TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ______________________________________________________________________________________________________ Form 10-K ______________________________________________________________________________________________________ (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 or For the transition period from to ____________________________ ...

| --- | --- | --- | --- | --- | --- | |-------------------|-------------------|--------------------|------------------|--------------|------------------------| | Date Declared | Record Date | Payment Date | Amount Per Share | Frequency | Total Amount (in 000s) | | August 6, 2021 | September 8, 2021 | September 29, 2021 | $0.29 | | Quarterly $49,055 | | November 19, 2021 | December 10, 2021 | December 30, 2021 | $0.30 | | Quarterly $51,008 | | February 4, 2022 | March 4, 2022 | March 29, 2022 | $0.30 | | Qua ...

Golub Capital BDC (NASDAQ:GBDC) Q3 2023 Earnings Conference Call August 8, 2023 11:00 AM ET Company Participants David Golub - CEO Chris Ericson - CFO & Treasurer Matt Benton - COO Conference Call Participants Robert Dodd - Raymond James Ryan Lynch - KBW Operator Hello, everyone, and welcome to GBDC's June 30, 2023 Quarterly Earnings Call. Before we begin, I'd like to take a moment to remind our listeners that remarks made during this call may contain forward-looking statements within the meaning of the Pri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ______________________________________________________________________________________________________ FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 814-00794 Golub Capital BDC, In ...

Golub Capital BDC (NASDAQ:GBDC) Q2 2023 Earnings Conference Call May 9, 2023 11:00 AM ET Company Participants David Golub - Chief Executive Officer Matt Benton - Chief Operating Officer Chris Ericson - Chief Financial Officer Conference Call Participants Raymond Cheesman - Anfield Capital Ryan Lynch - KBW Robert Dodd - Raymond James Jordan Wathen - Wells Fargo Operator Hello everyone and welcome to GBDC's March 31, 2023 Quarterly Earnings Call. Before we begin, I'd like to take a moment to remind our listen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ______________________________________________________________________________________________________ FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 814-00794 Golub Capital BDC, I ...

Golub Capital BDC (NASDAQ:GBDC) Q1 2023 Earnings Conference Call February 9, 2023 1:00 PM ET Company Participants David Golub - Chief Executive Officer Greg Cashman - Head, Direct Lending Group Matt Benton - Chief Operating Officer Chris Ericson - Chief Financial Officer Conference Call Participants Jordan Wathen - Wells Fargo Securities Robert Dodd - Raymond James Ryan Lynch - KBW Operator Hello everyone and welcome to GBDC's December 31st 2022 Quarterly Earnings Call. Before we begin, I'd like to take a m ...

Financial Performance - Net investment income per share increased from $0.32 to $0.36 from September 30, 2022 to December 31, 2022[10] - Adjusted net investment income per share increased from $0.33 to $0.37 from September 30, 2022 to December 31, 2022[10] - Earnings per share increased from $0.05 to $0.15 from September 30, 2022 to December 31, 2022[10] - Net asset value per share decreased from $14.89 to $14.71 from September 30, 2022 to December 31, 2022[10] - The company declared a quarterly dividend of $0.33 per share, with dividend coverage increasing to 112%[15] Portfolio Composition and Credit Quality - As of December 31, 2022, 85% of the investment portfolio was in first lien one stop loans[44, 46] - As of December 31, 2022, non-accrual investments represented 1.8% of total debt investments at fair value[63] - The fair value of total debt investments as a percentage of principal was 96% as of December 31, 2022[62] Investment Activity - New investment commitments were $247 million for the quarter ended December 31, 2022[41] - Exits and sales of investments totaled $253.8 million for the quarter ended December 31, 2022[41] - The weighted average rate on new investments increased to 11.1% for the quarter ended December 31, 2022[41] Liquidity and Capital Structure - As of December 31, 2022, the company had $103.2 million in unrestricted cash and cash equivalents[87] - As of December 31, 2022, the company had $538.9 million of remaining commitments and availability on its revolving credit facility with JPMorgan[88]

