GBDC on Nasdaq
GOLUB CAPITAL BDC, Inc.
American company based in Chicago, listed on Nasdaq (GBDC)2
In its 2025 annual report the company says: “We are 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, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code.”6
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Last updated Oct 21, 2026.
Overview
$376.6MNet income, fiscal 20253
- TickerGBDC on Nasdaq2
- HeadquartersChicago, United States2
- Incorporated inDE4
- Business address200 Park Avenue, 25Th Floor, New York, Ny 101664
- Filer categoryLarge accelerated filer4
- Legal formCorporation2
- LEI2549005WE0QLGK9APF782
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 47501942
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We are 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, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. We were formed in November 2009 to continue and expand the business of our predecessor, Golub Capital Master Funding LLC, which commenced operations in July 2007. We make investments primarily in one stop loans (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle market lenders as unitranche loans) and other senior secured loans of U.S. middle-marke…6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Payment-in-kind interest income | $52.3M | $49.7M | $40.6M |
| Total investment income | $870.8M | $724.7M | $603.1M |
| Interest and other debt financing expenses | $290.6M | $212.4M | $150.6M |
| Base management fee | $87.9M | $62.5M | $70.8M |
| Incentive fee | $73.3M | $77.2M | $74.1M |
| Professional fees | $8.0M | $5.5M | $5.0M |
| Administrative service fee | $12.3M | $9.3M | $8.3M |
| General and administrative expenses | $1.9M | $1.5M | $1.5M |
| Total expenses | $474.0M | $368.4M | $310.3M |
| Net expenses | $474.0M | $341.0M | $310.3M |
| Net investment income - before tax | $396.8M | $383.6M | $292.8M |
| Excise and income tax | -$475.0K | $1.2M | $3.7M |
| Net investment income - after tax | $397.3M | $382.4M | $289.1M |
| Company investments | -$72.2M | -$81.6M | -$46.5M |
| Foreign currency transactions | -$4.3M | -$2.0M | -$328.0K |
| Forward currency contracts | $4.2M | $3.6M | $2.7M |
| Net realized gain (loss) on investment transactions | -$72.4M | -$79.9M | -$44.1M |
| Company investments | $50.6M | -$32.0M | $14.3M |
| Translation of assets and liabilities in foreign currencies | $9.2M | $21.7M | $16.7M |
| Net change in unrealized appreciation (depreciation) on investment transactions | $51.2M | -$29.4M | $13.6M |
| Net gain (loss) on investment transactions | -$21.1M | -$109.3M | -$30.6M |
| Net realized gain (loss) on extinguishment of debt | -$48.0K | $0 | $0 |
| (Provision) benefit for taxes on realized gain on investments | $0 | $0 | -$207.0K |
| (Provision) benefit for taxes on unrealized appreciation on investments | $563.0K | $620.0K | $308.0K |
| Net increase (decrease) in net assets resulting from operations | $376.6M | $273.8M | $258.6M |
| Basic earnings per common share (Note 10) (in dollars per share) | $1.42 | $1.36 | $1.52 |
| Diluted earnings per common share (Note 10) (in dollars per share) | $1.42 | $1.36 | $1.52 |
| Dividends and distributions declared per common share (in dollars per share) | $1.65 | $1.89 | $1.40 |
| Basic weighted average common shares outstanding (Note 10) (in shares) | 266.0M shares | 201.3M shares | 170.3M shares |
| Diluted weighted average common shares outstanding (Note 10) (in shares) | 266.0M shares | 201.3M shares | 170.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 13 quarters (quarterly), latest first.3
| Period ending | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2025-02-28 | 2024-12-31 |
|---|---|---|---|---|---|
| Investments, at fair value | $8.8B | ||||
| Cash and cash equivalents | $11.9M | ||||
| Foreign currencies (cost of $11,685 and $7,973, respectively) | $11.7M | ||||
| Restricted cash and cash equivalents | $88.8M | ||||
| Restricted foreign currencies (cost of $0 and $1,219, respectively) | $0 | ||||
| Interest receivable | $68.0M | ||||
| Receivable for investments | $7.3M | ||||
| Net unrealized appreciation on derivatives | $12.1M | ||||
| Other assets | $9.0M | ||||
| Total Assets | $9.0B | ||||
| Debt | $4.9B | ||||
| Less unamortized debt issuance costs | -$26.0M | ||||
