# EDGAR Filing Document

**Accession Number:** 0001901612
**File Stem:** 0001901612-25-000043
**Filing Date:** 2025-8
**Character Count:** 35260
**Document Hash:** 045a01e6aae9c17e7515fa9cdb418ef2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001901612-25-000043.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001901612-25-000043

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250807

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Golub Capital BDC 4, Inc.
- **CENTRAL INDEX KEY:** 0001901612

**ORGANIZATION NAME:**
- **EIN:** 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:** 251193700

**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

?xml version='1.0' encoding='ASCII'? gbdc4-20250807

    

**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): August 7, 2025**

    

**<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>**

**<u>____ ____</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))

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.** | **Results of Operations and Financial Condition.** |

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On August 7, 2025, in connection with the release of its financial results for its third fiscal quarter ended June 30, 2025, Golub Capital BDC 4, Inc. is providing an earnings presentation to its shareholders of record as of June 30, 2025. 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.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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| |
|:---|
| (d) *Exhibits*. |
| <u>[99.1](gbdc4q3fy2025epfinal.htm)</u> Golub Capital Direct BDC 4, Inc. Third Quarter 2025 Earnings Presentation |
| 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**<br>

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: August 7, 2025 | 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

![](gbdc4q3fy2025epfinal001.jpg)

Confidential \| for discussion purposes only GOLUB CAPITAL BDC 4, INC. EARNINGS PRESENTATION QUARTER ENDED JUNE 30, 2025

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![](gbdc4q3fy2025epfinal002.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 make directly to you or through reports that we have filed or in the future 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 respective objectives due to disruptions, including those caused by global health pandemics or other large scale events; the effect of investments that we expect to make and the competition for those investments; completion of a public offering of our securities or other liquidity event; 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 use of borrowed money 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; elevating levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest; 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 or other large scale events; turmoil in Ukraine, Russia and the Middle East, including sanctions related to such turmoil, and the potential for volatility in energy prices and other supply chain issues and any impact on the industries in which we invest; 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 markets; 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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3 Summary of Quarterly Results – GBDC 4 generated an annualized net income return on equity1 of 10.8% during the quarter ended June 30, 2025. – GBDC 4 has achieved an inception-to-date IRR2 on NAV of 14.6% through June 30, 2025. – For the quarter ended June 30, 2025, we made new investment commitments of $269.7 million and the fair value of investments as of June 30, 2025 was $1,895.5 million. Overall, total investments in portfolio companies at fair value increased by $252.1 million or 15.3%. – The annualized investment income yield3 for the three months ended June 30, 2025 was 10.4%, a decrease from 10.6% for the three months ended March 31, 2025. – Strong credit performance; over 99% of the investments in our portfolio at fair value continue to have an Internal Performance Rating of 4 or higher as of June 30, 2025 and there were no portfolio company investments on non-accrual. 1. Return on equity calculations are based on daily weighted average of total net assets during the period presented. 2. Internal rate of return ("IRR") on net asset value ("NAV") is calculated at the fund level using beginning of period NAV, capital share issuances during the period, distributions paid or payable during the period, and ending period NAV. Period beginning April 1, 2022 and ending June 30, 2025. The first investment in GBDC 4 took place on April 1, 2022. These returns do not represent an actual return to any investor in the Company. 3. Investment income yield is calculated as (a) the actual amount earned on earning investments, including interest and fee income, interest earned on cash, amortization of capitalized fees and discounts and accrued PIK/non-cash dividend income, divided by (b) the daily average of total earning investments at fair value.

