAP net investment income was $95.7 million or $0.37 per share and Adjusted Net Investment Income1 was $98.9 million or $0.38 per share. GAAP net realized and unrealized gain/(loss) was ($30.5) million or ($0.12) per share and Adjusted Realized and Unrealized Gain/(Loss)1 was ($33.7) million or ($0.13) per share.


Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful.


Liquidity and Capital Resources


The Company’s liquidity and capital resources are derived from the Company’s debt securitizations (also known as collateralized loan obligations, or CLOs), unsecured notes, revolving credit facilities and cash flow from operations. The Company’s primary uses of funds from operations include investments in portfolio companies and payment of fees and other expenses that the Company incurs. The Company has used, and expects to continue to use, its debt securitizations, unsecured notes, revolving credit facilities, proceeds from its investment portfolio and proceeds from offerings of its securities and its dividend reinvestment plan to finance its investment objectives.


As of December 31, 2025, we had cash, cash equivalents and foreign currencies of $94.0 million, restricted cash, restricted cash equivalents and restricted foreign currencies of $66.6 million and $4,903.1 million of debt outstanding. As of December 31, 2025, subject to leverage and borrowing base restrictions, we had approximately $881.8 million of remaining availability, in the aggregate, on our revolving credit facility with JPMorgan. In addition, as of December 31, 2025, we had $300.0 million of remaining commitments and availability on our unsecured line of credit with GC Advisors.


The Company’s GAAP leverage ratio increased to 1.27x as of December 31, 2025 and our GAAP debt-to-equity ratio, net3 remained stable at 1.23x as of December 31, 2025 (1.21x, on average, throughout the quarter ended December 31, 2025).


Portfolio and Asset Quality


GC Advisors regularly assesses the risk profile of each of the Company’s investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings:




 






 






 








Internal Performance Ratings








Rating






 






Definition








5






 






Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.








4






 






Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.








3






 






Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.








2






 






Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).








1






 






Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.







Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. For additional analysis on the Company's internal performance ratings as of December 31, 2025, please refer to the Quarter Ended 12.31.2025 Earnings Presentation available on Investors Resources link on the homepage of the Company's website (www.golubcapitalbdc.com) under Events/Presentations.


The following table shows the distribution of the Company’s investments on the 1 to 5 internal performance rating scale at fair value as of December 31, 2025 and September 30, 2025:




 






 






December 31, 2025






 






September 30, 2025






 








Internal






 






Investments






 






Percentage of






 






Investments






 






Percentage of






 








Performance






 






at Fair Value






 






Total






 






at Fair Value






 






Total






 








Rating






 






(In thousands)






 






Investments






 






(In thousands)






 






Investments






 








5






 






$






240,987






 






2.8






%






 






$






157,871






 






1.8






%






 








4






 






 






7,412,877






 






85.8






 






 






 






7,683,585






 






87.6






 






 








3






 






 






875,417






 






10.1






 






 






 






843,352






 






9.6






 






 








2






 






 






109,950






 






1.3






 






 






 






84,581






 






1.0






 






 








1






 






 






—






 






—






 






 






 






—






 






—






 






 








Total






 






$






8,639,231






 






100.0






%






 






$






8,769,389






 






100.0






%






 







Conference Call


The Company will host an earnings conference call at 10:00 am (Eastern Time) on Thursday, February 5, 2026 to discuss the quarterly financial results. All interested parties may participate in the conference call by dialing (888) 330-3529 approximately 10-15 minutes prior to the call; international callers should dial (646) 960-0656. Participants should reference Golub Capital BDC, Inc. when prompted or reference conference ID number 5111111. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Resources link on the homepage of our website (www.golubcapitalbdc.com) and click on the Quarter Ended 12.31.2025 Earnings Presentation under Events/Presentations. An archived replay of the call will be available shortly after the call until 11:59 p.m. (Eastern Time) on February 12, 2026. To hear the replay, please dial (800) 770-2030. International dialers, please dial +1 (609) 800-9909. For all replays, please reference program ID number 5111111.




Golub Capital BDC, Inc. and Subsidiaries






 






 






 








Consolidated Statements of Financial Condition






 






 






 








(In thousands, except share and per share data)






 






 






 








 






December 31, 2025






 






September 30, 2025








Assets






(unaudited)






 






(audited)








Investments, at fair value (cost of $8,653,728 and $8,759,938, respectively)






$






8,639,231






 






 






$






8,769,389






 








Cash and cash equivalents






 






84,310






 






 






 






11,935






 








Unrestricted foreign currencies (cost of $9,406 and $11,685, respectively)






 






9,659






 






 






 






11,681






 








Restricted cash and cash equivalents






 






66,573






 






 






 






88,827






 








Interest receivable






 






72,129






 






 






 






68,031






 








Receivable for investments






 






6,701






 






 






 






7,273






 








Other assets






 






15,362






 






 






 






21,163






 








Total Assets






$






8,893,965






 






 






$






8,978,299






 








 






 






 






 








Liabilities






 






 






 








Debt






$






4,903,076






 






 






$






4,926,778






 








Less unamortized debt issuance costs






 






(23,849






)






 






 






(26,005






)








Debt less unamortized debt issuance costs






 






4,879,227






 






 






 






4,900,773






 








Interest payable






 






49,092






 






 






 






38,254






 








Management and income incentive fees payable






 






39,637






 






 






 






40,884






 








Accounts payable and other liabilities






 






16,855






 






 






 






15,821






 








Total Liabilities






 






4,984,811






 






 






 






4,995,732






 








 






 






 






 








Net Assets






 






 






 








Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively.






