Golub Capital BDC, Inc. (GBDC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des sociétés de développement des entreprises, Golub Capital BDC, Inc. (GBDC) émerge comme une puissance stratégique, faisant combler l'écart critique entre les entreprises du marché intermédiaire à la recherche de capital de croissance et des investisseurs affamés de rendements attrayants et stables. En tirant parti d'une toile de modèle commercial sophistiqué qui entrelace une expertise de prêt spécialisée, des réseaux financiers robustes et des stratégies d'investissement innovantes, GBDC a creusé un créneau unique dans l'écosystème d'investissement alternatif. Leur approche va au-delà du financement traditionnel, offrant des solutions flexibles qui permettent aux entreprises de taille moyenne tout en offrant aux investisseurs institutionnels et individuels une proposition de valeur convaincante de revenu stable et de volatilité du marché inférieure.

Golub Capital BDC, Inc. (GBDC) - Modèle commercial: Partenariats clés

Sociétés de capital-investissement et gestionnaires de placements

Golub Capital BDC maintient des partenariats stratégiques avec plusieurs sociétés de capital-investissement:

Entreprise partenaire	Détails du partenariat	Volume d'investissement
Golub Capital Partners	Gestion des investissements des sociétés mère	8,4 milliards de dollars d'actifs sous gestion
Goldman Sachs	Dispositions de co-investissement	Portefeuille d'investissement conjoint de 350 millions de dollars

Banques commerciales et institutions financières

Les partenariats clés de l'institution financière comprennent:

• Wells Fargo Bank - Centre de crédit
• JPMorgan Chase - Arrangements de prêts syndiqués
• Bank of America - Solutions de fonds de roulement

Les entreprises du marché intermédiaire recherchent des capitaux

Secteur de l'industrie	Nombre de sociétés de portefeuille	Investissement total
Technologie	37 entreprises	412 millions de dollars
Soins de santé	24 entreprises	276 millions de dollars
Services aux entreprises	42 entreprises	495 millions de dollars

Sociétés de conseil juridique et financier

Partenariats de services professionnels:

• Kirkland & Ellis LLP - Avis juridique
• PricewaterhouseCoopers - Audit financier
• Deloitte - Services d'impôt et de conformité

Fournisseurs de services technologiques

Fournisseur de technologie	Type de service	Investissement annuel
Salesforce	Gestion de la relation client	1,2 million de dollars
Services Web Amazon	Infrastructure cloud	3,5 millions de dollars
Ligne noire	Logiciel d'information financière	$750,000

Golub Capital BDC, Inc. (GBDC) - Modèle d'entreprise: Activités clés

Prêts directs aux entreprises du marché intermédiaire

Au quatrième trimestre 2023, Golub Capital BDC maintient un portefeuille d'investissement total de 2,04 milliards de dollars. Le portefeuille comprend principalement des prêts assurés de senior aux entreprises du marché intermédiaire.

Type de prêt	Valeur totale du portefeuille	Pourcentage de portefeuille
Prêts garantis supérieurs	1,84 milliard de dollars	90.2%
Prêts subordonnés	200 millions de dollars	9.8%

Gestion du portefeuille et sélection d'investissement

Les critères de sélection des investissements se concentrent sur des paramètres spécifiques:

• EBITDA moyen de l'entreprise: 50 millions de dollars à 150 millions de dollars
• Tailles de prêts: 10 millions de dollars à 75 millions de dollars
• Secteurs d'investissement: services commerciaux, soins de santé, logiciels

Évaluation des risques et souscription du crédit

Mesures de gestion des risques à partir de 2023:

Métrique à risque	Valeur actuelle
Ratio de prêts non performants	2.3%
Cote de crédit moyen pondérée	B +
Taux par défaut du portefeuille	1.5%

Capital Raising and Investor Relations

Indicateurs de performance financière:

• Actif total: 2,5 milliards de dollars
• Capitalisation boursière: 1,2 milliard de dollars
• Rendement des dividendes: 9,6%

Conformité réglementaire et rapport

Le cadre de conformité comprend l'adhésion à:

• Loi sur les sociétés d'investissement de 1940
• Exigences de la loi sur la Sarbanes-Oxley
• Lignes directrices sur les rapports de la SEC

Métrique de la conformité réglementaire	Statut
Disposages SEC terminés	100% à temps
Conformité à l'audit externe	Pleinement conforme

