The firm's financial position is under pressure as the debt-to-equity ratio climbed to 1.39x in 2026Q1, while cash reserves dwindled to a precarious $41.9 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 66.98M | 70.14M | 89.89M | 90.9M | 71.38M | 57.04M | 56.33M | 15.2M | 15.68M | 23.62M | 16.54M | 35.45M | 17.62M | 11.83M | 1.8M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 3.28B | 3.31B | 3.51B | 3.43B | 3.52B | 3.49B | 3.26B | 1.46B | 1.38B | 1.27B | 1.17B | 1.1B | 949.87M | 618.39M | 49.96M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 9.76B | 3.3B | 0 | 0 | 0 | 100K | 19.81M | 1.37B | 1.25B | 1.16B | 1.08B | 44.9M | 907.37M | 493.42M | 49.96M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 3.34B | 3.38B | 3.6B | 3.52B | 3.59B | 3.55B | 3.31B | 1.48B | 1.4B | 1.3B | 1.19B | 1.13B | 967.49M | 630.22M | 51.77M |
| Asset Turnover | 0.08x | 0.07x | 0.05x | 0.13x | 0.04x | 0.06x | 0.06x | 0.05x | 0.06x | 0.06x | 0.05x | 0.06x | 0.05x | 0.03x | 0.02x |
| Asset Growth % | -21.27% | -6.11% | 2.29% | -1.91% | 1.14% | 7.2% | 124.53% | 5.6% | 7.58% | 9.08% | 5.1% | 17.08% | 53.52% | 1117.38% | - |
| Total Current Liabilities | 0 | 73.59M | 74.07M | 62.67M | 59.59M | 60.75M | 55.85M | 642.33M | 533.97M | 453.66M | 409.11M | 20.51M | 389.47M | 19.66M | 65.83K |
| Accounts Payable | 0 | 61.57M | 74.07M | 62.67M | 59.59M | 60.75M | 55.85M | 20.47M | 20.53M | 19.75M | 17.92M | 16.77M | 35.73M | 12.41M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 618.41M | 509.42M | 431.25M | 387.75M | 0 | 350.73M | 4.99M | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | - | 0.95x | 1.21x | 1.45x | 1.20x | 0.94x | 1.01x | 0.02x | 0.03x | 0.05x | 0.04x | 1.73x | 0.05x | 0.60x | 27.40x |
| Quick Ratio | - | 0.95x | 1.21x | 1.45x | 1.20x | 0.94x | 1.01x | 0.02x | 0.03x | 0.05x | 0.04x | 1.73x | 0.05x | 0.60x | 27.40x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.97B | 1.89B | 1.96B | 1.86B | 2.03B | 1.88B | 1.64B | 156.82M | 153.12M | 119.1M | 116.29M | 423.6M | 3.44M | 2.78M | 280.42K |
| Long-Term Debt | 1.9B | 1.88B | 1.93B | 1.83B | 2.01B | 1.86B | 1.63B | 151.32M | 149.68M | 111.28M | 110.4M | 419M | 350M | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.97B | 1.96B | 2.03B | 1.92B | 2.09B | 1.94B | 1.7B | 799.15M | 687.08M | 572.76M | 525.4M | 444.11M | 392.91M | 22.44M | 346.25K |
| Total Debt | 1.9B | 1.88B | 1.93B | 1.83B | 2.01B | 1.86B | 1.63B | 769.73M | 659.1M | 542.53M | 498.15M | 419M | 700.73M | 4.99M | 0 |
| Net Debt | 1.86B | 1.83B | 1.87B | 1.77B | 1.97B | 1.83B | 1.59B | 760.32M | 652.99M | 530.92M | 493.59M | 396.29M | 692.12M | -2.42M | -1.54M |
| Debt / Equity | 1.39x | 1.32x | 1.23x | 1.14x | 1.34x | 1.15x | 1.01x | 1.14x | 0.93x | 0.75x | 0.75x | 0.61x | 1.22x | 0.01x | - |
| Debt / EBITDA | 10.44x | 7.99x | 28.23x | - | 33.72x | 9.59x | 9.16x | 20.37x | 11.77x | 10.62x | 11.95x | 8.89x | 18.92x | 0.26x | - |
| Net Debt / EBITDA | 10.21x | 7.81x | 27.32x | - | 33.05x | 9.42x | 8.98x | 20.12x | 11.66x | 10.39x | 11.84x | 8.41x | 18.69x | -0.13x | - |
| Interest Coverage | 1.21x | 2.11x | 0.60x | 3.26x | 0.75x | 3.29x | 4.45x | 1.04x | 2.13x | 2.61x | 2.92x | 4.40x | 7.91x | 51.78x | - |
| Total Equity | 1.37B | 1.42B | 1.57B | 1.6B | 1.5B | 1.61B | 1.62B | 676.13M | 709.89M | 725.83M | 665.14M | 688.65M | 574.58M | 607.78M | 51.42M |
| Equity Growth % | -34.46% | -9.52% | -1.82% | 6.62% | -6.94% | -0.05% | 138.88% | -4.76% | -2.2% | 9.12% | -3.41% | 19.85% | -5.46% | 1081.94% | - |
| Book Value per Share | 12.17 | 12.31 | 13.71 | 14.79 | 14.69 | 15.88 | 29.94 | 16.77 | 17.67 | 18.79 | 18.31 | 19.80 | 19.32 | 20.44 | 26.12 |
