Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q2 2026 Earnings Presentation
30 slides from Golub Capital Bdc's earnings presentation, May 5, 2026
Slide 1: Golub Capital BDC, Inc. Earnings Presentation
GOLUB CAPITAL BDC, INC. EARNINGS PRESENTATION QUARTER ENDED MARCH 31, 2026
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation constitute forward-looking statements, Such forward-looking statements may include statements preceded by, followed by which relate to future events or our future performance or financial condition. The or that otherwise include the words “may,”
Slide 3: FY 2026 Q2 Earnings Review (Quarter Ended 03/31/2026)
FY 2026 Q2 Earnings Review (Quarter Ended 03/31/2026) Earnings Summary ◦ Net investment income remained solid, though impacted by sector headwinds (i.e., delayed impact of CQ4 2025 interest rate cuts) ▪ Adjusted net investment income per share of $0.34, or an annualized adjusted NII ROE of 9.5%1,2 ◦
Slide 4: Summary of Financial Results vs. Prior Quarter
Summary of Financial Results vs. Prior Quarter Quarter Ended December 31, 2025 March 31, 2026 Net Investment Income Per Share Net investment income per share $0.37 $0.33 Amortization of purchase premium per share1 0.01 0.01 Adjusted net investment income per share2 A $0.38 $0.34 Net Realized/Unreali
Slide 5: GBDC Performance Drivers
GBDC Performance Drivers O 1 GOLUB CAPITAL
Slide 6: Long History of Strong Shareholder Returns
Long History of Strong Shareholder Returns As of March 31, 2026 $36.25 Investors in GBDC’s 2010 IPO have achieved a 9.4% IRR on NAV1 $0.33 $0.73 $20.84 $14.63 $14.35 Mar-25 Dec-22 Sep-20 Jun-18 Mar-16 Dec-13 Sep-11 Sep-25 Jun-23 Mar-21 Dec-18 Sep-16 Jun-14 Mar-12 Mar-26 Dec-23 Sep-21 Jun-19 Mar-17 D
Slide 7: Unrealized Losses Drove a NAV Per Share Decrease From December 31, 2025
Unrealized Losses Drove a NAV Per Share Decrease From December 31, 2025 NAV Per Share Bridge $0.01 $0.33 ($0.33) $0.00* $(0.00)* $14.84 Adjusted NII: $0.341 $0.02 ($0.51) ($0.01) $14.35 Adjusted Net Realized & Unrealized Loss: ($0.52)1 December 31, 2025 Net Investment Reversal of Quarterly Net Reali
Slide 8: Spread Widening in High Performing Credits Primary Driver of NAV Decline
Spread Widening in High Performing Credits Primary Driver of NAV Decline Drivers of Net Change in Unrealized Depreciation Per Share Net Change in Unrealized Depreciation on Average Price1 Investments2, 3 Category Primary Driver 12/31/25 3/31/26 $ Per Share % to Total Internal Performance Ratings 4 a
Slide 9: Portfolio Highlights - New Originations
Portfolio Highlights - New Originations – Total investments at fair value decreased by approximately 3.7%, or $322.0 million, during the three months ended March 31, 2026. – Total investments in portfolio companies at fair value was $8.3 billion at March 31, 2026. Quarter Ended March 31, 2025 June 3
Slide 10: Portfolio Highlights – Investment Mix
Portfolio Highlights – Investment Mix – The portfolio continues to be focused on first lien, senior secured loans to what we believe to be healthy, resilient middle market companies backed by strong, partnership-oriented private equity sponsors. Historical Investment Portfolio ($000) $8,961,549 9,00
Slide 11: Portfolio Highlights – Portfolio Diversity as of March 31, 2026
Portfolio Highlights – Portfolio Diversity as of March 31, 2026 Investment Portfolio $8,317MM | 420 Portfolio Companies | Average Size 0.2% Portfolio Composition by Seniority Diversification by Portfolio Company Top 10 Portfolio Companies 1% 7% 5% 13% First Lien Traditional Senior First Lien Top 25
Slide 12: Portfolio Highlights - Software Portfolio Credit Quality
Portfolio Highlights - Software Portfolio Credit Quality – 95% of the software investments are in internal performance rating categories ‘4’ and ‘5’ Internal Performance Ratings % of Portfolio at Fair Value 89.1% 95.0% 8.7% 4.5% 0.5% 2.2% Software Portfolio Total Portfolio Internal Performance Ratin
Slide 13: Portfolio Highlights - Credit Quality
Portfolio Highlights - Credit Quality – Fundamental credit quality as of March 31, 2026 remained strong with over 89% of the investments in our portfolio at fair value having an Internal Performance Rating1 of 4 or higher. – As of March 31, 2026, non-accrual investments remained low at 2.3% and 1.4%
Slide 14: Portfolio Highlights – Portfolio Ratings
Portfolio Highlights – Portfolio Ratings Internal Performance Ratings (% of Portfolio at Fair Value) At Fiscal Year End At Quarter End Rating 2021 2022 2023 2024 2025 December 31, 2025 March 31, 2026 5 10.2% 4.6% 0.9% 1.9% 1.8% 2.8% 1.5% 4 80.7% 86.8% 84.2% 85.2% 87.6% 85.8% 87.6% 3 8.1% 7.3% 14.6%