Part I. Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Golub Capital BDC, Inc.'s unaudited consolidated financial statements for the quarter ended December 31, 2022, detailing financial condition, operations, changes in net assets, cash flows, and investment schedules [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) As of December 31, 2022, total assets slightly decreased to **$5.67 billion**, total net assets declined to **$2.51 billion**, and net asset value per common share decreased to **$14.71** Financial Condition Summary | Financial Metric (in thousands, except per share data) | December 31, 2022 (unaudited) | September 30, 2022 | | :--- | :--- | :--- | | **Total Investments, at fair value** | **$5,451,946** | **$5,446,356** | | Total Assets | $5,665,751 | $5,681,224 | | Total Liabilities | $3,152,066 | $3,136,724 | | **Total Net Assets** | **$2,513,685** | **$2,544,500** | | Common shares outstanding | 170,895,670 | 170,895,670 | | **Net asset value per common share** | **$14.71** | **$14.89** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended December 31, 2022, total investment income significantly increased to **$136.9 million**, resulting in **$61.7 million** net investment income, but a net loss on investment transactions led to a net increase in net assets from operations of **$25.6 million** Operations Summary | Metric (In thousands, except per share data) | Three months ended Dec 31, 2022 | Three months ended Dec 31, 2021 | | :--- | :--- | :--- | | **Total investment income** | **$136,877** | **$86,567** | | Total expenses | $73,014 | $41,777 | | **Net investment income - after tax** | **$61,663** | **$44,790** | | Net gain (loss) on investment transactions | ($36,328) | $18,783 | | **Net increase in net assets from operations** | **$25,581** | **$63,078** | | Basic and diluted earnings per common share | $0.15 | $0.37 | | Dividends and distributions declared per common share | $0.33 | $0.30 | [Consolidated Statements of Changes in Net Assets](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) For the three months ended December 31, 2022, net assets decreased by **$30.8 million**, as distributions to stockholders of **$56.4 million** exceeded the **$25.6 million** net increase from operations Changes in Net Assets Summary | Description (In thousands) | Three months ended Dec 31, 2022 | | :--- | :--- | | Balance at September 30, 2022 | $2,544,500 | | Net increase in net assets from operations | $25,581 | | Distributions from distributable earnings | ($56,396) | | **Total decrease for the period** | **($30,815)** | | **Balance at December 31, 2022** | **$2,513,685** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended December 31, 2022, net cash provided by operating activities was **$52.9 million**, while net cash used in financing activities was **$67.5 million**, resulting in a **$14.6 million** net decrease in cash and cash equivalents Cash Flows Summary | Cash Flow Activity (In thousands) | Three months ended Dec 31, 2022 | Three months ended Dec 31, 2021 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $52,918 | ($181,734) | | Net cash provided by (used in) financing activities | ($67,494) | $238,893 | | **Net change in cash and cash equivalents** | **($14,576)** | **$57,159** | | Cash and cash equivalents, end of period | $166,033 | $301,477 | [Consolidated Schedules of Investments](index=9&type=section&id=Consolidated%20Schedules%20of%20Investments) As of December 31, 2022, the investment portfolio totaled **$5.45 billion**, primarily comprising one stop loans (**85.4%**) and senior secured loans (**9.0%**), diversified across 332 companies Investment Categories by Fair Value | Investment Category | Fair Value (in thousands) | Percentage of Total | | :--- | :--- | :--- | | Non-controlled/non-affiliate company investments | $5,389,908 | 98.9% | | Non-controlled affiliate company investments | $47,556 | 0.9% | | Controlled affiliate company investments | $14,482 | 0.2% | | **Total investments, at fair value** | **$5,451,946** | **100.0%** | Investment Types by Fair Value | Investment Type | Fair Value (in thousands) | Percentage of Total | | :--- | :--- | :--- | | One stop | $4,658,030 | 85.4% | | Senior secured | $491,529 | 9.0% | | Equity | $274,264 | 5.0% | | Second lien | $24,120 | 0.5% | | Subordinated debt | $4,003 | 0.1% | | **Total** | **$5,451,946** | **100.0%** | Top 5 Industries by Fair Value | Top 5 Industries by Fair Value | Percentage of Total | | :--- | :--- | | Software | 26.5% | | Health Care Providers & Services | 8.2% | | Specialty Retail | 5.9% | | Automobiles | 4.9% | | IT Services | 4.7% | [Notes to Consolidated Financial Statements](index=108&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details the company's significant accounting policies, fair value measurements, related party transactions, investment composition, borrowings, commitments, financial highlights, earnings per share, and dividend distributions - The company has elected to be regulated as a **Business Development Company (BDC)** and treated as a **Regulated Investment Company (RIC)** for tax purposes, focusing its investment strategy on one stop and senior secured loans to U.S. middle-market companies[277](index=277&type=chunk)[278](index=278&type=chunk) - The Investment Adviser, GC Advisors LLC, receives a base management fee of **1.375%** of average adjusted gross assets and an incentive fee based on performance, including income and capital gains components[320](index=320&type=chunk)[321](index=321&type=chunk)[328](index=328&type=chunk) - As of December 31, 2022, the company had total debt outstanding of **$3.1 billion** across various facilities, with an overall asset coverage ratio of **180.4%**[383](index=383&type=chunk)[384](index=384&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=142&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operational results, highlighting increased investment income, portfolio composition, investment activity, liquidity, capital resources, and the impact of the GCIC acquisition and LIBOR to SOFR transition [Overview](index=144&type=section&id=Overview) Golub Capital BDC, an externally managed BDC and RIC listed on Nasdaq as GBDC, aims to generate income and capital appreciation by investing primarily in one stop and senior