STOCK TITAN

Q2 2026 loss and NAV drop at Golub Capital BDC (NASDAQ: GBDC)

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Golub Capital BDC, Inc. reported a GAAP net loss of $46.8 million, or $0.18 per share, for its second fiscal quarter ended March 31, 2026, driven mainly by unrealized depreciation from spread widening and some underperforming loans. Net investment income was $85.5 million, or $0.33 per share, with Adjusted Net Investment Income at $88.1 million, or $0.34 per share, down from $0.38 in the prior quarter.

Net realized and unrealized loss was $132.3 million, or $0.51 per share, and NAV per share declined from $14.84 to $14.35 as investment portfolio fair value fell to $8,317.2 million. The board declared a quarterly distribution of $0.33 per share, payable June 29, 2026. The company repurchased about 2.24 million shares for $27.8 million in the quarter and a further 0.7 million shares for $8.4 million afterward. As of March 31, 2026, debt was $4,723.9 million, GAAP leverage was 1.27x, and GAAP debt-to-equity, net, was 1.24x, with over $1.0 billion of unused JPMorgan revolver capacity plus $300.0 million on an unsecured line with GC Advisors.

Positive

  • None.

Negative

  • Quarterly results swung to a net loss of $46.8 million (‑$0.18 per share), with $132.3 million in net realized and unrealized losses and NAV per share declining from $14.84 to $14.35.

Insights

Quarter turns to loss on unrealized markdowns despite solid income.

Golub Capital BDC generated strong interest income of $183.5 million and GAAP net investment income of $85.5 million ($0.33 per share), but credit spread widening and specific credit issues produced $132.3 million of net realized and unrealized losses.

Adjusted Net Investment Income of $88.1 million ($0.34 per share) declined from $0.38 in the prior quarter, while NAV per share fell from $14.84 to $14.35. Most unrealized depreciation came from performing loans rated in internal performance ratings 4 and 5, where the average price slipped to 98.5% of principal.

The company maintained a GAAP leverage ratio of 1.27x and GAAP debt-to-equity, net, of 1.24x, with $72.2 million in cash and over $1.3 billion of total borrowing capacity. It continued shareholder capital actions, including $36.2 million in share repurchases around the period and a $0.33 per share quarterly distribution.

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.
GAAP net loss $46.8 million Quarter ended March 31, 2026
Net investment income per share $0.33 per share Quarter ended March 31, 2026
Adjusted NII per share $0.34 per share Quarter ended March 31, 2026
Net realized/unrealized loss $132.3 million Quarter ended March 31, 2026
NAV per share $14.35 As of March 31, 2026
Investment portfolio fair value $8,317.2 million As of March 31, 2026
Quarterly distribution $0.33 per share Declared May 1, 2026, payable June 29, 2026
GAAP leverage ratio 1.27x As of March 31, 2026
Adjusted Net Investment Income financial
"Adjusted Net Investment Income Per Share1 for the quarter ended March 31, 2026 was $0.34."
Adjusted net investment income is a measure of the cash a fund or investment vehicle earns from its core investing activities after removing one-time, accounting-only items such as paper gains or losses and unusual expenses. Think of it like a household budget that strips out one-off windfalls or repairs to show the money available for regular spending. Investors use it to judge the sustainability of dividend payments and the underlying earning power separate from short-term accounting swings.
business development company financial
"Golub Capital BDC, Inc., a business development company (Nasdaq: GBDC), today announced its financial results"
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.
internal performance ratings financial
"the Adviser’s highest internal performance rating (“IPR”) categories (as defined below) IPR 4 and IPR 5."
GAAP leverage ratio financial
"The Company’s GAAP leverage ratio remained stable at 1.27x as of March 31, 2026"
The GAAP leverage ratio measures how much debt a company carries compared with the owners’ stake by using numbers from officially prepared financial statements (under Generally Accepted Accounting Principles). Think of it like comparing your mortgage balance to the value you’ve built up in your house: higher ratios mean more financial risk and less cushion for investors if profits fall or lenders demand repayment.
debt-to-equity ratio, net financial
"our GAAP debt-to-equity ratio, net3 increased modestly to 1.24x as of March 31, 2026"
collateralized loan obligations financial
"liquidity and capital resources are derived from the Company’s debt securitizations (also known as collateralized loan obligations, or CLOs)"
A collateralized loan obligation is a financial product that pools many corporate loans and repackages them into slices sold to investors, with some slices offering steady, lower returns and others offering higher returns but more risk. Like splitting a pizza into pieces for different tastes, CLOs let investors pick their preferred risk level and help banks fund lending, so changes in CLO performance influence credit availability and can move markets.
Total investment income $188.1 million
GAAP net loss $46.8 million
Net investment income $85.5 million
Adjusted Net Investment Income $88.1 million
NAV per share $14.35
false000147676500014767652026-05-042026-05-04

