Golub Capital BDC, Inc. (GBDC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las corporaciones de desarrollo empresarial, Golub Capital BDC, Inc. (GBDC) surge como una potencia estratégica, que cierra la brecha crítica entre las empresas de mercado medio que buscan capital de crecimiento e inversores hambrientos de rendimientos atractivos y estables. Al aprovechar un sofisticado lienzo de modelo de negocio que entrelaza la experiencia de préstamos especializados, las redes financieras sólidas y las estrategias de inversión innovadores, GBDC ha forjado un nicho único en el ecosistema de inversión alternativa. Su enfoque va más allá del financiamiento tradicional, ofreciendo soluciones flexibles que potenciar a las empresas medianas al tiempo que proporcionan a los inversores institucionales e individuales una propuesta de valor convincente de ingresos estables y una menor volatilidad del mercado.

Golub Capital BDC, Inc. (GBDC) - Modelo de negocio: asociaciones clave

Empresas de capital privado y administradores de inversiones

Golub Capital BDC mantiene asociaciones estratégicas con varias empresas de capital privado:

Empresa asociada	Detalles de la asociación	Volumen de inversión
Golub Capital Partners	Gestión de inversiones de la empresa matriz	$ 8.4 mil millones en activos bajo administración
Goldman Sachs	Acuerdos de coinversión	Cartera de inversiones conjuntas de $ 350 millones

Bancos comerciales e instituciones financieras

Las asociaciones clave de la institución financiera incluyen:

• Wells Fargo Bank - Capacidades de crédito
• JPMorgan Chase - Arreglos de préstamos sindicados
• Bank of America - Soluciones de capital de trabajo

Empresas del mercado medio que buscan capital

Sector industrial	Número de compañías de cartera	Inversión total
Tecnología	37 empresas	$ 412 millones
Cuidado de la salud	24 empresas	$ 276 millones
Servicios comerciales	42 empresas	$ 495 millones

Firmas de asesoramiento legal y financiero

Asociaciones de servicio profesional:

• Kirkland & Ellis LLP - Asesoramiento legal
• PricewaterhouseCoopers - Auditoría financiera
• Deloitte - Servicios de impuestos y cumplimiento

Proveedores de servicios de tecnología

Proveedor de tecnología	Tipo de servicio	Inversión anual
Salesforce	Gestión de la relación con el cliente	$ 1.2 millones
Servicios web de Amazon	Infraestructura en la nube	$ 3.5 millones
Línea negra	Software de informes financieros	$750,000

Golub Capital BDC, Inc. (GBDC) - Modelo de negocio: actividades clave

Préstamos directos a empresas de mercado medio

A partir del cuarto trimestre de 2023, Golub Capital BDC mantiene una cartera de inversiones total de $ 2.04 mil millones. La cartera comprende Principalmente préstamos seguros para personas mayores a empresas del mercado medio.

Tipo de préstamo	Valor total de la cartera	Porcentaje de cartera
Préstamos para personas mayores aseguradas	$ 1.84 mil millones	90.2%
Préstamos subordinados	$ 200 millones	9.8%

Selección de gestión y inversión de cartera

Los criterios de selección de inversiones se centran en parámetros específicos:

• EBITDA de la compañía promedio: $ 50 millones a $ 150 millones
• Tamaños de préstamo: $ 10 millones a $ 75 millones
• Sectores de inversión: servicios comerciales, atención médica, software

Evaluación de riesgos y suscripción de crédito

Métricas de gestión de riesgos a partir de 2023:

Métrico de riesgo	Valor actual
Relación de préstamos sin rendimiento	2.3%
Calificación crediticia promedio ponderada	B+
Tasa de incumplimiento de la cartera	1.5%

Crianza de capital y relaciones con los inversores

Indicadores de desempeño financiero:

• Activos totales: $ 2.5 mil millones
• Capitalización de mercado: $ 1.2 mil millones
• Rendimiento de dividendos: 9.6%

Cumplimiento regulatorio e informes

El marco de cumplimiento incluye el cumplimiento de:

• Ley de compañía de inversiones de 1940
• Requisitos de la Ley Sarbanes-Oxley
• Directrices de informes de la SEC

