Golub Capital BDC (NASDAQ:GBDC) reported improved fiscal third-quarter results for the period ended June 30, 2026, as lower realized and unrealized losses offset continued credit stress across the direct-lending market.
Adjusted net income was $0.22 per share, compared with an adjusted loss of $0.18 per share in the preceding quarter
Adjusted net investment income remained unchanged sequentially at $0.34 per share, while adjusted net realized and unrealized losses narrowed to $0.12 per share from $0.52 per share in the prior quarter. Chief Executive Officer David Golub described the performance as “much better than last quarter, not as good as we’d like, and better than it looks.” He said the quarter’s losses were primarily related to a small number of junior debt and equity investments rather than the company’s core debt portfolio. Income, NAV and Distribution Adjusted net investment income of $0.34 per share translated to an annualized adjusted NII return on equity of 9.5%, according to the company.
The company paid a $0.33-per-share distribution during the quarter, and its board declared another $0.33-per-share distribution for the fourth fiscal quarter of 2026. Net asset value per share declined to $14.25 at June 30 from $14.35 at March 31. The company said net investment income fully covered the quarterly distribution, while share repurchases contributed $0.01 per share of NAV accretion.