NASDAQ Framework: Golub Capital BDC Inc.

Business development company investing in middle-market. 1 2

Golub Capital BDC, Inc. (GBDC) is an externally-managed, non-diversified closed-end management investment company that primarily invests in senior secured and one-stop loans to middle-market companies, often sponsored by private equity investors 3. GBDC's investment activities are managed by GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies 4. The company aims to generate current income and capital appreciation by investing in a variety of debt and minority equity investments, including first lien traditional senior debt, junior debt, and mezzanine loans 5. GBDC has a solid credit track record, experienced management, and a robust funding profile, which contribute to its 'BBB' rating with a stable outlook from Fitch Ratings 6 7.

3: Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). View Source4: Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). View Source5: Golub Capital BDC, Inc. (GBDC) is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. It typically invests in diversified consumer services, automobiles, healthcare technology, insurance, health care equipment and supplies, hotels, restaurants and leisure, healthcare providers and services, IT services and specialty retails. It seeks to invest in the United States. It primarily invests in first lien traditional senior debt, first lien one stop, junior debt and equity, senior secured, one stop, unitranche, second lien, subordinated and mezzanine loans of middle-market companies, and warrants. View Source6: GBDC's ratings reflect its first lien focus, solid credit track record, access to investment resources from Golub Capital LLC, experienced management, appropriate asset coverage cushion, solid funding profile and demonstrated access to the unsecured debt markets, and solid liquidity. View Source7: Fitch Ratings - New York - 26 Mar 2024: Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR), secured debt rating and unsecured debt rating of Golub Capital BDC, Inc. (GBDC) at 'BBB'. The Rating Outlook is Stable.Today's rating actions have been taken as part of a broader review of business development companies (BDCs) that included 22 publicly rated firms. For more information on the peer review, please refer to "Fitch Ratings Completes 2024 BDC Peer Review" at www.fitchratings.com. View Source

UNKNOWN

There is no information provided about the founders of Golub Capital BDC Inc. or their current involvement in the company.

LOW RISK

Golub Capital BDC Inc. (GBDC) is considered low risk due to several factors. The company has a solid credit track record, experienced management, and a robust funding profile, which contribute to its 'BBB' rating with a stable outlook from Fitch Ratings 8. Additionally, GBDC's leverage ratio is expected to decline to 1.08x pro forma for the merger with Golub Capital BDC 3, Inc., and Fitch expects GBDC to manage leverage at 1.15x in the near term 9. The company has also demonstrated access to unsecured debt markets and maintains solid liquidity 10.

8: Fitch Affirms Golub Capital BDC, Inc. at 'BBB'; Outlook Stable View Source9: At Dec. 31, 2023, GBDC's leverage (par debt-to-equity) was 1.20x (1.17x net of cash and foreign currency), which was modestly above the peer average and towards the higher end of the firm's targeted leverage range of 0.85x-1.25x. The 1Q24 leverage ratio implied an asset coverage cushion of 18%; within Fitch's 'bbb' category benchmark range of 11%-33%. Fitch expects GBDC will continue to maintain its asset coverage cushion at a sufficient level to account for potential valuation volatility and/or credit losses. GBDC's leverage will decline to 1.08x, pro forma for the merger with Golub Capital BDC, Inc. 3 (GBDC 3) as of 1Q24, which is expected to close during 2Q24. Fitch expects GBDC to manage leverage at 1.15x in the near term. View Source10: GBDC's ratings reflect its first lien focus, solid credit track record, access to investment resources from Golub Capital LLC, experienced management, appropriate asset coverage cushion, solid funding profile and demonstrated access to the unsecured debt markets, and solid liquidity. View Source

NO

There is no evidence provided that Golub Capital BDC Inc. is launching any new product offerings. The available information focuses on their existing investment activities, mergers, financial results, and ratings 11 12 13 14 15.

11: Golub Capital BDC, Inc.Golub Capital BDC, Inc.- Ratings NavigatorFitch Affirms Golub Capital BDC at 'BBB'; Removes Rating Watch; Outlook StableFitch Places Golub Capital BDC on Rating Watch Negative on Pending MergerFitch Upgrades Golub Capital BDC to 'BBB'; Outlook StableFitch Places Golub Capital BDC 'BBB-' Ratings on Watch Positive; Assigns Expected Debt RatingGolub Capital BDC, Inc.Fitch Affirms Golub Capital BDC at 'BBB-'; Outlook PositiveGolub Capital BDC, Inc. View Source12: Golub Capital BDC, Inc. Schedules Release of Fiscal Year 2024 Third Quarter Results Business Wire Jul 2, 2024 1:00pm Golub Capital BDC, Inc. Closes Merger With Golub Capital BDC 3, Inc., Declares Special Distributions Totaling $0.15 Per Share Business Wire Jun 3, 2024 1:00pm Golub Capital BDC, Inc. Announces Stockholder Approval of Proposed Merger With Golub Capital BDC 3, Inc. Business Wire May 29, 2024 8:10pm Golub Capital BDC, Inc. Announces Fiscal Year 2024 Second Quarter Financial Results with Third Consecutive Quarter of Highest-Ever Adjusted Net Investment Income Business Wire May 6, 2024 9:15pm Business development companies should withstand 2024 economic slowdown, but credit conditions will weaken, Fitch says MarketWatch Nov 27, 2023 5:27pm View Source13: June 03, 2024 Golub Capital BDC, Inc. Closes Merger With Golub Capital BDC 3, Inc., Declares Special Distributions Totaling $0.15 Per Share May 29, 2024 Golub Capital BDC, Inc. Announces Stockholder Approval of Proposed Merger With Golub Capital BDC 3, Inc. May 06, 2024 Golub Capital BDC, Inc. Announces Fiscal Year 2024 Second Quarter Financial Results with Third Consecutive Quarter of Highest-Ever Adjusted Net Investment Income View Source14: Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). View Source15: Golub Capital BDC Inc is an externally managed, closed-end, non-diversified management investment company. Its investment objective is to generate current income and capital appreciation by investing in senior secured and one-stop loans in United States middle-market companies. It also invests in the second lien and subordinated loans, warrants, and minority equity securities in United States middle-market companies. The company generally invests in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. View Source

Golub Capital BDC, Inc. (GBDC) has a strategic roadmap for 2024 through 2026 that includes significant expansion and consolidation efforts. In 2024, GBDC successfully closed a merger with Golub Capital BDC 3, Inc., which is expected to lower the company's leverage ratio to 1.08x and enhance its asset coverage cushion 16 17. This merger is part of GBDC's broader strategy to maintain a sufficient asset coverage cushion to manage potential valuation volatility and credit losses 18. Additionally, GBDC continues to focus on generating current income and capital appreciation through investments in senior secured and one-stop loans, primarily targeting middle-market companies backed by private equity sponsors 19 20. The company also plans to leverage its solid credit track record, experienced management, and robust funding profile to sustain its 'BBB' rating with a stable outlook from Fitch Ratings 21 22.

16: Golub Capital BDC, Inc. Closes Merger With Golub Capital BDC 3, Inc., Declares Special Distributions Totaling $0.15 Per Share View Source17: At Dec. 31, 2023, GBDC's leverage (par debt-to-equity) was 1.20x (1.17x net of cash and foreign currency), which was modestly above the peer average and towards the higher end of the firm's targeted leverage range of 0.85x-1.25x. The 1Q24 leverage ratio implied an asset coverage cushion of 18%; within Fitch's 'bbb' category benchmark range of 11%-33%. Fitch expects GBDC will continue to maintain its asset coverage cushion at a sufficient level to account for potential valuation volatility and/or credit losses. GBDC's leverage will decline to 1.08x, pro forma for the merger with Golub Capital BDC, Inc. 3 (GBDC 3) as of 1Q24, which is expected to close during 2Q24. Fitch expects GBDC to manage leverage at 1.15x in the near term. View Source18: At Dec. 31, 2023, GBDC's leverage (par debt-to-equity) was 1.20x (1.17x net of cash and foreign currency), which was modestly above the peer average and towards the higher end of the firm's targeted leverage range of 0.85x-1.25x. The 1Q24 leverage ratio implied an asset coverage cushion of 18%; within Fitch's 'bbb' category benchmark range of 11%-33%. Fitch expects GBDC will continue to maintain its asset coverage cushion at a sufficient level to account for potential valuation volatility and/or credit losses. GBDC's leverage will decline to 1.08x, pro forma for the merger with Golub Capital BDC, Inc. 3 (GBDC 3) as of 1Q24, which is expected to close during 2Q24. Fitch expects GBDC to manage leverage at 1.15x in the near term. View Source19: Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). View Source20: Golub Capital BDC Inc is an externally managed, closed-end, non-diversified management investment company. Its investment objective is to generate current income and capital appreciation by investing in senior secured and one-stop loans in United States middle-market companies. It also invests in the second lien and subordinated loans, warrants, and minority equity securities in United States middle-market companies. The company generally invests in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. View Source21: GBDC's ratings reflect its first lien focus, solid credit track record, access to investment resources from Golub Capital LLC, experienced management, appropriate asset coverage cushion, solid funding profile and demonstrated access to the unsecured debt markets, and solid liquidity. View Source22: Fitch Affirms Golub Capital BDC, Inc. at 'BBB'; Outlook Stable View Source