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![](gbdc4q3fy2025epfinal004.jpg)

4 Financial Highlights (Dollar amounts in 000s, except per share data) Quarter Ended Selected Financial Highlights June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net income (loss) $18,096 $21,274 $20,292 $22,263 $23,616 Net investment income 13,003 19,138 18,182 21,039 23,121 Net realized/unrealized gain (loss) 5,093 2,136 2,110 1,224 495 Distributions declared 18,096 21,274 20,292 22,263 23,616 Quarter Ended Per Share1 and Return on Equity2 Statistics June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Earnings (loss) per weighted average share $0.63 $0.54 $0.46 $0.43 $0.40 Net investment income per weighted average share 0.45 0.48 0.41 0.41 0.39 Accrual (reversal) for capital gain incentive fee per weighted average share 0.04 (0.01) 0.01 0.00\* (0.00)\* Net investment income before accrual (reversal) for capital gain incentive fee (net) per weighted average share3 0.49 0.47 0.42 0.41 0.39 Net realized/unrealized gain (loss) per weighted average share 0.18 0.06 0.05 0.02 0.01 Annualized return on equity – net income4 16.9% 14.3% 12.2% 11.8% 10.8% Quarterly return on equity – net income5 4.2% 3.6% 3.1% 3.0% 2.7% Net asset value $15.00 $15.00 $15.00 $15.00 $15.00 1. Per share returns are calculated based on the daily weighted average shares outstanding during the period presented. 2. The quarterly return on equity is calculated as the annualized return on average equity divided by four. Return on equity calculations are based on the daily weighted average of total net assets during the period presented. 3. As a supplement to U.S. generally accepted accounting principles ("GAAP") financial measures, the Company has provided this non-GAAP financial measure. The Company believes that this non-GAAP financial measure is useful as it excludes the accrual of the capital gain incentive fee which is not contractually payable under the terms of the Company's Investment Advisory Agreement. The capital gain incentive fee payable for the period ended June 30, 2025, as calculated under the Investment Advisory Agreement is $0. However, in accordance with GAAP, the Company is required to include aggregate unrealized appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. Although this non-GAAP financial measure is intended to enhance investors' understanding of the Company's business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. 4. Return on equity calculations are based on daily weighted average of total net assets during the period presented. 5. Quarterly return on equity is calculated as the annualized return on average equity divided by four. Return on equity calculations are based on the daily weighted average of total net assets during the period presented. \* Represents an amount less than $0.01

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5 Portfolio Highlights - New Originations Quarter Ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Select Portfolio Funds Roll Data (in millions) New Investment Commitments $418.2 $208.2 $261.4 $136.6 $269.7 Exits and Sales of Investments 3.1 29.5 6.5 45.0 30.2 Net Funds Growth1 309.2 180.6 221.7 110.7 252.1 Asset Mix of New Investments Senior Secured 0 %\* 1% 3% 4% 6% One Stop 97% 97% 96% 94% 90% Junior Debt2 2% 0%\* 0% 0% 1% Equity and Other Investments 1% 2% 1% 2% 3% Portfolio Rotation - Debt Investments Weighted average rate on new investments3 10.6% 9.9% 9.3% 9.9% 9.0% Weighted average spread over the applicable base rate of new floating rate investments4 5.4% 5.2% 5.0% 5.6% 4.9% Weighted average interest rate on investments that paid-off 11.4% 11.2% 10.4% 9.7% 9.3% Weighted average fees on new investments 0.8% 0.9% 0.9% 0.9% 0.6% \* Represents an amount less than 1% 1. Net funds growth includes the impact of new investments and exits of investments as noted in the table above, as well as other variables such as net funding on revolvers, net change in unamortized fees, net change in unrealized appreciation (depreciation), etc. 2. Junior Debt is comprised of subordinated debt and second lien loans. 3. Weighted average interest rate on new loan investments is based on the contractual interest rate at the time of funding. For variable rate loans that have a Secured Overnight Financing Rate ("SOFR"), Prime or an applicable foreign base rate for loans denominated in foreign currency, the contractual rate is calculated using the current applicable base rate, the spread over the applicable base rate and the impact of any floor. For positions that have a SOFR and Prime rate option, the contractual rate is calculated using current SOFR at the time of funding, the spread over SOFR and the impact of any SOFR floor. For fixed rate loans, the contract rate is the stated fixed rate. 4. Weighted average spread over the applicable base rate of new floating rate loan investments is based on the contractual interest rate spread at the time of funding. Applicable base rates include SOFR, Prime and applicable foreign base rates for loans denominated in foreign currency. For variable rate loans that have a SOFR and Prime rate option, the SOFR spread was used in the calculation. For variable rate loans that only have a Prime rate option, the Prime spread was used. – Total investments at fair value increased by approximately 15.3%, or $252.1 million, during the three months ended June 30, 2025. – Total investments in portfolio companies at fair value was $1.9 billion at June 30, 2025.

