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Investor Relations14 Oct 2025
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Goldman Sachs BDC (GSBD) investor relations material
Goldman Sachs BDC Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Net investment income per share was $0.38 for Q2 2025; adjusted net investment income per share was $0.37, with annualized yield on book value of 11.4%.
NAV per share decreased 1.4% to $13.02 from $13.20 sequentially; net assets at quarter end were $1.51 billion.
Total investments at fair value were $3,795.6 million across 162 portfolio companies in 40 industries.
Board declared a Q3 2025 base dividend of $0.32, a special dividend of $0.16, and a Q2 supplemental dividend of $0.03 per share.
Leadership transition: Vivek Bantwal appointed Co-CEO, Tucker Green appointed President, effective August 7, 2025.
Financial highlights
Total investment income for Q2 2025 was $91.0 million, down from $96.9 million in Q1 2025 and $108.6 million in Q2 2024.
Net investment income after taxes was $44.5 million; adjusted net investment income after taxes was $43.5 million.
Net realized losses on investments were $81.22 million in Q2 2025, mainly from restructurings in Khoros and Streamland Media.
Net change in unrealized appreciation was $79.42 million in Q2 2025, driven by reversals from prior restructurings.
Total quarterly distributions per share were $0.53, up from $0.48 in the prior quarter.
Outlook and guidance
Board declared a Q3 2025 base dividend of $0.32 per share, a special dividend of $0.16 per share, and a Q2 supplemental dividend of $0.03 per share.
Distribution framework includes a base dividend and variable supplemental distributions based on excess net investment income.
Management expects leverage to increase as new deal commitments fund in the next quarter, supported by strong deal flow.
Green shoots are anticipated into year-end and the first half of next year, supporting active deployment.
Asset coverage ratio remains above regulatory minimums, supporting ongoing leverage and investment activity.
How did the integration of GSBD benefit the platform?
What drove sponsors to act in the M&A market?
Describe the terms of the Lithium restructuring.
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Next Goldman Sachs BDC earnings date
Q3 20257 Nov, 2025
Next Goldman Sachs BDC earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Goldman Sachs BDC Inc is a business development company providing debt and equity financing to middle-market companies. The company focuses on senior secured loans, subordinated debt, and equity co-investments, supporting businesses across diverse sectors. Goldman Sachs BDC aims to deliver flexible capital solutions to private companies. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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