Question 1

What is Golub Capital's management and income incentive fees payable?

Accepted Answer

Golub Capital (GBDC) reported management and income incentive fees payable of $36.53M in Q1 2026.

Question 2

How has Golub Capital's management and income incentive fees payable changed year-over-year?

Accepted Answer

Golub Capital's management and income incentive fees payable decreased by 10.6% year-over-year, from $40.87M to $36.53M.

Question 3

What is the long-term trend for Golub Capital's management and income incentive fees payable?

Accepted Answer

Over 4 years (2021 to 2025), Golub Capital's management and income incentive fees payable has grown at a 35.2% compound annual growth rate (CAGR), from $12.25M to $40.88M.

Question 4

What does management and income incentive fees payable mean?

Accepted Answer

This liability represents the accrued fees owed to the external investment manager for services rendered, including base management fees and performance-based incentive fees. It reflects the cost of external management and the company's obligation to share investment success with the manager. Investors monitor this to understand the impact of management compensation on the company's net income.

Line item	March 31, 2026	September 30, 2025
Debt less unamortized debt issuance costs	4,702,478	4,900,773
Net unrealized depreciation on derivatives	—	5,023
Interest payable	33,891	38,254
Management and income incentive fees payable	36,533	40,884
Accrued trustee fees	646	1,039
Accounts payable and other liabilities	8,029	9,759
Total Liabilities	4,781,577	4,995,732
Commitments and Contingencies (Note 8)

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Golub Capital GBDC Management and income incentive fees payable