分组1 - Goldman Sachs BDC reported quarterly earnings of $0.37 per share, exceeding the Zacks Consensus Estimate of $0.36 per share, but down from $0.47 per share a year ago, representing an earnings surprise of +3.73% [1] - The company posted revenues of $86.06 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 2.09%, and down from $103.8 million year-over-year [2] - Over the last four quarters, Goldman Sachs BDC has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] 分组2 - The stock has underperformed the market, losing about 0.2% since the beginning of the year compared to the S&P 500's gain of 1.5% [3] - The current consensus EPS estimate for the coming quarter is $0.33 on revenues of $82.72 million, and for the current fiscal year, it is $1.31 on revenues of $317.79 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Core Viewpoint - Goldman Sachs BDC, Inc. reported its financial results for the fourth quarter and the year ended December 31, 2025, highlighting a net investment income per share of $0.37, which corresponds to an annualized net investment income yield of 11.7% on book value [1]. Financial Performance - For the quarter ended December 31, 2025, the net investment income per share was $0.37 [1]. - The annualized net investment income yield on book value was reported at 11.7% [1].

Investment Overview - The company has originated approximately $9.88 billion in aggregate principal amount of debt and equity investments from its formation in 2012 through December 31, 2025[403]. - As of December 31, 2025, the total investments amounted to $3,395.17 million, with a fair value of $3,261.72 million, compared to $3,673.58 million and $3,475.26 million as of December 31, 2024[419]. - The portfolio includes $3,088.32 million in first lien/senior secured debt, $138.15 million in first lien/last-out unitranche, and $50.61 million in second lien/senior secured debt as of December 31, 2025[419]. - The company focuses on lending to middle-market companies, defined as those with annual EBITDA between $5 million and $200 million[406]. - The company’s investment strategy involves leading negotiations and structuring loans, typically with maturities ranging from three to ten years and investment sizes from $10 million to $75 million or more[407]. Financial Performance - The company generates revenues primarily through interest income from investments, with additional income from various fees, including commitment and origination fees[412]. - As of December 31, 2025, the total portfolio weighted average yield at amortized cost was 9.3%, down from 10.1% in 2024, and at fair value it was 10.5%, down from 13.2% in 2024[421]. - The weighted average yield on debt and income-producing investments at amortized cost was 9.9% as of December 31, 2025, down from 11.2% in 2024[422]. - The median EBITDA of portfolio companies increased to $71.75 million in 2025 from $66.14 million in 2024[422]. - Total investment income decreased from $434.37 million in 2024 to $365.57 million in 2025, a decline of approximately 15.9%[435]. - Net investment income after taxes fell from $252.55 million in 2024 to $181.57 million in 2025, representing a decrease of about 28.1%[438]. - The net increase in net assets from operations was $119.27 million in 2025, compared to $62.87 million in 2024, indicating a significant improvement[435]. Investment Quality - As of December 31, 2025, 97.2% of total investments were performing, compared to 95.5% in 2024[431]. - The fair value of investments graded as Grade 2 decreased to $2,991.99 million (91.7% of total) in 2025 from $3,238.74 million (93.2% of total) in 2024[428]. - The increase in Grade 3 investments was primarily due to $98.72 million being downgraded from Grade 2 due to financial underperformance[430]. - The weighted average interest coverage improved to 2.0x in 2025 from 1.8x in 2024[422]. Leverage and Debt Management - The company’s leverage strategy includes a senior secured revolving credit agreement and various notes, allowing it to borrow money to increase yield, subject to an asset coverage ratio of at least 150%[417]. - The asset coverage ratio was 175%, down from 181% in 2024, indicating a slight decrease in financial leverage[447]. - The company has $505.00 million borrowed under the Revolving Credit Facility to fully repay the 2026 Notes on January 15, 2026[480]. - The 2025 Notes, amounting to $360.00 million, were fully repaid on February 10, 2025, using proceeds from the Revolving Credit Facility[464]. - The company issued $400.00 million of 6.375% unsecured notes due 2027, with interest payable semi-annually starting September 11, 2024[467]. Risk Management - The company may originate "covenant-lite" loans, which have fewer financial maintenance covenants, potentially increasing risk in case of borrower default[405]. - The company expects net investment income to be affected by the difference between the rates at which it invests and borrows, indicating sensitivity to interest rate changes[486]. - Interest rate sensitivity analysis shows that a 300 basis point increase in interest rates could result in a net income increase of $41.49 million, while a 300 basis point decrease could lead to a net income decrease of $34.60 million[489]. - The company regularly measures its exposure to interest rate risk and manages it by comparing interest rate sensitive assets to liabilities[488]. - The company has entered into interest rate swaps to mitigate the impact of changes in market interest rates on its net asset value[487]. Shareholder Value - The company declared a quarterly base distribution of $0.32 per share, payable on or about April 28, 2026[483]. - The company has a stock repurchase program authorized for up to $75.00 million, aimed at repurchasing shares when trading below the NAV per share[454]. - The dividend reinvestment plan allows automatic reinvestment of cash distributions unless stockholders opt out, enhancing shareholder value[456]. Operational Changes - The Board of Directors reduced its size from seven to six directors effective February 25, 2026, due to a vacancy from a former director's retirement[484]. - The company plans to utilize existing and future funds primarily for investments in portfolio companies and general corporate purposes[448].

