Golub Capital BDC (NASDAQ: GBDC) details Q3 2026 earnings, credit and dividends
Rhea-AI Filing Summary
Golub Capital BDC, Inc. reported third fiscal quarter 2026 results for the quarter ended June 30, 2026. Adjusted net investment income was $0.34 per share, producing an annualized adjusted NII ROE of 9.5%, while adjusted earnings were $0.22 per share and annualized adjusted ROE was 6.2%.
Net asset value was $14.25 per share, down $0.10 from March 31, 2026, driven by $(0.12) per share of adjusted net realized and unrealized losses, mainly related to non-accrual investments. The investment portfolio totaled $8.2 billion at fair value; total investments fell 1.5%, or $120.9 million, during the quarter.
Credit quality remained strong, with approximately 87% of the portfolio at fair value rated 4 or 5 internally and non-accruals at 2.9% of cost and 1.9% of fair value across 20 investments. The company repurchased 1.1 million shares for $14.4 million, declared a quarterly base distribution of $0.33 per share for FY 2026 Q4, and reported total available liquidity of $2.0 billion with GAAP debt-to-equity (net) of 1.23x.
Positive
- None.
Negative
- None.
Filing Explained
As of June 30, 2026, $2.0 billion of available liquidity coexisted with $4,568,759 thousand of debt, including the 2031 notes.
The company furnished its third-quarter earnings presentation for the quarter ended
The earnings information and presentation were furnished under Item 2.02 and expressly stated not to be deemed filed under Section 18 of the Exchange Act.
The presentation reports that the company issued
At quarter-end, the JPMorgan facility had
The stated maturities to monitor are the
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Adjusted net investment income per share: $0.34 per share
Adjusted earnings per share: $0.22 per share
Net asset value per share: $14.25 per share
+5 more
8 metrics
Adjusted net investment income per share
$0.34 per share
Quarter ended June 30, 2026
Adjusted earnings per share
$0.22 per share
Quarter ended June 30, 2026
Net asset value per share
$14.25 per share
As of June 30, 2026, down $0.10 from $14.35 on March 31, 2026
Investment portfolio at fair value
$8.2 billion
Total investments in portfolio companies at fair value at June 30, 2026
Non-accruals as % of investments (fair value)
1.9%
Non-accrual investments as a percentage of total investments at fair value at June 30, 2026
GAAP debt-to-equity, net
1.23x
Leverage ratio as of June 30, 2026
Total available liquidity
$2.0 billion
Liquidity available as of June 30, 2026
Quarterly base distribution
$0.33 per share
Declared for FY 2026 Q4
Key Terms
non-accrual investments, net investment income, internal rate of return, Secured Overnight Financing Rate, +2 more
6 terms
non-accrual investments financial
"Non-accrual investments increased but still low at 1.9% of total investments"
Non-accrual investments are loans or debt-like assets for which a lender has stopped counting future interest as income because the borrower is late or unlikely to pay. Think of it like a landlord who stops expecting rent and no longer counts it as earnings when a tenant repeatedly misses payments; it signals higher credit risk and can reduce reported income and asset values, so investors watch it as an early warning of potential losses.
net investment income financial
"Net investment income stable quarter-over-quarter, $0.34 of adjusted net investment income per share"
Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.
internal rate of return financial
"Investors in GBDC’s 2010 IPO have achieved a 9.4% internal rate of return"
A percentage that represents the annualized yield an investment would earn, taking into account the timing and amount of all cash inflows and outflows; mathematically it is the rate that makes the discounted sum of future cash flows equal the initial cost. Investors use it to compare different projects or deals the way they compare interest rates — a higher internal rate of return suggests a stronger potential payoff, but it does not by itself show risk, scale, or timing nuances.
Secured Overnight Financing Rate financial
"3-Month Secured Overnight Financing Rate (SOFR)"
A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.
asset coverage financial
"Asset coverage 176.8% ... 180.4%"
Asset coverage is a quick check of how much of a company's debt or preferred claims could be paid off using its tangible assets if the company had to be broken up or liquidated. Think of it like measuring whether the contents of a house would raise enough money to settle outstanding loans on the property; higher coverage means creditors and investors are safer, while lower coverage signals more risk of loss.
business development company regulatory
"our ability to qualify and maintain our qualification as a business development company"
A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.
Earnings Snapshot
Adjusted net investment income per share: $0.34
Quarter ended June 30, 2026
Adjusted net investment income per share
$0.34
Stable versus the March 31, 2026 quarter
Adjusted earnings per share
$0.22
Rose from ($0.18) in the March 31, 2026 quarter
Net asset value per share
$14.25
Decreased by $0.10 from $14.35 as of March 31, 2026
Non-accrual investments / total investments at fair value
1.9%
Increased from 1.4% at March 31, 2026
Total investments at fair value
$8.20 billion
Decreased by approximately 1.5%, or $120.9 million, during the quarter
Quarterly base distribution per share
$0.33
Base distribution declared for FY 2026 Q4, consistent with recent quarters
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Golub Capital BDC (GBDC) perform in its Q3 FY 2026 quarter?
Golub Capital BDC generated adjusted net investment income of $0.34 per share and adjusted earnings of $0.22 per share in Q3 FY 2026. Annualized adjusted NII ROE was 9.5% and annualized adjusted ROE was 6.2%, indicating solid profitability on equity.
What were Golub Capital BDC (GBDC)’s credit quality and non-accrual levels at June 30, 2026?
At June 30, 2026, approximately 87% of GBDC’s portfolio at fair value carried internal performance ratings of 4 or 5. Non-accrual investments were 2.9% of total investments at cost and 1.9% at fair value, spread across 20 portfolio company investments.
How large is GBDC’s investment portfolio and how is it changing?