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![](gbdc4q3fy2025epfinal006.jpg)

6 $15.00 $0.39 ($0.39) $0.00\* $0.01 ($0.01) $15.00 March 31, 2025 NAV Net Investment Income Dividends Recorded in June 30, 2025 Quarter Net Realized Gain (Loss) on Investments and Foreign Currency Transactions Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions Other² June 30, 2025 NAV NAV Per Share Bridge GBDC 4 Generated Strong NII and Net Gains, Resulting in 10.8% Annualized Return to Shareholders1 Net Realized & Unrealized Gain: $0.01 1. Return on equity calculations are based on daily weighted average of total net assets during the period presented. 2. Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date. \* Represents an amount less than $0.01

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![](gbdc4q3fy2025epfinal007.jpg)

7 Portfolio Highlights - Portfolio Diversity as of June 30, 2025 Portfolio Composition by Seniority 2% 1% 94% 3% 1. Junior Debt is comprised of second lien and subordinated debt. 2. The percentage of fixed rate and floating rate loans is calculated using total debt investments at fair value and excludes equity investments. 3. Based on S&P 2018 industry code. The largest industries represented as a percentage of the portfolio at fair value are labeled. All other industry segments are each below 3%. Investment Portfolio $1,895MM \| 190 Portfolio Companies \| Average Size 0.5% First Lien Traditional Senior First Lien One Stop Junior Debt1 Equity 97% First Lien Diversification by Portfolio Company Top 10 Portfolio Companies 16% Top 25 Portfolio Companies 35% Remaining 165 Portfolio Companies 65% Avg. Size 0.5% Portfolio Composition by Interest Rate Type on Loans2 Diversification by Industry3 Floating, 99% Fixed, 1% Software 28% Diversified Consumer Services 7% Specialty Retail 7% Insurance 6% Healthcare Technology 6% Hotels, Restaurants & Leisure 5% Automobiles 5% Healthcare Providers & Services 5% Commercial Services & Supplies 4% 27 industries below 3%

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8 1. Investment income yield is calculated as (a) the actual amount earned on earning investments, including interest and fee income, interest earned on cash, amortization of capitalized fees and discounts and accrued PIK/non-cash dividend income, divided by (b) the daily average of total earning investments at fair value. 2. Income yield is calculated as (a) the actual amount earned on earning investments, including interest and fee income, interest earned on cash and accrued PIK/non-cash dividend income, but excluding amortization of capitalized fees and discounts, divided by (b) the daily average of total earning investments at fair value. 3. The weighted average net investment spread is calculated as (a) the investment income yield less (b) the weighted average cost of debt. 4. The weighted average cost of debt is calculated as (a) the actual amount of expenses incurred on debt obligations divided by (b) the daily average of total debt obligations. 12.8% 12.8% 12.5% 12.2% 12.0% 10.9% 10.6% 10.4% 12.5% 12.5% 12.2% 11.8% 11.6% 10.6% 10.2% 10.1% 5.1% 4.6% 4.3% 4.0% 3.8% 3.2% 3.6% 3.5% 7.7% 8.2% 8.2% 8.2% 8.2% 7.7% 7.0% 6.9% 5.4% 5.3% 5.3% 5.3% 4.6% 4.3% 4.3% 4.3% Investment income yield¹ Income yield² Weighted average net investment spread³ Weighted average cost of debt⁴ 3-Month Secured Overnight Financing Rate ("SOFR") September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% Portfolio Highlights - Economic Analysis