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): May 4, 2026
GOLUB CAPITAL BDC, INC.
(Exact name of Registrant as Specified in Its Charter)
Delaware814-0079427-2326940
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
__ 200 Park Avenue, 25th Floor, New York, NY 10166_ _
                (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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareGBDC The Nasdaq Global Select Market
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 May 4, 2026, Golub Capital BDC, Inc. issued a press release announcing its financial results for its second fiscal quarter ended March 31, 2026. A copy of this press release is attached hereto as Exhibit 99.1.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 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 Press Release of Golub Capital BDC, Inc., dated as of May 4, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Golub Capital BDC, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GOLUB CAPITAL BDC, INC.
Date: May 4, 2026
By:      /s/ Christopher C. Ericson
Name:     Christopher C. Ericson
Title:     Chief Financial Officer

Exhibit 99.1



Golub Capital BDC, Inc. Announces Fiscal Year 2026 Second Quarter Financial Results
Declares Quarterly Distribution of $0.33 Per Share

NEW YORK, NY, May 4, 2026 - Golub Capital BDC, Inc., a business development company (Nasdaq: GBDC), today announced its financial results for its second fiscal quarter ended March 31, 2026.

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.
SELECTED FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
March 31, 2026December 31, 2025
Investment portfolio, at fair value$8,317,245 $8,639,231 
Total assets$8,529,697 $8,893,965 
Net asset value per share$14.35 $14.84 
Quarter Ended
March 31, 2026December 31, 2025
Net investment income per share$0.33 $0.37 
Amortization of purchase premium per share0.01 0.01 
Adjusted net investment income per share1
$0.34 $0.38 
 
Net realized/unrealized gain/(loss) per share$(0.51)$(0.12)
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 share1
$(0.52)$(0.13)
Earnings/(loss) per share$(0.18)$0.25 
Adjusted earnings/(loss) per share1
$(0.18)$0.25 
Net asset value per share$14.35 $14.84 
Distributions paid per share$0.33 $0.39 

1     On September 16, 2019 and June 3, 2024, the Company completed its acquisition of Golub Capital Investment Corporation (“GCIC”) and Golub Capital BDC 3, Inc. (“GBDC 3”), respectively. Each acquisition was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification 805-50, Business Combinations — Related Issues. Under asset acquisition accounting, where the consideration paid to GCIC and GBDC 3’s stockholders exceeded the relative fair values of the assets acquired, the premium paid by the Company was allocated to the cost of the GCIC and GBDC 3 investments acquired by the Company pro-rata based on their relative fair value. Immediately following each acquisition, the Company recorded its assets at their respective fair values and, as a result, the purchase premium allocated to the cost basis of the 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 acquired from GCIC and GBDC 3 will amortize over the life of the loans through interest income with a corresponding reversal of the unrealized depreciation on such 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 and 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 and GBDC 3 equity securities acquired.

As a supplement to U.S. generally accepted accounting principles (“GAAP”) financial measures, the Company is providing the following non-GAAP financial measures that it believes are useful for the reasons described below:
“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 Investment Income Before Accrual for Capital Gain Incentive Fee” – Adjusted Net Investment Income excluding the accrual or reversal for the capital gain incentive fee required under 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 from the amortization of the premium from the determination of realized and unrealized gain/(loss) in accordance with GAAP.
“Adjusted Net Income/(Loss)” 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).



