Golub Capital BDC

What Golub Capital BDC does

Golub Capital BDC, Inc. (NASDAQ: GBDC) is an externally managed, publicly traded business development company that provides senior debt capital to U.S. middle market companies controlled by private equity sponsors. The company is advised by GC Advisors LLC, an affiliate of Golub Capital, and as of March 31, 2026 held a portfolio of 420 investments with an aggregate fair value of approximately $8.3 billion, of which roughly 92% was structured as first lien senior secured loans. GBDC pursues a granular, sponsor-relationship-driven origination model, evidenced by 300+ repeat sponsor relationships and 390+ incumbent lender relationships at the platform level, and an average position size of approximately 0.2% of portfolio.

The business model is straightforward spread-based lending: GBDC earns interest income on its loan portfolio funded with a mix of secured bank facilities, unsecured public notes (with multiple issuances priced between 6.0% and 7.05%), and equity capital, with a weighted average cost of debt of 5.2%. Revenue is therefore a function of portfolio size, base rate level, and net spread. The company has scaled materially over the past five years, with annual revenue growing from $307M in 2021 to $870.77M in 2025, and runs a parallel private placement vehicle branded GCRED to broaden its funding and distribution footprint. The platform is supported by 230+ investment professionals within a 1,100+ person organization, with $90B+ in assets under management at the parent Golub Capital platform.

GBDC holds a three-agency investment-grade rating profile (Moody's Baa2, Fitch BBB, S&P BBB-) and is governed under the regulated investment company/BDC regime, which constrains leverage, asset composition, and distribution policy. The sub-brand GCRED and geographic presence spanning North America, Europe, Asia, and the Middle East indicate an ongoing channel and origination diversification beyond the public BDC vehicle. Leadership continuity was reinforced when David Golub was elevated to Chairman in November 2025.

Name

Golub Capital BDC

Legal name

Golub Capital BDC, Inc.

Website

https://golubcapitalbdc.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Business Development Company (Private Credit / Direct Lending)

NAICS

Other Financial Vehicles (525990), Miscellaneous Financial Investment Activities (523999)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

akta.pro secondary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

Keywords

• Middle market lending
• Business development company
• Senior secured loans
• Private credit
• Direct lending

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Senior Secured Loans: Primary revenue stream from interest payments on first lien senior secured floating rate loans to middle market companies. The company invests in one stop loans and other senior secured loans of U.S. middle-market companies sponsored by private equity firms.
2. Fee Income: Additional income from origination fees, commitment fees, and other loan-related fees associated with the lending business.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

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 (BDC) under the Investment Company Act of 1940. It primarily invests in first lien senior secured loans (including one-stop/unitranche loans) to U.S. middle market companies backed by private equity sponsors, with selective investments in second lien, subordinated loans, warrants, and minority equity securities. The company is externally managed by GC Advisors LLC, an affiliate of Golub Capital, and operates a $8.3 billion portfolio of 420 investments as of March 31, 2026.

Product overview

Golub Capital BDC is a single, unified business development company investment vehicle. The company is externally managed by GC Advisors LLC, an affiliate of Golub Capital. The product is the BDC itself—an investment vehicle that provides debt financing to middle market companies. GBDC's investment portfolio focuses primarily on first lien senior secured floating rate loans to middle market companies backed by private equity sponsors. The portfolio composition is 92% first lien senior secured debt, 99% floating rate loans, with 420 investments totaling $8.3 billion in fair value as of March 31, 2026. The company generates income through interest on loans and selective equity investments.

Differentiator

Problem solved

Functional benefit

Brands

• GCRED: A private Business Development Company offered through Golub Capital's investor solutions platform for qualified investors seeking private placement options.

