Golub Capital BDC
16 named things its latest annual report says its results depend on, each in the company's own words. 8 of them are also named by other companies we've read.
Customers
GS Acquisitionco, Inc.
insures or lends to · 2.1%Set forth below is a list of our ten largest portfolio company investments as of September 30, 2025, as well as the top ten industries in which we were invested as of September 30, 2025, calculated as a percentage of our total investments at fair value as of such date.Business (Item 1)
Private equity sponsors
depends onnamed as a riskGC Advisors is highly dependent on relationships with private equity sponsors in connection with the sourcing of investments.Risk factors (Item 1A)
Also named by FSK
Suppliers
JPM Credit Facility
depends onnamed as a riskThe JPM Credit Facility has a floating interest rate provision that, as of September 30, 2025, is primarily based on an applicable base rate (as defined in Note 7 to our consolidated financial statements) plus a spread that ranges from 1.525% to 1.775% plus a spread adjustment of 0.10% on SOFR borrowings.Market risk (Item 7A)
Adviser Revolver
depends onnamed as a riskWe have entered into the Adviser Revolver, an unsecured revolving loan agreement with GC Advisors.Risk factors (Item 1A)
Partners and platforms
GC Advisors
depends onnamed as a riskWe are dependent upon GC Advisors for our success and upon its access to the investment professionals and partners of Golub Capital and its affiliates.Risk factors (Item 1A)
Golub Capital LLC
depends onnamed as a riskWe are not a party to the Staffing Agreement and cannot assure you that Golub Capital LLC will fulfill its obligations under the agreement.Risk factors (Item 1A)
Other companies
Software industry
concentrated in · 27.2%named as a riskOur 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.Risk factors (Item 1A)
Healthcare Providers & Services industry
concentrated in · 7.4%Set forth below is a list of our ten largest portfolio company investments as of September 30, 2025, as well as the top ten industries in which we were invested as of September 30, 2025, calculated as a percentage of our total investments at fair value as of such date.Business (Item 1)
Places
United States middle-market companies
concentrated inOur investment objective is to generate current income and capital appreciation by investing primarily in senior secured and one stop loans of U.S. middle-market companies.Business (Item 1)
Also named by FSK
Commodities and inputs
SOFR
exposed to its pricenamed as a riskThese loans are usually based on floating SOFR or another base rate and typically have interest rate reset provisions that adjust applicable interest rates under such loans to current market rates on a daily, monthly, quarterly, semi-annual, or annual basis.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Regulators
U.S. Securities and Exchange Commission (SEC)
subject toGC Advisors and its affiliates, as well as certain other funds and accounts sponsored or managed by GC Advisors and its affiliates, have received exemptive relief from the SEC that permits us, among other things, to co-invest alongside these other funds and accounts, in certain privately placed investments that involve the negotiation of certain terms of the investments to be purchased (in addition to price-related terms), subject to certain conditions.Business (Item 1)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Laws and programs
Investment Company Act of 1940
subject to · 150%named as a riskAs a result of the stockholder approval, effective February 6, 2019, the asset coverage ratio under the 1940 Act applicable to us decreased to 150% from 200%.Business (Item 1)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
Subchapter M of the Internal Revenue Code (RIC status)
subject to · 90%named as a riskWe will be subject to corporate-level income tax if we are unable to qualify for taxation as a RIC.Risk factors (Item 1A)
2024 Debt Securitization
depends on · $1.4 billionnamed as a riskAs of September 30, 2025, we had $4.9 billion of outstanding borrowings, including $1.4 billion outstanding under our Debt Securitizations.Risk factors (Item 1A)
U.S. tariffs
named as a riskTariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
U.S. Risk Retention Rules (Dodd-Frank Section 941)
subject tonamed as a riskIf we ever determined that undertaking CLO transactions would subject us or any of our affiliates to unacceptable regulatory risk, our ability to execute CLOs could be limited or otherwise curtailed.Risk factors (Item 1A)