GOLUB CAPITAL BDC, Inc.

Golub Capital BDC, Inc. is an externally managed investment company that primarily invests in U.S. middle-market companies. Formed in November 2009, the company expanded on the business of its predecessor, Golub Capital Master Funding LLC, which began operations in July 2007. The company focuses on "one stop loans," which combine features of traditional first lien senior secured loans and second lien or subordinated loans, often referred to as unitranche loans by other lenders. These loans are structured as senior secured loans, with security interests in the portfolio company's assets, often taking the form of first-priority liens. In many cases, Golub Capital BDC, Inc. or its affiliates are the sole lenders of these one stop loans. The company defines "middle-market" as companies with annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of less than $100.0 million. The investment objective is to generate current income and capital appreciation. In addition to one stop loans, the company also selectively invests in second lien and subordinated loans, warrants, and minority equity securities in middle-market companies.