Covered on the base, but the base itself was cut. A 14.85% yield on the regular $0.32 quarterly dividend is covered by net investment income — $0.38 per share in Q2 2026 against the $0.32 base, about an 84% payout; the $0.03 supplemental takes the total to $0.35 a quarter, or 16.24%, and is not guaranteed. But the base was cut from $0.48 in late 2025, NAV per share slipped 0.9% in the quarter to $12.06, and earnings per share were only $0.21 after $18.6 million of net realized and unrealized losses. The House scores Goldman Sachs BDC on the regular 14.85% only.
Key risk: Credit markdowns continuing — the portfolio is 98.6% senior secured, but further unrealized losses would keep NAV sliding and leave the $0.32 base with no room for another soft quarter.
Changes if: NAV rises two quarters running, or NII coverage of the base widens past ~120%. Supplementals never count toward this verdict either way.
- ✓Coverage check: Q2 2026 net investment income of $0.38 a share covers the $0.32 base dividend — about 84% paid out; adjusted NII of $0.37 covers it as well. The $0.03 supplemental is declared separately and is not part of the base promise.
- !Yield check: Anyone quoting only the 16.24% figure is selling. The House scores Goldman Sachs BDC on the regular 14.85% — $0.32/qtr × 4 at the $8.62 close on Oct. 23, 2026.
- !NAV check: NAV per share of $12.06 at June 30, 2026, down 0.9% from $12.17 at March 31, with $100.3 million ($0.89 a share) of undistributed taxable income carried at quarter-end.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.