# EDGAR Filing Document

**Accession Number:** 0001901612
**File Stem:** 0001901612-23-000017
**Filing Date:** 2023-2
**Character Count:** 18810
**Document Hash:** 62e34ab7cadf6b0c9ed644ffc7c8b27e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001901612-23-000017.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001901612-23-000017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Golub Capital BDC 4, Inc.
- **CENTRAL INDEX KEY:** 0001901612
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56410
- **FILM NUMBER:** 23627550

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166
- **BUSINESS PHONE:** 212-750-6060

**MAIL ADDRESS:**
- **STREET 1:** 200 PARK AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10166

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Golub Capital BDC 4 LLC
- **DATE OF NAME CHANGE:** 20211228

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

    

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): February 14, 2023**

    

**<u>Golub Capital BDC 4, Inc.</u>**

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| **Maryland** | **814-01504** | **88-1608711** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission <br>File Number)** | **(IRS Employer<br>Identification No.)** |

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**<u>200 Park Avenue, 25th Floor, New York, NY 10166</u>**

**&nbsp;&nbsp;&nbsp;&nbsp;(Address of Principal Executive Offices)** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(Zip Code)**

**Registrant's telephone number, including area code: <u>(212) 750-6060</u>**

**(Former Name or Former Address, if Changed Since Last Report)**

    

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

□Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

&nbsp;&nbsp;&nbsp;&nbsp;

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| None | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b- 2 of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company 🗹

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 🗹

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**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 15, 2023, Golub Capital BDC 4, Inc. will host a conference call to discuss its financial results for its first fiscal quarter ended December 31, 2022. In connection therewith, Golub Capital BDC 4, Inc. is providing an earnings presentation to its shareholders of record as of December 31, 2022. A copy of the earnings presentation is attached hereto as Exhibit 99.1.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed "filed" for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;*Exhibits*.

<u>[99.1](gbdc4q1fy2023earningspre.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Direct BDC 4, Inc. First Quarter 2023 Earnings Presentation

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, Golub Capital BDC 4, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| | **Golub Capital BDC 4, Inc.** |
| Date: February 14, 2023 | By: &nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Christopher C. Ericson</u> |
|  | Name: &nbsp;&nbsp;&nbsp;&nbsp;Christopher C. Ericson |
|  | Title: &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 99.1

![](gbdc4q1fy2023earningspre001.jpg)

Confidential \| for discussion purposes only GOLUB CAPITAL BDC 4, INC. EARNINGS PRESENTATION QUARTER ENDED DECEMBER 31, 2022

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![](gbdc4q1fy2023earningspre002.jpg)

2 Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words "may," "might," "will," "intend," "should," "could," "can," "would," "expect," "believe," "estimate," "anticipate," "predict," "potential," "plan" or similar words. We have based the forward-looking statements included in this presentation on information available to us on the date of this presentation. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. We undertake no obligation to revise or update any forward- looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission ("SEC"), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. This presentation contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data. In evaluating prior performance information in this presentation, you should remember that past performance is not a guarantee, prediction, or projection of future results, and there can be no assurance that we will achieve similar results in the future. Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: our future operating results; our business prospects and the prospects of our portfolio companies including our and their ability to achieve our and their respective objectives as a result of an inflationary economic environment; the effect of investments that we expect to make and the competition for those investments; our contractual arrangements and relationships with third parties; actual and potential conflicts of interest with GC Advisors LLC ("GC Advisors"), our investment adviser, and other affiliates of Golub Capital LLC (collectively, "Golub Capital"); the dependence of our future success on the general economy and its effect on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; the availability of equity and debt capital and our use of borrowed funds to finance a portion of our investments; the adequacy of our financing sources and working capital; the timing of cash flows, if any, from the operations of our portfolio companies; general economic and political trends and other external factors, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets, including changes from the impact of an inflationary economic environment and/or the coronavirus ("COVID-19") pandemic; the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments; the ability of GC Advisors or its affiliates to attract and retain highly talented professionals; the ability of GC Advisors to continue to effectively manage our business due to disruptions, including those caused by global health pandemics, such as the COVID-19 pandemic, or other large scale events; our ability to qualify and maintain our qualification as a regulated investment company and as a business development company; the impact of information technology systems and systems failures, including data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; general price and volume fluctuations in the stock market; the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations issued thereunder and any actions toward repeal thereof; and the effect of changes to tax legislation and our tax position. Disclaimer