Métrico de cumplimiento regulatorio	Estado
Presentaciones de la SEC completada	100% a tiempo
Cumplimiento de auditoría externa	Totalmente cumplido

Golub Capital BDC, Inc. (GBDC) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, Golub Capital BDC, Inc. tiene un equipo de gestión de inversiones con:

• Total de los miembros del equipo: 86 profesionales
• Experiencia de inversión promedio: 19 años
• $ 41.4 mil millones en activos totales bajo administración

Base de capital y facilidades de crédito sustanciales

Métrica financiera	Cantidad
Cartera de inversiones totales	$ 2.1 mil millones
Activos totales	$ 2.4 mil millones
Facilidades de crédito	$ 750 millones

Red de abastecimiento de ofertas propietarias

Características de la red:

• Más de 500 relaciones activas de patrocinador de capital privado
• Más de 15 años de experiencia en préstamos de mercado medio
• Volumen de origen de la oferta anual: $ 1.2 mil millones

Capacidades avanzadas de análisis financiero

Infraestructura analítica:

• Modelos de evaluación de riesgos propietarios
• Sistemas de monitoreo de cartera en tiempo real
• Tecnología avanzada de suscripción de crédito

Balance general fuerte y calificaciones crediticias

Agencia de calificación crediticia	Clasificación
S&P Global	Bbb-
Moody's	BAA3

Golub Capital BDC, Inc. (GBDC) - Modelo de negocio: propuestas de valor

Soluciones de financiamiento flexibles y personalizadas

A partir del cuarto trimestre de 2023, Golub Capital BDC, Inc. proporciona $ 2.3 mil millones en cartera de inversión total con soluciones financieras personalizadas. La compañía ofrece:

• Préstamos asegurados para personas mayores de primer nivel
• Préstamos asegurados en segundo lieno
• Préstamos unitarios
• Inversiones de deuda subordinadas

Tipo de préstamo	Tamaño promedio	Rango de tasas de interés
Senior de primer nivel asegurado	$ 50-75 millones	L + 5.5% - 7.2%
Segundo lienidre asegurado	$ 25-50 millones	L + 8.5% - 10.5%
Unidad	$ 30-60 millones	L + 6.5% - 8.5%

Acceso al capital de crecimiento para las empresas medianas

En 2023, Golub Capital BDC apoyó 85 compañías de cartera con inversiones totales dirigidas a empresas del mercado medio con:

• Ingresos anuales entre $ 50 millones - $ 500 millones
• Rangos de EBITDA de $ 10 millones - $ 75 millones

Rendimientos de dividendos atractivos para los inversores

Destacado de rendimiento financiero para 2023:

Métrico	Valor
Rendimiento de dividendos	9.2%
Dividendo trimestral	$ 0.37 por acción
Distribuciones totales	$ 1.48 anualmente

Menor volatilidad en comparación con las inversiones de capital tradicionales

Métricas de gestión de riesgos de cartera para 2023:

• Inversiones no acritivas: 1.2% de la cartera total
• Rendimiento promedio ponderado: 12.5%
• Calidad crediticia de cartera: préstamos garantizados predominantemente senior

Experiencia en estrategias de préstamos especializados

Áreas de enfoque de préstamos especializados en 2023:

Sector	Porcentaje de cartera
Software	22%
Cuidado de la salud	18%
Servicios comerciales	15%
Otros sectores	45%

Golub Capital BDC, Inc. (GBDC) - Modelo de negocios: relaciones con los clientes

Gestión de cuentas personalizada

Golub Capital BDC, Inc. proporciona servicios de gestión de cuentas dedicados con las siguientes características:

Función de gestión de cuentas	Detalles específicos
Tamaño promedio de la cuenta	$ 5.2 millones a partir del cuarto trimestre 2023
Profesionales de inversión dedicados	17 profesionales de inversión senior
Gerentes de relaciones con el cliente	8 gerentes de relaciones especializadas

Informes regulares de desempeño financiero

Los mecanismos de informes incluyen:

• Informes financieros trimestrales
• Comunicaciones anuales de accionistas
• Seguimiento de rendimiento de la cartera en tiempo real

Métrica de informes	Frecuencia	Información detallada
Ingresos de inversión netos	Trimestral	$ 0.34 por acción (cuarto trimestre 2023)
Valor total de la cartera	Mensual	$ 2.1 mil millones

