Goldman Sachs BDC, Inc. Reports June 30, 2026 Financial Results and Announces Third Quarterly 2026 Base Dividend of $0.32 Per Share and Second Quarter Supplemental Dividend of $0.03 Per Share.

Thursday, August 6, 2026 · 5:36 PM ET Business Wire

NEW YORK--(BUSINESS WIRE)--Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the second quarter ended June 30, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

QUARTERLY HIGHLIGHTS

Net investment income per share for the quarter ended June 30, 2026 was $0.38. Excluding purchase discount amortization per share of $0.01 from the Merger, adjusted net investment income per share was $0.37 for the quarter ended June 30, 2026, equating to an annualized net investment income yield on book value of 12.3%.¹ Earnings per share for the quarter ended June 30, 2026 was $0.21.
Net asset value ("NAV") per share as of June 30, 2026 decreased 0.9% to $12.06 from $12.17 as of March 31, 2026.
As of June 30, 2026, the Company’s total investments at fair value and unfunded commitments were $3,627.5 million, comprised of investments in 173 portfolio companies across 39 industries. The investment portfolio was comprised of 98.6% senior secured debt, including 96.9% in first lien investments².
During the quarter, the Company had new investment commitments of approximately $12.9 million of which $5.0 million were funded. Fundings of previously unfunded commitments for the quarter were $114.3 million and sales and repayments activity totaled $145.9 million, resulting in net funded investment activity of $(26.6) million.
During the quarter, the Company’s 2nd Lien/Senior Secured Debt position in Chase Industries, Inc. (dba Senneca Holdings), which had previously been on non-accrual status, was restructured during the period and subsequently restored to accrual status. The Company’s 2nd Lien/Senior Secured Debt position in Chase Industries, Inc. (dba Senneca Holdings), which had previously been non-income producing, was also restructured to an income-producing position and subsequently placed on non-accrual status. In addition, the Company’s 1st Lien/Senior Secured Debt investment in Thrasio was returned to accrual status following improved performance. The Company also placed two 2nd Lien/Senior Secured Debt investments in Wine.com Inc. on non-accrual status due to financial underperformance. As of June 30, 2026, the Company had certain investments held in 10 portfolio companies on non-accrual status. As of June 30, 2026, investments on non-accrual status decreased to 2.9% of the total investment portfolio at fair value from 3.2% as of March 31, 2026; and investments on non-accrual status increased to 5.0% from 4.7% of the total investment portfolio at amortized cost as of March 31, 2026.
The Company’s ending net debt-to-equity ratio was 1.35x as of June 30, 2026 compared to 1.37x as of March 31, 2026. As of August 6, 2026, our net debt-to-equity ratio decreased below our target of 1.25x, primarily due to repayments and sales.
As of June 30, 2026, 63.9% of the Company’s approximately $1,879.6 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 36.1% was comprised of secured debt.³
The Company’s Board of Directors declared a third quarter 2026 Base Dividend of $0.32 per share payable to shareholders of record as of September 30, 2026.⁴
The Company’s Board of Directors also declared a second quarter 2026 Supplemental Dividend of $0.03 per share payable on or about September 15, 2026 to shareholders of record as of August 31, 2026. Adjusted for the impact of the Supplemental Dividend related to the second quarter’s earnings, the Company’s second quarter adjusted NAV per share was $12.03.⁵
On May 6, 2026, the Board approved and authorized a new 10b5-1 stock repurchase program to allow the Company to repurchase up to $75 million of shares of the Company’s common stock, subject to certain limitations.

SELECTED FINANCIAL HIGHLIGHTS

(in $ millions, except per share data)	As of June 30, 2026		As of March 31, 2026
Investment portfolio, at fair value²	$	3,195.2	$	3,228.9
Total debt outstanding³	$	1,879.6	$	1,920.5
Net assets	$	1,357.7	$	1,370.0
Ending net debt to equity¹¹	1.35x		1.37x
Net asset value per share	$	12.06	$	12.17
Less: Supplemental Dividend per share declared post-quarter	$	0.03	$	—
Adjusted net asset value per share⁵	$	12.03	$	12.17

(in $ millions, except per share data)	Three Months Ended June 30, 2026			Three Months Ended March 31, 2026
Total investment income	$	83.7		$	78.8

Net investment income after taxes	$	42.2		$	24.8
Less: Purchase discount amortization		0.7			0.1
Adjusted net investment income after taxes¹	$	41.5		$	24.7

Net realized and unrealized gains (losses)	$	(18.6	)	$	(38.4	)
Add: Realized/Unrealized depreciation from the purchase discount		0.7			0.1
Adjusted net realized and unrealized gains (losses)¹	$	(17.9	)	$	(38.3	)

Net investment income per share (basic and diluted)	$	0.38		$	0.22
Less: Purchase discount amortization per share		0.01			—
Adjusted net investment income per share¹	$	0.37		$	0.22

Weighted average shares outstanding		112.6			112.6
Total Distribution per share Recorded During the Quarter	$	0.32		$	0.35

Total investment income for the three months ended June 30, 2026 and March 31, 2026 was $83.7 million and $78.8 million, respectively. The increase in total investment income was primarily due to certain investment being restored back to accrual status from non-accrual status as a result of improved performance during the quarter.