| Debt less unamortized debt issuance costs | $4.9B | ||||
| Net unrealized depreciation on derivatives | $5.0M | ||||
| Interest payable | $38.3M | ||||
| Management and income incentive fees payable | $40.9M | ||||
| Accrued trustee fees | $1.0M | ||||
| Accounts payable and other liabilities | $9.8M | ||||
| Total Liabilities | $5.0B | ||||
| Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2025 and September 30, 2024 | $0 | ||||
| Common stock, par value $0.001 per share, 500,000,000 shares authorized, 266,008,083 shares issued and outstanding as of September 30, 2025; 350,000,000 shares authorized, 264,277,128 shares issued and outstanding as of September 30, 2024 | $266.0K | ||||
| Paid in capital in excess of par | $4.0B | ||||
| Distributable earnings (losses) | -$48.8M | ||||
| Total Net Assets | $4.0B | ||||
| Total Liabilities and Total Net Assets | $9.0B | ||||
| Number of common shares outstanding (in shares) | 266.0M shares | ||||
| Net asset value per common share (in dollars per share) | $14.97 | $15.00 | $15.04 | $15.13 | |
| Amortized cost | $8.8B | ||||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | |||
| Preferred stock, shares issued (in shares) | 0 shares | ||||
| Preferred stock, shares outstanding (in shares) | 0 shares | ||||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Common stock, shares authorized (in shares) | 500.0M shares | 500.0M shares | |||
| Common stock, shares issued (in shares) | 266.0M shares |
| Period ending | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2025-02-28 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2022-09-30 | 2021-09-30 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments, at fair value | $8.8B | $8.2B | |||||||||||
| Cash and cash equivalents | $11.9M | $123.1M | |||||||||||
| Foreign currencies (cost of $11,685 and $7,973, respectively) | $11.7M | $8.0M | |||||||||||
| Restricted cash and cash equivalents | $88.8M | $227.2M | |||||||||||
| Restricted foreign currencies (cost of $0 and $1,219, respectively) | $0 | $1.2M | |||||||||||
| Interest receivable | $68.0M | $74.0M | |||||||||||
| Receivable for investments | $7.3M | $3.5M | |||||||||||
| Net unrealized appreciation on derivatives | $12.1M | $29.5M | |||||||||||
| Other assets | $9.0M | $1.7M | |||||||||||
| Total Assets | $9.0B | $8.7B | |||||||||||
| Debt | $4.9B | $4.6B | |||||||||||
| Less unamortized debt issuance costs | -$26.0M | -$25.4M | |||||||||||
| Debt less unamortized debt issuance costs | $4.9B | $4.6B | |||||||||||
| Net unrealized depreciation on derivatives | $5.0M | $0 | |||||||||||
| Interest payable | $38.3M | $45.7M | |||||||||||
| Management and income incentive fees payable | $40.9M | $33.6M | |||||||||||
| Accrued trustee fees | $1.0M | $178.0K | |||||||||||
| Accounts payable and other liabilities | $9.8M | $10.3M | |||||||||||
| Total Liabilities | $5.0B | $4.7B | |||||||||||
| Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2025 and September 30, 2024 | $0 | $0 | |||||||||||
| Common stock, par value $0.001 per share, 500,000,000 shares authorized, 266,008,083 shares issued and outstanding as of September 30, 2025; 350,000,000 shares authorized, 264,277,128 shares issued and outstanding as of September 30, 2024 | $266.0K | $264.0K | |||||||||||
| Paid in capital in excess of par | $4.0B | $4.2B | |||||||||||
| Distributable earnings (losses) | -$48.8M | -$153.0M | -$99.2M | ||||||||||
| Total Net Assets | $4.0B | $4.0B | $2.5B | $2.5B | $2.6B | ||||||||
| Total Liabilities and Total Net Assets | $9.0B | $8.7B | |||||||||||
| Number of common shares outstanding (in shares) | 266.0M shares | 264.3M shares | 169.6M shares | 170.9M shares | 170.0M shares | ||||||||
| Net asset value per common share (in dollars per share) | $14.97 | $15.00 | $15.04 | $15.13 | $15.19 | $15.32 | $15.12 | $15.03 | $15.02 | $14.89 | $15.19 | $14.33 | |
| Amortized cost | $8.8B | $8.3B | |||||||||||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | ||||||||||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | 1.0M shares | ||||||||||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |||||||||||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |||||||||||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| Common stock, shares authorized (in shares) | 500.0M shares | 500.0M shares | 350.0M shares | ||||||||||
