GBDC Update: Boring But Stable
Summary
GBDC hit its best-case projections covering its dividend by 101% with a slightly lower portfolio yield (from 7.5% to 7.4%) offset by higher fee income.
GBDC continues to reduce its borrowing costs including the recently issued $350 million of 2027 notes (YTM of 2.274%) and credit facility rate reduced to L+2.05% improving its net interest margins.
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