Exhibit 99.1

The Company believes that excluding the financial impact of the purchase premium write down in the above non-GAAP financial measures is useful for investors as it is a non-cash expense/loss resulting from the acquisitions of GCIC and GBDC 3 and is one method the Company uses to measure its financial condition and results of operations. In addition, the Company believes excluding the accrual of the capital gain incentive fee under GAAP is useful as a portion of such accrual is not contractually payable under the terms of the Company’s investment advisory agreement with GC Advisors.


Second Fiscal Quarter 2026 Highlights

Net investment income per share for the quarter ended March 31, 2026 was $0.33 as compared to $0.37 for the quarter ended December 31, 2025. Excluding $0.01 per share in purchase premium amortization from the GCIC/GBDC 3 acquisitions, and no accrual or reversal for the capital gain incentive fee under GAAP, Adjusted Net Investment Income Per Share1 for the quarter ended March 31, 2026 was $0.34. This compares to Adjusted Net Investment Income Per Share1 of $0.38 for the quarter ended December 31, 2025 when excluding $0.01 per share in purchase premium amortization from the GCIC/GBDC 3 acquisitions and no accrual or reversal for the capital gain incentive fee under GAAP.
Credit spreads widened meaningfully during the quarter ended March 31, 2026, across a wide variety of credit asset classes, including loans to sponsor-backed companies. For the Company, this spread widening led to unrealized depreciation from fair value adjustments (not permanent impairment of capital), even though overall credit performance of the portfolio remained solid. Net realized and unrealized gain/(loss) per share for the quarter ended March 31, 2026 was ($0.51). Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 was ($0.52) when excluding $0.01 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the GCIC/GBDC 3 acquisition purchase premium. Approximately 69%, or ($0.35) per share of the Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended March 31, 2026, was due to the fair value adjustments on the Company’s investments rated in the Adviser’s highest internal performance rating (“IPR”) categories (as defined below) IPR 4 and IPR 5. As of March 31, 2026, the fair value of the Company’s IPR 4 and IPR 5 debt investments as a percentage of outstanding principal (“Average Price”) declined to 98.5% compared to 99.7% as of December 31, 2025. In addition, unrealized depreciation resulting from the underperformance of certain portfolio companies that were on or taken to non-accrual during the quarter and a realized loss recognized on the restructuring of a portfolio company investment which were partially offset by net realized and unrealized gains recognized on the translation of foreign currency transactions, contributed to the Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended March 31, 2026. For additional analysis, please refer to the Quarter Ended 03.31.2026 Earnings Presentation available on the Investor Resources link on the homepage of the Company's website (www.golubcapitalbdc.com) under Events/Presentations. The Earnings Presentation was also filed with the Securities and Exchange Commission as an exhibit to a Form 8-K. These results compare to net realized and unrealized gain/(loss) per share of ($0.12) during the quarter ended December 31, 2025. Adjusted Net Realized and Unrealized Gain/(Loss) Per Share1 for the quarter ended December 31, 2025 was ($0.13) when excluding $0.01 per share net reversal of unrealized depreciation and realized loss resulting from the amortization of the GCIC/GBDC 3 acquisition purchase premium.
Earnings per share for the quarter ended March 31, 2026 was a loss of ($0.18) as compared to earnings per share of $0.25 for the quarter ended December 31, 2025. Adjusted Earnings/(Loss) Per Share1 for the quarter ended March 31, 2026 was ($0.18) as compared to $0.25 for the quarter ended December 31, 2025.
Net asset value (“NAV”) per share decreased to $14.35 at March 31, 2026 from $14.84 at December 31, 2025.
On March 30, 2026, we paid a quarterly distribution of $0.33 per share.
On May 1, 2026, our board of directors declared a quarterly distribution of $0.33 per share, which is payable on June 29, 2026, to stockholders of record as of June 15, 2026.
During the three months ended March 31, 2026, we opportunistically repurchased approximately 2,236,904 shares of our common stock for an aggregate purchase price of approximately $27.8 million, at an aggregate price of $12.43 per share, and during the period April 1, 2026 through May 4, 2026 we repurchased approximately 0.7 million shares of our common stock for an aggregate purchase price of approximately $8.4 million, at an aggregate price of $12.93 per share in response to market volatility.
During the three months ended March 31, 2026, the Golub Capital Employee Grant Program Rabbi Trust (the “Trust”) purchased approximately $18.7 million, or 1,500,000 shares, of our common stock for the purpose of awarding incentive compensation to employees of Golub Capital. During the calendar year 2025, the Trust purchased approximately $45.1 million or 3,089,459 shares, of our common stock.




