Golub Capital BDC, Inc. Announces Fiscal Year 2026 First Quarter Financial Results

About this update from Golub Capital Bdc, Inc.

Declares Quarterly Distribution of $0.33 Per Share NEW YORK, February 04, 2026 --( BUSINESS WIRE )--Golub Capital BDC, Inc., a business development company (Nasdaq: GBDC), today announced its financial results for its first fiscal quarter ended December 31, 2025. Except where the context suggests otherwise, the terms "we," "us," "our," and "Company" refer to Golub Capital BDC, Inc. and its consolidated subsidiaries. "GC Advisors" refers to GC Advisors LLC, our investment adviser. First Fiscal Quarter 2026 Highlights Portfolio and Investment Activities As of December 31, 2025, the Company had investments in 420 portfolio companies with a total fair value of $8,639.2 million. This compares to the Company’s portfolio as of September 30, 2025, as of which date the Company had investments in 417 portfolio companies with a total fair value of $8,769.4 million. Investments in portfolio companies as of December 31, 2025 and September 30, 2025 consisted of the following: The following table shows the asset mix of our new investment commitments for the three months ended December 31, 2025: Total investments in portfolio companies at fair value were $8,639.2 million at December 31, 2025. As of December 31, 2025, total assets were $8,894.0 million, net assets were $3,909.2 million and net asset value per share was $14.84. Consolidated Results of Operations For the first fiscal quarter of 2026, the Company reported GAAP net income of $65.2 million or $0.25 per share and Adjusted Net Income 2 of $65.2 million or $0.25 per share. GAAP net investment income was $95.7 million or $0.37 per share and Adjusted Net Investment Income 1 was $98.9 million or $0.38 per share. GAAP net realized and unrealized gain/(loss) was ($30.5) million or ($0.12) per share and Adjusted Realized and Unrealized Gain/(Loss) 1 was ($33.7) million or ($0.13) per share. Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful. Liquidity and Capital Resources The Company’s liquidity and capital resources are derived from the Company’s debt securitizations (also known as collateralized loan obligations, or CLOs), unsecured notes, revolving credit facilities and cash flow from operations. The Company’s primary uses of funds from operations include investments in portfolio companies and payment of fees and other expenses that the Company incurs. The Company has used, and expects to continue to use, its debt securitizations, unsecured notes, revolving credit facilities, proceeds from its investment portfolio and proceeds from offerings of its securities and its dividend reinvestment plan to finance its investment objectives. As of December 31, 2025, we had cash, cash equivalents and foreign currencies of $94.0 million, restricted cash, restricted cash equivalents and restricted foreign currencies of $66.6 million and $4,903.1 million of debt outstanding. As of December 31, 2025, subject to leverage and borrowing base restrictions, we had approximately $881.8 million of remaining availability, in the aggregate, on our revolving credit facility with JPMorgan. In addition, as of December 31, 2025, we had $300.0 million of remaining commitments and availability on our unsecured line of credit with GC Advisors. The Company’s GAAP leverage ratio increased to 1.27x as of December 31, 2025 and our GAAP debt-to-equity ratio, net 3 remained stable at 1.23x as of December 31, 2025 (1.21x, on average, throughout the quarter ended December 31, 2025). Portfolio and Asset Quality GC Advisors regularly assesses the risk profile of each of the Company’s investments and rates each of them based on an internal system developed by Golub Capital and its affiliates. This system is not generally accepted in our industry or used by our competitors. It is based on the following categories, which we refer to as GC Advisors’ internal performance ratings: Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. For additional analysis on the Company's internal performance ratings as of December 31, 2025, please refer to the Quarter Ended 12.31.2025 Earnings Presentation available on Investors Resources link on the homepage of the Company's website ( www.golubcapitalbdc.com ) under Events/Presentations. The following table shows the distribution of the Company’s investments on the 1 to 5 internal performance rating scale at fair value as of December 31, 2025 and September 30, 2025: Conference Call The Company will host an earnings conference call at 10:00 am (Eastern Time) on Thursday, February 5, 2026 to discuss the quarterly financial results. All interested parties may participate in the conference call by dialing (888) 330-3529 approximately 10-15 minutes prior to the call; international callers should dial (646) 960-0656. Participants should reference Golub Capital BDC, Inc. when prompted or reference conference ID number 5111111. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Resources link on the homepage of our website ( www.golubcapitalbdc.com ) and click on the Quarter Ended 12.31.2025 Earnings Presentation under Events/Presentations. An archived replay of the call will be available shortly after the call until 11:59 p.m. (Eastern Time) on February 12, 2026. To hear the replay, please dial (800) 770-2030. International dialers, please dial +1 (609) 800-9909. For all replays, please reference program ID number 5111111. ABOUT GOLUB CAPITAL BDC, INC. Golub Capital BDC, Inc. ("GBDC") is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies ("Golub Capital"). ABOUT GOLUB CAPITAL Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital’s sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors. As of January 1, 2026, Golub Capital had over 1,000 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com . FORWARD-LOOKING STATEMENTS This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. Golub Capital BDC, Inc. undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. Source: Golub Capital BDC, Inc. View source version on businesswire.com: https://www.businesswire.com/news/home/20260204708875/en/ Contacts Christopher Ericson 312-212-4036 [email protected]

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