Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q4 2025 Earnings Presentation
30 slides from Golub Capital Bdc's earnings presentation, Nov 19, 2025
Slide 1: Golub Capital BDC, Inc. Earnings Presentation
GOLUB CAPITAL BDC, INC. EARNINGS PRESENTATION QUARTER ENDED SEPTEMBER 30, 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 2025 Q4 Earnings Review (Quarter Ended 9/30/25)
FY 2025 Q4 Earnings Review (Quarter Ended 9/30/25) Earnings Summary ◦ Profitability remained solid with adjusted net investment income per share of $0.39, or an adjusted NII ROE of 10.4%1,2 ◦ Adjusted earnings per share of $0.36, or an Adjusted ROE of 9.6%1,3 ◦ Key profitability drivers: ▪ Continued
Slide 5: Summary of Financial Results vs. Prior Quarter
Summary of Financial Results vs. Prior Quarter Quarter Ended June 30, 2025 September 30, 2025 Net Investment Income Per Share Net investment income per share $0.38 $0.38 Amortization of purchase premium per share1 0.01 0.01 Adjusted net investment income per share2 A $0.39 $0.39 Net Realized/Unreali
Slide 6: GBDC Performance Drivers
GBDC Performance Drivers O 2 GOLUB CAPITAL
Slide 7: Modest NAV Per Share Decrease From June 30, 2025
Modest NAV Per Share Decrease From September 30, 2025 NAV Per Share Bridge $0.01 $0.38 ($0.39) $0.11 $15.00 ($0.01) $14.97 ($0.13) Adjusted NII: $0.39 1 Adjusted Net Realized & Unrealized Loss: ($0.03)1 June 30, 2025 NAV Net Investment Income Reversal of Amortization of Quarterly Distribution Paid N
Slide 8: Summary of Financial Results for the Quarter Ended September 30, 2025
Summary of Financial Results for the Quarter Ended September 30, 2025 03
Slide 9: Summary of Quarterly Results
Summary of Quarterly Results Quarter Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Net Investment Income Per Share Net investment income per share $0.45 $0.37 $0.37 $0.38 $0.38 Amortization of purchase premium per share1 0.02 0.02 0.02 0.01 0.01 Adjusted
Slide 10: Portfolio Highlights - New Originations
Portfolio Highlights - New Originations – Total investments at fair value decreased by approximately 2.1%, or $192.2 million, during the three months ended September 30, 2025. – Total investments in portfolio companies at fair value was $8.8 billion at September 30, 2025. Quarter Ended September 30,
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 September 30, 2025
Portfolio Highlights – Portfolio Diversity as of September 30, 2025 Investment Portfolio $8,769MM | 417 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% 10.9% 10.0% 10.5% 9.2% 10.3% 10.0% 10.1% 9.0% 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% 6.9% 7.1%
Slide 14: Portfolio Highlights - Credit Quality
Portfolio Highlights - Credit Quality – Fundamental credit quality as of September 30, 2025 remained strong with nearly 90% of the investments in our portfolio at fair value having an Internal Performance Rating1 of 4 or higher as of September 30, 2025. – As of September 30, 2025, non-accrual invest
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 2020 2021 2022 2023 2024 December 31, March 31, June 30, September 2024 2025 2025 30, 2025 5 6.1% 10.2% 4.6% 0.9% 1.9% 2.7% 1.4% 2.9% 1.8% 4 72.8% 80.7% 86.8%
Slide 16: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 (Dollar amounts in 000s, except share and per share data) (audited) (unaudited) (unaudited) (unaudited) (audited) Assets Investments, at fair value $8,235,411 $8,685
Slide 17: Quarterly Operating Results
Quarterly Operating Results Quarter Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 (Dollar amounts in 000s, except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $222,383 $217,306 $20
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* 3.9% 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% 0.6% 0.3% 1.0%
Slide 19: Long History of Strong Shareholder Returns
Long History of Strong Shareholder Returns As of September 30, 2025 $36.15 Investors in GBDC’s 2010 IPO have achieved a 9.6% IRR on NAV1 $0.33 $0.73 $20.12 $14.63 $14.97 Mar-13 Jun-19 Sep-25 Mar-16 Jun-22 Dec-12 Mar-19 Jun-25 Dec-15 Mar-22 Sep-12 Dec-18 Mar-25 Sep-15 Dec-21 Jun-12 Sep-18 Dec-24 Jun-
Slide 20: Liquidity and Investment Capacity
Liquidity and Investment Capacity Cash and Cash Equivalents – Unrestricted cash and cash equivalents and foreign currencies totaled $23.6 million as of September 30, 2025. – Restricted cash and cash equivalents and foreign currencies totaled $88.8 million as of September 30, 2025. Restricted cash is
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* Undrawn Funding Source Debt Commitment Outstanding Par Commitment Reinvestment Period Stated Maturity Interest Rate1 Securitizations: 2024 Debt Securitization $1,364,000 $1,364,000 — October 20, 2028 Octob
Slide 22: Common Stock and Distribution Information
Common Stock and Distribution Information Common Stock Price Data1 Fiscal Year Ending September 30, 2024 High Low End of Period First Quarter $15.31 $14.06 $15.10 Second Quarter $16.63 $15.06 $16.63 Third Quarter $17.58 $15.50 $15.71 Fourth Quarter $16.00 $14.36 $15.11 Fiscal Year Ending September 3
Slide 23: Appendix: Endnotes A
Appendix: Endnotes A GOLUB CAPITAL
Slide 24: Endnotes - FY 2025 Q4 Earnings Review (Quarter Ended 9/30/25)
Endnotes - FY 2025 Q4 Earnings Review (Quarter Ended 9/30/25) 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 prese
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 - Quarterly Operating Results
Endnotes - Quarterly Operating Results 1. For the quarter ended September 30, 2024, GC Advisors unilaterally agreed to irrevocably waive $7.8 million of income incentive fees calculated under the Investment Advisory Agreement. 2. As a supplement to GAAP financial measures, the Company is providing a
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