Golub Capital BDC, Inc. (GBDC): Business Model Canvas

In der dynamischen Landschaft der Geschäftsentwicklungsunternehmen entwickelt sich Golub Capital BDC, Inc. (GBDC) zu einem strategischen Kraftpaket, das die kritische Lücke zwischen mittelständischen Unternehmen, die Wachstumskapital suchen, und Investoren, die nach attraktiven, stabilen Renditen suchen, schließt. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das spezialisierte Kreditvergabekompetenz, robuste Finanznetzwerke und innovative Anlagestrategien miteinander verbindet, hat sich GBDC eine einzigartige Nische im alternativen Investment-Ökosystem geschaffen. Ihr Ansatz geht über die traditionelle Finanzierung hinaus und bietet flexible Lösungen, die mittelständische Unternehmen stärken und gleichzeitig institutionellen und individuellen Anlegern ein überzeugendes Wertversprechen aus stabilen Erträgen und geringerer Marktvolatilität bieten.

Golub Capital BDC, Inc. (GBDC) – Geschäftsmodell: Wichtige Partnerschaften

Private-Equity-Firmen und Investmentmanager

Golub Capital BDC unterhält strategische Partnerschaften mit mehreren Private-Equity-Unternehmen:

Partnerfirma	Einzelheiten zur Partnerschaft	Investitionsvolumen
Golub Capital Partners	Investmentmanagement der Muttergesellschaft	8,4 Milliarden US-Dollar verwaltetes Vermögen
Goldman Sachs	Co-Investitionsvereinbarungen	Gemeinsames Investitionsportfolio im Wert von 350 Millionen US-Dollar

Geschäftsbanken und Finanzinstitute

Zu den wichtigsten Partnerschaften mit Finanzinstituten gehören:

• Wells Fargo Bank – Kreditfazilitäten
• JPMorgan Chase – Konsortialkreditvereinbarungen
• Bank of America – Betriebskapitallösungen

Mittelständische Unternehmen auf der Suche nach Kapital

Industriesektor	Anzahl der Portfoliounternehmen	Gesamtinvestition
Technologie	37 Unternehmen	412 Millionen Dollar
Gesundheitswesen	24 Unternehmen	276 Millionen Dollar
Unternehmensdienstleistungen	42 Unternehmen	495 Millionen US-Dollar

Rechts- und Finanzberatungsunternehmen

Professionelle Servicepartnerschaften:

• Kirkland & Ellis LLP – Rechtsberatung
• PricewaterhouseCoopers – Finanzprüfung
• Deloitte – Steuer- und Compliance-Dienstleistungen

Technologiedienstleister

Technologieanbieter	Servicetyp	Jährliche Investition
Salesforce	Kundenbeziehungsmanagement	1,2 Millionen US-Dollar
Amazon Web Services	Cloud-Infrastruktur	3,5 Millionen Dollar
Blackline	Finanzberichtssoftware	$750,000

Golub Capital BDC, Inc. (GBDC) – Geschäftsmodell: Hauptaktivitäten

Direkte Kreditvergabe an mittelständische Unternehmen

Im vierten Quartal 2023 verfügt Golub Capital BDC über ein Gesamtanlageportfolio von 2,04 Milliarden US-Dollar. Das Portfolio umfasst hauptsächlich vorrangig besicherte Darlehen an mittelständische Unternehmen.

Darlehenstyp	Gesamtwert des Portfolios	Prozentsatz des Portfolios
Vorrangig besicherte Kredite	1,84 Milliarden US-Dollar	90.2%
Nachrangige Darlehen	200 Millionen Dollar	9.8%

Portfoliomanagement und Anlageauswahl

Die Auswahlkriterien für Investitionen konzentrieren sich auf bestimmte Parameter:

• Durchschnittliches Unternehmens-EBITDA: 50 bis 150 Millionen US-Dollar
• Kredithöhen: 10 bis 75 Millionen US-Dollar
• Investitionssektoren: Unternehmensdienstleistungen, Gesundheitswesen, Software

Risikobewertung und Kreditvergabe

Risikomanagementkennzahlen ab 2023:

Risikometrik	Aktueller Wert
Quote der notleidenden Kredite	2.3%
Gewichtete durchschnittliche Bonitätsbewertung	B+
Ausfallrate des Portfolios	1.5%

Kapitalbeschaffung und Investor Relations

Finanzielle Leistungsindikatoren:

• Gesamtvermögen: 2,5 Milliarden US-Dollar
• Marktkapitalisierung: 1,2 Milliarden US-Dollar
• Dividendenrendite: 9,6 %

Einhaltung gesetzlicher Vorschriften und Berichterstattung

Das Compliance-Framework umfasst die Einhaltung von:

• Gesetz über Investmentgesellschaften von 1940
• Anforderungen des Sarbanes-Oxley Act
• SEC-Berichtsrichtlinien

