GOLUB CAPITAL BDC, Inc. (GBDC)

Price$13.01Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe discount and yield offset credit risks, leaving the shares reasonably priced rather than clearly cheap.

The market value is about 91% of June net asset value, meaning an 8.7% discount to portfolio assets minus liabilities per share. Annualizing the $0.33 quarterly distribution gives $1.32, about a 10.1% yield, while adjusted net investment income of $0.34 annualizes to $1.36, only about 3% above the payout. The discount and yield are useful compensation, but thin payout coverage and recent book-value declines make the margin of safety modest. That balance supports Fair-priced. MarketWatch+1

Big pictureIncome remains distributable, but lower rates and weaker credit marks have reduced the earnings cushion.

The supplied SEC-derived history shows revenue rising from $603 million in fiscal 2023 to $871 million in fiscal 2025, with net income reaching $377 million. Momentum then weakened: quarterly revenue fell from $207 million in December 2025 to about $188 million in June 2026, while March produced a net loss before June recovered to $57 million. For a lender, operating cash flow swings with loan originations and repayments, so dividend durability is better judged from investment income after financing and operating costs. Pasted text SEC

Business strengthMost loans remain senior and performing, while liquidity and leverage still provide a workable buffer.

At June 30, 92% of debt investments were first-lien and about 87% of portfolio fair value carried the two strongest internal performance ratings. Net debt-to-equity was 1.23 times, asset coverage was 180.4% versus a 150% regulatory minimum, and available liquidity was about $2.0 billion. The 2024 GBDC 3 merger issued roughly 92.1 million shares, explaining most of the share-count jump; shares outstanding have since fallen to about 260 million as discounted buybacks reduced the count and added value per remaining share. SEC+2SEC+2

What could change the storyThe valuation worsens quickly if software losses deepen or book value keeps sliding.

Software represented about 26% of the June portfolio, while non-accrual investments—loans no longer recording normal interest income—rose from 0.8% of fair value in December to 1.9% in June. Loans in the weaker internal rating categories also rose to 13.4% from 10.9% in March. Because the current market discount is only about 8.7%, another roughly 9% drop in net asset value would erase it if the share price were unchanged. Stabilizing credit and continued below-book buybacks would strengthen the case; deeper software losses would weaken it. SEC+2SEC+2

AI: News

June-quarter resultsJune-quarter earnings improved from March, but book value still fell and the dividend cushion stayed thin.

On August 3, Golub reported June-quarter earnings per share of $0.22 after a March loss of $0.18. Net investment income held at $0.33 per share, matching the quarterly base distribution, while adjusted net investment income was $0.34. Net asset value slipped to $14.25 from $14.35. A third-party earnings tracker recorded a roughly 1.95% price move around the release, but timing alone does not prove the report caused that move. SEC+1

Credit stress roseMore troubled loans and realized losses showed that credit stress remained contained, but was still worsening.

The same August 3 update showed non-accrual investments rising to 1.9% of portfolio fair value from 1.4% in March, with four companies newly placed on non-accrual. Adjusted realized and unrealized losses were $0.12 per share, improved from $0.52 in March but still negative. Management also repurchased about 1.1 million shares for $14.4 million during the quarter and another roughly 0.4 million shares through August 3, using the market discount to support per-share book value. SEC+1

Private-credit markdown scrutinySector-wide markdown scrutiny increased attention on Golub’s software exposure, where credit problems could erode book value.

On September 2, Reuters reported that private-credit firms continued marking down loans, with software exposures hit especially hard and Golub among the firms where a narrow group of software investments drove losses. Golub’s own June presentation showed software at about 26% of its portfolio. The report therefore reinforced an already visible company-specific risk: further stress in that sector could lift non-accruals and reduce net asset value. Any direct effect on GBDC’s share price is uncertain. Reuters+1

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$870.8M	$724.7M	$603.1M	$387.8M	$307.1M	$299.0M
Operating expenses	$32.2M	−$1.8M	$14.8M	$10.6M	—	—
Net income	$376.6M	$273.8M	$258.6M	$153.4M	$340.3M	$54.9M
Net profit margin	43.25%	37.78%	42.88%	39.57%	110.80%	18.35%
Basic EPSper basic share	$1.42	$1.36	$1.52	$0.90	$2.03	$0.37
Diluted EPSper diluted share	$1.42	$1.36	$1.52	$0.90	$2.03	$0.37

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 6 reported holders of GBDC
Holder	Shares held
WEBSTER WILLIAM M IV	447.05K
BAILY JOHN THOMAS	83.11K
Rival Anita J.	26.79K
Golub David	—
Golub Lawrence E	—
KIT WU KWAN	—

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys36$192.82M disclosed value

Sells (SEC code S)6$183.37M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 27, 2025Form 4	Golub Lawrence EChairman	BuyCommon Stock, par value $0.001 per share · indirect	6.06M	$15.13	$91.69M	6.06M
May 27, 2025Form 4	Golub Lawrence EChairman	SellCommon Stock, par value $0.001 per share · indirect	16.5K	$15.13	$249.4K	0
May 27, 2025Form 4	Golub Lawrence EChairman	SellCommon Stock, par value $0.001 per share · indirect	2.18M	$15.13	$33.03M	0
May 27, 2025Form 4	Golub Lawrence EChairman	SellCommon Stock, par value $0.001 per share · indirect	3.86M	$15.13	$58.41M	0
May 27, 2025Form 4	Golub DavidChief Executive Officer	BuyCommon Stock, par value $0.001 per share · indirect	6.06M	$15.13	$91.69M	6.06M