Goldman Sachs BDC, Inc. (GSBD) Earnings History

Goldman Sachs BDC, Inc. - Q3 2025 Earnings

Filed at: Nov 6, 2025, 4:21 PM EST|Read from source

EXECUTIVE SUMMARY

Goldman Sachs BDC, Inc. reported mixed results for Q3 2025, with a decrease in net asset value and an increase in leverage, while maintaining investment income and declaring dividends.

POSITIVE HIGHLIGHTS

  • •

    Net investment income per share for the quarter was $0.40, with an annualized net investment income yield on book value of 12.5%.

    positive
  • •

    The Company declared a fourth quarter 2025 Base Dividend of $0.32 per share and a third quarter 2025 Supplemental Dividend of $0.04 per share.

    positive
  • •

    Total investment income was $91.6 million for the quarter, a slight increase from $91.0 million in the prior quarter.

    neutral
  • •

    Weighted average leverage (net debt/EBITDA) improved to 5.8x from 6.2x at the end of the prior year.

    positive

CONCERNS & RISKS

  • •

    Net asset value (NAV) per share decreased 2.1% to $12.75 from $13.02 in the prior quarter.

    negative
  • •

    The Company's ending net debt-to-equity ratio increased to 1.17x from 1.12x in the prior quarter.

    attention
  • •

    One investment in Vardiman Black Holdings, LLC was placed on non-accrual status due to financial underperformance.

    negative
  • •

    The weighted average yield on debt and income producing investments decreased to 10.3% at amortized cost and 11.2% at fair value, compared to 11.2% and 14.1% respectively at the end of the prior year.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$91.60M
-17.1%
Prior year: $110.41M
Net Income
Quarterly
$45.31M
-33.5%
Prior year: $68.18M
EPS (Diluted)
Quarterly
$0.22
-31.3%
Prior year: $0.32
Operating Income
Quarterly
N/A
N/A
EPS (Basic)
Quarterly
$0.22
-31.3%
Prior year: $0.32

MARGIN ANALYSIS

Net Margin
Current Quarter
49.5%
Prior Year
61.7%
YoY Change
-1227 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT COMMENTARY

The Company's Board of Directors approved a reduction of the base quarterly dividend to $0.32 per share with upside potential through quarterly supplemental variable distributions.

— Goldman Sachs BDC, Inc., Q3 2025 2025 Earnings Call

The Company entered into a 10b5-1 stock repurchase plan to repurchase up to $75.0 million of shares.

— Goldman Sachs BDC, Inc., Q3 2025 2025 Earnings Call

During the quarter, the Company had new investment commitments of approximately $470.6 million, of which $266.9 million were funded.

— Goldman Sachs BDC, Inc., Q3 2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Net Debt To Equity Ratio
1.2
+4.5% YoY
Prior year: 1.1
x
Net Investment Income Per Share
0.4
+5.3% YoY
Prior year: 0.4
dollars
Weighted Average Interest Coverage
1.9
+5.6% YoY
Prior year: 1.8
x
Weighted Average Leverage Net Debt Ebitda
5.8
-6.5% YoY
Prior year: 6.2
x
Weighted Average Yield On Debt And Income Producing Investments At Amortized Cost
10.3
-8.0% YoY
Prior year: 11.2
%
Weighted Average Yield On Debt And Income Producing Investments At Fair Value
11.2
-20.6% YoY
Prior year: 14.1
%

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.