Sources

1: Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). View Source2: Golub Capital BDC, Inc. (GBDC) is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. It typically invests in diversified consumer services, automobiles, healthcare technology, insurance, health care equipment and supplies, hotels, restaurants and leisure, healthcare providers and services, IT services and specialty retails. It seeks to invest in the United States. It primarily invests in first lien traditional senior debt, first lien one stop, junior debt and equity, senior secured, one stop, unitranche, second lien, subordinated and mezzanine loans of middle-market companies, and warrants. View Source3: Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). View Source4: Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). View Source5: Golub Capital BDC, Inc. (GBDC) is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. It typically invests in diversified consumer services, automobiles, healthcare technology, insurance, health care equipment and supplies, hotels, restaurants and leisure, healthcare providers and services, IT services and specialty retails. It seeks to invest in the United States. It primarily invests in first lien traditional senior debt, first lien one stop, junior debt and equity, senior secured, one stop, unitranche, second lien, subordinated and mezzanine loans of middle-market companies, and warrants. View Source6: GBDC's ratings reflect its first lien focus, solid credit track record, access to investment resources from Golub Capital LLC, experienced management, appropriate asset coverage cushion, solid funding profile and demonstrated access to the unsecured debt markets, and solid liquidity. View Source7: Fitch Ratings - New York - 26 Mar 2024: Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR), secured debt rating and unsecured debt rating of Golub Capital BDC, Inc. (GBDC) at 'BBB'. The Rating Outlook is Stable.Today's rating actions have been taken as part of a broader review of business development companies (BDCs) that included 22 publicly rated firms. For more information on the peer review, please refer to "Fitch Ratings Completes 2024 BDC Peer Review" at www.fitchratings.com. View Source8: Fitch Affirms Golub Capital BDC, Inc. at 'BBB'; Outlook Stable View Source9: At Dec. 31, 2023, GBDC's leverage (par debt-to-equity) was 1.20x (1.17x net of cash and foreign currency), which was modestly above the peer average and towards the higher end of the firm's targeted leverage range of 0.85x-1.25x. The 1Q24 leverage ratio implied an asset coverage cushion of 18%; within Fitch's 'bbb' category benchmark range of 11%-33%. Fitch expects GBDC will continue to maintain its asset coverage cushion at a sufficient level to account for potential valuation volatility and/or credit losses. GBDC's leverage will decline to 1.08x, pro forma for the merger with Golub Capital BDC, Inc. 3 (GBDC 3) as of 1Q24, which is expected to close during 2Q24. Fitch expects GBDC to manage leverage at 1.15x in the near term. View Source10: GBDC's ratings reflect its first lien focus, solid credit track record, access to investment resources from Golub Capital LLC, experienced management, appropriate asset coverage cushion, solid funding profile and demonstrated access to the unsecured debt markets, and solid liquidity. View Source11: Golub Capital BDC, Inc.Golub Capital BDC, Inc.- Ratings NavigatorFitch Affirms Golub Capital BDC at 'BBB'; Removes Rating Watch; Outlook StableFitch Places Golub Capital BDC on Rating Watch Negative on Pending MergerFitch Upgrades Golub Capital BDC to 'BBB'; Outlook StableFitch Places Golub Capital BDC 'BBB-' Ratings on Watch Positive; Assigns Expected Debt RatingGolub Capital BDC, Inc.Fitch Affirms Golub Capital BDC at 'BBB-'; Outlook PositiveGolub Capital BDC, Inc. View Source12: Golub Capital BDC, Inc. Schedules Release of Fiscal Year 2024 Third Quarter Results Business Wire Jul 2, 2024 1:00pm Golub Capital BDC, Inc. Closes Merger With Golub Capital BDC 3, Inc., Declares Special Distributions Totaling $0.15 Per Share Business Wire Jun 3, 2024 1:00pm Golub Capital BDC, Inc. Announces Stockholder Approval of Proposed Merger With Golub Capital BDC 3, Inc. Business Wire May 29, 2024 8:10pm Golub Capital BDC, Inc. Announces