Goldman Sachs BDC, Inc. (GSBD): Results of Operations and Financial Condition
Goldman Sachs BDC, Inc. (GSBD) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Goldman Sachs BDC, Inc. Reports June 30, 2026 Financial Results and Announces Third Quarterly 2026 Base Dividend of $0.32 Per Share and Second Quarter Supplemental Dividend of $0.03 Per Share. Company Release – August 6, 2026 NEW YORK — (BUSINESS WIRE) — Goldman Sach
How this was made
The 30-second read
Why it matters
Key disclosed items include Q2 net investment income per share of $0.38 (adjusted $0.37), NAV per share down 0.9% to $12.06, non-accrual investment percentage changes, leverage (net debt-to-equity 1.35x), and a new 10b5-1 repurchase authorization up to $75 million.
Market read
The filing provides fresh, tradable inputs for income and NAV trajectory: declared dividends, updated NAV and net investment income per share, and credit-quality signals via non-accrual and restructurings.
What to watch
The release highlights multiple restructurings and accrual status changes across specific portfolio names; traders may want to monitor whether these transitions persist into subsequent quarters and how they affect future net investment income and incentive fees.
Goldman Sachs BDC, Inc. Reports June 30, 2026 Financial Results and Announces Third Quarterly 2026 Base Dividend of $0.32 Per Share and Second Quarter Supplemental Dividend of $0.03 Per Share.
Net investment income, adjusted net investment income and total investment income increased from the prior quarter, while NAV per share declined and non-accrual investments at amortized cost increased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total investment incomeGAAP | $83.7 million | – | – |
| Net investment income after taxesGAAP | $42.2 million | – | – |
| Purchase discount amortizationother | 0.7 | – | – |
| Adjusted net investment income after taxesnon-GAAP | $41.5 million | – | – |
| Net realized and unrealized gains (losses)GAAP | $(18.6) million | – | – |
| Adjusted net realized and unrealized gains (losses)non-GAAP | $(17.9) million | – | – |
| Net investment income per share (basic and diluted)GAAP | $0.38 | – | – |
| Adjusted net investment income per sharenon-GAAP | $0.37 | – | – |
| Earnings per shareGAAP | $0.21 | – | – |
| Annualized net investment income yield on book valuenon-GAAP | 12.3% | – | – |
| Net expenses before taxesGAAP | $40.7 million | – | – |
| Weighted average shares outstandingGAAP | 112.6 | – | – |
| Total Distribution per share Recorded During the Quarterother | $0.32 | – | – |
| Investment portfolio, at fair valueother | $3,195.2 million | – | – |
| Total investments at fair value and unfunded commitmentsother | $3,627.5 million | – | – |
| Total debt outstandingother | $1,879.6 million | – | – |
| Net assetsGAAP | $1,357.7 million | – | – |
| Ending net debt to equityother | 1.35x | – | – |
| Net asset value per shareGAAP | $12.06 | decreased 0.9% | – |
| Adjusted net asset value per sharenon-GAAP | $12.03 | – | – |
| New investment commitmentsother | $12.9 million | – | – |
| Fundings of previously unfunded commitmentsother | $114.3 million | – | – |
| Sales and repayments activityother | $145.9 million | – | – |
| Net funded investment activityother | $(26.6) million | – | – |
| Number of portfolio companiesother | 173 | – | – |
| Percentage of performing debt bearing a floating rateother | 98.9% | – | – |
| Percentage of performing debt bearing a fixed rateother | 1.1% | – | – |
| Weighted average yield on debt and income producing investments, at amortized costother | 9.5% | – | – |
| Weighted average yield on debt and income producing investments, at fair valueother | 11.3% | – | – |
| Weighted average leverage (net debt/EBITDA)other | 6.2x | – | – |
| Weighted average interest coverageother | 2.0x | – | – |
| Median EBITDAother | $73.37 million | – | – |
| Investments on non-accrual status, at fair valueother | 2.9% | decreased | – |
| Investments on non-accrual status, at amortized costother | 5.0% | increased | – |
| Cash and cash equivalentsGAAP | $50.7 million | – | – |
| Availability under Revolving Credit Facilityother | $795.6 million | – | – |
Capital returns
- Third quarter 2026 Base Dividend of $0.32 per share payable to shareholders of record as of September 30, 2026.
