Press Release - Golub Capital

Private equity-backed middle market companies demonstrated continued resilience, with solid growth in revenue and earnings year-over-year.

The Golub Capital Altman Index can provide early insight into financial performance of public companies in advance of earnings season.

NEW YORK, October 13, 2026 – Middle market private companies in the Golub Capital Altman Index grew earnings by 6.9% year-over-year in the first two months of the third quarter of 2026. Revenue grew by 3.5% year-over-year during the same period.

Lawrence E. Golub, Co-CEO of Golub Capital, said, “Our data suggests that the U.S. economy continues to show resilient growth despite higher oil prices, rising interest rates and ongoing uncertainty related to the Iran conflict. Notably, median EBITDA growth outpaced median revenue growth by several percentage points for the first time since Q2 2025. Our sample of mission-critical enterprise software companies posted EBITDA growth well in excess of revenue growth, demonstrating a focus on profitability and margin discipline in this challenging environment. Overall, the resilience and adaptability of the U.S. economy continues to exceed expectations.”

Dr. Edward I. Altman said, “The solid operating performance of Consumer companies in our sample is notable given the pressure household budgets have faced from higher energy prices. Although consumer sentiment has been weak and consumers in some income segments have been facing affordability headwinds, those pressures have not translated into a pullback in consumer spending in the broader economy or into weaker performance within our sample of Consumer companies. We believe this highlights the importance of distinguishing carefully between measures of economic sentiment and measures of economic activity.”

The Golub Capital Altman Index (“GCAI”), which is produced by Golub Capital in collaboration with credit expert Dr. Edward I. Altman, is the first and longest-running index based on actual revenue and earnings (defined as earnings before interest, taxes, depreciation and amortization, or “EBITDA”) for middle market companies. It measures the median revenue and earnings growth of approximately 110–150 private U.S. companies in the loan portfolio of Golub Capital, a leading middle market lender.

The size and diversity of the Golub Capital loan portfolio ensure that the confidentiality of all company-specific information used in the index is maintained in both the aggregate and industry segment data.

We believe the results (1) are representative of the general performance of middle market companies, which are a major contributor to U.S. private sector employment; (2) are relevant to the aggregate economic performance of the U.S. economy; and (3) provide timely information for the investment community.

Effective January 1, 2026, Golub Capital enhanced its data collection capabilities, providing for more comprehensive data from an expanded sample of GCAI constituents. We believe our enhanced data collection capabilities increase data quality and strengthen the analytical rigor of future reports. Backtesting has confirmed historical comparability. The companies in the GCAI operate in a wide range of industries. Results are provided for the total universe of GCAI constituents and by certain industry segments.

About the Golub Capital Middle Market Report
The Golub Capital Middle Market Report analyzes the results of the Golub Capital Altman Index (“GCAI”), which measures the median revenue and earnings growth of approximately 110–150 privately owned companies in the Golub Capital loan portfolio for the first two months of each calendar quarter. The GCAI is produced by Golub Capital in collaboration with credit expert Dr. Edward I. Altman. The data referenced herein may not reflect all companies in the loan portfolio of Golub Capital during the time periods indicated.

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

As of October 1, 2026, Golub Capital had over 1,100 employees and over $95 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com.

About Dr. Edward I. Altman
A leading expert on credit markets, Dr. Edward I. Altman is the Max L. Heine Professor of Finance, Emeritus at the NYU Stern School of Business, and Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. He is currently an advisor to several foreign central banks. Professor Altman has published or edited two dozen books and over 150 articles in scholarly finance, accounting and economic journals. He has been inducted into the Fixed Income Analysts Society Hall of Fame, served as President of the Financial Management Association, was an FMA Fellow, and was amongst the inaugural inductees into the Turnaround Management Association Hall of Fame. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles.

Important Disclosure
The Golub Capital Altman Index is provided as an indicator only and does not constitute investment advice or the offer to sell or a solicitation to buy any security. Some of these statements constitute forward-looking statements, which may be predictions about future events, future performance, or future financial conditions. Some of these statements reflect opinions based upon the data presented in the Index, and these opinions may be incorrect. Actual results could vary materially from those implied or expressed in such forward-looking statements for any reason. The Golub Capital Altman Index has been created on the basis of information provided by third-party sources that are believed to be reliable, but the information has not been verified independently by Golub Capital. Golub Capital makes no warranty or representation as to the accuracy or completeness of such third-party information.

