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, 2026 and September 30, 2025, one stop loans included $630.1 million and $771.9 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, 2026 and September 30, 2025, one stop loans included $627.5 million and $771.9 million, respectively, of recurring revenue loans at fair value.

Previous wording

As of March 31, 2026 and September 30, 2025, we had debt and equity investments in 420 and 417 portfolio companies, respectively.

Current wording

As of June 30, 2026 and September 30, 2025, we had debt and equity investments in 424 and 417 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, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:

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, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and June 30, 2025:

Previous wording

Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 2 2022-2 Issuer and the 2024 Issuer and are offset against the management fees payable under the Investment Advisory Agreement. These fees include structuring and placement fees paid by the 2018 Issuer to Morgan Stanley & Co. LLC for its services in connection with the structuring of the 2018 Debt Securitization and by the 2024 Issuer to Deutsche Bank Securities Inc. for its services in connection with the structuring of the 2024 Debt Securitization. Before we acquired the GCIC 2018 Issuer as part of the GCIC Merger, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization. Before we acquired the GBDC 3 2021 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2021 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of each of the GBDC 3 2021 Debt Securitization and the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as defined in Note 7 of our consolidated financial statements).Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization, the GBDC 3 2022-2 Debt Securitization and the 2024 Debt Securitization and collectively the Debt Securitizations, as applicable.

Current wording

Collateral management fees are paid directly by the 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer and are offset against the management fees payable under the Investment Advisory Agreement. These fees include structuring and placement fees paid by the 2018 Issuer to Morgan Stanley & Co. LLC for its services in connection with the structuring of the 2018 Debt Securitization and by the 2024 Issuer to Deutsche Bank Securities Inc. for its services in connection with the structuring of the 2024 Debt Securitization. Before we acquired the GCIC 2018 Issuer as part of the GCIC Merger, the GCIC 2018 Issuer paid Wells Fargo Securities, LLC structuring and placement fees for its services in connection with the initial structuring of the GCIC 2018 Debt Securitization. Before we acquired the GBDC 3 2021 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2021 Issuer paid Deutsche Bank AG, New York Branch, structuring and placement fees for its services in connection with the structuring of each of the GBDC 3 2021 Debt Securitization and the GBDC 3 2022 Debt Securitization (as defined in Note 7 of our consolidated financial statements). Before we acquired the GBDC 3 2022-2 Issuer as a part of the GBDC 3 Merger, the GBDC 3 2022-2 Issuer paid GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. structuring and placement fees for its services in connection with the structuring of the GBDC 3 2022-2 Debt Securitization (as defined in Note 7 of our consolidated financial statements).Term debt securitizations are also known as CLOs, and are a form of secured financing incurred by us, which are consolidated by us and subject to our overall asset coverage requirement. The 2018 Issuer, GCIC 2018 Issuer, GBDC 3 2021 Issuer, GBDC 3 2022 Issuer, GBDC 3 2022-2 Issuer and the 2024 Issuer also agreed to pay ongoing administrative expenses to the trustee, collateral manager, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2018 Debt Securitization, GCIC 2018 Debt Securitization, the GBDC 3 2021 Debt Securitization, the GBDC 3 2022 Debt Securitization, the GBDC 3 2022-2 Debt Securitization and the 2024 Debt Securitization and collectively the Debt Securitizations, as applicable.

Previous wording

repurchased 652,700 shares of our common stock pursuant to the Program (as defined in Note 2 of our consolidated financial statements) for an aggregate purchase price of approximately $8.4 million at an average price of $12.93 per share.

Current wording

For the period of July 1, 2026 through August 3, 2026, Wells Fargo Securities, LLC, as broker, has repurchased 382,300 shares of our common stock pursuant to the Program (as defined in Note 2 of our consolidated financial statements) for an aggregate purchase price of approximately $4.9 million at an average price of $12.86 per share.