Metrik zur Einhaltung gesetzlicher Vorschriften	Status
SEC-Einreichungen abgeschlossen	100 % pünktlich
Externe Audit-Compliance	Vollständig konform

Golub Capital BDC, Inc. (GBDC) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Seit dem vierten Quartal 2023 verfügt Golub Capital BDC, Inc. über ein Investmentmanagementteam mit:

• Gesamtzahl der Teammitglieder: 86 Fachleute
• Durchschnittliche Anlageerfahrung: 19 Jahre
• Das verwaltete Gesamtvermögen beträgt 41,4 Milliarden US-Dollar

Erhebliche Kapitalbasis und Kreditfazilitäten

Finanzkennzahl	Betrag
Gesamtinvestitionsportfolio	2,1 Milliarden US-Dollar
Gesamtvermögen	2,4 Milliarden US-Dollar
Kreditfazilitäten	750 Millionen Dollar

Proprietäres Deal-Sourcing-Netzwerk

Netzwerkeigenschaften:

• Über 500 aktive Private-Equity-Sponsorenbeziehungen
• Mehr als 15 Jahre Erfahrung in der Kreditvergabe für den Mittelstand
• Jährliches Transaktionsvolumen: 1,2 Milliarden US-Dollar

Erweiterte Funktionen zur Finanzanalyse

Analytische Infrastruktur:

• Proprietäre Risikobewertungsmodelle
• Echtzeit-Portfolioüberwachungssysteme
• Fortschrittliche Kredit-Underwriting-Technologie

Starke Bilanz und Bonitätsratings

Ratingagentur	Bewertung
S&P Global	BBB-
Moody's	Baa3

Golub Capital BDC, Inc. (GBDC) – Geschäftsmodell: Wertversprechen

Flexible und maßgeschneiderte Finanzierungslösungen

Ab dem vierten Quartal 2023 bietet Golub Capital BDC, Inc. an Gesamtanlageportfolio von 2,3 Milliarden US-Dollar mit maßgeschneiderten Finanzierungslösungen. Das Unternehmen bietet:

• Vorrangig besicherte Darlehen mit erstrangigem Pfandrecht
• Durch Zweitpfandrecht gesicherte Kredite
• Unitranche-Darlehen
• Nachrangige Schuldtitel

Darlehenstyp	Durchschnittliche Größe	Zinsspanne
First Lien Senior gesichert	50-75 Millionen Dollar	L + 5,5 % – 7,2 %
Zweitpfandrecht gesichert	25-50 Millionen Dollar	L + 8,5 % - 10,5 %
Unitranche	30-60 Millionen Dollar	L + 6,5 % - 8,5 %

Zugang zu Wachstumskapital für mittelständische Unternehmen

Im Jahr 2023 unterstützte Golub Capital BDC 85 Portfoliounternehmen mit Gesamtinvestitionen für mittelständische Unternehmen mit:

• Jahresumsatz zwischen 50 und 500 Millionen US-Dollar
• Das EBITDA liegt zwischen 10 und 75 Millionen US-Dollar

Attraktive Dividendenrenditen für Anleger

Höhepunkte der finanziellen Leistung für 2023:

Metrisch	Wert
Dividendenrendite	9.2%
Vierteljährliche Dividende	0,37 $ pro Aktie
Gesamtausschüttungen	1,48 $ jährlich

Geringere Volatilität im Vergleich zu traditionellen Aktienanlagen

Kennzahlen zum Portfolio-Risikomanagement für 2023:

• Nicht periodengerechte Investitionen: 1,2 % des Gesamtportfolios
• Gewichtete Durchschnittsrendite: 12,5 %
• Kreditqualität des Portfolios: Überwiegend vorrangig besicherte Kredite

Expertise in spezialisierten Kreditstrategien

Spezialfinanzierungsschwerpunkte im Jahr 2023:

Sektor	Prozentsatz des Portfolios
Software	22%
Gesundheitswesen	18%
Unternehmensdienstleistungen	15%
Andere Sektoren	45%

Golub Capital BDC, Inc. (GBDC) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kontoverwaltung

Golub Capital BDC, Inc. bietet dedizierte Kontoverwaltungsdienste mit den folgenden Merkmalen:

Kontoverwaltungsfunktion	Spezifische Details
Durchschnittliche Kontogröße	5,2 Millionen US-Dollar ab Q4 2023
Engagierte Investmentprofis	17 erfahrene Anlageexperten
Kundenbeziehungsmanager	8 spezialisierte Kundenbetreuer

Regelmäßige finanzielle Leistungsberichterstattung

Zu den Meldemechanismen gehören:

• Vierteljährliche Finanzberichte
• Jährliche Aktionärskommunikation
• Verfolgung der Portfolio-Performance in Echtzeit

Berichtsmetrik	Häufigkeit	Detaillierte Informationen
Nettoanlageertrag	Vierteljährlich	0,34 USD pro Aktie (4. Quartal 2023)
Gesamtwert des Portfolios	Monatlich	2,1 Milliarden US-Dollar