$90+ billion private credit manager makes strategic investment in F2 and expands collaboration to advance AI-powered institutional credit workflows

NEW YORK, September 28, 2026: F2, the agentic operating system for global credit, today announced a strategic partnership with Golub Capital, a market-leading private credit manager with more than $90 billion of capital under management as of July 1, 2026.

As part of the partnership, Golub Capital will invest $5 million in F2 and deploy F2 technology and AI capabilities to augment the firm’s well-established investment processes. The partnership is designed to enable the firm to apply AI across its investment workflows and to leverage its institutional knowledge and proprietary data.

“Our goal with AI is to enhance the agility, rigor and scalability of our processes while continuing to underwrite and manage risk with the same discipline that has long defined our approach,” said David Golub, Co-Chief Executive Officer of Golub Capital. “Our partnership with F2 will enable us to embed our firm’s proprietary knowledge, accumulated experience and investment judgment into the systems that support how we invest and operate. We partnered with F2 because it recognizes that our proprietary knowledge is our most durable competitive advantage and should remain under our control, even as the underlying models evolve. F2’s model-agnostic architecture gives us that flexibility while helping translate those advantages into better, faster and more consistent decision-making at scale.”

The partnership will also establish the Global Credit AI Council, an invitation-only forum for senior executives from a small number of private markets institutions, with David Golub serving as inaugural Chair. The Council will provide a venue to discuss emerging applications of AI, share perspectives on industry adoption and exchange insights on how institutions can responsibly integrate the technology into investment and operating processes. The Council is expected to announce its founding members in the coming months.

“Global credit runs on proprietary data and institutional knowledge. AI should be built around what makes each institution unique,” said Don Muir, Co-Founder and Chief Executive Officer of F2. “We’re thrilled to partner with Golub Capital and many of the world’s most important credit platforms to build sovereign AI systems around the proprietary knowledge, workflows and judgment that make each institution unique. Institutions should retain control of their proprietary data and knowledge, without tying their future to any single model provider. Our ambition is to become the agentic operating system powering the next era of global credit.”

The partnership follows F2’s June announcement of $24 million in total equity funding, including a $14 million seed round led by HighlandX, with participation from Y Combinator, Left Lane Capital, and NFX, to scale customized deployments across private credit funds and commercial banks.

F2 is built on an LLM-agnostic, finance-grade architecture designed for auditability, data sovereignty and token efficiency, allowing institutions to take advantage of advances across frontier and open-weight models without rebuilding their core workflows around any single provider.

About F2
F2 is the agentic operating system for global credit. F2 helps credit asset managers, banks and other financial institutions turn their proprietary data, investment processes and accumulated institutional knowledge into intelligent systems that support how they invest, operate and make decisions.

F2 connects financial models, data rooms, investment memos, credit files and third-party data within a unified intelligence layer, then deploys AI agents across deal screening, underwriting, portfolio management and firm-wide workflows. Built for the requirements of institutional finance, F2 combines full lineage and auditability, deterministic Excel workflows and enterprise-grade controls with an LLM-agnostic adaptive harness that enables firms to take advantage of advances across frontier and open-weight models.

Headquartered in New York City, F2 is backed by leading investors including HighlandX, NFX, Left Lane Capital, and Y Combinator.

To learn more, visit f2.ai.

About Golub Capital
Golub Capital is a market-leading, award-winning direct lender and experienced private credit 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 July 1, 2026, Golub Capital had over 1,100 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com.

NEW YORK, September 14, 2026 – Golub Capital (“the Firm”) today announced the appointment of Matt Shafer as Managing Director and Head of the Firm’s GP-led private equity secondaries strategy, Golub Equity Continuation Partners (“GECP”). In this role, he will be responsible for leading the continued growth and development of the strategy and helping expand the Firm’s equity investment capabilities. Matt will work closely with Greg Cashman, Vice Chair and Co-Head of Golub Capital’s Sponsor Finance practice, to expand Golub Capital’s activity in this growing market.