Products and services

• Golub Capital BDC (GBDC) - Business Development Company Externally managed, closed-end, non-diversified management investment company that invests primarily in first lien senior secured loans to U.S. middle market companies sponsored by private equity firms. Investment portfolio fair value of $8.3 billion across 420 investments as of March 31, 2026. Targeted at investors seeking private credit and middle market direct lending exposure on a public exchange.
• One-Stop (Unitranche) Senior Secured Loans First lien, senior secured floating rate loans structured as one-stop/unitranche facilities to U.S. middle market companies backed by private equity sponsors, representing the primary loan product in GBDC's portfolio (92% first lien senior secured).
• Selective Second Lien, Subordinated Loans, Warrants, and Minority Equity Securities Complementary investment products including second lien loans, subordinated loans, warrants, and minority equity securities taken alongside core senior secured debt to U.S. middle market companies backed by private equity sponsors.
• GCRED Private Business Development Company A private Business Development Company offered through Golub Capital's investor solutions platform for qualified investors seeking private placement access to the Golub Capital middle market direct lending platform.
• Dividend Reinvestment Plan (DRIP) Plan administered by Equiniti Trust Company, LLC enabling registered shareholders of GBDC common stock to automatically reinvest quarterly cash dividends into additional GBDC shares.

Quantifiable outcome

• 9.4% ITD IRR on NAV vs. BDC peer average of 6.3% since IPO
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Golub CapitalcoreStrategic or Co-development PartnerGolub Capital is the parent affiliate of GC Advisors LLC and the broader platform behind Golub Capital BDC. With over $90 billion in capital under management and over 30 years of experience, Golub Capital provides the lending platform, origination channels, and investment expertise that GBDC accesses.
• Equiniti Trust Company, LLCcoreOthersEquiniti Trust Company, LLC serves as the transfer agent and registrar for GBDC's common stock and also serves as the plan administrator for GBDC's dividend reinvestment plan (DRIP).
• Ernst & Young LLPcoreOthersErnst & Young LLP serves as the independent auditor for Golub Capital BDC, Inc.

Scale indicators13 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ares Capital Corporation: The largest publicly traded BDC (NASDAQ: ARCC), also focused on first lien senior secured middle-market loans to PE-sponsored companies. Most direct comparable given public BDC structure, sponsor-backed lending model, and similar scale.
• Blue Owl Capital (Owl Rock Core Income, ORCIC): Operates multiple BDCs and private credit vehicles focused on direct lending to upper middle market companies. Comparable in scale and sponsor-backed lending focus, with significant overlap in target borrowers and PE sponsor relationships.
• Sixth Street Specialty Lending: Public BDC (NYSE: TSLX) investing primarily in first lien senior secured loans to middle-market PE-sponsored companies. Closely comparable in portfolio composition, underwriting approach, and target borrower profile.
• Oaktree Specialty Lending: Public BDC (NASDAQ: OCSL) managed by Oaktree Capital, focused on senior secured loans to middle-market companies, often PE-sponsored. Directly comparable business model, structure, and middle-market focus.
• Bain Capital Specialty Finance: Public BDC (NYSE: BCSF) managed by Bain Capital Credit, focused on senior secured loans to middle-market PE-sponsored companies. Comparable sponsor-backed lending model with similar origination and underwriting framework.
• FS KKR Capital Corp: Public BDC (NYSE: FSK) jointly sponsored by FS Investments and KKR Credit, investing in senior secured loans to middle-market PE-backed companies. Comparable in scale, structure, and target borrower profile.
• New Mountain Finance Corporation: Public BDC (NASDAQ: NMFC) focused on senior secured loans to defensive, growth-oriented middle-market companies, often PE-sponsored. Similar middle-market lending focus with comparable regulatory and structural framework.
• PennantPark Floating Rate Capital: Public BDC (NYSE: PFLT) focused on first lien senior secured floating rate loans to PE-sponsored middle-market companies. Direct comparable given floating rate portfolio focus and middle-market PE-sponsor orientation.

Broad incumbents

• Blackstone Private Credit Fund: Largest private BDC under the Blackstone Credit platform, focusing on senior secured loans to upper middle-market PE-sponsored companies. Although private rather than public, broadly comparable in scale, sponsor relationships, and lending approach; part of much larger Blackstone Credit platform.
• Carlyle Credit Income Fund: Publicly traded closed-end fund (NASDAQ: CCIF) managed by Carlyle Global Credit, focused on CLO debt and middle-market loans. Overlapping investment universe but with broader fixed-income strategies beyond pure direct lending.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/golubcapital

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Golub Capital BDC