GSBD Reports Strong Q2 Earnings Amid Changing Leadership

Goldman Sachs BDC (GSBD) reported Q2 2026 earnings, with net investment income increasing to $0.38 per share from the prior quarter due to higher investment income and no incentive fee. The absence of an incentive fee was attributed to GSBD's three-year total-return lookback provision, which links advisory compensation to cumulative shareholder value.

Co-Chief Executive Officer David Miller will step down as Co-CEO effective December 31, with Vivek Bantwal taking over the role. Miller will remain co-CEO until year-end and become an advisory director of Goldman Sachs, remaining on the Private Credit Investment Committee.

GSBD's total investment income rose to $83.7 million from $78.8 million in the preceding quarter, with net asset value decreasing modestly to $12.06 per share at June 30. The company declared a third-quarter base dividend of $0.32 per share for shareholders of record as of September 30, 2026.