Golub Capital BDC

Middle market expertise. Resilient strategy. Shareholder alignment. Attractive returns.

Investor Resources

Golub Capital BDC

Middle market expertise.
Resilient strategy.
Shareholder alignment.
Attractive returns.

Investor Resources

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

Golub Capital Named BDC Manager of the Year

GBDC at a Glance

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

  • Low base management fee and incentive fee
  • Among the highest hurdle rates in the industry; lifetime cumulative incentive fee lookback
  • Strong insider ownership and share repurchase program5
  • Durable low-cost leverage structure6

Attractive Returns

  • Long-term track record of outperformance vs. equity and fixed income market indices7
  • Long-term track record of outperformance vs. BDC peer group, with lower volatility8,9
  • Attractive dividend yield profile3

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 210+ investment professionals10 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.​

40+
Industry Awards11

Award-Winning Private Credit Manager

Named BDC Manager of the Year12, Lender of the Decade and Senior Lender of the Decade13 in the Americas by Private Debt Investor.

Industry Recognition

Lender of the Decade, Americas13

2023

Senior Lender of the Decade, Americas13

2023

BDC Manager of the Year, Americas12

2023, 2017, 2016, 2015

Lender of the Year, Americas12

2023, 2022, 2021, 2018, 2016, 2015, 2014

Senior Lender of the Year, Americas12

2023, 2020, 2019, 2017, 2016, 2015

Middle Market CLO Manager of the Year14

2024, 2023, 2022, 2021

Best of the Best, Private Debt – Mid Cap15

2023

Operational Excellence, Private Debt – Large Cap15

2022

Best Performance, Private Debt – Mid Cap15

2020

Best Overall Fundraising: Debt16

2023

Best Debt Manager (fund size above USD $1.5 billion)16

2021

Best Debt Manager (fund size below USD $1 billion)16

2020

Lender Services of the Year, U.S.A17

2023

Lender of the Year, Large Middle-Market18

2023

Top Private Debt Firms of 202319

2023

Manager of the Year20

2022

Middle Market CLO Manager of the Year21

2022

Best Middle Market CLO Manager22

2021

Past performance does not guarantee future results. In order to use these awards and recognitions received from Private Debt Investor, GlobalCapital, Private Equity Wire, Pan Finance, M&A USA Atlas, GrowthCap, DealCatalyst and Creditflux in these and other materials, Golub Capital has provided them with de minimis compensation for such use, and in certain instances, to be identified as an award recipient on Private Debt Investor's website and materials used in association with its awards, Golub Capital has provided Private Debt Investor de minimis compensation. Awards listed on website may not include all previous award wins.

“Golub Capital BDC” and “GBDC” refer to Golub Capital BDC, Inc.

Golub Capital BDC, Inc. is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, and as a regulated investment company, or RIC, under the U.S. federal tax code.

GBDC is managed by GC Advisors LLC, an affiliate of Golub Capital and a registered investment adviser under the Investment Advisers Act of 1940.

  1. “Capital under management” is a gross measure of invested capital including leverage. As of April 1, 2024.
  2. Reflects the annualized IRR of an investor in GBDC’s IPO, which occurred April 15, 2010. All returns presented as compound annualized returns. Return on NAV calculated as dividends plus changes in NAV. Past performance does not guarantee future results.
  3. Based on an annualized regular quarterly distribution of $0.39 per share and variable supplemental distribution per share of $0.06, and GBDC’s net asset value as of March 31, 2024 ($15.12).
  4. All information contained in this GBDC Value Proposition section is presented as of March 31, 2024 unless otherwise specified.
  5. 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.
  6. As of December 31, 2023. GBDC’s weighted average cost of debt of 5.4% outpaces the peer average of 6.8%. Represents the weighted average cost of debt, which is calculated as (a) the actual amount of expenses incurred on debt obligations, including the impact of the associated interest rate swap on the 2028 Notes as a result of an effective hedge accounting relationship, divided by (b) the daily average of total debt obligations.
  7. The annualized IRR of an investor in GBDC’s IPO has outperformed the annualized total return of the MSCI World Index, KBW Bank Index, Credit Suisse High Yield Index and Morningstar LSTA US Leverage Loan Index. Source: Bloomberg and SEC filings.
  8. As of December 31, 2023. 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.
  9. As of December 31, 2023. Reflects the annualized IRR on NAV and the volatility of annualized IRR of NAV of an investor in GBDC’s IPO, which occurred April 15, 2010, compared to the BDC peer group. GBDC’s annualized IRR on NAV of 9.4% 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%.
  10. As of March 31, 2024.
  11. For more information, please reference ‘Awards’ here.
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. 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.
  17. 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.
  18. The 2023 award was given on April 27, 2023, based on independent point-indexing scoring method from deals during the time period of January 1, 2022 – January 31, 2023. Golub Capital provided M&A USA Atlas with de minimis compensation to accept the award.
  19. Based on nomination submissions and further in-depth research by the GrowthCap editorial team. The 2023 award was given on December 4, 2023. Golub Capital provided GrowthCap with de minimis compensation to accept the award.
  20. 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.
  21. 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.
  22. 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.