Previous wording

Consolidated operating results for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025 are as follows:

Current wording

Consolidated operating results for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and June 30, 2025 are as follows:

Previous wording

Investment income decreased from the three months ended December 31, 2025 to the three months ended March 31, 2026 by $18.9 million. The decrease was primarily due to a decrease in interest income as a result of (1) a decrease in the average earning debt investments balance of $262.9 million, (2) the delayed impact of interest base rate reductions from December 2025 and (3) $1.5 million of previously accrued interest income that was recharacterized as payment-in-kind (“PIK”) interest income as such amounts were capitalized and added to the principal balance of certain loans during the period. Investment income decreased from the six months ended March 31, 2025 to the six months ended March 31, 2026 by $39.5 million, primarily due to 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 that was partially offset by interest income earned on an increase in the average earning debt investments balance of $74.1 million. For the three and six months ended March 31, 2026, PIK interest income represented 9.0% and 7.9%, respectively, of total investment income excluding amortization of purchase premium for the GCIC/GBDC 3 acquisitions. For the three and six months ended March 31, 2025, PIK interest income represented 6.4% and 5.6%, respectively, of total investment income excluding amortization of purchase premium for the GCIC/GBDC 3 acquisitions.

Current wording

Investment income remained relatively stable decreasing just $0.4 million from the three months ended March 31, 2026 to the three months ended June 30, 2026 as a $2.6 million increase in discount amortization driven by accelerated amortization recognized on loan repayments was offset by (1) a decrease in interest income as a result of a decrease in the average earning debt investments balance of $194.5 million and (2) a decrease in dividend income due to preferred equity investments taken to non-accrual during the quarter. Investment income decreased from the nine months ended June 30, 2025 to the nine months ended June 30, 2026 by $70.1 million, primarily due to (1) 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 and (2) a decrease in the average earning debt investments balance of $101.6 million.

Previous wording

The annualized income yield by debt security type for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025 are as follows:

Current wording

The annualized income yield by debt security type for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and June 30, 2025 are as follows:

Previous wording

Income yields on senior secured and one stop loans decreased for the three months ended March 31, 2026 as compared to the three months ended December 31, 2025 primarily due to the delayed impact of interest base rate reductions in December 2025. Income yields on senior secured and one stop loans decreased for the six months ended March 31, 2026 as compared to the six months ended March 31, 2025, primarily due to declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments. 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 March 31, 2026 and September 30, 2025, the weighted average base rate floor of our loans was 0.77% and 0.78%, respectively.

Current wording

Income yields on senior secured loans increased for the three months ended June 30, 2026 as compared to the three months ended March 31, 2026 primarily due to spread adjustments resulting from certain debt investment amendments while income yields on one stop loans remained relatively stable for the three months ended June 30, 2026 as compared to the three months ended March 31, 2026. Income yields on senior secured and one stop loans decreased for the nine months ended June 30, 2026 as compared to the nine months ended June 30, 2025, primarily due to declining interest base rates and, to a lesser extent, spread compression on new and amended debt investments. Our loan portfolio is partially insulated from a drop in floating interest rates, as 98.0% of the loan portfolio at fair value is subject to an interest rate floor. As of June 30, 2026 and September 30, 2025, the weighted average base rate floor of our loans was 0.76% and 0.78%, respectively.

Previous wording

The following table summarizes our expenses for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:

Current wording

The following table summarizes our expenses for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and June 30, 2025:

Previous wording

Interest and other debt financing expenses, net of amortization of debt issuance costs, decreased from the three months ended December 31, 2025 to the three months ended March 31, 2026 by $5.2 million, primarily due to a decrease in interest expense as a result of (1) a decrease in the average debt outstanding of $244.2 million and (2) lower interest base rates on our floating rate borrowings. Interest and other debt financing expenses, including amortization of debt issuance costs, decreased from the six months ended March 31, 2025 to the six months ended March 31, 2026 by $22.2 million, primarily due to reduced borrowing costs resulting from (i) the debt capital refinancings completed during the fiscal year 2025 first quarter, including the 2024 Debt Securitization issuance of $1.3 billion in notes which bear interest at a weighted-average rate of three-month SOFR + 1.58%, (ii) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin to a range of 1.525% to 1.775% from a range of 1.75% to 1.875% and (iii) decreasing interest base rates on our floating rate borrowings. For more information about our outstanding borrowings for the three and six months ended March 31, 2026 and 2025, 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, net of amortization of debt issuance costs, decreased from the three months ended March 31, 2026 to the three months ended June 30, 2026 by $0.1 million, primarily due to a decrease in interest expense as a result of a decrease in the average debt outstanding of $92.3 million. Interest and other debt financing expenses, including amortization of debt issuance costs, decreased from the nine months ended June 30, 2025 to the nine months ended June 30, 2026 by $31.9 million, primarily due to reduced borrowing costs resulting from (i) the debt capital refinancings completed during the fiscal year 2025 first quarter, including the 2024 Debt Securitization issuance of $1.3 billion in notes which bear interest at a weighted-average rate of three-month SOFR + 1.58%, (ii) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin to a range of 1.525% to 1.775% from a range of 1.75% to 1.875% and (iii) decreasing interest base rates on our floating rate borrowings. For more information about our outstanding borrowings for the three and nine months ended June 30, 2026 and 2025, 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, 2026 and December 31, 2025, the effective annualized average interest rate 1 on our total debt was 5.2% and 5.4%, respectively. For the six months ended March 31, 2026 and 2025, the effective annualized average interest rate 1 on our total debt was 5.3% and 6.0%, respectively. The effective annualized average interest rate 1 decreased for the three months ended March 31, 2026 compared to the three months ended December 31, 2025 due to lower interest base rates on our floating rate borrowings. The effective annualized average interest rate 1 decreased for the six months ended March 31, 2026 compared to the six months ended March 31, 2025 primarily due to reduced borrowing costs resulting from (1) the debt capital refinancing completed during fiscal year 2025, (2) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin and (3) decreasing interest base rates on our floating rate borrowings.

Current wording

For the three months ended June 30, 2026 and March 31, 2026, the effective annualized average interest rate 1 on our total debt was 5.3% and 5.2%, respectively. For the nine months ended June 30, 2026 and 2025, the effective annualized average interest rate 1 on our total debt was 5.3% and 5.9%, respectively. The effective annualized average interest rate 1 increased for the three months ended June 30, 2026 compared to the three months ended March 31, 2026 due to the issuance of the 2031 Notes in May 2026. The effective annualized average interest rate 1 decreased for the nine months ended June 30, 2026 compared to the nine months ended June 30, 2025 primarily due to reduced borrowing costs resulting from (1) the debt capital refinancing completed during fiscal year 2025, (2) the April 2025 amendment to the JPM Credit Facility that reduced the applicable margin and (3) decreasing interest base rates on our floating rate borrowings.

Previous wording

The base management fee decreased from the six months ended March 31, 2025 to the six months ended March 31, 2026 primarily due to a decrease in average adjusted gross assets from the six months ended March 31, 2025 to the six months ended March 31, 2026.

Current wording

The base management fee decreased from the nine months ended June 30, 2025 to the nine months ended June 30, 2026 primarily due to a decrease in average adjusted gross assets from the nine months ended June 30, 2025 to the nine months ended June 30, 2026.

Previous wording

The Income Incentive Fee decreased by $1.9 million from the three months ended December 31, 2025 to the three months ended March 31, 2026 primarily due to a decrease in Pre-Incentive Fee Net Investment Income. The Income Incentive Fee decreased by $3.3 million from the six months ended March 31, 2025 to the six months ended March 31, 2026 primarily due to a decrease in Pre-Incentive Fee Net Investment Income and a lower rate of return on the value of our net assets driven by a decrease in the investment income yield on our investment portfolio due to declining interest base rates and a decrease in our average earning debt investments. For each of the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025, 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.

Current wording

The Income Incentive Fee decreased by $0.1 million from the three months ended March 31, 2026 to the three months ended June 30, 2026 primarily due to a decrease in Pre-Incentive Fee Net Investment Income. The Income Incentive Fee decreased by $6.4 million from the nine months ended June 30, 2025 to the nine months ended June 30, 2026 primarily due to a decrease in Pre-Incentive Fee Net Investment Income and a lower rate of return on the value of our net assets driven by a decrease in the investment income yield on our investment portfolio due to declining interest base rates and a decrease in our average earning debt investments. For each of the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and June 30, 2025, 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.

Previous wording

In total, professional fees, the administrative service fee and general and administrative expenses decreased by $0.4 million from the six months ended March 31, 2025 to the six months ended March 31, 2026, primarily due to a decrease in professional fees and general and administrative expenses that was partially offset by an increase in the administrative service fee.

