GBDC Overview
Golub Capital BDC, Inc. (“GBDC”) primarily invests in first lien senior secured loans to middle market companies sponsored by private equity firms. GBDC is managed by GC Advisors LLC, an affiliate of Golub Capital, an industry-leading lender to U.S. middle market companies with over $70 billion in capital under management.1
GBDC at a Glance
Latest News
GBDC Value Proposition4
Middle Market Expertise
- Private credit specialist manager with 30 years of experience investing in the middle market
- Award-winning middle market lender; highly selective across a broad spectrum of deal flow
- History of strong underwriting and low credit losses over multiple market cycles
Resilient Strategy
- >90% first lien senior secured floating rate loans
- Granular and diversified portfolio of borrowers in resilient industries
- Portfolio companies backed by partnership-oriented private equity sponsors
Shareholder Alignment
About Golub Capital
Raising the Bar in Private Credit
Golub Capital is a market-leading, award-winning private credit manager specialized in direct lending to middle market companies backed by leading private equity sponsors. For 30 years, the Firm has been dedicated to building long-term, win-win partnerships with investors and sponsors. Golub Capital has offices in North America, Europe and Asia.
$70+ Billion
of Capital Under Management1
Market-Leading Sponsor Finance Platform
Golub Capital’s mission is to be best in sponsor finance, and the Firm has been delivering for investors and private equity sponsors since 1994.
30 Years
Experience
Deep Expertise and Experience
Golub Capital has 30 years of experience investing in the middle market and a team of 220+ investment professionals11 with in-depth knowledge and experience across a variety of industries.
$150+ Billion
Loans Originated Since 2004
Dedication to Win-Win Partnerships
Golub Capital is a lender-of-choice for private equity sponsors, many of whom the Firm has partnered with repeatedly.
50+
Industry Awards12
Industry Recognition
Middle Market CLO Manager of the Year15
2024, 2023, 2022, 2021
Top Private Debt Firm18
2024, 2023
Lender of the Year, Large Middle-Market19
2024, 2023
Lender Services of the Year, U.S.A20
2023
Manager of the Year21
2022
Middle Market CLO Manager of the Year22
2022
Best Middle Market CLO Manager23
2021
- “Capital under management” is a gross measure of invested capital including leverage. As of October 1, 2024.
- The 9.6% internal rate of return (“IRR”) on NAV is calculated using beginning of period NAV, distributions paid during the period and ending period NAV. Period beginning June 30, 2010 and ending September 30, 2024. GBDC made its initial public offering on April 15, 2010.
- Based on an annualized regular quarterly distribution of $0.43 per share and variable supplemental distribution per share of $0.05, and GBDC’s net asset value as of September 30, 2024 ($15.19).
- All information contained in this GBDC Value Proposition section is presented as of September 30, 2024 unless otherwise specified.
- Insider ownership defined as the sum of shares held directly or indirectly by interested directors and shares held by certain Golub Capital affiliated and non-affiliated but controlled entities, and shares held by the Golub Capital Employee Grant Program Rabbi Trust, a trust that purchases shares of GBDC stock for the purpose of awarding incentive compensation to employees of Golub Capital.
- As of June 30, 2024. GBDC’s weighted average cost of debt is 6.5%. Represents the weighted average cost of debt, which is calculated as (a) the actual amount of expenses incurred on debt obligations, excluding the fair-value impact of the associated interest rate swaps on the 2028 and 2029 Notes as a result of an effective hedge accounting relationship, divided by (b) the daily average of total debt obligations. Including the fair-value impact of the interest rate swaps, the weighted average cost of debt is 7.2%. Note that change in the fair value of the interest rate swaps is a non-cash item and will net to zero over the life of the interest rate swaps.
- As of June 30, 2024. The annualized IRR of an investor in GBDC’s IPO, which occurred on April 15, 2010, has outperformed the annualized total return of the KBW Bank Index, Credit Suisse High Yield Index and Morningstar LSTA US Leveraged Loan Index. Source: Bloomberg and SEC filings.
- As of June 30, 2024. BDC peer group utilized by Golub Capital is the 15 largest publicly traded, externally managed BDCs by total balance sheet assets, excluding GBDC. Golub Capital has selected this group of BDCs for comparison because the Firm believes that the group represents companies that have a similar structure and size as GBDC.
