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Dec 31, 2025
Goldman Sachs BDC Q4 2025 Earnings Report
Goldman Sachs BDC reported Q4 2025 financial results with a net asset value of $12.64 per share and declared a $0.32 base dividend.
Key Takeaways
Goldman Sachs BDC (GSBD) reported a decrease in net asset value per share to $12.64. The company generated net investment income of $0.37 per share, covering its $0.32 base dividend. Total investment income decreased year-over-year due to lower interest rates and tighter credit spreads, while the portfolio remains heavily weighted toward first lien senior secured debt.
Net asset value (NAV) per share decreased 0.9% during the quarter to $12.64.
The company declared a Q1 2026 base dividend of $0.32 per share and a Q4 2025 supplemental dividend of $0.03 per share.
Investments on non-accrual status increased to 1.9% of the total portfolio at fair value, including a new non-accrual for Pluralsight, Inc.
Net debt-to-equity ratio increased to 1.27x from 1.17x in the previous quarter.
Revenue by Geographic Location
Forward Guidance
The company announced a new base dividend for Q1 2026 and highlighted recent financing activities to manage its debt profile.
Positive Outlook
- Declared Q1 2026 base dividend of $0.32 per share.
- Closed an offering of $400.0 million aggregate principal amount of 5.100% unsecured notes due 2029 in January 2026.
- Maintains high exposure to first lien senior secured debt (96.9%).
- Significant liquidity with $1,110.0 million of availability under the Revolving Credit Facility.
- Active share repurchase program with $15.0 million repurchased in Q4.
Challenges Ahead
- Pluralsight, Inc. placed on non-accrual status during the quarter.
- Total investment income declined due to lower base interest rates.
- Net asset value per share decreased by 0.9% sequentially.
- Net debt-to-equity ratio increased to 1.27x, above the previous quarter's 1.17x.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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