Goldman Sachs BDC Earnings Call Transcripts
Fiscal Year 2026
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Net investment income rose sharply in Q2 2026, driven by higher investment income and lower expenses, with leverage reduced below target and a new stock repurchase program set to begin. Deal activity is shifting to healthcare, business services, and industrials, while credit quality remains stable.
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Portfolio transition accelerates, with new originations showing strong credit performance and legacy assets driving most non-accruals and losses. Net investment income and NAV declined due to unrealized losses, but liquidity and capital management remain robust.
Fiscal Year 2025
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Portfolio transition to Direct Lending platform drove higher first lien exposure and improved credit quality, with strong software segment performance and proactive AI risk management. Net investment income per share was $0.37 for Q4, and NAV per share was $12.64.
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Q3 2025 saw strong M&A-driven investment activity, record new commitments, and robust portfolio repayments. Net investment income per share was $0.40, with NAV per share at $12.75, and non-accruals remained low. Management expects elevated M&A activity to continue into 2026.
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Q2 2025 saw strong new investment activity, robust portfolio rotation, and continued focus on first lien senior secured loans. Net investment income per share was $0.38, with NAV per share at $13.02, and leverage below target. Leadership transitions and special dividends marked the quarter.
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Q1 2025 saw resilient portfolio performance with net investment income per share of $0.42 and a 1.6% NAV decline, mainly due to special dividends and net losses. New investments focused on first-line loans, while non-accruals and leverage ratios improved.
Fiscal Year 2024
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Record new investment commitments and portfolio rotation toward first lien loans marked 2024, with net investment income per share at $0.48 in Q4. Dividend policy was restructured, and leverage remains below target. Optimism persists for increased deal activity in 2025.
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Net investment income per share was $0.58, with net asset value per share at $13.54, down 1% from Q2. Portfolio turnover accelerated, with strong originations and repayments, and non-accruals decreased. Optimism remains high for M&A and private credit activity in 2025.
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Net investment income per share increased 7.3% sequentially, while net asset value per share declined 6% due to markdowns in three software investments, two of which were placed on non-accrual. Originations hit a post-integration high, and portfolio quality remains a focus.