The earnings miss and portfolio depreciation from spread widening may pressure GBDC shares in the near term. Monitor credit spread trends and portfolio company performance, as further deterioration could lead to additional NAV erosion. Despite the dividend being covered, the stock may trade at a wider discount to NAV.
Price Chart
Executive Summary
Golub Capital BDC reported fiscal Q2 2026 results missing consensus on both adjusted NII ($0.34 vs $0.36) and total investment income ($188.1M vs $200.4M). Credit spread widening drove significant unrealized losses (-$0.51/share), resulting in a GAAP net loss of $46.8M and NAV per share decline from $14.84 to $14.35. The dividend of $0.33/share remains covered but the earnings miss and portfolio depreciation signal near-term headwinds.
Key Financial Metrics
Key Facts
- Adjusted NII per share $0.34 vs consensus $0.36 (miss of 5.6%)
- Total investment income $188.1M vs consensus $200.4M (miss of 6.1%)
- GAAP net loss of $46.8M or ($0.18) per share
- NAV per share decreased to $14.35 from $14.84 (down 3.3%)
- Credit spread widening caused $0.35/share unrealized depreciation on performing loans
- Quarterly dividend maintained at $0.33 per share
Financial Impact
Missed consensus EPS by 5.6% and revenue by 6.1% with significant unrealized losses; NAV down 3.3%
Risk Factors
- Further credit spread widening and mark-to-market losses
- Portfolio credit deterioration and increased non-accruals
- Potential dividend cut if NII continues to decline
- NAV erosion could pressure stock price
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001476765-26-000029 |
| Document: gbdc-20260504.htm | 0001476765-26-000029 |
| Document: 0001476765-26-000029-index-headers.html | 0001476765-26-000029 |
| Document: 0001476765-26-000029-index.html | 0001476765-26-000029 |
| Document: 0001476765-26-000029.txt | 0001476765-26-000029 |
| 8-K Data (Synthetic) | 0001476765-26-000029 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 8-K | $12.00 | awaiting T+20 | — | $12.35 (+2.92%) |
Aug 11, 2026 10w ago | Insider Cluster | $13.09 $12.70 | ▲ +2.98% | ▲ +1.08% | $12.35 (+5.65%) |
Jun 12, 2026 19w ago | Institutional Cluster | $13.29 $12.92 | ▼ −2.78% | ▼ −4.56% | $12.35 (−7.07%) |
May 27, 2026 21w ago | 8-K | $13.09 $12.59 | ▼ −3.82% | ▼ −0.67% | $12.35 (−5.65%) |
May 4, 2026 25w ago | 8-K | $13.40 $13.27 | ▲ +0.97% | ▲ +5.92% | $12.35 (+7.84%) |
May 4, 2026 25w ago | 8-K | $13.40 $13.27 | ▲ +0.97% | ▲ +5.92% | $12.35 (+7.84%) |
Apr 6, 2026 29w ago | 8-K | $12.83 $13.68 | ▼ −6.63% | ▲ +3.16% | $12.35 (+3.74%) |
US Market Status
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