Shafer brings nearly three decades of global experience as an investor, financier and advisor working with private equity firms. He was most recently Head of Capital Solutions and U.S. Private Equity at Northleaf Capital Partners. In this role, Shafer helped lead the firm’s private equity investment activities, including secondaries, co‑investments and structured capital. Prior to Northleaf, he was Partner and Head of Americas Private Equity at Vision Capital and spent 12 years in sponsor-focused investment banking roles with CIBC World Markets and Lehman Brothers.

“Matt’s appointment marks an important milestone in the growth of our GP-led secondaries business,” said David Golub, Co-Chief Executive Officer of Golub Capital. “We launched this strategy last year and have already established that our longstanding sponsor relationships, deep familiarity with private equity-backed companies and rigorous underwriting capabilities can deliver value to sponsors, portfolio companies and our investors. Matt’s significant experience and longstanding expertise in GP-led secondaries will accelerate our efforts to provide differentiated solutions to these important partners.”

“I’ve been fortunate to participate in the evolution of the secondaries market into a mainstream liquidity option for sponsors and their best portfolio companies,” said Shafer. “As continuation investments have become a category in their own right, investors need both broad coverage of private equity and deep company specific underwriting expertise. Golub Capital combines these capabilities with an outstanding culture and longstanding reputation as a partner of choice for financial sponsors, making us the ideal platform for a continuation investments strategy.”

Launched in October 2025, Golub Equity Continuation Partners focuses on continuation vehicles and other investments that allow private equity sponsors to continue to own and grow high-quality businesses while providing liquidity solutions for LPs. The Firm has since built a dedicated team that combines Golub Capital’s underwriting talent with experienced private equity and secondaries market professionals.

NEW YORK and LONDON, July 22, 2026 – Golub Capital today announced the appointment of Timothée Delisle as Managing Director on its European Direct Lending team. Based in London, Delisle will focus on deepening relationships with private equity sponsors across Europe and further enhancing the Firm’s sponsor finance capabilities. Delisle joins Golub Capital having held various private credit and leveraged finance roles at Morgan Stanely, Alcentra, BlackRock and HSBC.

“Timothée’s appointment reflects the continued growth and momentum of our European Direct Lending franchise,” said Tara Moore, Co-Head of Direct Lending, Europe at Golub Capital. “The demand for leading middle market direct lending expertise in Europe is growing, and Timothée’s experience and longstanding relationships will further strengthen our ability to serve sponsors across the region and scale our European business.”

Delisle joins Golub Capital as the Firm continues to deepen its middle market direct lending presence across Europe. Since opening its London office in 2020, the Firm has closed over $9 billion in financing commitments in Europe, while deepening its lending capabilities to support borrowers in the technology, healthcare, financial services and diversified industrial services sectors across the U.K., Germany, France and the Nordics.

“Golub Capital has built a differentiated direct lending platform in Europe founded on long-term sponsor relationships, specialization, leading origination and underwriting capabilities and the ability to deliver compelling financing solutions,” said Timothée Delisle, Managing Director at Golub Capital. “I look forward to working alongside the team to build on their success and provide even stronger coverage for sponsors across Europe.”

As of April 1, 2026, Golub Capital had over 1,100 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com.

Resilient, private equity-backed middle market companies demonstrated steady growth in revenue and EBITDA year-over-year.

The Golub Capital Altman Index can provide early insight into financial performance of public companies in advance of earnings season.

NEW YORK, July 14, 2026 – Middle market private companies in the Golub Capital Altman Index grew revenue by 3.1% year-over-year in the first two months of the second quarter of 2026. Earnings grew by 3.7% year-over-year during the same period.

Lawrence E. Golub, Co-CEO of Golub Capital, said, “Our early read on second quarter results is encouraging. Despite higher oil prices and uncertainty related to the Iran conflict, middle market companies in our sample delivered steady growth in both revenue and EBITDA. We were particularly encouraged by the continued strength of our enterprise software companies. Our data suggests that mission-critical software providers with strong market share and durable customer relationships continue to perform well. More broadly, these results are consistent with an economy that continues to demonstrate resilience.”

