The miss on adjusted NII and declining NAV due to spread widening point to continued headwinds for BDC book values. Monitor upcoming Q3 results for stabilization in credit spreads and non-accrual trends. The maintained $0.33 dividend is covered but leaves little margin for further NII erosion.
Price Chart
Executive Summary
Golub Capital BDC's fiscal Q2 2026 results missed Street estimates on adjusted net investment income, which fell to $0.34 per share vs. $0.36 consensus. GAAP net loss was ($0.18) per share, driven by $0.51 of unrealized losses from credit spread widening, and NAV declined 3.3% to $14.35. Total investment income declined 9% sequentially and 12% YoY.
Key Financial Metrics
Key Facts
- Adjusted net investment income per share of $0.34 missed consensus of $0.36 (-5.6%)
- GAAP EPS of ($0.18) vs. $0.25 in prior quarter
- NAV per share decreased $0.49 to $14.35 from $14.84
- Total investment income fell to $188.1M from $207.0M prior quarter
- Non-accrual investments increased to 1.4% of fair value (from 0.8%)
- Repurchased 2.2M shares for $27.8M at 84% of NAV
Financial Impact
Adjusted NII missing consensus by ~$0.02/sh, NAV decline of $0.49/sh, investment income down 12% YoY
Risk Factors
- Further credit spread widening pressuring NAV
- Rising non-accruals (now 19 investments)
- Interest rate sensitivity on floating-rate portfolio
- Potential dividend cut if NII continues to decline
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001476765-26-000032 |
| Document: gbdc-20260504.htm | 0001476765-26-000032 |
| Document: 0001476765-26-000032-index-headers.html | 0001476765-26-000032 |
| Document: 0001476765-26-000032-index.html | 0001476765-26-000032 |
| Document: 0001476765-26-000032.txt | 0001476765-26-000032 |
| 8-K Data (Synthetic) | 0001476765-26-000032 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 19d ago | 8-K | $12.00 | awaiting T+20 | — | $12.09 (+0.71%) |
Aug 11, 2026 10w ago | Insider Cluster | $13.09 $12.70 | ▲ +2.98% | ▲ +1.08% | $12.09 (+7.68%) |
Jun 12, 2026 19w ago | Institutional Cluster | $13.29 $12.92 | ▼ −2.78% | ▼ −4.56% | $12.09 (−9.07%) |
May 27, 2026 21w ago | 8-K | $13.09 $12.59 | ▼ −3.82% | ▼ −0.67% | $12.09 (−7.68%) |
May 4, 2026 24w ago | 8-K | $13.40 $13.27 | ▲ +0.97% | ▲ +5.92% | $12.09 (+9.81%) |
May 4, 2026 24w ago | 8-K | $13.40 $13.27 | ▲ +0.97% | ▲ +5.92% | $12.09 (+9.81%) |
Apr 6, 2026 28w ago | 8-K | $12.83 $13.68 | ▼ −6.63% | ▲ +3.16% | $12.09 (+5.81%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers