GSBD 40 adj net investment income shr 37c s. 47c y

GSBD 40 adj net investment income shr 37c s. 47c y

Goldman Sachs BDC, Inc. Reports Q2 2025 Financial Results

Goldman Sachs BDC, Inc. (NYSE: GSBD) reported its second-quarter 2025 financial results on August 7, 2025, with net investment income per share of $0.38 for the quarter ended June 30, 2025. Excluding purchase discount amortization from the Merger, adjusted net investment income per share was $0.37, reflecting an annualized yield of 11.4% on book value. Earnings per share for the quarter were $0.34, below the $0.40 estimate, representing a 5% miss.

Net asset value (NAV) per share declined 1.4% to $13.02 as of June 30, 2025, compared to $13.20 in March 2025. The company's total investments at fair value and commitments stood at $3.8 billion, spread across 162 portfolio companies in 40 industries. Senior secured debt, including first lien investments, comprised 97.4% of the portfolio.

Investment activity during the quarter included $247.9 million in new commitments, with $126.7 million funded. However, net funded investment activity was negative ($131.5 million) due to $288.8 million in sales and repayments from ten portfolio companies. Notably, the company's 1st Lien/Last-Out Unitranche position in Streamland Media Midco LLC was placed on non-accrual status, while other positions, such as its investment in Lithium Technologies, Inc., were restructured and restored to accrual status. As of June 30, 2025, 1.6% of the portfolio at fair value was on non-accrual status.

The company's net debt-to-equity ratio decreased to 1.12x as of June 30, 2025, from 1.16x in March 2025, with 49.9% of its $1.8 billion in debt outstanding classified as unsecured. On February 26, 2025, the board reduced the base quarterly dividend to $0.32 per share, with supplemental distributions tied to excess net investment income. A second-quarter supplemental dividend of $0.03 per share was declared, payable in September 2025.

GSBD also initiated a stock repurchase plan in June 2025, repurchasing 1.05 million shares for $12.1 million during the quarter. The company's next earnings call is scheduled for November 6, 2025.

These results highlight a mixed quarter for GSBD, balancing portfolio adjustments, leverage management, and dividend strategy amid evolving market conditions.