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9 Portfolio Highlights - Portfolio Ratings – Over 99% of the investments in our portfolio at fair value have an Internal Performance Rating of 4 or higher as of June 30, 2025, and there were no portfolio company investments on non-accrual. Internal Performance Ratings (% of Portfolio at Fair Value) At Fiscal Year End At Quarter End Rating 2022 2023 2024 March 31, 2025 June 30, 2025 5 2.7% 0.0% 0.1% 3.8% 4.2% 4 97.3% 99.8% 99.4% 95.8% 95.3% 3 0.0% 0.2% 0.5% 0.4% 0.5% 2 0.0% 0.0% 0.0% 0.0%\* 0.0%\* 1 0.0% 0.0% 0.0% 0.0% 0.0% Grand Total 100.0% 100.0% 100.0% 100.0% 100.0% Internal Performance Ratings Definition Rating Definition 5 Borrower is performing above expectations and the trends and risk factors are generally favorable 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Borrower could be out of compliance with debt covenants; however, loan payments are generally not past due 2 Borrower is performing materially below expectations and the loan's risk has increased materially since origination 1 Borrower is performing substantially below expectations and the loan's risk has substantially increased since origination \* Represents an amount less than 0.1%

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10 Quarterly Statements of Financial Condition As of (Dollar amounts in 000s, except share and per share data) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 (unaudited) (audited) (unaudited) (unaudited) (unaudited) Assets Investments, at fair value $1,130,448 $1,311,001 $1,532,666 $1,643,383 $1,895,482 Cash, cash equivalents and foreign currencies 16,441 9,194 12,220 10,835 21,185 Restricted cash, cash equivalents and foreign currencies 37,239 25,653 27,592 31,711 281,692 Other assets 16,954 21,836 15,615 12,717 19,203 Total Assets $1,201,082 $1,367,684 $1,588,093 $1,698,646 $2,217,562 Liabilities and Net Assets Debt $658,445 $691,985 $804,428 $835,504 $1,195,554 Unamortized debt issuance costs (2,809) (7,871) (6,951) (7,131) (9,322) Interest payable 10,568 12,293 14,370 11,897 10,484 Distributions payable 14,380 15,502 14,798 15,832 16,648 Management and income incentive fees payable 2,779 3,642 3,866 4,322 4,763 Other liabilities1 10,257 1,931 2,331 2,676 3,468 Total Liabilities 693,620 717,482 832,842 863,100 1,221,595 Total Net Assets 507,462 650,202 755,251 835,546 995,967 Total Liabilities and Net Assets 1,201,082 1,367,684 1,588,093 1,698,646 2,217,562 Net Asset Value per Share $15.00 $15.00 $15.00 $15.00 $15.00 GAAP Leverage 1.32x 1.08x 1.08x 1.01x 1.21x GAAP debt-to-equity, net2 1.27 x 1.05 x 1.05 x 0.99 x 1.18 x Asset coverage 175.9% 192.3 % 192.2 % 198.6 % 182.6 % Common shares outstanding 33,830,794 43,346,830 50,350,055 55,703,116 66,397,771 1. As of June 30, 2024, Other liabilities includes $8.2 million of capital call proceeds received in advance. 2. GAAP debt-to-equity, net is calculated as (a) total debt, including other short-term borrowings, reduced by (i) cash, (ii) cash equivalents and foreign currencies and (iii) restricted cash held for partial repayment on notes of certain of our securitization vehicles past their reinvestment period term (if any) divided by (b) total net assets.

