Goldman Sachs BDC Declares $0.32 Quarterly Dividend, Adds $0.03 Supplemental
Goldman Sachs BDC, Inc., a business development company, declared a first quarter 2026 base dividend of $0.32 per share. The board also approved a $0.03 supplemental dividend for the fourth quarter 2025.
Goldman Sachs BDC, Inc. (NYSE: GSBD), a business development company focused on middle-market lending, declared a first quarter 2026 base dividend of $0.32 per share, payable April 28, 2026 to shareholders of record as of March 31, 2026. Read more dividend announcements.
The company's board also declared a fourth quarter 2025 supplemental dividend of $0.03 per share, which will be paid on or about March 20, 2026 to shareholders of record as of March 9, 2026.
| Dividend Type | Amount | Record Date | Payment Date |
|---|---|---|---|
| Q1 2026 Base | $0.32 | March 31, 2026 | April 28, 2026 |
| Q4 2025 Supplemental | $0.03 | March 9, 2026 | March 20, 2026 |
The dividend announcement came alongside the company's fourth quarter 2025 financial results. Net investment income and adjusted net investment income per share for the quarter ended December 31, 2025 was $0.37, equating to an annualized net investment income yield on book value of 11.7%.
Net asset value per share as of December 31, 2025 decreased 0.9% to $12.64 from $12.75 as of September 30, 2025. Adjusted for the impact of the supplemental dividend related to the fourth quarter's earnings, the company's adjusted NAV per share was $12.61.
Portfolio Performance
As of December 31, 2025, the company's total investments at fair value and commitments were $3.90 billion, comprised of investments in 171 portfolio companies across 40 industries. The investment portfolio was comprised of 98.4% senior secured debt, including 96.9% in first lien investments.
During the quarter, Goldman Sachs BDC had new investment commitments of approximately $394.9 million, of which $230.2 million were funded. Sales and repayments activity totaled $251.6 million, resulting in net funded investment activity of $69.5 million.
The company placed its first lien position in Pluralsight, Inc. on non-accrual status during the quarter due to financial underperformance. As of December 31, 2025, investments on non-accrual status amounted to 1.9% of the total investment portfolio at fair value and 2.8% at amortized cost.
Capital Structure
The company's ending net debt-to-equity ratio was 1.27x as of December 31, 2025 compared to 1.17x as of September 30, 2025. As of December 31, 2025, approximately 68.9% of the company's $1.89 billion aggregate principal amount of debt outstanding was comprised of unsecured debt.
On January 28, 2026, the company closed an offering of $400.0 million aggregate principal amount of 5.100% unsecured notes due 2029.
Share Repurchase Activity
During the three months ended December 31, 2025, the company repurchased 1,544,029 shares for $15.0 million under its 10b5-1 stock repurchase plan, which allows purchases of up to $75.0 million of shares if the common stock trades below the most recently announced quarter-end NAV per share.
Portfolio Composition
Loans underwritten by the company based on the portfolio company's annualized recurring revenue rather than EBITDA represented 11.0% of the total portfolio at fair value as of December 31, 2025.
During the fourth quarter of 2025, 9.0% of the company's total investment income was derived from investments with payment-in-kind terms, of which 5.5% was from PIK that was introduced as a loan modification or amendment after the initial agreement.