GOLUB CAPITAL BDC, Inc.

Listed Company

GBDCCIK 0001476765NasdaqLarge AcceleratedDelawareFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$376.65M

Total Assets

$8.98B

Equity

$3.98B

Shares Out

263.23M

Op. Cash Flow

$-113.59M

Business

GOLUB CAPITAL BDC, Inc. is an externally managed, closed-end, non-diversified management investment company that operates as a business development company and RIC focused on middle‑market lending. It primarily originates and invests in one stop loans and other senior secured loans, and selectively in second lien and subordinated loans, warrants and minority equity co‑investments. Its investment activities and portfolio monitoring are managed by GC Advisors (with administrative services provided by Golub Capital affiliates). It targets U.S. middle‑market companies through private placements and sponsor relationships sourced via Golub Capital’s origination channels.

Summary from filing dated 2025-11-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Payment-in-kind interest income	52	50	41	23	14
Total investment income	871	725	603	388	307
Interest and other debt financing expenses	291	212	151	89	—
Base management fee	88	63	71	74	62
Incentive fee	73	77	74	18	3
Professional fees	8	5	5	4	4
Administrative service fee	12	9	8	7	7
General and administrative expenses	2	1	2	2	1
Total expenses	474	368	310	194	143
Net expenses	474	341	310	192	139
Net investment income - before tax	397	384	293	196	168
Excise and income tax	−475,000	1	4	72,000	0
Net investment income - after tax	397	382	289	196	168
Company investments	−72	−82	−46	19	13
Foreign currency transactions	−4	−2	−328,000	371,000	−5
Forward currency contracts	4	4	3	1	0
Net realized gain (loss) on investment transactions	−72	−80	−44	20	8
Company investments	51	−32	14	−57	162
Translation of assets and liabilities in foreign currencies	9	22	17	−37	2
Net change in unrealized appreciation (depreciation) on investment transactions	51	−29	14	−62	165
Net gain (loss) on investment transactions	−21	−109	−31	−42	173
Net realized gain (loss) on extinguishment of debt	−48,000	0	0	—	—
(Provision) benefit for taxes on realized gain on investments	0	0	−207,000	−302,000	0
(Provision) benefit for taxes on unrealized appreciation on investments	563,000	620,000	308,000	−855,000	−543,000
Net increase (decrease) in net assets resulting from operations	377	274	259	153	340
Basic earnings per common share (Note 10) (in dollars per share)	1.42	1.36	1.52	0.9	2.03
Diluted earnings per common share (Note 10) (in dollars per share)	1.42	1.36	1.52	0.9	2.03
Dividends and distributions declared per common share (in dollars per share)	1.65	1.89	1.4	1.2	1.16
Basic weighted average common shares outstanding (Note 10) (in shares)	266	201	170	171	168
Diluted weighted average common shares outstanding (Note 10) (in shares)	266	201	170	171	168

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31	FY 2024 2024-09-30
Investments, at fair value	8,769	—	—	—	8,235
Cash and cash equivalents	12	—	—	—	123
Foreign currencies (cost of $11,685 and $7,973, respectively)	12	—	—	—	8
Restricted cash and cash equivalents	89	—	—	—	227
Restricted foreign currencies (cost of $0 and $1,219, respectively)	0	—	—	—	1
Interest receivable	68	—	—	—	74
Receivable for investments	7	—	—	—	4
Net unrealized appreciation on derivatives	12	—	—	—	29
Other assets	9	—	—	—	2
Total Assets	8,978	—	—	—	8,704
Debt	4,927	—	—	—	4,625
Less unamortized debt issuance costs	−26	—	—	—	−25
Debt less unamortized debt issuance costs	4,901	—	—	—	4,599
Net unrealized depreciation on derivatives	5	—	—	—	0
Interest payable	38	—	—	—	46
Management and income incentive fees payable	41	—	—	—	34
Accrued trustee fees	1	—	—	—	178,000
Accounts payable and other liabilities	10	—	—	—	10
Total Liabilities	4,996	—	—	—	4,689
Commitments and Contingencies (Note 9)	—	—	—	—	—
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2025 and September 30, 2024	0	—	—	—	0
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 266,008,083 shares issued and outstanding as of September 30, 2025; 350,000,000 shares authorized, 264,277,128 shares issued and outstanding as of September 30, 2024	266,000	—	—	—	264,000
Paid in capital in excess of par	4,031	—	—	—	4,167
Distributable earnings (losses)	−49	—	—	—	−153
Total Net Assets	3,983	—	—	—	4,015
Total Liabilities and Total Net Assets	8,978	—	—	—	8,704
Number of common shares outstanding (in shares)	266	—	—	—	264
Net asset value per common share (in dollars per share)	14.97	15	15.04	15.13	15.19