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![](gbdc4q1fy2023earningspre003.jpg)

3 Summary of Quarterly Results – GBDC 4 generated an annualized net investment income return on equity1 of 11.4% and an annualized net income return on equity1 of 10.7% during the quarter ended December 31, 2022. – For the quarter ended December 31, 2022, we made new investment commitments of $60.8 million in 13 portfolio companies. The fair value of investments as of December 31, 2022 was $166.7 million. The investment income yield2 for the three months ended December 31, 2022 was 10.6%, an increase from 8.9% for the three months ended September 30, 2022 . – As of December 31, 2022, we had total investor capital subscriptions of $575.1 million and contributed capital of $86.5 million (15.0% called capital ratio). Quarter Ended June 30, 2022 September 30, 2022 December 31, 2022 Select Financial Data New investment commitments $69,138,900 $72,863,044 $60,758,681 Fair value of investments $52,404,020 $112,535,125 $166,693,746 Net income (loss) $179,197 $543,327 $2,110,085 Net investment income after tax $184,149 $1,046,219 $2,251,717 Earnings (loss) per weighted average share3 $0.15 $0.15 $0.40 Net investment income per weighted average share3 $0.16 $0.29 $0.43 Annualized return on equity – net income1 4.0% 4.0% 10.7% Annualized return on equity – net investment income1 4.1% 7.7% 11.4% Asset Mix of New Originations Senior Secured 0%\* 2% 0%\* One Stop 97% 97% 97% Junior Debt4 0% 0% 0%\* Equity 3% 1% 3% \* Represents an amount less than 1% 1. Return on equity calculations are based on daily weighted average of total net assets during the period presented. 2. Investment income yield is calculated as (a) the actual amount earned on earning investments, including interest and fee income and accrued PIK/non-cash dividend income but excluding amortization of capitalized fees and discounts, divided by the (b) daily average of total earning investments at fair value. 3. Per share data is calculated based on the daily weighted average shares outstanding during the period presented. 4. Junior debt consists of second lien and subordinated debt.

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![](gbdc4q1fy2023earningspre004.jpg)

4 Quarterly Statements of Financial Condition As of June 30, 2022 September 30, 2022 December 31, 2022 (unaudited) (audited) (unaudited) Assets Investments, at fair value $52,404,020 $112,535,125 $166,693,746 Cash and foreign currencies 59,192,657 21,746,114 3,881,808 Other assets 276,232 748,129 1,106,386 Total Assets $111,872,909 $135,029,368 $171,681,940 Liabilities and Net Assets Debt $57,222,761 $64,882,849 $82,591,802 Deferred debt issuance costs — (523,253) (649,455) Interest payable 9,683 484,671 1,058,617 Distribution payable 179,197 127,652 763,632 Management and incentive fee payable — 106,257 184,888 Other liabilities 1,046,498 525,118 551,056 Total Liabilities 58,458,139 65,603,294 84,500,540 Total Net Assets 53,414,770 69,426,074 87,181,400 Total Liabilities and Net Assets $111,872,909 $135,029,368 $171,681,940 Net Asset Value per Share $15.00 $15.00 $15.00 Leverage Ratio 1.07x 0.94x 0.96x Asset coverage 193.3% 206.3% 204.2% Common shares outstanding 3,560,985 4,628,405 5,812,093

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![](gbdc4q1fy2023earningspre005.jpg)

