Goldman Sachs BDC (GSBD) Q1 2026 earnings summary

Executive summary

• Net investment income per share was $0.22 for Q1 2026, with an annualized yield on book value of 7.2%.

• Earnings per share were $(0.12), reflecting realized and unrealized losses.

• Net asset value (NAV) per share decreased 3.7% to $12.17 from $12.64 at year-end 2025.

• Portfolio transition continues, with 58% in new originations post-integration, performing in line with expectations and minimal non-accruals, while legacy assets drive most credit volatility and non-accruals.

• Board declared a Q2 2026 base dividend of $0.32 per share, payable July 28, 2026.

Financial highlights

• Total investment income for Q1 2026 was $78.8 million, down from $86.1 million in Q4 2025 and $96.9 million in Q1 2025.

• Net investment income after taxes was $24.8 million, compared to $42.2 million in Q4 2025.

• Net realized and unrealized losses totaled $(38.4) million, compared to $(18.5) million in Q4 2025.

• Distributions to stockholders were $0.35 per share for the quarter.

• Total investments at fair value were $3,228.9 million as of March 31, 2026.

Outlook and guidance

• Dividend expected to be maintained in the near term, supported by spillover income and a more muted incentive fee in coming quarters.

• Management optimistic about redeploying capital at wider spreads and better risk-adjusted returns.

• The company maintains a quarterly base dividend and a variable supplemental distribution framework, subject to Board approval and performance tests.

• No shares were repurchased during the quarter, though a $75 million repurchase plan remains in place if shares trade below NAV.

• Management highlighted ongoing risks and uncertainties, including market volatility and credit conditions.