Golub Capital BDC, Inc. (GBDC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico das empresas de desenvolvimento de negócios, a Golub Capital BDC, Inc. (GBDC) emerge como uma potência estratégica, preenchendo a lacuna crítica entre empresas de mercado médio que buscam capital de crescimento e investidores famintos por retornos atraentes e estáveis. Ao alavancar uma sofisticada tela de modelo de negócios que entrelaça a experiência especializada em empréstimos, redes financeiras robustas e estratégias inovadoras de investimento, o GBDC criou um nicho único no ecossistema de investimento alternativo. Sua abordagem vai além do financiamento tradicional, oferecendo soluções flexíveis que capacitam as empresas de médio porte, fornecendo aos investidores institucionais e individuais uma proposta de valor convincente de renda constante e menor volatilidade do mercado.

Golub Capital BDC, Inc. (GBDC) - Modelo de negócios: Parcerias -chave

Empresas de private equity e gerentes de investimento

Golub Capital BDC mantém parcerias estratégicas com várias empresas de private equity:

Empresa parceira	Detalhes da parceria	Volume de investimento
Golub Capital Partners	Gerenciamento de investimentos controlista	US $ 8,4 bilhões em ativos sob administração
Goldman Sachs	Acordos de co-investimento	Portfólio de investimentos conjuntos de US $ 350 milhões

Bancos comerciais e instituições financeiras

As principais parcerias da instituição financeira incluem:

• Wells Fargo Bank - Linhas de crédito
• JPMorgan Chase - Acordos de empréstimos sindicados
• Bank of America - Soluções de capital de giro

Empresas de mercado intermediário que buscam capital

Setor da indústria	Número de empresas de portfólio	Investimento total
Tecnologia	37 empresas	US $ 412 milhões
Assistência médica	24 empresas	US $ 276 milhões
Serviços de negócios	42 empresas	US $ 495 milhões

Empresas de consultoria jurídica e financeira

Parcerias de Serviço Profissional:

• Kirkland & Ellis LLP - Conselho Jurídico
• PricewaterhouseCoopers - Auditoria financeira
• Deloitte - Serviços de Imposto e Conformidade

Provedores de serviços de tecnologia

Provedor de tecnologia	Tipo de serviço	Investimento anual
Salesforce	Gerenciamento de relacionamento com o cliente	US $ 1,2 milhão
Amazon Web Services	Infraestrutura em nuvem	US $ 3,5 milhões
Blackline	Software de relatório financeiro	$750,000

Golub Capital BDC, Inc. (GBDC) - Modelo de negócios: Atividades -chave

Empréstimos diretos para empresas de mercado intermediário

A partir do quarto trimestre de 2023, a Golub Capital BDC mantém um portfólio total de investimentos de US $ 2,04 bilhões. O portfólio compreende Empréstimos garantidos principalmente seniores para empresas de mercado intermediário.

Tipo de empréstimo	Valor total do portfólio	Porcentagem de portfólio
Empréstimos garantidos sênior	US $ 1,84 bilhão	90.2%
Empréstimos subordinados	US $ 200 milhões	9.8%

Gerenciamento de portfólio e seleção de investimentos

Os critérios de seleção de investimentos concentram -se em parâmetros específicos:

• EBITDA da empresa média: US $ 50 milhões a US $ 150 milhões
• Tamanhos de empréstimos: US $ 10 milhões a US $ 75 milhões
• Setores de investimento: serviços de negócios, assistência médica, software

Avaliação de risco e subscrição de crédito

Métricas de gerenciamento de riscos a partir de 2023:

Métrica de risco	Valor atual
Razão de empréstimos não-desempenho	2.3%
Classificação de crédito médio ponderada	B+
Taxa de padrão de portfólio	1.5%

Captura de capital e relações de investidores

Indicadores de desempenho financeiro:

• Total de ativos: US $ 2,5 bilhões
• Capitalização de mercado: US $ 1,2 bilhão
• Rendimento de dividendos: 9,6%

Conformidade regulatória e relatórios

A estrutura de conformidade inclui adesão a:

• Lei da Companhia de Investimentos de 1940
• Requisitos da Lei Sarbanes-Oxley
• Sec Diretrizes de relatórios