Golub Capital BDC, Inc. (GBDC) - Modèle commercial: Ressources clés

Équipe expérimentée de gestion des investissements

Au quatrième trimestre 2023, Golub Capital BDC, Inc. a une équipe de gestion des investissements avec:

• Total des membres de l'équipe: 86 professionnels
• Expérience d'investissement moyenne: 19 ans
• 41,4 milliards de dollars d'actifs totaux sous gestion

Base de capital substantielle et facilités de crédit

Métrique financière	Montant
Portefeuille d'investissement total	2,1 milliards de dollars
Actif total	2,4 milliards de dollars
Facilités de crédit	750 millions de dollars

Réseau de recherche de transactions propriétaires

Caractéristiques du réseau:

• Plus de 500 relations de sponsors actifs en private equity
• Plus de 15 ans d'expérience de prêt sur le marché intermédiaire
• Volume annuel d'origine de transactions: 1,2 milliard de dollars

Capacités d'analyse financière avancées

Infrastructure analytique:

• Modèles d'évaluation des risques propriétaires
• Systèmes de surveillance de portefeuille en temps réel
• Technologie avancée de souscription de crédit

Banque et cotes de crédit solides

Agence de notation de crédit	Notation
S&P Global	Bbb-
Moody's	Baa3

Golub Capital BDC, Inc. (GBDC) - Modèle d'entreprise: propositions de valeur

Solutions de financement flexibles et personnalisées

Depuis le quatrième trimestre 2023, Golub Capital BDC, Inc. fournit 2,3 milliards de dollars en portefeuille d'investissement total avec des solutions de financement personnalisées. La société propose:

• Proisseurs de premier rang assuré
• Prêts sécurisés de seconde
• Prêts unitranche
• Investissements de dette subordonnés

Type de prêt	Taille moyenne	Fourchette de taux d'intérêt
Sécarré supérieur de premier-lien	50-75 millions de dollars	L + 5,5% - 7,2%
Second-Lien sécurisé	25 à 50 millions de dollars	L + 8,5% - 10,5%
Unitranche	30 à 60 millions de dollars	L + 6,5% - 8,5%

Accès au capital de croissance pour les entreprises de taille moyenne

En 2023, Golub Capital BDC a soutenu 85 sociétés de portefeuille avec des investissements totaux ciblant les entreprises du marché intermédiaire avec:

• Revenus annuels entre 50 millions de dollars et 500 millions de dollars
• EBITDA Gazes de 10 millions de dollars - 75 millions de dollars

Rendements de dividendes attrayants pour les investisseurs

Points forts de la performance financière pour 2023:

Métrique	Valeur
Rendement des dividendes	9.2%
Dividende trimestriel	0,37 $ par action
Distributions totales	1,48 $ par an

Volatilité inférieure par rapport aux investissements en actions traditionnelles

Métriques de gestion des risques de portefeuille pour 2023:

• Investissements non accruels: 1,2% du portefeuille total
• Rendement moyen pondéré: 12,5%
• Qualité de crédit de portefeuille: Promes garantis à prédominance senior

Expertise dans les stratégies de prêt spécialisées

Zones de mise au point des prêts spécialisés en 2023:

Secteur	Pourcentage de portefeuille
Logiciel	22%
Soins de santé	18%
Services aux entreprises	15%
Autres secteurs	45%

Golub Capital BDC, Inc. (GBDC) - Modèle d'entreprise: relations avec les clients

Gestion de compte personnalisée

Golub Capital BDC, Inc. fournit des services de gestion de compte dédiés avec les caractéristiques suivantes:

Fonction de gestion du compte	Détails spécifiques
Taille moyenne du compte	5,2 millions de dollars au quatrième trimestre 2023
Professionnels de l'investissement dédiés	17 professionnels de l'investissement seniors
Gestionnaires des relations avec les clients	8 gestionnaires de relations spécialisées

Rapports de performance financière réguliers

Les mécanismes de rapport comprennent:

• Rapports financiers trimestriels
• Communications annuelles des actionnaires
• Suivi des performances de portefeuille en temps réel

Métrique de rapport	Fréquence	Informations détaillées
Revenu de placement net	Trimestriel	0,34 $ par action (Q4 2023)
Valeur totale du portefeuille	Mensuel	2,1 milliards de dollars

