Goldman Sachs BDC, Inc. reported a net investment income of $49.6 million for the first quarter of 2025, a decrease from $60.9 million in the same period of the previous year. The company's total investment income fell to $96.9 million, down from $111.5 million year-over-year, primarily due to a decline in interest income from non-controlled/non-affiliated investments, which decreased from $96.9 million to $84.2 million. The company also experienced net realized losses of $44.2 million, compared to losses of $17 million in the prior year, contributing to a net increase in net assets from operations of $31.6 million, down from $42.5 million.
In terms of financial position, Goldman Sachs BDC's total assets decreased to $3.5 billion as of March 31, 2025, from $3.6 billion at the end of 2024. The company's net assets also declined to $1.5 billion, down from $1.6 billion, with a net asset value per share of $13.20, compared to $13.41 at the end of the previous fiscal year. The decrease in net assets was attributed to net realized losses and distributions to stockholders, which totaled $56.3 million for the quarter, up from $52.8 million in the prior year.
Operationally, Goldman Sachs BDC's investment portfolio consisted of 163 companies, with a fair value of $3.4 billion. The company reported a weighted average yield on its debt investments of 10.0% at amortized cost and 11.3% at fair value. The company’s investments included 95.4% performing debt, with 4.6% classified as non-accrual. The company’s leverage ratio remained stable, with an asset coverage ratio of 182% as of March 31, 2025.
Looking ahead, Goldman Sachs BDC plans to continue focusing on its investment strategy, which includes direct originations of secured debt and select equity investments. The company has also filed for a new exemptive order from the SEC to facilitate co-investment opportunities with affiliated accounts. The Board of Directors declared a quarterly base distribution of $0.32 per share and a special distribution of $0.16 per share, both payable in July 2025, indicating a commitment to returning capital to shareholders while navigating the current market conditions.
About Goldman Sachs BDC, Inc.
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