| Common stock, shares issued (in shares) | 266.0M shares | 264.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-09-30 | 2024-09-30 | 2023-09-30 |
|---|---|---|---|
| Net increase (decrease) in net assets resulting from operations | $376.6M | $273.8M | $258.6M |
| Amortization of deferred debt issuance costs | $10.0M | $9.2M | $7.4M |
| Accretion of discounts and amortization of premiums on investments | -$8.9M | -$10.4M | -$12.9M |
| Accretion of discounts and amortization of premiums on issued debt securities | $3.3M | $2.1M | $424.0K |
| Net realized (gain) loss on investments | $72.2M | $81.6M | $46.5M |
| Net realized (gain) loss on foreign currency transactions | $4.3M | $2.0M | $328.0K |
| Net realized (gain) loss on forward currency contracts | -$4.2M | -$3.6M | -$2.7M |
| Net realized (gain) loss on extinguishment of debt | $48.0K | $0 | $0 |
| Net change in unrealized (appreciation) depreciation on investments | -$50.6M | $32.0M | -$14.3M |
| Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | -$9.2M | -$21.7M | -$16.7M |
| Proceeds from (fundings of) revolving loans, net | -$6.3M | -$2.6M | -$381.0K |
| Fundings of investments | -$2.0B | -$1.3B | -$675.3M |
| Proceeds from principal payments and sales of portfolio investments | $1.5B | $1.3B | $670.2M |
| Proceeds from settlements of forward currency contracts | $6.2M | $7.9M | $2.7M |
| Payment-in-kind interest capitalized | -$55.4M | -$52.6M | -$38.8M |
| Non-cash dividends capitalized | -$30.7M | -$21.3M | -$14.9M |
| Proceeds from non-cash dividends | $6.4M | $47.0K | $10.0K |
| Cash acquired in GBDC 3 Merger | $0 | $53.9M | $0 |
| Cash collateral held at broker for derivatives | -$4.2M | -$650.0K | $0 |
| Interest receivable | $6.0M | $16.2M | -$37.3M |
| Receivable for investments | -$3.7M | $8.9M | $0 |
| Other assets | -$3.1M | -$4.7M | -$2.5M |
| Interest payable | -$7.4M | $8.3M | $4.4M |
| Management and income incentive fees payable | $7.3M | -$10.6M | $1.8M |
| Accrued trustee fees | $861.0K | -$161.0K | $106.0K |
| Accounts payable and other liabilities | -$540.0K | -$1.3M | $1.2M |
| Net cash provided by (used in) operating activities | -$113.6M | $343.9M | $195.4M |
| Borrowings on debt | $4.8B | $2.9B | $652.6M |
| Repayments of debt | -$4.5B | -$2.7B | -$627.1M |
| Capitalized debt issuance costs | -$10.6M | -$19.0M | -$5.8M |
| Net proceeds from issuance of common stock (Note 13) | $37.4M | $0 | $0 |
| Purchases of common stock (Note 13) | -$40.6M | -$4.8M | -$16.9M |
| Distributions paid | -$368.2M | -$338.2M | -$191.5M |
| Purchases of common stock for dividend reinvestment plan | -$37.2M | $0 | -$46.9M |
| Net cash provided by (used in) financing activities | -$131.6M | -$124.2M | -$235.5M |
| Net change in cash and cash equivalents, foreign currencies, restricted cash and cash equivalents and restricted foreign currencies | -$245.2M | $219.7M | -$40.2M |
| Effect of foreign currency exchange rates | -$1.9M | -$331.0K | -$171.0K |
| Cash paid during the period for interest | $280.2M | $180.1M | $138.4M |
| Stock issued in connection with dividend reinvestment plan | $33.7M | $44.3M | $0 |
| Investments, at cost | $0 | $2.6B | $0 |
| Interest receivable | $0 | $32.2M | $0 |
| Unrealized appreciation on forward currency contracts | $0 | $6.3M | $0 |
| Receivable for investments sold | $0 | $8.9M | $0 |
| Other assets | $0 | $154.0K | $0 |
| Total noncash assets purchased | $0 | $2.7B | $0 |
| Debt | $0 | $1.2B | $0 |
| Interest payable | $0 | $12.7M | $0 |
| Distributions payable | $0 | $9.5M | $0 |
| Management and income incentive fees payable | $0 | $8.9M | $0 |
| Accrued trustee fees | $0 | $8.0K | |
| Accounts payable and other liabilities | $0 | $4.0M | $0 |
| Total liabilities assumed | $0 | $1.2B | $0 |
| Issuance of common stock | $0 | $1.5B | $0 |
| Merger costs capitalized into purchase price | $0 | $3.9M | $0 |
| Foreign currencies, cost | $11.7M | $8.0M | |
| Restricted foreign currencies, cost | $0 | $1.2M |
No quarter-by-quarter statement was filed.
Corporate structure
GOLUB CAPITAL BDC, Inc. sits at the top of its group. 15 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of GOLUB CAPITAL BDC, Inc.
