Goldman Sachs BDC (GSBD) Q2 2026 earnings summary

Executive summary

• Net investment income per share was $0.38 for Q2 2026; adjusted net investment income per share was $0.37, yielding an annualized 12.3% on book value.

• NAV per share was $12.06 at June 30, 2026, down from $12.17 in Q1 and $12.64 at December 31, 2025.

• 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, Vivek Bantwal to become sole CEO; new executive appointments announced.

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 increase in net assets from operations was $23.7 million.

• Weighted average yield on the total portfolio at fair value was 10.8% at June 30, 2026.

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.

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