Golub Capital BDC : Quarter Ended 3.31.2026 Investor Presentation

Published: 2026-05-04 17:39:52 ET GBDC

Published on 05/04/2026 at 05:39 pm EDT

QUARTER ENDED MARCH 31, 2026

FY 2026 Q2 Earnings Review (Quarter Ended 03/31/2026)

Earnings Summary

Net investment income remained solid, though impacted by sector headwinds (i.e., delayed impact of CQ4 2025 interest rate cuts)

Adjusted net investment income per share of $0.34, or an annualized adjusted NII ROE of 9.5%1,2

Earnings per share impacted by market-driven credit spread widening and associated fair value adjustments

Net income per share of ($0.18) driven by ($0.51) per share of net unrealized losses on investments, primarily resulting from fair value markdowns in GBDC's highest performing portfolio companies and to a lesser extent additional fair value adjustments on GBDC's small tail of underperforming borrowers (see pg. 8)

Key net investment income profitability drivers:

Continued solid portfolio company performance

Stable current portfolio spreads, but delayed impact of calendar Q4 2025 interest rate cuts

Attractive and falling 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

Portfolio & Credit Quality

Continued strong portfolio company performance with ~89% of the total investment portfolio having internal performance ratings of '4' or '5'3

Non-accrual investments increased but still low at 1.4% of total investments at fair value (2.3% at cost)

Diversified and healthy software portfolio of first lien senior secured middle market loans, underpinned by Golub Capital's 20+ year track record of lending to technology and software portfolio companies

Balance Sheet Update

Net asset value of $14.35 per share, a decrease of $0.49 per share from $14.84 as of December 31, 2025

$8.3 billion investment portfolio at fair value with $336.6 million in exits/sales and $17.7 million in new investment commitments ($12.9 million funded at close) in the quarter ended March 31, 2026

Given public BDC equity market dislocation, continued to prioritize share repurchases over new investment commitments

Repurchased 2.2 million shares ($27.8 million) at a weighted average price of $12.43 per share (84% of our NAV per share as of December 31, 2025) during the quarter ended March 31, 2026

GAAP debt-to-equity ratio (net) remained stable at 1.24x4 (1.21x average for the quarter)

80%5 floating rate debt funding and 51% of debt funding is well-laddered unsecured debt

Weighted average cost of debt of 5.2%6

Total available liquidity of $1.4 billion

Distributions

Declared quarterly base distribution of $0.33 per share7 for FY 2026 Q3 and maintained a variable supplemental distribution policy

Adequate coverage of quarterly base distribution from adjusted net investment income

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See the slide titled "Endnotes - FY 2026 Q2 Earnings Review (Quarter Ended 03/31/2026)" at the end of this presentation for footnotes.

Summary of Financial Results vs. Prior Quarter

Quarter Ended

December 31, 2025

March 31, 2026

Net Investment Income Per Share

Net investment income per share

$0.37

$0.33

Amortization of purchase premium per share1

0.01

0.01

Adjusted net investment income per share2 A

$0.38

$0.34

Net Realized/Unrealized Gain (Loss) Per Share

Net realized/unrealized gain (loss) per share

($0.12)

($0.51)

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 B

($0.13)

($0.52)

Earnings Per Share

Earnings (loss) per share

$0.25

($0.18)

Adjusted earnings (loss) per share2 A + B

$0.25

($0.18)

Net Asset Value Per Share

$14.84

$14.35

See the slide titled "Endnotes - Summary of Financial Results vs. Prior Quarter" at the end of this presentation for footnotes.

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Long History of Strong Shareholder Returns

$36.25

$0.33

$0.73

$14.63

$20.84

$14.35

Apr-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 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

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 March 31, 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 5.6%, 9.6% and 8.6%, 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

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Disclaimer

Golub Capital BDC Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:38 UTC.