1 See footnote 1 to “Selected Financial Highlights” above.


Exhibit 99.1




Portfolio and Investment Activities

As of March 31, 2026, the Company had investments in 420 portfolio companies with a total fair value of $8,317.2 million. This compares to the Company’s portfolio as of December 31, 2025, when the Company had investments in 420 portfolio companies with a total fair value of $8,639.2 million. Investments in portfolio companies as of March 31, 2026 and December 31, 2025 consisted of the following:
As of March 31, 2026As of December 31, 2025
InvestmentsPercentage ofInvestmentsPercentage of
at Fair ValueTotalat Fair ValueTotal
Investment Type(In thousands)Investments(In thousands)Investments
Senior secured$403,460 4.9 %$414,507 4.8 %
One stop7,241,236 87.0 7,531,078 87.1 
Junior debt*
57,190 0.7 61,019 0.8 
Equity615,359 7.4 632,627 7.3 
Total$8,317,245 100.0 %$8,639,231 100.0 %
*
Junior debt is comprised of second lien and subordinated debt.
The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2026:
New Investment
CommitmentsPercentage of
(In thousands)Commitments
Senior secured$1,000 5.6 %
One stop16,380 92.4 
Junior debt*
— — 
Equity354 2.0 
Total new investment commitments$17,734 100.0 %
*
Junior debt is comprised of second lien and subordinated debt.

Total investments in portfolio companies at fair value were $8,317.2 million at March 31, 2026. As of March 31, 2026, total assets were $8,529.7 million, net assets were $3,748.1 million and net asset value per share was $14.35.
Consolidated Results of Operations
For the second fiscal quarter of 2026, the Company reported GAAP net loss of ($46.8) million or ($0.18) per share and Adjusted Net Loss2 of ($46.8) million or ($0.18) per share. GAAP net investment income was $85.5 million or $0.33 per share and Adjusted Net Investment Income1 was $88.1 million or $0.34 per share. GAAP net realized and unrealized gain/(loss) was ($132.3) million or ($0.51) per share and Adjusted Realized and Unrealized Gain/(Loss)1 was ($134.9) million or ($0.52) 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
2 See footnote 1 to “Selected Financial Highlights” above.


Exhibit 99.1

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 March 31, 2026, we had cash, cash equivalents and foreign currencies of $72.2 million, restricted cash, restricted cash equivalents and restricted foreign currencies of $63.0 million and $4,723.9 million of debt outstanding. As of March 31, 2026, subject to leverage and borrowing base restrictions, we had approximately $1,049.8 million of remaining availability, in the aggregate, on our revolving credit facility with JPMorgan. In addition, as of March 31, 2026, 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 remained stable at 1.27x as of March 31, 2026 and our GAAP debt-to-equity ratio, net3 increased modestly to 1.24x as of March 31, 2026 (1.21x, on average, throughout the quarter ended March 31, 2026).
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:
 
Internal Performance Ratings
Rating Definition
5 Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
4 Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
3 Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower could be out of compliance with debt covenants; however, loan payments are generally not past due.
2 Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments could be past due (but generally not more than 180 days past due).
1 Involves a borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.
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 March 31, 2026, please refer to the Quarter Ended 03.31.2026 Earnings Presentation available on Investors Resources link on the homepage of the Company's website (www.golubcapitalbdc.com) under Events/Presentations.

