• YX Insights
  • Posts
  • Golub Capital (GBDC): Q4 FY2024 Review

Golub Capital (GBDC): Q4 FY2024 Review

There is a lot to like for Quarter-ending SEP 30, 2024

Hi YXI friends,

Today, we are going to review GBDC, one of the top performing BDCs we picked out in our latest comparison article.

GBDC has a decent dividend yield, a wide issuer base for diversification, and fundamentally sound performance.

Table of Contents

DISCLAIMER: This newsletter is strictly educational. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.

1. GBDC Is 5th Largest By Portfolio But 2nd Largest By Issuer Base

GBDC is the fifth largest BDC in our coverage. Its portfolio has a fair value of $8.24 billion across a remarkable pool of 381 companies.

92% of GBDC’s portfolio is in First Lien loans (traditional senior loans plus one stop loans), with just 1% in Junior Debt, and 7% in Equity.

2. Net Investment Income Has Remained Strong

Please note that for consistency and comparison, we ignore the company’s beautified versions of NII or adjusted-NII (each company defines it slightly differently), and use Net Income after Tax less Realised Gains or Losses after Sale of Asset, i.e. incomes less expenses except for one-off capital losses or capital gains.

This is an YX Insights Premium note. You can claim your free 7-day full-access now!

Subscribe to YX Premium to read the rest.

Unlock YX Premium to get access to this post and other valuable subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • • Actionable trade ideas plus longer-term outlooks
  • • Daily market insights and in-depth single name coverage
  • • Weekly market analysis videos (45min+) covering key market drivers
  • • For Slack discussions, live chart updates, and intraday Q&As with Yimin, please sign up via Cestrian: https://www.cestriancapitalresearch.com/the-macro-perspective/