Goldman Sachs BDC Inc
F:GSB
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Goldman Sachs BDC Inc
Goldman Sachs BDC Inc. is a specialty finance company that lends money to private middle-market businesses, mostly in the United States. It also makes some equity investments alongside those loans. Its portfolio companies are usually too small for the public bond market but too large for a simple bank loan, so they turn to lenders like Goldman Sachs BDC for funding. The company makes money mainly by collecting interest and fee income on the loans it holds. It may also earn gains or losses when it sells investments or values them over time. The main customers, in practical terms, are middle-market borrowers and private equity sponsors that need financing for acquisitions, growth, or refinancing. What makes this business model different is that Goldman Sachs BDC sits between traditional banks and public debt investors. As a business development company, it is built to put capital directly into privately held companies and hold those investments on its balance sheet. That makes it a direct way for investors to participate in private credit rather than in a bank or a software-style business.
Goldman Sachs BDC Inc. is a specialty finance company that lends money to private middle-market businesses, mostly in the United States. It also makes some equity investments alongside those loans. Its portfolio companies are usually too small for the public bond market but too large for a simple bank loan, so they turn to lenders like Goldman Sachs BDC for funding.
The company makes money mainly by collecting interest and fee income on the loans it holds. It may also earn gains or losses when it sells investments or values them over time. The main customers, in practical terms, are middle-market borrowers and private equity sponsors that need financing for acquisitions, growth, or refinancing.
What makes this business model different is that Goldman Sachs BDC sits between traditional banks and public debt investors. As a business development company, it is built to put capital directly into privately held companies and hold those investments on its balance sheet. That makes it a direct way for investors to participate in private credit rather than in a bank or a software-style business.
Credit mix: Management said the portfolio is steadily shifting away from legacy assets, with 58% of the book now from newer originations versus 42% legacy, and said the newer vintages are performing in line with expectations.
Nonaccruals: Nonaccruals rose to 4.7% of the portfolio at amortized cost from 2.8% last quarter, driven mainly by two legacy names, One GI LLC and 3Si Security Systems, which management described as idiosyncratic rather than signs of broad stress.
Dividend: The board declared a second quarter 2026 base dividend of $0.32 per share, and management said it intends to maintain the dividend in the near term while expecting incentive fee pressure to ease.
NAV and NII: Net investment income per share was $0.22 and net asset value per share was $12.17, down approximately 3.7% sequentially, mainly because of higher unrealized losses.
Leverage and liquidity: Net debt-to-equity ended at 1.37x, with about $974 million of remaining borrowing capacity under the revolver and no near-term unsecured maturities.
Deployment backdrop: Management said deal activity is quieter, but spreads and documentation are improving for lenders, with less competition than late 2025 and a better environment for redeploying capital.
Capital actions: The company refinanced its 2026 notes, issued $400 million of 3-year unsecured notes at a 5.1% coupon, and later extended the Truist revolver to May 2031 with better terms.
