Positive Outlook

Golub Capital BDC, Inc. (NASDAQ:GBDC) received an Outperform rating from RBC Capital analyst Kenneth Lee, who set a $15 price target and highlighted the company’s long‑term record of lower loss experience and disciplined credit underwriting. Lee noted the portfolio is “relatively differentiated,” focusing on the core middle‑market segment, and that the current environment—lower base rates, tighter spreads, softer M&A activity, and continued credit pressure—is expected to persist into 2026. GBDC’s dividend reset framework includes a base distribution of $0.33 per share and a variable component equal to 50 % of earnings above that level.