Goldman Sachs BDC, Inc. (GSBD) Earnings Call Transcripts
Goldman Sachs BDC, Inc.'s Latest Earnings Call - Q1 FY2026
In the first quarter of 2026, Goldman Sachs BDC, Inc. (GSBD) reported a net investment income (NII) of $0.22 per share, which fell short of the dividend of $0.32, leading to concerns about future dividend sustainability. Total investments at fair value reached $3.23 billion, with a net asset value (NAV) per share of $12.17, down approximately 3.7% from the previous quarter due to unrealized losses primarily from legacy positions. Management indicated a strategic shift towards newer originations, which now comprise 58% of the portfolio and are performing well, while legacy positions account for most credit volatility and losses. The company maintained its dividend for the second quarter of 2026, utilizing undistributed taxable net income to support this decision.
Reported metrics
| Metric | Value |
|---|---|
| Net Investment Income (NII) | $0.22 (miss) |
| Net Asset Value (NAV) per Share | $12.17 (negative) |
| Total Investments at Fair Value | $3.23B (inline) |
| Nonaccrual Rate | 4.7% (negative) |
| Debt-to-Equity Ratio | 1.37x (negative) |
| Annualized NII Yield | 7.2% (negative) |
Guidance from management
Management signaled a cautious outlook, expecting to continue addressing legacy portfolio issues while focusing on new originations. They indicated that the ability to reinvest proceeds at wider spreads is a positive development in the current environment.
What management said
Thanks, Dan, and thanks to everyone for joining our earnings call. We are excited to continue turning over the portfolio into new attractive opportunities using the full breadth of the Goldman Sachs platform while continuing to navigate through this market environment with humility and continued heightened discipline. With that, let's open the line for Q&A.
Yes. I mean, look, I mean, a very fair point. I think if you look at our results this quarter, they were negatively impacted by an outsized incentive fee. As a reminder, we've got a 3-year look back that's very shareholder-friendly on that incentive fee where it was elevated this quarter. But if you roll that forward over the next couple of quarters, we view a more muted incentive fee as a result of the same policy, ...
What analysts pressed on
Analysts expressed concerns about the sustainability of the dividend given the NII shortfall and the increasing nonaccrual rate. There were questions about the timeline for rotating out of legacy assets and the potential impact of economic conditions on credit performance.
Main topics on the call
- Shift to Newer Originations — Management highlighted that 58% of the portfolio consists of newer originations under current underwriting capabilities, which are performing in line with expectations. They stated, "the results of this strategic shift a...
- Legacy Portfolio Challenges — The legacy portfolio, representing 42% of total investments, accounted for 72% of losses this quarter. Management emphasized that these losses are primarily due to "mark-to-market fluctuations" rather than actual credit ...
- Dividend Maintenance — The Board declared a base dividend of $0.32 per share for Q2 2026, despite NII being below this amount. Management mentioned using undistributed taxable net income to maintain the dividend, indicating a cautious approach...
- Credit Quality and Nonaccruals — Nonaccruals increased to 4.7% of the portfolio, up from 2.8% in the previous quarter, primarily due to two legacy investments. Management characterized these situations as "idiosyncratic" and not indicative of broader po...
Read the full Goldman Sachs BDC, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Goldman Sachs BDC, Inc.
Goldman Sachs BDC, Inc. (GSBD) is a publicly listed company in the Capital Markets industry, within the Financials sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 29 calls on record spanning February 21, 2020 to August 7, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 29 Goldman Sachs BDC, Inc. earnings call transcripts on record, spanning February 21, 2020 to August 7, 2026. Based on this history, Goldman Sachs BDC, Inc. reports quarterly. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- GSBD
- Exchange
- NYSE
- Country
- US
- Sector
- Financials
- Industry
- Capital Markets
- Calls on record
- 29
- First call
- February 21, 2020
- Most recent
- August 7, 2026
- Reporting cadence
- quarterly