GOLUB CAPITAL BDC, Inc.

Previous wording

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of March 31, 2025 and September 30, 2024, one stop loans included $949.1 million and $1,021.3 million, respectively, of recurring revenue loans at fair value.

Current wording

One stop loans include loans to technology companies undergoing strong growth due to new services, increased adoption and/or entry into new markets. We refer to loans to these companies as recurring revenue loans. Other targeted characteristics of recurring revenue businesses include strong customer revenue retention rates, a diversified customer base and backing from growth equity or venture capital firms. In some cases, the borrower’s high revenue growth is supported by a high level of discretionary spending. As part of the underwriting of such loans and consistent with industry practice, we adjust our characterization of the earnings of such borrowers for a reduction or elimination of such discretionary expenses, if appropriate. As of June 30, 2025 and September 30, 2024, one stop loans included $771.3 million and $1,021.3 million, respectively, of recurring revenue loans at fair value.

Previous wording

As of March 31, 2025 and September 30, 2024, we had debt and equity investments in 393 and 381 portfolio companies, respectively.

Current wording

As of June 30, 2025 and September 30, 2024, we had debt and equity investments in 401 and 381 portfolio companies, respectively.

Previous wording

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on (i) our average net asset value, (ii) our average net asset value per share, and (iii) the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024:

Current wording

The following table shows the weighted average annualized income yield and weighted average annualized investment income yield of both our earning and total portfolio company investments, which represented nearly 100% of our debt investments, as well as the annualized total return based on (i) our average net asset value, (ii) our average net asset value per share, and (iii) the change in the quoted market price of our stock and assuming distributions were reinvested in accordance with our dividend reinvestment plan, or DRIP, in each case for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

Previous wording

(5)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

Current wording

(6)Total return based on average net asset value is calculated as (a) the net increase/(decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

Previous wording

(6)Total return based on net asset value per share is calculated as (a) net income per share for the period, (b) divided by net asset value per share as of the end of the period. Total return does not include sales load.

Current wording

(7)Total return based on net asset value per share is calculated as (a) net income per share for the period, (b) divided by net asset value per share as of the end of the period. Total return does not include sales load.

Previous wording

(7)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

Current wording

(8)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

Previous wording

Consolidated operating results for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024 are as follows:

Current wording

Consolidated operating results for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 are as follows:

Previous wording

Investment income decreased from the three months ended December 31, 2024 to the three months ended March 31, 2025 by $6.8 million primarily due to a decrease in interest and payment-in-kind (“PIK”) interest income primarily due to (i) declining interest base rates primarily due to the timing of resetting interest rate contracts, (ii) the reversal of $1.8 million of previously recognized interest and PIK interest income resulting from loans that were placed on non-accrual status during the three months ended March 31, 2025 and, to a lesser extent, (iii) a decrease of interest earned on cash to $1.5 million during the three months ended March 31, 2025 from $3.2 million during the three months ended December 31, 2024, that were partially offset by (i) an increase in interest income as a result of an increase in the average earning debt investments balance of $231.9 million and (ii) an increase in discount amortization acceleration and prepayment fee income driven by increased repayments as compared to the three months ended December 31, 2024. Investment income increased from the six months ended March 31, 2024 to the six months ended March 31, 2025 by $105.6 million, primarily due to (1) an increase in interest income as a result of an increase in the average earning debt investments balance of $2,744.8 million primarily driven by our acquisition of GBDC 3 and (2) an increase in non-cash dividend income driven by an increase in the average earning preferred equity investments balance of $108.1 million primarily driven by our acquisition of GBDC 3.

Current wording

Investment income increased from the three months ended March 31, 2025 to the three months ended June 30, 2025 by $4.5 million primarily due to an increase in interest income as a result of an increase in the average earning debt investments balance of $178.9 million. Investment income increased from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 by $152.7 million, primarily due to (1) an increase in interest income as a result of an increase in the average earning debt investments balance of $2,790.2 million primarily driven by our acquisition of GBDC 3 and (2) an increase in non-cash dividend income driven by an increase in the average earning preferred equity investments balance of $99.4 million primarily driven by our acquisition of GBDC 3.