GBDC’s investment portfolio totaled $8.2 billion at fair value as of June 30, 2026. Total investments decreased by approximately 1.5%, or $120.9 million, during the quarter, reflecting $189.5 million of exits and sales versus $12.6 million in new investment commitments.
What is Golub Capital BDC (GBDC)’s leverage and liquidity position?
As of June 30, 2026, GBDC’s GAAP debt-to-equity (net) ratio was 1.23x, with asset coverage of 180.4%. Total available liquidity was $2.0 billion, supported by unused capacity on its JPMorgan credit facility and GC Advisors revolver plus cash and restricted cash balances.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 3, 2026
(Exact name of Registrant as Specified in Its Charter)
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(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (212 ) 750-6060
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b- 2 of the Securities Exchange Act of 1934.
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
| Item 2.02. Results of Operations and Financial Condition. | ||
On August 4, 2026, Golub Capital BDC, Inc. will host a conference call to discuss its financial results for its third fiscal quarter ended June 30, 2026. In connection therewith, Golub Capital BDC, Inc. provided an earnings presentation on its website at http://www.golubcapitalbdc.com. A copy of the earnings presentation is attached hereto as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. Financial Statements and Exhibits. | ||
(d) Exhibits. | |||||
99.1 | Golub Capital BDC, Inc. Third Quarter 2026 Earnings Presentation | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES | ||||||||
| GOLUB CAPITAL BDC, INC. | |||||||||||
Date: | August 3, 2026 | By: /s/ Christopher C. Ericson | |||||||||
| Name: Christopher C. Ericson | |||||||||||
Title: Chief Financial Officer | |||||||||||
© 2026 GOLUB CAPITAL LLC GOLUB CAPITAL BDC, INC. (Nasdaq : GBDC) EARNINGS PRESENTATION | QUARTER ENDED JUNE 30, 2026
2 Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. We have based the forward-looking statements included in this presentation on information available to us on the date of this presentation. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (“SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. This presentation contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data. In evaluating prior performance information in this presentation, you should remember that past performance is not a guarantee, prediction, or projection of future results, and there can be no assurance that we will achieve similar results in the future. Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: our future operating results; our business prospects and the prospects of our portfolio companies, including, without limitation our and their ability to achieve our respective objectives due to disruptions, including those caused by global health pandemics or other large scale events; the effect of investments that we expect to make and the competition for those investments; our contractual arrangements and relationships with third parties; actual and potential conflicts of interest with GC Advisors LLC ("GC Advisors"), our investment adviser, and other affiliates of Golub Capital LLC (collectively, "Golub Capital"); the dependence of our future success on the general economy and its effect on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; the use of borrowed money to finance a portion of our investments; the adequacy of our financing sources and working capital; the timing of cash flows, if any, from the operations of our portfolio companies; general economic and political trends and other external factors, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets; elevated levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest; the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments; the ability of GC Advisors or its affiliates to attract and retain highly talented professionals; the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics or other large scale events; turmoil in Ukraine, Russia and the Middle East, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest; our ability to qualify and maintain our qualification as a regulated investment company and as a business development company; the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; general price and volume fluctuations in the stock markets; the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations issued thereunder and any actions toward repeal thereof; and the effect of changes to tax legislation and our tax position. Disclaimer
◦ Continued strong portfolio company performance with ~87% of the total investment portfolio having internal performance ratings of ‘4’ or ‘5’4 ◦ Non-accrual investments increased but still low at 1.9% of total investments at fair value (2.9% at cost) ▪ Three portfolio company investments exited from non-accrual status in the quarter ▪ Four portfolio company investments added to non-accrual status during the quarter ◦ Net asset value of $14.25 per share, a decrease of $0.10 per share from $14.35 as of March 31, 2026 ◦ $8.2 billion investment portfolio at fair value with $189.5 million in exits/sales and $12.6 million in new investment commitments ($8.7 million funded at close) in the quarter ◦ Continued to prioritize accretive share repurchases over new investment commitments ▪ Repurchased 1.1 million shares ($14.4 million) at a weighted average price of $12.90 per share (90% of our NAV per share as of March 31, 2026) during the quarter ended June 30, 2026 ◦ GAAP debt-to-equity ratio (net) decreased modestly to 1.23x5 (1.23x average for the quarter) ◦ Total available liquidity of $2.0 billion ◦ Declared quarterly base distribution of $0.33 per share6 for FY 2026 Q4 and maintained a variable supplemental distribution policy ▪ Adequate coverage of quarterly base distribution from adjusted net investment income ◦ 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 ▪ Leading fee structure with (i) base management fee of 1.0%, and (ii) incentive fee rate of 15.0% (8.0% hurdle rate), and prudent operating expense management ◦ $(0.12) per share of adjusted net realized and unrealized losses resulted in adjusted earnings per share of $0.22, or an annualized adjusted ROE of 6.2%1,3 ▪ Unrealized losses on markdowns of non-accrual investments, somewhat offset by the reversal of a portion of the unrealized losses recognized in the 3/31/26 quarter from spread widening ▪ Realized losses resulting from the successful restructuring of two non-accrual portfolio companies, partially offset by net realized gains from the exit of multiple portfolio company equity investments FY 2026 Q3 Earnings Review (Quarter Ended 06/30/2026) Earnings Summary Portfolio & Credit Quality Dividend Policy Balance Sheet Update 3 See the slide titled “Endnotes - FY 2026 Q3 Earnings Review (Quarter Ended 06/30/2026)” at the end of this presentation for footnotes. Distributions