- As of June 30, 2024. Reflects the annualized IRR on NAV and the volatility on annualized IRR of NAV of an investor in GBDC’s IPO, which occurred on April 15, 2010, compared to the BDC peer group. GBDC’s annualized IRR on NAV of 9.5% outpaces the BDC peer average of 8.6%. GBDC’s volatility of annualized IRR on NAV of 8.4% outpaces the BDC peer average of 12.2%.
- Based on an annualized regular quarterly distribution of $0.39 per share and variable supplemental distribution per share of $0.05, and GBDC’s net asset value as of June 30, 2024 ($15.32).
- As of September 30, 2024.
- Awards listed on website may not include all previous award wins. For more information, please reference ‘Awards’ here.
- Based on the number of votes cast on Private Debt Investor’s website. Peer group consisted of firms that applied or were nominated. All awards given on March 1st of the referenced year and based on the period of January 1st to September 30th of the prior year. In 2017, 2016 and 2015 the BDC award category was called BDC of the Year, Americas.
- Selections were made based on which firms won the most PDI awards in each category since 2013. Awards were published in PDI’s ‘The Decade’ issue, released in June 2023. In order to use the awards and recognitions received from PDI in Golub Capital materials as well as to be identified as an award recipient on PDI’s website and materials used in association with certain of its awards, Golub Capital has provided de minimis compensation to PDI.
- Based on the number of votes casted by the GlobalCapital audience based on a shortlist determined by the GlobalCapital editorial team. The 2024 award was given on May 16, 2024, the 2023 award was given on June 7, 2023, the 2022 award was given on July 1, 2022 and the 2021 award was given on May 20, 2021.
- Based on surveys by The Korea Economic Daily Global Edition to determine Korean LPs’ preferred global asset managers across five asset classes. The 2022 award was given on March 21, 2023 and based on the period of January 1, 2022 through November 30, 2022, the 2020 award was given on December 18, 2020 and based on the period of January 1, 2020 to November 30, 2020. The 2023 award was given on February 7, 2024 and based on the period of January 1, 2023 through November 30, 2023.
- Based on the number of votes cast in an online poll of the entire Private Equity Wire readership, where participants are asked to make their choice among the shortlisted firms in each category. The pre-selection data for the GP fund manager shortlisted was provided by Bloomberg. The 2023 award was given on October 25, 2023, the 2021 award was given on September 16, 2021 and the 2020 award was given on September 22, 2020.
- Based on nomination submissions and further in-depth research by the GrowthCap editorial team. The 2023 award was given on December 4, 2023. The 2024 award was given on November 6, 2024. Golub Capital provided GrowthCap with de minimis compensation to accept the award.
- Based on independent point-indexing scoring method from deals. The 2023 award was given on April 27, 2023, and based on the period of January 1, 2022 – January 31, 2023. The 2024 award was given on June 24, 2024 and based on the period of February 1, 2023 – February 1, 2024. Golub Capital provided M&A USA Atlas with de minimis compensation to accept the award.
- Winners selected by the Pan Finance research team and evaluated by a panel of experienced business journalists. The 2023 award was given on June 8, 2023. Golub Capital provided Pan Finance with de minimis compensation to accept the award.
- Winners selected by the SCI editorial team based on submitted pitches, color from other market participants and SCI’s independent reporting. Awards given on October 4, 2022 and based on the period between October 1, 2021 and September 30, 2022.
- Based on the number of votes submitted online by LSTA member organizations. Peer group consisted of firms that applied or were nominated. Award was given on May 16, 2023 and based on US CLO deals completed in calendar year 2022.
- Based on the average ranking of each CLO relative to its peers by the following performance metrics, in order to recognize managers who have achieved the greatest performance for all classes of investors: change in junior overcollateralization; weighted average rating factor, average collateral value, weighted average spread, cash-on-cash return to equity; and equity volatility. Peer group consists of CLOs that invested in middle market collateral that are within their reinvestment period and listed on CLO-I (Creditflux’s database). Please note the 2021 awards were given on September 9, 2021 and based on the period of January 1, 2020 through March 31, 2021.