Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q1 2026 Earnings Presentation
29 slides from Golub Capital Bdc's earnings presentation, Feb 5, 2026
Slide 1: Golub Capital BDC, Inc. Earnings Presentation
GOLUB CAPITAL BDC, INC. EARNINGS PRESENTATION QUARTER ENDED DECEMBER 31, 2025
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: Summary of Financial Results
Summary of Financial Results 01
Slide 4: FY 2026 Q1 Earnings Review (Quarter Ended 12/31/2025)
FY 2026 Q1 Earnings Review (Quarter Ended 12/31/2025) Earnings Summary ◦ Profitability remained solid, though impacted by sector headwinds, with adjusted net investment income per share of $0.38, or an adjusted NII ROE of 10.2%1,2 ◦ Adjusted earnings per share of $0.25, or an Adjusted ROE of 6.7%1,3
Slide 5: Summary of Financial Results vs. Prior Quarter
Summary of Financial Results vs. Prior Quarter Quarter Ended September 30, 2025 December 31, 2025 Net Investment Income Per Share Net investment income per share $0.38 $0.37 Amortization of purchase premium per share1 0.01 0.01 Adjusted net investment income per share2 A $0.39 $0.38 Net Realized/Unr
Slide 6: GBDC Performance Drivers
GBDC Performance Drivers O 2 GOLUB CAPITAL
Slide 7: Unrealized Losses Drove a NAV Per Share Decrease From September 30, 2025
Unrealized Losses Drove a NAV Per Share Decrease From September 30, 2025 NAV Per Share Bridge $0.01 $0.37 ($0.39) $14.97 $0.01 ($0.01) ($0.11) ($0.01) $14.84 Adjusted NII: $0.381 Adjusted Net Realized & Unrealized Loss: ($0.13)1 September 30, 2025 Net Investment Income Reversal of Quarterly Distribu
Slide 8: Summary of Financial Results for the Quarter Ended December 31, 2025
Summary of Financial Results for the Quarter Ended December 31, 2025 03
Slide 9: Summary of Quarterly Results
Summary of Quarterly Results Quarter Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net Investment Income Per Share Net investment income per share $0.37 $0.37 $0.38 $0.38 $0.37 Amortization of purchase premium per share1 0.02 0.02 0.01 0.01 0.01 Adjusted n
Slide 10: Portfolio Highlights - New Originations
Portfolio Highlights - New Originations – Total investments at fair value decreased by approximately 1.5%, or $130.2 million, during the three months ended December 31, 2025. – Total investments in portfolio companies at fair value was $8.6 billion at December 31, 2025. Quarter Ended December 31, 20
Slide 11: 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 12: Portfolio Highlights – Portfolio Diversity as of December 31, 2025
Portfolio Highlights – Portfolio Diversity as of December 31, 2025 Investment Portfolio $8,639MM | 420 Portfolio Companies | Average Size 0.2% Portfolio Composition by Seniority Diversification by Portfolio Company Top 10 Portfolio Companies 1% 7% 5% 12% First Lien Traditional Senior First Lien Top
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% 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% 10.0% 10.5% 9.2% 10.3% 10.0% 10.1% 9.0% 9.7% 8.0% 7.5% 7.3% 7.3% 8.4% 7.2% 6.8% 7.0% 6.8% 6.7% 7.0% 6.5% 6.1% 6.2%
Slide 14: Portfolio Highlights - Credit Quality
Portfolio Highlights - Credit Quality – Fundamental credit quality as of December 31, 2025 remained strong with over 88% of the investments in our portfolio at fair value having an Internal Performance Rating1 of 4 or higher as of December 31, 2025. – As of December 31, 2025, non-accrual investments
Slide 15: 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 5 10.2% 4.6% 0.9% 1.9% 1.8% 2.8% 4 80.7% 86.8% 84.2% 85.2% 87.6% 85.8% 3 8.1% 7.3% 14.6% 11.6% 9.6% 10.1% 2 1.0% 1.
Slide 16: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 (Dollar amounts in 000s, except share and per share data) (unaudited) (unaudited) (unaudited) (audited) (unaudited) Assets Investments, at fair value $8,685,231 $8,62
Slide 17: Quarterly Operating Results
Quarterly Operating Results Quarter Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 (Dollar amounts in 000s, except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $217,306 $208,895 $212
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* 3.8% 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%
Slide 19: Long History of Strong Shareholder Returns
Long History of Strong Shareholder Returns As of December 31, 2025 $36.41 Investors in GBDC’s 2010 IPO have achieved a 9.5% IRR on NAV1 $0.33 $0.73 $20.51 $14.63 $14.84 Dec-11 Sep-15 Jun-19 Mar-23 Dec-10 Sep-14 Jun-18 Mar-22 Dec-25 Sep-13 Jun-17 Mar-21 Dec-24 Sep-12 Jun-16 Mar-20 Dec-23 Sep-11 Jun-1
Slide 20: Liquidity and Investment Capacity
Liquidity and Investment Capacity Cash and Cash Equivalents – Unrestricted cash, cash equivalents and foreign currencies totaled $94.0 million as of December 31, 2025. – Restricted cash, cash equivalents and foreign currencies totaled $66.6 million as of December 31, 2025. Restricted cash is held in
Slide 21: 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 22: 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 23: Appendix: Endnotes
Appendix: Endnotes A GOLUB CAPITAL
Slide 24: Endnotes - FY 2026 Q1 Earnings Review (Quarter Ended 12/31/2025)
Endnotes - FY 2026 Q1 Earnings Review (Quarter Ended 12/31/2025) 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 25: 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 26: 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 27: 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 28: 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 29: 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