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  4. [Form 4] GOLUB CAPITAL BDC, Inc. Insider Trading Activity

Golub Capital BDC (GBDC) CEO-associated entity sells 1.68M shares at $13.06

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

GOLUB CAPITAL BDC, Inc. director and Chairman & CEO David Golub reported an indirect sale of 1,676,387 shares of common stock on 2026-08-07 at $13.06 per share, executed by GEMS Fund 4, L.P. After this sale, GEMS Fund 4, L.P. held 0 shares. A footnote states Mr. Golub may be viewed as having investment power over GEMS Fund 4, L.P.’s shares but disclaims beneficial ownership except to the extent of his pecuniary interest, with voting rights passed through to limited partners.

Following these transactions, Mr. Golub reported indirect holdings of 188,676 shares through CDGPE, LLC and 166,672 shares through CDGQ, LLC, both held for the benefit of his family trust, plus 125,388 shares held directly.

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Negative

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Insights

Analyzing...

Insider Golub David
Role Chairman & CEO
Sold 1,676,387 shs ($21.89M)
Type Security Shares Price Value
Sale Common Stock, par value $0.001 per share F1 1,676,387 $13.06 $21.89M
holding Common Stock, par value $0.001 per share F2 -- -- --
holding Common Stock, par value $0.001 per share F3 -- -- --
holding Common Stock, par value $0.001 per share -- -- --
Holdings After Transaction: Common Stock, par value $0.001 per share — 0 shares (Indirect, By GEMS Fund 4, L.P.); Common Stock, par value $0.001 per share — 188,676 shares (Indirect, By CDGPE, LLC); Common Stock, par value $0.001 per share — 166,672 shares (Indirect, By CDGQ LLC); Common Stock, par value $0.001 per share — 125,388 shares (Direct)
Footnotes (3)
  1. F1. Due to his control of GEMS Fund 4, L.P., Mr. Golub may be viewed as having investment power over all of the shares owned by such entity although voting rights were passed through to the limited partners.Mr. Golub disclaims beneficial ownership of such shares of GBDC common stock held by GEMS Fund 4, L.P., except to the extent of his pecuniary interest therein.
  2. F2. The shares reported herein are directly beneficially owned by CDGPE, LLC and are held for the benefit of Mr. Golub's family trust.
  3. F3. The shares reported herein are directly beneficially owned by CDGQ, LLC and are held for the benefit of Mr. Golub's family trust.
Shares sold 1,676,387 shares Indirect sale of GBDC common stock by GEMS Fund 4, L.P. on 2026-08-07
Sale price $13.06 per share Price for 1,676,387 GBDC shares sold by GEMS Fund 4, L.P.
Post-sale GEMS Fund 4, L.P. holdings 0 shares Total GBDC shares held by GEMS Fund 4, L.P. after the reported sale
Indirect holdings via CDGPE, LLC 188,676 shares GBDC common stock held for the benefit of Mr. Golub's family trust
Indirect holdings via CDGQ, LLC 166,672 shares GBDC common stock held for the benefit of Mr. Golub's family trust
Direct holdings 125,388 shares GBDC common stock held directly by David Golub after the transactions
beneficial ownership financial
"Mr. Golub disclaims beneficial ownership of such shares of GBDC common stock"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"except to the extent of his pecuniary interest therein"
investment power financial
"Mr. Golub may be viewed as having investment power over all of the shares"
family trust financial
"shares reported herein are directly beneficially owned by CDGPE, LLC and are held for the benefit of Mr. Golub's family trust"

FAQ

What did David Golub report in this Form 4 for GBDC?
David Golub reported an indirect sale of 1,676,387 GBDC shares at $13.06 per share on 2026-08-07 through GEMS Fund 4, L.P., with that entity’s post-transaction position reported as zero shares.

How many GBDC shares does David Golub report holding after these transactions?
After the reported transactions, David Golub reports 188,676 shares indirectly via CDGPE, LLC, 166,672 shares indirectly via CDGQ, LLC, and 125,388 shares held directly, in addition to GEMS Fund 4, L.P. reporting zero shares.

How are the GBDC shares held through CDGPE, LLC characterized?
The 188,676 GBDC shares reported via CDGPE, LLC are described as directly beneficially owned by CDGPE, LLC and held for the benefit of David Golub’s family trust, indicating indirect ownership through that entity.

What does the Form 4 say about David Golub’s beneficial ownership of GEMS Fund 4, L.P. shares?
The filing states Mr. Golub may be viewed as having investment power over GEMS Fund 4, L.P.’s shares but disclaims beneficial ownership except to the extent of his pecuniary interest, with voting rights passed through to limited partners.

Were any derivative securities reported in this GBDC Form 4 filing?
No derivative securities are reported in this Form 4; the derivativeSummary is empty, and all reported positions and transactions relate to GBDC common stock only.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Golub David
(Last)(First)(Middle)
C/O GOLUB CAPITAL BDC, INC.
200 PARK AVENUE, 25TH FLOOR
(Street)
NEW YORK NEW YORK 10166
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
GOLUB CAPITAL BDC, Inc. [ GBDC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
Chairman & CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/07/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock, par value $0.001 per share08/07/2026S1,676,387D$13.060IBy GEMS Fund 4, L.P.(1)
Common Stock, par value $0.001 per share188,676IBy CDGPE, LLC(2)
Common Stock, par value $0.001 per share166,672IBy CDGQ LLC(3)
Common Stock, par value $0.001 per share125,388D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Due to his control of GEMS Fund 4, L.P., Mr. Golub may be viewed as having investment power over all of the shares owned by such entity although voting rights were passed through to the limited partners.Mr. Golub disclaims beneficial ownership of such shares of GBDC common stock held by GEMS Fund 4, L.P., except to the extent of his pecuniary interest therein.
2. The shares reported herein are directly beneficially owned by CDGPE, LLC and are held for the benefit of Mr. Golub's family trust.
3. The shares reported herein are directly beneficially owned by CDGQ, LLC and are held for the benefit of Mr. Golub's family trust.
Remarks:
/s/ David B. Golub08/11/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR