Golub Capital BDC, Inc. (GBDC) Stock Price & How to Invest
Last updated July 2026
Short answer
GBDC is Golub Capital BDC, an externally managed business development company that lends to privately held U.S. middle-market companies, and investors typically buy it as a high-yield income vehicle where the ~10 to 11% distribution and the discount to net asset value do most of the work.
GBDC stock price
As of 2026-07-27, Golub Capital BDC, Inc. (GBDC) last closed at $12.88, down 14.7% over the past year. Over the past 52 weeks it has traded between $11.97 and $15.10.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Golub Capital BDC, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Golub Capital BDC, Inc. (GBDC) do?
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.
The investment picture is built around income. GBDC pays a quarterly distribution (recently $0.33 per share, roughly a 10 to 11% yield at recent prices) funded largely by net investment income earned on floating-rate loans. The stock has traded at a meaningful discount to NAV per share (NAV was ~$14.35 at March 31, 2026), which raises the effective yield for new buyers but also reflects market caution on middle-market credit. Leverage sits near the upper end of management's target range (net debt to equity ~1.24x), so returns are amplified in both directions and depend heavily on credit quality holding up.
What's driving Golub Capital BDC, Inc. (GBDC)?
1. High covered distribution
GBDC's core draw is a quarterly distribution near $0.33 per share, an annualized yield around 10 to 11% at recent prices. Distributions are funded mainly by net investment income from a large, floating-rate loan book, so the payout has generally been covered by earnings even as spreads move.
2. First-lien, sponsor-backed book
The portfolio is heavily first-lien senior secured and diversified across roughly 420 borrowers, most backed by private-equity sponsors. Around 89% of the book carried GBDC's top two internal performance ratings at March 31, 2026, and the small average position size limits the damage from any single default.
3. Discount to NAV
Shares have traded at a notable discount to net asset value (recently roughly 0.90x P/NAV versus a peer median closer to 0.95 to 1.00x). A persistent discount lifts the yield for new money and can narrow if credit fears ease, though discounts can also stay wide for extended periods.
4. Scale and manager pedigree
As part of the broader Golub Capital platform, GBDC benefits from deep origination relationships in the middle market and a long operating history as a public BDC, which supports deal flow and credit underwriting depth relative to smaller peers.
What are the risks to Golub Capital BDC, Inc. (GBDC)?
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. Because most loans are floating-rate, falling interest rates can compress net investment income and pressure distribution coverage over time. The external management structure adds fees that can create conflicts and dilute returns. Leverage near the top of the target range amplifies losses as well as gains, and the persistent discount to NAV signals ongoing market skepticism. BDC distributions are not guaranteed and can be cut if earnings weaken.
How is Golub Capital BDC, Inc. (GBDC) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Golub Capital BDC, Inc.'s investor relations page or your broker.
- Investment portfolio (fair value): ~$8.3B
- Portfolio companies: ~420
- NAV per share (Mar 31, 2026): ~$14.35
- Quarterly distribution: ~$0.33
- Distribution yield: ~10-11%
- Net debt to equity: ~1.24x
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%.
Who competes with Golub Capital BDC, Inc. (GBDC)?
Large publicly traded BDCs
Ares Capital (ARCC), Blue Owl Capital (OBDC), Blackstone Secured Lending (BXSL) and FS KKR Capital (FSK) are the biggest listed BDCs and compete with GBDC for middle-market lending deals and for income-focused investors comparing yields and discounts to NAV.
Direct-lending and private-credit managers
Private-credit platforms and other middle-market direct lenders (both public BDCs and private funds) compete for the same sponsor-backed loan origination, which can pressure spreads and underwriting terms across the sector.
Income alternatives
For yield-seeking investors, GBDC also competes with high-yield bond funds, other closed-end credit funds, and dividend-focused equities as substitute sources of high current income.
How to invest in Golub Capital BDC, Inc. (GBDC)
There are three common ways to get GBDC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so GBDC sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where GBDC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Golub Capital BDC, Inc. (GBDC)
GBDC is an income-oriented, first-lien-tilted middle-market lender whose appeal rests on a covered high yield and a discount to NAV, balanced against credit and interest-rate sensitivity.
More on Golub Capital BDC, Inc. (GBDC)
Whether GBDC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is GBDC a buy?, and where the stock could go from here in the GBDC stock forecast.
For income investors, whether GBDC pays a dividend and how the payout looks is covered in does GBDC pay a dividend?
Build a basket around GBDC with Walnut
Use Golub Capital BDC, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is GBDC?
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GBDC is Golub Capital BDC, Inc., a Nasdaq-listed business development company that lends to privately held U.S. middle-market companies. It is externally managed by an affiliate of Golub Capital and structured to pass most of its income through to shareholders as distributions.
How does GBDC make money?
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GBDC earns interest and fees on loans it originates to middle-market businesses, most of which are first-lien senior secured and floating-rate. It uses leverage to boost returns and distributes the bulk of its net investment income to shareholders each quarter.
What is GBDC's dividend yield?
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GBDC recently paid a quarterly distribution of about $0.33 per share, which works out to an annualized yield of roughly 10 to 11% at recent share prices. As with any BDC, the distribution is not guaranteed and can change with earnings.
How large is GBDC's portfolio?
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As of March 31, 2026, GBDC held about $8.3 billion of investments at fair value across roughly 420 portfolio companies, with a small average position size near 0.2% that spreads single-name credit risk broadly.
What are the main risks of owning GBDC?
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Key risks include rising defaults or non-accruals in a downturn, NAV erosion from credit-spread widening, distribution cuts if net investment income falls, fee drag and conflicts from external management, and amplified losses from leverage near the top of its target range.
How is GBDC affected by interest rates?
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Most of GBDC's loans are floating-rate, so higher rates tend to lift interest income while falling rates can compress net investment income over time and pressure distribution coverage. Rate moves also influence its borrowing costs.
How does GBDC compare to ARCC and OBDC?
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GBDC is a mid-sized BDC relative to giants like Ares Capital (ARCC) and Blue Owl (OBDC). It is more first-lien-tilted with historically disciplined non-accruals, and it has often traded at a wider discount to NAV than those larger peers.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Golub Capital BDC, Inc.'s investor relations page or your broker before making investment decisions.