secured loans of U.S. middle-market companies - The company's investment objective is to generate current income and capital appreciation by investing in one stop and other senior secured loans of U.S. middle-market companies[439](index=439&type=chunk) - As of December 31, 2022, the portfolio was primarily composed of **one stop loans (85.4%)** and **senior secured loans (9.0%)**[445](index=445&type=chunk) [Consolidated Results of Operations](index=148&type=section&id=Consolidated%20Results%20of%20Operations) For Q4 2022, total investment income rose to **$136.9 million**, leading to **$61.7 million** net investment income, but a **$39.6 million** net unrealized depreciation resulted in a **$25.6 million** net increase in net assets from operations Consolidated Results of Operations Summary | Metric (In thousands) | Dec 31, 2022 | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | :--- | | Total investment income | $136,877 | $119,648 | $86,567 | | Total expenses | $73,014 | $65,615 | $41,777 | | Net investment income after taxes | $61,663 | $53,961 | $44,790 | | Net gain (loss) on investment transactions | ($36,328) | ($45,791) | $18,783 | | **Net increase (decrease) in net assets** | **$25,581** | **$8,083** | **$63,078** | - The increase in investment income was primarily due to rising **LIBOR** and **SOFR** interest base rates[476](index=476&type=chunk)[477](index=477&type=chunk) - Unrealized depreciation for the quarter was primarily due to decreases in fair value across portfolio investments from incremental spread widening in the market[497](index=497&type=chunk) [Liquidity and Capital Resources](index=155&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2022, the company had **$96.4 million** in cash, **$3.1 billion** total debt, a GAAP debt-to-equity ratio of **1.24x**, and **$200.2 million** in outstanding investment commitments - The company's GAAP debt-to-equity ratio was **1.24x** and its asset coverage ratio was **180.4%** as of December 31, 2022[511](index=511&type=chunk) - As of December 31, 2022, the company had **$538.9 million** of availability on its JPM Credit Facility and **$100.0 million** on its Adviser Revolver[502](index=502&type=chunk)[503](index=503&type=chunk) - Outstanding commitments to fund investments totaled **$200.2 million** as of December 31, 2022[513](index=513&type=chunk) [Portfolio Composition, Investment Activity and Yield](index=158&type=section&id=Portfolio%20Composition%2C%20Investment%20Activity%20and%20Yield) As of December 31, 2022, the **$5.5 billion** investment portfolio had a weighted average income yield of **10.0%**, with **$247.0 million** in new commitments, and **89.3%** of investments performing at or above expectations Weighted Average Yields | Metric | Dec 31, 2022 | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | :--- | | Weighted average income yield | 10.0% | 8.4% | 7.1% | | Weighted average investment income yield | 10.5% | 9.2% | 7.7% | Internal Performance Rating Distribution | Internal Performance Rating | % of Total Investments (Fair Value) | | :--- | :--- | | 5 (Least Risk) | 2.8% | | 4 (Acceptable Risk) | 86.5% | | 3 (Below Expectations) | 9.4% | | 2 (Materially Below) | 1.3% | | 1 (Substantially Below) | 0.0% | - New investment commitments for the three months ended December 31, 2022, totaled **$247.0 million**[518](index=518&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=168&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to interest rate risk, with a hypothetical **100 basis point** increase in base rates estimated to increase annual net investment income by **$37.2 million**, and **98.0%** of loans having interest rate floors Sensitivity to Interest Rate Changes | Change in Interest Rates | Net Increase (Decrease) in Investment Income (in thousands) | | :--- | :--- | | Up 200 basis points | $74,402 | | Up 100 basis points | $37,201 | | Down 100 basis points | ($37,201) | | Down 200 basis points | ($74,322) | - Many portfolio loans have floating interest rates, typically based on **LIBOR** or **SOFR**, and are subject to minimum base rate floors, with a weighted average floor of **0.83%** as of December 31, 2022[568](index=568&type=chunk) [Controls and Procedures](index=169&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2022, with no material changes in internal controls over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[572](index=572&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[573](index=573&type=chunk) Part II. Other Information [Legal Proceedings](index=170&type=section&id=Item%201.%20Legal%20Proceedings) The company, its investment adviser, and its administrator are not currently subject to any material legal proceedings - The company, its investment adviser, and its administrator are not currently subject to any material legal proceedings[575](index=575&type=chunk) [Risk Factors](index=170&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended September 30, 2022, were reported - No material changes to the risk factors discussed in the Annual Report on Form 10-K for the year ended September 30, 2022, were reported for the three months ended December 31, 2022[576](index=576&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=170&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[577](index=577&type=chunk) [Defaults Upon Senior Securities](index=170&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[579](index=579&type=chunk) [Mine Safety Disclosures](index=170&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable as the company has no mine safety disclosures to report - None[580](index=580&type=chunk) [Other Information](index=170&type=section&id=Item%205.%20Other%20Information) The company reported no other information for the period - None[581](index=581&type=chunk) [Exhibits](index=171&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including CEO and CFO certifications and Inline XBRL documents List of Exhibits | Number | Description | | :--- | :--- | | 31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14 | | 31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14 | | 32.1 | Certification pursuant to 18 U.S.C. Section 1350 (Sarbanes-Oxley Act) | | 101 | Inline XBRL Instance Document and related taxonomy files | | 104 | Cover Page Interactive Data File (Inline XBRL) |

