Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Investor Presentation (August 2026)
38 slides from Golub Capital Bdc's investor presentation, August 2026
Slide 1: Golub Capital BDC, Inc. Investor Presentation August 2026
GOLUB CAPITAL BDC, INC. (Nasdaq: GBDC) INVESTOR PRESENTATION | AUGUST 2026 © 2026 G OL UB CAP ITAL L L C
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward- looking statements contained in this presentation involve risks and uncertainties, including statements as to: ou
Slide 3: At a Glance: Golub Capital BDC, Inc.
At a Glance: Golub Capital BDC, Inc. (Nasdaq: GBDC) GBDC’s Investment Focus GBDC Highlights − First lien first out senior secured floating rate loans Investment $8.2 billion, 424 portfolio − Private equity-backed companies with $10–100 million of EBITDA Portfolio companies, 0.2% average investment s
Slide 4: Overview of Golub Capital
Overview of Golub Capital Founded in 1994, Golub Capital is a market-leading, award-winning1 Global Office Presence3 private credit manager dedicated to building long-term, win-win U.S. partnerships with investors and private equity firms. Chicago New York 30+ $90+ Billion 1,100+ Greenwich Year Hist
Slide 5: Broad Sponsor Finance Platform
Broad Sponsor Finance Platform 430+ 300+ $25MM–1BN Sponsor Relationships1 Repeat Sponsor Relationships Hold Size Range Golub Capital Advantages for Private Equity Sponsors Origination Volume with Repeat Sponsors2,3 % of retained commitments − Reliability 92% 94% 92% 96% − Product breadth and flexibi
Slide 6: Attractive Opportunities From Existing Borrowers
Attractive Opportunities From Existing Borrowers As the incumbent lender to over 390 middle market companies, we believe we are well positioned to capture attractive deal flow from our existing borrowers − We believe financings with existing borrowers generally have attractive risk-return characteri
Slide 7: Our Capabilities Enable Us To Lead Approximately 90% of Our Deals
Our Capabilities Enable Us To Lead Approximately 90% of Our Deals We believe acting as a lead lender provides distinct advantages relative to a participating role Advantages Origination Volume with Golub Capital as a Lead Lender* % of retained commitments − Lead lenders typically control pricing, de
Slide 8: Extensive Investment Team With Deep Industry Expertise
Extensive Investment Team With Deep Industry Expertise Golub Capital’s 230+ investment professionals have in-depth knowledge and experience across a variety of industry sub-sectors Software & Diversified Consumer, Healthcare Financial Services* Technology Industries Restaurant & Retail $92+ Billion
Slide 9: Differentiated Core Middle Market Focus v. Peers
Differentiated Core Middle Market Focus v. Peers Golub Capital’s lending focus spans from the lower middle market to the upper middle market Ability to finance upper middle market borrowers Blackstone Secured Lending Fund: $221 million Wtd. Avg. EBITDA FS KKR Capital Corporation Golub Capital BDC, I
Slide 10: Ability to Work with Borrowers Across the Middle Market
Ability to Work with Borrowers Across the Middle Market Our range of financing solutions allows us to see more deal flow and be more selective. The result is a diversified set of originations across the middle market spectrum Distribution of Golub Capital Originations1 July 1, 2020–June 30, 2026 $58
Slide 11: Long-Standing Track Record of Low Default Rates
Long-Standing Track Record of Low Default Rates1 Our strong, long-term track record benefits from low defaults and credit losses over multiple market cycles* Golub Capital vs. Leveraged Loan Index Default Rate 2004 – Q2 2026 0.00% 1.94% 101 bps 147 bps Payment Default Rate4 during COVID-19 dislocati
Slide 12: GBDC's Value Proposition
GBDC’s Value Proposition GBDC is a premier BDC that primarily invests in first lien senior secured loans to middle market companies sponsored by private equity firms − GBDC is managed by an affiliate of Golub Capital, an industry-leading lender to U.S. middle market Golub Capital Affiliation compani
Slide 13: GBDC's Investment Portfolio is Conservatively Positioned
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns GBDC’s Investment Portfolio is Conservatively Positioned Portfolio Composition by Seniority Portfolio Composition by Interest Rate Type on Loans2 Predominantly first lien, first o
Slide 14: Higher First Lien Composition and Greater Portfolio Diversity
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns Higher First Lien Composition and Greater Portfolio Diversity Portfolio Composition by Seniority1 Diversification by Obligor GBDC’s portfolio is more conservatively positioned tha
Slide 15: GBDC's Portfolio is Well Positioned on Key Credit Metrics
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns GBDC’s Portfolio is Well Positioned on Key Credit Metrics Current Non-Accrual Rate v. BDC Peers Current <90% Debt Investments v. BDC Peers2 GBDC’s portfolio is less exposed to por
Slide 16: GBDC's Long Track Record of Low Credit Losses
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns GBDC’s Long Track Record of Low Credit Losses Since its 2010 IPO, GBDC has delivered a (0.05%), or 5bps, annualized loss rate on the amount of its investments (% of portfolio at c
Slide 17: GBDC's Underwriting Performance Ranks Top Amongst BDCs
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns GBDC’s Underwriting Performance Ranks Top Amongst BDCs1 Raymond James’ Historical Underwriting Score Cumulative Default Rates by Vintage v. Public BDC Average for CQ4 2003 through
Slide 18: Software Lending Expertise
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns Software Lending Expertise Golub Capital has been a market-leading provider of debt to private-equity-backed Software businesses Golub Capital Software vs. Leveraged Loan Index De
Slide 19: Defensively Positioned Software Portfolio in the AI Era