4 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 $0.34 $0.34 Net Realized/Unrealized Gain (Loss) Per Share Net realized/unrealized gain (loss) per share ($0.51) ($0.11) Reversal of realized/unrealized loss resulting from the amortization of purchase premium per share1 (0.01) (0.01) Adjusted net realized/unrealized gain (loss) per share2 ($0.52) ($0.12) Earnings Per Share Earnings (loss) per share ($0.18) $0.22 Adjusted earnings (loss) per share2 ($0.18) $0.22 Net Asset Value Per Share $14.35 $14.25 Summary of Financial Results vs. Prior Quarter A See the slide titled “Endnotes - Summary of Financial Results vs. Prior Quarter” at the end of this presentation for footnotes. +A B B
GBDC Performance Drivers 01
6 Long History of Strong Shareholder Returns 1. The 9.4% internal rate of return (“IRR”) on NAV is calculated using beginning of period NAV, distributions paid during the period and ending period NAV. Period beginning June 30, 2010 and ending June 30, 2026. GBDC made its initial public offering on April 15, 2010. GBDC’s 1-, 5- and 10-Year IRRs (net of fees and expenses) are 4.8%, 8.9% and 8.5%, respectively. Note: Amounts presented represent per share amounts for a hypothetical shareholder that purchased one share in GBDC’s initial public offering (“IPO”) on April 15, 2010. For illustrative purposes only; does not reflect the actual returns of a specific GBDC investor. Past performance does not guarantee future results. Sources: SEC filings and Golub Capital analysis NAV Per Share Cumulative Regular Distributions Per Share Cumulative Special Distributions Per Share Cumulative Supplemental Distributions Per Share Ap r- 10 Ju n- 10 Se p- 10 D ec -1 0 M ar -1 1 Ju n- 11 Se p- 11 D ec -1 1 M ar -1 2 Ju n- 12 Se p- 12 D ec -1 2 M ar -1 3 Ju n- 13 Se p- 13 D ec -1 3 M ar -1 4 Ju n- 14 Se p- 14 D ec -1 4 M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Se p- 25 D ec -2 5 M ar -2 6 Ju n- 26 $14.63 $36.48 $0.73 $21.17 $14.25 As of June 30, 2026 Investors in GBDC’s 2010 IPO have achieved a 9.4% IRR on NAV1 $0.33
7 $14.35 $0.33 $0.01 ($0.33) ($0.01) ($0.04) ($0.06) ($0.01) $0.01 $14.25 March 31, 2026 NAV Net Investment Income Reversal of Amortization of Purchase Premium Quarterly Distribution Paid During June 30, 2026 Quarter Net Realized / Unrealized Gain (Loss) on Foreign Currency Transactions Net Realized Gain (Loss) on Investments Net Change in Unrealized Appreciation (Depreciation) on Investments Net Reversal of Realized/Unrealized Loss Resulting from the Purchase Premium¹ Accretion due to Share Repurchases June 30, 2026 NAV Realized and Unrealized Losses Drove a NAV Per Share Decrease From March 31, 2026 NAV Per Share Bridge Adjusted Net Realized & Unrealized Loss: ($0.12)1 Adjusted NII: $0.341 1. As a supplement to 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 presentation for further description on the non-GAAP financial measures.
8 Portfolio Highlights - New Originations Quarter Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Select Portfolio Funds Roll Data (in millions) New Investment Commitments $556.8 $86.5 $44.7 $17.7 $12.6 Exits and Sales of Investments 305.8 370.8 302.9 336.6 189.5 Net Funds Growth1 340.3 (192.2) (130.2) (322.0) (120.9) Asset Mix of New Investments Senior Secured 10 % 2 % 7 % 6 % 6 % One Stop 87 % 93 % 91 % 92 % 88 % Junior Debt2 1 % 2 % 0 % 0 % 0 % Equity and Other Investments 2 % 3 % 2 % 2 % 6 % Portfolio Rotation - Debt Investments Weighted average rate on new investments3 9.2 % 8.9 % 8.6 % 8.8 % 8.9 % Weighted average spread over the applicable base rate of new floating rate investments4 5.1 % 4.9 % 4.9 % 4.9 % 5.2 % Weighted average rate of sales and payoffs of portfolio investments5 9.8 % 9.8 % 9.4 % 9.0 % 9.3 % Weighted average fees on new investments 0.8 % 0.9 % 0.6 % 0.7 % 0.8 % See the slide titled “Endnotes - Portfolio Highlights - New Originations” at the end of this presentation for footnotes. – 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.
9 $8,961,549 $8,769,389 $8,639,231 $8,317,245 $8,196,353 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 5,500,000 6,000,000 6,500,000 7,000,000 7,500,000 8,000,000 8,500,000 9,000,000 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) Equity Junior Debt1 First Lien Traditional Senior 1. Junior Debt is comprised of second lien and subordinated debt. 5% 87% 7% 1% 5% 87% 7% 1% 5% 87% 7% 1% 5% 87% 7% 1% 5% 87% 7% 1% First Lien One Stop
10 7% 5% 87% 1% Software 26% Healthcare Providers & Services 8% Diversified Consumer Services 6% Insurance 5% Specialty Retail 5% Automobiles 5% Healthcare Technology 4% Pharmaceuticals 4% IT Services 4% Hotels, Restaurants & Leisure 3% Healthcare Equipment & Supplies 3% Portfolio Highlights – Portfolio Diversity as of June 30, 2026 Investment Portfolio $8,196MM | 424 Portfolio Companies | Average Size 0.2% 1. Junior Debt is comprised of second lien and subordinated debt. 2. The percentage of fixed rate and floating rate loans is calculated using total debt investments at fair value and excludes equity investments. 3. Based on S&P 2018 industry code. The largest industries represented as approximate percentages of the portfolio at fair value are labeled. All other industry segments are each below 3%. Diversification by Portfolio Company Equity Junior Debt1 First Lien One Stop First Lien Traditional Senior Top 25 Portfolio Companies 26% Remaining Portfolio Companies 399 74% Top 10 Portfolio Companies 13% Avg Size 0.2% Portfolio Composition by Interest Rate Type on Loans2 Diversification by Industry3 40 industries below 3% Portfolio Composition by Seniority Floating, 99% Fixed, 1% 92% First Lien
11 – 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% and 1.9% as a percentage of total investments at cost and fair value, respectively. – During the quarter ended June 30, 2026, the number of non-accrual investments increased to twenty as (i) the return to accrual status of two restructured portfolio company investments and (ii) the disposition of one portfolio company was offset by the addition of four portfolio company investments. Portfolio Highlights - Credit Quality Quarter Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Non-Accrual - Total Investments Non-accrual investments at amortized cost (000s) $107,606 $56,468 $112,311 $198,441 $246,328 Non-accrual investments / total investments at amortized cost 1.2% 0.6% 1.3% 2.3% 2.9% Non-accrual investments at fair value (000s) $56,295 $27,321 $67,883 $118,510 $158,642 Non-accrual investments / total investments at fair value 0.6% 0.3% 0.8% 1.4% 1.9% Fair Value of Debt Investments Fair value of total debt investments as a percentage of principal (loans) 98.2% 98.4% 98.2% 96.8% 97.0% 1. Please see Internal Performance Ratings definitions on the following page.
