The declining investment income and NAV, combined with increased leverage and a non-accrual investment, suggest weakening fundamentals. The dividend coverage may be under pressure despite the stable base dividend.
Price Chart
Executive Summary
Goldman Sachs BDC, Inc. (GSBD) reported Q4 2025 financial results showing a decline in net investment income per share to $0.37 from $0.40 and a 0.9% decrease in NAV to $12.64. The company increased leverage and placed a Pluralsight investment on non-accrual status, while also announcing a base dividend of $0.32 and supplemental dividend of $0.03 per share.
Key Financial Metrics
Key Facts
- Net investment income per share decreased to $0.37 from $0.40 in the prior quarter
- Net asset value per share declined 0.9% to $12.64
- Ending net debt-to-equity ratio increased to 1.27x from 1.17x
- Pluralsight investment placed on non-accrual status due to financial underperformance
- Board declared base dividend of $0.32 and supplemental dividend of $0.03 per share
Financial Impact
Net investment income decreased by 7.5% sequentially; NAV declined 0.9%; leverage increased
Risk Factors
- Declining net investment income could pressure dividend sustainability
- Increased leverage exposes the company to higher interest rate risk
- Additional investments could be placed on non-accrual status if economic conditions worsen
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-078362 |
| Document: d117783d8k.htm | 0001193125-26-078362 |
| Document: 0001193125-26-078362-index-headers.html | 0001193125-26-078362 |
| Document: 0001193125-26-078362-index.html | 0001193125-26-078362 |
| Document: 0001193125-26-078362.txt | 0001193125-26-078362 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | Insider Buy | $8.59 $8.57 | ▼ −0.23% | ▼ −0.09% | $8.57 (−0.23%) |
Oct 5, 2026 21d ago | 8-K | $9.03 $8.74 | ▼ −3.21% | ▼ −3.07% | $8.57 (−5.09%) |
Feb 27, 2026 34w ago | 8-K | $8.71 $8.99 | ▼ −3.20% | ▼ −5.18% | $8.57 (+1.62%) |
US Market Status
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