Direkte Kommunikation mit Investmentprofis

Zu den Kommunikationskanälen gehören:

• Direkter E-Mail-Zugriff
• Geplante vierteljährliche Investorengespräche
• Individuelle Beratungsmöglichkeiten

Kommunikationskanal	Durchschnittliche Reaktionszeit
E-Mail-Anfragen	24 Stunden
Telefonische Beratungen	48 Stunden

Transparente Offenlegung der Anlagestrategie

Kennzahlen zur Strategietransparenz:

• Umfassende SEC-Einreichungen
• Detaillierte Dokumente zur Anlagestrategie
• Öffentliche Investorenpräsentationen

Offenlegungsmetrik	Transparenzwert
Klarheit der Anlagestrategie	92 % (Independent Investor Survey, 2023)
Einhaltung gesetzlicher Vorschriften	100 % Konformitätsbewertung

Laufende Portfolioüberwachung und -unterstützung

Zu den Überwachungsdiensten gehören:

• Portfolioverfolgung in Echtzeit
• Aktualisierungen der Risikobewertung
• Empfehlungen zur Leistungsoptimierung

Überwachungsdienst	Häufigkeit	Abdeckung
Portfolio-Risikoanalyse	Monatlich	Vollständige Portfolioabdeckung
Leistungsbenchmarking	Vierteljährlich	Umfassender Marktvergleich

Golub Capital BDC, Inc. (GBDC) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Golub Capital BDC ein spezialisiertes Direktvertriebsteam, das sich auf institutionelle Anleger und vermögende Privatpersonen konzentriert.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	12 engagierte Profis
Durchschnittliche Größe des Kundenportfolios	15,2 Millionen US-Dollar pro Vertreter
Jährliche Verkaufsabdeckung	Ungefähr 180 Millionen US-Dollar an potenziellen Investitionszusagen

Online-Investor-Relations-Plattform

GBDC betreibt eine umfassende digitale Investoren-Engagement-Plattform.

• Die Plattform bietet Echtzeit-Tracking der Portfolio-Performance
• Bietet vierteljährliche Finanzbericht-Downloads
• Unterstützt sichere Kommunikationskanäle für Anleger

Online-Plattform-Metriken	Statistik 2024
Monatlich aktive Benutzer	3.742 registrierte Anleger
Durchschnittliche Benutzersitzungsdauer	14,6 Minuten
Zugriff auf digitale Dokumente	92 % der Anlegerdokumente werden elektronisch abgerufen

Finanzberaternetzwerke

GBDC unterhält strategische Partnerschaften mit Finanzberatungsnetzwerken.

Details zur Netzwerkpartnerschaft	Daten für 2024
Gesamtzahl der Partnernetzwerke	37 registrierte Finanzberatungsunternehmen
Netzwerk-Empfehlungsvolumen	425 Millionen US-Dollar an potenziellen Investitionsempfehlungen
Durchschnittlicher Netzwerkpartner-AUM	1,2 Milliarden US-Dollar

Investmentbanking-Beziehungen

GBDC pflegt strategische Beziehungen zu Investmentbanking-Instituten.

• Konzentriert sich auf Investitionsmöglichkeiten für mittelständische Unternehmen
• Unterhält Beziehungen zu erstklassigen Investmentbanken
• Nutzt syndiziertes Deal-Sourcing

Kennzahlen für Bankbeziehungen	Daten für 2024
Aktive Bankpartnerschaften	22 institutionelle Bankbeziehungen
Jährliches Deal-Sourcing-Volumen	1,3 Milliarden US-Dollar an potenziellen Transaktionen
Durchschnittliche Dealgröße	52,4 Millionen US-Dollar pro Transaktion

Investorenkonferenzen und Roadshows

GBDC nimmt aktiv an gezielten Veranstaltungen zur Investoreneinbindung teil.

Konferenzteilnahme	Statistik 2024
Gesamtzahl der besuchten Konferenzen	14 nationale Investorenkonferenzen
Investorentreffen durchgeführt	247 direkte Investoreninteraktionen
Mögliche Kapitaldiskussionen	675 Millionen US-Dollar an potenziellen Investitionsgesprächen

Golub Capital BDC, Inc. (GBDC) – Geschäftsmodell: Kundensegmente

Mittelständische Unternehmenskreditnehmer

Ab dem vierten Quartal 2023 konzentriert sich Golub Capital BDC auf mittelständische Unternehmen mit einem Jahresumsatz zwischen 50 Millionen und 1 Milliarde US-Dollar. Das Portfolio besteht aus 141 Portfoliounternehmen mit einem gesamten beizulegenden Zeitwert von 2,51 Milliarden US-Dollar.

