Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q3 2026 Earnings Presentation
28 slides from Golub Capital Bdc's earnings presentation, Aug 4, 2026
Slide 1: Golub Capital BDC, Inc. Earnings Presentation, Quarter Ended June 30, 2026
GOLUB CAPITAL BDC, INC. (Nasdaq : GBDC) EARNINGS PRESENTATION | QUARTER ENDED JUNE 30, 2026 © 2026 GOLUB CAPITAL LLC
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 Q3 Earnings Review (Quarter Ended 06/30/2026)
FY 2026 Q3 Earnings Review (Quarter Ended 06/30/2026) Earnings Summary ◦ Net investment income stable quarter-over-quarter, $0.34 of adjusted net investment income per share, or an annualized adjusted NII ROE of 9.5%1,2 ▪ Stable current portfolio spreads and interest rates ▪ Stable borrowing costs ▪
Slide 4: Summary of Financial Results vs. Prior Quarter
Summary of Financial Results vs. Prior Quarter Quarter Ended March 31, 2026 June 30, 2026 Net Investment Income Per Share Net investment income per share $0.33 $0.33 Amortization of purchase premium per share1 0.01 0.01 Adjusted net investment income per share2 A $0.34 $0.34 Net Realized/Unrealized
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 June 30, 2026 $36.48 Investors in GBDC’s 2010 IPO have achieved a 9.4% IRR on NAV1 $0.33 $0.73 $21.17 $14.63 $14.25 Dec-22 Sep-15 Dec-24 Sep-17 Jun-10 Sep-19 Jun-12 Sep-21 Jun-14 Sep-23 Jun-16 Sep-25 Jun-18 Mar-11 Jun-20 Mar-13 Jun-22 Mar-15 Jun-24 Ma
Slide 7: Realized and Unrealized Losses Drove a NAV Per Share Decrease
Realized and Unrealized Losses Drove a NAV Per Share Decrease From March 31, 2026 NAV Per Share Bridge $0.01 $0.33 ($0.33) $14.35 ($0.01) $0.01 ($0.04) ($0.06) ($0.01) $14.25 Adjusted NII: $0.341 Adjusted Net Realized & Unrealized Loss: ($0.12)1 March 31, 2026 NAV Net Investment Reversal of Quarterl
Slide 8: Portfolio Highlights - New Originations
Portfolio Highlights - New Originations – Total investments at fair value decreased by approximately 1.5%, or $120.9 million, during the three months ended June 30, 2026. – Total investments in portfolio companies at fair value was $8.2 billion at June 30, 2026. Quarter Ended June 30, 2025 September
Slide 9: 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 10: Portfolio Highlights – Portfolio Diversity as of June 30, 2026
Portfolio Highlights – Portfolio Diversity as of June 30, 2026 Investment Portfolio $8,196MM | 424 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 9
Slide 11: Portfolio Highlights – Credit Quality
Portfolio Highlights - Credit Quality – Fundamental credit quality as of June 30, 2026 remained strong with approximately 87% of the investments in our portfolio at fair value having an Internal Performance Rating1 of 4 or higher. – As of June 30, 2026, non-accrual investments remained low at 2.9% a
Slide 12: 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, March 31, June 30, 2025 2026 2026 5 10.2% 4.6% 0.9% 1.9% 1.8% 2.8% 1.5% 1.7% 4 80.7% 86.8% 84.2% 85.2% 87.6% 85.8% 87.6%
Slide 13: 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% 12.0% 11.2% 10.8% 11.9% 10.6% 10.4% 11.0% 10.5% 11.6% 11.7% 11.1% 10.0% 9.9% 10.9% 9.7% 10.0% 10.5% 10.3% 9.2% 10.0% 10.1% 9.0% 9.7% 9.4% 9.4% 8.0% 7.5% 7.3% 7.3% 8.4% 7.2% 6.8% 7.0% 6.8% 6.7%
Slide 14: Summary of Financial Results
Summary of Financial Results 02
Slide 15: Summary of Quarterly Results
Summary of Quarterly Results Quarter Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Net Investment Income Per Share Net investment income per share $0.38 $0.38 $0.37 $0.33 $0.33 Amortization of purchase premium per share1 0.01 0.01 0.01 0.01 0.01 Adjusted net i
Slide 16: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 (Dollar amounts in 000s, except share and per share data) (unaudited) (audited) (unaudited) (unaudited) (unaudited) Assets Investments, at fair value $8,961,549 $8,769,38
Slide 17: Quarterly Operating Results
Quarterly Operating Results Quarter Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 (Dollar amounts in 000s, except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $212,899 $211,548 $201,443
Slide 18: 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* 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% 1.5% 0.6% 0.3% 1.0% (1.3)
Slide 19: Liquidity and Investment Capacity
Liquidity and Investment Capacity Cash and Cash Equivalents – Unrestricted cash, cash equivalents and foreign currencies totaled $20.0 million as of June 30, 2026. – Restricted cash, cash equivalents and foreign currencies totaled $50.7 million as of June 30, 2026. Restricted cash is held in our sec
Slide 20: GBDC Has a Highly Flexible and Low-Cost Funding Structure
GBDC Has a 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 $— Octo
Slide 21: 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 22: Appendix: Endnotes
Appendix: Endnotes A GOLUB CAPITAL
Slide 23: Endnotes - FY 2026 Q3 Earnings Review (Quarter Ended 06/30/2026)
Endnotes - FY 2026 Q3 Earnings Review (Quarter Ended 06/30/2026) 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 24: 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 25: 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 26: 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 27: 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 28: 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