Golub Capital BDC, Inc.
- Open
- 13.26
- Day high
- 13.26
- Day low
- 13.07
- Prev close
- 13.24
- Volume
- 235K
- Mkt cap
- $3.4B
- P/E (TTM)
- 23.8
- EPS (TTM)
- $0.55
- P/B
- 0.9
- P/S
- 4.8
- Yield
- 11.00%
- Per share
- $1.44
- ▼Insiders net selling -$43.8M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Golub Capital BDC, Inc. (GBDC) is a Financial Services company listed on NASDAQ. The stock is down 10% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering GBDC.
Golub Capital BDC, Inc. (GBDC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GBDC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $0.33 | $0.34 | +2.0% | $188M | -1.1% |
| May 5, 2026 | $0.36 | $0.34 | -5.6% | $188M | -6.7% |
| Feb 4, 2026 | $0.38 | $0.38 | +0.0% | $137M | -31.8% |
| Nov 18, 2025 | $0.39 | $0.39 | -0.3% | $184M | -16.8% |
| Feb 4, 2025 | $0.43 | $0.39 | -9.3% | $119M | -46.9% |
| Nov 19, 2024 | $0.44 | $0.47 | +6.8% | $224M | -4.1% |
| Nov 20, 2023 | $0.47 | $0.60 | +27.7% | $164M | +4.0% |
| Feb 8, 2023 | $0.36 | $0.37 | +2.8% | $135M | +2.1% |
| Nov 21, 2022 | $0.30 | $0.33 | +10.0% | $120M | +7.3% |
| Feb 9, 2022 | $0.30 | $0.37 | +23.3% | $87M | -1.1% |
| Nov 29, 2021 | $0.30 | $0.30 | +0.0% | $81M | -7.4% |
| Feb 8, 2021 | $0.28 | $0.29 | +3.6% | $74M | +0.4% |
GBDC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 11, 2026 | Golub Daviddirector, officer: Chairman & CEO | Sell | 1,676,387 | $13.06 |
| Aug 11, 2026 | Golub Lawrence Edirector | Sell | 1,676,387 | $13.06 |
| May 29, 2025 | Golub Lawrence Edirector, officer: Chairman | Sell | 16,481 | $15.13 |
| May 29, 2025 | Golub Daviddirector, officer: Chief Executive Officer | Buy | 6,059,971 | $15.13 |
| May 29, 2025 | Golub Lawrence Edirector, officer: Chairman | Buy | 6,059,971 | $15.13 |
| May 29, 2025 | Golub Daviddirector, officer: Chief Executive Officer | Sell | 16,481 | $15.13 |
| Dec 6, 2024 | Rival Anita J.director | Buy | 3,500 | $14.37 |
| Sep 9, 2024 | Golub Daviddirector, officer: Chief Executive Officer | Buy | 20,000 | $14.78 |
| Sep 9, 2024 | Golub Lawrence Edirector, officer: Chairman | Buy | 20,000 | $14.78 |
| Sep 5, 2024 | Golub Daviddirector, officer: Chief Executive Officer | Buy | 20,000 | $14.94 |
| Sep 5, 2024 | Golub Lawrence Edirector, officer: Chairman | Buy | 20,000 | $14.94 |
| Sep 3, 2024 | Golub Lawrence Edirector, officer: Chairman | Buy | 20,000 | $14.86 |
| Sep 3, 2024 | Golub Daviddirector, officer: Chief Executive Officer | Buy | 20,000 | $14.86 |
| Aug 29, 2024 | Golub Daviddirector, officer: Chief Executive Officer | Buy | 20,000 | $15.04 |
| Aug 29, 2024 | Golub Lawrence Edirector, officer: Chairman | Buy | 20,000 | $15.04 |
Source: GBDC SEC Form 4 filings, latest Aug 11, 2026. For informational purposes only — not investment advice.
See the full GBDC insider & 13F page →Golub Capital BDC, Inc. company profile
Overview
Golub Capital BDC, Inc. (NYSE:GBDC) is a business development company that was founded in 2010 and operates as an externally managed closed-end investment company. The company specializes in providing debt and minority equity investments to middle-market companies, primarily those backed by private equity sponsors. GBDC is managed by an affiliate of Golub Capital, a leading middle-market credit investment firm. Since its inception, the company has grown to become one of the largest business development companies in the United States, with a portfolio exceeding $8 billion in assets.
Business
Golub Capital BDC operates in the business development company (BDC) sector, which is a specialized type of investment company that provides capital to small and medium-sized businesses. BDCs were created by Congress in 1980 to help provide financing to smaller companies that might have difficulty accessing traditional capital markets. The company's core business involves making debt investments in middle-market companies, which are typically businesses with annual revenues between $10 million and $1 billion. GBDC focuses primarily on first lien senior secured loans, which are the highest priority debt in a company's capital structure, meaning they get paid first in case of bankruptcy or liquidation. Approximately 92-94% of their portfolio consists of these first lien senior secured floating rate loans. The company's investment strategy centers around one-stop lending, where they provide a single, comprehensive loan solution that combines traditional senior debt with subordinated debt features. This approach allows them to capture a larger portion of a borrower's financing needs while maintaining senior security. About 85-86% of their portfolio consists of these one-stop loans. GBDC typically invests in companies across diversified sectors including consumer services, healthcare technology, IT services, insurance, and specialty retail. The median EBITDA (earnings before interest, taxes, depreciation, and amortization) of their target companies is around $50-55 million, positioning them squarely in the core middle market. Their highly selective approach involves reviewing thousands of potential investments but closing on less than 4% of opportunities reviewed, ensuring they maintain strict credit standards.