Portfolio-Merkmal	Spezifische Daten
Gesamtportfoliounternehmen	141
Gesamtwert des Portfolios	2,51 Milliarden US-Dollar
Typische Umsatzspanne eines Unternehmens	50 Millionen bis 1 Milliarde US-Dollar

Institutionelle Anleger

GBDC zieht institutionelle Anleger durch seine konstante Leistung und seine spezialisierte Anlagestrategie an.

• Gesamter institutioneller Besitz: 64,8 %
• Anzahl institutioneller Anleger: 237
• Zu den größten institutionellen Aktionären zählen BlackRock und Vanguard Group

Vermögende Privatanleger

Vermögende Privatpersonen stellen für GBDC ein bedeutendes Anlegersegment dar.

Details zum Anlegersegment	Metriken
Mindestinvestition	$25,000
Geschätzter Prozentsatz vermögender Anleger	18.3%

Private-Equity-Firmen

GBDC arbeitet mit Private-Equity-Firmen durch gezielte Anlagestrategien zusammen.

• Gesamtzahl der Private-Equity-Partnerschaften: 37
• Durchschnittliche Investitionsgröße pro Partnerschaft: 15,2 Millionen US-Dollar
• Kumulierter Investitionswert der Partnerschaft: 562,4 Millionen US-Dollar

Vermögensverwaltungsplattformen

GBDC bietet Investitionsmöglichkeiten über verschiedene Vermögensverwaltungsplattformen.

Plattformmetriken	Datenpunkte
Totale Plattformpartnerschaften	28
Gesamtvermögen verteilt	387,6 Millionen US-Dollar
Durchschnittliche Plattforminvestition	13,8 Millionen US-Dollar

Golub Capital BDC, Inc. (GBDC) – Geschäftsmodell: Kostenstruktur

Verwaltungs- und Beratungsgebühren

Zum Geschäftsjahr 2023 berichtete Golub Capital BDC, Inc.:

Gebührenart	Betrag
Grundverwaltungsgebühr	1,50 % des Gesamtvermögens
Anreizgebühr	20 % des Nettokapitalertrags über der Mindestrendite von 7 %

Zinsaufwand für Fremdkapital

Zinsaufwendungen für das Geschäftsjahr 2023:

• Gesamtzinsaufwand: 74,3 Millionen US-Dollar
• Gewichteter Durchschnittszinssatz: 6,85 %
• Ausstehende Gesamtschulden: 1,2 Milliarden US-Dollar

Betriebs- und Verwaltungskosten

Aufschlüsselung der Betriebskosten für das Geschäftsjahr 2023:

Ausgabenkategorie	Betrag
Allgemeine und Verwaltungskosten	22,5 Millionen US-Dollar
Professionelle Honorare	5,7 Millionen US-Dollar
Mitarbeitervergütung	18,3 Millionen US-Dollar

Compliance- und Regulierungskosten

Compliance-bezogene Aufwendungen für 2023:

• Kosten für die behördliche Einreichung: 1,2 Millionen US-Dollar
• Personal für Recht und Compliance: 12 Vollzeitmitarbeiter
• Externe Compliance-Beratung: 0,8 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Technologieausgaben für das Geschäftsjahr 2023:

Anlagekategorie	Betrag
IT-Infrastruktur	3,6 Millionen US-Dollar
Verbesserungen der Cybersicherheit	2,1 Millionen US-Dollar
Software- und System-Upgrades	1,9 Millionen US-Dollar

Golub Capital BDC, Inc. (GBDC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus dem Kreditportfolio

Für das Geschäftsjahr 2023 berichtete Golub Capital BDC, Inc. 222,7 Millionen US-Dollar an den gesamten Kapitalerträgen, wobei der Großteil aus Zinserträgen aus dem Kreditportfolio stammt.

Einnahmequelle	Betrag (2023)
Zinserträge aus erstrangigen Darlehen	156,3 Millionen US-Dollar
Zinserträge aus Zweitpfanddarlehen	42,5 Millionen US-Dollar
Zinserträge aus Nachrangdarlehen	23,9 Millionen US-Dollar

Dividendenausschüttungen

Als Business Development Company (BDC) ist GBDC verpflichtet, mindestens zu vertreiben 90 % seines steuerpflichtigen Einkommens an die Aktionäre.

• Vierteljährliche Dividendenrendite: 9.37% Stand: Dezember 2023
• Jährliche Dividendenausschüttung: 1,44 $ pro Aktie

Gebühren für die Anlageverwaltung

GBDC erwirtschaftet Verwaltungsgebühren auf der Grundlage seines gesamten verwalteten Vermögens.

Gebührenart	Prozentsatz	Jährlicher Betrag (2023)
Grundverwaltungsgebühr	1.50%	37,6 Millionen US-Dollar
Anreizgebühr	Bis zu 20 %	12,3 Millionen US-Dollar

Kapitalwertsteigerung

Wachstum des Nettoinventarwerts (NAV) für 2023: 14,72 $ pro Aktie, repräsentiert a 6.2% Steigerung gegenüber dem Vorjahr.