- Ohio Strs Filed SCHEDULE 13G/A on GOLUB CAPITAL BDC, Inc., latest Jan 13, 2026 (7 filings since Jan 5, 2022)
- GOLUB CAPITAL BDC, Inc. Chicago, Illinois, United States
- GBDC 3 Funding LLC Subsidiary · Delaware, United States
- GBDC Holdings Coinvest, Inc. Subsidiary · Delaware, United States
- GBDC Holdings ED Coinvest, Inc. Subsidiary · Delaware, United States
- GCIC Holdings LLC Subsidiary · Delaware, United States
- GCIC North Haven Stack Buyer Coinvest, Inc. Subsidiary · Delaware, United States
- Golub Capital 3 Holdings, LLC Subsidiary · Delaware, United States
- Golub Capital BDC 3 ABS 2022-1 Depositor LLC Subsidiary · Delaware, United States
- Golub Capital BDC 3 CLO 2 Depositor LLC Subsidiary · Delaware, United States
- Golub Capital BDC CLO 4 LLC Subsidiary · Chicago, Illinois, United States
- Golub Capital BDC CLO 8 Depositor LLC Subsidiary · Delaware, United States
- Golub Capital BDC CLO 8 LLC Subsidiary · Delaware, United States
- GOLUB CAPITAL BDC CLO III LLC Subsidiary · Chicago, Illinois, United States
- Golub Capital BDC Funding II LLC Subsidiary · Chicago, Illinois, United States
- GOLUB CAPITAL BDC HOLDINGS LLC Subsidiary · Chicago, Illinois, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What GOLUB CAPITAL BDC, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $11.9M3 Sep 30, 2025 | $123.1M3 Sep 30, 2024 | −90.3% |
Properties, in its own words
Properties
We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 200 Park Avenue, 25th Floor, New York, NY 10166 and are provided by the Administrator pursuant to the Administration Agreement. We believe that our office facilities are suitable and adequate to our business.
Item 2 of the 10-K filed Nov 18, 2025.6
Leadership
Who has led GOLUB CAPITAL BDC, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
201520202025
- Chief executive officerDavid Golub Apr 14, 2010 to now13
- ChairDavid Golub Aug 11, 2026 to now14
- ChairLawrence E. Golub Apr 14, 2010 to Aug 11, 202615
- Chief financial officerSean K. Coleman Apr 14, 2010 to Apr 22, 201016
- Chief financial officerRoss Teune Dec 16, 2010 to Mar 16, 202117
Board members and other officers (11)
- Chief Compliance OfficerWu Kwan Kit May 5, 2025 to now18
- Chief Fin. Officer & TreasurerChristopher Compton Ericson Sep 17, 2021 to Sep 17, 202119
- Chief Compliance OfficerJoshua M. Levinson Aug 9, 2011 to now20
- Board memberLawrence E. Golub Aug 11, 2026 to now21
- Board memberLofton Phillip Holder Jr. Aug 30, 2021 to Aug 30, 202122
- Board memberAnita R. Rosenberg Jun 1, 2011 to Dec 6, 202423
- Board memberDavid Golub Apr 14, 2010 to now13
- Board memberKenneth F. Bernstein Apr 14, 2010 to May 16, 201124
- Board memberThomas E. Lynch Apr 14, 2010 to Apr 22, 201025
- Board memberWilliam M. Webster Iv. Apr 14, 2010 to Dec 23, 202426
- Board memberJohn Thomas Baily May 17, 2010 to Sep 13, 202427
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- GBDC 3 Funding LLC Delaware5
- GBDC Holdings Coinvest, Inc. Delaware5
- GBDC Holdings ED Coinvest, Inc. Delaware5
- GCIC Holdings LLC Delaware5
- GCIC North Haven Stack Buyer Coinvest, Inc. Delaware5
- Golub Capital 3 Holdings, LLC Delaware5
- Golub Capital BDC 3 ABS 2022-1 Depositor LLC Delaware5
- Golub Capital BDC 3 CLO 2 Depositor LLC Delaware5
- Golub Capital BDC CLO 8 Depositor LLC Delaware5
- Golub Capital BDC CLO 8 LLC Delaware5
- Golub Capital BDC Holdings, LLC Delaware5
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Oct 6, 20268-K Results of operations28
- Aug 11, 20268-K Other events29
- Aug 3, 20268-K Results of operations30
- Aug 3, 20268-K Results of operations31
- Jul 9, 20268-K Entered a material agreement; New debt or obligation32
- Jul 7, 20268-K Results of operations33
- May 27, 20268-K Entered a material agreement; New debt or obligation34
- May 20, 20268-K Entered a material agreement35
- May 4, 20268-K Results of operations36
- May 4, 20268-K Results of operations37