Slide 15: Portfolio Highlights – Economic Analysis
Portfolio Highlights – Economic Analysis 12.8% 13.0% 12.5% 12.6% 12.3% 12.0% 11.9% 12.0% 11.5% 12.2% 12.4% 11.2% 11.9% 12.0% 10.8% 11.0% 10.5% 11.6% 11.7% 10.6% 10.4% 11.1% 10.0% 10.9% 9.7% 10.0% 10.5% 9.2% 10.3% 10.0% 10.1% 9.0% 9.7% 9.4% 8.0% 7.5% 7.3% 7.3% 8.4% 7.2% 6.8% 7.0% 6.8% 6.7% 7.0% 6.5%
Slide 16: Summary of Financial Results
Summary of Financial Results 02
Slide 17: Summary of Quarterly Results
Summary of Quarterly Results Quarter Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Net Investment Income Per Share Net investment income per share $0.37 $0.38 $0.38 $0.37 $0.33 Amortization of purchase premium per share1 0.02 0.01 0.01 0.01 0.01 Adjusted net
Slide 18: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 (Dollar amounts in 000s, except share and per share data) (unaudited) (unaudited) (audited) (unaudited) (unaudited) Assets Investments, at fair value $8,621,220 $8,961,5
Slide 19: Quarterly Operating Results
Quarterly Operating Results Quarter Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 (Dollar amounts in 000s, except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $208,895 $212,899 $211,54
Slide 20: Financial Performance Highlights
Financial Performance Highlights Quarterly Return on Equity and Quarterly Distributions (Last 5 Years) Regular Distribution Special Distribution Supplemental Distribution Quarterly Return on Equity* 3.3% 4.0% 3.7% 2.8% 2.4% 2.6% 2.4% 2.9% 2.9% 2.0%^ 2.3% 2.8% 2.3% 2.4% 2.0% 1.6% 0.6% 0.3% 1.0% (1.3)
Slide 21: Liquidity and Investment Capacity
Liquidity and Investment Capacity Cash and Cash Equivalents – Unrestricted cash, cash equivalents and foreign currencies totaled $72.2 million as of March 31, 2026. – Restricted cash, cash equivalents and foreign currencies totaled $63.0 million as of March 31, 2026. Restricted cash is held in our s
Slide 22: GBDC Has a Stable, Highly Flexible and Low-Cost Funding Structure
GBDC Has a Stable, Highly Flexible and Low-Cost Funding Structure GBDC Debt Capital Structure* (Dollar amounts in 000s) Undrawn Funding Source Debt Commitment Outstanding Par Commitment Reinvestment Period Stated Maturity Interest Rate1 Securitizations: 2024 Debt Securitization $1,364,000 $1,364,000
Slide 23: 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 24: Appendix: Endnotes A
Appendix: Endnotes A GOLUB CAPITAL
Slide 25: Endnotes - FY 2026 Q2 Earnings Review (Quarter Ended 03/31/2026)
Endnotes - FY 2026 Q2 Earnings Review (Quarter Ended 03/31/2026) 1. As a supplement to U.S. generally accepted accounting principles (“GAAP”) financial measures, the Company is providing additional non-GAAP measures. See the slide titled “Endnotes – Non-GAAP Financial Measures” at the end of this pr
Slide 26: Endnotes - Summary of Financial Results vs. Prior Quarter
Endnotes - Summary of Financial Results vs. Prior Quarter 1. On September 16, 2019 and June 3, 2024, Golub Capital BDC, Inc. (“we”, “us”, “our”, the “Company” or “GBDC”) completed its acquisitions of Golub Capital Investment Corporation (“GCIC”) and Golub Capital BDC 3, Inc. (“GBDC 3”), respectively
Slide 27: Endnotes - Non-GAAP Financial Measures
Endnotes - Non-GAAP Financial Measures 1. On September 16, 2019 and June 3, 2024, the Company completed its acquisitions of GCIC and GBDC 3, respectively. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with ASC 805-50, Business Combinations — Relate
Slide 28: Endnotes - Portfolio Highlights - New Originations
Endnotes - Portfolio Highlights - New Originations 1. Net funds growth includes the impact of new investments and exits of investments as noted in the table above, as well as other variables such as net funding on revolvers, net change in unamortized fees, net change in unrealized appreciation (depr
Slide 29: Endnotes - Portfolio Highlights Economic Analysis
Endnotes - Portfolio Highlights Economic Analysis 1. The income yield presented for the quarter ended September 30, 2022 excludes the one-time recognition of $2.0 million of previously deferred interest income resulting from the repayment and refinancing of former non-accrual loans, which are includ
Slide 30: Endnotes - Debt Capital Structure
Endnotes - Debt Capital Structure 1. Interest rate for securitizations represents the weighted average spread over the applicable SOFR rate for the various tranches of issued notes, excluding tranches retained by the Company. For bank facilities, the interest rate represents the interest rate as sta