Golub Capital BDC, Inc. bonds GBDC
Who owns Golub Capital BDC, Inc.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. GBDC stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 38173MAB8 | 2.5% fixed | 2026-08-24 | USD | 99.83 | 5.02% | 129 bp | 13 | $58.2M | Jul 2026 |
| 38173MAC6 | 2.05% fixed | 2027-02-15 | USD | 98.43 | 5.03% | 117 bp | 8 | $23.0M | Jul 2026 |
| 38173MAD4 | 7.05% fixed | 2028-12-05 | USD | 102.57 | 5.86% | 162 bp | 25 | $38.2M | Jul 2026 |
| 38173MAE2 | 6% fixed | 2029-07-15 | USD | 100.09 | 5.96% | 171 bp | 23 | $34.2M | Jul 2026 |
| 38173MAF9 | 6.25% fixed | 2031-06-01 | USD | 98.49 | 6.62% | 229 bp | 14 | $21.3M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 5 | $174.9M | 99.83 | 5.96% | 171 bp | 25 |
| Jun 2026 | 5 | $183.2M | 99.62 | 5.96% | 181 bp | 31 |
| May 2026 | 5 | $87.2M | 99.83 | 5.88% | 184 bp | 21 |
| Apr 2026 | 4 | $147.1M | 99.70 | 5.86% | 203 bp | 25 |
| Mar 2026 | 4 | $141.7M | 99.21 | 6.08% | 234 bp | 32 |
| Feb 2026 | 4 | $86.5M | 99.60 | 5.66% | 213 bp | 22 |
| Jan 2026 | 4 | $129.7M | 100.61 | 5.04% | 144 bp | 26 |
| Dec 2025 | 4 | $161.8M | 100.41 | 4.99% | 144 bp | 29 |
| Nov 2025 | 4 | $88.8M | 100.19 | 5.15% | 159 bp | 22 |
| Oct 2025 | 4 | $124.1M | 99.88 | 5.31% | 177 bp | 21 |
| Sep 2025 | 4 | $170.1M | 100.20 | 5.07% | 151 bp | 29 |
| Aug 2025 | 4 | $69.3M | 100.13 | 5.14% | 145 bp | 20 |
| Jul 2025 | 4 | $81.0M | 99.46 | 5.31% | 140 bp | 17 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 44 added, 23 cut, 10 new holders and 6 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $48.1M | $48.2M | $12.8M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $45.0M | $44.9M | $25.0M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $34.2M | $34.6M | -$2.4M |
| BBH Limited Duration Fund BBH Trust | 2026-07-31 | $33.5M | $33.5M | $0 |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $28.3M | $28.8M | $0 |
| Janus Henderson Short Duration Income ETF Janus Detroit Street Trust | 2026-07-31 | $12.2M | $12.0M | $0 |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $11.0M | $11.2M | $305K |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $9.4M | $9.6M | -$856K |
| iShares iBonds Dec 2026 Term Corporate ETF iShares Trust | 2026-07-31 | $8.5M | $8.5M | $2.9M |
| Angel Oak Multi-Strategy Income Fund Angel Oak Funds Trust | 2026-07-31 | $7.5M | $7.5M | $5.9M |
| PIMCO Active Bond Exchange-Traded Fund PIMCO ETF Trust | 2026-06-30 | $7.0M | $7.0M | $986K |
| BBH Income Fund BBH Trust | 2026-07-31 | $6.6M | $6.5M | new |
| iShares iBonds Dec 2029 Term Corporate ETF iShares Trust | 2026-07-31 | $6.1M | $6.1M | $229K |
| Angel Oak UltraShort Income ETF Angel Oak | 2026-07-31 | $6.0M | $6.0M | $2.6M |
| Invesco BulletShares 2028 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $5.8M | $5.9M | $63K |
| Angel Oak Income ETF Angel Oak | 2026-07-31 | $5.7M | $5.6M | $4.4M |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $5.5M | $5.5M | $0 |
| Invesco BulletShares 2029 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $5.1M | $5.1M | -$400K |
| iShares iBonds Dec 2028 Term Corporate ETF iShares Trust | 2026-07-31 | $5.0M | $5.1M | $239K |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $5.0M | $5.0M | new |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $5.0M | $5.0M | new |
| Fixed Income SHares: Series C PIMCO Managed Accounts Trust | 2026-06-30 | $5.0M | $4.9M | $0 |
| 1290 Diversified Bond Fund 1290 Funds | 2026-07-31 | $4.7M | $4.7M | $0 |
| iShares Investment Grade Systematic Bond ETF iShares Trust | 2026-05-31 | $4.6M | $4.6M | -$719K |
| Harbor Core Bond Fund HARBOR FUNDS | 2026-07-31 | $4.3M | $4.4M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): CTIVP - American Century Diversified Bond Fund ($9.7M), Empower Bond Index Fund ($175K), VanEck Moody's Analytics BBB Corporate Bond ETF ($25K), JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF ($7K), iShares Government/Credit Bond ETF ($5K), Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF ($5K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 3 | $48.1M | $48.2M | 0.01% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $34.2M | $34.6M | 0.07% |
| VNLA Janus Henderson Short Duration Income ETF | 2026-07-31 | 1 | $12.2M | $12.0M | 0.36% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 2 | $11.0M | $11.2M | 0.02% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $9.4M | $9.6M | 0.04% |
| IBDR iShares iBonds Dec 2026 Term Corporate ETF | 2026-07-31 | 1 | $8.5M | $8.5M | 0.25% |
| BOND PIMCO Active Bond Exchange-Traded Fund | 2026-06-30 | 1 | $7.0M | $7.0M | 0.08% |
| IBDU iShares iBonds Dec 2029 Term Corporate ETF | 2026-07-31 | 1 | $6.1M | $6.1M | 0.15% |
| UYLD Angel Oak UltraShort Income ETF | 2026-07-31 | 2 | $6.0M | $6.0M | 0.38% |
| BSCS Invesco BulletShares 2028 Corporate Bond ETF | 2026-05-31 | 1 | $5.8M | $5.9M | 0.17% |
| CARY Angel Oak Income ETF | 2026-07-31 | 2 | $5.7M | $5.6M | 0.41% |
| BSCT Invesco BulletShares 2029 Corporate Bond ETF | 2026-05-31 | 1 | $5.1M | $5.1M | 0.18% |
| IBDT iShares iBonds Dec 2028 Term Corporate ETF | 2026-07-31 | 1 | $5.0M | $5.1M | 0.13% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $5.0M | $5.0M | 0.01% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 1 | $5.0M | $5.0M | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Not computed: financial company (banks, insurers, BDCs and REITs carry leverage as their business, which the model misreads).
Bond market: priced-in odds
A 171 bp spread prices in about 2.8% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Not available.
The stock side: 13F filings
What institutions report holding in GBDC's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 41 | $88.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 311 | $1.45B | 5 | $2.8M | 4 | $2.5M | 1 |
| 2026-03-31 | 336 | $1.43B | 7 | $2.3M | 4 | $2.0M | 1 |
| 2025-12-31 | 346 | $1.48B | 2 | $170K | 4 | $794K | 1 |
| 2025-09-30 | 323 | $1.38B | 0 | — | 3 | $1.4M | 1 |
| 2025-06-30 | 313 | $1.44B | 3 | $214K | 5 | $2.5M | 1 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.