Previous wording

The annualized income yield by debt security type for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024 are as follows:

Current wording

The annualized income yield by debt security type for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 are as follows:

Previous wording

Income yields on senior secured and one stop loans decreased for the three months ended March 31, 2025 as compared to the three months ended December 31, 2024 and for the six months ended March 31, 2025 as compared to the six months ended March 31, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.6% of the loan portfolio at fair value is subject to an interest rate floor. As of March 31, 2025 and September 30, 2024, the weighted average base rate floor of our loans was 0.79% and 0.81%, respectively.

Current wording

Income yields on senior secured and one stop loans decreased for the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 and for the nine months ended June 30, 2025 as compared to the nine months ended June 30, 2024, primarily due to declining interest base rates. Our loan portfolio is partially insulated from a drop in floating interest rates, as 97.8% of the loan portfolio at fair value is subject to an interest rate floor. As of June 30, 2025 and September 30, 2024, the weighted average base rate floor of our loans was 0.78% and 0.81%, respectively.

Previous wording

As of March 31, 2025, we have second lien investments in six portfolio companies and subordinated debt investments in seven portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

Current wording

As of June 30, 2025, we have second lien investments in six portfolio companies and subordinated debt investments in eight portfolio companies as shown in the Consolidated Schedule of Investments. Due to the limited number of second lien and subordinated debt investments, income yields on second lien and subordinated debt investments can be significantly impacted by the addition, subtraction or refinancing of one investment.

Previous wording

The following table summarizes our expenses for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024:

Current wording

The following table summarizes our expenses for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

Previous wording

Interest and other debt financing expenses, including amortization of debt issuance costs, decreased from the three months ended December 31, 2024 to the three months ended March 31, 2025 by $9.7 million, primarily due to (1) decreased interest expense driven by (i) the Company experiencing the full benefit during the three months ended March 31, 2025 of the debt capital refinancings completed during the fiscal year 2025 first quarter and (ii) lower interest base rates due to the timing of resetting interest rate contracts, (2) less than $0.1 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended March 31, 2025 compared to $4.6 million of net unrealized losses related to the fair value hedge of the interest rate swaps on the 2028 and 2029 Notes recognized during the three months ended December 31, 2024 that was partially offset by increased interest expense incurred on the increase in average debt outstanding of $64.4 million during the three months ended March 31, 2025. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the six months ended March 31, 2024 to the six months ended March 31, 2025 by $63.9 million, primarily due to an increase in average debt outstanding of $1,667.4 million driven by (1) the assumption of GBDC 3’s debt facilities and (2) the issuance of the 2029 Notes that was partially offset by decreasing interest base rates on borrowings from our floating rate debt facilities for the six months ended March 31, 2025 as compared to the six months ended March 31, 2024. For more information about our outstanding borrowings for the three and six months ended March 31, 2025 and 2024, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

Current wording

Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the three months ended March 31, 2025 to the three months ended June 30, 2025 by $0.8 million, primarily due to an increase in interest expense as a result of an increase in the average debt outstanding of $128.1 million that was partially offset by (i) reduced borrowing costs on the JPM Credit Facility as a result of the April 2025 amendment that reduced the applicable margin to a range of 1.525% to 1.775% from a range of 1.75% to 1.875% and, to a lesser extent, (ii) lower interest base rates due to resetting interest rate contracts on borrowings denominated in foreign currencies. Interest and other debt financing expenses, including amortization of debt issuance costs, increased from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 by $74.5 million, primarily due to an increase in interest expense as a result of an increase in the average debt outstanding of $1,655.7 million driven by (1) the assumption of GBDC 3’s debt facilities and (2) the issuance of the 2029 Notes that was partially offset by decreasing interest base rates on borrowings from our floating rate debt facilities for the nine months ended June 30, 2025 as compared to the nine months ended June 30, 2024. For more information about our outstanding borrowings for the three and nine months ended June 30, 2025 and 2024, including the terms thereof, see Note 7 in the notes to our consolidated financial statements and the “Liquidity and Capital Resources” section below.

Previous wording

For the three months ended March 31, 2025 and December 31, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt was 5.9% and 6.2%, respectively. For the six months ended March 31, 2025 and 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt, on our total debt was 6.0% and 5.6%, respectively. The effective average interest rate decreased for the three months ended March 31, 2025 compared to the three months ended December 31, 2024 primarily due to reduced borrowing costs for the entire period resulting from the debt capital refinancing completed during the three months ended December 31, 2024 and lower interest base rates due to the timing of resetting interest rate contracts on our floating rate debt facilities. The effective annualized average interest rate increased for the six months ended March 31, 2025 compared to the six months ended March 31, 2024 primarily due to the 2029 Notes issuance, a full period of the 2028 Notes issuance and, the redemption of the 2024 Notes in April 2024 that bore interest at a rate of 3.375%.