3 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.


Exhibit 99.1

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 March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
InternalInvestmentsPercentage ofInvestmentsPercentage of
Performanceat Fair ValueTotalat Fair ValueTotal
Rating(In thousands)Investments(In thousands)Investments
5$123,169 1.5 %$240,987 2.8 %
47,288,701 87.6 7,412,877 85.8 
3722,546 8.7 875,417 10.1 
2182,722 2.2 109,950 1.3 
1107 0.0 *— — 
Total$8,317,245 100.0 %$8,639,231 100.0 %
* Represents an amount less than 0.1%
The table below details the fair value of our debt investments as a percentage of the outstanding principal value by internal performance rating held as of March 31, 2026 and December 31, 2025, the net change in unrealized depreciation on debt and equity investments for the three months ending March 31, 2026 and the primary drivers of reductions in average price of our debt investments by internal performance rating category as for March 31, 2026 as compared to December 31, 2025:
Average Price1
Net Change in Unrealized Depreciation on Investments2,3
CategoryMarch 31, 2026December 31, 2025$ Per Share% to TotalPrimary Driver
Internal Performance Ratings 4 and 5
(Performing At or Above Expectations)
98.5%99.7%$(0.35)69%Spread widening
Internal Performance Rating 3
(Performing Below Expectations)
92.292.6$(0.08)16%Spread widening, credit challenges
Internal Performance Ratings 1 and 2
(Performing Materially Below Expectations)
45.345.7$(0.08)16%Pre-existing credit challenges
Total96.8%98.2%$(0.51)100%
Note: Percentages may not sum due to rounding.
(1)Includes only debt investments held as of March 31, 2026 and December 31, 2025. Price reflects the fair value of debt investments as a percentage of the outstanding principal value by Internal Performance Rating category.
(2)Net change in unrealized depreciation on investments reflect the net change in unrealized appreciation or depreciation on total debt and equity investments for the three months ended March 31, 2026 and excludes (i) the change in unrealized appreciation or depreciation resulting from the translation of assets and liabilities in foreign currencies and forward currency contracts and (ii) the reversal of the unrealized loss resulting from GCIC/GBDC 3 purchase premium amortization.
(3)Based on weighted average share outstanding for the three months ended March 31, 2026.

Conference Call
The Company will host an earnings conference call at 11:00 am (Eastern Time) on Tuesday, May 5, 2026 to discuss the quarterly financial results. All interested parties may participate in the conference call by dialing (800) 715-9871 approximately 10-15 minutes prior to the call; international callers should dial (646) 307-1963. Participants should reference Golub Capital BDC, Inc. when prompted or reference conference ID number 8711124. 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 03.31.2026 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 May 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 8711124.




Exhibit 99.1



Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
March 31, 2026December 31, 2025
Assets(unaudited)(unaudited)
Investments, at fair value (cost of $8,477,016 and $8,653,728, respectively)
$8,317,245 $8,639,231 
Cash and cash equivalents65,429 84,310 
Unrestricted foreign currencies (cost of $6,884 and $9,406, respectively)
6,763 9,659 
Restricted cash and cash equivalents62,987 66,573 
Interest receivable63,678 72,129 
Receivable for investments3,587 6,701 
Other assets10,008 15,362 
Total Assets$8,529,697 $8,893,965 
Liabilities
Debt$4,723,905 $4,903,076 
Less unamortized debt issuance costs(21,427)(23,849)
Debt less unamortized debt issuance costs4,702,478 4,879,227 
Interest payable33,891 49,092 
Management and income incentive fees payable36,533 39,637 
Accounts payable and other liabilities8,675 16,855 
Total Liabilities4,781,577 4,984,811 
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.
— — 
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 261,147,881 issued and outstanding as of March 31, 2026 and 263,384,785 issued and outstanding as of December 31, 2025.
261 263 
Paid in capital in excess of par3,967,414 3,995,213 
Distributable earnings(219,555)(86,322)
Total Net Assets3,748,120 3,909,154 
Total Liabilities and Total Net Assets$8,529,697 $8,893,965 
Number of common shares outstanding 261,147,881 263,384,785 
Net asset value per common share$14.35 $14.84 










