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Goldman Sachs BDC (GSBD) investor relations material
Goldman Sachs BDC Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 net investment income was $0.32 per share; adjusted net investment income was also $0.32 per share, while operations generated a $4.0 million loss, or $0.04 per share.
NAV fell 3.0% QoQ to $11.70 per share from $12.06, reflecting $39.2 million of realized and unrealized losses; fair-value investments totaled $2,858.0 million across 168 portfolio companies.
Financial highlights
Total investment income was $75.0 million and after-tax net investment income was $35.3 million; adjusted after-tax net investment income was $35.0 million.
Q3 total investment income declined from $91.6 million and after-tax net investment income from $45.3 million in Q3 2025.
NAV declined $0.36 per share, driven by $0.36 of net realized and unrealized losses and a $0.03 supplemental distribution, partly offset by $0.03 of repurchase accretion.
Undistributed taxable income was $96.7 million, or $0.87 per share, at quarter-end.
Outlook and guidance
A Q4 2026 base dividend of $0.32 per share was declared, payable on or about January 27, 2027, to holders of record December 31, 2026.
Incentive fees are expected to remain muted in Q4; $97 million of spillover income is viewed as a bridge for any dividend shortfall.
Deployment is expected to focus on recycling repayments at comfortable leverage; deal timing and pricing depend on deal supply, competition, capital markets and the macro environment.
- Q2 NII was $0.38/share as NAV ended at $12.06 and post-quarter leverage fell below target.GSBD
Q2 2026 - Q1 2026 saw lower NAV, rising non-accruals, and higher leverage, but strong senior secured focus.GSBD
Q1 2026 - Director elections and auditor ratification headline the 2026 annual meeting agenda.GSBD
Proxy filing - Virtual annual meeting to elect directors and ratify auditor, with online voting access.GSBD
Proxy filing - Virtual meeting to elect directors and ratify auditor, with strong governance and oversight.GSBD
Proxy filing - Q4 2025 net investment income per share was $0.37, with NAV per share at $12.64.GSBD
Q4 2025 - Q3 2025 net investment income per share was $0.40; NAV per share fell to $12.75.GSBD
Q3 2025 - Net investment income rose, but NAV and EPS fell amid losses and higher non-accruals.GSBD
Q2 2024 - Q4 2024 net investment income per share reached $0.48, with stable leverage and new dividend policy.GSBD
Q4 2024
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