Goldman Sachs BDC Q3 investment income falls to $75M
Non-accrual investments accounted for 4.2% of portfolio fair value; GSBD declared a $0.32 per-share fourth-quarter base dividend.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Goldman Sachs BDC, Inc. (GSBD) reported third-quarter 2026 total investment income of $74.991 million, compared with $91.596 million in the same 2025 period. Net investment income after taxes was $35.320 million, versus $45.310 million, and net assets from operations recorded a $3.967 million decrease, compared with a $24.705 million increase a year earlier. Net asset value was $11.70 per share as of September 30, 2026, versus $12.64 as of December 31, 2025.
GSBD declared a fourth-quarter 2026 base dividend of $0.32 per share, payable on or about January 27, 2027, to shareholders of record as of December 31, 2026. Non-accrual investments represented 4.2% of portfolio fair value as of September 30, up from 2.9% as of June 30; at amortized cost, they represented 7.3%, up from 5.0%. The investment portfolio's fair value was $2,858.0 million. As of September 30, GSBD reported $1,013.1 million of revolving-credit availability, $83.5 million in cash and cash equivalents, and a 1.21x net debt-to-equity leverage ratio, versus 1.35x as of June 30.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointTotal investment income: $74.991 million, versus $91.596 million year over year.
- Moderate pointNet assets from operations: $3.967 million decrease, versus a $24.705 million increase.
Filing Explained
GSBD attributed lower investment income versus the prior quarter primarily to a smaller portfolio and certain investments placed on non-accrual.
GSBD reported its completed third-quarter results; portfolio fair value fell from
8-K Event Classification
Key Figures
Key Terms
non-accrual status financial
weighted average leverage (net debt/EBITDA) financial
payment-in-kind income financial
purchase discount amortization financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What dividend did GSBD declare for the fourth quarter of 2026?
What were GSBD's third-quarter 2026 investment income and net investment income?
What portion of GSBD's portfolio was on non-accrual status?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in charter)
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition.
On November 5, 2026, Goldman Sachs BDC, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. The text of the press release is included as Exhibit 99.1 to this Form 8-K.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 - Regulation FD Disclosure.
On November 5, 2026, the Company issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a fourth quarter 2026 base dividend of $0.32 per share, which will be payable on or about January 27, 2027 to shareholders of record as of December 31, 2026.
The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 - Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit Number |
Description | |
| 99.1 | Press Release of Goldman Sachs BDC, Inc., dated November 5, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GOLDMAN SACHS BDC, INC. (Registrant) | ||||||
| Date: November 5, 2026 | By: | /s/ Vivek Bantwal | ||||
| Name: | Vivek Bantwal | |||||
| Title: | Co-Chief Executive Officer | |||||
| By: | /s/ David Miller | |||||
| Name: | David Miller | |||||
| Title: | Co-Chief Executive Officer | |||||
Exhibit 99.1
Goldman Sachs BDC, Inc. Reports September 30, 2026 Financial Results and Announces Fourth Quarter 2026 Base Dividend of $0.32 Per Share
Company Release – November 5, 2026
NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the third quarter ended September 30, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.
