Golub Capital BDC (GBDC) investor relations material

Executive summary

• Adjusted net investment income per share was $0.34, with net investment income per share at $0.33, and earnings per share rebounded to $0.22 from a loss of $0.18, reflecting improved realized and unrealized gains/losses.

• Net asset value (NAV) per share declined to $14.25 from $14.35, with net assets totaling $3.70 billion as of June 30, 2026.

• Portfolio at fair value was $8.2 billion across 424 companies, with 87% of assets in top internal rating categories and non-accruals at 1.9% of fair value.

• Share repurchases and employee trust purchases indicate strong alignment between management and investors, with 1.1 million shares repurchased for $14.4 million during the quarter.

• The company completed the acquisition of GBDC 3 in June 2024, integrating its assets and operations.

Financial highlights

• Adjusted net investment income per share was $0.34, supporting a $0.33 per share distribution, and net investment income after tax for the nine months ended June 30, 2026 was $266.5 million.

• Net realized/unrealized losses per share improved to ($0.11) from ($0.51) last quarter.

• Non-accrual investments increased to 2.9% of cost and 1.9% of fair value.

• Weighted average income yield on earning investments was 9.5% for the nine months ended June 30, 2026.

• Share repurchases of 1.1 million shares at a 10% discount to NAV added $0.01 per share of NAV accretion.

Outlook and guidance

• Management expects continued credit stress industry-wide, with ongoing “bumpiness” in results but believes the portfolio is resilient.

• Board declared a quarterly distribution of $0.33 per share, payable September 29, 2026, and maintained a variable supplemental distribution policy.

• Anticipates increased payoffs, providing more flexibility for new investments and continued share repurchases.

• Expects moderate growth in portfolio company revenues and EBITDA, with M&A activity likely to increase as market stability returns.

• Management expects general and administrative expenses to remain stable or decline as a percentage of assets during periods of asset growth.