Dr. Edward I. Altman said, “One notable finding from this quarter’s data is that earnings growth kept pace with revenue growth. This suggests that companies in our sample generally were able to maintain profit margins despite the inflationary pressures that emerged during April and May. We were also encouraged by the performance of Consumer companies. In last quarter’s report, we highlighted the possibility that higher gasoline prices could create a headwind for consumer spending. While we remain mindful of the risks associated with higher energy costs and geopolitical uncertainty, our Consumer-sector data suggests that those concerns had not yet materially affected operating performance during the period covered by this report.”

NEW YORK, July 1, 2026 — Golub Capital acted as Administrative Agent and Joint Lead Arranger on an $831 million unitranche facility supporting Monomoy Capital Partners’ buyout of Jiffy Lube from Shell USA, Inc. (NYSE: SHEL). Terms of the transaction were not disclosed.

Jiffy Lube is the leading quick lube and automotive service franchisor in North America, with a highly scaled, multi-site footprint. The partnership combines Jiffy Lube’s leadership position in the automotive service industry with Monomoy’s history of providing operational support to branded retailers and automotive aftermarket businesses.

“Golub Capital has significant experience in the automotive services and broader consumer sectors and is confident underwriting franchised, multi-site businesses at scale,” said Spyro Alexopoulos, Co-President of Golub Capital and Co-Head of the Firm’s Sponsor Finance business. “We’re excited to partner with Monomoy and to support Jiffy Lube’s next phase of growth.”

The unitranche facility is composed of a $75 million revolver and a $756 million term loan.

“Golub Capital’s expertise in franchised, multi-site businesses made them a natural partner for this transaction,” said Lee Mlotek, Managing Director at Monomoy Capital Partners. “Their ability to deliver a flexible, scaled financing solution was critical to execution.”

Golub Capital has over $16.5 billion invested across more than 90 consumer, restaurant and retail portfolio companies. This is the Firm’s first transaction with Monomoy Capital Partners.

About Golub Capital Sponsor Finance
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $1 billion and arranges syndicated credit facilities up to $2 billion.

NEW YORK, June 16, 2026 — Golub Capital has been named one of America’s Greatest Workplaces 2026 by Newsweek and Plant-A Insights Group for a second consecutive year.

“We are grateful to be recognized again by Newsweek,” said David Golub, Co-CEO of Golub Capital. “We believe that long-term success starts with investing in our people. We focus on creating opportunities for professional growth in an inclusive environment where everyone can thrive. That commitment to development and shared success is central to our culture and to how we build enduring partnerships with our stakeholders.”

“We all want to work somewhere we feel valued. These rankings shine a light on the workplaces truly getting it right for their teams,” said Jennifer H. Cunningham, Newsweek Editor-in-Chief.

NEW YORK, June 3, 2026/ABU DHABI, June 4, 2026 – Golub Capital today announced the appointment of Pascal Steiner as Director in its Abu Dhabi office. Steiner joins the Firm’s growing Middle East team, where he will focus on expanding Golub Capital’s private wealth coverage and deepening relationships with clients across the region.

“Golub Capital’s success has always been grounded in partnership,” said Lawrence Golub, Co-CEO of Golub Capital. “Our clients in the Middle East are important partners to us, and expanding our team in Abu Dhabi allows us to be more responsive to their needs and strengthens our ability to deliver the same high level of service that defines our Firm globally.”

Steiner joins Managing Directors Beau Hurst and Naser Almutairi, and the broader Investor Partners team to expand Golub Capital’s regional coverage. This appointment further reinforces our growing presence in the Middle East, following the opening of our Abu Dhabi office and over a decade of longstanding investor relationships in the region.

“There is growing interest from Middle Eastern private wealth investors in private credit as a stable, income-oriented solution,” said Pascal Steiner, Director at Golub Capital. “The region’s investors are increasingly focused on opportunities that combine consistent performance with transparency and discipline. I am proud to join Golub Capital, whose long track record in sponsor finance and focus on credit quality align well with those priorities.”

This expansion reflects Golub Capital’s long-term commitment to serving partners globally and to being closer to clients in key financial centers. The Firm’s presence in Abu Dhabi complements its offices across North America, Europe and Asia, and underscores its relationship-driven approach to growth.

Firm honored by Creditflux, DealCatalyst and GlobalCapital for middle market and BSL CLO leadership.