Entstehungs- und Strukturierungsgebühren

Honorareinnahmen aus der Strukturierung und Abwicklung von Anlagetransaktionen:

• Gesamte Originierungsgebühren im Jahr 2023: 8,7 Millionen US-Dollar
• Durchschnittliche Gebühr pro Transaktion: $450,000

Golub Capital BDC, Inc. (GBDC) - Canvas Business Model: Value Propositions

You're looking at how Golub Capital BDC, Inc. (GBDC) delivers distinct value to its investors, focusing on security and high income generation from middle-market lending. The core of this value is built on a conservative investment structure combined with specialized financing products.

One-Stop Financing: Golub Capital BDC, Inc. focuses heavily on providing simplified financing solutions, primarily through one-stop loans. These hybrid structures capture higher yields while maintaining strong downside protection, which is key for middle-market buyouts backed by private equity sponsors. As of the third quarter of fiscal year 2025, one-stop loans represented approximately 87.4% of new investment commitments originated during that quarter, and they continue to represent around 87% of the total portfolio at fair value.

Risk Mitigation for Investors: The portfolio positioning is deliberately conservative to protect capital. Golub Capital BDC, Inc. maintains a high concentration in the most secure part of the capital structure. As of September 30, 2025, 92% of the investment portfolio consisted of First Lien Senior Secured Debt. This is notably higher than the BDC peer average of 80% for first lien loans. Furthermore, the portfolio is granular, with an average investment size of just 0.2% of the total portfolio, and the largest single borrower represented only 1.5% of the debt investment portfolio as of June 30, 2025.

The following table summarizes the key statistical data underpinning these risk and structure propositions as of late 2025:

Value Proposition Metric	Golub Capital BDC, Inc. (GBDC) Data (Late 2025)	Context/Comparison
Portfolio Fair Value	$9.0 billion (as of June 30, 2025)	Investment Portfolio size
First Lien Senior Secured Debt	92% of investments	Higher than BDC peer average of 80%
One-Stop Loan Concentration	87% of portfolio at fair value	Reflects primary financing product use
Portfolio Diversification (Obligors)	417 Investments	Nearly twice the diversification by obligor vs. BDC peer average

High Current Income: Golub Capital BDC, Inc. offers an attractive income stream, fully covered by its earnings. For the quarter ended June 30, 2025, the company declared a quarterly base distribution of $0.39 per share, which was in line with the adjusted Net Investment Income (NII) per share of $0.39 for that period. Based on the Net Asset Value (NAV) per share as of September 30, 2025 ($14.97), the annualized regular quarterly distribution implied a yield of 10.4%. More recently, the forward dividend yield as of December 1, 2025, was reported at 11.07%, with a TTM dividend payout of $1.56 per share.

Interest Rate Hedge: The portfolio is structured to benefit from or remain stable against interest rate movements. This is achieved because the assets are predominantly floating-rate, and the liabilities are managed to match that structure. As of September 30, 2025, 99% of the investment portfolio was comprised of Floating Rate Loans. On the liability side, approximately 80% of GBDC's total debt funding was floating rate or swapped to a floating rate as of the Q3 2025 earnings call.

The following list details the income and rate structure metrics:

• Quarterly Distribution (Q3 2025): $0.39 per share
• Adjusted NII Per Share (Q3 2025): $0.39
• Annualized Yield on NAV (as of Sep 30, 2025): 10.4%
• Forward Dividend Yield (as of Dec 1, 2025): 11.07%
• Portfolio Floating Rate Loans: 99%
• Weighted Average Rate on New Investments (Q3 2025): 9.2%

Finance: review the impact of the 15% incentive fee reduction on the next quarter's projected NII by Monday.

Golub Capital BDC, Inc. (GBDC) - Canvas Business Model: Customer Relationships

You're managing capital for investors who look for reliable income from the middle market, so Golub Capital BDC, Inc. focuses its customer relationships on two main groups: the private equity sponsors who bring the deals and the investors who provide the capital.

Sponsor-Centric: High-touch, reliable execution for private equity clients.

Golub Capital BDC, Inc. is built to be a dependable financing partner for private equity sponsors. The manager, Golub Capital LLC, has over 30+ Years of experience and manages over $85+ Billion of capital under management, which is a gross measure including leverage. This scale helps them deliver on the promise of reliable execution for their sponsor clients.

The relationship is grounded in highly selective underwriting, which shows their commitment to quality over volume. For instance, in the third quarter of fiscal year 2025, Golub Capital BDC, Inc. closed on just 3.1% of the deals reviewed. This selectivity results in a highly diversified portfolio where the largest borrower represents only 1.5% of the debt investment portfolio, and the top 10 borrowers account for below 12%.

