Q4 2025 Goldman Sachs BDC Inc Earnings Call Transcript
Key Points
- Goldman Sachs BDC Inc (GSBD) has enhanced its sourcing, underwriting, and portfolio management oversight since its integration into the broader Direct Lending platform in 2022.
- The median EBITDA of the portfolio increased by 84% from year-end 2021 to $71.8 million at year-end 2025.
- Exposure to first lien investments increased to 97% of the portfolio from 89% during the same period.
- ARR loans within GSBD specifically decreased from nearly 39% of the portfolio on a fair value basis to 11% by year-end 2025.
- GSBD committed approximately $14.6 billion in the Americas in 2025, surpassing the $13 billion committed in 2024 and more than doubling the activity in 2023.
- Net asset value per share decreased by approximately 1% relative to the third quarter due to net realized and unrealized losses.
- The weighted average yield of total debt and income-producing investments decreased from 10.3% at the end of the third quarter to 9.9% at the end of the fourth quarter.
- Investments on non-accrual status increased slightly to 2.8% and 1.9% of the total investment portfolio at amortized cost and fair value, respectively.
- Net debt-to-equity ratio increased from 1.17x as of September 30th, 2025, to 1.27x as of December 31st, 2025.
- Total investment income for the fourth quarter decreased to $86.1 million from $91.6 million in the prior quarter.
Good 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 todayâs call, I would like to remind our listeners that todayâs remarks may include forward-looking statements.
These statements represent the companyâs belief regarding future events that, by their nature, are uncertain and outside of the companyâs control. The companyâs actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements as a result of a number of factors, including those described from time to time in the companyâs SEC filings.
This audio cast is copyrighted material of Goldman Sachs BDC, Inc., and may not be duplicated, reproduced, or rebroadcasted without our consent.
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