Net Asset Value

Goldman Sachs BDC, Inc. reported Q4 2025 results with net investment income of $0.37 per share and NAV at $12.64. The $3.9 billion portfolio is heavily weighted towards senior secured debt. New commitments were $394.9 million, with net funded activity of $69.5 million. One investment was placed on non-accrual. Leverage increased to 1.27x. The company also issued new notes and declared dividends.

The Total Return Securities Fund has completed significant shareholder-focused actions over six months, including a rights offering and a tender offer for up to 4,000,000 shares at 98% of NAV. These maneuvers, announced starting August 2025, demonstrate a strategic shift aimed at enhancing shareholder value and optimizing capital structure. The fund’s completion of these complex transactions highlights responsive capital management, with investors anticipating future performance implications.