GBDC vs CNS Comparison

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 U.S. middle-market companies. It also invests in second-lien and subordinated loans, warrants, and minority equity securities in U.S. middle-market companies. The company generally invests in securities rated below investment grade by independent rating agencies, or those that would be rated below investment grade if evaluated. The company operates in the USA, Canada, and other countries, with the majority of its revenue coming from the USA.

Cohen & Steers is a niche asset manager concentrating on real estate securities. The firm invests mainly in the equity shares of real estate investment trusts, with holdings in domestic and international real estate securities accounting for around two thirds of its $90.9 billion in managed assets at the end of September 2025. Cohen & Steers also manages portfolios dedicated to preferred securities, utilities stocks, and other high-yield offerings. The firm's distribution is balanced among its closed-end funds, open-end funds, and institutional accounts. During the past four calendar quarters, the company garnered 39% (26%) of its managed assets (base management fees) from institutional clients, 48% (54%) from open-end funds, and 13% (20%) from closed-end funds.