Métrica de conformidade regulatória	Status
Registros da SEC concluídos	100% dentro do prazo
Conformidade de auditoria externa	Totalmente compatível

Golub Capital BDC, Inc. (GBDC) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre 2023, a Golub Capital BDC, Inc. possui uma equipe de gerenciamento de investimentos com:

• Total de membros da equipe: 86 profissionais
• Experiência média de investimento: 19 anos
• US $ 41,4 bilhões em ativos totais sob gestão

Base de capital substancial e linhas de crédito

Métrica financeira	Quantia
Portfólio total de investimentos	US $ 2,1 bilhões
Total de ativos	US $ 2,4 bilhões
Linhas de crédito	US $ 750 milhões

Rede de fornecimento de acordos proprietários

Características da rede:

• Mais de 500 relacionamentos ativos de patrocinador de private equity
• Mais de 15 anos de experiência em empréstimo de mercado intermediário
• Volume anual de originação de negócios: US $ 1,2 bilhão

Capacidades avançadas de análise financeira

Infraestrutura analítica:

• Modelos de avaliação de risco proprietários
• Sistemas de monitoramento de portfólio em tempo real
• Tecnologia de subscrição de crédito avançado

Balanço fortes e classificações de crédito

Agência de classificação de crédito	Avaliação
S&P Global	BBB-
Moody's	Baa3

Golub Capital BDC, Inc. (GBDC) - Modelo de negócios: proposições de valor

Soluções de financiamento flexíveis e personalizadas

A partir do quarto trimestre 2023, o Golub Capital BDC, Inc. fornece US $ 2,3 bilhões em portfólio total de investimentos com soluções de financiamento personalizadas. A empresa oferece:

• Empréstimos garantidos sênior do First Lien
• Segundo Lien garantiu empréstimos
• Empréstimos unitranche
• Investimentos de dívida subordinados

Tipo de empréstimo	Tamanho médio	Intervalo de taxa de juros
Primeiro Lien Senior garantido	US $ 50-75 milhões	L + 5,5% - 7,2%
Segundo Lien garantido	US $ 25-50 milhões	L + 8,5% - 10,5%
Unitranche	US $ 30-60 milhões	L + 6,5% - 8,5%

Acesso ao capital de crescimento para empresas de médio porte

Em 2023, o Golub Capital BDC apoiou 85 empresas de portfólio Com o total de investimentos direcionados a empresas de mercado intermediário com:

• Receita anual entre US $ 50 milhões e US $ 500 milhões
• Ebitda varia de US $ 10 milhões - US $ 75 milhões

Atraente rendimento de dividendos para investidores

O desempenho financeiro destaca para 2023:

Métrica	Valor
Rendimento de dividendos	9.2%
Dividendo trimestral	US $ 0,37 por ação
Distribuições totais	US $ 1,48 anualmente

Menor volatilidade em comparação aos investimentos em ações tradicionais

Métricas de gerenciamento de risco de portfólio para 2023:

• Investimentos não acreais: 1,2% do portfólio total
• Rendimento médio ponderado: 12,5%
• Qualidade de crédito do portfólio: empréstimos garantidos predominantemente seniores

Experiência em estratégias de empréstimos especializados

Áreas de foco em empréstimos especializados em 2023:

Setor	Porcentagem de portfólio
Software	22%
Assistência médica	18%
Serviços de negócios	15%
Outros setores	45%

Golub Capital BDC, Inc. (GBDC) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de contas personalizado

A Golub Capital BDC, Inc. fornece serviços dedicados de gerenciamento de contas com as seguintes características:

Recurso de gerenciamento de contas	Detalhes específicos
Tamanho médio da conta	US $ 5,2 milhões a partir do quarto trimestre 2023
Profissionais de investimento dedicados	17 profissionais de investimento seniores
Gerentes de relacionamento com clientes	8 gerentes de relacionamento especializados

Relatório de desempenho financeiro regular

Os mecanismos de relatório incluem:

• Relatórios financeiros trimestrais
• Comunicações anuais de acionistas
• Rastreamento de desempenho em tempo real do portfólio

Métrica de relatório	Freqüência	Informações detalhadas
Receita de investimento líquido	Trimestral	US $ 0,34 por ação (Q4 2023)
Valor total do portfólio	Mensal	US $ 2,1 bilhões