5 Quarterly Operating Results Quarter Ended June 30, 2022 September 30, 2022 December 31, 2022 (unaudited) (unaudited) (unaudited) Investment Income Interest income $193,444 $1,965,291 $3,787,029 Dividend income — — 25,529 Fee income 388 9,530 9,992 Total Investment Income $193,832 $1,974,821 $3,822,550 Expenses Interest and other debt financing expenses $9,683 $528,249 $1,131,594 Base management fee, net of waiver1 — 106,257 184,888 Incentive fee, net of waiver — — — Incentive fee – capital gains — — — Other operating expenses 125,930 294,096 217,351 Other operating expenses reimbursement waiver2 (125,930) — — Total Expenses 9,683 928,602 1,533,833 Excise tax — — 37,000 Net Investment Income after Tax $184,149 $1,046,219 $2,251,717 Net Gain (Loss) on Investments and Foreign Currency Net realized gain (loss) on foreign currency transactions $0 ($69,392) $51,722 Net unrealized appreciation (depreciation) on investments and foreign currency transactions (4,952) (433,500) (193,354) Net gain (loss) on investments and foreign currency transactions (4,952) (502,892) (141,632) Net increase/(decrease) in net assets resulting from operations $179,197 $543,327 $2,110,085 Per Share Data3 Earnings/(loss) per weighted average share $0.15 $0.15 $0.40 Net investment income per weighted average share $0.16 $0.29 $0.43 Distributions declared per share4 $0.10 $0.16 $0.39 Weighted average common shares outstanding 1,188,013 3,621,035 5,230,642 1. For the quarter ended June 30, 2022, the base management fee incurred by the Company was $42,012 and the base management fee irrevocably waived by GC Advisors totaled $42,012, which included a one-time waiver of $15,277 of the base management fee in order to waive 100% of the base management fee calculated under the investment advisory agreement. 2. For the quarter ended June 30, 2022, GC Advisors and Golub Capital LLC waived reimbursement of $125,930 for any operating expenses and costs subject to reimbursement by the Company. 3. Except as otherwise noted, per share data is calculated based on the daily weighted average shares outstanding during the period presented. 4. Per share data are based on (i) the total distributions paid for each respective record date during the period presented divided by (ii) the total number of shares outstanding on each respective record date. Please see slide titled, "Common Stock and Distribution Information" included in this presentation for details on the distributions declared during the period.

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![](gbdc4q1fy2023earningspre006.jpg)

6 Common Stock and Distribution Information Distributions Paid and Payable Date Declared Record Date Earnings Period Shares Outstanding Payment Date Amount Per Share Total Amount May 6, 2022 May 6, 2022 April 2022 790,311.130 July 8, 2022 $0.0016 $1,279 May 6, 2022 May 20, 2022 May 2022 790,311.130 July 8, 2022 0.0267 21,078 May 6, 2022 June 24, 2022 June 2022 2,109,679.461 September 15, 2022 0.0743 156,840 Total for Quarter Ended June 30, 2022 $0.1026 $179,197 May 6, 2022 July 19, 2022 July 2022 3,561,658.364 September 15, 2022 $0.1167 $415,675 August 5, 2022 August 30, 2022 August 2022 3,561,658.364 November 23, 2022 0.0104 37,086 August 5, 2022 September 20, 2022 September 2022 3,573,803.940 November 23, 2022 0.0253 90,566 Total for Quarter Ended September 30, 2022 $0.1524 $543,327 August 5, 2022 October 18, 2022 October 2022 4,628,404.940 December 29, 2022 $0.1396 $646,322 November 18, 2022 November 21, 2022 November 2022 5,778,605.940 December 29, 2022 0.1212 700,131 November 18, 2022 December 15, 2022 December 2022 5,781,263.768 March 1, 2023 0.1321 763,632 Total for Quarter Ended December 31, 2022 $0.3929 $2,110,085 Distributions Declared Date Declared Record Date Earnings Period Shares Outstanding Payment Date Amount Per Share Total Amount November 18, 2022 January 17, 2023 January 20231 5,812,093.348 March 22, 2023 TBD TBD February 7, 2023 February 24, 2023 February 20232 TBD May 24, 2023 TBD TBD February 7, 2023 March 17, 2023 March 20233 TBD May 24, 2023 TBD TBD February 7, 2023 April 28, 2023 April 20234 TBD June 22, 2023 TBD TBD 1. On November 18, 2022 our board of directors declared a distribution in an amount (if positive) such that our net asset value as of January 31, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period January 1, 2023 through January 31, 2023 and the payment of this distribution is $15.00 per share. 2. On February 7, 2023, our board of directors declared a distribution in an amount (if positive) such that our net asset value as of February 28, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period February 1, 2023 through February 28, 2023 and the payment of this distribution is $15.00 per share. 3. On February 7, 2023, our board of directors declared a distribution in an amount (if positive) such that our net asset value as of March 31, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period March 1, 2023 through March 31, 2023 and the payment of this distribution is $15.00 per share. 4. On February 7, 2023, our board of directors declared a distribution in an amount (if positive) such that our net asset value as of April 30, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by us (if positive) as determined in accordance with GAAP for the period April 1, 2023 through April 30, 2023 and the payment of this distribution is $15.00 per share.

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