Goldman Sachs BDC
Provides direct debt financing and selective equity investments to U.S. middle-market companies.
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Profile
Originates secured and unsecured debt, alongside selective equity investments, for U.S. middle-market companies. The NYSE-listed business development company is externally managed by Goldman Sachs Asset Management.
Originates secured and unsecured debt for U.S. middle-market companies and selective equity investments. The mandate seeks current income and, to a lesser extent, capital appreciation through direct originations. Debt investments may be secured or unsecured, while equity is selective.
The portfolio is concentrated in the United States, consistent with its U.S. middle-market mandate. Investment execution is provided through the GSAM Private Credit Team and other professionals retained by the investment adviser.
Operates as an externally managed business development company, with Goldman Sachs Asset Management acting as investment adviser. The company has no employees, making the adviser’s personnel and investment process central to its operation.
Company facts
Categories
Key statistics
Year to date +9.1% · Average volume (30d) 889.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Truist Financial | Target | $9 | $10 | ||
| Jul 9, 2026 | Goldman Sachs | Downgrade | Neutral | Reduce | $9 | $8.50 |
| Jul 9, 2026 | B of A Securities | Downgrade | Neutral | Underperform | ||
| May 19, 2026 | Truist Financial | Target | $9 | |||
| Mar 9, 2026 | Goldman Sachs | Target | $10.50 | $9 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.31 | $0.37 | +19.4% | $78.9M | $83.7M | +6.1% | +7.26% |
| May 7, 2026Q1 FY26 | $0.29 | $0.22 | −24.1% | $83.8M | $78.8M | −6.0% | −6.64% |
| Feb 26, 2026Q4 FY25 | $0.36 | $0.37 | +2.8% | $86.9M | $86.1M | −0.9% | −1.20% |
| Nov 6, 2025Q3 FY25 | $0.37 | $0.40 | +8.1% | $87.2M | $55.8M | −36.0% | +1.44% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $96.9M | $68.9M | $55.8M | $83.2M | $78.5M | $105.1M | |
| Gross profit | $68.6M | $42.5M | $27.7M | $71.2M | $57.8M | $96.9M | |
| Operating income | $22.6M | $40.2M | $25.7M | $54.0M | $15.4M | $53.8M | |
| Net income | $31.6M | $39.3M | $24.7M | $23.7M | −$13.6M | $23.7M | |
| Diluted EPS | $0.27 | $0.34 | $0.22 | $0.20 | −$0.12 | $0.21 | |
| Gross margin | 70.8% | 61.6% | 49.7% | 85.6% | 73.6% | 92.2% | |
| Operating margin | 23.3% | 58.4% | 46.0% | 64.9% | 19.6% | 51.2% |
Fiscal years (4-quarter sums)FY21 $229.1M · FY22 $136.1M · FY23 $319.3M · FY24 $192.4M · FY25 $304.8M
Balance sheet, Jun 30, 2026Cash & short-term investments $50.7M · Total debt $1.85B · Total assets $3.29B · Shareholders' equity $1.36B
Dividends
Last cut to $0.32 from $0.45 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 28 | $0.32 | |
| Mar 31, 2026 | Mar 31 | Apr 28 | $0.32 | |
| Mar 9, 2026 | Mar 9 | Mar 20 | $0.03 | special dividend |
| Dec 31, 2025 | Dec 31 | Jan 27 | $0.32 | cut from $0.45 |
| Nov 28, 2025 | Nov 28 | Dec 15 | $0.04 | special dividend |
| Sep 30, 2025 | Sep 30 | Oct 28 | $0.48 | special dividend |
| Aug 29, 2025 | Aug 29 | Sep 15 | $0.03 | special dividend |
| Jun 30, 2025 | Jun 30 | Jul 28 | $0.48 | special dividend |
Ownership
Shares outstanding 112.57M · Float 112.37M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Goldman Sachs Group Inc | 6.54M | 5.81% | 13F | Aug 14, 2026 |
| Private Management Group Inc | 5.18M | 4.60% | 13F | Jul 31, 2026 |
| Morgan Stanley | 4.71M | 4.19% | 13F | Aug 13, 2026 |
| Generali Asset Management Spa SGR | 3.29M | 2.93% | 13F | Jul 30, 2026 |
| Ares Management LLC | 3.15M | 2.80% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 10, 2026 | Timothy J. Leach | director | +2,004 | $9.04 |
| Apr 2, 2026 | Carlos E. Evans | director | +50,000 | $9.02 |
| Nov 12, 2025 | Tucker Greene | officer: See Remarks | +10,500 | $9.86 |
| Sep 12, 2025 | Vivek Bantwal | officer: Co-Chief Executive Officer | +22,000 | $11.36 |
Peers
- Ares Capital
Large BDC in U.S. middle-market direct lending
- Blackstone Secured Lending Fund
First-lien senior-secured lending to private U.S. companies
- Blue Owl Capital
Direct lending to U.S. middle-market borrowers
- FS KKR Capital
Customized private middle-market credit solutions
- Golub Capital BDC
One-stop senior-secured lending to sponsor-backed firms
- Sixth Street Specialty Lending
Senior-secured direct lending to U.S. middle-market firms
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Goldman Sachs BDC | $10.10 | −0.20% | $1.14B | 19.9 | 7.9 | 3.5 | +758.6% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Median | 19.7 | 9.8 | 5.0 | −0.8% |