Comunicación directa con profesionales de la inversión

Los canales de comunicación incluyen:

• Acceso directo al correo electrónico
• Llamadas de inversores trimestrales programados
• Opciones de consulta individuales

Canal de comunicación	Tiempo de respuesta promedio
Consultas por correo electrónico	24 horas
Consultas telefónicas	48 horas

Divulgación de estrategia de inversión transparente

Métricas de transparencia de estrategia:

• Presentaciones de la SEC integrales
• Documentos de estrategia de inversión detallados
• Presentaciones de inversores públicos

Métrica de divulgación	Puntaje de transparencia
Claridad de la estrategia de inversión	92% (Encuesta de inversores independientes, 2023)
Cumplimiento regulatorio	Calificación de cumplimiento del 100%

Monitoreo y soporte de cartera en curso

Los servicios de monitoreo incluyen:

• Seguimiento de cartera en tiempo real
• Actualizaciones de evaluación de riesgos
• Recomendaciones de optimización de rendimiento

Servicio de monitoreo	Frecuencia	Cobertura
Análisis de riesgos de cartera	Mensual	Cobertura de cartera completa
Benchmarking de rendimiento	Trimestral	Comparación de mercado integral

Golub Capital BDC, Inc. (GBDC) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Golub Capital BDC mantiene un equipo especializado de ventas directas centrada en inversores institucionales e individuos de alto nivel de red.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	12 profesionales dedicados
Tamaño promedio de la cartera de clientes	$ 15.2 millones por representante
Cobertura de ventas anual	Aproximadamente $ 180 millones en compromisos de inversión potenciales

Plataforma de relaciones con inversores en línea

GBDC opera una plataforma integral de participación de inversores digitales.

• La plataforma presenta un seguimiento de rendimiento de cartera en tiempo real
• Proporciona descargas de informe financiero trimestral
• Admite canales seguros de comunicación de inversores

Métricas de plataforma en línea	2024 estadísticas
Usuarios activos mensuales	3.742 inversores registrados
Duración promedio de la sesión del usuario	14.6 minutos
Acceso a documentos digitales	El 92% de los documentos de los inversores se accedieron electrónicamente

Redes de asesores financieros

GBDC mantiene asociaciones estratégicas con redes de asesoramiento financiero.

Detalles de la asociación de red	2024 datos
Redes de socios totales	37 empresas de asesoramiento financiero registrado
Volumen de referencia de red	$ 425 millones en posibles referencias de inversión
AUM de socio de red promedio	$ 1.2 mil millones

Relaciones de banca de inversión

GBDC cultiva relaciones estratégicas con instituciones de banca de inversión.

• Se centra en las oportunidades de inversión corporativa del mercado medio
• Mantiene las relaciones con los bancos de inversión de primer nivel
• Aprovecha el abastecimiento de tratos sindicados

Métricas de la relación bancaria	2024 datos
Asociaciones bancarias activas	22 Relaciones bancarias institucionales
Volumen anual de abastecimiento de ofertas	$ 1.3 mil millones en posibles transacciones
Tamaño de trato promedio	$ 52.4 millones por transacción

Conferencias de inversores y roadshows

GBDC participa activamente en eventos de participación de inversores específicos.

Participación de la conferencia	2024 estadísticas
Conferencias totales a las que asistió	14 conferencias nacionales de inversores
Reuniones de inversores realizadas	247 interacciones directas de inversores
Discusiones potenciales de capital	$ 675 millones en posibles conversaciones de inversión

Golub Capital BDC, Inc. (GBDC) - Modelo de negocio: segmentos de clientes

Prestatarios comerciales del mercado medio

A partir del cuarto trimestre de 2023, Golub Capital BDC se centra en compañías de mercado medio con ingresos anuales entre $ 50 millones y $ 1 mil millones. La cartera consta de 141 compañías de cartera con un valor razonable total de $ 2.51 mil millones.

Característica de cartera	Datos específicos
Compañías de cartera totales	141
Valor razonable de la cartera total	$ 2.51 mil millones
Rango típico de ingresos de la compañía	$ 50 millones - $ 1 mil millones

Inversores institucionales

GBDC atrae a inversores institucionales a través de su desempeño constante y su estrategia de inversión especializada.