Current wording

For the three months ended June 30, 2025 and March 31, 2025, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued, non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt was 5.7% and 5.9%, respectively. For the nine months ended June 30, 2025 and June 30, 2024, the effective annualized average interest rate, which includes amortization of debt financing costs, amortization of discounts on notes issued and non-usage facility fees and the net contractual interest rate swap expense on the 2028 and 2029 Notes but excluding the net unrealized gain/(loss) related to the fair value hedges associated with the 2028 and 2029 Notes interest rate swaps, on our total debt, on our total debt was 5.9% and 5.9%, respectively. The effective average interest rate decreased for the three months ended June 30, 2025 compared to the three months ended March 31, 2025 primarily due to (i) reduced borrowing costs on the JPM Credit Facility as a result of the April 2025 amendment that reduced the applicable margin and, to a lesser extent, (ii) lower interest base rates due to resetting interest rate contracts on borrowings denominated in foreign currencies on our floating rate debt facilities. The effective annualized average interest rate remained relatively flat for the nine months ended June 30, 2025 compared to the nine months ended June 30, 2024.

Previous wording

The base management fee increased by $0.1 million from the three months ended December 31, 2024 to the three months ended March 31, 2025 primarily due to an increase in average adjusted gross assets from the three months ended December 31, 2024 to the three months ended March 31, 2025.

Current wording

The base management fee increased by $0.4 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 primarily due to an increase in average adjusted gross assets from the three months ended March 31, 2025 to the three months ended June 30, 2025.

Previous wording

The base management fee increased from the six months ended March 31, 2024 to the six months ended March 31, 2025 primarily due to an increase in average adjusted gross assets primarily as a result of our acquisition of GBDC 3 in June 2024.

Current wording

The base management fee increased by $23.4 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 primarily due to an increase in average adjusted gross assets primarily as a result of our acquisition of GBDC 3 in June 2024.

Previous wording

The Income Incentive Fee increased by $0.2 million from the three months ended December 31, 2024 to the three months ended March 31, 2025. due to an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth. The Income Incentive Fee decreased by $0.4 million from the six months ended March 31, 2024 to the six months ended March 31, 2025 primarily due to the permanent reduction of the income incentive fee and capital gain incentive fee rate from 20% to 15% upon the close of the acquisition of GBDC 3 in June 2024. For each of the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, net of the GBDC 3 Merger Waiver (as defined in Note 3 of our consolidated financial statements) and 20% of Pre-Incentive Fee Net Investment Income for the three months ended December 31, 2023.

Current wording

The Income Incentive Fee increased by $0.3 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 due to an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth. The Income Incentive Fee increased by $18.1 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025 due to an increase in Pre-Incentive Fee Net Investment Income and a greater rate of return on the value of our net assets driven by net funds growth partially offset by the $14.4 million of income incentive fee waiver unilaterally provided by GC Advisors to waive 100% of Income Incentive Fees during the three months ended June 30, 2024. For each of the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024, we were fully through the Income Incentive Fee “catch-up” provision and the Income Incentive Fee was equal to 15% of Pre-Incentive Fee Net Investment Income for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, net of the GBDC 3 Merger Waiver (as defined in Note 3 of our consolidated financial statements) and 20% of Pre-Incentive Fee Net Investment Income for thethree months ended December 31, 2023.

Previous wording

In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.1 million from the three months ended December 31, 2024 to the three months ended March 31, 2025 primarily due to an increase in the administrative service fee that was partially offset by decreases in professional fees and general and administrative expenses.

Current wording

In total, professional fees, the administrative service fee and general and administrative expenses increased by $0.4 million from the three months ended March 31, 2025 to the three months ended June 30, 2025 primarily due to an increase in professional fees and general and administrative expenses that was partially offset by a decrease in the administrative service fee.

Previous wording

In total, professional fees, the administrative service fee and general and administrative expenses increased by $2.9 million from the six months ended March 31, 2024 to the six months ended March 31, 2025, primarily due to an increase in the administrative service fee and professional fees.

