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issued on that for the XXXX presentation We'll press we quarter refer our earnings and morning ended through XX, website. posted we our the call an to This March presentation today. release earnings
start me headline The Adjusted NAV we with headline the preliminary that in Adjusted X. with high per $XX.XX EPS fiscal a results investment is QX Let for filed and Slide on $X.XX. range loss XX. on line that the net NAV estimates was April was of GBDC's income published end share of previously. we per the towards was share $X.XX was a which were
significant I a results context. go in more have to it's going COVID-XX important detail, to virtually impact GBDC. put every U.S. is continue on on in these company including to to is discuss them and think already I Before
Following the a more be even well GBDC equipped closing in the of rights navigate world. will offering, COVID-XX think to we
we that Our to-date opportunities impact goal you for analytical review on all a GBDC the and going give assessment of GBDC forward. to the see risks of is of transparent and today to COVID-XX and
the through will for GBDC's go then quarter We detail. results in
almost job economy in GDP So growth spike nearly of overstate long was move occurred to COVID-XX in X% the the difficult impact that X, Slide think by we a you the it's on X% run of all calendar interesting let's can March; steady contraction see and X. to unprecedented in -- to U.S. of March. Slide X% the is QX an of losses. key effect of cause a QX. in What's contraction economy contracted After
recent spike at April Depression. unemployment over to saw the causing The post rate week to was It's economy since lost the not a into seen In Great most a late spike. of level jobs March continued XX.X%, I per rate X number quarter the continuing end. and million
As large shut see on you financial down, of Slide can off X. as sold markets the effectively economy portions
So pieces against this news. two backdrop how did GBDC me start fare? good Let of with
March piece portfolio The first portfolio Loans COVID-XX the affect of was GBDC's services XX been software constitute companies news of good X each issues borrowers. GBDC's and of be The Slide of specific services, more. was exposed GBDC's that the that average business less resilient. granularity relatively as of from to GBDC's in COVID-XX of designed is impact is that than mitigate potential over investment Moreover, bps industries technology to portfolio to industries the and like XX% and diversification may insulated XX. size, enterprise to Turning have these in size largely portfolio. financial idiosyncratic portfolio
represented shown good exposure portfolio GBDC at piece of less finance, March news by second entertainment impacted energy, fair of areas has Slide been on that COVID-XX industries hardest like XX have GBDC's the to X% Investments in hit sectors XX. that is many these gaming. The than value hotels, of airlines aircraft at COVID-XX, and and minimal
of we asset that value as XX. vulnerable GBDC's the Similarly top March to portfolio companies in other at the minimal and asset that today's portfolio sponsor exposure second structure to particularly the believe environment. mezzanine means aggregate these classes also lending are exposure backed less of than debt on has to focus the of at capital represented classes GBDC's lien X% debt, fair
But GBDC be I to immune that is to COVID-XX. arguing mean don't
retail. XX. at fair Turning than franchises impact. of see to have industry GBDC's likely focused represent that to GBDC bit continue eyecare, on and exposure include These Slide will several we less are COVID-XX dental at March sub-sectors sub-sectors XX% portfolio that material experienced can value XX, particularly restaurants, experience Areas you a fitness to and has care,
carry-out and drive-through, let or offer so. fast on historically done in doing in recessions. of they're of borrowers quick these are service proven to fine. that focused in mostly they why; both many the and believe sectors well-positioned in concepts We explain And which restaurants, we've casual; going to pivoted be well me Many have
ever reported In fact, customers. with restaurant no their highest last week day sit-down traditional one of our sales obligors
eyecare, some they In pent-up permitted cases, high-value and in we believe focused conscious. reopen. pressure. when market-leading that low-cost are even they we believe more we matched are cost capture regional focused cyclical on we dental franchises recover they believe fitness retail we relatively In to demand And consumers In an on franchises, we concepts will staples well franchisors where are on reopen. and we've believe they insulated when to environment from are focused may that consumer and
of portfolio a e-commerce significant been revenue. to that in in has have subject has and deemed remained In COVID-XX store [retail] closures increase during seen fact, the majority others the have been our portfolio and “essential” open some
portfolio for all how be been] address that affected But results this the are me in mitigants these let proactively and [there but portion we're of for These I before have my quarter, issues. the managing first GBDC's particularly XX. describe fiscal challenges GBDC's clear March COVID-XX and review those the colleagues let's these to portfolio ended second initiatives challenges quarter
we short, two impacts. main In saw
unchanged from XX, that earlier below underwriting performing are the downward by First portfolio which XX, categories fair or of are The migration our ratings XXXX. to are the percentage was at at on perform our better X identified in loans at investments increase COVID-XX our category X from value to XX.X% X was below materially and performance internal essentially sub to X driven expectations loans increased that most quarter-over-quarter. X.X% which sectors in or the portfolio at than XXXX to a majority are Category expectations slide there X performing at of of expectations. was expected of and in I exposed December challenges. XX, the the March The as the categories portfolio performing X
loss Turning caused credit unrealized share and to spreads. The on the losses credit internal performance spreads NAV. way would be on ratings. drivers that based together of look also COVID-XX of Slide widening at of precipitated $X.XX XX, of wider GBDC's One combination COVID-XX the to issues the per unrealized
So in are we primary think original unrealized borrowers we categories X, & of the or better losses driver as these at for expectations. spread performing as view the investments widening X than
marked March down and for of loans per quarter, of for of or from XX XX.X% net XXXX. the half total. X about if they as mark categories were GBDC's XX, December average on at accounted depreciation at the you to So $X.XX par share of XX.X% unrealized look adjusted of X That down in par
For of combination investments the in spread category both reflect losses X, is and that our the unrealized widening stress. credit view
to said COVID-XX. in we par believe On the down earlier increase way loans net I in for from category depreciation and category or in the larger average that marked from sub-sectors XX% to down X $X.XX XX% XX% came As majority am of in in average at GBDC's of were to share GBDC's December adjusted material XX% of the at XX of the are marked X unrealized category March exposed Mark the we quarter. a the par X. for categories sorry accounted of X downs quarter of XX, per X total. compared investments
of In X and for points and about of reflects for Categories category X a contributed are relatively at downs of net category the challenges. X% GBDC's surprising. total not share adjusted We fair pre-existing mark was small downs mark mark the in $X.XX than of greater the value per the and the unrealized categories of down believe GBDC's X X, portion categories COVID-XX this credit X X several average X down portfolio total. of in average the quarter stress on mark and and in investments X% depreciation the top
clear of bridge column next a incentive in in given share, perspective losses, share annualized small a the that of amounted rate, NAV quarter our $XX.XX. we depreciation reviewed per you NAV XX, just per realized was per adjusted driver not $X.XX the from net in the per From very share $X.XX can provides share $XX.XX of surprising XXXX credit an decline per unrealized to the of amount. realized December per losses $X.XX NII share X/XX/XX The fee GBDC share hurdle generated XX Slide see to X% detail. NAV income
as unrealized of start borrowers hopeful principal one financial coming reverse much as credit months. continue the is over our math. we So unrealized will about portion long these loans. underlying the That's the just happened losses crisis. losses the portfolios over loan interest, in that Capital's their do XXXX is remaining following to what large pay of losses? reverse unrealized the portfolio as how Well, normalize Golub This a life the think level to than sooner in We're spreads loan and will that
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