GBDC vs OWL: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: GBDC is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. GBDC and OWL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined GBDC and OWL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Golub Capital BDC, Inc. (Nasdaq: GBDC) is an externally managed, closed-end business development company advised by an affiliate of Golub Capital, a well-established middle-market credit manager. It originates and holds loans to privately held U.S. middle-market companies, almost always alongside private-equity sponsors, with a portfolio that is predominantly first-lien senior secured and floating-rate. As of the quarter ended March 31, 2026 the portfolio totaled roughly $8.3 billion at fair value across about 420 companies, with a small average position size (~0.2%) that spreads single-name risk widely.

Full GBDC guide

Blue Owl Capital Inc. is an alternative asset manager that ended Q1 2026 with about $315 billion in assets under management across three franchises: Credit (direct lending, alternative credit, and investment-grade credit), GP Strategic Capital (minority stakes in other private-market managers), and Real Assets (net-lease real estate and digital infrastructure). A defining feature is that a large share of its capital is permanent or long-dated, which makes fee-related earnings unusually stable versus peers that lean on episodic fund launches. The firm grew AUM past $300 billion in late 2025 and raised roughly $56 billion of new commitments that year, with the private-wealth channel a major driver.

Full OWL guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• GBDC drivers: High covered distribution; First-lien, sponsor-backed book.
• OWL drivers: Permanent-capital fee engine; Private-credit and private-wealth growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: GBDC is a leveraged lender to private middle-market borrowers, so a recession or rising defaults could push non-accruals higher and erode NAV, and recent quarters have shown unrealized markdowns tied to credit-spread widening. For OWL, blue Owl is heavily exposed to private credit, so a deterioration in middle-market borrower credit quality or a wave of defaults could pressure fee-paying AUM, the value of its BDC relationships, and sentiment.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick GBDC if you believe its drivers more; OWL if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the GBDC and OWL guides.

GBDC. GBDC's fiscal Q2 2026 (quarter ended March 31, 2026) showed EPS around $0.34, roughly covering the $0.33 distribution, on revenue near $188 million. NAV per share slipped from about $14.84 to $14.35, driven mainly by net unrealized markdowns reflecting wider credit spreads rather than large realized losses. Shares recently traded around $12 to $13, a discount to NAV of roughly 10%.

OWL. Blue Owl's revenue grew about 25 percent in 2025 to roughly $2.87 billion, and AUM crossed $315 billion by Q1 2026. The shares fell sharply in 2026, pushing the dividend yield to around 10 percent and leaving the stock below typical sell-side price targets near the mid-$17 range. Valuation therefore hinges on whether investors weight the durable fee stream or the private-credit and rate risks more heavily.

Headline figures (approximate, July 2026): GBDC shows investment portfolio (fair value) ~$8.3B, portfolio companies ~420, nav per share (mar 31, 2026) ~$14.35, quarterly distribution ~$0.33; OWL shows revenue (ttm) ~$3.1B, revenue (fy2025) ~$2.87B, aum (q1 2026) ~$315B, fee-related earnings (q1 2026) ~$394M.

GBDC and OWL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined GBDC and OWL exposure against your real portfolio. It is not an investment adviser.