Goldman Sachs BDC, Inc. (GSBD)

Price$9.98Cached quoteAs of 2026-09-05 13:21 UTC

AI: Fair-priced

Price checkThe shares look cheap, but recurring credit losses justify much of the apparent discount.

The quote equals roughly 0.81 times June net asset value—the assets left after liabilities—of $12.06 per share, a 19% discount. Annualizing first-half net investment income, the lending profit available to shareholders, gives $1.20 per share, or about 8.1 times earnings. The $1.28 annual base dividend implies a 13.1% yield, yet first-half profit covered only 94% of that base, or 86% including two supplementals. The price assumes credit damage slows enough to protect most book value.

Big pictureIncome covers most payouts, but falling loan yields and credit marks weaken durability.

First-half investment income fell 14% to $162.5 million, while net investment income dropped to $0.60 per share from $0.80. Almost 99% of performing debt has floating rates, so lower benchmark rates reduce borrower interest payments and Goldman Sachs BDC’s income; the portfolio yield at cost fell to 9.5% from 9.9% at 2025 year-end. Second-quarter profit improved, but partly because previously troubled loans resumed paying and incentive fees fell, making that quarter a weak stand-alone guide to durable earnings.

Business strengthSenior loans and ample borrowing room help, but troubled credits and leverage remain meaningful.

The portfolio spans 173 companies and is 98.6% senior secured debt, including 96.9% first-lien loans, which generally rank first for repayment. The company also reported $795.6 million of unused revolving-credit capacity plus $50.7 million of cash and money-market holdings. However, net debt was 1.35 times equity at quarter-end, magnifying loan losses. Loans not currently paying interest were 2.9% of fair value but 5.0% of original cost, and Fitch’s negative outlook reinforces the balance-sheet concern.

What could change the storyStable book value and covered dividends would unlock upside; renewed losses would confirm the discount.

The bull case needs quarterly lending profit consistently above the $0.32 base dividend, net asset value stabilizing near $12.06, troubled loans declining, and leverage staying below management’s 1.25-times target. Buybacks help at a discount: 2025 repurchases totaled $52.2 million and shares fell 4% to 112.6 million, partly reversing 2024 dilution of about 7%. A new $75 million plan adds capacity. The bear case strengthens if credit losses keep shrinking book value or lower rates force another dividend reset.

AI: News

Second-quarter profit reboundSecond-quarter lending profit recovered, while book value slipped less and two dividends were declared.

On August 6, adjusted net investment income rose to $0.37 per share from $0.22 in the first quarter, covering the $0.32 base dividend and $0.03 supplemental dividend. Net asset value declined 0.9%, versus 3.7% previously. Nonpaying loans improved to 2.9% of fair value, although they worsened to 5.0% of cost. Shares gained about 7.3% the next session; the timing is consistent with a favorable response, but does not prove the results caused it.

Credit-driven downgradeBank of America cut its rating as weak credit results and lower earnings limited recovery.

On July 9, Bank of America downgraded the shares to Underperform from Neutral and reduced its target by roughly 6%. The firm cited weaker credit performance versus peers, reduced earnings power, and few near-term ways to repair results. Shares fell about 4.3% that day on roughly 3.2 million shares traded, far above recent daily volume. The coincidence suggests the downgrade mattered, though market timing alone cannot establish causation.

Fitch outlook turns negativeFitch turned cautious because troubled loans and limited balance-sheet room could weaken debt protection.

On May 15, Fitch retained its lowest investment-grade rating but changed the outlook to negative, warning that a downgrade could follow without a larger asset cushion. Troubled loans had risen to 4.7% of cost from 2.8%, and about 10% of first-quarter interest and dividend income was non-cash interest added to borrowers’ balances. Management said older loans were 42% of the portfolio but more than 99.5% of troubled loans, concentrating both the risk and possible workout upside.

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Revenue

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2025

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2025

Free cash flow

No reported data

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CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$132.1M	$78.7M	$208.0M	$56.6M	—	—	—	—	—	—	—	—
Operating expenses	$180.0M	$176.5M	$204.8M	$136.2M	$139.9M	$98.6M	—	—	—	—	—	—
Net income	$119.3M	$62.9M	$195.9M	$55.0M	$192.4M	$176.1M	—	—	—	—	—	—
Net profit margin	90.27%	79.87%	94.17%	97.11%	—	—	—	—	—	—	—	—
Basic EPSper basic share	$1.03	$0.55	$1.81	$0.54	$1.89	$3.26	—	—	—	—	—	—
Diluted EPSper diluted share	$1.03	$0.55	$1.81	$0.54	$1.89	$3.26	—	—	—	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

5.81%of listed shares

GOLDMAN SACHS GROUP INC6.54M shares · Jun 30, 2026

View holders

Top 20 reported holders of GSBD
Holder	% owned
GOLDMAN SACHS GROUP INC	5.81%6.54M shares
PRIVATE MANAGEMENT GROUP INC	4.60%5.18M shares
MORGAN STANLEY	4.19%4.71M shares
Generali Asset Management SPA SGR	2.93%3.29M shares
ARES MANAGEMENT LLC	2.80%3.15M shares
VAN ECK ASSOCIATES CORP	2.38%2.68M shares
UBS Group AG	2.29%2.58M shares
Lunate Capital Ltd	1.95%2.19M shares
Invesco Ltd.	1.50%1.69M shares
Lalia Capital, LLC	1.06%1.19M shares
BANK OF AMERICA CORP /DE/	1.02%1.15M shares
Legal & General Group Plc	0.83%939.77K shares
Muzinich & Co., Inc.	0.76%853.94K shares
RAYMOND JAMES FINANCIAL INC	0.63%706.55K shares
Sumitomo Mitsui Trust Group, Inc.	0.62%701.78K shares
Cetera Investment Advisers	0.62%696.31K shares
ENVESTNET ASSET MANAGEMENT INC	0.56%624.97K shares
Columbus Macro, LLC	0.55%619.85K shares
OSAIC HOLDINGS, INC.	0.50%561.57K shares
AMERICAN FINANCIAL GROUP INC	0.45%506.56K shares

Percentages use 112.57M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$822.6K disclosed value

Sells (SEC code S)1$16.1K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 10, 2026Form 4	Leach Timothy JDirector	BuyCommon Stock, par value $0.001 per share	2.0K	$9.04	$18.1K	19.7K
Apr 2, 2026Form 4	Evans Carlos EDirector	BuyCommon Stock, par value $0.001 per share	50.0K	$9.02	$451.0K	64.4K
Nov 12, 2025Form 4	Greene TuckerSee Remarks	BuyCommon Stock, par value $0.001 per share	10.5K	$9.86	$103.5K	10.5K
Sep 12, 2025Form 4	Bantwal VivekCo-Chief Executive Officer	BuyCommon Stock, par value $0.001 per share	22.0K	$11.36	$249.9K	22.0K
Nov 22, 2024Form 4	Lanza JohnSee Remarks	SellCommon Stock, par value $0.001 per share	1.3K	$12.85	$16.1K	0

Review ownership filings at SEC.gov ↗

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Goldman Sachs BDC, Inc. (GSBD)

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