Goldman Sachs BDC (GSBD) Q2 2026 earnings summary

Executive summary

• Net investment income per share was $0.38 for Q2 2026, with adjusted net investment income per share at $0.37 and an annualized yield on book value of 12.3%.

• Net asset value per share was $12.06 at June 30, 2026, down 0.9% sequentially.

• Board declared a Q3 2026 base dividend of $0.32 per share and a Q2 2026 supplemental dividend of $0.03 per share.

• Announced a new $75 million stock repurchase program under Rule 10b5-1.

• Leadership transition: David Miller to step down as Co-CEO at year-end, with Vivek Bantwal becoming sole CEO.

Financial highlights

• Total investment income for Q2 2026 was $83.7 million, up from $78.8 million in Q1 2026.

• Net investment income after taxes was $42.2 million; adjusted net investment income after taxes was $41.5 million.

• Net realized and unrealized losses for Q2 2026 were $(18.5) million.

• Net debt-to-equity ratio was 1.35x at quarter end, now below 1.25x post quarter due to repayments.

• NAV per share was $12.06; adjusted NAV per share was $12.03.

Outlook and guidance

• Net debt-to-equity ratio decreased below the target of 1.25x after quarter-end due to repayments and sales.

• Board continues to support shareholder returns through dividends and share repurchases.

• Dividend coverage expected to be supported by muted incentive fees and floating rate portfolio.

• Repayments are expected to remain elevated, enabling rotation into new deals.

• Management expects to maintain RIC status and focus on middle-market lending.