Current wording

In total, the administrative service fee, professional fees and general and administrative expenses increased by $0.4 million from the three months ended March 31, 2026 to the three months ended June 30, 2026, primarily due to increases in the administrative service fee and professional fees that were partially offset by a decrease in general and administrative expenses.

Previous wording

In total, the administrative service fee, professional fees and general and administrative expenses decreased by $0.4 million from the three months ended December 31, 2025 to the three months ended March 31, 2026, primarily due to decreases across each of these expense categories.

Current wording

In total, professional fees, the administrative service fee and general and administrative expenses decreased by $0.7 million from the nine months ended June 30, 2025 to the nine months ended June 30, 2026, primarily due to decreases across each of these expense categories.

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, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025 were $2.6 million, $2.5 million, $5.1 million, and $4.4 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, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and June 30, 2025 were $1.1 million, $2.6 million, $6.2 million, and $6.3 million, respectively.

Previous wording

As of March 31, 2026 and September 30, 2025, included in accounts payable and other liabilities were $1.1 million and $2.5 million, respectively, of expenses paid on behalf of us by the Administrator.

Current wording

As of June 30, 2026 and September 30, 2025, included in accounts payable and other liabilities were $2.7 million and $2.5 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, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:

Current wording

The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and June 30, 2025:

Previous wording

During the three months ended March 31, 2026, we had a net realized loss of $10.4 million, primarily attributable to (i) $8.9 million of net realized losses recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars and (ii) realized losses recognized on the restructuring of a portfolio company investment. During the three months ended December 31, 2025, we had a net realized loss of $3.8 million, primarily attributable to (1) realized losses recognized on the restructuring of a portfolio company investment and (2) $1.1 million of net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars that were partially offset by $2.8 million of net realized gains recognized on the disposition of equity investments in multiple portfolio companies. During the six months ended March 31, 2026, we had a net realized loss of $14.2 million, primarily attributable to (i) $10.0 million of net realized losses recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars and (ii) realized losses recognized on the restructuring of two portfolio company investments. 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.

Current wording

During the three months ended June 30, 2026, we had a net realized loss of $24.8 million, primarily attributable to (i) $13.7 million of net realized losses recognized on the translation of foreign currency amounts and transactions into U.S. dollars, which were partially offset by $10.1 million of unrealized appreciation and the reversal of unrealized depreciation previously recognized and (ii) realized losses recognized on the restructuring of two portfolio company investments that was partially offset by (iii) $3.4 million of net realized gains recognized on the disposition of equity investments in multiple portfolio companies. During the three months ended March 31, 2026, we had a net realized loss of $10.4 million, primarily attributable to (i) $8.9 million of net realized losses recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars and (ii) realized losses recognized on the restructuring of a portfolio company investment. During the nine months ended June 30, 2026, we had a net realized loss of $39.0 million, primarily attributable to (i) $23.7 million of net realized losses recognized on the settlement of forward currency contracts and translation of foreign currency amounts and transactions into U.S. dollars, which were partially offset by $22.1 million of unrealized appreciation and the reversal of unrealized depreciation previously recognized, (ii) realized losses recognized on the restructuring of multiple portfolio company investments that were partially offset by (iii) $6.2 million of net realized gains recognized on the disposition of equity investments in multiple portfolio companies. 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.

Previous wording

For the three months ended March 31, 2026, we had $11.1 million in unrealized appreciation on 103 portfolio company investments, which was offset by $145.3 million in unrealized depreciation on 343 portfolio company investments. For the three months ended December 31, 2025, we had $24.0 million in unrealized appreciation on 127 portfolio company investments, which was offset by $56.2 million in unrealized depreciation on 309 portfolio company investments. For the six months ended March 31, 2026, we had $24.1 million in unrealized appreciation on 90 portfolio company investments, which was offset by $190.5 million in unrealized depreciation on 356 portfolio company investments. For the six months ended March 31, 2025, we had $104.8 million in unrealized appreciation on 208 portfolio company investments, which was offset by $76.5 million in unrealized depreciation on 206 portfolio company investments.