- Apr 6, 20268-K Results of operations38
- Feb 5, 20268-K Shareholder vote39
- Apr 14, 2010New chief executive David Golub becomes CEO13
- Nov 9, 2009Founded GOLUB CAPITAL BDC, Inc. is founded2
Calendar
Coming up
- Nov 17, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.39 a share, on Nov 18, 2025.40
When it reported results
- Oct 6, 2026Reported quarterly or annual results28
- Aug 3, 2026Reported quarterly or annual results30
- Aug 3, 2026Reported quarterly or annual results31
- Jul 7, 2026Reported quarterly or annual results33
- May 4, 2026Reported quarterly or annual results36
- May 4, 2026Reported quarterly or annual results37
- Apr 6, 2026Reported quarterly or annual results38
- Feb 4, 2026Reported quarterly or annual results41
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
275 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 119 major events, 37 insider forms, 7 large holders, 92 other. The latest 20:
- Oct 6, 20268-K EDGAR
- Sep 10, 202640-17G EDGAR
- Aug 11, 20268-K EDGAR
- Aug 11, 20264 EDGAR
- Aug 11, 20264 EDGAR
- Aug 3, 202610-Q EDGAR
- Aug 3, 20268-K EDGAR
- Aug 3, 20268-K EDGAR
- Jul 9, 20268-K EDGAR
- Jul 7, 20268-K EDGAR
- May 27, 20268-K EDGAR
- May 20, 20268-K EDGAR
- May 20, 2026424B2 EDGAR
- May 19, 2026497AD EDGAR
- May 19, 2026497AD EDGAR
- May 19, 2026497AD EDGAR
- May 19, 2026FWP FREE WRITING PROSPECTUS EDGAR
- May 19, 2026424B2 EDGAR
- May 4, 202610-Q EDGAR
- May 4, 20268-K EDGAR
The 275 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
49 open-market trades by officers, directors and large owners since October 2021: 43 buys and 6 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Golub Lawrence EDirector | Sale | 1,676,387 | $13.06 | $21.9M | Form 4 |
| Aug 7, 2026 | Golub DavidChairman & CEO | Sale | 1,676,387 | $13.06 | $21.9M | Form 4 |
| May 27, 2025 | Golub Lawrence EDirector | Buy | 6,059,971 | $15.13 | $91.7M | Form 4 |
| May 27, 2025 | Golub Lawrence EDirector | Sale | 6,059,971 | $15.13 | $91.7M | Form 4 |
| May 27, 2025 | Golub DavidChairman & CEO | Buy | 6,059,971 | $15.13 | $91.7M | Form 4 |
| May 27, 2025 | Golub DavidChairman & CEO | Sale | 6,059,971 | $15.13 | $91.7M | Form 4 |
| Sep 6, 2024 | Golub Lawrence EDirector | Buy | 20,000 | $14.78 | $295.6K | Form 4 |
| Sep 6, 2024 | Golub DavidChairman & CEO | Buy | 20,000 | $14.78 | $295.6K | Form 4 |
| Sep 5, 2024 | Golub Lawrence EDirector | Buy | 20,000 | $14.91 | $298.2K | Form 4 |
| Sep 5, 2024 | Golub DavidChairman & CEO | Buy | 20,000 | $14.91 | $298.2K | Form 4 |
| Sep 4, 2024 | Golub DavidChairman & CEO | Buy | 20,000 | $14.94 | $298.8K | Form 4 |
| Sep 4, 2024 | Golub Lawrence EDirector | Buy | 20,000 | $14.94 | $298.8K | Form 4 |
| Sep 3, 2024 | Golub DavidChairman & CEO | Buy | 20,000 | $14.91 | $298.2K | Form 4 |
| Sep 3, 2024 | Golub Lawrence EDirector | Buy | 20,000 | $14.91 | $298.2K | Form 4 |
| Aug 30, 2024 | Golub Lawrence EDirector | Buy | 20,000 | $14.86 | $297.2K | Form 4 |
| Aug 30, 2024 | Golub DavidChairman & CEO | Buy | 20,000 | $14.86 | $297.2K | Form 4 |
| Aug 29, 2024 | Golub Lawrence EDirector | Buy | 20,000 | $15.15 | $303.0K | Form 4 |
| Aug 29, 2024 | Golub DavidChairman & CEO | Buy | 20,000 | $15.15 | $303.0K | Form 4 |
| Aug 28, 2024 | Golub Lawrence EDirector | Buy | 20,000 | $15.04 | $300.8K | Form 4 |
| Aug 28, 2024 | Golub DavidChairman & CEO | Buy | 20,000 | $15.04 | $300.8K | Form 4 |
All 49 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Ohio StrsSCHEDULE 13G/A, 7 filings Jan 5, 2022 to Jan 13, 202642
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Strs Ohio | 17,576,643 | $226.4M | 0.8% | +436,111 |
| HighTower Advisors, LLC | 7,345,885 | $94.6M | 0.1% | +299,240 |
| Van Eck Associates Corp | 4,710,275 | $60.7M | 0.0% | +466,249 |
| Sound Income Strategies, LLC | 3,876,087 | $49.9M | 2.2% | +125,554 |
| UBS Group AG | 3,849,396 | $49.6M | 0.0% | −207,971 |