Current wording

In total, professional fees, the administrative service fee and general and administrative expenses increased by $4.7 million from the nine months ended June 30, 2024 to the nine months ended June 30, 2025, primarily due to an increase in the administrative service fee and professional fees.

Previous wording

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024 were $1.7 million, $2.7 million, $4.4 million and $4.0 million, respectively.

Current wording

The Administrator pays for certain expenses incurred by us. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024 were $1.9 million, $1.7 million, $6.3 million and $9.8 million, respectively.

Previous wording

As of March 31, 2025 and September 30, 2024, included in accounts payable and other liabilities were $1.9 million and $2.7 million, respectively, of expenses paid on behalf of us by the Administrator.

Current wording

As of June 30, 2025 and September 30, 2024, included in accounts payable and other liabilities were $2.1 million and $2.7 million, respectively, of expenses paid on behalf of us by the Administrator.

Previous wording

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2025 and December 31, 2024 and the six months ended March 31, 2025 and March 31, 2024:

Current wording

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2025 and March 31, 2025 and the nine months ended June 30, 2025 and June 30, 2024:

Previous wording

During the three months ended March 31, 2025, we had a net realized loss of $11.0 million, primarily attributable to realized losses recognized on (i) the restructuring of debt and equity investments oftwo portfolio company investments and (ii) net realized gains recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended December 31, 2024, we had a net realized loss of $27.9 million, primarily attributable to realized losses recognized on (i) the restructure of debt and equity investments of two portfolio company investments and the sale of a portfolio company debt investment, and (ii) net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars and settlement of forward currency contracts, that were partially offset by $0.4 million of realized gain recognized on the sale of one equity investment.

Current wording

During the three months ended June 30, 2025, we had a net realized loss of less than $0.1 million, primarily attributable to the net realized gains recognized on the disposition of three equity investments, that was partially offset by realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars. During the three months ended March 31, 2025, we had a net realized loss of $11.0 million, primarily attributable to realized losses recognized on (i) the restructure of debt and equity investments of two portfolio company investments and (ii) net realized gains recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars.

Previous wording

During the six months ended March 31, 2025, we had a net realized loss of $38.9 million primarily attributable to realized losses recognized on the restructuring of debt and equity investments of multiple portfolio company investments and the sale of a portfolio company debt investment that was partially offset by net realized gains recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars. During the six months ended March 31, 2024, we had a net realized loss of $12.7 million, primarily attributable to the realized losses on the disposition of debt and equity investments of a portfolio company in the second quarter of the 2024 fiscal year that was partially offset by realized gains recognized on the translation of foreign currency amounts and transactions into U.S. dollars and realized gains recognized on the sale of equity investments in multiple portfolio companies.

Current wording

During the nine months ended June 30, 2025, we had a net realized loss of $38.9 million, primarily attributable to realized losses recognized on the restructuring of debt and equity investments of multiple portfolio company investments and the sale of a portfolio company debt investment that was partially offset by net realized gains recognized on the disposition of three equity investments and the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars. During the nine months ended June 30, 2024, we had a net realized loss of $50.4 million, primarily attributable to realized losses recognized on (i) the restructure of equity and debt investments of a portfolio company during the three months ended June 30, 2024 and (ii) the disposition of equity and debt investments of a portfolio company during the three months ended March 31, 2024 that were partially offset by realized gains recognized on the sale of equity investments in multiple portfolio companies throughout the nine months ended June 30, 2024.

Previous wording

For the three months ended March 31, 2025, we had $47.1 million in unrealized appreciation on 188 portfolio company investments, which was offset by $51.8 million in unrealized depreciation on 226 portfolio company investments. For the three months ended December 31, 2024, we had $81.2 million in unrealized appreciation on 225 portfolio company investments, which was offset by $37.6 million in unrealized depreciation on 174 portfolio company investments.

Current wording

For the three months ended June 30, 2025, we had $23.4 million in unrealized appreciation on 189 portfolio company investments, which was offset by $36.4 million in unrealized depreciation on 242 portfolio company investments. For the three months ended March 31, 2025, we had $47.1 million in unrealized appreciation on 188 portfolio company investments, which was offset by $51.8 million in unrealized depreciation on 226 portfolio company investments.