Current wording

For the three months ended June 30, 2026, we had $47.6 million in unrealized appreciation on 254 portfolio company investments, which was offset by $63.6 million in unrealized depreciation on 202 portfolio company investments. For the three months ended March 31, 2026, we had $11.1 million in unrealized appreciation on 103 portfolio company investments, which was offset by $145.3 million in unrealized depreciation on 343 portfolio company investments. For the nine months ended June 30, 2026, we had $34.0 million in unrealized appreciation on 102 portfolio company investments, which was offset by $216.4 million in unrealized depreciation on 354 portfolio company investments. For the nine months ended June 30, 2025, we had $111.6 million in unrealized appreciation on 218 portfolio company investments, which was offset by $100.0 million in unrealized depreciation on 213 portfolio company investments.

Previous wording

Unrealized appreciation for the three months ended March 31, 2026 was primarily due to increases in the fair values of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of a portfolio company investment. Unrealized appreciation for the three months ended December 31, 2025 was primarily due to increases in the fair value of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of a portfolio company investment. Unrealized appreciation for the six months ended March 31, 2026 was primarily due to increases in the fair values of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of portfolio company investments. 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.

Current wording

Unrealized appreciation for the three months ended June 30, 2026 was primarily due to the reversal of previously recognized unrealized depreciation related to (i) fair value adjustments related to market wide credit spread widening recognized during the quarter ended March 31, 2026 and (ii) portfolio company investments restructured during the period. Unrealized appreciation for the three months ended March 31, 2026 was primarily due to increases in the fair values of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of a portfolio company investment. Unrealized appreciation for the nine months ended June 30, 2026 was primarily due to increases in the fair values of certain equity investments and the reversal of previously recognized unrealized depreciation on the restructuring of a portfolio company investments. 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.

Previous wording

Unrealized depreciation for the three and six months ended March 31, 2026, primarily resulted from (1) fair value adjustments across our portfolio company investments related to market wide credit spread widening during the three months ended March 31, 2026, primarily on our well-performing loans rated in our highest internal performance rating 4 and 5 categories, as defined below under the “Portfolio Composition, Investment Activity and Yield” section and (2) 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. 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. 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.

Current wording

Unrealized depreciation for the three months ended June 30, 2026, 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, (ii) debt and equity investments in certain portfolio companies with pre-existing credit challenges and (iii) debt and equity investments in a small number of portfolio companies negatively impacted by the macroeconomic environment. Unrealized depreciation for the three months ended March 31, 2026 primarily resulted from (1) fair value adjustments across our portfolio company investments related to market wide credit spread widening during the three months ended March 31, 2026, primarily on our well-performing loans rated in our highest internal performance rating 4 and 5 categories, as defined below under the “Portfolio Composition, Investment Activity and Yield” section and (2) 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. Unrealized depreciation for the nine months ended June 30, 2026, primarily resulted from (1) fair value adjustments across our portfolio company investments related to market wide credit spread widening during the three months ended March 31, 2026, primarily on our well-performing loans rated in our highest internal performance rating 4 and 5 categories and (2) 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 and (iii) debt and equity investments in a small number of portfolio companies negatively impacted by the macroeconomic environment. 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.

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, 2026, we experienced a net increase in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $22.8 million. During the period, cash provided by operating activities was $460.8 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $639.5 million, partially offset by purchases and fundings of portfolio investments of $296.1 million, and net investment income after tax of $181.3 million. Lastly, cash used in financing activities was $438.0 million, primarily driven by borrowings on debt of $378.1 million offset by repayments of debt of $562.5 million, distributions paid and purchases of common stock under the DRIP totaling $189.2 million and purchases of common stock under the Program of $63.7 million.

Current wording

For the nine months ended June 30, 2026, we experienced a net decrease in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies of $40.4 million. During the period, cash provided by operating activities was $653.5 million, primarily as a result of proceeds from principal payments and sales of portfolio investments of $829.0 million, partially offset by fundings of portfolio investments of $367.3 million, and net investment income after tax of $266.5 million. Lastly, cash used in financing activities was $694.0 million, primarily driven by repayments of debt of $1,351.8 million, distributions paid and purchases of common stock under the DRIP totaling $275.1 million, and purchases of common stock under our share repurchase program, or the Program, of $78.1 million, partially offset by borrowings on debt of $1,017.1 million.