The portfolio structure itself reflects a relationship built on downside protection for the underlying companies they finance:

• First Lien Senior Secured Debt makes up 92% of the portfolio as of September 30, 2025.
• The average investment size is only 0.2% of the total portfolio, which is nearly twice the diversification compared to the BDC peer average of 0.5%.
• The portfolio consisted of 417 investments as of September 30, 2025.

Investor Relations: Regular SEC filings and quarterly earnings calls for transparency.

For the capital providers, Golub Capital BDC, Inc. maintains a regular cadence of communication. You can expect transparency through required regulatory filings and scheduled investor events. For example, the company announced its fiscal year 2025 fourth quarter results for release on November 18, 2025, with an earnings conference call scheduled for November 19, 2025.

The direct return to investors is a key relationship metric. For the third quarter of fiscal year 2025, the declared regular quarterly distribution was $0.39 per share. Based on the Net Asset Value (NAV) per share of $15.00 as of June 30, 2025, this represented an annualized dividend yield of 10.4%. The NAV per share at the end of Q3 2025 was $15.00.

Here's a quick look at the recent income and distribution figures:

Metric (Q3 FY2025)	Amount	Note
Net Investment Income Per Share	$0.38	GAAP basis
Adjusted Net Investment Income Per Share	$0.39	Excluding purchase premium amortization
Quarterly Distribution Per Share	$0.39	Declared for Q3 FY2025

Dedicated Portfolio Team: Active management and monitoring of borrower performance.

The team actively manages the assets to ensure the income stream remains robust, which is critical for the BDC structure. The total investment portfolio at fair value stood at $8.96 billion as of June 30, 2025. The team's focus is on senior secured floating rate loans, with 99% of the portfolio being floating rate as of September 30, 2025.

The active management involves both originating new assets and managing existing ones. In Q3 2025, the company originated $556.8 million in new investments. The portfolio's weighted average interest rate on these new investments was 9.2%. The team's approach is heavily weighted toward the most secure part of the capital structure, with one-stop loans representing around 87% of the portfolio at fair value.

The portfolio composition shows the team's focus on credit quality and structure:

• Total Investment Portfolio (Fair Value): $8.96 billion (as of 06/30/2025).
• One-Stop Loans: 87.4% of the portfolio.
• Weighted Average Interest Rate on Portfolio: 9.2%.
• Median EBITDA of Portfolio Companies: $72.4 Million.

If onboarding takes 14+ days, churn risk rises, but for GBDC, the focus is on the quality of the deal flow they review, closing on only 3.1% in Q3 2025. Finance: draft the Q4 2025 portfolio composition breakdown by Friday.

Golub Capital BDC, Inc. (GBDC) - Canvas Business Model: Channels

Direct Origination: The primary channel for sourcing middle-market loans.

Golub Capital BDC, Inc. focuses on directly originating senior secured loans to U.S. middle market private companies, often backed by private equity sponsors. This channel is supported by the firm's established history, having been a Top 3 U.S. Middle Market Bookrunner each year from 2008-2024 for senior secured loans up to $500MM, ranked by number of deals, based on London Stock Exchange Group (LSEG) Data & Analytics and internal data. Golub Capital BDC, Inc. leverages its scale to lead deals, acting as sole or lead lender in 90% of its transactions in the quarter ended September 30, 2025.

The investment portfolio at fair value was $8,961,549 thousand as of June 30, 2025, growing to nearly $9.0 billion in fair value as of that date. Origination activity for the quarter ended June 30, 2025, saw $557 million in new investment commitments, with $411 million funded, while closing on just 3.1% of deals reviewed. For the subsequent quarter ended September 30, 2025, funded new investment commitments were $60 million, net of $371 million in repayments and exits, with the company closing on just 3.8% of deals reviewed.

Origination Metric (Quarter Ended)	Value/Percentage
Investment Portfolio Fair Value (June 30, 2025)	$8,961,549 thousand
New Funded Commitments (Q2 2025)	$411 million
Deals Closed as % of Reviewed (Q2 2025)	3.1%
Weighted Average LTV (Q2 2025)	Approximately 34%
Weighted Average Rate on New Investments (Q4 2025)	8.9%
Weighted Average LTV (Q4 2025)	Approximately 42%

The weighted average LTV for deals closed in the quarter ended June 30, 2025, was approximately 34%, which tightened to approximately 42% for the quarter ended September 30, 2025. The weighted average rate on new investments for the quarter ended September 30, 2025, was 8.9%.

NASDAQ Stock Exchange: Public trading of GBDC shares for investor access.

Golub Capital BDC, Inc. trades publicly under the ticker symbol GBDC on the NASDAQ Stock Exchange. The Net Asset Value (NAV) per share was $15.00 as of June 30, 2025, decreasing slightly to $14.97 as of September 30, 2025. The Board declared a quarterly distribution of $0.39 per share for the third fiscal quarter of 2025. This distribution represented an annualized yield of approximately 10.6% based on the stock price of $14.72 on August 4, 2025.