Previous wording

Unrealized appreciation for the three months ended March 31, 2025 was primarily due to (i) the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments, (ii) fair valuing recent originations up to or near par and (iii) improved performance from certain portfolio companies. Unrealized appreciation for the three months ended December 31, 2024 was primarily due to unrealized appreciation resulting from solid borrower credit trends across our portfolio and the reversal of previously recognized unrealized depreciation (i) on the disposition or restructuring of portfolio company investments and (ii) spread tightening in the market during the second half of calendar year 2024. Unrealized depreciation for the three months ended March 31, 2025 and December 31, 2024 primarily resulted from isolated deterioration in credit performance in (i) a small number of portfolio companies and (ii) portfolio companies that were moved to or on non-accrual status.

Current wording

Unrealized appreciation for the three months ended June 30, 2025 and March 31, 2025 was primarily due to (i) improved performance from certain portfolio companies and (ii) fair valuing recent originations up to or near par. Unrealized depreciation for the three months ended June 30, 2025 and March 31, 2025 primarily resulted from isolated deterioration in the performance of (i) a small number of portfolio company equity investments, (ii) portfolio companies that were on non-accrual status and (iii) certain portfolio companies with pre-existing credit challenges.

Previous wording

For the six months ended March 31, 2025, we had $110.8 million in unrealized appreciation on 244 portfolio company investments, which was offset by $71.9 million in unrealized depreciation on 170 portfolio company investments. For the six months ended March 31, 2024, we had $58.2 million in unrealized appreciation on 224 portfolio company investments, which was offset by $41.2 million in unrealized depreciation on 159 portfolio company investments.

Current wording

For the nine months ended June 30, 2025, we had $119.8 million in unrealized appreciation on 251 portfolio company investments, which was offset by $93.9 million in unrealized depreciation on 180 portfolio company investments. For the nine months ended June 30, 2024, we had $54.1 million in unrealized appreciation on 165 portfolio company investments, which was offset by $38.0 million in unrealized depreciation on 239 portfolio company investments.

Previous wording

Unrealized appreciation for the six months ended March 31, 2025 was primarily due to (i) the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments and (ii) fair valuing recent originations up to or near par. Unrealized appreciation for the six months ended March 31, 2024 primarily resulted from the improved performance of certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market during the second half of calendar year 2023.

Current wording

Unrealized appreciation for the nine months ended June 30, 2025 was primarily due to (i) the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments and (ii) fair valuing recent originations up to or near par. Unrealized appreciation for the nine months ended June 30, 2024 primarily resulted from the reversal of unrealized depreciation on the disposition or restructuring of portfolio company investments, improved performance of certain portfolio companies and the reversal of unrealized depreciation due to spread tightening in the market during the 2024 fiscal year.

Previous wording

Unrealized depreciation for the six months ended March 31, 2025 primarily resulted from isolated deterioration in credit performance in (i) a small number of portfolio companies and (ii) portfolio companies that were moved to or on non-accrual status. Unrealized depreciation for the six months ended March 31, 2024 primarily resulted from isolated deterioration in the credit performance of a small number of portfolio companies.

Current wording

Unrealized depreciation for the nine months ended June 30, 2025 primarily resulted from isolated deterioration in credit performance in (i) a small number of portfolio companies and (ii) portfolio companies that were moved to or on non-accrual status. Unrealized depreciation for the nine months ended June 30, 2024 primarily resulted from isolated deterioration in the credit performance of certain portfolio companies that were moved to or on non-accrual status as well as certain portfolio companies with pre-existing credit challenges.

Previous wording

For the six months ended March 31, 2025, we had a realized loss on extinguishment of debt of less than $0.1 million, which represents the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination.

Current wording

For the nine months ended June 30, 2025, we had a realized loss on extinguishment of debt of less than $0.1 million, which represents the unamortized discount on the GBDC 3 2021 Notes assumed as a result on the GBDC 3 Merger, at termination.

Previous wording

For the six months ended March 31, 2025, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $111.3 million. During the period, cash used in operating activities was $179.3 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $840.3 million and net investment income after tax of $195.3 million, offset by fundings of portfolio investments of $1,208.0 million. Lastly, cash provided by financing activities was $68.0 million, primarily driven by borrowings on debt of $3,731.4 million and net proceeds from the issuance of common stock through the ATM Program (as defined in Note 11 of our consolidated financial statements) of $37.4 million, offset by repayments of debt of $3,496.1 million and distributions paid of $197.6 million.