12 Portfolio Highlights – Portfolio Ratings * Represents an amount less than 0.1%. Internal Performance Ratings (% of Portfolio at Fair Value) Internal Performance Rating Definitions At Fiscal Year End At Quarter End Rating 2021 2022 2023 2024 2025 December 31, 2025 March 31, 2026 June 30, 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% 84.9% 3 8.1% 7.3% 14.6% 11.6% 9.6% 10.1% 8.7% 10.6% 2 1.0% 1.3% 0.3% 1.3% 1.0% 1.3% 2.2% 2.8% 1 0.0%* 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%* 0.0% Grand Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Rating Definition 5 Borrower is performing above expectations and the trends and risk factors are generally favorable 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Borrower could be out of compliance with debt covenants; however, loan payments are generally not past due 2 Borrower is performing materially below expectations and the loan’s risk has increased materially since origination 1 Borrower is performing substantially below expectations and the loan’s risk has substantially increased since origination
13 See the slide titled “Endnotes - Portfolio Highlights Economic Analysis” at the end of this presentation for footnotes. Portfolio Highlights – Economic Analysis 7.3% 7.5% 9.2% 10.5% 11.5% 11.9% 12.5% 12.6% 12.8% 12.3% 12.0% 11.2% 10.8% 10.6% 10.4% 10.0% 9.7% 9.9% 6.9% 7.1% 8.4% 10.0% 11.1% 11.6% 11.9% 12.2% 12.4% 12.0% 11.7% 10.9% 10.5% 10.3% 10.1% 9.7% 9.4% 9.4% 4.5% 4.5% 5.5% 6.1% 6.7% 6.8% 7.3% 7.2% 7.0% 5.8% 5.2% 5.0% 4.9% 4.9% 4.8% 4.6% 4.6% 2.8% 3.0% 3.7% 4.4% 4.8% 5.1% 5.2% 5.4% 5.8% 6.5% 6.8% 6.2% 5.9% 5.7% 5.6% 5.4% 5.2% 5.3% 0.7% 2.1% 3.6% 4.6% 4.9% 5.3% 5.4% 5.3% 5.3% 5.3% 4.6% 4.3% 4.3% 4.3% 4.0% 3.7% 3.7% 3.7% Investment income yield⁴ Income yield⁵ Weighted average net investment spread⁶ Weighted average cost of debt ⁷ ⁸ 3-Month Secured Overnight Financing Rate (“SOFR”) FY’22 Q 2 FY’22 Q 3 FY’22 Q 4¹ FY’23 Q 1 FY’23 Q 2 FY’23 Q 3 FY’23 Q 4² FY’24 Q 1 FY’24 Q 2 FY’24 Q 3³ FY’24 Q 4 FY’25 Q 1 FY’25 Q 2 FY’25 Q 3 FY’25 Q 4 FY’26 Q 1 FY’26 Q 2 FY’26 Q 3 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 4.5%
Summary of Financial Results 02
15 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 investment income per share1 $0.39 $0.39 $0.38 $0.34 $0.34 Net Realized/Unrealized Gain (Loss) Per Share Net realized/unrealized gain/(loss) per share ($0.04) ($0.02) ($0.12) ($0.51) ($0.11) Reversal of realized/unrealized loss resulting from the amortization of purchase premium per share1 (0.01) (0.01) (0.01) (0.01) (0.01) Adjusted net realized/unrealized gain (loss) per share1 ($0.05) ($0.03) ($0.13) ($0.52) ($0.12) Earnings (Loss) Per Share Earnings (loss) per share $0.34 $0.36 $0.25 $(0.18) $0.22 Adjusted earnings (loss) per share1 $0.34 $0.36 $0.25 $(0.18) $0.22 Net Asset Value Per Share $15.00 $14.97 $14.84 $14.35 $14.25 Distributions paid per share $0.39 $0.39 $0.39 $0.33 $0.33 A B A B+ 1. As a supplement to 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 presentation for further description of the non-GAAP financial measures.