QUARTERLY HIGHLIGHTS
| • | Net investment income per share and adjusted net investment income per share were $0.32 for the quarter ended September 30, 2026, equating to an annualized net investment income yield on book value of 10.9%.1 Earnings (loss) per share for the quarter ended September 30, 2026 was $(0.04). |
| • | Net asset value (“NAV”) per share as of September 30, 2026 decreased 3.0% to $11.70 from $12.06 as of June 30, 2026. |
| • | As of September 30, 2026, the Company’s total investments at fair value and unfunded commitments were $3,216.8 million, comprised of investments in 168 portfolio companies across 41 industries. The investment portfolio was comprised of 98.6% senior secured debt, including 96.8% in first lien investments.2 |
| • | During the quarter, the Company had new investment commitments of approximately $40.5 million, of which $31.1 million were funded. Fundings of previously unfunded commitments for the quarter were $32.6 million, and sales and repayments activity totaled $371.2 million, resulting in net funded investment activity of $(307.5) million. |
| • | During the quarter, the Company’s 2nd Lien/Senior Secured Debt investment in Chase Industries, Inc. (dba Senneca Holdings), which had previously been on non-accrual status, was restored to accrual status following improved performance. In addition, the Company placed its investments in CFS Management, LLC (dba Center for Sight Management) and MerchantWise Solutions, LLC (dba HungerRush), as well as additional 1st Lien/Senior Secured Debt investments in ATX Networks Corp. and Streamland Media Midco LLC, on non-accrual status due to financial underperformance. As of September 30, 2026, the Company had certain investments held in 11 portfolio companies on non-accrual status. As of September 30, 2026, investments on non-accrual status increased to 4.2% of the total investment portfolio at fair value from 2.9% as of June 30, 2026; and investments on non-accrual status increased to 7.3% from 5.0% of the total investment portfolio at amortized cost as of June 30, 2026. |
| • | The Company’s ending net debt-to-equity ratio was 1.21x as of September 30, 2026 compared to 1.35x as of June 30, 2026.11 |
| • | As of September 30, 2026, 72.2% of the Company’s approximately $1,661.4 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 27.8% was comprised of secured debt.3 |
| • | The Company’s Board of Directors declared a fourth quarter 2026 Base Dividend of $0.32 per share payable to shareholders of record as of December 31, 2026.4 |
| • | On August 7, 2026, the Company entered into a 10b5-1 stock repurchase plan, which allows the Company to repurchase up to $75.0 million of shares of the Company’s common stock if the common stock trades below the most recently announced quarter-end NAV per share, subject to certain limitations. During the three months ended September 30, 2026, the Company repurchased approximately 1.5 million shares for $15.0 million, inclusive of commissions. |
SELECTED FINANCIAL HIGHLIGHTS
| (in $ millions, except per share data) | As of September 30, 2026 |
As of June 30, 2026 |
||||||
| Investment portfolio, at fair value2 |
$ | 2,858.0 | $ | 3,195.2 | ||||
| Total debt outstanding3 |
$ | 1,661.4 | $ | 1,879.6 | ||||
| Net assets |
$ | 1,299.8 | $ | 1,357.7 | ||||
| Ending net debt to equity11 |
1.21x | 1.35x | ||||||
| Net asset value per share |
$ | 11.70 | $ | 12.06 | ||||
| Less: Supplemental Dividend per share declared post-quarter |
$ | — | $ | 0.03 | ||||
| Adjusted net asset value per share5 |
$ | 11.70 | $ | 12.03 | ||||
| (in $ millions, except per share data) | Three Months Ended September 30, 2026 |
Three Months Ended June 30, 2026 |
||||||
| Total investment income |
$ | 75.0 | $ | 83.7 | ||||
| Net investment income after taxes |
$ | 35.3 | $ | 42.2 | ||||
| Less: Purchase discount amortization |
0.3 | 0.7 | ||||||
| Adjusted net investment income after taxes1 |
$ | 35.0 | $ | 41.5 | ||||
| Net realized and unrealized gains (losses) |
$ | (39.3 | ) | $ | (18.6 | ) | ||
| Add: Realized/Unrealized depreciation from the purchase discount |
0.3 | 0.7 | ||||||
| Adjusted net realized and unrealized gains (losses)1 |
$ | (39.0 | ) | $ | (17.9 | ) | ||
| Net investment income per share (basic and diluted) |
$ | 0.32 | $ | 0.38 | ||||
| Less: Purchase discount amortization per share |
— | 0.01 | ||||||
| Adjusted net investment income per share1 |
$ | 0.32 | $ | 0.37 | ||||
| Weighted average shares outstanding |
112.1 | 112.6 | ||||||
| Total Distribution per share Recorded During the Quarter |
$ | 0.35 | $ | 0.32 | ||||
Total investment income for the three months ended September 30, 2026 and June 30, 2026 was $75.0 million and $83.7 million, respectively. The decrease in total investment income was primarily driven by a decrease in the size of our portfolio in addition to the impact of placing certain investments onto non-accrual status. The amortized cost of the portfolio decreased from $3,410.98 million as of June 30, 2026, to $3,108.11 million as of September 30, 2026.