Fiscal Year 2024 Second Quarter Financial Results with Third Consecutive Quarter of Highest-Ever Adjusted Net Investment Income Business Wire May 6, 2024 9:15pm Business development companies should withstand 2024 economic slowdown, but credit conditions will weaken, Fitch says MarketWatch Nov 27, 2023 5:27pm View Source13: June 03, 2024 Golub Capital BDC, Inc. Closes Merger With Golub Capital BDC 3, Inc., Declares Special Distributions Totaling $0.15 Per Share May 29, 2024 Golub Capital BDC, Inc. Announces Stockholder Approval of Proposed Merger With Golub Capital BDC 3, Inc. May 06, 2024 Golub Capital BDC, Inc. Announces Fiscal Year 2024 Second Quarter Financial Results with Third Consecutive Quarter of Highest-Ever Adjusted Net Investment Income View Source14: Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). View Source15: Golub Capital BDC Inc is an externally managed, closed-end, non-diversified management investment company. Its investment objective is to generate current income and capital appreciation by investing in senior secured and one-stop loans in United States middle-market companies. It also invests in the second lien and subordinated loans, warrants, and minority equity securities in United States middle-market companies. The company generally invests in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. View Source16: Golub Capital BDC, Inc. Closes Merger With Golub Capital BDC 3, Inc., Declares Special Distributions Totaling $0.15 Per Share View Source17: At Dec. 31, 2023, GBDC's leverage (par debt-to-equity) was 1.20x (1.17x net of cash and foreign currency), which was modestly above the peer average and towards the higher end of the firm's targeted leverage range of 0.85x-1.25x. The 1Q24 leverage ratio implied an asset coverage cushion of 18%; within Fitch's 'bbb' category benchmark range of 11%-33%. Fitch expects GBDC will continue to maintain its asset coverage cushion at a sufficient level to account for potential valuation volatility and/or credit losses. GBDC's leverage will decline to 1.08x, pro forma for the merger with Golub Capital BDC, Inc. 3 (GBDC 3) as of 1Q24, which is expected to close during 2Q24. Fitch expects GBDC to manage leverage at 1.15x in the near term. View Source18: At Dec. 31, 2023, GBDC's leverage (par debt-to-equity) was 1.20x (1.17x net of cash and foreign currency), which was modestly above the peer average and towards the higher end of the firm's targeted leverage range of 0.85x-1.25x. The 1Q24 leverage ratio implied an asset coverage cushion of 18%; within Fitch's 'bbb' category benchmark range of 11%-33%. Fitch expects GBDC will continue to maintain its asset coverage cushion at a sufficient level to account for potential valuation volatility and/or credit losses. GBDC's leverage will decline to 1.08x, pro forma for the merger with Golub Capital BDC, Inc. 3 (GBDC 3) as of 1Q24, which is expected to close during 2Q24. Fitch expects GBDC to manage leverage at 1.15x in the near term. View Source19: Golub Capital BDC, Inc. (“GBDC”) is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. GBDC invests primarily in one stop and other senior secured loans to middle market companies that are often sponsored by private equity investors. GBDC’s investment activities are managed by its investment adviser, GC Advisors LLC, an affiliate of the Golub Capital LLC group of companies (“Golub Capital”). View Source20: Golub Capital BDC Inc is an externally managed, closed-end, non-diversified management investment company. Its investment objective is to generate current income and capital appreciation by investing in senior secured and one-stop loans in United States middle-market companies. It also invests in the second lien and subordinated loans, warrants, and minority equity securities in United States middle-market companies. The company generally invests in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. View Source21: GBDC's ratings reflect its first lien focus, solid credit track record, access to investment resources from Golub Capital LLC, experienced management, appropriate asset coverage cushion, solid funding profile and demonstrated access to the unsecured debt markets, and solid liquidity. View Source22: Fitch Affirms Golub Capital BDC, Inc. at 'BBB'; Outlook Stable View Source