Goldman Sachs BDC, Inc. (NYSE:GSBD) is set to release its quarterly earnings with an estimated EPS of $0.36 and projected revenue of $87.18 million.Investors are concerned about potential dividend cuts due to the average base dividend coverage for BDCs being 99%, with limited growth prospects.GSBD's financial metrics, including a P/E ratio of 7.96 and an earnings yield of 12.56%, provide insights into its market valuation and financial health.Goldman Sachs BDC, Inc. (NYSE:GSBD) is a business development com ...

Core Viewpoint - Goldman BDC (GSBD) is positioned for growth in the middle-market credit investment sector, with ongoing merger and acquisition activities expected to continue into 2026, driven by lower borrowing costs and favorable market conditions [1] Company Status - In November 2025, Goldman BDC announced a dividend arrangement for Q4 2025, including a base dividend of $0.32 per share and an additional dividend of $0.04 per share, with future dividend policies being a point of interest [2] Financial Status - The Q3 2025 results showed earnings per share of $0.40 and revenue of $91.6 million, both exceeding expectations; however, the net asset value (NAV) decreased to $12.75, a 2.1% decline quarter-over-quarter, necessitating ongoing monitoring of asset quality and leverage risks [3] Industry Policy and Environment - Goldman Sachs predicts that the Federal Reserve may lower interest rates by mid-2026, which could benefit the BDC financing environment, although geopolitical conflicts and regulatory changes pose potential uncertainties [4]

Company Overview - Goldman Sachs BDC, Inc. is a specialty finance company regulated as a business development company under the Investment Company Act of 1940, formed by The Goldman Sachs Group, Inc. to invest primarily in middle-market companies in the United States [4] - The company is externally managed by Goldman Sachs Asset Management, L.P., which is a wholly-owned subsidiary of Goldman Sachs [4] - GS BDC aims to generate current income and, to a lesser extent, capital appreciation through direct originations of secured and unsecured debt, as well as select equity investments [4] Financial Reporting - GS BDC will report its fourth quarter and fiscal year financial results for the period ended December 31, 2025, after the market closes on February 26, 2026 [1] - An earnings conference call will be held on February 27, 2026, at 9:00 am Eastern Time to discuss the financial results [1] Conference Call Participation - Interested parties can participate via telephone or audio webcast, with specific dial-in numbers provided for domestic and international callers [2] - Participants are encouraged to join the call approximately 10-15 minutes prior to the start time and reference "Goldman Sachs BDC, Inc." when prompted [2]

Core Viewpoint - Goldman Sachs BDC, Inc. has announced the pricing of a $400 million offering of 5.100% notes due in 2029, indicating a strategic move to manage its debt obligations [1] Group 1: Offering Details - The notes will mature on January 28, 2029, and can be redeemed at the company's option at par plus a make-whole premium if applicable [1] - The total principal amount of the offering is $400 million [1] Group 2: Use of Proceeds - The company intends to use the net proceeds from this offering to pay down debt under its revolving credit facility [1]

Group 1 - The article highlights that Goldman Sachs BDC (GSBD) has experienced a significant sell-off, currently trading at a 27% discount to its Net Asset Value (NAV), which is near multi-year valuation lows for the stock [1] - High Yield Investor is celebrating its fifth anniversary by offering a 30-day money-back guarantee and releasing its Top Picks for 2026, presenting an opportunity for investors [1] Group 2 - Samuel Smith, a lead analyst and Vice President with a diverse background in dividend stock research, leads the High Yield Investor investing group, focusing on balancing safety, growth, yield, and value [2] - High Yield Investor provides various portfolios, including core, retirement, and international options, along with regular trade alerts and educational content for investors [2]

Group 1 - High Yield Investor is celebrating its fifth anniversary by offering a 30-day money-back guarantee, encouraging new memberships and the release of their Top Picks for 2026 [1] - Goldman Sachs BDC (GSBD) has experienced a significant sell-off, currently trading at a 27% discount to its Net Asset Value (NAV), which is close to multi-year valuation lows for the stock [1] Group 2 - Samuel Smith, a lead analyst and Vice President with a diverse background in dividend stock research, leads the High Yield Investor investing group, focusing on safety, growth, yield, and value [2] - The High Yield Investor service provides real-money core, retirement, and international portfolios, along with regular trade alerts, educational content, and an active chat room for investors [2]

Core Viewpoint - Shares of Goldman Sachs BDC (GSBD) have been declining since August due to concerns over falling federal fund rates, which threaten net investment income and the BDC's dividend coverage [1] Group 1: Company Performance - Goldman Sachs BDC is experiencing a decrease in portfolio value, indicating potential challenges in maintaining investment income [1]