Goldman Sachs BDC (GSBD) Q3 2026 earnings summary

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.