Goldman Sachs BDC, Inc. reported a decrease in net investment income for the first quarter of 2026, with figures showing a net investment income after taxes of $24.8 million, down from $49.6 million in the same period last year. The company's total investment income also fell to $78.8 million from $96.9 million, primarily due to a decline in interest income from non-controlled/non-affiliated investments, which decreased from $84.2 million to $69.1 million. The company's net assets decreased to $1.37 billion, down from $1.42 billion at the end of 2025, resulting in a net asset value per share of $12.17, compared to $12.64 previously.
In terms of operational changes, Goldman Sachs BDC's total investments at fair value were reported at $3.23 billion, a slight decrease from $3.26 billion at the end of 2025. The company’s portfolio included a mix of first lien/senior secured debt, second lien/senior secured debt, and unsecured debt, with the majority of its investments still concentrated in the United States. The company also noted a significant increase in incentive fees, which rose to $12.4 million from $6.8 million, reflecting improved performance metrics over the trailing twelve quarters.
The company’s investment strategy remains focused on middle-market companies, with a total of 173 portfolio companies as of March 31, 2026. The weighted average yield on debt investments at amortized cost was reported at 9.1%, down from 9.3% at the end of 2025. The company continues to utilize leverage, with an asset coverage ratio of 171%, slightly down from 175% previously. Goldman Sachs BDC has also entered into a Fifteenth Amendment to its senior secured revolving credit agreement, extending the maturity date and reducing applicable margins.
Looking ahead, Goldman Sachs BDC anticipates continued challenges in the investment landscape, particularly due to market volatility and interest rate fluctuations. The company has indicated that it will maintain its focus on generating current income and capital appreciation through direct originations of secured debt and select equity investments. The board has declared a quarterly base distribution of $0.32 per share, payable in July 2026, and the company is exploring additional stock repurchase programs to enhance shareholder value.
About Goldman Sachs BDC, Inc.
Goldman Sachs BDC, Inc. is a specialty finance company focused on lending to U.S. middle-market companies. It primarily invests in secured debt, including first and second lien loans, mezzanine, and equity, aiming to generate current income and capital appreciation. Backed by Goldman Sachs' extensive resources and expertise, it offers targeted, value-oriented investments in a fragmented market with limited bank capital.
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