Golub Capital BDC, Inc. is a specialty finance company and business development company (BDC) that provides debt financing to U.S. middle-market companies. Managed by GC Advisors LLC, an affiliate of the alternative asset manager Golub Capital, the company focuses on generating current income and capital appreciation through its credit investments. Its portfolio primarily consists of first-lien senior secured loans, one-stop (unitranche) loans, and second-lien or subordinated loans, often targeting companies sponsored by private equity firms. The company's investment strategy emphasizes recession-resistant industries, with significant exposure to sectors such as software, healthcare, and diversified financial services. Golub Capital BDC typically targets middle-market businesses with annual earnings before interest, taxes, depreciation, and amortization (EBITDA) between $10 million and $100 million. By leveraging the extensive origination platform and sponsor relationships of its broader parent organization, the BDC secures access to proprietary deal flow. Revenue is predominantly generated through interest income on its loan portfolio, alongside fees and dividend income from its equity co-investments.
