Know the company
Company overview
Golub Capital BDC lends directly to privately held middle-market businesses. Its loans range from senior positions to other private-credit structures, and the portfolio may include smaller equity stakes. Borrowers pay interest and fees; after Golub pays its financing and operating costs, net investment income is the recurring source we compare with the dividend. Credit losses and loans that stop paying can narrow that stream.
- Business
- BDC
- Listing
- GBDC · XNAS
- Reporting period
- 2026-06-30
- Dividend schedule
- Quarterly
How the business works
The distribution engine begins with interest income from the loan portfolio. Many BDC loans carry floating interest rates, so portfolio income can rise when short-term rates increase, provided borrowers remain financially healthy and loan balances are maintained. That income is reduced by Golub Capital BDC’s own borrowing costs, management and incentive fees, and operating expenses. Credit losses, non-accrual loans, lower reference rates, repayments that are not promptly reinvested, and a higher cost of debt can all reduce adjusted net investment income and pressure distribution coverage.