16 Quarterly Statements of Financial Condition As of (Dollar amounts in 000s, except share and per share data) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 (unaudited) (audited) (unaudited) (unaudited) (unaudited) Assets Investments, at fair value $8,961,549 $8,769,389 $8,639,231 $8,317,245 $8,196,353 Cash, cash equivalents and foreign currencies 99,756 23,616 93,969 72,192 20,006 Restricted cash and cash equivalents 79,017 88,827 66,573 62,987 50,657 Other assets 96,191 96,467 94,192 77,273 72,550 Total Assets $9,236,513 $8,978,299 $8,893,965 $8,529,697 $8,339,566 Liabilities Debt $5,154,001 $4,926,778 $4,903,076 $4,723,905 $4,561,799 Unamortized debt issuance costs (26,853) (26,005) (23,849) (21,427) (24,247) Interest payable 51,446 38,254 49,092 33,891 48,007 Management and income incentive fees payable 40,613 40,884 39,637 36,533 36,152 Other liabilities 21,977 15,821 16,855 8,675 12,986 Total Liabilities $5,241,184 $4,995,732 $4,984,811 $4,781,577 $4,634,697 Total Net Assets $3,995,329 $3,982,567 $3,909,154 $3,748,120 $3,704,869 Total Liabilities and Net Assets $9,236,513 $8,978,299 $8,893,965 $8,529,697 $8,339,566 Net Asset Value per Share $15.00 $14.97 $14.84 $14.35 $14.25 GAAP leverage 1.30x 1.25x 1.27x 1.27x 1.24x GAAP debt-to-equity, net1 1.26x 1.23x 1.23x 1.24x 1.23x Asset coverage2 176.8% 180.2% 178.9% 178.8% 180.4% Number of shares of common stock outstanding 266,376,416 266,008,083 263,384,785 261,147,881 260,033,889 1. GAAP debt-to-equity, net is calculated as (a) total debt reduced by (i) cash, (ii) cash equivalents and foreign currencies and (iii) restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) divided by (b) total net assets. 2. Following stockholder approval of the application of the reduced asset coverage requirements available to business development companies to the Company, the minimum asset coverage ratio applicable to the Company decreased to 150% from 200% effective February 6, 2019.
17 Quarterly Operating Results Quarter Ended (Dollar amounts in 000s, except share and per share data) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $212,899 $211,548 $201,443 $183,528 $185,001 Acquisition purchase premium amortization (3,602) (3,543) (3,168) (2,520) (2,256) Dividend and fee income 9,047 9,836 8,732 7,126 4,985 Total Investment Income $218,344 $217,841 $207,007 $188,134 $187,730 Expenses Interest and other debt financing expenses $70,698 $70,366 $66,314 $61,069 $60,993 Base management fee 22,082 22,514 22,115 21,035 20,716 Incentive fee – net investment income 18,543 18,434 17,457 15,542 15,436 Other operating expenses 5,759 5,762 5,363 4,941 5,368 Total Expenses $117,082 $117,076 $111,249 $102,587 $102,513 Net Investment Income $101,262 $100,765 $95,758 $85,547 $85,217 Net Gain (Loss) on Investments and Foreign Currency Net realized gain (loss) on investments and foreign currency transactions ($24) ($33,460) ($3,838) ($10,355) ($24,781) Net unrealized appreciation (depreciation) on investments and foreign currency translation (15,032) 25,080 (29,891) (124,518) (5,911) Net unrealized appreciation (depreciation) on investments due to purchase premium from GCIC and GBDC 3 acquisition1 3,641 3,751 3,217 2,530 2,486 Net gain (loss) on investments and foreign currency ($11,415) ($4,629) ($30,512) ($132,343) ($28,206) Provision for taxes on realized gain and unrealized appreciation on investments 211 154 — — (2) Net Increase (Decrease) in Net Assets Resulting from Operations $90,058 $96,290 $65,246 ($46,796) $57,009 Per Share Data Net Investment Income Per Share $0.38 $0.38 $0.37 $0.33 $0.33 Adjusted Net Investment Income per share1 $0.39 $0.39 $0.38 $0.34 $0.34 Earnings (Loss) Per Share $0.34 $0.36 $0.25 ($0.18) $0.22 Adjusted Earnings (Loss) Per Share1 $0.34 $0.36 $0.25 ($0.18) $0.22 Distributions Paid $0.39 $0.39 $0.39 $0.33 $0.33 Weighted average shares of common stock outstanding 266,844,118 266,345,245 263,678,730 262,676,687 260,446,791 1. As a supplement to 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 presentation for further description of the non-GAAP financial measures.
18 Financial Performance Highlights *The quarterly return on equity is calculated as the annualized return on average equity divided by four. Return on equity calculations presented are based on (a) Adjusted Net Income for the period, as defined on the slide titled “Endnotes – Non-GAAP Financial Measures” at the end of this presentation, divided by (b) the daily weighted average of total net assets during the period presented. Adjusted Net Income is a non-GAAP measure and the Company believes this non-GAAP measure is useful as it excludes the non-cash expense/loss from the purchase premium as further described on the slide titled “Endnotes - Non- GAAP Financial Measures” at the end of this presentation. These returns do not represent an actual return to any investor in the Company. ^ Excludes impact of write-down of purchase premium. Quarterly Return on Equity and Quarterly Distributions (Last 5 Years) $0.29 $0.30 $0.30 $0.30 $0.30 $0.33 $0.33 $0.33 $0.37 $0.37 $0.39 $0.39 $0.39 $0.39 $0.39 $0.39 $0.39 $0.39 $0.33 $0.33 $0.05 $0.05 $0.05 $0.04 $0.07 $0.07 $0.06 $0.05 $0.04 2.8% 2.4% 2.6% 0.6% 0.3% 1.0% 2.4% 2.9% 4.0% 2.9% 3.7% 2.0%^ 2.3% 2.8% 2.0% 2.3% 2.4% 1.6% (1.3)% 1.5% Regular Distribution Special Distribution Supplemental Distribution Quarterly Return on Equity* Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 $0.44 $0.41 $0.46 $0.50 $0.49 $0.48
19 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 securitization vehicle and is reserved for quarterly interest payments and is also available for new investments that qualify for reinvestment by these entities. Debt Facilities – Availability – JPM Credit Facility – As of June 30, 2026, subject to leverage and borrowing base restrictions, we had approximately $1,725.9 million of remaining commitments and availability, in the aggregate, on our $1,997.5 million revolving credit facility with JPMorgan. – GC Advisors Revolver – As of June 30, 2026, subject to leverage and borrowing base restrictions, we had approximately $266.8 million of remaining commitments and availability, in the aggregate, on our $300.0 million unsecured line of credit with GC Advisors. Unsecured Notes – Issuances and Interest Rate Swap Agreements – On May 27, 2026, we issued $500.0 million of 2031 Unsecured Notes (the “2031 Notes”), which bear a fixed interest rate of 6.250% (yield to maturity of 6.508%) and mature on June 1, 2031. In connection with the 2031 Notes, we entered into interest rate swap agreements on the $500 million principal amount of the 2031 Notes where we receive a fixed interest rate of 6.250% and pay a floating interest rate of Daily SOFR plus 2.178%. Debt Facilities – Amendments – On July 2, 2026, we amended our revolving credit facility with JPMorgan to, among other things, (i) remove the 0.10% adjustment to term SOFR rate and (ii) extend the maturity date to July 2, 2031 from April 4, 2030*. * See footnote #5 on the slide titled “Endnotes - Debt Capital Structure” at the end of this presentation.
