Goldman Sachs BDC, Inc. (GSBD) SEC Filings & Earnings Calls

Non-accrual investments at 2.9% of fair value; credit risk remains but improved QoQ

“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” · word for word

Portfolio Credit Deterioration

“Net realized and unrealized gains (losses) $ (18,547) and $ (56,944) for the three and six months ended June 30, 2026, respectively.”

NAV Erosion

“Net asset value per share $ 12.06 $ 12.64” · word for word

Dividend Sustainability

“Distributions per share $ 0.32 $ 0.53 $ 0.67 $ 1.01” · word for word

Liquidity Pressure

“Cash 14,430 43,211” · word for word

Credit quality deterioration: two new non-accruals, total 11 portfolio companies on non-accrual (3.2% at fair value).

“During the quarter, the Company’s 1st Lien/Senior Secured Debt positions in One GI LLC and 3SI Security Systems, Inc. were placed on non-accrual status... investments on non-accrual status amounted to 3.2% and 4.7% of the total investment portfolio at fair value and amortized cost.” · word for word

Leverage increased: net debt-to-equity rose to 1.37x from 1.27x.

“Ending net debt-to-equity ratio was 1.37x as of March 31, 2026 compared to 1.27x as of December 31, 2025.” · word for word

Declining net investment income and NAV

“Net investment income after taxes $24,785 (Q1 2026) vs $49,614 (Q1 2025); Net asset value per share $12.17 (March 31, 2026) vs $12.64 (December 31, 2025)”

Significant unrealized losses on investments

“Net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments $(33,399) (Q1 2026)” · word for word

High leverage

“Debt (net of debt issuance costs) $1,898,158 as of March 31, 2026”

Affiliated investment adviser conflict of interest

“The Company is party to an investment management agreement, pursuant to which the Company pays GSAM, a wholly owned subsidiary of GS Group Inc., a fee for investment management services consisting of a management fee based on the Company’s gross assets and an incentive fee based on the performance of the Company’s investments.” · word for word

Key man risk / reliance on GSAM

“Certain of the Company’s officers are also officers and employees of GSAM.” · word for word

Non-accrual investments increased to 1.9% of fair value (2.8% cost), with Pluralsight placed on non-accrual status.

“As of December 31, 2025, investments on non-accrual status amounted to 1.9% and 2.8% of the total investment portfolio at fair value and amortized cost, respectively.” · word for word

Net debt-to-equity ratio increased to 1.27x from 1.17x, indicating higher leverage.

“Ending net debt-to-equity ratio was 1.27x as of December 31, 2025 compared to 1.17x as of September 30, 2025.” · word for word

PIK income from loan modifications may signal credit stress; 5.5% of total investment income from PIK introduced as modification.

“During the fourth quarter of 2025, 9.0% of the Company’s total investment income was derived from investments with PIK terms, of which 5.5% of the Company’s total investment income was from PIK that was introduced as a loan modification or amendment after the initial agreement.” · word for word

Credit loss cycle

“Net realized loss on investments of $123.12 million for the year ended December 31, 2025, primarily driven by the restructuring of our first lien debt investments in Khoros, LLC (fka Lithium Technologies, Inc.) and Streamland Media Midco LLC as well as the exit of Animal Supply Holdings, LLC and Animal Supply Intermediate, LLC.”

Rate sensitivity pressure

“Interest income from investments decreased from $378.11 million for the year ended December 31, 2024 to $327.55 million for the year ended December 31, 2025, primarily due to a decline in base interest rates and tightening of credit spreads.” · word for word

Investment portfolio fair value decline

“Total investments, at fair value $3,196,933 as of September 30, 2025 vs $3,475,258 as of December 31, 2024.”

Net investment income decline

“Net investment income after taxes $45,310 for the three months ended September 30, 2025 vs $68,182 for the three months ended September 30, 2024.”

NAV per share declined 2.1% due to net realized and unrealized losses of $20.6M, indicating portfolio mark-to-market pressure.

“Net realized and unrealized losses $(20.6)M; NAV per share $12.75 vs $13.02”

Non-accrual investments increased to 1.5% of portfolio at fair value (2.5% at cost), with one new placement during the quarter.

“Investments on non-accrual status amounted to 1.5% and 2.5% of total investment portfolio at fair value and amortized cost”

Leverage increased to 1.17x from 1.12x, reducing financial flexibility.

“Ending net debt-to-equity ratio 1.17x vs 1.12x”