Capital management through the exchange includes share repurchases. Golub Capital BDC, Inc. repurchased 2.9 million shares during the fiscal year 2025, with an additional 2.5 million shares repurchased since the end of the quarter ended September 30, 2025. During the quarter ended September 30, 2025, 368,000 shares were repurchased.

• Ticker Symbol: GBDC
• NAV per Share (June 30, 2025): $15.00
• NAV per Share (September 30, 2025): $14.97
• Quarterly Distribution Declared (Q3 2025): $0.39 per share
• Stock Closing Price (August 4, 2025): $14.72

Investor Relations Website: Distribution of financial results and presentations.

The primary digital channel for investor communication is the Investor Relations section of the www.golubcapitalbdc.com website. This is where materials for key events are posted, such as the Earnings Press Release, Earnings Call Notification, and the Earnings Presentation. For instance, the Earnings Presentation for the quarter ended June 30, 2025, was made available, and the Q4 2025 Earnings Call Presentation was published on November 19, 2025. Listeners are directed to the Events and Presentations link within the Investor Resources tab to access these documents.

The Investor Relations channel provides key financial updates:

• Adjusted Net Investment Income per Share (Q3 2025): $0.39
• Adjusted Net Investment Income per Share (Q4 2025): $0.39
• Adjusted Net Income per Share (Q3 2025): $0.34
• Adjusted Net Income per Share (Q4 2025): $0.38
• Nonaccruals as a percentage of portfolio at fair value (Q3 2025): 0.3%

Golub Capital BDC, Inc. (GBDC) - Canvas Business Model: Customer Segments

You're analyzing the core clientele for Golub Capital BDC, Inc. (GBDC), and it really boils down to three main groups that provide the capital and receive the debt financing. Honestly, the focus is sharp, which is what you'd expect from a seasoned manager like Golub Capital.

U.S. Middle-Market Companies: Borrowers

The primary customers are U.S. middle-market companies, almost exclusively backed by private equity sponsors. Golub Capital BDC, Inc. focuses on providing first lien senior secured loans to these businesses. As of the first quarter of fiscal year 2025, the median portfolio company EBITDA (earnings before interest, taxes, depreciation, and amortization) was reported at $65 million, with a core lending focus on companies having between $10 million and $100 million in EBITDA. The portfolio is heavily weighted toward these borrowers, with 92% of the investment portfolio consisting of first lien senior secured floating rate loans as of September 30, 2025. The total investment portfolio fair value stood at approximately $8.77 billion at the end of the fourth fiscal quarter of 2025, spread across 417 portfolio companies.

Metric	Value as of Latest Reporting (FY2025 Q4)
Investment Portfolio Fair Value	$8.77 billion
Total Portfolio Companies	417
Portfolio Weight in First Lien Loans	92%
Median Portfolio Company EBITDA (Latest Reported)	$65 million

Private Equity Firms: Sponsors

Private Equity firms are critical partners, as they originate the deal flow. Golub Capital BDC, Inc. actively cultivates these sponsor relationships. For the fourth fiscal quarter of 2025, the company noted that it leaned on its existing sponsor relationships and portfolio company incumbencies for approximately half of its origination volume. This reliance on established partners helps modulate credit risk through deep due diligence and ongoing monitoring. Furthermore, Golub Capital BDC, Inc. acted as the sole or lead lender in 90% of its transactions during that quarter, indicating a strong position of influence with the sponsors.

• Sponsor relationships provided approximately 50% of origination volume in Q4 2025.
• Acted as sole or lead lender in 90% of transactions in Q4 2025.
• Focus on private equity-backed companies with resilient industry profiles.

Income-Focused Public Investors: Shareholders

The third segment is the public investor base, which seeks consistent, high current income. Golub Capital BDC, Inc. has a history of maintaining a steady distribution policy to attract and retain these shareholders. For the fiscal year 2025, the company paid cumulative distributions of $1.65 per share, which represented 10.9% of the end-of-year net asset value per share. The quarterly distribution for Q4 2025 was declared at $0.39 per share, which implied an annualized yield around 11.1% based on recent trading prices. Institutional investors, like JPMorgan Chase & Co., held approximately 42.38% of the company as of the second quarter of 2025, showing significant professional interest alongside retail participation.

The Net Asset Value (NAV) per share as of September 30, 2025, was $14.97. That figure is actually $0.34 above the NAV per share at its IPO in 2010, which is a key selling point for long-term income investors.

• FY 2025 Cumulative Distributions: $1.65 per share.
• Q4 2025 Declared Quarterly Distribution: $0.39 per share.
• NAV per Share (September 30, 2025): $14.97.
• Institutional Ownership (Q2 2025): Approximately 42.38%.

Golub Capital BDC, Inc. (GBDC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Golub Capital BDC, Inc.'s operating profile, which is heavily influenced by its fee structure designed for shareholder alignment. The costs here are primarily tied to managing the investment portfolio and servicing the debt used to finance those assets.