| Sage Mountain Advisors LLC | 3,829,164 | $49.3M | 3.0% | +72,893 |
| OMERS ADMINISTRATION Corp | 3,650,215 | $47.0M | 0.3% | +90,569 |
| Bank Of America Corp /de/ | 3,392,551 | $43.7M | 0.0% | +122,634 |
| Jpmorgan Chase & Co | 3,384,088 | $43.2M | 0.0% | −132,158 |
| Ares Management LLC | 3,357,115 | $43.2M | 2.0% | +298,759 |
| Allen Investment Management, LLC | 3,174,058 | $40.9M | 0.5% | −191,842 |
| Corient Private Wealth LP | 3,162,346 | $40.7M | 0.1% | −1,365,434 |
| Rockefeller Capital Management L.P. | 2,799,784 | $36.1M | 0.1% | −3,084 |
| Generali Asset Management SPA SGR | 2,630,739 | $33.9M | 0.6% | No change |
| Lalia Capital, LLC | 2,605,281 | $33.6M | 16.3% | +63,355 |
| Legal & General Group Plc | 2,443,383 | $31.5M | 0.0% | +204,724 |
| Morgan Stanley | 2,354,219 | $30.3M | 0.0% | +376,873 |
| Muzinich & Co., Inc. | 2,055,071 | $26.5M | 9.0% | +69,583 |
| Russell Investments Group, Ltd. | 1,765,242 | $22.7M | 0.0% | +482,424 |
| Franklin Resources Inc | 1,652,518 | $21.3M | 0.0% | +505,131 |
| Sumitomo Mitsui Trust Group, Inc. | 1,552,650 | $20.0M | 0.0% | +38,106 |
| Arnhold LLC | 1,537,089 | $19.8M | 1.4% | No change |
| Ensign Peak Advisors, Inc | 1,289,976 | $16.6M | 0.0% | New |
| BlackRock, Inc. | 1,258,215 | $16.2M | 0.0% | +64,391 |
| MAI Capital Management | 1,235,407 | $15.9M | 0.1% | +14,669 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Jun 30, 2023 | David P. JoyceRepublican, House | Partial sale | $1,001 - $15,000 | +83.2% | Report |
| Jun 19, 2023 | David P. JoyceRepublican, House | Partial sale | $15,001 - $50,000 | +85.1% | Report |
| Jul 14, 2022 | David P. JoyceRepublican, House | Sale | $15,001 - $50,000 | +113.3% | Report |
| Jul 12, 2022 | David P. JoyceRepublican, House | Sale | $15,001 - $50,000 | +111.9% | Report |
| Jan 20, 2021 | Teresa Leger FernandezDemocratic, House | Sale | $15,001 - $50,000 | +117.1% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How GOLUB CAPITAL BDC, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARGOLUB CAPITAL BDC, Inc.1
- CIK0001476765
- Employer ID (EIN)27-23269406
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inDelaware6
- Fiscal year endsSeptember 301
- Business address200 Park Avenue, 25Th Floor, New York, NY 101661
- Phone212.750.60601
- Shares outstanding259,651,589 as of Aug 3, 202612
- Public float$3.9B as of Mar 31, 20256
- AuditorErnst & Young LLP, Chicago PCAOB ID 42; it also attests to the company’s internal control over financial reporting6
- On EDGAR sinceNov 20, 20091
- Filings1,193 in all: 8-K (386), 4 (344), 497AD (53), 10-Q (50), CORRESP (31), 425 (29), 497 (28), 3 (18)1
All 51 form types
40-APP/A (18), DEF 14A (18), 40-17G (17), 10-K (16), POS EX (15), N-2/A (14), SC 13D/A (14), EFFECT (12), 424B2 (11), 424B5 (10), FWP (10), ABS-15G (8), POS 8C (8), SC 13G/A (8), 40-APP (6), DEFA14A (6), N-2 (6), 4/A (5), SC 13G (5), SC 13D (4), 40-17G/A (3), 424B3 (3), APP NTC (3), APP ORDR (3), D (3), SCHEDULE 13G/A (3), 8-A12B (2), 8-K/A (2), N-14 8C (2), N-14 8C/A (2), N-2 POSASR (2), N-2ASR (2), PRE 14A (2), UPLOAD (2), 25-NSE (1), APP WD (1), APP WDG (1), CERT (1), CERTNAS (1), N-23C-2 (1), N-54A (1), N-6F (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Nov 18, 2025
Quarterly report (10-Q) Aug 3, 2026
Proxy statement (DEF 14A) Dec 11, 2025
Latest 8-K (8-K) Oct 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | GBDC | The Nasdaq Global Select Market |
From the cover page of the 10-K filed Nov 18, 2025 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks GOLUB CAPITAL BDC, Inc. names in Item 1A of its 10-K filed Nov 18, 2025: 77 risks under these headings, as written.6
- Risks Related to Our Business and Structure
- We are subject to risks associated with the current interest rate environment and to the extent we use debt to finance our investments, changes in interest rates will affect our cost of capital and net investment income.