Previous wording

For the six months ended March 31, 2025, we experienced a net decrease in cash, cash equivalents, foreign currencies, restricted cash, restricted 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, cash equivalents, foreign currencies, restricted cash, restricted 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

As of March 31, 2026 and September 30, 2025, we had cash and cash equivalents totaling $65.4 million and $11.9 million, respectively. In addition, we had foreign currencies of $6.8 million and $11.7 million as of March 31, 2026 and September 30, 2025, respectively and restricted cash and restricted cash equivalents totaling $63.0 million and $88.8 million as of March 31, 2026 and September 30, 2025, respectively. We had no restricted foreign currencies as of March 31, 2026 and September 30, 2025. Cash, cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash, restricted 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, 2026 and September 30, 2025, we did not have any debt securitizations that were past their reinvestment period term.

Current wording

As of June 30, 2026 and September 30, 2025, we had cash and cash equivalents totaling $13.0 million and $11.9 million, respectively. In addition, we had foreign currencies of $7.0 million and $11.7 million as of June 30, 2026 and September 30, 2025, respectively and restricted cash and restricted cash equivalents totaling $50.7 million and $88.8 million as of June 30, 2026 and September 30, 2025, respectively. We had no restricted foreign currencies as of June 30, 2026 and September 30, 2025. Cash, cash equivalents and foreign currencies are available to fund new investments, pay operating expenses and pay distributions. Restricted cash, restricted 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, 2026 and September 30, 2025, we did not have any debt securitizations that were past their reinvestment period term.

Previous wording

JPM Credit Facility - On February 11, 2021, we initially entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of March 31, 2026, 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, 2026 and September 30, 2025, we had outstanding debt under the JPM Credit Facility of $947.7 million and $1,098.4 million, respectively. As of March 31, 2026 and September 30, 2025, subject to leverage and borrowing base restrictions, we had $1,049.8 million and $899.1 million, respectively, of remaining commitments and availability on the JPM Credit Facility.

Current wording

JPM Credit Facility - On February 11, 2021, we initially entered into the JPM Credit Facility (as defined in Note 7 of our consolidated financial statements), which, as of June 30, 2026, 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, 2026 and September 30, 2025, we had outstanding debt under the JPM Credit Facility of $271.6 million and $1,098.4 million, respectively. As of June 30, 2026 and September 30, 2025, subject to leverage and borrowing base restrictions, we had $1,725.9 million and $899.1 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 $300.0 million at any one time outstanding as of March 31, 2026. 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 March 31, 2026, we had no amounts outstanding on the Adviser Revolver. As of September 30, 2025, we had outstanding debt under the Adviser Revolver of $39.2 million, respectively.

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, 2026. 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 June 30, 2026 and September 30, 2025, we had outstanding debt under the Adviser Revolver of $33.2 million and $39.2 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 $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. During the six months ended March 31, 2026, there were no common stock issuances under the 2023 Equity Distribution Agreement. During the six months ended 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 March 31, 2026 and September 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.

Current wording

On October 6, 2023, we entered into an equity distribution agreement, or, as amended, the 2023 Equity Distribution Agreement (as defined in Note 2 of our consolidated financial statements), 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. During the nine months ended June 30, 2026, there were no common stock issuances under the 2023 Equity Distribution Agreement. During the nine months ended 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 June 30, 2026 and September 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, 2026, 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, 2026, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 178.8% and 1.27x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash, 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 1.24x as of March 31, 2026.

Current wording

As of June 30, 2026, 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, 2026, our asset coverage for borrowed amounts and GAAP debt-to-equity ratio was 180.4% and 1.24x, respectively, and our GAAP debt-to-equity ratio, net, which reduces total debt by cash, 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 1.23x as of June 30, 2026.

Previous wording

On August 1, 2025, our board of directors re-approved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150.0 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market prices, through open market transactions, including block transactions, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the six months ended March 31, 2026, we repurchased 4.9 million shares of our common stock for an aggregate repurchase price of approximately $63.7 million. During the six months ended March 31, 2025, we repurchased 77,777 shares of our common stock for an aggregate repurchase price of approximately $1.1 million.

Current wording

On July 31, 2026, our board of directors re-approved the Program (as defined in Note 2 of our consolidated financial statements), which allows us to repurchase up to $150.0 million of our outstanding common stock, exclusive of shares repurchased prior to the date of such authorization, on the open market at prices below the NAV per share as reported in our then most recently published consolidated financial statements. The Program is implemented at the discretion of management with shares to be purchased from time to time at prevailing market prices, through open market transactions, including block transactions, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. During the nine months ended June 30, 2026, we repurchased 6.0 million shares of our common stock for an aggregate repurchase price of approximately $78.1 million. During the nine months ended June 30, 2025, we repurchased 2.5 million shares of our common stock for an aggregate repurchase price of approximately $35.5 million.

