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What does Goldman Sachs BDC do and what are its main business segments?

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What is Goldman Sachs BDC's latest dividend and current dividend yield?

- **Portfolio Quality Improvement**: 57% of portfolio from post-integration deals, EBITDA up 84%, first lien exposure at 97%.
- **Proactive Credit Management**: PIK income down to 9%, nonaccruals at 1.9%, 13 exits of AI-risky companies.
- **Software Strategy Success**: Clearwater take-private leveraged GS ecosystem, software portfolio revenue growth 10.3% YoY.
- **Financial Strength**: $14.6B 2025 originations, 75% GS-led deals, 1.27x debt-to-equity ratio.
- **Dividend Confidence**: 32c base dividend supported by 25-50bp spread widening in private credit.

**【Management Opening Remarks】**
- GSBD highlighted its integration into the broader direct lending platform, resulting in a 57% proportion of the portfolio from post-integration deals versus 43% legacy deals.
- The company emphasized its 250-person investment team and access to Goldman Sachs' 3,000+ investment bankers for deal origination.
- Portfolio metrics improved: median EBITDA rose 84% to $71.8M, first lien exposure increased to 97%, and ARR loans reduced to 11% from 39% pre-integration.

**【CEO Commentary】**
- GSBD demonstrated proactive credit management with PIK income at 9% (down from 15.3% in Q4 2024) and nonaccruals at 1.9% of fair value.
- Software strategy focused on mission-critical, EBITDA-based investments with a framework assessing AI risks, including Clearwater Analytics case study leveraging GS ecosystem for a $3.5B take-private.
- 2025 originations reached $14.6B, up 12% YoY, with 75% of deals led by GSBD.

**【CFO Financial Commentary】**
- Q4 2025 GAAP net investment income: $0.37/share (11.7% annualized yield on NAV).
- Debt-to-equity ratio: 1.27x, with $1.1B borrowing capacity under revolving credit facility.
- Recent capital actions: $505M debt repayment and $400M 3-year unsecured notes issuance at 5.1% coupon.
- Undistributed taxable income: $0.97/share as of Q4 end.

**【Q&A Highlights】**
- **Clearwater Deal Dynamics**: GSBD leveraged GS ecosystem for exclusive 100% bilateral financing, avoiding competitive lender dilution.
- **Semi-Liquid Structure**: Emphasized single investment committee process for all vehicles, with no preferential treatment for evergreen funds.
- **AI Framework Application**: Proactively exited 13 portfolio companies with AI risk, including a 8-year hold sold at $0.99 to other lenders.
- **Dividend Strategy**: Confident in current 32c base dividend amid 25-50bp spread widening in private credit markets.
- **Share Repurchases**: $52.2M repurchased under 10b5-1 plan since June 2025, with $23M remaining under current authorization.

Goldman Sachs BDC (GSBD) Q4 2025 Earnings Call Transcript

- **M&A Surge Continues**: Q3 2025 M&A volumes up 40.9% YoY, with activity expected to persist into 2026 due to private equity dry powder and corporate activity.
- **Investment Momentum Strong**: $470.6M in new commitments, highest since Q4 2021, with 100% first lien loans and 7 lead roles in 13 new deals.
- **Credit Quality Stable**: 1.5% nonaccruals, stable debt metrics, and minimal impact from Dental Brands ($800K exposure).
- **Financial Resilience**: GAAP NII of $0.40 per share, 12.5% annualized yield, and $400M notes issuance at 5.65%.
- **AI Strategy Focused**: Emphasis on mission-critical software companies with a proprietary risk framework to mitigate AI disruption risks.

**【Management Opening Remarks】**
- Q3 2025 M&A volumes surged 40.9% YoY, driven by risk-on sentiment, lower borrowing costs, and clearer market valuations. Base rate cuts are expected to boost deal activity into 2026.
- Adjusted dividend policy to $0.32 base dividend, reducing reliance on special dividends. Emphasis on credit selection in a competitive market.
- AI strategy focuses on mission-critical software companies with a proprietary risk framework. Q3 net investment income per share was $0.40, with a $0.04 special dividend.

**【CEO Commentary】**
- New investment commitments of $470.6M across 27 companies, highest since Q4 2021. 100% of originations in first lien loans, 7 leads in 13 new portfolio companies.
- Notable deals include $1.5B financing for Walgreens' Shields Health Solutions and Newtek Merchant Solutions refinancing.
- Leveraging Goldman Sachs platform to access high-quality opportunities, maintaining selective approach despite market activity.

**【Portfolio and Credit Quality】**
- Total investments at fair value $3.2B (98.2% senior secured loans). $374.4M repayments, 86% from legacy assets, reducing pre-2022 exposure.
- Repurchased 2.1M shares ($25.1M), accretive to NAV. Portfolio yield 10.3%, stable debt metrics (5.8x net debt/EBITDA), 1.5% nonaccruals.