Communication directe avec les professionnels de l'investissement

Les canaux de communication comprennent:

• Accès par e-mail direct
• Appels d'investisseurs trimestriels planifiés
• Options de consultation individuelles

Canal de communication	Temps de réponse moyen
Enquêtes par e-mail	24 heures
Consultations téléphoniques	48 heures

Divulgation de la stratégie d'investissement transparente

Métriques de transparence de la stratégie:

• Déposages complets de la SEC
• Documents de stratégie d'investissement détaillés
• Présentations des investisseurs publics

Métrique de divulgation	Score de transparence
Clarité de la stratégie d'investissement	92% (Independent Investor Survey, 2023)
Conformité réglementaire	Note de conformité à 100%

Surveillance et assistance du portefeuille en cours

Les services de surveillance comprennent:

• Suivi du portefeuille en temps réel
• Mises à jour d'évaluation des risques
• Recommandations d'optimisation des performances

Service de surveillance	Fréquence	Couverture
Analyse des risques de portefeuille	Mensuel	Couverture complète du portefeuille
Benchmarking de performance	Trimestriel	Comparaison complète du marché

Golub Capital BDC, Inc. (GBDC) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Golub Capital BDC maintient une équipe de vente directe spécialisée axée sur les investisseurs institutionnels et les particuliers.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	12 professionnels dévoués
Taille moyenne du portefeuille client	15,2 millions de dollars par représentant
Couverture des ventes annuelle	Environ 180 millions de dollars d'engagements d'investissement potentiels

Plateforme de relations avec les investisseurs en ligne

GBDC exploite une plate-forme d'engagement complète des investisseurs numériques.

• Caractéristiques de la plate-forme du suivi des performances de portfolio en temps réel
• Fournit des téléchargements de rapport financier trimestriel
• Prend en charge les canaux de communication des investisseurs sécurisés

Métriques de plate-forme en ligne	2024 statistiques
Utilisateurs actifs mensuels	3 742 investisseurs enregistrés
Durée moyenne de la session utilisateur	14,6 minutes
Accès au document numérique	92% des documents des investisseurs ont accédé électroniquement

Réseaux de conseillers financiers

GBDC maintient des partenariats stratégiques avec les réseaux de conseil financier.

Détails du partenariat réseau	2024 données
Réseaux de partenaires totaux	37 cabinets de conseil financier enregistrés
Volume de référence du réseau	425 millions de dollars de références d'investissement potentielles
Partenaire de réseau moyen Aum	1,2 milliard de dollars

Relations de banque d'investissement

GBDC cultive des relations stratégiques avec les établissements de banque d'investissement.

• Se concentre sur les opportunités d'investissement des entreprises du marché intermédiaire
• Entretient des relations avec les banques d'investissement de haut niveau
• Exploite l'approvisionnement en transactions syndiquées

Métriques de la relation bancaire	2024 données
Partenariats bancaires actifs	22 relations bancaires institutionnelles
Volume annuel d'approvisionnement en transactions	1,3 milliard de dollars de transactions potentielles
Taille moyenne de l'accord	52,4 millions de dollars par transaction

Conférences des investisseurs et tas de routes

GBDC participe activement à des événements d'engagement des investisseurs ciblés.

Participation de la conférence	2024 statistiques
Les conférences totales ont assisté	14 conférences nationales sur les investisseurs
Réunions des investisseurs effectués	247 Interactions directes des investisseurs
Discussions en capital potentiels	675 millions de dollars en conversations d'investissement potentielles

Golub Capital BDC, Inc. (GBDC) - Modèle d'entreprise: segments de clientèle

Emprunteurs commerciaux du marché intermédiaire

Au quatrième trimestre 2023, Golub Capital BDC se concentre sur les sociétés du marché intermédiaire avec des revenus annuels entre 50 et 1 milliard de dollars. Le portefeuille se compose de 141 sociétés de portefeuille d'une juste valeur totale de 2,51 milliards de dollars.

Caractéristique du portefeuille	Données spécifiques
Companies totales de portefeuille	141
Frais de portefeuille total	2,51 milliards de dollars
Gamme de revenus de l'entreprise typique	50 millions de dollars - 1 milliard de dollars

Investisseurs institutionnels

GBDC attire les investisseurs institutionnels grâce à ses performances cohérentes et à sa stratégie d'investissement spécialisée.

