diff --git a/CHANGES b/CHANGES
index a27f82efd..c9e345b00 100644
--- a/CHANGES
+++ b/CHANGES
@@ -12,6 +12,7 @@ Bugfixes:
  - GBA Memory: Don't call into GPIO write calls if GPIO devices are absent
  - ARM7: Extend prefetch by one stage
  - GBA BIOS: Fix BIOS prefetch after returning from a SWI
+ - Debugger: Negative PC-relative loads now properly subtract the offset
 Misc:
  - Qt: Disable sync to video by default
  - GBA: Exit cleanly on FATAL if the port supports it
diff --git a/src/arm/decoder.c b/src/arm/decoder.c
index 2c31471ec..3bf31ad7b 100644
--- a/src/arm/decoder.c
+++ b/src/arm/decoder.c
@@ -127,7 +127,7 @@ static int _decodeMemory(struct ARMMemoryAccess memory, int pc, char* buffer, in
 	int written;
 	if (memory.format & ARM_MEMORY_REGISTER_BASE) {
 		if (memory.baseReg == ARM_PC && memory.format & ARM_MEMORY_IMMEDIATE_OFFSET) {
-			written = _decodePCRelative(memory.offset.immediate, pc, buffer, blen);
+			written = _decodePCRelative(memory.format & ARM_MEMORY_OFFSET_SUBTRACT ? -memory.offset.immediate : memory.offset.immediate, pc, buffer, blen);
 			ADVANCE(written);
 		} else {
 			written = _decodeRegister(memory.baseReg, buffer, blen);