20 GBDC Has a Highly Flexible and Low-Cost Funding Structure GBDC Debt Capital Structure* (Dollar amounts in 000s) Funding Source Debt Commitment Outstanding Par Undrawn Commitment Reinvestment Period Stated Maturity Interest Rate1 Securitizations: 2024 Debt Securitization $1,364,000 $1,364,000 $— October 20, 2028 October 20, 2036 3-Month SOFR + 1.58% Unsecured Notes: 2026 Unsecured Notes 600,000 600,000 — N/A August 24, 2026 2.500% 2027 Unsecured Notes 350,000 350,000 — N/A February 15, 2027 2.050% 2028 Unsecured Notes2 700,000 700,000 — N/A December 5, 2028 SOFR + 2.596%2 2029 Unsecured Notes3 750,000 750,000 — N/A July 15, 2029 SOFR + 2.358%3 2031 Unsecured Notes4 500,000 500,000 — N/A June 1, 2031 SOFR + 2.178%4 Bank Facilities: JPMorgan Credit Facility5 1,997,500 271,559 1,725,941 July 2, 2030 July 2, 2031 1-Month SOFR + 1.525% - 1.775%5 GC Advisors Revolver 300,000 33,200 266,800 N/A June 13, 2032 Applicable Federal Rate Totals: $6,561,500 $4,568,759 $1,992,741 5.3%6 See the slide titled “Endnotes - Debt Capital Structure” at the end of this presentation for footnotes. * Information is presented as of June 30, 2026, except for as noted and for certain rating agency information, which is as of the most recently available date. GBDC’s Investment Grade Ratings Profile Could Improve Access to Attractive Unsecured Debt Funding Structure Key Takeaways Current Rating Rating Outlook BBB Stable Baa2 Negative BBB- Stable • Weighted average cost of debt 5.3%6 • Primarily floating rate debt capital structure with ~79% of debt capital floating rate or swapped to floating rate • Total available liquidity of $2.0 billion • Available liquidity ~1.3x unfunded asset commitments and maturing 2026/2027 Notes coverage • 63.5% of debt funding from unsecured notes with well-laddered maturities (primarily long dated with earliest maturity in 2026)
21 Common Stock and Distribution Information Date Declared Record Date Payment Date Amount Per Share Frequency Total Amount (in 000s) February 2, 2024 February 15, 2024 March 15, 2024 $0.07 Supplemental $11,941 January 16, 2024 March 1, 2024 March 29, 2024 $0.39 Quarterly $66,528 April 19, 2024 May 2, 2024 June 21, 2024 $0.39 Quarterly $66,892 May 3, 2024 May 16, 2024 June 14, 2024 $0.06 Supplemental $10,291 June 2, 2024 June 13, 2024 June 27, 2024 $0.05 Special $13,182 June 2, 2024 August 16, 2024 September 13, 2024 $0.05 Special $13,215 August 2, 2024 August 16, 2024 September 13, 2024 $0.05 Supplemental $13,215 August 2, 2024 August 30, 2024 September 27, 2024 $0.39 Quarterly $103,072 June 2, 2024 November 29, 2024 December 13, 2024 $0.05 Special $13,214 November 14, 2024 November 29, 2024 December 13, 2024 $0.04 Supplemental $10,571 November 14, 2024 December 9, 2024 December 27, 2024 $0.39 Quarterly $103,068 February 3, 2025 March 3, 2025 March 28, 2025 $0.39 Quarterly $104,484 May 2, 2025 June 13, 2025 June 27, 2025 $0.39 Quarterly $103,891 August 1, 2025 September 15, 2025 September 29, 2025 $0.39 Quarterly $103,887 November 14, 2025 December 12, 2025 December 30, 2025 $0.39 Quarterly $102,752 February 2, 2026 March 13, 2026 March 30, 2026 $0.33 Quarterly $86,437 May 1, 2026 June 15, 2026 June 29, 2026 $0.33 Quarterly $85,894 July 31, 2026 September 14, 2026 September 29, 2026 $0.33 Quarterly $85,685² Distributions Data 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 30, 2026 High Low End of Period First Quarter $14.37 $13.33 $13.57 Second Quarter $13.95 $11.97 $12.66 Third Quarter $13.80 $12.29 $12.88 Common Stock Price Data1 1. Based on closing stock price on the Nasdaq Global Market Select. 2. Estimated based on 259,651,589 shares outstanding as of August 3, 2026.