Revenue model
Golub Capital BDC generates revenue primarily through interest income from its loan portfolio and dividend income from equity investments. As a BDC, the company is required to distribute at least 90% of its taxable income to shareholders in the form of dividends, making it an income-focused investment vehicle. The company's revenue model is built on the net interest spread between what it earns on investments and what it pays on borrowed funds. Currently, GBDC earns approximately 10.8% on its investment portfolio while paying around 5.9% on its debt, generating a net spread of roughly 4.9%. This spread is the primary driver of profitability, with the company reporting adjusted net investment income of approximately $0.39-$0.47 per share quarterly. The paying customers are middle-market companies, typically private equity-backed businesses that need financing for growth, acquisitions, or refinancing existing debt. These companies often prefer BDC financing because it offers more flexible terms and faster execution compared to traditional bank lending or public debt markets. Several factors can impact GBDC's margins and profitability. Rising interest rates generally benefit the company since most of their loans are floating rate, meaning they earn more as rates increase, while their cost of funds adjusts more slowly. Credit quality deterioration can hurt margins through increased loan loss provisions and non-accrual assets. Competition from other lenders can compress spreads and force the company to accept lower yields on new investments. Economic downturns can lead to higher default rates and reduced demand for new financing. Conversely, increased M&A activity and private equity fundraising create more investment opportunities and can support pricing discipline.
Competitive moat
Golub Capital BDC's competitive moat is moderately strong but faces ongoing challenges from market dynamics. The company's primary advantages stem from its relationship with Golub Capital, a well-established middle-market lending platform with deep industry relationships and underwriting expertise. This provides access to deal flow that smaller or newer competitors might not see, and the ability to leverage decades of credit experience in evaluating opportunities. The company's scale and diversification provide some defensive characteristics, with over 300 portfolio companies and no single investment representing more than 1.7% of the portfolio. Their focus on first lien senior secured loans offers downside protection compared to more junior capital providers. The floating rate nature of most loans provides natural inflation protection and benefits from rising rate environments. However, the BDC industry faces significant competitive pressures that limit the strength of any individual moat. Capital abundance in private credit markets has led to spread compression and more borrower-friendly terms. Direct lending funds, credit funds, and traditional banks all compete for the same middle-market opportunities. The commoditized nature of senior lending means that pricing power is limited, and differentiation often comes down to execution speed and relationship quality rather than unique product offerings. The regulatory structure of BDCs, while providing tax advantages, also constrains leverage and investment flexibility compared to private credit funds. Additionally, the requirement to mark investments to market quarterly and distribute most income creates potential volatility in both NAV and distribution coverage that private funds don't face.
Risks & safety
GBDC demonstrates a reasonable margin of safety with solid liquidity but elevated leverage typical of the BDC structure. • Liquidity position: Strong with $117 million in cash and $1.4 billion in total available liquidity including credit facilities • Leverage: Debt-to-equity ratio of 1.19x, near management's target of 1.15x but at the higher end of comfort zone • Solvency risk: Low given asset quality and liquidity, though BDC structure inherently carries refinancing risk • Credit quality: Nearly 90% of portfolio in highest internal rating categories, non-accruals at only 0.5-1.2% • Valuation metrics: Trading near book value (P/B ~1.0), P/E of 9-13x, dividend yield around 11% • Interest coverage: Strong with net investment income covering distributions at 100%+ levels • Asset coverage: Well above regulatory minimums required for BDCs • Other considerations: Floating rate portfolio provides some protection against rising rates, but economic downturn could pressure both asset values and credit quality
Recent development
Over the past few years, GBDC has executed several strategic initiatives to strengthen its competitive position and optimize its capital structure. The most significant development was the completion of the merger with GBDC 3 in 2024, which consolidated assets and improved operational efficiency. Concurrently, management implemented a permanent reduction in the incentive fee rate from 20% to 15% and reduced the base management fee from 1.375% to 1.0%, demonstrating shareholder-friendly governance. The company has aggressively optimized its funding structure through multiple debt refinancing initiatives. In late 2024, GBDC completed a $2.2 billion term debt securitization and increased its JPMorgan credit facility to $1.9 billion, while retiring higher-cost legacy debt. These moves are expected to meaningfully reduce the company's cost of funds and improve net interest margins. GBDC has also introduced a supplemental variable distribution framework that allows for additional distributions when performance exceeds base levels, providing more flexibility in returning capital to shareholders. The company received a credit rating upgrade from Moody's to Baa2 with a stable outlook, reflecting improved credit profile and operational efficiency. From a portfolio perspective, GBDC has maintained its disciplined approach to originations while growing the portfolio by approximately 5% annually. The company has continued to focus on its core middle-market sweet spot with median EBITDA of originated companies around $50-55 million, maintaining selectivity rates of less than 4% of reviewed opportunities.
GBDC company profile · for informational purposes only — not investment advice.
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