Goldman Sachs BDC Declares $0.32 Base Dividend, $0.16 Special Dividend, and Reports Q2 2025 Earnings

Goldman Sachs BDC, Inc. reported Q2 2025 financial results with net investment income per share at $0.38, adjusted to $0.37. Total investments reached $3.8 bln at fair value, and the company declared a third-quarter base dividend of $0.32 per share and a special dividend of $0.16 per share.

Goldman Sachs BDC, Inc. (NYSE: GSBD) reported mixed financial results for the second quarter of 2025. The business development company announced that net investment income after tax decreased to $44.45 million from $66.96 million in the previous year. This decline was reflected in a net investment income per share of $0.38, compared to a loss per share of $0.59 last year. Adjusted net investment income after tax also decreased to $43.45 million from $65.22 million, with adjusted net investment income per share at $0.37, versus a loss per share of $0.57 last year.

The company's adjusted earnings per share were $0.34, compared to an adjusted loss per share of $0.47 last year. Net asset value (NAV) per share declined by 1.4% to $13.02 from $13.20 in the previous quarter, continuing a downward trend from $13.67 in Q2 2024.

Despite the decline in net investment income, GSBD maintained its conservative investment approach, with 97.4% of its portfolio in senior secured debt, including 95.9% in first lien investments. Total investments at fair value and commitments stood at $3,795.6 million across 162 portfolio companies.

The company's dividend policy remained strong, with a third-quarter base dividend of $0.32 per share and a special dividend of $0.16 per share. Additionally, a second-quarter 2025 supplemental dividend of $0.03 per share was paid on or about September 15, 2025. The company also repurchased 1,047,183 shares for $12.1 million during the quarter.

The stock closed at $11.19 following the announcement, rising 2.72% despite missing analyst expectations for earnings per share and revenue. The company's debt profile shows a total of $1.8 billion in outstanding debt, with a balanced mix of secured and unsecured debt.

Looking ahead, GSBD anticipates increased deal flow in the second half of 2025 as it continues its strategy to rotate out of legacy investments and capitalize on the ongoing M&A market recovery. The company's conservative investment approach and focus on senior secured debt suggest a balanced strategy for navigating the current environment.

References:
[1] https://www.nasdaq.com/articles/goldman-sachs-net-investment-income-decline-q2
[2] https://www.investing.com/news/company-news/goldman-sachs-bdc-q2-2025-slides-mixed-results-amid-strategic-portfolio-shifts-93CH-4181260
[3] https://seekingalpha.com/news/4481991-goldman-sachs-bdc-reports-q2-results