Goldman Sachs BDC, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results
NEW YORK – February 26, 2026 – Goldman Sachs BDC, Inc. (NYSE: GSBD) today announced its financial and operating results for the fourth quarter and full year ended December 31, 2025. The company also filed its annual report on Form 10-K with the U.S. Securities and Exchange Commission.
**Q4 2025 Financial Highlights:**
* **Net Investment Income:** The company reported net investment income and adjusted net investment income of $0.37 per share for the fourth quarter, representing an annualized net investment income yield on book value of 11.7%. Earnings per share for the quarter stood at $0.21.
* **Net Asset Value (NAV):** NAV per share declined by 0.9% to $12.64 as of December 31, 2025, down from $12.75 as of September 30, 2025.
* **Portfolio Composition:** The total investment portfolio at fair value and commitments reached $3.9 billion as of year-end 2025, spread across 171 portfolio companies and 40 industries. The portfolio remains heavily weighted towards senior secured debt, comprising 98.4% of total investments, with 96.9% in first lien positions.
* **Investment Activity:** New investment commitments during the quarter totaled approximately $394.9 million, with $230.2 million funded. Fundings of previously unfunded commitments amounted to $90.9 million, while sales and repayments were $251.6 million, leading to net funded investment activity of $69.5 million.
* **Non-Accrual Status:** The company’s position in Pluralsight, Inc.’s senior secured debt was placed on non-accrual status due to financial underperformance. As of December 31, 2025, investments in nine portfolio companies were on non-accrual status, representing 1.9% of the total investment portfolio at fair value and 2.8% at amortized cost.
* **Leverage:** The net debt-to-equity ratio stood at 1.27x at the end of the fourth quarter, an increase from 1.17x at the end of the third quarter. Secured debt comprised 31.1% of the company’s outstanding debt, with the remaining 68.9% being unsecured.
* **Capital Markets Activity:** In January 2026, the company drew $505.0 million under its revolving credit facility to repay its 2026 Notes. Additionally, it closed an offering of $400.0 million in unsecured notes due 2029 with a 5.100% coupon.
* **Shareholder Distributions:** The Board of Directors declared a first quarter 2026 Base Dividend of $0.32 per share and a fourth quarter 2025 Supplemental Dividend of $0.03 per share. Adjusted NAV per share, reflecting the supplemental dividend, was $12.61.
* **Share Repurchases:** Under its 10b5-1 trading plan, the company repurchased 1,544,029 shares for $15.0 million during the fourth quarter.
**Strategic Outlook and Portfolio Analysis:**
Goldman Sachs BDC, Inc. continues to navigate a dynamic credit environment characterized by fluctuating interest rates and evolving credit spreads. The company’s strategy remains focused on originating senior secured debt, a prudent approach given the current macroeconomic backdrop. The significant allocation to first lien investments underscores a commitment to capital preservation, offering a higher degree of downside protection in a challenging market.
The slight increase in the net debt-to-equity ratio reflects the company’s active deployment of capital and recent debt issuance to maintain liquidity and fund its investment pipeline. The composition of its debt, with a substantial portion being unsecured, provides a balanced approach to capital structure management.
The placement of one investment on non-accrual status, while not ideal, remains a contained concern at 1.9% of the portfolio at fair value. This highlights the inherent risks in direct lending and the importance of robust credit monitoring and portfolio diversification. The company’s high proportion of floating-rate investments (99.4%) on performing debt positions it to benefit from prevailing interest rate trends, although this also introduces sensitivity to rate declines. The weighted average yield on debt and income-producing investments, while showing a decrease from the previous year, remains competitive within the sector.
**Financial Performance Overview:**
Total investment income for the fourth quarter of 2025 was $86.1 million, a decrease from $91.6 million in the third quarter, primarily attributed to lower base interest rates and tighter credit spreads. Net expenses before taxes were $43.0 million, down from $45.4 million in the prior quarter, largely due to a reduction in incentive fees, partially offset by increased interest and debt expenses.
The company’s Form 10-K filing provides a comprehensive look at its financial health, detailing assets, liabilities, and the detailed breakdown of its investment portfolio. The consolidated statements of operations illustrate a year-over-year increase in net investment income before taxes, driven by a robust investment portfolio, while net realized and unrealized losses reflect market fluctuations.
**About Goldman Sachs BDC, Inc.**
Goldman Sachs BDC, Inc. is a specialty finance company operating as a business development company (BDC) under the Investment Company Act of 1940. Externally managed by Goldman Sachs Asset Management, L.P., the company focuses on direct origination of secured debt, including first lien, first lien/last-out unitranche, and second lien debt, as well as unsecured debt and equity investments in middle-market companies primarily in the United States. Its objective is to generate current income and capital appreciation.
**Forward-Looking Statements**
This press release contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially due to various factors. Investors should refer to the company’s SEC filings for a detailed discussion of these risks.
Original article, Author: Jam. If you wish to reprint this article, please indicate the source:https://aicnbc.com/19456.html