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns Defensively Positioned Software Portfolio in the AI Era ✓ Market-leading, mission-critical enterprise software deeply embedded in clients’ operations ✓ Proprietary datasets, long
Slide 20: Underwriting and Monitoring for Potential AI Disruption
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns Underwriting and Monitoring for Potential AI Disruption Golub Capital has included AI-focused underwriting and monitoring in our underwriting process since 2023 ✓ AI diligence has
Slide 21: Gold Standard in Public BDC Fee Structures
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns Gold Standard in Public BDC Fee Structures We believe GBDC’s fee structure positions it to deliver market-leading risk-adjusted returns across different economic and interest rate
Slide 22: High Degree of Shareholder Alignment
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns High Degree of Shareholder Alignment Share Repurchase Program − $150 million share repurchase program − 6.3 million shares, or $83 million, repurchased in last twelve months at an
Slide 23: Diverse and Flexible Debt Capital Structure
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns Diverse and Flexible Debt Capital Structure GBDC Debt Capital Structure Debt Undrawn Funding Source Commitment Outstanding Par Commitment Reinvestment Period Stated Maturity Inter
Slide 24: GBDC's Differentiated Credit Rating Profile
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns GBDC’s Differentiated Credit Rating Profile Golub Capital and GBDC are committed to a differentiated investment grade ratings profile 1st Lien % Non-Accrual Asset Total Unsecured
Slide 25: NAV Accretion from Affiliated BDC Mergers
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns NAV Accretion from Affiliated BDC Mergers Mergers between GBDC and Golub Capital-affiliated private-to-public BDCs have represented a highly effective capital raising alternative
Slide 26: GBDC's Structural Advantages Contribute to ROE Outperformance
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns GBDC’s Structural Advantages Contribute to ROE Outperformance Attractive Asset Yields w/ 11% More in 1st Lien Debt Quarter Ended 1. - 1st lien focused investment portfolio, 99% fl
Slide 27: GBDC has Generated Higher Returns with Lower Volatility
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns GBDC has Generated Higher Returns with Lower Volatility Since its 2010 IPO, GBDC has consistently delivered attractive returns relative to the BDC Peer average with lower volatili
Slide 28: GBDC Has Outperformed Competing Asset Classes
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns GBDC Has Outperformed Competing Asset Classes Since its inception in 2010, GBDC has delivered significant outperformance relative to leveraged loan and high yield bond indices, pe
Slide 29: GBDC's Long History of Strong Shareholder Returns
Golub Capital High-Quality Credit Track Structural Attractive Affiliation Portfolio Record Advantages Historical Returns GBDC’s Long History of Strong Shareholder Returns Investors in GBDC’s 2010 IPO have achieved a 9.4% IRR on NAV1 As of June 30, 2026 $36.48 $0.33 $0.73 $21.17 $14.63 $14.25 Dec-10
Slide 30: Appendix
Appendix O 1 GOLUB CAPITAL
Slide 31: The Sponsor Advantage
The Sponsor Advantage We believe lending to sponsor-backed companies helps us select better credits, maintain better portfolio performance and achieve better problem resolution than lending to non-sponsored companies Credit Selection − Sponsors specialize in creating equity value and implementing cr
Slide 32: Leading Provider of One-Stop Loans and Buy-and-Hold Solutions
Leading Provider of One-Stop Loans and Buy-and-Hold Solutions One-stop loans and buy-and-hold solutions provide a win-win for investors and sponsors Win-Win of the One-Stop Senior/Mezzanine Structure One-Stop Structure − For investors First lien, first-out senior secured debt 45% Senior 50% One-St
Slide 33: Golub Capital's Broad Sponsor Finance Platform Leads to Extensive Deal Flow
Golub Capital’s Broad Sponsor Finance Platform Leads to Extensive Deal Flow We believe our direct origination strategy, scale and market position create a wide deal funnel, allowing us to be selective and disciplined Historical Selectivity Golub Capital Middle Market Lending Opportunities 2,824 2,54
Slide 34: Common Stock and Distribution Information
Common Stock and Distribution Information Common Stock Price Data1 Fiscal Year Ending September 30, 2025 High Low End of Period First Quarter $15.67 $14.69 $15.16 Second Quarter $15.96 $14.46 $15.14 Third Quarter $15.28 $13.03 $14.65 Fourth Quarter $15.48 $13.69 $13.69 Fiscal Year Ending September 3
Slide 35: Endnotes
Endnotes Page 3: At a Glance: Golub Capital BDC, Inc. (Nasdaq: GBDC) 3. We believe our Default definition most closely aligns with the Morningstar LSTA US Leveraged Loan 1. "Capital under management" is a gross measure of invested capital including leverage. As of July Index definition of defaults.
Slide 36: Endnotes (Continued)
Endnotes (Continued) Page 18: Software Lending Expertise rate of both swaps is one-month SOFR plus 3.081%. On September 19, 2025, in connection with 1. Amounts shown reflect number of transactions closed and dollar amounts of capital committed the issuance of an additional $250 million in aggregate
Slide 37: Endnotes (Continued)
Endnotes (Continued) Page 25: NAV Accretion from Affiliated BDC Mergers 1. Under asset acquisition accounting, where the consideration paid to GCIC’s and GBDC 3’s stockholders, as applicable, exceeded the relative fair values of the assets acquired, the premium paid by GBDC is allocated to the cost
Slide 38: Important Investor Information
Important Investor Information Golub Capital (including its various affiliates) creates and manages multiple investment funds. Two current fair value is a material factor in determining IRR performance. Actual amounts of its control affiliates, GC Advisors LLC (“GC Advisors”) and GC OPAL Advisors LL
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