Merger Overview - GBDC will acquire 100% of GBDC 3 in a stock-for-stock transaction, with the exchange ratio determined at merger close based on NAV and market price[109] - The combined company will have approximately $8.5 billion in total assets and investments in 343 portfolio companies[108] - The merger is expected to close in CQ2 2024, subject to stockholder approvals and customary conditions[108] Financial Benefits - The merger consideration structure provides an opportunity for NAV per share accretion at GBDC[109] - The incentive fee rate will be reduced to 15%, becoming permanent upon closing of the merger[108] - Potential annual operational synergies of approximately $1.2 million are expected from the elimination of duplicative expenses[9] Portfolio and Strategy - Over 99% of GBDC 3's portfolio company investments overlap with those of GBDC[9] - The investment strategy will remain consistent, focusing on first lien, senior secured loans[9] - Pro forma GAAP debt-to-equity is estimated to be approximately 1.10x[108] Fee Structure and NII - The incentive fee reduction from 20% to 15% is estimated to result in approximately $0.13 per share annually increase in adjusted net investment income[69] - The adjusted NII ROAE is estimated to increase to 14.3% with the 1% management fee and 15% incentive fee in effect[69]

Financial Performance - Adjusted net investment income per share was $0.50, resulting in a 13.3% NII ROE [10] - Adjusted earnings per share reached $0.60, representing a 16.0% Adjusted ROE [10] - Adjusted net realized/unrealized gain per share was $0.10 [10] - Net asset value per share increased by 1.3% from $14.83 as of June 30, 2023, to $15.02 [10] Portfolio & Credit Quality - New investment commitments totaled $129.6 million, with $71.5 million funded at close [10] - Net funds reduction amounted to $8.4 million [10] - Non-accruals decreased to 1.2% of total debt investments at fair value [10] Distributions - A quarterly distribution of $0.37 per share was declared for FY 2024 Q1, with a strong distribution coverage of 135% [10] - A supplemental distribution for FY 2023 Q4 of $0.07 per share was declared [10] - Total announced distributions amounted to $0.44 per share, yielding an 11.7% dividend on the 9/30/23 NAV [10] Liquidity & Leverage - Total available liquidity stood at $873 million [10] - Leverage (net of available cash) was 1.21x, with 46% of the debt funding mix being unsecured debt [10]

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]