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11 Quarterly Operating Results Quarter Ended (Dollar amounts in 000s, except share and per share data) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $28,315 $36,359 $37,797 $40,964 $44,660 Dividend income 45 61 161 114 181 Fee income 118 173 114 136 278 Total Investment Income $28,478 $36,593 $38,072 $41,214 $45,119 Expenses Interest and other debt financing expenses $10,942 $13,450 $14,808 $14,797 $16,383 Base management fee, net of waiver 1,204 1,548 1,811 1,975 2,213 Incentive fee, net of waiver 1,575 2,094 2,056 2,348 2,550 Incentive fee – capital gains 1,178 (298) 316 90 (165) Other operating expenses 576 661 899 965 1,017 Total Expenses 15,475 17,455 19,890 20,175 21,998 Excise tax — — — — — Net Investment Income after tax $13,003 $19,138 $18,182 $21,039 $23,121 Net Gain (Loss) on Investments and Foreign Currency Net realized gain (loss) on investments and foreign currency transactions ($51) $210 $136 $145 ($214) Net unrealized appreciation (depreciation) on investments and foreign currency transactions 5,144 1,926 1,974 1,079 709 Net gain (loss) on investments and foreign currency transactions 5,093 2,136 2,110 1,224 495 Net increase/(decrease) in net assets resulting from operations $18,096 $21,274 $20,292 $22,263 $23,616 Per Share Data1 Earnings/(loss) per weighted average share $0.63 $0.54 $0.46 $0.43 $0.40 Net investment income per weighted average share $0.45 $0.48 $0.41 $0.41 $0.39 Distributions declared per share2 $0.63 $0.51 $0.47 $0.44 $0.39 Weighted average common shares outstanding 28,881,498 39,644,223 44,111,474 51,286,041 58,534,461 1. Except as otherwise noted, per share data is calculated based on the daily weighted average shares outstanding during the period presented. 2. 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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12 Quarterly Return on Equity Since Inception\* \* Quarterly return on equity is calculated as the annualized return on average equity divided by four. Return on equity calculations are based on the daily weighted average of total net assets during the period presented. 1. The 14.6% IRR on NAV is calculated at the fund level using beginning of period NAV, capital share issuances during the period, distributions paid or payable during the period, and ending period NAV. Period beginning April 1, 2022 and ending June 30, 2025. The first investment in GBDC 4 took place on April 1, 2022. These returns do not represent an actual return to any investor in the Company. 1.0% 1.0% 2.7% 4.7% 4.4% 4.4% 4.1% 5.7% 4.2% 3.6% 3.1% 3.0% 2.7% Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Investors in GBDC 4 have achieved a 14.6% IRR on NAV1 Avg. 3.4%

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13 Liquidity and Capital Subscriptions Cash and Cash Equivalents – Unrestricted cash and cash equivalents and foreign currencies totaled $21.2 million as of June 30, 2025. – Restricted cash and cash equivalents totaled $281.7 million as of June 30, 2025. Restricted cash is held in our securitization vehicles and certain of our revolving credit facilities and is reserved for quarterly interest payments and is also available for new investments that qualify for reinvestment by these entities. Capital Subscriptions – As of June 30, 2025, we had total investor capital subscriptions of $1,523.6 million and contributed capital of $968.7 million (63.6% called capital ratio). – During the quarter ended June 30, 2025, we issued two capital calls for proceeds totaling $155.8 million. Debt Facilities – Availability – Deutsche Bank Credit Facility - As of June 30, 2025, subject to leverage and borrowing base restrictions, we had $98.9 million of remaining commitments and $42.0 million of availability on this $300.0 million revolving credit facility. On June 13, 2025, we amended the facility to reduce the applicable margin to 1.75% from 2.35%. – BNP Credit Facility - As of June 30, 2025, subject to leverage and borrowing base restrictions, we had $599.1 million of remaining commitments and $149.0 million of availability on this $750.0 million revolving credit facility. – GC Advisors Revolver - As of June 30, 2025, we had $55.7 million of remaining commitments and availability on our $100.0 million unsecured line of credit with GC Advisors. – On June 30, 2025, all amounts outstanding under our credit facility with PNC were repaid, following which the agreements governing our credit facility with PNC were terminated. 2025 Debt Securitization – On June 20, 2025, we issued $799.3 million in notes which bear interest at a rate of 3 Month SOFR + 1.68% through our initial debt securitization. The reinvestment period for the new term debt securitization ends June 20, 2029 and the notes mature on July 30, 2037. Key Funding Vehicles1 Funding Source Debt Commitment Outstanding Par Undrawn Commitment Reinvestment Period Stated Maturity Interest Rate2 2025 Debt Securitization 799,250 799,250 — June 20, 2029 July 20, 2037 3 Month SOFR + 1.68% Deutsche Bank Credit Facility 300,000 201,077 98,923 March 28, 2027 March 28, 2030 3 Month SOFR + 1.75% BNP Credit Facility 750,000 150,927 599,073 August 15, 2027 August 15, 2030 3 Month SOFR + 2.10% GC Advisors Revolver 100,000 44,300 55,700 N/A March 26, 2028 Applicable Federal Rate 1. Information is presented as of June 30, 2025. 2. Interest rate for securitizations represents the weighted average spread over 3-month Secured Overnight Financing Rate ("SOFR") for the various tranches of issued notes, excluding tranches retained by the Company. For bank facilities, the interest rate represents the interest rate as stated in the applicable credit agreement.

