GSBD earnings analysis
What we found in GSBD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.24
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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