Appendix: Endnotes A
23 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 presentation for further description on the non-GAAP financial measures. 2. “Adjusted NII ROE”, or Adjusted net investment income return on equity, is calculated as (1) (a) Adjusted Net Investment Income Per Share, as defined on the slide titled “Endnotes - Non-GAAP Financial Measures at the end of this presentation and (b) annualized by multiplying by four and (2) divided by net asset value per share as of June 30, 2026. 3. “Adjusted ROE”, or Adjusted return on equity, is calculated as (1) (a) Adjusted Net Income Per Share for the period, as defined on the slide titled “Endnotes - Non-GAAP Financial Measures at the end of this presentation and (b) annualized by multiplying by four and (2) divided by net asset value per share as of June 30, 2026. 4. Please see page titled, “Portfolio Highlights – Portfolio Ratings”. 5. GAAP debt-to-equity, net is calculated as (a) total debt reduced by (i) cash, (ii) cash equivalents and foreign currencies and (iii) restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) divided by (b) total net assets. 6. Please see page titled, “Common Stock and Distribution Information” for payment dates of quarterly and supplemental dividends.
24 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. Purchase premium refers to the premium paid by GBDC to acquire GCIC and GBDC 3 in excess of the fair value of the assets acquired. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC’s or GBDC 3’s stockholders exceeded the relative fair values of the assets acquired, the premium paid by GBDC was allocated to the cost of the GCIC or GBDC 3 investments acquired by GBDC pro-rata based on their relative fair value. Immediately following each acquisition, GBDC recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of each asset acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on the GCIC or GBDC 3 loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the GCIC or GBDC 3 equity securities acquired and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the GCIC or GBDC 3 equity securities acquired. 2. Due to the purchase accounting for the GCIC and GBDC 3 acquisitions, as a supplement to 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 presentation for further description of the non-GAAP financial measures.
25 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 — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC’s or GBDC 3’s stockholders exceeded the relative fair values of the assets acquired, the premium paid by GBDC was allocated to the cost of the GCIC or GBDC 3 investments acquired by GBDC pro-rata based on their relative fair value. Immediately following each acquisition, GBDC recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the GCIC or GBDC 3 assets acquired was immediately recognized as unrealized depreciation on the Company's Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on the GCIC or GBDC 3 loans acquired through their ultimate disposition. The purchase premium allocated to investments in equity securities will not amortize over the life of the equity securities through interest income and, assuming no subsequent change to the fair value of the GCIC or GBDC 3 equity securities acquired and disposition of such equity securities at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation upon disposition of the GCIC or GBDC 3 equity securities acquired. As a supplement to GAAP financial measures, the Company has provided the following non-GAAP financial measures: • “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share” - excludes the amortization of the purchase premium from net investment income calculated in accordance with GAAP. • “Adjusted Net Realized and Unrealized Gain/(Loss)” and “Adjusted Net Realized and Unrealized Gain/(Loss) Per Share” - excludes the unrealized loss resulting from the purchase premium write-down and the corresponding reversal of the unrealized loss resulting from the amortization of the premium on loans or from the sale of equity investments from the determination of realized and unrealized gain/(loss) in accordance with GAAP. • “Adjusted Net Income”, “Adjusted Net Income Per Share” and “Adjusted Earnings/(Loss) Per Share” – calculates net income and earnings per share based on Adjusted Net Investment Income and Adjusted Net Realized and Unrealized Gain/(Loss). The Company believes that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/ loss and is one method the Company uses to measure its financial condition and results of operations. In addition to the non-GAAP financial measures above, the Company has provided the non-GAAP financial measure “Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee” and “Adjusted Net Investment Income Before Accrual for Capital Gain Incentive Fee Per Share”, which excludes the accrual for the capital gain incentive fee required under GAAP (including the portion of such accrual that is not payable under GBDC’s investment advisory agreement) from Adjusted Net Investment Income. The Company believes excluding the accrual of the capital gain incentive fee as a non-GAAP financial measure is useful as a portion of such accrual is not contractually payable under the terms of either the Company’s current investment advisory agreement with GC Advisors, which was effective June 3, 2024, or its prior investment advisory agreement with GC Advisors, (each, an “Investment Advisory Agreement”). In accordance with GAAP, the Company is required to include aggregate unrealized appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under either Investment Advisory Agreement. As of June 30, 2026, there was no cumulative capital gain incentive fee accrued by the Company in accordance with GAAP, and none was payable as a capital gain incentive fee pursuant to the current Investment Advisory Agreement as of June 30, 2026. Any payment due under the terms of the current Investment Advisory Agreement is based on the calculation at the end of each calendar year or upon termination of the Investment Advisory Agreement. The Company paid capital gain incentive fees in the amounts of $1.2 million and $1.6 million calculated in accordance with its prior Investment Advisory Agreement as of December 31, 2017 and 2018, respectively. The Company did not pay any capital gain incentive fee under the Investment Advisory Agreement for any period ended prior to December 31, 2017. Although these non-GAAP financial measures are intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. Refer to slide ‘Summary of Quarterly Results’ for a reconciliation to the GAAP measures. 2. Purchase premium refers to the premium paid by GBDC to acquire GCIC and GBDC 3 in excess of the fair value of the assets acquired.
26 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 (depreciation), etc. 2. Junior Debt is comprised of subordinated debt and second lien loans. 3. Weighted average interest rate on new loan investments is based on the contractual interest rate at the time of funding. For variable rate loans that have a SOFR, Prime or an applicable foreign base rate for loans denominated in foreign currency, the contractual rate is calculated using the current applicable base rate, the spread over the applicable base rate and the impact of any floor. For positions that have a SOFR and Prime rate option, the contractual rate is calculated using current SOFR at the time of funding, the spread over SOFR and the impact of any SOFR floor. For fixed rate loans, the contract rate is the stated fixed rate. 4. Weighted average spread over the applicable base rate of new floating rate loan investments is based on the contractual interest rate spread at the time of funding. Applicable base rates include SOFR, Prime and applicable foreign base rates for loans denominated in foreign currency. For variable rate loans that have a SOFR and Prime rate option, the SOFR spread was used in the calculation. For variable rate loans that only have a Prime rate option, the Prime spread was used. 5. Excludes the disposition of non-accrual assets, if any.
