Goldman Sachs BDC Q4 2025 Earnings Highlights
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 hours ago
0mins
Should l Buy GSBD?
Source: seekingalpha
- Portfolio Integration: Goldman Sachs BDC reported that 57% of its portfolio benefits from the 2022 reorganization, while 43% reflects legacy investments, indicating significant progress in integrating its direct lending platform and enhancing market competitiveness.
- Earnings Growth: The median EBITDA of the portfolio increased by 84% to $71.8 million by 2025, demonstrating the company's effectiveness in optimizing asset quality and revenue generation capabilities.
- Risk Management: The firm has implemented a proactive AI risk framework for the software sector, emphasizing detailed analysis of company-specific risks to ensure investment robustness and sustainability.
- Dividend Stability: Despite a decline in net investment income per share from $0.40 to $0.37, management expressed comfort with the current dividend level, indicating confidence in the company's financial health and future stability.
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Analyst Views on GSBD
Wall Street analysts forecast GSBD stock price to rise
4 Analyst Rating
0 Buy
3 Hold
1 Sell
Hold
Current: 9.170
Low
9.00
Averages
10.06
High
11.00
Current: 9.170
Low
9.00
Averages
10.06
High
11.00
About GSBD
Goldman Sachs BDC, Inc. is a specialty finance company focused on lending to middle-market companies. The Company seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. It may also originate covenant-lite loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. In addition to investments in United States middle-market companies, it may invest a portion of its capital in opportunistic investments, such as in large United States companies, foreign companies, stressed or distressed debt, structured products or private equity. It invests in various sectors, including automobiles, chemicals and financial services. Its investment advisor is Goldman Sachs Asset Management, L.P.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Goldman Sachs BDC Reports 2025 Financial Results
- Net Investment Income: For the quarter ended December 31, 2025, the net investment income was $0.37 per share, translating to an annualized yield of 11.7%, indicating the company's resilience amidst market fluctuations, despite an overall decline in earnings.
- Net Asset Value Change: As of December 31, 2025, the company's net asset value (NAV) per share was $12.64, down 0.9% from $12.75 as of September 30, 2025, reflecting pressures on the investment portfolio and challenges in the market environment.
- Investment Activity Overview: In the fourth quarter of 2025, the company had new investment commitments of approximately $394.9 million, with $230.2 million funded, showcasing the company's activity level and ability to seize new opportunities in the market.
- Dividend Distribution: The Board declared a base dividend of $0.32 per share for the first quarter of 2026, scheduled for payment in March 2026, demonstrating the company's ongoing commitment to shareholder returns.
See More
Goldman Sachs BDC Q4 2025 Earnings Highlights
- Portfolio Integration: Goldman Sachs BDC reported that 57% of its portfolio benefits from the 2022 reorganization, while 43% reflects legacy investments, indicating significant progress in integrating its direct lending platform and enhancing market competitiveness.
- Earnings Growth: The median EBITDA of the portfolio increased by 84% to $71.8 million by 2025, demonstrating the company's effectiveness in optimizing asset quality and revenue generation capabilities.
- Risk Management: The firm has implemented a proactive AI risk framework for the software sector, emphasizing detailed analysis of company-specific risks to ensure investment robustness and sustainability.
- Dividend Stability: Despite a decline in net investment income per share from $0.40 to $0.37, management expressed comfort with the current dividend level, indicating confidence in the company's financial health and future stability.
See More
Goldman Sachs BDC Reports Q4 2025 Financial Results
- Earnings Performance: Goldman Sachs BDC reported a GAAP EPS of $0.21 for Q4 2025, which, while below market expectations, demonstrates the company's resilience in an uncertain market environment.
- Investment Income Analysis: Total investment income for the quarter ended December 31, 2025, was $86.1 million, down from $91.6 million in Q3 2025, reflecting the impact of market volatility on revenue.
- Portfolio Size: As of December 31, 2025, the company's total investments at fair value and commitments reached $3.8982 billion, indicating continued stability and market confidence in Goldman Sachs BDC's asset allocation.
- Dividend Distribution: Goldman Sachs BDC declared a dividend of $0.32 per share, offering a 15% dividend yield, which attracts income-seeking investors and enhances its appeal in a turbulent market.
