Frequently Asked Questions

Business Development Companies (“BDCs”) are a type of closed-end investment company designed to provide access to capital for private U.S. middle market businesses, generally in the form of loans. BDCs are widely used investment vehicles in the U.S. for investors seeking to gain exposure to private credit.

The BDC model was created in 1980, when the U.S. Congress modified the Investment Company Act of 1940, as amended (“1940 Act”), to incentivize private investment firms to establish these vehicles to increase the availability of capital to small and mid-size private U.S. businesses. For that reason, these investment vehicles elect to be regulated as a BDC instead of registering under the 1940 Act. Additionally, BDCs typically elect to be treated as a Regulated Investment Company (“RIC”) for tax purposes, generally allowing the vehicle to achieve pass-through tax treatment on its income, similar to Real Estate Investment Trusts (“REITs”) and Master Limited Partnerships, subject to certain requirements.

Among other restrictions, BDCs are required to maintain an asset coverage ratio of at least 200% (i.e. 1x debt-to-equity) or, subject to compliance with certain requirements, 150% (i.e. 2x debt-to-equity), in order to borrow or pay dividends. In addition, BDCs that are RICs for U.S. federal income tax purposes are generally required to distribute at least 90% of their “investment company taxable income” to shareholders in order to avoid corporate income tax on distributed taxable income.

Golub Capital BDC, Inc. (“GBDC”) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended, and treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes. GBDC is externally managed by GC Advisors LLC, an affiliate of the Golub Capital group of companies.

Our investment objective is to generate current income and capital appreciation by investing primarily in one stop and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. GBDC may also selectively invest in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities, in U.S. middle-market companies. GBDC intends to achieve its investment objective by (1) accessing the established loan origination channels developed by Golub Capital, a leading lender to middle-market companies with over $70 billion in capital under management as of April 1, 2024, (2) selecting investments within its core middle-market company focus, (3) partnering with experienced private equity firms, or sponsors, in many cases with whom Golub Capital has invested alongside in the past, (4) implementing the disciplined underwriting standards of Golub Capital and (5) drawing upon the aggregate experience and resources of Golub Capital.

Our common stock is listed and traded on Nasdaq under the symbol GBDC. For more detailed stock information, please visit our Stock Chart & Quote page.

No. Generally, investors may purchase GBDC shares only through a broker.

Senior unsecured notes due:

  • 2024: 38173MAB8
  • 2026: 38173MAC6
  • 2028: 38173MAD4
  • 2029: 38173MAE2

Our transfer agent and registrar is Equiniti Trust Company, LLC. Equiniti Trust Company, LLC also serves as the plan administrator for GBDC’s dividend reinvestment plan.

The quarterly net asset value per share may be obtained in our public filings (i.e. Forms 10-Q and 10-K) with the Securities and Exchange Commission via its website or by visiting our SEC Filings page.

Yes. GBDC expects to distribute dividends or make distributions to shareholders on a quarterly basis. For more information on our historical dividends and future dividends that have been declared, please visit our Dividends page. Please note that dividends may not continue at the current level if at all.

Yes. Registered shareholders are automatically enrolled in GBDC’s dividend reinvestment plan (“DRIP”) and any cash distributions we declare will be automatically reinvested in additional shares of our common stock.

Please note: if you hold your shares through a bank, broker or other intermediary, please contact your bank, broker or other intermediary to inquire about dividend reinvestment options. The GBDC DRIP only applies to registered shareholders.

A registered shareholder may elect to receive an entire dividend in cash by notifying Equiniti Trust Company, LLC, the plan administrator and our transfer agent and registrar, in writing so that such notice is received by the plan administrator no later than the record date for dividends to shareholders. Registered shareholders can notify the plan administrator via its website at, by filling out the transaction request form located at the bottom of their statement and sending it to the plan administrator at P.O. Box 500, Newark, NJ 07101 or by calling the plan administrator at 1.718.921.8156.

If you hold your shares through a bank, broker or other intermediary, please contact your bank, broker or other intermediary directly about whether you participate in the DRIP and for instructions on how to ‘opt out’.

Dividends are generally taxable in the year in which they are declared by GBDC. Following the end of each year, we will send our U.S.-based shareholders a Form 1099-DIV and a tax status letter to shareholders which details the taxability of the dividends paid in the preceding year, including a breakdown between ordinary income and capital gains. DRIP participants are taxed as if they had received cash. For information on the tax status of the prior year’s dividends, please visit our Tax Information page. For information about taxes in respect of dividends received by you, you should consult your own tax advisor.

No. GBDC’s distributions are generally not “qualified dividends” for tax purposes. As a RIC, GBDC does not typically pay U.S. federal income taxes on its earnings at the corporate level, but passes its income through to shareholders in the nature that it was earned. Therefore, a portion of our dividend is usually taxable to our shareholders at their ordinary income tax rates and a portion may qualify for the long-term capital gains tax rates. For information about taxes in respect of dividends received by you, you should consult your own tax advisor.

Please visit our Analyst Coverage page to view a detailed list of the analysts who follow the company.

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We have elected to be treated as a RIC under the Internal Revenue Code of 1986, as amended. As long as we qualify as a RIC, we will not be taxed on our investment company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be distributed, to shareholders on a timely basis. To maintain RIC tax treatment, we must, among other things, distribute, with respect to each taxable year, at least 90% of our investment company taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any).

You are a registered shareholder if you hold shares of GBDC common stock registered in your name and you either hold a certificate representing such shares or such shares are held in book-entry form with our transfer agent, Equiniti Trust Company, LLC. If your shares are not registered in your name but are instead held in the name of your bank, broker or other intermediary, your securities are considered to be held in “street name.” Individual shareholders whose shares are held in street name should contact their broker, bank, or other intermediary for more information on any dividend reinvestment plan changes.

If your shares are held in a brokerage account, please contact your broker or financial institution, otherwise please contact our transfer agent, Equiniti Trust Company, LLC as follows:

Phone: 1.718.921.8156

Email: [email protected]


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