10-K · February 26, 2026
Goldman Sachs BDC (GSBD) positions itself as a middle-market direct lender focused on originating and holding secured loans (3–10 year maturities, $10–$75M+ per investment) to generate current income. As of December 31,…
Earnings analysis · 10-Q
GSBD earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Goldman Sachs BDC reported a mixed quarterly performance in Q1 2026. Total investment income decreased to $78.79 million from $96.94 million a year ago, while net investment income after taxes fell to $24.79 million…
Read full summary
Goldman Sachs BDC reported a mixed quarterly performance in Q1 2026. Total investment income decreased to $78.79 million from $96.94 million a year ago, while net investment income after taxes fell to $24.79 million from $49.61 million, indicating headwinds in revenue generation. However, management signaled an additional stock repurchase program, reflecting efforts to enhance shareholder value amidst ongoing strategic adjustments.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.24
What stood out
-
Decrease in Total Investment Income
Total investment income fell to $78.79 million, down 18.7% from $96.94 million in Q1 2025.
-
Significant Drop in Net Investment Income
Net investment income after taxes declined to $24.79 million, a 50% decrease from $49.61 million year-on-year.
-
High Stock Repurchase Authorization
Authorized a new repurchase program of up to $75 million in common stock to support share value.
-
Increased Debt Expenses
Total expenses rose to $53.02 million from $46 million in Q1 2025, driven by increased interest and incentive fees.
-
Assets Under Management Portfolio
Portfolio fair value at March 31, 2026, was $3.23 billion, a slight decrease from $3.26 billion as of December 31, 2025.
-
Management Changes Announced
Susan McGee resigned from the Board, effective March 31, 2026, after years of service.
What to watch
-
Decrease in Investment Income
Investment income down to $78.79 million, with interest income notably reduced by $15.46 million.
-
Higher Expenses Impacting Profits
Net expenses increased to $53.02 million, up from $46 million, putting pressure on net profits.
-
Market Volatility Risk
Significant unrealized depreciation of $40.43 million on investments, reflecting potential instability.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · May 8, 2025
Goldman Sachs BDC reported total investment income of $96.94M in Q1 2025, down from $111.54M a year ago, and GAAP earnings per share of $0.27 compared with $0.39 in Q1 2024. Operating cash flow strengthened materially…
10-K · February 28, 2024
Goldman Sachs BDC (GSBD) describes a direct-originations, middle‑market lending strategy focused on secured debt; as of December 31, 2023 the portfolio had a fair value of $3,414.33 million across 414 investments in 144…
10-Q · November 7, 2023
Goldman Sachs BDC reported total investment income of $120,056,000 for Q3 2023, up from $95,218,000 in Q3 2022, driving net investment income after taxes of $72,949,000 (Q3 2022: $61,189,000). GAAP earnings per share…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.