GSBD
Goldman Sachs BDC, Inc.9.84
+0.02+0.2%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
AI exits proactive; dividend affirmed
Q&A affirmed the prepared script's AI vigilance, with management disclosing proactive exit of a steady software loan at $0.99 par due to disruption risks, while GSBD's software portfolio delivered 10.3% year-over-year revenue growth and margins up 5 points to 34.3%. Executives expressed dividend confidence for the $0.32 base amid 25-50 bps spread widening in coupons/OID, backed by $0.97/share spillover flexibility. Clearwater illustrated bilateral alpha via confidential M&A negotiations. Buybacks tempered at leverage target. Investors will eye deployment discipline and M&A pickup outside software.
Key Stats
Market Cap
1.12BP/E (TTM)
8.56Basic EPS (TTM)
1.15Dividend Yield
0.05%Recent Filings
8-K
Director McGee resigns March 31
8-K
Board shrinks, directors reclassified
Goldman Sachs BDC trimmed its board from seven to six directors after a retirement vacancy on December 31, 2025. On February 25, 2026, it reclassified Timothy J. Leach and Katherine P. Uniacke to Class III to balance director classes per its charter. Leach stays Chairman. No family ties or material interests disclosed.
8-K
GSBD Q4 results, dividends declared
Goldman Sachs BDC reported Q4 net investment income of $0.37 per share, down from $0.40, with NAV dipping 0.9% to $12.64 amid $18.5M net losses. Portfolio hit $3.26B at fair value, 98.4% senior secured, but non-accruals rose to 1.9% after Pluralsight's downgrade. Board declared Q1 base dividend of $0.32/share, Q4 supplemental $0.03/share. Leverage climbed to 1.27x.
10-K
FY2025 results
Goldman Sachs BDC ended FY2025 with $3.26B in investments at fair value, down from $3.48B in FY2024, reflecting $1.20B new commitments offset by $1.09B repayments and exits amid portfolio contraction. Q4 saw $365.6M total investment income, down from $434.4M annual, with weighted average portfolio yield slipping to 10.5% at fair value from 13.2% as non-accruals edged up to 2.8% of amortized cost. Net investment income after taxes fell to $181.6M from $252.6M, pressured by $111.6M debt costs on $1.87B borrowings at 5.36% average rate. Realized losses hit $123M on restructurings like Khoros and Streamland, yet Q4 unrealized gains of $65M narrowed the annual net loss to $62M. Debt stood at $1.87B with 175% asset coverage; $52M buybacks at 15% NAV discount. No annual guidance disclosed. Covenant-lite loans risk delayed default detection.
8-K
GSBD issues $400M notes
Goldman Sachs BDC issued $400 million of 5.100% unsecured notes due January 28, 2029, closing the offering that day via a Fifth Supplemental Indenture. Net proceeds of $392.5 million, after discounts and expenses, will repay part of its senior secured credit facility and fund general corporate purposes. Notes rank pari passu with existing unsubordinated debt. Change of control triggers repurchase offers.
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