Financial Data and Key Metrics Changes - Adjusted net investment income (NII) per share increased by 6% to $0.33 from $0.31 per share in the previous quarter [12][50] - NAV per share declined by 1.7% from $15.14 to $14.89 due to unrealized losses primarily from spread widening [13][51] - The company announced a 10% increase in the quarterly base dividend from $0.30 to $0.33 per share, equating to an 8.9% dividend yield [16][19] Business Line Data and Key Metrics Changes - GBDC's portfolio is almost entirely composed of floating rate loans, which are generating more interest income due to higher base rates [17][56] - The weighted average rate on new investments increased by 120 basis points, with weighted average spreads on new investments rising from 5.8% to 6.2% [54][60] - Over 90% of investments had an internal performance rating of 4 or higher, indicating strong credit quality [22][71] Market Data and Key Metrics Changes - The overall deal activity in the market is down, but the origination environment is considered highly attractive due to wider spreads and tighter documentation terms [48][49] - The company has a robust access to opportunities through its existing relationships, with a significant increase in origination from repeat borrowers [45][47] Company Strategy and Development Direction - GBDC focuses on providing first lien senior secured loans to resilient middle market companies backed by strong private equity sponsors [7][24] - The company is positioned to navigate uncertainties and is well-suited to capitalize on attractive new origination opportunities [23][25] - GBDC's funding structure is flexible and low-cost, providing a competitive advantage in the current market [74] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment is characterized by muddling growth, with companies generally maintaining revenues despite margin pressures [27][31] - Management anticipates challenges ahead, including rising rates and potential credit stress, but believes the company is well-prepared [84][92] - The company expects to see further increases in NII due to rising base rates and the lag effect of loan resets [62][66] Other Important Information - GBDC's credit quality remains strong, with low realized losses and a low percentage of investments on non-accrual [21][70] - The company has significant liquidity, with almost $800 million available from unrestricted cash and undrawn commitments [73] Q&A Session Summary Question: Impact of rising rates on interest coverage of borrowers - Management noted that average interest coverage ratios are not very informative and emphasized a granular review of loans to identify vulnerabilities [78][80] Question: Increase in amendment requests - Management has not yet seen an increase in amendment requests but anticipates that challenges for borrowers will lead to more amendments in the future [84] Question: Margin pressure and end demand - The majority of companies are sustaining revenues, with margin shortfalls primarily due to wage and raw material price increases [91] Question: Lender-friendly environment shifts - Management indicated that spreads are wider, OID and closing fees are improving, and documentation terms are tightening [93] Question: Elasticity of demand among borrowers - Management highlighted that some companies can raise prices without significant demand impact, while others face challenges [100] Question: China supply chain exposure - Supply chain issues have improved but remain a concern, and management is working with borrowers on contingency plans [102] Question: Software ARR lending component - Management clarified that they lend to mission-critical B2B software companies, which have more stable demand compared to consumer-driven tech companies [106][108]