- We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
- Changing interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans.
- We are dependent upon GC Advisors for our success and upon its access to the investment professionals and partners of Golub Capital and its affiliates.
- Our business model depends to a significant extent upon strong referral relationships with sponsors and investing in companies backed by private equity sponsors. Any inability of GC Advisors to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
- We can provide no assurance that we will be able to replicate the historical results achieved by other entities managed or sponsored by members of GC Advisors’ investment committee, or by GC Advisors or its affiliates.
- Our financial condition, results of operations and cash flows depend on our ability to manage our business effectively.
- There are significant potential conflicts of interest as a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee that could affect our investment returns.
- There are conflicts related to the obligations of GC Advisors’ investment committee, GC Advisors or its affiliates have to other clients and conflicts related to fees and expenses of such other clients.
- GC Advisors’ investment committee, GC Advisors or its affiliates could, from time to time, possess material non-public information, limiting our investment discretion.
- Our management and incentive fee structure creates incentives for GC Advisors that are not fully aligned with the interests of our stockholders and could induce GC Advisors to make certain investments, including speculative investments.
The other 66 risks
- Our securities could be purchased by GC Advisors or its affiliates.
- The valuation process for certain of our portfolio holdings creates a conflict of interest.
- Conflicts related to other arrangements with GC Advisors or its affiliates.
- Our ability to enter into transactions with our affiliates is restricted, which could limit the scope of investments available to us.
- We have entered into the Adviser Revolver, resulting in a conflict of interest between GC Advisors’ obligation to act in its own best interest and in our best interest.
- GC Advisors could make certain investment decisions for the purpose of receiving transaction fees.
- Reductions, waivers or absorptions of fees and costs can temporarily result in higher returns to investors than they would otherwise receive if full fees and costs were charged.
- GC Advisors could prioritize its relationship with a borrower or private equity sponsor instead of seeking the most advantageous terms for our investments.
- GC Advisors operates in multiple business lines and jurisdictions and could pursue additional business lines or operations in additional jurisdictions, which could create a conflict of interest in the allocation of its time and focus.
- Golub Capital could pursue strategic transactions, which could create a conflict of interest in the allocation of GC Advisors’ time and focus.
- We and GC Advisors could be the target of litigation or regulatory investigations.
- We will be subject to corporate-level income tax if we are unable to qualify for taxation as a RIC.
- We could need to raise additional capital to grow because we must distribute most of our income.
- We could have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
- The tax treatment of a non-U.S. stockholder in its jurisdiction of tax residence will depend entirely on the laws of such jurisdiction and could vary considerably from jurisdiction to jurisdiction.
- Regulations governing our operation as a business development company affect our ability to, and the way in which we, raise additional capital. As a business development company, the necessity of raising additional capital exposes us to risks, including the typical risks associated with leverage.
- We finance our investments with borrowed money, which will accelerate and increase the potential for gain or loss on amounts invested and could increase the risk of investing in us.
- We are subject to risks associated with the Debt Securitizations.
- We are subject to certain risks as a result of our direct or indirect interests in the junior notes and membership interests of each Securitization Issuer.
- The notes and membership interests that we hold that are issued by the Securitization Issuers are subordinated obligations of the applicable Securitization Issuer and we could be prevented from receiving cash from such Securitization Issuer.
- The interests of holders of the senior classes of securities issued by the Securitization Issuers could not be aligned with our interests.
- A Securitization Issuer could fail to meet certain asset coverage tests.
- We could be required to assume liabilities of a Securitization Issuer and are indirectly liable for certain representations and warranties in connection with each Debt Securitization.
- Certain Securitization Issuers could issue additional Notes.
- We are subject to risks associated with any Revolving Credit Facility that utilizes a Funding Subsidiary as our interests in any Funding Subsidiary are subordinated and we could be prevented from receiving cash on our equity interests from a Funding Subsidiary.
- The ability to sell investments held by our Funding Subsidiaries is limited.
- We can enter into repurchase agreements, which are another form of leverage.
- Adverse developments in the credit markets can impair our ability to enter into new debt financing arrangements.
- Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties could have a material adverse effect on us, GC Advisors and our portfolio companies.
- Our ability to invest in public companies is limited in certain circumstances. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a business development company or be precluded from investing according to our current business strategy and decrease our operating flexibility.
- The majority of our portfolio investments are valued using the investment’s fair value, as determined in good faith by the Valuation Designee, subject to oversight by the Board and, as a result, there could be uncertainty as to the value of our portfolio investments.
