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TCNRF vs GBDC: Dividend Comparison 2026

TCNRF yields 4.48% · GBDC yields 11.85%● Live data

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After 10 years · $10,000 invested · DRIP enabled
🏆 TCNRF wins by $9.15M in total portfolio value· pulled ahead in Year 10
10 years
TCNRF
TCNRF
● Live price
4.48%
Share price
$10.32
Annual div
$0.46
5Y div CAGR
75.3%
Payout ratio
50%
After 10 yrs · $10,000 · DRIP
Portfolio value
$29.93M
Annual income
$25,796,346.62
Full TCNRF calculator →
GBDC
GBDC
● Live price
11.85%
Share price
$12.66
Annual div
$1.50
5Y div CAGR
51.1%
Payout ratio
50%
After 10 yrs · $10,000 · DRIP
Portfolio value
$20.78M
Annual income
$16,389,263.41
Full GBDC calculator →

Portfolio growth — TCNRF vs GBDC

📍 TCNRF pulled ahead of the other in Year 10

Annual dividend income

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Recession Test — Did They Cut Dividends?

How each stock treated shareholders during the 3 biggest crises of the last 20 years

Crisis PeriodTCNRFGBDC
2008–2009
GFC
— No data— No data
2020 Q1–Q2
COVID
— No data— No data
2022 Q4
Rate Hike
— No data— No data
Based on dividend payment history. "Increased" = dividend grew during crisis. "Maintained" = held within 3%. "Cut" = reduced by more than 3%.
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Dividend Calendar Overlap

Combined, TCNRF + GBDC cover 0 of 12 monthsgood coverage

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
TCNRF pays
GBDC pays
Both pay
Neither
💰

Tax Bracket Optimizer

Which stock is actually better after tax? Adjust your rate to find out.

TCNRF
Annual income on $10K today (after 15% tax)
$380.78/yr
After 10yr DRIP, annual income (after tax)
$21,926,894.63/yr
GBDC
Annual income on $10K today (after 15% tax)
$1,007.11/yr
After 10yr DRIP, annual income (after tax)
$13,930,873.90/yr
At 15% tax rate, TCNRF beats the other by $7,996,020.73/year in after-tax income after 10 years on $10,000
⚖️

Lazy Portfolio Split Optimizer

What's the optimal mix of TCNRF + GBDC for your $10,000?

TCNRF: 50%GBDC: 50%
100% GBDC50/50100% TCNRF
Portfolio after 10yr
$25.35M
Annual income
$21,092,805.01/yr
Blended yield
83.20%
📊

Analyst Conviction Gap

Where Wall Street is most bullish on GBDC right now

TCNRF
No analyst data
Altman Z
0.6
Piotroski
4/9
GBDC
Analyst Ratings
6
Buy
5
Hold
Consensus: Buy
Price Target
$14.00
+10.6% upside vs current
Range: $13.00 — $15.00
Altman Z
0.6
Piotroski
6/9
Analyst ratings via FMP. Altman Z-Score: >3.0 safe, 1.81–3.0 grey zone, <1.81 distress. Piotroski: 7–9 strong, 0–3 weak.
🏛️

Copy Congress — What Are Politicians Buying?

Senate & House STOCK Act disclosures (last 90 days)

TCNRF buys
0
GBDC buys
2
PoliticianChamberTickerTypeAmountDate
David P. Joyce🏢 House$GBDC▼ Sell$1,001 - $15,0002023-06-30
David P. Joyce🏢 House$GBDC▼ Sell$15,001 - $50,0002023-06-19
David P. Joyce🏢 House$GBDC▼ Sell$15,001 - $50,0002022-07-14
David P. Joyce🏢 House$GBDC▼ Sell$15,001 - $50,0002022-07-12
Teresa Leger Fernandez🏢 House$GBDC▼ Sell$15,001 - $50,0002021-01-20
David P. Joyce🏢 House$GBDC▲ Buy$1,001 - $15,0002020-02-25
David P. Joyce🏢 House$GBDC▲ Buy$15,001 - $50,0002019-05-30
STOCK Act mandates disclosure within 45 days of transaction. Data via FMP.Full tracker →
MetricTCNRFGBDC
Forward yield4.48%11.85%
Annual dividend / share$0.46$1.50
Payout ratio50%50%
1-year div growth0%0%
5-year div CAGR75.3%51.1%
Portfolio after 10y$29.93M$20.78M
Annual income after 10y$25,796,346.62$16,389,263.41
Total dividends collected$29.57M$20.36M
Payment frequencyquarterlyquarterly
SectorStockBDC

Year-by-year: TCNRF vs GBDC ($10,000, DRIP)

YearTCNRF PortfolioTCNRF Income/yrGBDC PortfolioGBDC Income/yrGap
1$11,485$785.30$12,490$1,790.28$1.0KGBDC
2$13,767$1,477.66$16,522$3,157.73$2.8KGBDC
3$17,632$2,901.81$23,578$5,898.68$5.9KGBDC
4$24,956$6,088.95$37,115$11,886.75$12.2KGBDC
5$40,821$14,118.77$66,136$26,423.57$25.3KGBDC
6$81,516$37,836.70$137,257$66,491.44$55.7KGBDC
7$211,006$123,784.01$341,734$194,868.54$130.7KGBDC
8$750,724$524,948.20$1,050,788$685,133.02$300.1KGBDC
9$3,863,131$3,059,856.26$4,099,314$2,974,971.01$236.2KGBDC
10← crossover$29,929,897$25,796,346.62$20,775,530$16,389,263.41+$9.15MTCNRF

TCNRF vs GBDC: Complete Analysis 2026

TCNRFStock

Tokyo Century Corporation provides equipment leasing, mobility and fleet management, specialty financing, and international businesses in Japan and internationally. The company offers leasing and finance, including ancillary services and other businesses relating to the handling of information and communications equipment, office equipment, industrial machinery, transportation equipment, and equipment for commercial and service industries. It also provides automobile leasing for corporate customers and individuals, car rental and car sharing businesses, etc.; specialty financing for shipping, aviation, real estate, and environment and energy fields; and fleet services. The company was formerly known as Century Tokyo Leasing Corporation and changed its name to Tokyo Century Corporation in October 2016. Tokyo Century Corporation was founded in 1964 and is headquartered in Tokyo, Japan.

Full TCNRF Calculator →

GBDCBDC

Golub Capital BDC, Inc. (GBDC) is a business development company and operates as an externally managed closed-end non-diversified management investment company. It invests in debt and minority equity investments in middle-market companies that are, in most cases, sponsored by private equity investors. It typically invests in diversified consumer services, automobiles, healthcare technology, insurance, health care equipment and supplies, hotels, restaurants and leisure, healthcare providers and services, IT services and specialty retails. It seeks to invest in the United States. It primarily invests in first lien traditional senior debt, first lien one stop, junior debt and equity, senior secured, one stop, unitranche, second lien, subordinated and mezzanine loans of middle-market companies, and warrants.

Full GBDC Calculator →
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⚠️ Educational purposes only. Not financial advice. Congressional trades sourced from SEC STOCK Act filings via FMP. Past performance does not guarantee future results.