Previous wording

As of March 31, 2026 and September 30, 2025, we had outstanding commitments to fund investments totaling $680.5 million and $927.9 million, respectively. As of March 31, 2026, total commitments of $680.5 million included $234.0 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of March 31, 2026 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of March 31, 2026. As of March 31, 2026, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver and JPM Credit Facility, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

Current wording

As of June 30, 2026 and September 30, 2025, we had outstanding commitments to fund investments totaling $580.8 million and $927.9 million, respectively. As of June 30, 2026, total commitments of $580.8 million included $229.9 million of unfunded commitments on revolvers. There is no guarantee that these amounts will be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers, subject to the terms of each loan’s respective credit agreement. A summary of maturity requirements for our principal borrowings as of June 30, 2026 is included in Note 7 of our consolidated financial statements. We did not have any other material contractual payment obligations as of June 30, 2026. As of June 30, 2026, we believe that we had sufficient assets and liquidity to adequately cover future obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under the Adviser Revolver and JPM Credit Facility, as well as ongoing principal repayments on debt investments. In addition, we generally hold some syndicated loans in larger portfolio companies that are saleable over a relatively short period to generate cash.

Previous wording

As of March 31, 2026 and September 30, 2025, we had investments in 420 and 417 portfolio companies, respectively, with a total fair value of $8.3 billion and $8.8 billion, respectively.

Current wording

As of June 30, 2026 and September 30, 2025, we had investments in 424 and 417 portfolio companies, respectively, with a total fair value of $8.2 billion and $8.8 billion, respectively.

Previous wording

The following table shows the asset mix of our new investment commitments for the three months ended March 31, 2026 and December 31, 2025 and the six months ended March 31, 2026 and March 31, 2025:

Current wording

The following table shows the asset mix of our new investment commitments for the three months ended June 30, 2026 and March 31, 2026 and the nine months ended June 30, 2026 and June 30, 2025:

Previous wording

For the six months ended March 31, 2026, we had approximately $639.5 million in proceeds from principal payments and sales of portfolio investments.

Current wording

For the nine months ended June 30, 2026, we had approximately $829.0 million in proceeds from principal payments and sales of portfolio investments.

Previous wording

For the six months ended March 31, 2025, we had approximately $840.3 million in proceeds from principal payments and sales of portfolio investments.

Current wording

For the nine months ended June 30, 2025, we had approximately $1,146.0 million in proceeds from principal payments and sales of portfolio investments.

Previous wording

(1)As of March 31, 2026, $1,640.9 million and $1,551.1 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of March 31, 2026, $116.1 million and $64.5 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

Current wording

(1)As of June 30, 2026, $1,788.9 million and $1,702.7 million of our loans at amortized cost and fair value, respectively, included a feature permitting a portion of the interest due on such loan to be PIK interest. As of June 30, 2026, $127.6 million and $73.4 million at amortized cost and fair value, respectively, of our loans with a PIK feature were on non-accrual status.

Previous wording

As of March 31, 2026, we had loans in fifteen portfolio companies and preferred equity securities in four portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 2.3% and 1.4%, respectively. As of September 30, 2025, we had loans in eight portfolio companies and preferred equity securities in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 0.6% and 0.3%, respectively.

Current wording

As of June 30, 2026, we had loans in fifteen portfolio companies and preferred equity securities in five portfolio companies on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 2.9% and 1.9%, respectively. As of September 30, 2025, we had loans in eight portfolio companies and preferred equity securities in one portfolio company on non-accrual status, and non-accrual investments as a percentage of total investments at cost and fair value were 0.6% and 0.3%, respectively.

Previous wording

As of March 31, 2026 and September 30, 2025, the fair value of our debt investments as a percentage of the outstanding principal value was 96.8% and 98.4%, respectively.

Current wording

As of June 30, 2026 and September 30, 2025, the fair value of our debt investments as a percentage of the outstanding principal value was 97.0% and 98.4%, respectively.