- Government intervention in the credit markets could adversely affect our business.
- The Board could change our investment objective, operating policies and strategies without prior notice or stockholder approval.
- Provisions of the General Corporation Law of the State of Delaware and our certificate of incorporation and bylaws could deter takeover attempts, which could have an adverse effect on the price of our common stock.
- GC Advisors can resign on 60 days’ notice, and we can provide no assurance that we would be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
- The Administrator can resign on 60 days’ notice, and we can provide no assurance that we would be able to find a suitable replacement, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
- Our business could be unable to realize the benefits anticipated by the GBDC 3 Merger, including estimated cost savings, or it could take longer than anticipated to achieve such benefits.
- Risks Relating to Our Investments
- Economic recessions or downturns could impair our portfolio companies and defaults by our portfolio companies will harm our operating results.
- Inflation could adversely affect the business, results of operations and financial condition of our portfolio companies.
- Our debt investments are risky and we could lose all or part of our investments.
- Our investments in leveraged portfolio companies are risky, and we could lose all or part of our investment. Investment in leveraged companies involves a number of significant risks.
- Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our investment.
- An investment strategy focused primarily on privately held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
- We would be subject to risks if we are required to assume operation of portfolio companies upon default.
- The lack of liquidity in our investments could adversely affect our business.
- Price declines and illiquidity in the corporate debt markets could adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.
- Our portfolio companies could prepay loans, which could reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
- We are subject to risks to the extent we invest in covenant-lite loans.
- We are subject to credit and default risk and our portfolio companies could be unable to repay or refinance outstanding principal on their loans at or prior to maturity.
- We have not yet identified the portfolio company investments we will acquire and we could have difficulty sourcing investment opportunities.
- We are a non-diversified investment company within the meaning of the 1940 Act, and we are therefore not limited with respect to the proportion of our assets that could be invested in securities of a single issuer.
- Our portfolio could be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
- We could hold the debt securities of leveraged companies that could, due to the significant volatility of such companies, enter into bankruptcy proceedings.
- Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
- Because we generally do not hold controlling equity interests in our portfolio companies, we generally will not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
- Our portfolio companies could incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies could fail to generate sufficient cash flow to service their debt obligations to us.
- The disposition of our investments could result in contingent liabilities.
- GC Advisors’ liability is limited, and we have agreed to indemnify GC Advisors against certain liabilities, which could lead GC Advisors to act in a riskier manner on our behalf than it would when acting for its own account.
- We could be subject to risks related to investments in non-U.S. companies.
- We could be subject to risks if we engage in hedging transactions and could become subject to risks if we invest in foreign securities.
- We could suffer losses from our equity investments.
- We could be subject to lender liability claims with respect to our portfolio company investments.
- Risks Relating to Investors in Our Securities
- Shares of closed-end investment companies, including business development companies, often trade at a discount to their net asset value.
- There is a risk that investors in our equity securities will not receive distributions or that our distributions will not grow over time and a portion of our distributions could be a return of capital.
- We have not established any limit on the amount of funds we can use from available sources, such as borrowings, if any, or proceeds from private placements of our common stock, to fund distributions (which could reduce the amount of capital we ultimately invest in assets).
- The market price of our common stock after the GBDC 3 Merger could be affected by factors different from those affecting our common stock before the GBDC 3 Merger.
Legal proceedings
We, GC Advisors and the Administrator could, from time to time, be involved in legal and regulatory proceedings arising out of their respective operations in the normal course of business or otherwise. While there can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and the Administrator do not believe it is currently subject to any material legal proceedings.
The opening of Item 3, Legal Proceedings.6
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13SEC EDGARDavid Golub, Chief executive officer
- 14SEC EDGARDavid Golub, Chair
- 15SEC EDGARLawrence E. Golub, Chair
- 16
- 17SEC EDGARRoss Teune, Chief financial officer
- 18
- 19
- 20
- 21SEC EDGARLawrence E. Golub, Board member
- 22
- 23SEC EDGARAnita R. Rosenberg, Board member
- 24SEC EDGARKenneth F. Bernstein, Board member
- 25SEC EDGARThomas E. Lynch, Board member
- 26SEC EDGARWilliam M. Webster Iv., Board member
- 27SEC EDGARJohn Thomas Baily, Board member
- 28SEC EDGARResults of operations
- 29SEC EDGAROther events
- 30SEC EDGARResults of operations
- 31SEC EDGARResults of operations
- 32
- 33SEC EDGARResults of operations
- 34
- 35SEC EDGAREntered a material agreement
- 36SEC EDGARResults of operations
- 37SEC EDGARResults of operations
- 38SEC EDGARResults of operations
- 39SEC EDGARShareholder vote
- 40NasdaqNasdaq calendar
- 41
- 42