Current wording

For the nine months ended June 30, 2025, we experienced a net decrease in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $179.0 million. During the period, cash used in operating activities was $379.7 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $1,146.0 million and net investment income after tax of $296.5 million, offset by fundings of portfolio investments of $1,781.5 million. Lastly, cash provided by financing activities was $200.7 million, primarily driven by borrowings on debt of $3,517.9 million and net proceeds from the issuance of common stock through the ATM Program (as defined in Note 11 of our consolidated financial statements) of $37.4 million, offset by repayments of debt of $3,008.6 million, distributions paid of $281.0 million, purchases of common stock under the Program of $35.5 million and purchases of common stock under the DRIP of $20.6 million.

Previous wording

For the six months ended March 31, 2024, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $322.0 million. During the period, cash provided by operating activities was $313.0 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $321.3 million and net investment income after excise tax of $170.1 million, offset by fundings of portfolio investments of $147.3 million. Lastly, cash provided by financing activities was $9.0 million, primarily driven by repayments of debt of $999.7 million, distributions paid of $123.6 million, offset by borrowings on debt of $1,145.6 million.

Current wording

For the nine months ended June 30, 2024, we experienced a net increase in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies of $326.0 million. During the period, cash provided by operating activities was $543.9 million, primarily driven by proceeds from principal payments and sales of portfolio investments of $867.2 million and net investment income after tax of $262.8 million, offset by fundings of portfolio investments of $554.5 million. Lastly, cash used in financing activities was $217.9 million, primarily driven by borrowings on debt of $1,966.6 million, offset by repayments of debt of $1,971.9 million and distributions paid of $199.2 million.

Previous wording

As of March 31, 2025 and September 30, 2024, we had cash and cash equivalents of $103.1 million and $123.1 million, respectively. In addition, we had foreign currencies of $13.8 million and $8.0 million as of March 31, 2025 and September 30, 2024, respectively, restricted cash and cash equivalents of $129.5 million and $227.2 million as of March 31, 2025 and September 30, 2024, respectively. We had restricted foreign currencies of $0.0 million and $1.2 million as of March 31, 2025 and September 30, 2024, respectively. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable. As of March 31, 2025 and September 30, 2024, $29.6 million and $136.3 million, respectively, of restricted cash was retained for partial repayments on the notes of certain of our debt securitizations that are past their reinvestment period term.

Current wording

As of June 30, 2025 and September 30, 2024, we had cash and cash equivalents of $91.9 million and $123.1 million, respectively. In addition, we had foreign currencies of $7.9 million and $8.0 million as of June 30, 2025 and September 30, 2024, respectively, restricted cash and cash equivalents of $79.0 million and $227.2 million as of June 30, 2025 and September 30, 2024, respectively. We had no restricted foreign currencies as of June 30, 2025. As of September 30, 2024 we had restricted foreign currencies of $1.2 million. Cash and cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents and restricted foreign currencies can be used to pay principal and interest on borrowings and to fund new investments that meet the guidelines under our debt securitizations or credit facilities, as applicable. As of June 30, 2025 and September 30, 2024, $4.0 million and $136.3 million, respectively, of restricted cash was retained for partial repayments on the notes of certain of our debt securitizations that are past their reinvestment period term.

Previous wording

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of March 31, 2025, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of March 31, 2025 and September 30, 2024, we had outstanding debt under the JPM Credit Facility of $1,110.1 million and $956.6 million, respectively. As of March 31, 2025 and September 30, 2024, subject to leverage and borrowing base restrictions, we had $887.4 million and $865.9 million, respectively, of remaining commitments and availability on the JPM Credit Facility.

Current wording

JPM Credit Facility - On February 11, 2021, we entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of June 30, 2025, allowed us to borrow up to $2.0 billion at any one time outstanding, subject to leverage and borrowing base restrictions. As of June 30, 2025 and September 30, 2024, we had outstanding debt under the JPM Credit Facility of $1,450.2 million and $956.6 million, respectively. As of June 30, 2025 and September 30, 2024, subject to leverage and borrowing base restrictions, we had $547.3 million and $865.9 million, respectively, of remaining commitments and availability on the JPM Credit Facility.

Previous wording

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $200.0 million at any one time outstanding as of March 31, 2025. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of both March 31, 2025 and September 30, 2024, we had no amounts outstanding on the Adviser Revolver.

