Golub Capital Direct Lending Corp. Files Q3 2025 10-Q

TL;DR

GBDC Q3 2025 10-Q is in. Financials look solid, check the investment portfolio.

AI Summary

Golub Capital Direct Lending Corp. (GBDC) filed its 10-Q for the period ending June 30, 2025. The filing details the company's financial performance and operations. Key financial data and operational highlights for the quarter and year-to-date periods are presented, reflecting the company's investment activities and financial position.

Why It Matters

This filing provides investors with a detailed look at Golub Capital Direct Lending Corp.'s financial health and operational performance for the third quarter of fiscal year 2025, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a direct lending corporation, GBDC is exposed to credit risk and market fluctuations inherent in its investment portfolio.

Key Numbers

• 20250630 — Reporting Period End (The end date for the financial reporting period covered by this 10-Q.)
• 20250814 — Filing Date (The date the 10-Q was officially filed with the SEC.)
• 2024-2025 — Fiscal Year (The company's fiscal year runs from October 1 to September 30.)

Key Players & Entities

• Golub Capital Direct Lending Corp. (company) — Filer
• 20250630 (date) — Reporting Period End Date
• 20250814 (date) — Filing Date
• 200 Park Avenue, 25th Floor (address) — Business and Mail Address
• New York (location) — City
• MD (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.001 — 36,412,542.288 shares of common stock, $0.001 par value, outstanding. 1 TABLE OF C

Filing Documents

• gbdc-20250630.htm (10-Q) — 12149KB
• gdlc-fy25q310xqexhibit311.htm (EX-31.1) — 8KB
• gdlc-fy25q310xqexhibit312.htm (EX-31.2) — 8KB
• gdlc-fy25q310xqexhibit321.htm (EX-32.1) — 8KB
• 0001868878-25-000036.txt ( ) — 33938KB
• gbdc-20250630.xsd (EX-101.SCH) — 68KB
• gbdc-20250630_cal.xml (EX-101.CAL) — 69KB
• gbdc-20250630_def.xml (EX-101.DEF) — 311KB
• gbdc-20250630_lab.xml (EX-101.LAB) — 693KB
• gbdc-20250630_pre.xml (EX-101.PRE) — 494KB
• gbdc-20250630_htm.xml (XML) — 9241KB

Financial Information

Part I. Financial Information

Financial Statements 3

Item 1. Financial Statements 3 Consolidated Statements of Financial Condition as of June 30, 2025 (unaudited) and September 30, 2024 3 Consolidated Statements of Operations for the three and nine months ended June 30, 2025 (unaudited) and 2024 (unaudited) 4 Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2025 (unaudited) and 2024 (unaudited) 5 Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 (unaudited) and 2024 (unaudited) 6 Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and September 30, 2024 8

Notes to Consolidated Financial Statements (unaudited) 51

Notes to Consolidated Financial Statements (unaudited) 51

Management's Discussion and Analysis of Financial Condition and Results of Operations 79

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 79

Quantitative and Qualitative Disclosures about Market Risk 100

Item 3. Quantitative and Qualitative Disclosures about Market Risk 100

Controls and Procedures 102

Item 4. Controls and Procedures 102

Other Information

Part II. Other Information

Legal Proceedings 102

Item 1. Legal Proceedings 102

Risk Factors 102

Item 1A. Risk Factors 102

Unregistered Sales of Equity Securities and Use of Proceeds 102

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 102

Defaults Upon Senior Securities 102

Item 3. Defaults Upon Senior Securities 102

Mine Safety Disclosures 102

Item 4. Mine Safety Disclosures 102

Other Information 102

Item 5. Other Information 102

Exhibits 103

Item 6. Exhibits 103 TABLE OF CONTENTS Golub Capital Direct Lending Corporation and Subsidiaries Consolidated Statements of Financial Condition (In thousands, except share and per share data) June 30, 2025 September 30, 2024 Assets (unaudited) Non-controlled/non-affiliate company investments at fair value (amortized cost of $ 813,779 and $ 683,085 , respectively) $ 825,734 $ 689,946 Cash and cash equivalents 6,010 10,147 Foreign currencies (cost of $ 1,545 and $ 1,410 , respectively) 1,906 1,423 Restricted cash and cash equivalents 22,513 8,545 Restricted foreign currencies (cost of $ 222 and $ 4 , respectively) 316 5 Interest receivable 6,796 8,191 Receivable for investments 465 1,225 Other assets 31 26 Total Assets $ 863,771 $ 719,508 Liabilities Debt $ 303,565 $ 244,053 Less unamortized debt issuance costs ( 2,409 ) ( 1,933 ) Debt less unamortized debt issuance costs 301,156 242,120 Interest payable 4,439 4,926 Distributions payable 7,499 7,018 Management and income incentive fees payable 3,301 2,909 Accrued trustee fees 41 55 Accounts payable and other liabilities 1,147 1,017 Total Liabilities 317,583 258,045 Commitments and Contingencies (Note 8) Net Assets Preferred stock, par value $ 0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2025 and September 30, 2024 — — Common stock, par value $ 0.001 per share, 200,000,000 shares authorized, 36,412,542.288 and 30,764,173.550 shares issued and outstanding as of June 30, 2025 and September 30, 2024, respectively 36 31 Paid in capital in excess of par 545,309 460,589 Distributable earnings (losses) 843 843 Total Net Assets 546,188 461,463 Total Liabilities and Total Net Assets $ 863,771 $ 719,508 Number of common shares outstanding 36,412,542.288 30,764,173.550 Net asset value per common share $ 15.00 $ 15.00 See Notes to Consolidated Financial Statements 3 TABLE OF CONTENTS Golub Capital Direct Lending Corporation

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View this 10-Q filing on SEC EDGAR