Net expenses before taxes for the three months ended September 30, 2026 and June 30, 2026 were $38.8 million and $40.7 million, respectively. Net expenses decreased by $1.9 million, primarily due to a decrease in the interest expense driven by lower average daily borrowing as well as a decrease in management fees driven by the decrease in gross assets (excluding cash and cash equivalents).
INVESTMENT ACTIVITY2
The following table summarizes investment activity for the three months ended September 30, 2026:
| New Investment Commitments | Sales and Repayments | |||||||||||||||
| Investment Type |
$ Millions | % of Total | $ Millions | % of Total | ||||||||||||
| 1st Lien/Senior Secured Debt |
$ | 40.5 | 100.0 | % | $ | 298.0 | 80.3 | % | ||||||||
| 1st Lien/Last-Out Unitranche |
— | — | 73.2 | 19.7 | ||||||||||||
| 2nd Lien/Senior Secured Debt |
— | — | — | — | ||||||||||||
| Unsecured Debt |
— | — | — | — | ||||||||||||
| Preferred Stock |
— | — | — | — | ||||||||||||
| Common Stock |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 40.5 | 100.0 | % | $ | 371.2 | 100.0 | % | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
During the three months ended September 30, 2026, new investment commitments were made across 7 existing portfolio companies and 7 new portfolio companies. Sales and repayments were primarily driven by 12 full exits, as well as partial sales, and partial repayments across a number of portfolio companies.
PORTFOLIO SUMMARY2
As of September 30, 2026, the Company’s investments consisted of the following:
| Investments at Fair Value | ||||||||
| Investment Type |
$ Millions | % of Total | ||||||
| 1st Lien/Senior Secured Debt |
$ | 2,713.5 | 95.0 | % | ||||
| 1st Lien/Last-Out Unitranche |
52.4 | 1.8 | ||||||
| 2nd Lien/Senior Secured Debt |
51.2 | 1.8 | ||||||
| Unsecured Debt |
8.6 | 0.3 | ||||||
| Preferred Stock |
18.2 | 0.6 | ||||||
| Common Stock |
13.7 | 0.5 | ||||||
| Warrants |
0.4 | — | 6 | |||||
|
|
|
|
|
|||||
| Total |
$ | 2,858.0 | 100.0 | % | ||||
|
|
|
|
|
|||||
The following table presents certain selected information regarding the Company’s investments:
| As of | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| Number of portfolio companies |
168 | 171 | ||||||
| Percentage of performing debt bearing a floating rate7 |
98.2 | % | 99.4 | % | ||||
| Percentage of performing debt bearing a fixed rate7 |
1.8 | % | 0.6 | % | ||||
| Weighted average yield on debt and income producing investments, at amortized cost8 |
9.7 | % | 9.9 | % | ||||
| Weighted average yield on debt and income producing investments, at fair value8 |
11.9 | % | 10.9 | % | ||||
| Weighted average leverage (net debt/EBITDA)9 |
6.3x | 5.9x | ||||||
| Weighted average interest coverage9 |
1.9x | 2.0x | ||||||
| Median EBITDA9 |
$ | 77.51 million | $ | 71.75 million | ||||
| Weighted average EBITDA9 |
$ | 117.38 million | $ | 98.63 million | ||||
As of September 30, 2026, the Company had certain investments held in 11 portfolio companies on non-accrual status. As of September 30, 2026, investments on non-accrual status increased to 4.2% of the total investment portfolio at fair value from 2.9% as of June 30, 2026; and investments on non-accrual status increased to 7.3% from 5.0% of the total investment portfolio at amortized cost as of June 30, 2026.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2026, the Company had $1,661.4 million aggregate principal amount of debt outstanding, comprised of $461.4 million of outstanding borrowings under its senior secured revolving credit facility (“Revolving Credit Facility”), with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, $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. As of September 30, 2026, the Company had $1,013.1 million of availability under its Revolving Credit Facility and $83.5 million in cash and cash equivalents.3,10
The Company’s ending net debt-to-equity leverage ratio was 1.21x as of September 30, 2026, as compared to 1.35x as of June 30, 2026.11
CONFERENCE CALL
The Company will host an earnings conference call on Friday, November 6, 2026 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (800) 289-0459; international callers should dial +1 (929) 477-0443; conference ID 427709. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. An archived replay will be available on the Company’s webcast link located on the Investor Resources section of the Company’s website.
Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at ACF-GSCR@gs.com.
ENDNOTES
| 1) | On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of MMLC |
| investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired was amortized over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized depreciation on such loan acquired through its ultimate disposition. As of September 30, 2026, the purchase discount allocated to the loan investments acquired has been fully amortized. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. |
As a supplement to our financial results reported in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we have provided, as detailed below, certain non-GAAP financial measures to our operating results that exclude the aforementioned purchase discount and the ongoing amortization thereof, as determined in accordance with GAAP. The non-GAAP financial measures include i) Adjusted net investment income per share; ii) Adjusted net investment income after taxes; and iii) Adjusted net realized and unrealized gains (losses). We believe that the adjustment to exclude the full effect of the purchase discount is meaningful because it is a measure that we and investors use to evaluate the impact of the purchase discount on net investment income per share, net investment income after taxes and net realized and unrealized gains (losses). Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.
| 2) | The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of The Goldman Sachs Group, Inc. (the “Money Market Fund”). As of September 30, 2026, the Company had an investment of $74.9 million in the Money Market Fund. |
| 3) | Total debt outstanding excludes netting of debt issuance costs of $11.2 million and $12.8 million as of September 30, 2026 and June 30, 2026, respectively. Total debt outstanding also excludes cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(33.9) million and $(16.6) million as of September 30, 2026 and June 30, 2026, respectively. Starting in the third quarter of 2025, the Company entered into interest rate swaps to more closely align the interest rates of some of the Company’s fixed rate liabilities with its investment portfolio, which consists of predominantly floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedge accounting relationship. |
| 4) | The $0.32 per share Base Dividend is payable on or about January 27, 2027 to shareholders of record as of December 31, 2026. |
| 5) | On February 26, 2025, we announced a distribution framework that is comprised of a quarterly base distribution declared in the relevant quarter and a variable supplemental distribution declared in the following quarter, subject to satisfaction of certain measurement tests and the approval of our Board. |
As a supplement, we have provided a non-GAAP financial measure of our financial condition that adjusts the net asset value per share for the declared and unpaid supplemental distribution per share. We believe that the adjustment to the net asset value per share for the supplemental dividend is meaningful because it aligns the supplemental distribution to its relevant quarter earnings.
Although this non-GAAP financial measure is intended to enhance investors’ understanding of our business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measure may not be comparable to similar non-GAAP financial measures used by other companies.
| 6) | Amount rounds to less than 0.1%. |
| 7) | The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual status. |
| 8) | Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger. |
| 9) | For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) for the trailing twelve month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
For a particular portfolio company, we also compare that amount of EBITDA to the portfolio company’s contractual interest expense. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
Median EBITDA is based on our debt investments and weighted average EBITDA is weighted based on the fair value of our performing debt investments, in each case excluding investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.
Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of September 30, 2026 and December 31, 2025, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 8.3% and 14.2%, respectively, of total debt investments at fair value.
| 10) | The Company’s Revolving Credit Facility has debt outstanding denominated in currencies other than U.S. Dollars (“USD”). These balances have been converted to USD using applicable foreign currency exchange rates as of September 30, 2026. As a result, the Revolving Credit Facility’s outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount. |
| 11) | The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash and cash equivalents divided by equity as of September 30, 2026 and June 30, 2026, respectively, and excludes unfunded commitments. |
Goldman Sachs BDC, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)
| September 30, 2026 (Unaudited) |
December 31, 2025 | |||||||
| Assets |
||||||||
| Investments, at fair value |
||||||||
|
Non-controlled/non-affiliated investments (cost of $2,993,926 and $3,285,039) |
$ | 2,788,110 | $ | 3,171,677 | ||||
| Non-controlled affiliated investments (cost of $89,193 and $110,127) |
51,264 | 90,044 | ||||||
| Controlled affiliated investments (cost of $24,990 and $ — ) |
18,586 | — | ||||||
|
|
|
|
|
|||||
| Total investments, at fair value (cost of $3,108,109 and $3,395,166) |
$ | 2,857,960 | $ | 3,261,721 | ||||
| Investments in affiliated money market fund (cost of $74,878 and $35,724) |
74,878 | 35,724 | ||||||
| Cash |
8,627 | 43,211 | ||||||
| Interest and dividends receivable |
19,283 | 26,927 | ||||||
| Deferred financing costs |
14,635 | 13,245 | ||||||
| Other assets |
1,335 | 2,419 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 2,976,718 | $ | 3,383,247 | ||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Debt (net of debt issuance costs of $11,187 and $8,169) |
$ | 1,616,345 | $ | 1,874,620 | ||||
| Interest and other debt expenses payable |
8,036 | 25,546 | ||||||
| Management fees payable |
7,677 | 8,181 | ||||||
| Incentive fees payable |
— | 3,844 | ||||||
| Distribution payable |
35,536 | 36,022 | ||||||
| Unrealized depreciation on derivatives |
13 | — | ||||||
| Secured borrowings |
2,167 | 3,366 | ||||||
| Accrued expenses and other liabilities |
7,153 | 8,649 | ||||||
|
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|
|
|||||
| Total liabilities |
$ | 1,676,927 | $ | 1,960,228 | ||||
|
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| Commitments and contingencies (Note 8) |
||||||||
| Net assets |
||||||||
| Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding) |
$ | — | $ | — | ||||
| Common stock, par value $0.001 per share (200,000,000 shares authorized, 111,049,130 and 112,569,067 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively) |
111 | 113 | ||||||
| Paid-in capital in excess of par |
1,864,603 | 1,879,601 | ||||||
| Distributable earnings (loss) |
(564,923 | ) | (456,695 | ) | ||||
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| Total net assets |
$ | 1,299,791 | $ | 1,423,019 | ||||
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|
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| Total liabilities and net assets |
$ | 2,976,718 | $ | 3,383,247 | ||||
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|
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|
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| Net asset value per share |
$ | 11.70 | $ | 12.64 | ||||
Goldman Sachs BDC, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, 2026 |
September 30, 2025 |
September 30, 2026 |
September 30, 2025 |
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| Investment income: |
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| From non-controlled/non-affiliated investments: |
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| Interest income |
$ | 66,370 | $ | 81,197 | $ | 205,821 | $ | 246,461 | ||||||||
| Payment-in-kind income |
5,672 | 6,854 | 18,003 | 23,287 | ||||||||||||
| Other income |
975 | 1,247 | 3,723 | 3,097 | ||||||||||||
| From non-controlled affiliated investments: |
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| Interest income |
930 | 1,387 | 5,615 | 4,017 | ||||||||||||