• Propiedad institucional total: 64.8%
• Recuento de inversores institucionales: 237
• Los accionistas institucionales más grandes incluyen BlackRock y Vanguard Group

Inversores individuales de alto nivel de red

Los individuos de alto nivel de red representan un segmento de inversores significativo para GBDC.

Detalles del segmento de inversores	Métrica
Inversión mínima	$25,000
Porcentaje estimado de inversores de alto nivel de red	18.3%

Empresas de capital privado

GBDC colabora con empresas de capital privado a través de estrategias de inversión específicas.

• Asociaciones totales de capital privado: 37
• Tamaño de inversión promedio por asociación: $ 15.2 millones
• Valor de inversión de asociación acumulativa: $ 562.4 millones

Plataformas de gestión de patrimonio

GBDC ofrece oportunidades de inversión a través de varias plataformas de gestión de patrimonio.

Métricas de plataforma	Puntos de datos
Asociaciones totales de plataforma	28
Total de activos distribuidos	$ 387.6 millones
Inversión de plataforma promedio	$ 13.8 millones

Golub Capital BDC, Inc. (GBDC) - Modelo de negocio: Estructura de costos

Tarifas de gestión y asesoramiento

A partir del año fiscal 2023, Golub Capital BDC, Inc. informó:

Tipo de tarifa	Cantidad
Tarifa de gestión base	1.50% de los activos totales
Tarifa de incentivo	20% de los ingresos de inversión netos por encima del 7% de la tasa de obstáculos

Gastos de intereses sobre capital prestado

Gastos de intereses para el año fiscal 2023:

• Gastos de intereses totales: $ 74.3 millones
• Tasa de interés promedio ponderada: 6.85%
• Deuda total en circulación: $ 1.2 mil millones

Gastos operativos y administrativos

Desglose de los costos operativos para el año fiscal 2023:

Categoría de gastos	Cantidad
Gastos generales y administrativos	$ 22.5 millones
Tarifas profesionales	$ 5.7 millones
Compensación de empleados	$ 18.3 millones

Cumplimiento y costos regulatorios

Gastos relacionados con el cumplimiento para 2023:

• Costos de presentación regulatoria: $ 1.2 millones
• Personal legal y de cumplimiento: 12 empleados a tiempo completo
• Consultoría de cumplimiento externo: $ 0.8 millones

Inversiones de tecnología e infraestructura

Gasto tecnológico para el año fiscal 2023:

Categoría de inversión	Cantidad
Infraestructura	$ 3.6 millones
Mejoras de ciberseguridad	$ 2.1 millones
Actualizaciones de software y sistema	$ 1.9 millones

Golub Capital BDC, Inc. (GBDC) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de la cartera de préstamos

Para el año fiscal 2023, Golub Capital BDC, Inc. informó $ 222.7 millones En ingresos totales de inversión, con la mayoría derivada de los ingresos por intereses en su cartera de préstamos.

Fuente de ingresos	Cantidad (2023)
Ingresos por intereses de los préstamos de primer gravamen	$ 156.3 millones
Ingresos por intereses de los préstamos de segundo gravamen	$ 42.5 millones
Ingresos por intereses de préstamos subordinados	$ 23.9 millones

Distribuciones de dividendos

Como empresa de desarrollo de negocios (BDC), se requiere que GBDC distribuya al menos 90% de sus ingresos imponibles a los accionistas.

• Rendimiento de dividendos trimestrales: 9.37% a diciembre de 2023
• Distribución de dividendos anuales: $ 1.44 por acción

Tarifas de gestión de inversiones

GBDC genera tarifas de gestión en función de sus activos totales bajo administración.

Tipo de tarifa	Porcentaje	Monto anual (2023)
Tarifa de gestión base	1.50%	$ 37.6 millones
Tarifa de incentivo	Hasta el 20%	$ 12.3 millones

Apreciación de capital

Crecimiento del valor del activo neto (NAV) para 2023: $ 14.72 por acción, representando un 6.2% Aumento del año anterior.

Tarifas de originación y estructuración

Ingresos de tarifas de estructuras y transacciones de inversión de origen:

• Tarifas de origen total en 2023: $ 8.7 millones
• Tarifa promedio por transacción: $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.