- Second quarter 2026 Supplemental Dividend of $0.03 per share payable on or about September 15, 2026 to shareholders of record as of August 31, 2026.
- On May 6, 2026, the Board approved and authorized a new 10b5-1 stock repurchase program to allow the Company to repurchase up to $75 million of shares of the Company’s common stock, subject to certain limitations.
What drove it
- Total investment income increased primarily because certain investments were restored to accrual status from non-accrual status following improved performance during the quarter.
- Net expenses before taxes decreased by $12.3 million, primarily due to a decrease in the incentive fee driven by investment portfolio performance for the twelve quarters ended June 30, 2026 compared with the twelve quarters ended March 31, 2026.
- The portfolio was comprised of 98.6% senior secured debt, including 96.9% in first lien investments.
- At fair value, the investment portfolio comprised $2,963.3 million of 1st Lien/Senior Secured Debt, $132.2 million of 1st Lien/Last-Out Unitranche, $55.1 million of 2nd Lien/Senior Secured Debt, $8.6 million of Unsecured Debt, $20.2 million of Preferred Stock, $15.4 million of Common Stock and $0.4 million of Warrants.
- New commitments were made across 7 existing portfolio companies, including 2 new investment commitments to new portfolio companies. Sales and repayments were primarily driven by exits, partial repayments and refinancing in 8 portfolio companies.
Concerns
- NAV per share decreased 0.9% to $12.06 from $12.17 as of March 31, 2026.
- The Company reported net realized and unrealized losses of $(18.6) million.
- Investments on non-accrual status at amortized cost increased to 5.0% from 4.7% as of March 31, 2026.
- Two 2nd Lien/Senior Secured Debt investments in Wine.com Inc. were placed on non-accrual status due to financial underperformance.
- The Company had certain investments held in 10 portfolio companies on non-accrual status as of June 30, 2026.
What to watch
- Whether repayments and sales continue to keep net debt-to-equity below the Company’s target of 1.25x, as reported as of August 6, 2026.
- Performance of investments restored to accrual status, including the 1st Lien/Senior Secured Debt investment in Thrasio.
- Credit performance of the two Wine.com Inc. investments placed on non-accrual status.
- Whether the decline in weighted average yield on debt and income producing investments at amortized cost to 9.5% from 9.9% persists.
- Deployment pace following $12.9 million of new investment commitments and $145.9 million of sales and repayments activity.
Balance sheet and cash flow
- Investment portfolio, at fair value was $3,195.2 million as of June 30, 2026, compared to $3,228.9 million as of March 31, 2026.
- Total debt outstanding was $1,879.6 million as of June 30, 2026, compared to $1,920.5 million as of March 31, 2026.
- Debt outstanding consisted of $679.6 million of borrowings under the Revolving Credit Facility, $400.0 million of unsecured notes due 2027, $400.0 million of unsecured notes due 2029 and $400.0 million of unsecured notes due 2030.
- 63.9% of approximately $1,879.6 million aggregate principal amount of debt outstanding was unsecured debt and 36.1% was secured debt.
- Net assets were $1,357.7 million as of June 30, 2026, compared to $1,370.0 million as of March 31, 2026.
- New investment commitments were $12.9 million, fundings of previously unfunded commitments were $114.3 million, sales and repayments activity totaled $145.9 million, and net funded investment activity was $(26.6) million.
Analysis
Second-quarter earnings strengthened sequentially. Total investment income was $83.7 million versus $78.8 million in the prior quarter, while net investment income after taxes was $42.2 million versus $24.8 million. The company attributed higher investment income primarily to certain investments being restored to accrual status following improved performance. Net expenses before taxes declined to $40.7 million from $53.0 million, primarily reflecting a lower incentive fee. GAAP net investment income per share was $0.38 and adjusted net investment income per share was $0.37, compared with $0.22 for both measures in the prior quarter.