**【CFO Financial Commentary】**
- Total assets $3.8B, debt $1.8B, net assets $1.5B. Net debt/equity 1.17x, below 1.25x target. Issued $400M 5.65% notes hedged to floating.
- GAAP NII $45.3M ($0.40 per share), 12.5% annualized yield. PIK income 8.2%, stable.

**【Q&A Highlights】**
- Sustained M&A activity into 2026 driven by private equity dry powder and corporate strategic deals.
- No expectation of spread widening; platform enables higher spreads via unique originations.
- Dental Brands nonaccrual minimal impact ($800K exposure), stable credit quality with legacy markdowns.

Goldman Sachs BDC (GSBD) Q3 2025 Earnings Call Transcript

- **Leadership Refresh**: New Co-CEOs Vivek Bantwal and David Miller, with Tucker Greene as President, aim to leverage Goldman Sachs' private credit platform for growth.
- **Strong Q2 Performance**: NII of $0.38 per share, NAV of $13.02, and 1.12x debt-to-equity ratio reflect disciplined portfolio management.
- **Resilient Market Activity**: $247.9M in new investments and $288M in repayments highlight active portfolio rotation, with notable exits in software and specialty logistics.
- **Credit Quality Improving**: Nonaccruals down to 1.6%, with successful resolutions of legacy positions like Lithium and Pro-PT.
- **Dividend Confidence**: $0.32 base + $0.16 special dividend declared for Q3, signaling core earnings strength.

**【Management Opening Remarks】**
- **Leadership Transition**: Alex Chi announced his departure after 31 years, with Vivek Bantwal and David Miller becoming Co-CEOs, and Tucker Greene assuming the role of President of GSBD. The transition aims to leverage Goldman Sachs' private credit platform for enhanced origination and deal flow.
- **Platform Strength**: Emphasis on the integration of GSBD into the broader private credit platform, which has improved origination capabilities and access to proprietary deal flow.

**【CEO Commentary】**
- **Market Overview**: Despite policy volatility (e.g., Liberation Day tariffs), the M&A market remained resilient with 29% YoY growth in H1 2025. Sponsors are acting in tariff-insensitive sectors like software and financial services, aligning with GSBD's strategic focus.
- **Q2 Financial Highlights**: 
  - Net Investment Income (NII) per share: $0.38 (GAAP) / $0.37 (adjusted), annualized yield of 11.4%.
  - NAV per share: $13.02 (down 1.4% QoQ due to special dividend), adjusted NAV: $12.99.
  - Debt-to-equity ratio: 1.12x (below target of 1.25x).
- **Dividend Policy**: Declared a $0.32 base dividend and $0.16 special dividend for Q3, reflecting confidence in core earnings.

**【CFO Financial Commentary】**
- **Portfolio Activity**: 
  - New investment commitments: $247.9M (highest since Q3 2024), 100% in senior secured loans.
  - Repayments: $288M (80% from legacy pre-2022 investments), including notable exits like Rubrik (2.5x revenue growth) and Zep.
- **Credit Quality**: 
  - Weighted average yield: 10.7%.
  - Nonaccruals: 1.6% of fair value (down from 1.9%), with improvements in Pro-PT and Lithium (restructured into cash-paying and equity-linked securities).
- **Leverage Management**: $793M borrowing capacity under revolving credit facility; Truist RCF spread reduced by 10bps.

**【Q&A Highlights】**
- **Leverage Outlook**: Management expects leverage to rise as new commitments fund, with a focus on selective deployment in high-quality credits.
- **Nonaccrual Resolution**: Exits of Kawa Solar and Lithium (restructured into equity-linked securities) demonstrate proactive credit management. One new nonaccrual added (Streamland Media).

Goldman Sachs BDC (GSBD) Q2 2025 Earnings Call Transcript

- **Portfolio Resilience**: 96% first lien, 3% tariff exposure, non-accruals drop to 1.9%. 
- **Yield Dynamics**: 10.8% portfolio yield, 15% EBITDA growth, 1.9x interest coverage.
- **Dividend Discipline**: $0.42 NII, 12.4% annualized yield, leverage below 1.25x target.
- **Strategic Focus**: 88% repayments redeployed, 100% new deals in first lien.

**【Management Overview】**
- **Macro Environment & Tariff Impact**: 3% of portfolio fair value (4/163 companies) exposed to China supply chain tariffs. 96% of investments in first lien with attractive LTV. New M&A activity delayed, but refinancings pivot to direct lending. New investments in low/mid 9% yields, spreads widened 25bps QoQ.

**【CEO Insights】**
- **Investment Activity**: $87.8M new commitments across 14 companies (6 new, 100% first lien). Notable deals: Vermont Information Processing (admin agent, largest lender) and Celero Commerce (long-term relationship). 88% of $179M repayments redeployed into new originations.

