second quarter ended June 30, 2026
Filed Aug 6, 2026Goldman 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.