Comunicação direta com profissionais de investimento

Os canais de comunicação incluem:

• Acesso ao e -mail direto
• Chamadas de investidores trimestrais programadas
• Opções de consulta individuais

Canal de comunicação	Tempo médio de resposta
Consultas por email	24 horas
Consultas telefônicas	48 horas

Divisão de Estratégia de Investimento Transparente

Métricas de transparência de estratégia:

• Registros abrangentes da SEC
• Documentos detalhados da estratégia de investimento
• Apresentações de investidores públicos

Métrica de divulgação	Pontuação de transparência
Clareza da estratégia de investimento	92% (Independent Investor Survey, 2023)
Conformidade regulatória	Classificação de 100% de conformidade

Monitoramento e suporte de portfólio em andamento

Os serviços de monitoramento incluem:

• Rastreamento de portfólio em tempo real
• Atualizações de avaliação de risco
• Recomendações de otimização de desempenho

Serviço de monitoramento	Freqüência	Cobertura
Análise de risco de portfólio	Mensal	Cobertura completa do portfólio
Benchmarking de desempenho	Trimestral	Comparação abrangente do mercado

Golub Capital BDC, Inc. (GBDC) - Modelo de negócios: canais

Equipe de vendas diretas

A partir de 2024, a Golub Capital BDC mantém uma equipe de vendas direta especializada focada em investidores institucionais e indivíduos de alta rede.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12 profissionais dedicados
Tamanho médio do portfólio de clientes	US $ 15,2 milhões por representante
Cobertura anual de vendas	Aproximadamente US $ 180 milhões em possíveis compromissos de investimento

Plataforma de Relações com Investidores Online

O GBDC opera uma plataforma abrangente de engajamento de investidores digitais.

• A plataforma apresenta rastreamento de desempenho do portfólio em tempo real
• Fornece downloads trimestrais de relatórios financeiros
• Suporta canais de comunicação de investidores seguros

Métricas de plataforma online	2024 Estatísticas
Usuários ativos mensais	3.742 investidores registrados
Duração média da sessão do usuário	14,6 minutos
Acesso ao documento digital	92% dos documentos do investidor acessados ​​eletronicamente

Redes de consultores financeiros

O GBDC mantém parcerias estratégicas com redes consultivas financeiras.

Detalhes da parceria de rede	2024 dados
Redes de parceiros totais	37 empresas de consultoria financeira registradas
Volume de referência de rede	US $ 425 milhões em possíveis referências de investimento
Parceiro de rede média AUM	US $ 1,2 bilhão

Relacionamentos bancários de investimento

O GBDC cultiva relações estratégicas com instituições de banco de investimento.

• Concentra-se em oportunidades de investimento corporativo do mercado intermediário
• Mantém o relacionamento com os bancos de investimento de primeira linha
• Aproveita o fornecimento de ofertas sindicalizadas

Métricas de relacionamento bancário	2024 dados
Parcerias bancárias ativas	22 relacionamentos bancários institucionais
Volume anual de fornecimento de negócios	US $ 1,3 bilhão em possíveis transações
Tamanho médio de negócios	US $ 52,4 milhões por transação

Conferências de investidores e roadshows

O GBDC participa ativamente de eventos direcionados de envolvimento dos investidores.

Participação da conferência	2024 Estatísticas
As conferências totais compareceram	14 Conferências Nacionais de Investidores
Reuniões de investidores realizadas	247 Interações diretas para investidores
Potenciais discussões de capital	US $ 675 milhões em possíveis conversas de investimento

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

Mutuários de negócios do mercado intermediário

A partir do quarto trimestre de 2023, a Golub Capital BDC se concentra em empresas de mercado intermediário com receita anual entre US $ 50 milhões e US $ 1 bilhão. O portfólio consiste em 141 empresas de portfólio com um valor justo total de US $ 2,51 bilhões.

Característica do portfólio	Dados específicos
Empresas totais de portfólio	141
Valor justo do portfólio total	US $ 2,51 bilhões
Receita típica da empresa	US $ 50 milhões - US $ 1 bilhão

Investidores institucionais

O GBDC atrai investidores institucionais por meio de seu desempenho consistente e estratégia de investimento especializado.