Credit and valuation results were less favorable. The company recorded net realized and unrealized losses of $(18.6) million, and NAV per share declined 0.9% to $12.06 from $12.17. Adjusted NAV per share was $12.03 after the $0.03 supplemental dividend declared after quarter-end. Non-accrual investments improved at fair value, falling to 2.9% from 3.2%, but increased at amortized cost to 5.0% from 4.7%. The company also placed two Wine.com Inc. investments on non-accrual status due to financial underperformance.
Portfolio activity was net negative during the quarter. New investment commitments were $12.9 million and fundings of previously unfunded commitments were $114.3 million, while sales and repayments totaled $145.9 million, producing net funded investment activity of $(26.6) million. The $3,195.2 million portfolio remained concentrated in senior secured debt, which represented 98.6% of the portfolio, including 96.9% in first lien investments. The company reported 173 portfolio companies across 39 industries.
Balance-sheet leverage eased modestly. Total debt outstanding declined to $1,879.6 million from $1,920.5 million, and ending net debt to equity was 1.35x compared with 1.37x. The company reported that its net debt-to-equity ratio decreased below its 1.25x target as of August 6, 2026, primarily due to repayments and sales. Liquidity included $795.6 million of Revolving Credit Facility availability and $50.7 million of cash and cash equivalents.
Capital distributions included a third-quarter 2026 base dividend of $0.32 per share and a second-quarter supplemental dividend of $0.03 per share. The Board also authorized a new 10b5-1 stock repurchase program allowing repurchases of up to $75 million of common shares, subject to certain limitations. The reported annualized net investment income yield on book value was 12.3%, while the principal issues for the next period are NAV preservation, the higher non-accrual percentage at amortized cost and the pace of redeployment following repayments and sales.
Not in the filing
stated, not guessed- Prior-year comparisons for second-quarter income statement metrics.
- GAAP net income.
- GAAP operating income.
- Gross margin.
- Operating cash flow.
- Free cash flow.
- Formal forward financial guidance for revenue, gross margin, operating expenses or tax rate.
- Operating segment revenue disclosure.
- Named executive commentary or executive quotes.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) attaching an earnings release for Goldman Sachs BDC, Inc. covering Q2 2026 results and dividend declarations.
Ticker impact
GSBD reported Q2 2026 results, with NAV per share down 0.9% to $12.06 and declared a $0.32 base dividend plus $0.03 supplemental.
Moderate near-term support from the dividend, partially offset by the NAV decline and ongoing non-accrual/credit restructuring details.
The filing is a primary disclosure (8-K with earnings release) including per-share income, NAV change, dividend amounts, and debt/leverage metrics. However, it does not provide forward guidance beyond the dividend schedule, limiting upside/downside conviction.
Market effects
BDC sector read-through on credit quality, non-accrual levels, and leverage management, but this is company-specific rather than a sector-wide catalyst.
Limited, primarily US-listed BDC/income investor sentiment.
Low; US credit/BDC dynamics dominate and there is no cross-border policy or macro shock described.
Counterpoint
The NAV decline and non-accrual dynamics may indicate underlying credit stress that could pressure future distributable income, making the dividend less durable than it appears.
Key entities
- issuerGoldman Sachs BDC, Inc.
BDC reporting Q2 2026 financial results, NAV/income metrics, dividend declarations, and a new 10b5-1 repurchase program.
- portfolio_companyChase Industries, Inc. (dba Senneca Holdings)
Portfolio position restructured during the quarter with subsequent accrual status changes and non-accrual placement details.
- portfolio_companyThrasio
1st lien investment returned to accrual status following improved performance.
- portfolio_companyWine.com Inc.
Two 2nd lien investments placed on non-accrual status due to financial underperformance.
