Goldman Sachs Bdc Stock Earnings Reports

Goldman Sachs BDC reported Q3 2025 results with NAV per share of $12.75 (down 2.1% QoQ, adjusted NAV $12.71), GAAP net investment income per share of $0.40, and a net debt-to-equity ratio of 1.17x (below their 1.25x target). The company saw its highest quarter of new investment commitments since the platform integration in 2022: ~$470.6 million across 27 companies, all first-lien loans and 7 led by GS, benefiting from improved M&A activity and the firm’s access to the Goldman Sachs ecosystem. Portfolio fair value investments were $3.2 billion (total investments + unfunded $3.8 billion) with 98% in senior secured loans; repayments increased to $374.4 million in the quarter, recycling legacy exposures. Yield on debt/income-producing investments was 10.3% (down from 10.7%); weighted average net debt/EBITDA was 5.8x and interest coverage improved to 1.9x. Nonaccruals remained low (1.5% of fair value). The board declared a Q3 supplemental dividend of $0.04 and a Q4 base dividend of $0.32 per share. The company issued $400 million of 5-year unsecured notes at 5.65% (swapped to floating) and repurchased ~2.1 million shares for $25.1 million under its 10b5-1 plan. Management emphasized disciplined underwriting, focus on first-lien/mission-critical investments (including proprietary AI/software risk framework), and that recent rate cuts and anticipated further easing should accelerate deal activity while maintaining selective credit standards.