Goldman Sachs BDC Posts Investment Income of $0.32 per Share as Portfolio Value Falls
Key Facts
Goldman Sachs BDC reported on November 5 results for the quarter ended September 30, 2026, posting net investment income of $0.32 per share, on both an adjusted and an unadjusted basis. The company said this level represented an annualized return on book value from net investment income of 10.9%. It also recorded a loss of $0.04 per share for the quarter. Net asset value per share fell to $11.70 at the end of September from $12.06 at the end of June, a decline of 3.0%. The company declared a fourth-quarter base distribution of $0.32 per share, putting third-quarter reported income at the level of the base distribution announced for the following period.
The company said net asset value per share fell from $12.06 on June 30 to $11.70 on September 30, a quarterly decline of 3.0%. Over the same period, non-accrual investments rose to 4.2% of the portfolio's fair value at the end of September, compared with 2.9% at the end of June. On an amortized-cost basis, the share increased to 7.3% from 5.0%. Non-accrual investments were spread across 11 portfolio companies at the end of September. These indicators show a decline in asset value per share alongside a growing share of investments that are past due on interest payments.
The investment portfolio's fair value was $2,858.0 million on September 30, compared with $3,195.2 million on June 30. The portfolio's amortized cost also fell to $3,108.11 million at the end of September from $3,410.98 million at the end of June. The company said investment sales and repayments totaled $371.2 million in the third quarter, against approximately $40.5 million in new investment commitments. Total investments at fair value and unfunded commitments stood at $3,216.8 million at the end of September. The portfolio included 168 companies operating in 41 industries, according to the company's disclosure.
Goldman Sachs BDC posted net investment income of $0.32 per share in the third quarter, while total distributions recorded during the quarter were $0.35 per share. The company kept its fourth-quarter base distribution at $0.32 per share, according to the headline of its earnings release. The distribution table sets December 31, 2026, as both the ex-dividend and record dates, with payment scheduled for January 27, 2027. The next distribution is therefore tied to the announced base level, while distributions recorded during the third quarter exceeded net investment income per share for the same period. The release provided does not include a change to the base distribution announced for the fourth quarter.
The company had scheduled a call to discuss third-quarter results for Friday, November 6, 2026, at 9:00 a.m. Eastern time. The call was set for the day after results were announced on November 5, to allow discussion of financial performance for the period ended September 30. The quarter's results included net investment income of $0.32 per share and a loss of $0.04 per share. They also showed a decline in net asset value per share and an increase in non-accrual investment ratios compared with the end of the previous quarter. The announced base distribution for the following period remains $0.32 per share, with an ex-dividend date of December 31 and payment scheduled for January 27, 2027.