See More
Goldman Sachs BDC Declares $0.32 Quarterly Dividend
- Quarterly Dividend Declaration: Goldman Sachs BDC has declared a quarterly dividend of $0.32 per share, consistent with previous distributions, indicating the company's stable cash flow and shareholder return strategy, which is likely to attract income-seeking investors.
- Forward Yield: The forward yield of this dividend stands at 13.96%, reflecting Goldman Sachs BDC's appeal in the current market environment, potentially increasing interest among investors, particularly those seeking low-risk opportunities.
- Supplemental Dividend Announcement: The Board of Directors has also declared a supplemental dividend of $0.03 per share payable on March 20, 2026, to shareholders of record as of March 9, 2026, further enhancing shareholder return expectations and demonstrating the company's commitment to shareholder interests.
- Dividend Payment Schedule: The supplemental dividend will be paid on March 20, 2026, with a record date of March 9, 2026, and an ex-dividend date also set for March 9, ensuring shareholders receive timely returns and bolstering market confidence in the company's dividend policy.
See More
Goldman Sachs BDC Reports 2025 Financial Results
- Portfolio Performance: As of December 31, 2025, the company's investment portfolio at fair value reached $3.26 billion, an increase from $3.20 billion on September 30, 2025, indicating sustained investment capability in the middle market despite ongoing market uncertainties.
- Income and Expenses: Total investment income for Q4 2025 was $86.1 million, down from $91.6 million in the previous quarter, primarily due to declining base interest rates and tightening credit spreads, reflecting challenges faced by the company in the current economic environment.
- Net Asset Changes: The company's net assets stood at $1.42 billion as of December 31, 2025, a decrease from $1.45 billion on September 30, 2025, with a net asset value per share of $12.64, highlighting pressures on capital management.
- Investment Activity Overview: In Q4 2025, the company made new investment commitments totaling $394.9 million, primarily across seven new portfolio companies, while sales and repayments amounted to $251.6 million, indicating a proactive strategy in portfolio management to navigate market fluctuations.
See More
Walmart and Target's New CEOs Face Challenges Ahead
- Leadership Changes: Walmart and Target welcomed new CEOs on February 1, with John Furner and Michael Fiddelke being promoted from within, reflecting differing strategic directions as both companies navigate economic challenges.
- Performance Discrepancy: Walmart's stock has surged approximately 163% over the past five years, while Target's has plummeted about 40%, indicating Walmart's success in attracting consumers across income levels and boosting online sales, whereas Target struggles with declining sales and store traffic.
- Future Outlook: Walmart anticipates a full-year net sales increase of 4.8% to 5.1%, contrasting with Target's expected sales decline, highlighting significant differences in market performance and investor sentiment favoring Walmart's prospects.
- Strategic Adjustments: Target's new CEO Fiddelke aims to revitalize the brand by enhancing product quality and customer experience while strengthening the workforce, demonstrating a commitment to future growth despite facing numerous challenges.
See More
Goldman Sachs BDC Reports 2025 Financial Results
- Net Investment Income: For the quarter ended December 31, 2025, the net investment income was $0.37 per share, translating to an annualized yield of 11.7%, indicating the company's resilience amidst market fluctuations, despite an overall decline in earnings.
- Net Asset Value Change: As of December 31, 2025, the company's net asset value (NAV) per share was $12.64, down 0.9% from $12.75 as of September 30, 2025, reflecting pressures on the investment portfolio and challenges in the market environment.
- Investment Activity Overview: In the fourth quarter of 2025, the company had new investment commitments of approximately $394.9 million, with $230.2 million funded, showcasing the company's activity level and ability to seize new opportunities in the market.
- Dividend Distribution: The Board declared a base dividend of $0.32 per share for the first quarter of 2026, scheduled for payment in March 2026, demonstrating the company's ongoing commitment to shareholder returns.
See More
Goldman Sachs BDC Q4 2025 Earnings Highlights
- Portfolio Integration: Goldman Sachs BDC reported that 57% of its portfolio benefits from the 2022 reorganization, while 43% reflects legacy investments, indicating significant progress in integrating its direct lending platform and enhancing market competitiveness.
