Goldman Sachs BDC (GSBD) Q4 2025 earnings summary

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.