{
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  "organisationId": "O-43a7b5badbd2432999f3a246ab8a9197",
  "slug": "golub-capital-bdc-inc",
  "name": "GOLUB CAPITAL BDC, Inc.",
  "updatedAt": "2026-10-03T21:57:04.706817Z",
  "sections": [
    {
      "type": "OVERVIEW",
      "text": "Golub Capital BDC, Inc. is an externally managed, closed-end business development company that provides private credit to U.S. middle-market businesses, often companies backed by private-equity sponsors. Its portfolio is centered on senior secured lending, particularly first-lien and unitranche loans, with selective investments in other debt and equity securities. The company’s stated investment objective is to generate current income and capital appreciation. [P95168374][P34494732]\n\nFormed in 2009, GBDC reported total investment income of approximately $870.8 million for fiscal 2025. It is managed by Golub Capital; the manager reported more than 1,000 employees across its platform as of September 30, 2025, which is not a GBDC-specific employee count. [P95168374][T2134403][P106059275]\n[P95168374][P34494732][T2134403][P106059275]",
      "updatedAt": "2026-10-03T21:57:04.706817Z"
    },
    {
      "type": "PRODUCTS",
      "text": "Golub Capital BDC’s principal offerings are financing structures rather than separately branded products. It invests primarily in “one-stop” loans and other senior-secured loans to U.S. middle-market companies, generally with annual EBITDA below $100 million and often backed by private equity sponsors. One-stop loans combine features of first-lien and second-lien or subordinated debt; they are commonly structured as senior-secured loans with first-priority liens, and Golub or its affiliates may act as the sole lender. [P95168374][P75065742]\n\nOther investments include second-lien and subordinated loans, warrants, and minority equity securities. The stated investment objective is to generate current income and capital appreciation. Intended investment sizes are generally about $10 million to $80 million, with selective investments above that range; many debt investments carry floating interest rates and are below investment grade. [P34494732][P41695067][P84262579]\n\nThrough its investment adviser, GC Advisors, the company sources and evaluates investment opportunities, conducts due diligence on companies and sponsors, structures investments, and monitors portfolio companies. Its 2026 third-quarter holdings illustrate one-stop and subordinated-debt positions, but the cited information does not provide an aggregate percentage of assets, income, or performance attributable to each product category. [P106156322][T16673775][T16673729]\n[P95168374][P75065742][P34494732][P41695067][P84262579][P106156322][T16673775][T16673729]",
      "updatedAt": "2026-10-03T21:57:04.706817Z"
    },
    {
      "type": "GEOGRAPHY",
      "text": "Golub Capital BDC focuses on lending to U.S. middle-market companies. Its latest available report, for the quarter ended June 30, 2026, does not provide a country- or region-level breakdown of portfolio or revenue exposure, so the geographic distribution and any regional percentages cannot be determined from that disclosure. [https://golubcapitalbdc.com/][P145701469][T16673689]\n\nGolub Capital’s broader organization lists offices including London, Greenwich, Miami, Seoul, Hong Kong, Tokyo, Abu Dhabi, Dallas and Huntersville; this is the manager’s office footprint, not a BDC-specific office roster. The BDC filing does not disclose employee counts or their geographic distribution. [https://golubcapital.com/contact-us/][P145701589]\n[P145701469][T16673689][P145701589][https://golubcapitalbdc.com/][https://golubcapital.com/contact-us/]",
      "updatedAt": "2026-10-03T21:57:04.706817Z"
    },
    {
      "type": "SEGMENTS",
      "text": "Golub Capital BDC, Inc. reports one operating and reportable segment; it does not disclose separate business-line segments or segment-level contribution percentages. Management assesses performance and makes decisions on a consolidated basis, primarily using net income. Accordingly, portfolio allocations should not be interpreted as contributions from formally reported segments. [P145700809][P145700810][P145701684]\n\nAs an alternative view of portfolio composition, at June 30, 2026 debt investments represented approximately 92.9% and equity investments 7.1% of the fair value of debt and equity investments combined ($7,612.6 million and $583.7 million, respectively). These percentages are calculated from the reported values and exclude money-market funds. [T16673813]\n\nThe FY2025 investment-type breakdown provides further detail: one-stop investments were approximately 86.8% of total investment fair value, equity 7.4%, senior secured debt 5.0%, subordinated debt 0.4%, and second lien debt 0.3%. These are investment classifications—not operating segments—and the percentages are calculated from reported fair values. [T11138957]\n[P145700809][P145700810][P145701684][T16673813][T11138957]",
      "updatedAt": "2026-10-03T21:57:04.706817Z"
    },
    {
      "type": "HISTORY",
      "text": "Golub Capital BDC’s predecessor, Golub Capital Master Funding LLC, began operations in July 2007. Golub Capital BDC, Inc. was formed in November 2009 to continue and expand that business; David B. Golub became CEO that month. [https://golubcapitalbdc.com/wp-content/uploads/2025/12/GBDC-FY-2025-10-K.pdf][https://golubcapitalbdc.com/wp-content/uploads/2014/11/2017-Proxy-Statement.pdf] The company completed its initial public offering on April 15, 2010. [https://www.sec.gov/Archives/edgar/data/1476765/000114420410020283/v181207_497ad.htm]\n\nIn September 2019, GBDC completed its acquisition of Golub Capital Investment Corporation, expanding the BDC. [P7533421][https://golubcapitalbdc.com/wp-content/uploads/2019/11/GBDC-FY-2019-Q4-Investor-Presentation_final.pdf] On June 3, 2024, it closed its merger with Golub Capital BDC 3, Inc. [P68663410][https://golubcapitalbdc.com/2024/06/03/golub-capital-bdc-inc-closes-merger-with-golub-capital-bdc-3-inc-declares-special-distributions-totaling-0-15-per-share/]\n[P7533421][P68663410][https://golubcapitalbdc.com/wp-content/uploads/2025/12/GBDC-FY-2025-10-K.pdf][https://golubcapitalbdc.com/wp-content/uploads/2014/11/2017-Proxy-Statement.pdf][https://www.sec.gov/Archives/edgar/data/1476765/000114420410020283/v181207_497ad.htm][https://golubcapitalbdc.com/wp-content/uploads/2019/11/GBDC-FY-2019-Q4-Investor-Presentation_final.pdf][https://golubcapitalbdc.com/2024/06/03/golub-capital-bdc-inc-closes-merger-with-golub-capital-bdc-3-inc-declares-special-distributions-totaling-0-15-per-share/]",
      "updatedAt": "2026-10-03T21:57:04.706817Z"
    }
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