- Earnings Growth: The median EBITDA of the portfolio increased by 84% to $71.8 million by 2025, demonstrating the company's effectiveness in optimizing asset quality and revenue generation capabilities.
- Risk Management: The firm has implemented a proactive AI risk framework for the software sector, emphasizing detailed analysis of company-specific risks to ensure investment robustness and sustainability.
- Dividend Stability: Despite a decline in net investment income per share from $0.40 to $0.37, management expressed comfort with the current dividend level, indicating confidence in the company's financial health and future stability.
See More
Goldman Sachs BDC Reports Q4 2025 Financial Results
- Earnings Performance: Goldman Sachs BDC reported a GAAP EPS of $0.21 for Q4 2025, which, while below market expectations, demonstrates the company's resilience in an uncertain market environment.
- Investment Income Analysis: Total investment income for the quarter ended December 31, 2025, was $86.1 million, down from $91.6 million in Q3 2025, reflecting the impact of market volatility on revenue.
- Portfolio Size: As of December 31, 2025, the company's total investments at fair value and commitments reached $3.8982 billion, indicating continued stability and market confidence in Goldman Sachs BDC's asset allocation.
- Dividend Distribution: Goldman Sachs BDC declared a dividend of $0.32 per share, offering a 15% dividend yield, which attracts income-seeking investors and enhances its appeal in a turbulent market.
See More
Goldman Sachs BDC Declares $0.32 Quarterly Dividend
- Quarterly Dividend Declaration: Goldman Sachs BDC has declared a quarterly dividend of $0.32 per share, consistent with previous distributions, indicating the company's stable cash flow and shareholder return strategy, which is likely to attract income-seeking investors.
- Forward Yield: The forward yield of this dividend stands at 13.96%, reflecting Goldman Sachs BDC's appeal in the current market environment, potentially increasing interest among investors, particularly those seeking low-risk opportunities.
- Supplemental Dividend Announcement: The Board of Directors has also declared a supplemental dividend of $0.03 per share payable on March 20, 2026, to shareholders of record as of March 9, 2026, further enhancing shareholder return expectations and demonstrating the company's commitment to shareholder interests.
- Dividend Payment Schedule: The supplemental dividend will be paid on March 20, 2026, with a record date of March 9, 2026, and an ex-dividend date also set for March 9, ensuring shareholders receive timely returns and bolstering market confidence in the company's dividend policy.
See More
Goldman Sachs BDC Reports 2025 Financial Results
- Portfolio Performance: As of December 31, 2025, the company's investment portfolio at fair value reached $3.26 billion, an increase from $3.20 billion on September 30, 2025, indicating sustained investment capability in the middle market despite ongoing market uncertainties.
- Income and Expenses: Total investment income for Q4 2025 was $86.1 million, down from $91.6 million in the previous quarter, primarily due to declining base interest rates and tightening credit spreads, reflecting challenges faced by the company in the current economic environment.
- Net Asset Changes: The company's net assets stood at $1.42 billion as of December 31, 2025, a decrease from $1.45 billion on September 30, 2025, with a net asset value per share of $12.64, highlighting pressures on capital management.
- Investment Activity Overview: In Q4 2025, the company made new investment commitments totaling $394.9 million, primarily across seven new portfolio companies, while sales and repayments amounted to $251.6 million, indicating a proactive strategy in portfolio management to navigate market fluctuations.
See More
Walmart and Target's New CEOs Face Challenges Ahead
- Leadership Changes: Walmart and Target welcomed new CEOs on February 1, with John Furner and Michael Fiddelke being promoted from within, reflecting differing strategic directions as both companies navigate economic challenges.
- Performance Discrepancy: Walmart's stock has surged approximately 163% over the past five years, while Target's has plummeted about 40%, indicating Walmart's success in attracting consumers across income levels and boosting online sales, whereas Target struggles with declining sales and store traffic.
- Future Outlook: Walmart anticipates a full-year net sales increase of 4.8% to 5.1%, contrasting with Target's expected sales decline, highlighting significant differences in market performance and investor sentiment favoring Walmart's prospects.
- Strategic Adjustments: Target's new CEO Fiddelke aims to revitalize the brand by enhancing product quality and customer experience while strengthening the workforce, demonstrating a commitment to future growth despite facing numerous challenges.
See More