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Amortization of deferred debt issuance costs	10	9	7	7	10
Accretion of discounts and amortization of premiums on investments	−9	−10	−13	−9	9
Accretion of discounts and amortization of premiums on issued debt securities	3	2	424,000	2	2
Proceeds from (fundings of) revolving loans, net	−6	−3	−381,000	−2	12
Fundings of investments	−1,953	−1,300	−675	−1,883	−2,082
Proceeds from principal payments and sales of portfolio investments	1,517	1,263	670	1,261	1,593
Proceeds from settlements of forward currency contracts	6	8	3	1	0
Payment-in-kind interest capitalized	−55	−53	−39	−22	−16
Non-cash dividends capitalized	−31	−21	−15	0	0
Proceeds from non-cash dividends	6	47,000	10,000	0	0
Cash acquired in GBDC 3 Merger	0	54	0	0	—
Cash collateral held at broker for derivatives	−4	−650,000	0	7	−4
Interest receivable	6	16	−37	−3	−998,000
Receivable for investments	−4	9	0	97,000	162,000
Other assets	−3	−5	−2	−910,000	524,000
Interest payable	−7	8	4	8	5
Management and income incentive fees payable	7	−11	2	21	−5
Accrued trustee fees	861,000	−161,000	106,000	225,000	0
Accounts payable and other liabilities	−540,000	−1	1	505,000	2
Net cash provided by (used in) operating activities	−114	344	195	−416	−306
Borrowings on debt	4,802	2,929	653	1,293	3,359
Repayments of debt	−4,515	−2,691	−627	−741	−2,816
Capitalized debt issuance costs	−11	−19	−6	−7	−22
Net proceeds from issuance of common stock (Note 13)	37	0	0	0	0
Purchases of common stock (Note 13)	−41	−5	−17	0	0
Distributions paid	−368	−338	−191	−155	−139
Purchases of common stock for dividend reinvestment plan	−37	0	−47	−36	−15
Net cash provided by (used in) financing activities	−132	−124	−236	353	367
Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies	−245	220	−40	−63	61
Effect of foreign currency exchange rates	−2	−331,000	−171,000	−458,000	−889,000
Cash paid during the period for interest	280	180	138	72	49
Stock issued in connection with dividend reinvestment plan	34	44	0	13	41
Investments, at cost	0	2,623	0	0	—
Interest receivable	0	32	0	0	—
Unrealized appreciation on forward currency contracts	0	6	0	0	—
Receivable for investments sold	0	9	0	0	—
Other assets	0	154,000	0	0	—
Total noncash assets purchased	0	2,671	0	0	0
Debt	0	1,211	0	0	—
Interest payable	0	13	0	0	—
Distributions payable	0	10	0	0	—
Management and income incentive fees payable	0	9	0	0	—
Accrued trustee fees	0	8,000	—	—	—
Accounts payable and other liabilities	0	4	0	0	—
Total liabilities assumed	0	1,246	0	0	0
Issuance of common stock	0	1,526	0	0	—
Merger costs capitalized into purchase price	0	4	0	0	—

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