Golub Capital BDC (GBDC) — Yield, NAV & Valuation Analysis
GBDC · NASDAQ
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Overview
Golub Capital BDC is a middle-market lending BDC that focuses primarily on first lien senior secured loans. GBDC is externally managed by Golub Capital, a seasoned middle-market credit manager with over $60 billion in capital under management. The company targets companies with EBITDA between $5 million and $50 million and emphasizes strong underwriting standards and portfolio diversification.
Key Metrics
| Metric | Value |
|---|---|
| 1-Year Total Return | 11.4% |
| 3-Year Total Return | 29.8% |
| 5-Year Total Return | 46.2% |
| Expense Ratio | 8.2% |
| Leverage Ratio | 1.2x |
| Portfolio Companies | 165 |
| Total Assets | $5.8B |
Discount / Premium to NAV
| Stock Price | $13 |
| NAV per Share | $15.2 |
| Premium / (Discount) to NAV | -14.5% |
| Implied per-share NAV gap | $2.2 |
The premium / discount to NAV compares the current stock price to the per-share net asset value of Golub Capital BDC, Inc.'s investment portfolio. A negative reading (a discount) means the market is pricing GBDC below the value of its underlying assets and is one of the most-watched valuation metrics for any BDC. A positive reading (a premium) means the market is paying a premium over the stated NAV, often reflecting confidence in future dividend coverage and portfolio credit quality. Golub Capital BDC, Inc. currently trades at a -14.5% discount to NAV.
Investment Strategy
Golub Capital BDC, Inc. focuses on senior secured loans, first lien loans in the technology, healthcare, business services, consumer sectors. The company targets middle-market companies and maintains a portfolio of 165 investments totaling $5.8B in assets.
Management
CEO: David B. Golub | Employees: 45
Suitability
GBDC is suitable for income-focused investors seeking quarterly dividend income with a 11.1% yield. The BDC's focus on senior secured loans provides portfolio characteristics. Investors should consider their risk tolerance and investment objectives before investing.