Goldman Sachs BDC (GSBD) investor relations material

Executive summary

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

• Net asset value per share declined 3.7% to $12.17 from $12.64 at year-end 2025, mainly due to unrealized losses.

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

• Board declared a Q2 2026 base dividend of $0.32 per share, payable July 28, 2026, supported by undistributed taxable net income.

• Portfolio at fair value was $3.23 billion as of March 31, 2026, with 173 companies and 99.4% of performing debt investments bearing floating rates.

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 the prior quarter.

• Net realized and unrealized losses totaled $38.4 million, compared to $18.0 million in Q1 2025.

• Total investments at fair value were $3,228.9 million; net assets stood at $1,370.0 million at quarter-end.

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

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 more attractive risk-adjusted levels.

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

• Expect continued rotation out of legacy assets, with over $100 million in repayments from legacy names already in Q2.

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