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Goldman Sachs BDC
Goldman Sachs BDC (GSBD) investor relations material
Goldman Sachs BDC Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Portfolio transition to Direct Lending platform increased first lien exposure to 97% and median EBITDA of portfolio companies rose 84% since 2021 to $71.8M at year-end 2025.
Net investment income per share was $0.37 for Q4 2025, with annualized yield on book value of 11.7%.
NAV per share decreased 0.9% to $12.64 as of December 31, 2025, from $12.75 at September 30, 2025.
Integration with Goldman Sachs' broader platform enhanced origination, underwriting, and portfolio management, with 57% of the portfolio now benefiting from post-2022 reorganization.
98.4% of the portfolio was in senior secured debt, with 96.9% in first lien investments.
Financial highlights
Total investment income for Q4 2025 was $86.1M, down from $91.6M in Q3.
GAAP and adjusted after-tax net investment income for Q4 were $42.2M and $41.8M, respectively.
Net realized and unrealized losses for Q4 2025 were $(18.5) million.
Board declared a Q4 2025 supplemental dividend of $0.03/share and a Q1 2026 base dividend of $0.32/share.
NAV per share declined from $12.75 in Q3 2025 to $12.64 in Q4 2025.
Outlook and guidance
Management expects M&A momentum to continue in a potentially falling rate environment, supporting private equity and credit demand.
Anticipates moderate spread widening in the near term, with optimism for dividend sustainability and potential for incremental economics in bilateral M&A deals.
No current plans for special distributions from spillover income, but supplemental distributions remain an option.
Adjusted NAV per share for Q4 2025, accounting for the supplemental dividend, was $12.61.
Non-accrual trend and outlook
Recent debt refinancing strategy
Impact of declining yields on future NII?
AI framework's impact on legacy software exits?
Evergreen capital sizing impact on growth strategy?
How will GS M&A franchise drive origination?
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Next Goldman Sachs BDC earnings date
Q1 20268 May, 2026
Goldman Sachs BDC
Next Goldman Sachs BDC earnings date
Q1 20268 May, 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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