 






—






 






 






 






—






 








Common stock, par value $0.001 per share, 500,000,000 shares authorized, 263,384,785 issued and outstanding as of December 31, 2025 and 266,008,083 issued and outstanding as of September 30, 2025.






 






263






 






 






 






266






 








Paid in capital in excess of par






 






3,995,213






 






 






 






4,031,117






 








Distributable earnings






 






(86,322






)






 






 






(48,816






)








Total Net Assets






 






3,909,154






 






 






 






3,982,567






 








Total Liabilities and Total Net Assets






$






8,893,965






 






 






$






8,978,299






 








Number of common shares outstanding






 






263,384,785






 






 






 






266,008,083






 








Net asset value per common share






$






14.84






 






 






$






14.97






 









Golub Capital BDC, Inc. and Subsidiaries






 






 






 






 








Consolidated Statements of Operations






 






 






 






 








(In thousands, except share and per share data)






 






 






 






 








 






 






Three months ended








 






 






December 31, 2025






 






September 30, 2025








 






 






(unaudited)






 






(unaudited)








Investment income






 






 








Interest income






 






$






201,443






 






 






$






211,548






 








Acquisition purchase price premium amortization






 






 






(3,168






)






 






 






(3,543






)








Dividend income






 






 






7,619






 






 






 






8,059






 








Fee income






 






 






1,113






 






 






 






1,777






 








Total investment income






 






 






207,007






 






 






 






217,841






 








Expenses






 






 






 






 








Interest and other debt financing expenses






 






 






66,314






 






 






 






70,366






 








Base management fee






 






 






22,115






 






 






 






22,514






 








Incentive fee






 






 






17,457






 






 






 






18,434






 








Professional fees






 






 






1,785






 






 






 






2,264






 








Administrative service fee






 






 






3,180






 






 






 






3,022






 








General and administrative expenses






 






 






398






 






 






 






476






 








Total expenses






 






 






111,249






 






 






 






117,076






 








Net expenses






 






 






111,249






 






 






 






117,076






 








Net investment income after tax






 






 






95,758






 






 






 






100,765






 








 






 






 






 






 








Net gain (loss) on investment transactions






 






 






 






 








Net realized gain (loss) from:






 






 






 






 








Investments






 






 






(2,718






)






 






 






(30,370






)








Foreign currency transactions






 






 






(1,120






)






 






 






(55






)








Forward currency contracts






 






 






—






 






 






 






(3,035






)








Net realized gain (loss) in investment transactions






 






 






(3,838






)






 






 






(33,460






)








Net change in unrealized appreciation (depreciation) from:






 






 






 






 








Investments






 






 






(29,014






)






 






 






24,712






 








Translation of assets and liabilities in foreign currencies






 






 






2,048






 






 






 






(3,126






)








Forward currency contracts






 






 






292






 






 






 






7,245






 








Net change in unrealized appreciation (depreciation) on investment transactions






 






 






(26,674






)






 






 






28,831






 








Net gain (loss) on investment transactions






 






 






(30,512






)






 






 






(4,629






)








(Provision) benefit for taxes on unrealized appreciation on investments






 






 






—






 






 






 






154






 








Net increase (decrease) in net assets resulting from operations






 






$






65,246






 






 






$






96,290






 








 






 






 






 






 








Per Common Share Data






 






 






 






 








Basic and diluted earnings per common share






 






$






0.25






 






 






$






0.36






 








Dividends and distributions declared per common share






 






$






0.39






 






 






$






0.39






 








Basic and diluted weighted average common shares outstanding






 






 






263,678,730






 






 






 






266,345,245






 







ABOUT GOLUB CAPITAL BDC, INC.


Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies ("Golub Capital").


ABOUT GOLUB CAPITAL


Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital’s sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.


As of January 1, 2026, Golub Capital had over 1,000 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com.


FORWARD-LOOKING STATEMENTS


This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. Golub Capital BDC, Inc. undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.


Source: Golub Capital BDC, Inc.




____________________








1 See footnote 1 to “Selected Financial Highlights” above.








2 See footnote 1 to “Selected Financial Highlights” above.








3 GAAP debt-to-equity, net is calculated as (a) total debt reduced by (i) cash, (ii) cash equivalents and foreign currencies and (iii) restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) divided by (b) total net assets.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204708875/en/
Christopher Ericson

312-212-4036

cericson@golubcapital.com


Original: Golub Capital BDC, Inc. Announces Fiscal Year 2026 First Quarter Financial Results