• Propriété totale institutionnelle: 64,8%
• Compte d'investisseurs institutionnels: 237
• Les plus grands actionnaires institutionnels comprennent BlackRock et Vanguard Group

Investisseurs individuels à haute nette

Les individus à haute teneur ne représentent un segment d'investisseurs important pour GBDC.

Détails du segment des investisseurs	Métrique
Investissement minimum	$25,000
Pourcentage d'investisseurs à forte valeur haute estimé	18.3%

Sociétés de capital-investissement

GBDC collabore avec des sociétés de capital-investissement grâce à des stratégies d'investissement ciblées.

• Partenariats totaux de capital-investissement: 37
• Taille moyenne de l'investissement par partenariat: 15,2 millions de dollars
• Valeur d'investissement de partenariat cumulatif: 562,4 millions de dollars

Plateformes de gestion de patrimoine

GBDC offre des opportunités d'investissement grâce à diverses plateformes de gestion de patrimoine.

Métriques de la plate-forme	Points de données
Partenariats totaux de plate-forme	28
Total des actifs distribués	387,6 ​​millions de dollars
Investissement moyen de la plate-forme	13,8 millions de dollars

Golub Capital BDC, Inc. (GBDC) - Modèle d'entreprise: Structure des coûts

Frais de gestion et de conseil

Depuis l'exercice 2023, Golub Capital BDC, Inc. a rapporté:

Type de frais	Montant
Frais de gestion de la base	1,50% du total des actifs
Frais d'incitation	20% du revenu de placement net supérieur à 7%

Dépenses d'intérêt sur le capital emprunté

Dépenses d'intérêt pour l'exercice 2023:

• Intérêts totaux: 74,3 millions de dollars
• Taux d'intérêt moyen pondéré: 6,85%
• Dette totale en circulation: 1,2 milliard de dollars

Frais opérationnels et administratifs

Répartition des coûts opérationnels pour l'exercice 2023:

Catégorie de dépenses	Montant
Frais généraux et administratifs	22,5 millions de dollars
Frais professionnels	5,7 millions de dollars
Compensation des employés	18,3 millions de dollars

Contacments de conformité et de réglementation

Dépenses liées à la conformité pour 2023:

• Coûts de dépôt réglementaire: 1,2 million de dollars
• Personnel juridique et de conformité: 12 employés à temps plein
• Conseil de conformité externe: 0,8 million de dollars

Investissements technologiques et infrastructures

Dépenses technologiques pour l'exercice 2023:

Catégorie d'investissement	Montant
Infrastructure informatique	3,6 millions de dollars
Améliorations de la cybersécurité	2,1 millions de dollars
Mises à niveau des logiciels et du système	1,9 million de dollars

Golub Capital BDC, Inc. (GBDC) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts du portefeuille de prêts

Pour l'exercice 2023, Golub Capital BDC, Inc. a rapporté 222,7 millions de dollars Dans le total des revenus de placement, la majorité provenant des revenus d'intérêts sur son portefeuille de prêts.

Source de revenu	Montant (2023)
Revenu des intérêts des prêts du premier privilège	156,3 millions de dollars
Revenu des intérêts des prêts du deuxième privilège	42,5 millions de dollars
Revenu des intérêts des prêts subordonnés	23,9 millions de dollars

Distributions de dividendes

En tant que société de développement commercial (BDC), GBDC doit distribuer au moins 90% de son revenu imposable aux actionnaires.

• Rendement de dividendes trimestriel: 9.37% En décembre 2023
• Distribution annuelle des dividendes: 1,44 $ par action

Frais de gestion des investissements

GBDC génère des frais de gestion en fonction de ses actifs totaux sous gestion.

Type de frais	Pourcentage	Montant annuel (2023)
Frais de gestion de la base	1.50%	37,6 millions de dollars
Frais d'incitation	Jusqu'à 20%	12,3 millions de dollars

Appréciation du capital

Croissance de la valeur de l'actif net (NAV) pour 2023: 14,72 $ par action, représentant un 6.2% augmenter par rapport à l'année précédente.

Frais d'origine et de structuration

Revenu des frais de structuration et d'origine des transactions d'investissement:

• Frais d'origine totaux en 2023: 8,7 millions de dollars
• Frais moyenne par transaction: $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.