GBDC · Golub Capital BDC, Inc.

Golub Capital BDC, Inc. reported a GAAP net loss of $46.8 million or ($0.18) per share for the fiscal second quarter ended March 31, 2026, compared to earnings of $0.25 per share in the prior quarter. GAAP net investment income was $85.5 million or $0.33 per share, with adjusted NII at $88.1 million or $0.34 per share after excluding $0.01 per share purchase premium amortization from prior acquisitions of GCIC and GBDC 3. The significant net realized and unrealized loss of ($132.3) million or ($0.51) per share, adjusted to ($134.9) million or ($0.52) per share, was primarily driven by meaningful widening of credit spreads across asset classes, leading to unrealized depreciation from fair value adjustments despite solid overall credit performance. Approximately 69% or ($0.35) per share of the adjusted loss stemmed from adjustments on investments in the highest internal performance rating categories (IPR 4 and 5), where average price declined to 98.5% of principal from 99.7%. Additional contributions included underperformance of non-accrual portfolio companies and a realized loss on a restructuring, partially offset by foreign currency gains. NAV per share decreased to $14.35 from $14.84, reflecting these unrealized losses. The company maintained its quarterly distribution at $0.33 per share, paid $0.33 on March 30 and declared another payable June 29, 2026. Share repurchases totaled 2.2 million shares at $12.43 average during the quarter and 0.7 million more post-quarter at $12.93, trading at a discount to NAV amid volatility. The portfolio remained stable at 420 companies with fair value of $8.3 billion, predominantly one-stop credits (87%), and GAAP leverage steady at 1.27x.