GSBD

GSBD is a Goldman-managed BDC whose 2025 GAAP net income rebounded sharply to $119M ($1.03 diluted EPS) from $62.9M in 2024 — an 89.7% YoY jump that, combined with the $9.36 price, prints a 9.1x P/E. But the MD&A makes clear the rebound is *not* driven by a stronger franchise: total investment income actually fell from $434.4M in 2024 to $365.6M in 2025, with interest income dropping from $378.1M to $327.6M and PIK income from $50.4M to $32.9M. Management attributes the decline to 'a decline in base interest rates and tightening of credit spreads in addition to the decrease in the size of our portfolio' — the amortized cost of the portfolio shrank from $3.67B to $3.40B. The earnings 'beat' is largely the absence of last year's $190M of realized/unrealized losses, not a step-up in the underlying business.

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