Financial Data and Key Metrics Changes - The net investment income per share for Q4 2025 was $0.37, with a net asset value (NAV) per share of $12.64, reflecting a decrease of approximately 1% from the previous quarter due to net realized and unrealized losses [20][21] - The adjusted NAV per share for Q4 2025 is $12.61 after accounting for a supplemental dividend of $0.03 per share [20] - The net debt-to-equity ratio increased to 1.27x as of December 31, 2025, compared to 1.17x as of September 30, 2025 [21][29] Business Line Data and Key Metrics Changes - The portfolio's median EBITDA increased by 84% from year-end 2021 to $71.8 million at year-end 2025 [6] - The percentage of first lien investments in the portfolio rose to 97% from 89% during the same period [6] - PIK (Payment-in-Kind) as a percentage of total investment income decreased to 9% in Q4 2025 from 15.3% in Q4 2024 [7] - Investments on non-accrual status decreased slightly to 1.9% of fair value from 2% during the year [7] Market Data and Key Metrics Changes - In the Americas, the company committed approximately $14.6 billion in total for the year, up from $13 billion in 2024 and more than double the activity in 2023 [9] - Total M&A volume globally increased by 44% from 2024, with U.S. private equity deals reaching nearly $1.2 trillion [9] Company Strategy and Development Direction - The company has enhanced its sourcing, underwriting, and portfolio management since its integration into the broader Direct Lending platform in 2022, with 57% of the portfolio benefiting from this integration [4] - The focus remains on high-quality, EBITDA-based investments while actively managing legacy portfolio risks, particularly concerning annualized recurring revenue (ARR) loans [8] - The company aims to leverage its position as part of the number one global investment bank to identify attractive investment opportunities [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A momentum continuing in a potentially falling rate environment, which is expected to stimulate greater demand for credit financing [9] - The company remains vigilant regarding AI's impact on software business models and is prepared to adapt its investment strategies accordingly [12][19] Other Important Information - The company repurchased over 1.5 million shares for $15 million, which is expected to be accretive to NAV by $0.04 per share [27] - The total portfolio investments at fair value were $3.3 billion, with outstanding debt of $1.9 billion and net assets of $1.4 billion as of the end of Q4 2025 [29] Q&A Session Summary Question: Insights on Clearwater and market competitiveness - Management highlighted the advantage of being connected to the number one M&A investment bank, which allows for unique opportunities in take-private transactions [37][39] Question: Strategy regarding spillover and deployment - Management indicated that while there are no current plans for special distributions, they could issue some if necessary, depending on future earnings [52] Question: Changes in deal flow composition - Management noted that the composition of deal flow remains stable, with signs of increased M&A activity in various industries, although software remains cautious due to market volatility [53] Question: AI risk framework application to current portfolio - Management confirmed that while most of the portfolio aligns well with the new AI framework, some legacy assets are being actively managed and exited if they do not meet the criteria [58]

Goldman Sachs BDC (NYSE:GSBD) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Company ParticipantsDavid Miller - Co-CEOEthan Kaye - VP of Equity ResearchJohn Silas - Member of Investor RelationsStan Matuszewski - CFOTucker Greene - President and COOVivek Bantwal - Co-CEOConference Call ParticipantsFinian O'Shea - Director and Senior Equity Research AnalystNone - AnalystJohn SilasGood morning. This is John Silas, a member of the investor relations team for Goldman Sachs BDC, Inc, I would like to welcome ...

Goldman Sachs BDC (NYSE:GSBD) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Speaker3Good morning. This is John Silas, a member of the investor relations team for Goldman Sachs BDC, Inc., I would like to welcome everyone to the Goldman Sachs BDC, Inc. fourth quarter and fiscal year-end 2025 earnings conference call. Please note that all participants will be in listen-only mode until the end of the call, when we will open up the line for questions. Before we begin today's call, I would like to remind ou ...

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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]

Company Release – February 26, 2026 Exhibit 99.1 Goldman Sachs BDC, Inc. Reports December 31, 2025 Financial Results and Announces First Quarterly 2026 Base Dividend of $0.32 Per Share and Fourth Quarter 2025 Supplemental Dividend of $0.03 Per Share. NEW YORK — (BUSINESS WIRE) — Goldman Sachs BDC, Inc. ("GSBD", the "Company", "we", "us", or "our") (NYSE: GSBD) today reported financial results for the fourth quarter and year ended December 31, 2025 and filed its Form 10-K with the U.S. Securities and Exchang ...

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]