| Payment-in-kind income |
799 | 643 | 3,713 | 1,910 | ||||||||||||
| Dividend income |
202 | 225 | 531 | 606 | ||||||||||||
| Other income |
43 | 43 | 101 | 128 | ||||||||||||
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| Total investment income |
$ | 74,991 | $ | 91,596 | $ | 237,507 | $ | 279,506 | ||||||||
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| Expenses: |
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| Interest and other debt expenses |
$ | 29,059 | $ | 28,079 | $ | 89,203 | $ | 82,800 | ||||||||
| Management fees |
7,677 | 8,179 | 24,122 | 25,268 | ||||||||||||
| Incentive fees |
— | 7,051 | 12,438 | 22,381 | ||||||||||||
| Professional fees |
891 | 698 | 2,845 | 2,443 | ||||||||||||
| Directors’ fees |
151 | 206 | 454 | 620 | ||||||||||||
| Other general and administrative expenses |
1,009 | 1,166 | 3,418 | 3,482 | ||||||||||||
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| Total expenses |
$ | 38,787 | $ | 45,379 | $ | 132,480 | $ | 136,994 | ||||||||
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| Net investment income before taxes |
$ | 36,204 | $ | 46,217 | $ | 105,027 | $ | 142,512 | ||||||||
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| Income tax expense, including excise tax |
$ | 884 | $ | 907 | $ | 2,710 | $ | 3,135 | ||||||||
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| Net investment income after taxes |
$ | 35,320 | $ | 45,310 | $ | 102,317 | $ | 139,377 | ||||||||
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| Net realized and unrealized gains (losses) on investment transactions: |
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| Net realized gain (loss) from: |
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Non-controlled/non-affiliated investments |
$ | (5,287 | ) | $ | 5,418 | $ | 16,042 | $ | (86,449 | ) | ||||||
| Non-controlled affiliated investments |
— | — | — | (33,824 | ) | |||||||||||
| Foreign currency forward contracts |
64 | — | (209 | ) | — | |||||||||||
| Foreign currency and other transactions |
33 | 19 | 1,223 | 483 | ||||||||||||
| Net change in unrealized appreciation (depreciation) from: |
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Non-controlled/non-affiliated investments |
(28,723 | ) | (20,690 | ) | (96,012 | ) | 60,170 | |||||||||
| Non-controlled affiliated investments |
(3,953 | ) | (6,587 | ) | (17,846 | ) | 19,462 | |||||||||
| Controlled affiliated investments |
(1,550 | ) | — | (1,550 | ) | — | ||||||||||
| Foreign currency forward contracts |
(62 | ) | 63 | 252 | (207 | ) | ||||||||||
| Foreign currency translations and other transactions |
232 | 1,221 | 1,911 | (3,344 | ) | |||||||||||
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| Net realized and unrealized gains (losses) |
$ | (39,246 | ) | $ | (20,556 | ) | $ | (96,189 | ) | $ | (43,709 | ) | ||||
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| (Provision) benefit for taxes on realized gain/loss on investments |
$ | — | $ | (49 | ) | $ | (2 | ) | $ | (121 | ) | |||||
| (Provision) benefit for taxes on unrealized appreciation/depreciation on investments |
(41 | ) | — | (41 | ) | — | ||||||||||
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| Net increase (decrease) in net assets from operations |
$ | (3,967 | ) | $ | 24,705 | $ | 6,085 | $ | 95,547 | |||||||
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| Weighted average shares outstanding |
112,069,076 | 114,398,468 | 112,400,572 | 116,289,596 | ||||||||||||
| Basic and diluted net investment income per share |
$ | 0.32 | $ | 0.40 | $ | 0.91 | $ | 1.20 | ||||||||
| Basic and diluted earnings (loss) per share |
$ | (0.04 | ) | $ | 0.22 | $ | 0.05 | $ | 0.82 | |||||||
ABOUT GOLDMAN SACHS BDC, INC.
Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and identification of the website is provided merely for convenience.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent GSBD’s belief regarding future events that, by their nature, are uncertain and outside of GSBD’s control. There are likely to be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Goldman Sachs BDC, Inc.
Investor Contact: Haley Neeven, 212-902-1000
Media Contact: Victoria Zarella, 212-902-5400
Source: Goldman Sachs BDC, Inc.