Goldman Sachs BDC (GSBD) Q2 2026 earnings summary

Executive summary

• Q2 GAAP net investment income (NII) was $0.38 per share; adjusted NII was $0.37 per share, equivalent to 12.6% and 12.3% annualized yields on book value, respectively.

• NAV per share ended at $12.06, down 0.9% QoQ from $12.17; adjusted NAV per share was $12.03.

• Investments totaled $3,195.2 million at fair value across 173 portfolio companies in 39 industries; 98.6% were senior secured debt.

• Board declared a $0.32 Q3 base dividend and a $0.03 Q2 supplemental dividend; a new $75 million 10b5-1 repurchase program was authorized.

Financial highlights

• Total investment income was $83.7 million, up from $78.8 million in Q1 and down from $91.0 million in Q2 2025.

• NII after taxes was $42.2 million; adjusted NII after taxes was $41.5 million, versus $24.8 million and $24.7 million, respectively, in Q1.

• Earnings per share were $0.21; net increase in net assets from operations was $23.7 million.

• Net realized and unrealized losses were $18.6 million; net expenses before taxes fell to $40.7 million from $53.0 million QoQ, mainly due to lower incentive fees.

• NII covered the dividend; undistributed taxable income was $100.3 million, or $0.89 per share, at quarter-end.

Outlook and guidance

• Management intends to maintain the $0.32 base dividend in the near term; coverage depends partly on incentive fees, floating rates, SOFR, and spreads on new originations.

• Post-quarter net debt-to-equity fell below the 1.25x target, near 1.2x; management expects to balance new investments with repurchases as leverage permits.

• M&A and sponsor activity picked up after quarter-end; repayments and lower leverage may support increased originations, though repayment pace remains uncertain.