Net expenses before taxes for the three months ended June 30, 2026 and March 31, 2026 were $40.7 million and $53.0 million, respectively. Net expenses decreased by $12.3 million, primarily due to a decrease in the incentive fee driven by the performance of the investment portfolio for the twelve quarters ended June 30, 2026, as compared to the twelve quarters ended March 31, 2026.

INVESTMENT ACTIVITY²

The following table summarizes investment activity for the three months ended June 30, 2026:

	New Investment Commitments					Sales and Repayments
Investment Type	$ Millions		% of Total			$ Millions		% of Total
1st Lien/Senior Secured Debt	$	11.9		92.2	%	$	144.4		99.0	%
1st Lien/Last-Out Unitranche		1.0		7.8	%		—		—
2nd Lien/Senior Secured Debt		—		—			1.5		1.0
Unsecured Debt		—		—			—		—
Preferred Stock		—		—			—		—
Common Stock		—		—			—		—
Total	$	12.9		100.0	%	$	145.9		100.0	%

During the three months ended June 30, 2026, new investment commitments were across 7 existing portfolio companies, with 2 new investment commitments made to new portfolio companies. Sales and repayments were primarily driven by the exits, partial repayments, and refinancing of our investments in 8 portfolio companies.

PORTFOLIO SUMMARY²

As of June 30, 2026, the Company’s investments consisted of the following:

	Investments at Fair Value
Investment Type	$ Millions		% of Total
1st Lien/Senior Secured Debt	$	2,963.3		92.8	%
1st Lien/Last-Out Unitranche		132.2		4.1
2nd Lien/Senior Secured Debt		55.1		1.7
Unsecured Debt		8.6		0.3
Preferred Stock		20.2		0.6
Common Stock		15.4		0.5
Warrants		0.4		—		⁽⁶	⁾
Total	$	3,195.2		100.0	%

The following table presents certain selected information regarding the Company’s investments:

		As of
		June 30, 2026				December 31, 2025
Number of portfolio companies			173				171
Percentage of performing debt bearing a floating rate⁷			98.9	%			99.4	%
Percentage of performing debt bearing a fixed rate⁷			1.1	%			0.6	%
Weighted average yield on debt and income producing investments, at amortized cost⁸		9.5		%			9.9	%
Weighted average yield on debt and income producing investments, at fair value⁸		11.3		%			10.9	%
Weighted average leverage (net debt/EBITDA)⁹		6.2x				5.9x
Weighted average interest coverage⁹		2.0x				2.0x
Median EBITDA⁹	$	73.37 million			$	71.75 million

As of June 30, 2026, the Company had certain investments held in 10 portfolio companies on non-accrual status. As of June 30, 2026, investments on non-accrual status decreased to 2.9% of the total investment portfolio at fair value from 3.2% as of March 31, 2026; and investments on non-accrual status increased to 5.0% from 4.7% of the total investment portfolio at amortized cost as of March 31, 2026.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2026, the Company had $1,879.6 million aggregate principal amount of debt outstanding, comprised of $679.6 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 June 30, 2026, the Company had $795.6 million of availability under its Revolving Credit Facility and $50.7 million in cash and cash equivalents.^3,10

The Company’s ending net debt-to-equity leverage ratio was 1.35x for the three months ended June 30, 2026, as compared to 1.37x for the three months ended March 31, 2026. ¹¹

CONFERENCE CALL

The Company will host an earnings conference call on Friday, August 7, 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 will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. 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 assess our financial condition and results of operations. 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 June 30, 2026, the Company had an investment of $36.2 million in the Money Market Fund.

3)	Total debt outstanding excludes netting of debt issuance costs of $12.8 million and $14.3 million as of June 30, 2026 and March 31, 2026, respectively. Total debt outstanding also excludes cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship of $(16.6) million and $(8.1) million as of June 30, 2026 and March 31, 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 predominately 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 October 28, 2026 to shareholders of record as of September 30, 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 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.

