GOLUB CAPITAL BDC, Inc. (GBDC) SEC Filings & Earnings Calls

Non-accruals increased to 1.9% at fair value (2.9% at cost); four new non-accruals added in quarter

“Non-accrual investments increased but still low at 1.9% of total investments at fair value (2.9% at cost); Four portfolio company investments added to non-accrual status during the quarter” · word for word

Adjusted net realized/unrealized loss of $0.12/share driven by markdowns on non-accruals and restructuring losses

“Adjusted Net Realized and Unrealized Gain/(Loss) Per Share was ($0.12); unrealized losses on markdowns of non-accrual investments” · word for word

Credit spread widening risk

“fair value adjustments across our portfolio company investments related to market wide credit spread widening during the three months ended March 31, 2026” · word for word

Declining interest base rates

“a decrease in interest income as a result of declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments” · word for word

Credit deterioration in portfolio companies

“isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status, (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges” · word for word

Net realized/unrealized loss of ($0.11)/share driven by non-accrual markdowns and restructuring losses

“Net realized and unrealized gain/(loss) per share for the quarter ended June 30, 2026 was ($0.11)” · word for word

Credit spread widening causing unrealized losses on high-quality portfolio

“Credit spreads widened meaningfully during the quarter... led to unrealized depreciation from fair value adjustments”

Interest rate cuts pressuring net investment income

“delayed impact of calendar Q4 2025 interest rate cuts” · word for word

Credit spread widening causing unrealized losses on high-quality portfolio

“Credit spreads widened meaningfully during the quarter... led to unrealized depreciation from fair value adjustments” · word for word

Interest rate cuts pressuring net investment income

“delayed impact of calendar Q4 2025 interest rate cuts”

Credit spread widening impact

“Unrealized depreciation primarily from market wide credit spread widening on well-performing loans.”

Declining interest income

“Investment income decreased $39.5M YoY due to declining base rates and spread compression.”

Credit deterioration

“Unrealized depreciation from isolated deterioration in portfolio companies moved to non-accrual.”

Slight decline in NAV and NII per share sequentially, indicating modest pressure on earnings and asset values.

“NAV per share down from $14.97 to $14.84; NII per share down from $0.38 to $0.37”

Credit risk in portfolio companies

“Unrealized depreciation for the three months ended December 31, 2025 primarily resulted from isolated deterioration in the performance of (i) debt and equity investments in portfolio companies that were moved to or on non-accrual status and (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges.” · word for word

Interest rate risk

“Investment income decreased from the three months ended December 31, 2024 to the three months ended December 31, 2025 by $13.7 million, primarily due to a decrease in interest income as a result of declining interest base rates.” · word for word

Concentration in one stop loans

“One stop loans represent 87.1% of total investments at fair value as of December 31, 2025.”

Lower portfolio and new origination spreads pressuring net investment income.

“Lower portfolio and new origination spreads cited as key profitability driver.”

Non-accrual investments increased, though still low at 0.8% of fair value.

“Non-accrual investments increased but still low at 0.8% of total investments at fair value” · word for word

NAV per share declined $0.13 from prior quarter, partly due to share repurchases at discount.

“Net asset value of $14.84 per share, a decrease of $0.13 per share from $14.97” · word for word

Conflict of interest - incentive fee structure

“This fee structure creates an incentive for GC Advisors to make certain types of investments.” · word for word

Conflict of interest - valuation

“GC Advisors’ base management fee and incentive fee are based on the fair value of our average adjusted gross assets and there is a conflict of interest when personnel of GC Advisors are involved in the valuation process of our portfolio investments.” · word for word

Conflict of interest - leverage incentive

“GC Advisors has a financial incentive to incur leverage.” · word for word

Interest Rate Risk

“In periods of rising interest rates, our cost of funds will increase because the interest rates on the amounts borrowed under our credit facilities or certain other financing arrangements are typically floating, which could reduce our net investment income to the extent any debt investments have fixed interest rates, and the interest rate on investments with” · word for word

Competition Risk

“We believe that there has been increased competition for direct lending to middle market businesses, which would be expected to result in less favorable pricing terms for our potential investments.” · word for word

Key Person Risk

“The loss of any member of GC Advisors’ investment committee or of other senior investment professionals of GC Advisors and its affiliates would limit our ability to achieve our investment objective and operate as we anticipate.” · word for word

Declining portfolio spreads could pressure future net investment income.

“Declining but still attractive portfolio spreads.” · word for word

Non-accrual investments remain, though at low levels.

“Non-accrual investments decreased to 0.3% at fair value, but nine investments remain on non-accrual.”

Net realized/unrealized loss per share of ($0.02) driven by underperformance of certain portfolio companies and restructuring losses.

“Net realized/unrealized gain/(loss) per share for the quarter ended September 30, 2025 was ($0.02).”