Exhibit 99.1




Golub Capital BDC, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share and per share data)
Three months ended
March 31, 2026December 31, 2025
(unaudited)(unaudited)
Investment income
Interest income$183,528 $201,443 
Acquisition purchase price premium amortization(2,520)(3,168)
Dividend income6,360 7,619 
Fee income766 1,113 
Total investment income188,134 207,007 
Expenses
Interest and other debt financing expenses61,069 66,314 
Base management fee21,035 22,115 
Incentive fee 15,542 17,457 
Administrative service fee2,939 3,180 
Professional fees1,627 1,785 
General and administrative expenses375 398 
Total expenses102,587 111,249 
Net investment income after tax85,547 95,758 
Net gain (loss) on investment transactions
Net realized gain (loss) from:
Investments(1,451)(2,718)
Foreign currency transactions1,354 (1,120)
Forward currency contracts
(10,258)— 
Net realized gain (loss) in investment transactions
(10,355)(3,838)
Net change in unrealized appreciation (depreciation) from:
Investments
(131,632)(29,014)
Translation of assets and liabilities in foreign currencies(4,398)2,048 
Forward currency contracts
14,042 292 
Net change in unrealized appreciation (depreciation) on investment transactions
(121,988)(26,674)
Net gain (loss) on investment transactions(132,343)(30,512)
(Provision) benefit for taxes on unrealized appreciation on investments — — 
Net increase (decrease) in net assets resulting from operations$(46,796)$65,246 
Per Common Share Data
Basic and diluted earnings per common share$(0.18)$0.25 
Dividends and distributions declared per common share$0.33 $0.39 
Basic and diluted weighted average common shares outstanding262,676,687 263,678,730 
    





Exhibit 99.1



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.

Contact:

Christopher Ericson
312-212-4036
cericson@golubcapital.com

Source: Golub Capital BDC, Inc.




FAQ

How did Golub Capital BDC (GBDC) perform in Q2 fiscal 2026?

Golub Capital BDC reported a GAAP net loss of $46.8 million, or $0.18 per share. Net investment income was $85.5 million ($0.33 per share), while Adjusted Net Investment Income was $88.1 million ($0.34 per share), reflecting lower income and significant unrealized depreciation.

What happened to GBDC’s net asset value per share this quarter?

GBDC’s NAV per share declined to $14.35 at March 31, 2026 from $14.84. The decrease was mainly driven by $132.3 million of net realized and unrealized losses, largely from fair value markdowns as credit spreads widened and certain portfolio companies underperformed.

What dividend did Golub Capital BDC declare for Q2 fiscal 2026?

The board declared a quarterly distribution of $0.33 per share. This dividend is payable on June 29, 2026, to stockholders of record as of June 15, 2026, following a prior $0.33 per share distribution paid on March 30, 2026.

How large is GBDC’s investment portfolio and how is it allocated?

As of March 31, 2026, GBDC’s portfolio totaled $8,317.2 million at fair value across 420 companies. The mix was primarily one stop loans ($7,241.2 million), with additional senior secured, junior debt and equity positions providing diversified middle market credit exposure.

What is Golub Capital BDC’s leverage and liquidity position?

As of March 31, 2026, GBDC had $4,723.9 million of debt and a GAAP leverage ratio of 1.27x. GAAP debt-to-equity, net, was 1.24x, supported by $72.2 million of cash, $1,049.8 million of unused JPMorgan revolver capacity and $300.0 million on an unsecured line with GC Advisors.

Did Golub Capital BDC repurchase its own shares during the quarter?

Yes. GBDC repurchased about 2,236,904 shares for $27.8 million during the quarter at $12.43 per share. From April 1 through May 4, 2026, it bought an additional 0.7 million shares for $8.4 million at $12.93 per share amid market volatility.

Filing Exhibits & Attachments

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