**【Portfolio Performance】**
- **Yield & Metrics**: Portfolio yield 10.8% (vs 11.2% prior qtr). EBITDA growth 15% YoY, net debt/EBITDA 5.8x (down from 6.2x). Interest coverage 1.9x (up from 1.8x). Non-accruals 1.9% of fair value (down from 2%).

**【Financial Results】**
- **Earnings**: GAAP NII $0.42/sh, NAV $13.20 (down 1.6% vs prior qtr). Special dividend $0.16/sh, supplemental $0.05/sh. Leverage 1.16x (target 1.25x). PIK income 11% of total (down from 15%).

**【Q&A Highlights】**
- **Yield Decline**: Driven by exiting high-coupon non-accruals, not repricing. New deals widened spreads 25bps. No immediate tariff impact on fair value, ongoing monitoring.


Goldman Sachs BDC (GSBD)-9 May 25-2025 Q1 Earnings call transcript

- **Portfolio Restructuring Success**: 96.3% first-lien positions, $858M repayments from older vintages, and 99.9% first-lien originations in Q4. 
- **Dividend Flexibility**: $0.32 base + variable supplements, $0.16 special dividends Q1-Q3 2025, and 17.5% incentive fee cap. 
- **Financial Resilience**: 14.0% annualized yield, $152M undistributed taxable income, and 1.17x leverage ratio. 
- **Strategic Growth**: 2025 outlook driven by private equity activity, with selective ARR exposure (<50%) and low tariff risk.

**【CEO Summary Section】**
- **Direct Lending Platform Growth**: Committed $13 billion in 2024, doubling 2023 activity, with a focus on middle-market origination. First-lien positions increased to 96.3% of the portfolio (from 89.4% in 2021). 
- **Dividend Restructuring**: Reset quarterly dividend to $0.32 base + variable supplements (50% of excess NII). Declared $0.16 special dividends for Q1-Q3 2025, maintaining targeted leverage below 1.25x. 
- **Portfolio Harvesting**: $858.8 million in repayments in 2024, 82% from 2021+ vintages. Q4 2024 new commitments: $173 million (99.9% first-lien). 
- **Strategic Outlook**: Expect 2025 deal volume growth driven by private equity dry powder and DPI distributions. 

**【CFO Financial Commentary】**
- **Q4 2024 Financials**: GAAP NII of $0.48 per share, 14.0% annualized yield on book value. PIK income rose to 15% (12% excluding one-time adjustments). 
- **Debt Management**: Repaid $360 million senior notes, leaving $626 million undrawn on revolving credit. Undistributed taxable income: $152 million ($1.30 per share). 
- **Leverage**: Ended Q4 at 1.17x debt/equity, below 1.25x target. 65.1% of debt unsecured. 

**【Q&A Highlights】**
- **Leverage & Dividend Sustainability**: No plans to increase target leverage; $0.32 base dividend modeled with spread compression and refinancing costs. 
- **Tariff Exposure**: <5% portfolio companies have meaningful tariff-related exposure. 
- **PIK Income Growth**: Driven by selective portfolio company amendments, not broad credit deterioration. Risk-rated portfolio companies (3-4) decreased to 6.8% (from 9.5%). 
- **ARR Loan Reduction**: Software exposure now <50% of portfolio, down from prior levels. 
- **Incentive Fee Adjustment**: Reduced cap from 20% to 17.5%, maintaining 3-year lookback for fee calculation.

Actual											0.45	0.45	0.45	0.48	0.48	0.48	0.48	0.48	0.49	0.49	0.6	0.66	0.46	0.59	0.67	0.56	0.55	0.59	0.58	0.48	0.42	0.38	0.4	0.37
Forecast											0.4674	0.4584	0.4462	0.4586	0.5014	0.4744	0.4774	0.4781	0.4226	0.4634	0.4528	0.5078	0.5291	0.5507	0.57	0.5674	0.5447	0.5218	0.545	0.4951	0.4238	0.3928	0.3565	0.3431
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.72%	-1.83%	+0.85%	+4.67%	-4.27%	+1.18%	+0.54%	+0.40%	+15.95%	+5.74%	+32.51%	+29.97%	-13.06%	+7.14%	+17.54%	-1.30%	+0.97%	+13.07%	+6.42%	-3.05%	-0.90%	-3.26%	+12.20%	+7.84%

GSBD

GSBD fundamentals

GSBD Q4 2025 Earnings

Earnings Call

You can ask Aime

GSBD

GSBD fundamentals

GSBD Q4 2025 Earnings

Earnings Call

GSBD Earnings Call Summary for Q4/20259:00 AM on Feb 27, 2026

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GSBD Earnings Call Summary for Q2/20259:00 AM on Aug 8, 2025

GSBD Earnings Call Summary for Q1/20259:00 AM on May 9, 2025

GSBD Earnings Call Summary for Q4/20249:00 AM on Feb 28, 2025

You can ask Aime