Management Fees are structured as a base fee of 1.0% of gross assets, specifically excluding cash. For the period ending September 30, 2025, Golub Capital BDC, Inc.'s total investments at fair value stood at approximately $8.8 billion. This base fee is a fixed cost component, calculated annually on that asset base, which translates to an estimated quarterly base management fee expense of around $22.0 million based on that asset level, assuming the 1.0% is applied consistently.

The Incentive Fees are tied directly to performance above a set benchmark. The structure calls for 15.0% of Net Investment Income (NII) earned above an 8.0% hurdle rate. This structure is a key part of the shareholder alignment story, as the manager only earns the incentive fee once shareholders have received a preferred return. For the fourth fiscal quarter of 2025, Adjusted Net Investment Income Per Share was $0.39, and the board declared a regular quarterly distribution of $0.39 per share, meaning the incentive fee hurdle was met but not significantly exceeded in that specific quarter based on the distribution level.

Interest Expense represents the cost of Golub Capital BDC, Inc.'s leverage. As of September 30, 2025, the weighted average cost of debt was reported at 5.6% annualized. This favorable cost is supported by the fact that approximately 81% of the funding structure is floating rate or swapped to floating, allowing the cost to adjust with base rates. This contrasts with the weighted average rate on new investments for the quarter, which was 8.9%.

Operating Expenses cover the general and administrative costs of running the BDC itself, separate from the investment advisory fees. For the fiscal year ended September 30, 2025, the reported Total Operating Expenses were $473.97 million. This figure encompasses all the day-to-day overhead required to operate the business development company.

Here's a quick look at the key cost structure metrics as of late 2025:

Cost Component	Rate/Metric	Reference Period/Value
Base Management Fee Rate	1.0% per year	On gross assets (excluding cash)
Incentive Fee Rate	15.0% of NII above hurdle	Hurdle Rate: 8.0%
Weighted Average Cost of Debt	5.6% annualized	As of September 30, 2025
Total Operating Expenses	$473.97 million	Fiscal Year Ended September 30, 2025
Gross Assets (for Fee Base Context)	$8.8 billion	Fair Value as of September 30, 2025
Adjusted NII Per Share	$0.39	Q4 Fiscal Year 2025

The structure shows a clear link between the manager's compensation and portfolio performance through the incentive fee, while the base fee is directly proportional to the size of the managed portfolio. The low cost of debt, at 5.6%, helps keep the overall cost of capital competitive, which is critical when investment spreads are compressing.

Golub Capital BDC, Inc. (GBDC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Golub Capital BDC, Inc. (GBDC) brings in money to support its operations and distributions. For a BDC, this is almost entirely about the interest it earns on the loans it makes to middle-market companies.

Interest Income: Primary revenue source from debt investments. This is the engine room for Golub Capital BDC, Inc. (GBDC). For the fiscal year ending September 30, 2025, the company reported annual revenue of \$870.78 million. Given that debt investments are the focus, this figure closely represents the scale of the interest income stream for FY2025.

The revenue streams are detailed below, showing the primary drivers:

• Interest Income: Primary revenue source from debt investments, totaling \$870.78 million in FY2025 annual revenue.
• Fee Income: Origination, structuring, and commitment fees from borrowers.
• Capital Gains: Realized gains from the sale of equity or warrant investments.
• Dividends: Quarterly distribution of \$0.39 per share declared in Q4 2025.

To give you a clearer picture of the income components, especially around the end of the fiscal year, here's a look at the Q4 2025 figures. Remember, Adjusted Net Investment Income (Adjusted NII) is the key metric here, as it generally captures recurring interest and fee income:

Financial Metric (Q4 FY2025)	Amount (in thousands)	Per Share Amount
GAAP Net Investment Income	$100,800	$0.38
Adjusted Net Investment Income	$104,300	$0.39
Adjusted Realized and Unrealized Gain/(Loss)	($8,200)	($0.03)

The stream from Fee Income is embedded within the Adjusted Net Investment Income figure. For instance, in Q4 2025, Adjusted NII was \$104.3 million. This stream is bolstered by fees charged for setting up loans and keeping commitment lines open, which helped offset spread compression in that quarter.

Regarding Capital Gains, which are realized gains from selling investments, the latest data shows a net loss on a realized and unrealized basis for the fourth quarter. The Adjusted Realized and Unrealized Gain/(Loss) per share for Q4 2025 was (\$0.03), equating to a total loss of approximately \$8.2 million for the quarter. This shows that while the core business is generating steady income, investment performance can introduce volatility to the total revenue picture.

Finally, the commitment to shareholders is clear through the Dividends stream. Golub Capital BDC, Inc. declared a quarterly distribution of \$0.39 per share in Q4 2025, payable in December 2025. This level was maintained from the prior quarter.