NEW YORK, May 21, 2026 — Golub Capital recently won multiple industry awards recognizing the Firm’s CLO platform, including wins at the Creditflux CLO Awards, DealCatalyst U.S. CLO Awards and GlobalCapital U.S. Securitization Awards.

At the Creditflux CLO Awards, Golub Capital won Best New Middle Market CLO for Golub Capital BDC CLO 8 and Best Middle Market CLO for Golub Capital Partners CLO 42 (M). In addition, the Firm was recognized at the DealCatalyst U.S. CLO Awards as Innovative BSL CLO Manager of the Year and Private Credit CLO Manager of the Year – Greater than $5bn USD. Golub Capital was also named Middle Market CLO Manager of the Year at the GlobalCapital U.S. Securitization Awards.

“We are honored to be recognized across multiple award programs that reflect both quantitative performance and the views of industry participants,” said Landis Wood, Managing Director, Head of Structured Products at Golub Capital. “These accolades underscore our long-standing focus on credit discipline, consistent execution and innovation across middle market and BSL CLOs.”

Golub Capital’s award wins reflect the scale and momentum of its securitization franchise. The Firm’s 2025 highlights include:

Executed a firm record $24.4 billion of securitizations
Was the #1 issuer of middle market securitizations¹
Remained one of the top four global CLO managers by AUM²
Issued a CLO with the longest reinvestment period for a public CLO ever³
Priced the two largest CLOs ever⁴
Closed the Firm’s first BSL CLO securitization from its newly raised captive equity fund focused on liquid credit strategies

Golub Capital’s experienced team structures and manages a range of financing securitizations (CLOs), bank facilities, unsecured debt and other bespoke arrangements with the goal of providing diversified, flexible sources of low-cost, long-term leverage that may enhance fund performance.

According to Creditflux. The peer group consists of U.S.-based Middle Market CLO issuers and is ranked by principal liabilities (debt and equity). As of December 31, 2025.
Based on data provided by 9Fin as of December 31, 2025.
Based on 9fin’s article “Golub solves for yield problem by locking in for eight years on long-dated CLO” as of October 7, 2025.
Based on ABF Journal’s article “Dechert LLP Advises Golub Capital Partners on Landmark $2.5B CLO Reset” as of April 24, 2025.

Promotions and Additions Will Position Firm for Continued Investment Excellence and Disciplined Growth over the Long Term

NEW YORK, May 13, 2026 – Today, Golub Capital (the “Firm”) announced a series of changes to its leadership structure, including the promotions of several long-tenured executives and the addition of two highly qualified individuals. These changes are the result of a multi-year planning process focused on strengthening the Firm’s managerial and operational excellence to position it for continued success over the long term.

The changes include:

Lawrence Golub and David Golub will now be Co-Chief Executive Officers.
The Co-CEOs will be supported by three Co-Presidents:
- Spyro Alexopoulos, who is currently Co-Head of the Firm’s Sponsor Finance business, will continue to focus on maintaining Golub Capital’s leadership position in this core business.
- Laurence Stein, who joins Golub Capital after a more than 27-year career at Goldman Sachs serving in a number of senior executive roles, will focus on sustaining operational excellence across the Firm.
- Gerry Keefe, who will join Golub Capital after more than 20 years in executive roles at HSBC and Citi, will focus on growing the Firm’s capital base, nurturing key partnerships and expanding into key adjacencies.
Chief Legal Officer Josh Levinson and Co-Head of Sponsor Finance Greg Cashman will both join Gregory Robbins as Vice Chairs. Notably, Greg, Josh and Gregory have a combined 68 years at Golub Capital across a variety of roles.

Lawrence and David Golub stated: “Our focus has always been on building a firm that is performance-focused and globally admired—a firm that sets the Gold Standard in alternative credit. When we recently celebrated our 30th anniversary, we also began thinking about the next 10 years. This enhancement of our leadership team will provide an even stronger foundation of managerial and operational excellence as we continue our disciplined growth.”

Notably, the Firm’s investment processes and investment committees will remain unchanged.

Lawrence and David continued, “We also want to personally welcome Laurence Stein and Gerry Keefe to Golub Capital. They are both exceptional talents with track records of success that speak for themselves, and we are confident they will both be valuable contributors to the Firm moving forward.”