GBDC Dividend Calculator

Golub Capital BDC cut its dividend on February 2, 2026. The quarterly rate went from $0.39 a share to $0.33. That is a 15.4% cut, or $1.32 a year instead of $1.56. The first lower check was paid on March 30, 2026.

Golub tied the change to its outlook for interest rates, loan spreads and its own borrowing costs. It named four goals for the dividend. They are a stable net asset value, low excise taxes, rare changes, and the highest payout it can sustain. It also kept a rule to pay out half of any earnings above $0.33 as an extra quarterly supplement.

Three payments of $0.33 have gone ex in 2026, $0.99 per share in all. The latest was for holders of record on September 14, paid September 29.

The regular rate was $0.32 a quarter in 2018 and 2019. It was cut to $0.29 in mid-2020. Then it rose step by step: $0.30 at the end of 2021, $0.33 a year later, $0.37 in August 2023 and $0.39 in early 2024. It held at $0.39 until the 2026 cut.

Extra payments explain the bumps. The December 2018 and December 2019 checks each included a special payout, of $0.12 and $0.13. From August 2023 to November 2024, GBDC paid six small supplements of $0.04 to $0.07. Golub bought a related fund, Golub Capital BDC 3, on June 3, 2024. The day before, it declared $0.15 of specials, paid in three parts of $0.05.

With everything counted, the yearly totals were $1.40 in 2018 and $1.42 in 2019. From 2020 through 2022 it paid $1.20, $1.17 and $1.23. The total rose to $1.51 in 2023 and $1.93 in 2024, then fell to $1.56 in 2025. That 2025 total was 19.2% below 2024 once the extras stopped.

This page does not give advice, but Golub’s own numbers show where things stand. Net investment income was $0.33 a share in each of the March and June 2026 quarters, the same as the new dividend. In the three quarters before the cut, it earned $0.37 to $0.38 a quarter against a $0.39 payout.

Net asset value per share was $15.00 in June 2025. It slid to $14.84 by December, $14.35 by March 2026 and $14.25 by June 2026. Golub lost $0.18 a share in the March quarter after marking down the value of its investments, then earned $0.22 in the June quarter.

GBDC lent to 424 companies, with $8.2 billion of investments. Most of it, 87.4%, was in one stop loans. Golub describes these as single loans that mix features of first-lien and second-lien debt, set up as senior secured loans. By Golub’s own ratings, 86.6% of the loans were doing as well as expected or better. Three months before, it was 89.1%. It also bought back 1.1 million shares at an average $12.90, below net asset value.

GBDC pays four times a year. Its 2026 ex-dates were March 13, June 15 and September 14, and each payment came about two weeks later. The board usually declares each dividend with quarterly results. Golub will report its fiscal 2026 results on November 17, 2026.

The December 2026 dividend had not been declared as of October 16, 2026. In 2025 it was declared on November 14 for holders of record on December 12.

GBDC paid $1.38 a share in the 12 months to Oct 13, 2026, one check at the old rate and three at the new one. The shares sold for about $12.66, so the trailing yield was near 10.90%. Ares Capital yielded about 10.31%.

Against net asset value, the $1.32 yearly rate is 9.3% of the $14.25 per share reported for June 30, 2026.

As of Oct 13, 2026, GBDC yields about 10.90%, having distributed $1.38 per share over the trailing twelve months.

Its most recent payment was $0.33 per share, which went ex-dividend on Sep 14, 2026 and paid on Sep 29, 2026.

Over the payments shown, GBDC has cut its quarterly dividend from $0.39 to $0.33 per share — a reduction of about 15%.

As a BDC, GBDC pairs an above-average yield with income taxed largely as ordinary income rather than as qualified dividends — so set the price-growth input in the calculator above conservatively rather than assuming the yield compounds untouched.

Golub Capital BDC is a business development company (BDC) that invests mainly in one-stop and senior secured loans to US middle-market companies. It pays a high quarterly dividend funded by net investment income, generally taxed as ordinary income.

GBDC is a bdc from Golub Capital that distributes quarterly. Because dividend investing is about both income and the growth of that income, the calculator above lets you model three things independently for GBDC: the starting yield, how fast the dividend grows each year, and how fast the share price appreciates. That separation matters most for high-yield versus dividend-growth choices, where a lower starting yield that grows quickly can overtake a higher static yield over time.