Grew Capital Under Management to $65+ Billion

Raised a Record $13.9 Billion of New Investment Firepower

Closed $13.7 Billion in Financing Commitments; Q4 Deal Volume was the Highest in 18 Months

Golub Capital marked the start of its 30^th anniversary year and reported key milestones achieved in 2023. The Firm raised a record $13.9 billion of new investment firepower and grew capital under management to over $65 billion, a new high.¹ The Firm also announced strong credit results and deal activity, closing $13.7 billion in financing commitments.

Founded in 1994, Golub Capital is a market-leading, award-winning direct lender and pioneer of the unitranche loan. Most recently, Golub Capital was named “Lender of the Decade” and “Senior Lender of the Decade”, Americas by Private Debt Investor in 2023.

“Golub Capital is purpose-built to be the best in sponsor finance,” said David Golub, President of Golub Capital. “Over the last 30 years, we have been steadfast in our commitment to building long-term, win-win partnerships and delivering compelling results for investors, sponsors, portfolio companies and the Golub Capital team. We look forward to continuing to raise the bar for excellence in private credit in 2024 and beyond.”

2023 Highlights, based on preliminary results²:

Scaling to Meet Investor Demand:

Golub Capital expanded its global footprint to serve clients across a broader range of investor segments, with a local presence in more geographies and with a wider suite of compelling products to meet their needs.

• In addition to record fundraising, Golub Capital was the #1 issuer of U.S. middle market CLOs and the #1 issuer of new CLOs in the United States overall.³
• Bolstered client service capabilities in Europe, Asia and Latin America with senior hires to support the Firm’s growing institutional and private wealth investor base. Opened new offices in Seoul and Hong Kong.
• Launched Golub Capital Private Credit Fund (“GCRED”), providing private wealth investors with greater access to the Firm’s private credit expertise. GCRED had investments with a total fair value of $1.3 billion as of November 30, 2023.
• Delivered strong credit performance, with zero new payment defaults in the 12 months ended December 31, 2023, continuing an 18-year track record of average annual default rates meaningfully below the broadly syndicated loan index.⁴
• Golub Capital BDC, Inc. (“GBDC”) reported record quarterly Adjusted Net Investment Income per share and distributions per share. GBDC increased its base dividend by over 12%, declared a new quarterly variable supplemental dividend and permanently reduced its base management fee to an industry-leading level.⁵
• Provided a lead investment in Ruby Reinsurance Company, marking the Firm’s inaugural insurance capital transaction.

Delivering Solutions for Sponsors:

Golub Capital was a reliable partner amid market uncertainty and an overall slowdown in M&A. The Firm closed $13.7 billion in financing commitments to support existing portfolio companies and new originations. Transactions ranged in size from below $20 million to over $3 billion.

Select Deal Highlights:

• Software & Technology: Led a new $3.4 billion unitranche facility for Hyland Software to refinance existing broadly syndicated debt. Acted as Administrative Agent on the financing supporting TPG Capital’s acquisition of NexTech.
• Diversified Industries: Acted as Administrative Agent and Sole Lender on a new unitranche facility for Virginia Green, supporting Golden Gate Capital’s acquisition. Led a $700 million incremental financing for Risk Strategies, completing our 13^th transaction with the company and expanding the total unitranche facility to $4.5 billion with over 45 lenders.
• Consumer, Restaurant & Retail: Acted as Administrative Agent on a new unitranche facility for Bazooka Candy Brands. Led our fourth transaction, a dividend recapitalization, for Tropical Smoothie Cafe.
• Healthcare: Led the syndication of incremental financings for Southern Veterinary Partners to support the company’s acquisition strategy. Acted as Joint Lead Arranger on a new unitranche facility for Simtra BioPharma Solutions to support Warburg Pincus and Advent International’s acquisition from Baxter International.
• Europe: Closed $1.8 billion in deals. Acted as Lead Arranger on a unitranche facility for Civica Group. Acted as Lead Arranger on a unitranche facility to support GTCR’s acquisition of Once for All. Provided financing to insurance company PIB Group to support its acquisition strategy.

About Golub Capital

Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Our sponsor finance expertise also forms the foundation of our Broadly Syndicated Loan and Credit Opportunities investment programs. We nurture long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.

As of January 1, 2024, Golub Capital had over 875 employees and over $65 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in New York, Chicago, Miami, San Francisco and London. For more information, please visit golubcapital.com.

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1</sup> Investment firepower reflects equity capital raised by product, multiplied by a product-specific target leverage factor. “Capital under management” is a gross measure of invested capital including leverage as of January 1, 2024.

² Preliminary results are good faith estimates based on available data as of January 5, 2024. Actual data may differ materially from final closing numbers.

³ Source: Pitchbook’s Leveraged Commentary & Data (Pitchbook LCD). Data as of December 31, 2023.

⁴ Reflects the Payment Default Rate and Default Rate of all first lien middle market leveraged loans managed by Golub Capital from 2004–Q4 2023. It does not represent the performance of any specific portfolio or fund managed by Golub Capital or its affiliates. Past performance does not guarantee future results. A loan is classified as a Payment Default if there is an uncured payment default with respect to principal or interest. The Payment Default Rate is defined as (a) the aggregate principal amount of first lien middle market leveraged loans on a cost basis that are classified as Payment Defaults during the calendar year divided by (b) the aggregate principal amount of first lien middle market leveraged loans outstanding at the end of the period. In addition to Payment Defaults, we believe certain transactions such as restructurings or deferrals of cash interest could also be classified as Defaults. We believe our Default definition most closely aligns with the Morningstar LSTA US Leveraged Loan Index definition of defaults. A loan is classified as a Default if it falls within one of the three scenarios: (a) there is an uncured payment default with respect to principal or interest or (b) if the loan has been restructured with a full or partial debt-for-equity exchange. Additionally, effective January 1, 2018, a Default also is deemed to have occurred if a loan is amended such that (i) cash interest is reduced to a rate less than LIBOR + 1% or SOFR + 1% for at least two consecutive quarters and (ii) the loan had an Internal Performance Rating of 1 or 2. The Default Rate is defined as (a) the aggregate principal amount of first lien middle market leveraged loans on a cost basis that are classified as Defaults during the calendar year divided by (b) the aggregate principal amount of first lien middle market leveraged loans outstanding at the end of the period. The default rate of the broadly syndicated leveraged loan market is based on the Morningstar LSTA US Leveraged Loan Index, measured by principal amount. The Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. broadly syndicated loan market based upon market weightings, spreads and interest payments.

⁵ Source: SEC filings. Please refer to golubcapitalbdc.com for additional information.

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