Current wording

Adviser Revolver - On June 22, 2016, we entered into the Adviser Revolver (as defined in Note 7 of our consolidated financial statements), which, as amended, permitted us to borrow up to $300.0 million at any one time outstanding as of June 30, 2025. We entered into the Adviser Revolver in order to have the ability to borrow funds on a short-term basis and have in the past repaid, and generally intend in the future to repay, borrowings under the Adviser Revolver within 30 to 45 days from which they are drawn. As of both June 30, 2025 and September 30, 2024, we had no amounts outstanding on the Adviser Revolver.

Previous wording

2024 Debt Securitization - On November 18, 2024, we completed the 2024 Debt Securitization. The Class A-1R 2024 Notes and Class A-2RR 2024 Notes (each as defined in Note 7 to our consolidated financial statements) are included in the March 31, 2025 Consolidated Statements of Financial Condition as our debt, and the Class B-R,

Current wording

2024 Debt Securitization - On November 18, 2024, we completed the 2024 Debt Securitization. The Class A-1R 2024 Notes and Class A-2RR 2024 Notes (each as defined in Note 7 to our consolidated financial statements) are included in the June 30, 2025 Consolidated Statements of Financial Condition as our debt, and the Class B-R, Class

Previous wording

Class C-R and Subordinated Notes were eliminated in consolidation. As of March 31, 2025, we had outstanding debt under the 2024 Debt Securitization of $1,364.0 million.

Current wording

C-R and Subordinated Notes were eliminated in consolidation. As of June 30, 2025, we had no amounts outstanding under the 2024 Debt Securitization.

Previous wording

GBDC 3 2022 Debt Securitization -Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022 Debt Securitization. The Class A Senior Secured Floating Rate GBDC 3 Notes are included in the March 31, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as our debt and the GBDC 3 Subordinated Notes were eliminated in consolidation. As of March 31, 2025 and September 30, 2024, we had debt outstanding under the GBDC 3 2022 Debt Securitization of $209.1 million and $236.8 million, respectively.

Current wording

GBDC 3 2022 Debt Securitization -Effective June 3, 2024, we assumed as a result of the GBDC 3 Merger, the GBDC 3 2022 Debt Securitization. The Class A Senior Secured Floating Rate GBDC 3 Notes are included in the June 30, 2025 and September 30, 2024 Consolidated Statements of Financial Condition as our debt and the GBDC 3 Subordinated Notes were eliminated in consolidation. As of June 30, 2025 and September 30, 2024, we had debt outstanding under the GBDC 3 2022 Debt Securitization of $179.5 million and $236.8 million, respectively.

Previous wording

On October 6, 2023, we entered into an equity distribution agreement, or, as amended, the 2023 Equity Distribution Agreement, in connection with an at the market program to sell up to $250.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. As of March 31, 2025, we issued 2.4 million shares of common stock for aggregate proceeds totaling $38.0 million under the 2023 Equity Distribution Agreement. As of September 30, 2024, there were no common stock issuances under the 2023 Equity Distribution Agreement. As of March 31, 2025, common stock with an aggregate offering amount of $212.0 million remained available for issuance under the 2023 Distribution Agreement.

Current wording

On October 6, 2023, we entered into an equity distribution agreement, or, as amended, the 2023 Equity Distribution Agreement, in connection with an at the market program to sell up to $288.0 million of shares of our common stock. An at the market offering is a registered offering by a publicly traded issuer of its listed equity securities that allows the issuer to sell shares directly into the market at market prices. As of June 30, 2025, we issued 2.4 million shares of common stock for aggregate proceeds totaling $38.0 million under the 2023 Equity Distribution Agreement. As of September 30, 2024, there were no common stock issuances under the 2023 Equity Distribution Agreement. As of June 30, 2025, following an amendment to the 2023 Equity Distribution Agreement in May 2025 to increase the aggregate offering amount by $38.0 million, common stock with an aggregate offering amount of $250.0 million remained available for issuance under the 2023 Distribution Agreement.

Previous wording

As of March 31, 2025, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of March 31, 2025, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 182.8% and 1.21x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.16x as of March 31, 2025.

Current wording

As of June 30, 2025, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, we were allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing. We currently intend to continue to target a GAAP debt-to-equity ratio between 0.85x to 1.25x. As of June 30, 2025, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 176.8% and 1.30x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash and cash equivalents, foreign currencies and restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) was 1.26x as of June 30, 2025.