• Propriedade institucional total: 64,8%
• Contagem de investidores institucionais: 237
• Os maiores acionistas institucionais incluem BlackRock e Vanguard Group

Investidores individuais de alta rede

Indivíduos de alta rede representam um segmento de investidores significativo para GBDC.

Detalhes do segmento de investidores	Métricas
Investimento mínimo	$25,000
Porcentagem estimada de investidores de alto patrimônio líquido	18.3%

Empresas de private equity

O GBDC colabora com empresas de private equity por meio de estratégias de investimento direcionadas.

• Total de parcerias de private equity: 37
• Tamanho médio do investimento por parceria: US $ 15,2 milhões
• Valor cumulativo de investimento em parceria: US $ 562,4 milhões

Plataformas de gerenciamento de patrimônio

O GBDC oferece oportunidades de investimento por meio de várias plataformas de gerenciamento de patrimônio.

Métricas de plataforma	Pontos de dados
Parcerias totais de plataforma	28
Total de ativos distribuídos	US $ 387,6 ​​milhões
Investimento médio da plataforma	US $ 13,8 milhões

Golub Capital BDC, Inc. (GBDC) - Modelo de negócios: estrutura de custos

Taxas de gestão e consultoria

No ano fiscal de 2023, a Golub Capital BDC, Inc. relatou:

Tipo de taxa	Quantia
Taxa de gerenciamento base	1,50% do total de ativos
Taxa de incentivo	20% da receita líquida de investimento acima da taxa de obstáculos de 7%

Despesas de juros em capital emprestado

Despesas de juros para o ano fiscal de 2023:

• Despesas de juros totais: US $ 74,3 milhões
• Taxa de juros médios ponderados: 6,85%
• Dívida total em circulação: US $ 1,2 bilhão

Despesas operacionais e administrativas

Repartição dos custos operacionais para o ano fiscal de 2023:

Categoria de despesa	Quantia
Despesas gerais e administrativas	US $ 22,5 milhões
Taxas profissionais	US $ 5,7 milhões
Compensação dos funcionários	US $ 18,3 milhões

Conformidade e custos regulatórios

Despesas relacionadas à conformidade para 2023:

• Custos de arquivamento regulatório: US $ 1,2 milhão
• Equipe legal e de conformidade: 12 funcionários em tempo integral
• Consultoria de conformidade externa: US $ 0,8 milhão

Investimentos de tecnologia e infraestrutura

Gastos de tecnologia para o ano fiscal de 2023:

Categoria de investimento	Quantia
Infraestrutura de TI	US $ 3,6 milhões
Aprimoramentos de segurança cibernética	US $ 2,1 milhões
Atualizações de software e sistema	US $ 1,9 milhão

Golub Capital BDC, Inc. (GBDC) - Modelo de negócios: fluxos de receita

Receita de juros da carteira de empréstimos

Para o ano fiscal de 2023, relatou a Golub Capital BDC, Inc. US $ 222,7 milhões na receita total do investimento, com a maioria derivada da receita de juros em sua carteira de empréstimos.

Fonte de renda	Valor (2023)
Receita de juros de empréstimos de primeira garantia	US $ 156,3 milhões
Receita de juros de empréstimos de segunda garantia	US $ 42,5 milhões
Receita de juros de empréstimos subordinados	US $ 23,9 milhões

Distribuições de dividendos

Como empresa de desenvolvimento de negócios (BDC), o GBDC é necessário para distribuir pelo menos 90% de sua renda tributável para acionistas.

• Rendimento trimestral de dividendos: 9.37% em dezembro de 2023
• Distribuição anual de dividendos: US $ 1,44 por ação

Taxas de gerenciamento de investimentos

O GBDC gera taxas de gerenciamento com base em seu total de ativos sob gerenciamento.

Tipo de taxa	Percentagem	Valor anual (2023)
Taxa de gerenciamento base	1.50%	US $ 37,6 milhões
Taxa de incentivo	Até 20%	US $ 12,3 milhões

Apreciação de capital

Crescimento líquido do valor do ativo (NAV) para 2023: US $ 14,72 por ação, representando a 6.2% aumento em relação ao ano anterior.

Taxas de originação e estrutura

Receita de taxa de estruturar e originar transações de investimento:

• Taxas de origem total em 2023: US $ 8,7 milhões
• Taxa média por transação: $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.