	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 June 30, 2026 and March 31, 2026, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented 10.3% and 13.7%, 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 June 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 June 30, 2026 and excludes unfunded commitments.

Goldman Sachs BDC, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share amounts)

	June 30, 2026 (Unaudited)			December 31, 2025
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $3,328,296 and $3,285,039)	$	3,146,544		$	3,171,677
Non-controlled affiliated investments (cost of $82,680 and $110,127)		48,704			90,044
Total investments, at fair value (cost of $3,410,976 and $3,395,166)	$	3,195,248		$	3,261,721
Investments in affiliated money market fund (cost of $36,226 and $35,724)		36,226			35,724
Cash		14,430			43,211
Interest and dividends receivable		23,886			26,927
Deferred financing costs		15,438			13,245
Other assets		2,576			2,419
Total assets	$	3,287,804		$	3,383,247
Liabilities
Debt (net of debt issuance costs of $12,777 and $8,169)	$	1,850,308		$	1,874,620
Interest and other debt expenses payable		26,279			25,546
Management fees payable		8,182			8,181
Incentive fees payable		—			3,844
Distribution payable		36,022			36,022
Secured borrowings		2,361			3,366
Accrued expenses and other liabilities		7,002			8,649
Total liabilities	$	1,930,154		$	1,960,228
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, 112,569,067 shares issued and outstanding as of June 30, 2026 and December 31, 2025)		113			113
Paid-in capital in excess of par		1,879,601			1,879,601
Distributable earnings (loss)		(522,064	)		(456,695	)
Total net assets	$	1,357,650		$	1,423,019
Total liabilities and net assets	$	3,287,804		$	3,383,247
Net asset value per share	$	12.06		$	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 Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	70,345		$	81,060		$	139,451		$	165,264
Payment-in-kind income		4,827			6,808			12,331			16,433
Other income		1,778			865			2,749			1,850
From non-controlled affiliated investments:
Interest income		3,686			1,269			4,685			2,630
Payment-in-kind income		2,856			711			2,914			1,267
Dividend income		204			208			329			381
Other income		28			49			58			85
Total investment income	$	83,724		$	90,970		$	162,517		$	187,910
Expenses:
Interest and other debt expenses	$	30,100		$	26,416		$	60,141		$	54,721
Management fees		8,182			8,408			16,445			17,089
Incentive fees		—			8,526			12,438			15,330
Professional fees		1,117			781			1,954			1,745
Directors’ fees		151			207			303			414
Other general and administrative expenses		1,116			1,273			2,412			2,316
Total expenses	$	40,666		$	45,611		$	93,693		$	91,615
Net investment income before taxes	$	43,058		$	45,359		$	68,824		$	96,295
Income tax expense, including excise tax	$	844		$	906		$	1,826		$	2,228
Net investment income after taxes	$	42,214		$	44,453		$	66,998		$	94,067
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	21,376		$	(70,297	)	$	21,330		$	(91,867	)
Non-controlled affiliated investments		—			(10,922	)		—			(33,824	)
Foreign currency forward contracts		(20	)		—			(273	)		—
Foreign currency and other transactions		(52	)		225			1,190			464
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		(33,889	)		73,271			(67,288	)		80,860
Non-controlled affiliated investments		(6,865	)		6,148			(13,893	)		26,049
Foreign currency forward contracts		11			(181	)		314			(270	)
Foreign currency translations and other transactions		892			(3,408	)		1,676			(4,565	)
Net realized and unrealized gains (losses)	$	(18,547	)	$	(5,164	)	$	(56,944	)	$	(23,153	)
(Provision) benefit for taxes on realized gain/loss on investments	$	16		$	—		$	(2	)	$	(72	)
Net increase (decrease) in net assets from operations	$	23,683		$	39,289		$	10,052		$	70,842
Weighted average shares outstanding		112,569,067			117,204,952			112,569,067			117,250,832
Basic and diluted net investment income per share	$	0.38		$	0.38		$	0.60		$	0.80
Basic and diluted earnings (loss) per share	$	0.21		$	0.34		$	0.09		$	0.60

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 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 the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s 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.

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Goldman Sachs BDC, Inc.
Investor Contact: Haley Neeven, 212-902-1000
Media Contact: Victoria Zarella, 212-902-5400

Source: Goldman Sachs BDC, Inc.

GSBD Goldman Sachs BDC, Inc.

Goldman Sachs BDC Beat Consensus Estimates

Goldman Sachs BDC, Inc. Reports June 30, 2026 Financial Results and Announces Third Quarterly 2026 Base Dividend of $0.32 Per Share and Second Quarter Supplemental Dividend of $0.03 Per Share.