27 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 included in the calculation of the investment income yield for the quarter ended September 30, 2022. The income yield was 8.6% for the quarter ended September 30, 2022 when including the $2.0 million of interest income. 2. The income yield presented for the quarter ended September 30, 2023 excludes the one-time recognition of $3.7 million of previously deferred interest income resulting from a former non-accrual loan returning to accrual status, which is included in the calculation of the investment income yield for the quarter ended September 30, 2023. The income yield was 12.2% for the quarter ended September 30, 2023, when including the $3.7 million of interest income. 3. The income yield presented for the quarter ended June 30, 2024 excludes the one-time reversal of $2.5 million of previously recognized interest income resulting from loans that were restructured or placed on non-accrual status, which is included in the calculation of the investment income yield for the quarter ended June 30, 2024. The income yield was 11.8% for the quarter ended June 30, 2024, when including the $2.5 million reversal of previously recognized interest income. 4. Investment income yield is calculated as (a) the actual amount earned on earning investments, including interest and fee income, interest earned on cash, accrued Payment in Kind (“PIK”)/non-cash dividend income, and amortization of capitalized fees and discounts, divided by (b) the daily average of total earning investments at fair value. Investment income yield excludes any amortization of purchase price premium as further described in the Endnotes at the end of the presentation. 5. Income yield is calculated as (a) the actual amount earned on earning investments, including interest and fee income, interest earned on cash and accrued PIK/non-cash dividend income but excluding amortization of capitalized fees and discounts, divided by (b) the daily average of total earning investments at fair value. Income yield excludes any amortization of purchase price premium as further described in the Endnotes at the end of the presentation. 6. The weighted average net investment spread is calculated as (a) the investment income yield less (b) the weighted average cost of debt. 7. The weighted average cost of debt is calculated as (a) the actual amount of expenses incurred on debt obligations divided by (b) the daily average of total debt obligations. 8. Weighted average cost of debt excludes the fair-value impact of interest rate swaps. Including the impact of the fair-value of interest rate swaps, the weighted average cost of debt is 5.3%, 5.2%, 5.4%, 5.6%, 5.7%, 5.9%, 6.6%, 6.1%, 7.2%, 5.5% and 5.4% as of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively. Note that changes in the fair-value of the interest rate swaps are a non-cash item and will net to zero over the life of the interest rate swaps.
28 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 stated in the applicable credit agreement. 2. In connection with the issuance of the 2028 Notes, we entered into an interest rate swap agreement for a total notional amount of $225 million that matures on December 5, 2028. Under the agreement, GBDC receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month SOFR plus 3.327%. On April 10, 2024, in connection with the previously issued 2028 Unsecured Notes, we entered into an interest rate swap agreement for a total notional amount of $225 million. Under the agreement, GBDC receives a fixed interest rate of 7.310% and pays a floating interest rate of one-month SOFR plus 2.835%. The weighted average floating interest rate of both swaps is one-month SOFR plus 3.081%. On September 19, 2025, in connection with the issuance of an additional $250 million in aggregate principal amount of the 2028 Unsecured Notes, we entered into an interest rate swap agreement for a total notional amount of $250 million. Under the agreement, GBDC receives a fixed interest rate of 5.050% and pays a floating interest rate of daily SOFR plus 1.723%. The interest rate shown for the 2028 Notes represents the weighted average spread over one-month and daily SOFR, respectively, for portions of the 2028 Notes as described above. 3. In connection with the issuance of the 2029 Notes, we entered into an interest rate swap agreement for a total notional amount of $600 million that matures on July 15, 2029. Under the agreement, GBDC receives a fixed interest rate of 6.248% and pays a floating interest rate of one-month SOFR plus 2.444%. On November 25, 2024, in connection with the issuance of an additional $150 million in aggregate principal amount of the 2029 Unsecured Notes, we entered into an interest rate swap agreement for a total notional amount of $150 million. Under the agreement, GBDC receives a fixed interest rate of 5.881% and pays a floating interest rate of three-month SOFR plus 2.012%. The interest rate shown for the 2029 Notes represents the weighted average spread over one-month and three-month SOFR, respectively, for portions of the 2029 Notes as described above. 4. In connection with the issuance of the 2031 Notes, we entered into interest rate swap agreements for a total notional amount of $500 million that mature on June 1, 2031. Under the agreements, GBDC receives a fixed interest rate of 6.250% and pays a floating interest rate of Daily SOFR plus 2.171% on $350 million of the 2031 Notes, Daily SOFR plus 2.203% on an additional $75 million of the 2031 Notes, and Daily SOFR plus 2.185% on the remaining $75 million of the 2031 Notes. The weighted-average floating interest rate under the agreements is SOFR plus 2.178%. 5. Effective July 2, 2026, the JPM Credit Facility was amended, and the terms described reflect the facility as amended. The interest rate on the JPMorgan Credit Facility ranged from 1 month SOFR + 1.525% to 1 month SOFR + 1.775%. One non-extending lender with a total commitment of $200.0 million has a commitment termination date of April 4, 2029 and a final maturity date of April 4, 2030. 6. Represents the weighted average cost of debt, which is calculated as (a) the actual amount of expenses incurred on debt obligations divided by (b) the daily average of total debt obligations. Weighted average cost of debt excludes the fair-value impact of interest rate swaps. Note that changes in the fair-value of the interest rate swaps are a non-cash item and will net to zero over the life of the interest rate swaps. Endnotes - Debt Capital Structure