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14 Common Stock and Distribution Information Distributions Paid and Payable (Dollar amounts in 000s, except share and per share data) Date Declared Record Date Earnings Period Shares Outstanding Payment Date Amount Per Share Total Amount February 2, 2024 April 19, 2024 April 2024 27,476,502.077 June 18, 2024 $0.1353 $3,716 May 3, 2024 May 27, 2024 May 2024 27,674,383.230 August 21, 2024 0.3066 8,486 May 3, 2024 June 21, 2024 June 2024 30,776,321.652 August 21, 2024 0.1915 5,894 Total for Quarter Ended June 30, 2024 $0.6334 $18,096 May 3, 2024 July 19, 2024 July 2024 36,885,266.850 September 18, 2024 $0.1565 $5,772 August 2, 2024 August 27, 2024 August 2024 43,271,387.075 November 19, 2024 0.1678 7,262 August 2, 2024 September 17, 2024 September 2024 43,271,387.075 November 19, 2024 0.1904 8,240 Total for Quarter Ended September 30, 2024 $0.5147 $21,274 August 2, 2024 October 15, 2024 October 2024 43,346,830.170 December 18, 2024 $0.1267 $5,494 November 14, 2024 November 15, 2024 November 2024 43,346,830.170 January 8, 2025 0.1488 6,449 November 14, 2024 December 13, 2024 December 2024 43,551,339.102 February 18, 2025 0.1917 8,349 Total for Quarter Ended December 31, 2024 $0.4672 $20,292 November 14, 2024 January 17, 2025 January 2025 50,938,518.774 March 18, 2025 $0.1262 $6,431 February 3, 2025 February 26, 2025 February 2025 51,051,506.453 May 21, 2025 0.1614 8,239 February 3, 2025 March 17, 2025 March 2025 51,051,506.453 May 21, 2025 0.1487 7,593 Total for Quarter Ended March 31, 2025 $0.4363 $22,263 February 3, 2025 April 18, 2025 April 2025 57,232,221.572 June 17, 2025 $0.1217 $6,968 May 2, 2025 May 26, 2025 May 2025 57,446,759.391 August 20, 2025 0.1348 7,742 May 2, 2025 June 20, 2025 June 2025 66,397,771.207 August 20, 2025 0.1341 8,906 Total for Quarter Ended June 30, 2025 $0.3906 $23,616

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15 Common Stock and Distribution Information (cont'd) Distributions Declared (Dollar amounts in 000s, except share and per share data) Date Declared Record Date Earnings Period Shares Outstanding Payment Date Amount Per Share Total Amount May 2, 2025 July 18, 2025 July 20251 66,397,771.207 September 17, 2025 TBD TBD August 1, 2025 August 26, 2025 August 20252 TBD November 20, 2025 TBD TBD August 1, 2025 September 15, 2025 September 20253 TBD November 20, 2025 TBD TBD August 1, 2025 October 15, 2025 October 20254 TBD December 17, 2025 TBD TBD 1. On May 2, 2025, our board of directors declared a distribution in an amount (if positive) such that our net asset value as of July 31, 2025 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 July 1, 2025 through July 31, 2025 and the payment of this distribution is $15.00 per share. 2. On August 1, 2025, our board of directors declared a distribution in an amount (if positive) such that our net asset value as of August 31, 2025 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 August 1, 2025 through August 31, 2025 and the payment of this distribution is $15.00 per share. 3. On August 1, 2025, our board of directors declared a distribution in an amount (if positive) such that our net asset value as of September 30, 2025 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 September 1, 2025 through September 30, 2025 and the payment of this distribution is $15.00 per share. 4. On August 1, 2025, our board of directors declared a distribution in an amount (if positive) such that our net asset value as of October 31, 2025 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 October 1, 2025 through October 31, 2025 and the payment of this distribution is $15.00 per share.

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