Goldman Sachs BDC Reports 2025 Financial Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Should l Buy GSBD?
Source: Businesswire
- 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.
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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: 9.260
Low
9.00
Averages
10.06
High
11.00
Current: 9.260
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 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.
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- Stock Performance: Although Rocket shares were marginally lower in Q4 2025, they surged nearly 72% over the year, reflecting optimistic market expectations for future growth, despite a 4% decline at the start of 2026.
- Analyst Expectations: According to analysts polled by LSEG, while most maintain a hold rating on Rocket, the average price target suggests more than 15% upside potential, indicating market anticipation for a rebound.
- Other Investment Moves: Cooperman also more than doubled his stake in Occidental Petroleum to over $28 million and increased his position in KBR by over 20%, raising its value above $85 million, while completely exiting his position in ArriVent Biopharma, showcasing a dynamic adjustment in his investment portfolio.
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Software Loan Price Stability: Despite the drop in the software index, the price of software loans has only decreased by approximately 3%.
See More
Market Dynamics and Company Performances in U.S. Stocks
- Fed Chair Nomination: President Trump nominated Kevin Warsh as the new Fed chair, likely easing market concerns about Fed independence, although the December producer price index exceeded expectations, indicating ongoing inflationary pressures.
- Apple's Strong Performance: Apple reported robust iPhone demand and service growth in its latest earnings, particularly in China, while memory shortages may pose challenges; however, the stock is on track to break an eight-week losing streak, reflecting solid investor confidence.
- Sandisk Stock Surge: Following a strong earnings report, Sandisk's stock soared 22%, marking a 175% increase year-to-date, with Goldman Sachs raising its price target from $320 to $700, indicating strong future growth potential.
- Broadcom Upgrade: Wolfe Research upgraded Broadcom from hold to buy with a price target of $400, citing expectations that AI revenue could double by 2027, highlighting the company's growth potential in tensor processing units.
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 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
Leon Cooperman Increases Stake in Rocket Companies
- Massive Stake Increase: Leon Cooperman's Omega Advisors built a significant stake in Rocket Companies during the final months of 2025, purchasing over $375 million worth of shares in the fourth quarter, making it the fund's largest holding valued at nearly $407 million, indicating strong confidence in the company.
- Stock Performance: Although Rocket shares were marginally lower in Q4 2025, they surged nearly 72% over the year, reflecting optimistic market expectations for future growth, despite a 4% decline at the start of 2026.
- Analyst Expectations: According to analysts polled by LSEG, while most maintain a hold rating on Rocket, the average price target suggests more than 15% upside potential, indicating market anticipation for a rebound.
- Other Investment Moves: Cooperman also more than doubled his stake in Occidental Petroleum to over $28 million and increased his position in KBR by over 20%, raising its value above $85 million, while completely exiting his position in ArriVent Biopharma, showcasing a dynamic adjustment in his investment portfolio.
See More
Morgan Stanley Cautions About Increasing Risks in Software Lending
S&P Software Index Decline: The S&P Software Index has experienced a significant decline of 22% this year due to the impact of AI.
Software Loan Price Stability: Despite the drop in the software index, the price of software loans has only decreased by approximately 3%.
See More
Market Dynamics and Company Performances in U.S. Stocks
- Fed Chair Nomination: President Trump nominated Kevin Warsh as the new Fed chair, likely easing market concerns about Fed independence, although the December producer price index exceeded expectations, indicating ongoing inflationary pressures.
- Apple's Strong Performance: Apple reported robust iPhone demand and service growth in its latest earnings, particularly in China, while memory shortages may pose challenges; however, the stock is on track to break an eight-week losing streak, reflecting solid investor confidence.
- Sandisk Stock Surge: Following a strong earnings report, Sandisk's stock soared 22%, marking a 175% increase year-to-date, with Goldman Sachs raising its price target from $320 to $700, indicating strong future growth potential.
- Broadcom Upgrade: Wolfe Research upgraded Broadcom from hold to buy with a price target of $400, citing expectations that AI revenue could double by 2027, highlighting the company's growth potential in tensor processing units.
See More
