Golub Capital BDC, Inc.

Golub Capital BDC specializes in what its parent calls one-stop loans, unitranche debt that rolls what would otherwise be separate senior and junior loans into a single facility for a borrower. It lends to middle-market companies backed by private-equity sponsors, a niche its parent, Golub Capital, has built a reputation in over decades. The fund came public in 2010 and, like all business development companies, must distribute most of its income, so the draw for shareholders is a steady, floating-rate dividend. The sponsor-backed focus is the risk cushion: a private-equity owner standing behind a borrower tends to mean additional capital and support if the company stumbles. The exposure is still to smaller, unrated companies, so credit losses in a recession are the standing concern for the loan book.

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