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Goldman Sachs BDC (GSBD) investor relations material
Goldman Sachs BDC Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net investment income per share for Q3 2025 was $0.40, with an annualized yield on book value of 12.5% and earnings per share of $0.22; NAV per share decreased 2.1% to $12.75, partly due to special dividends and markdowns on underperforming assets.
M&A market activity surged, with Q3 2025 volumes up 40.9% year-over-year, driving record new investment commitments and repayments, the highest since 2022 platform integration.
The board declared a $0.04 per share supplemental dividend for Q3 and a $0.32 per share base dividend for Q4 2025, with a distribution framework including variable supplemental distributions of at least 50% of net investment income above the base dividend.
Repurchased 2,136,943 shares for $25.1 million under a 10b5-1 stock repurchase plan, with authorization for up to $75 million in buybacks if shares trade below NAV.
Portfolio at fair value was $3.2 billion, diversified across 171 companies in 40 industries, with 98.2% in senior secured loans and 96.7% in first lien investments.
Financial highlights
Total investment income for Q3 2025 was $91.6 million, up from $91.0 million in Q2.
GAAP and adjusted after-tax net investment income were $45.3 million and $44.8 million, respectively, both up from the prior quarter.
Net realized and unrealized losses for Q3 2025 totaled $(20.6) million.
Net assets as of September 30, 2025 were $1,454.8 million.
Total quarterly distribution per share was $0.51, including a $0.32 base dividend and a $0.04 supplemental dividend.
Outlook and guidance
Management expects the current elevated M&A activity to be the start of a longer-term trend, driven by private equity dry powder and the need for portfolio exits.
Anticipates further base rate cuts into 2026, which should accelerate deal activity, though spread widening is not expected in the near term.
Board approved a base quarterly dividend of $0.32 per share with potential supplemental dividends based on excess net investment income.
Non-accrual asset recovery strategy
Share repurchase strategy effectiveness
Why NAV decline despite improved portfolio health?
Strategy for attractive pricing in tight spread M&A
Target for legacy assets in portfolio
Outlook for further legacy asset write-downs
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Next Goldman Sachs BDC earnings date
Q4 202526 Feb, 2026
Next Goldman Sachs BDC earnings date
Q4 202526 Feb, 2026
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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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