| Total Shareholders' Equity | 1.37B | 1.42B | 1.57B | 1.6B | 1.5B | 1.61B | 1.62B | 676.13M | 709.89M | 725.83M | 665.14M | 688.65M | 574.58M | 607.78M | 51.42M |
| Common Stock | 113K | 113K | 117K | 110K | 103K | 102K | 102K | 40K | 40K | 40K | 36K | 36K | 29K | 30K | 0 |
| Retained Earnings | -509.73M | -456.69M | -373.67M | -224.58M | -206.2M | -55.02M | -5.35M | -100.63M | -90.94M | -72.72M | 25.62M | 14.35M | 4.06M | 10K | -184.34K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.42M | -1.42M | -1.42M | 24.2M | -29.66M | -11.91M | -1.41M | 862.55K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Elevated leverage and credit risk
As reported in financial statements, GSBD's debt-to-equity ratio has trended upward from 1.14 in 2023Q4 to 1.39 in 2026Q1, signaling a gradual erosion of the balance sheet cushion as the firm leans more heavily on borrowed capital to sustain its investment portfolio and dividend distributions.
The consistent rise in leverage suggests that the firm is operating with diminishing flexibility to absorb potential credit losses within its middle-market loan book. Investors should monitor whether this trajectory reflects a strategic decision to maximize returns or a necessity-driven approach to maintain dividend coverage amidst portfolio volatility.
Based on the provided figures, GSBD's total debt reached $1.9 billion in 2026Q1, maintaining a high debt-to-equity ratio of 1.39x, which indicates that the company is operating near the upper bound of its historical leverage range and may face constraints in funding future originations without equity dilution.
This reliance on debt financing creates a heightened sensitivity to interest rate fluctuations and credit spreads, potentially impacting the durability of net interest income. The current leverage profile warrants further investigation into the firm's ability to refinance existing obligations should market conditions for BDC debt tighten unexpectedly.
According to recent SEC filings, GSBD's retained earnings have deteriorated significantly, falling to a deficit of $509.7 million in 2026Q1 from $224.6 million in 2023Q4, which suggests that the firm's dividend policy may be outpacing its ability to generate sustainable, long-term organic capital growth.
The persistent expansion of this deficit implies that the company is effectively returning capital to shareholders that has not been fully earned through core operations. This trend raises questions regarding the long-term sustainability of the current payout structure and the quality of the firm's equity base.
As indicated by the company's financial data, cash reserves plummeted to $41.9 million in 2026Q1 from a peak of $115.2 million in 2025Q3, leaving the firm with a limited liquidity buffer to manage potential portfolio shocks or meet immediate operational obligations in a volatile credit environment.
The sharp contraction in cash levels suggests that the firm is prioritizing capital deployment over maintaining a robust liquidity position. This reduced buffer may force the company to rely more heavily on revolving credit facilities, thereby increasing its exposure to counterparty risk and potential liquidity constraints.
Quick answers to the most common questions about buying GSBD stock.
As of 2025, Goldman Sachs BDC, Inc. (GSBD) had total assets of $3.38B including $70.1M in current assets.
Goldman Sachs BDC, Inc. (GSBD) carries total debt of $1.88B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Goldman Sachs BDC, Inc. (GSBD) has total shareholders' equity (book value) of $1.42B ($12.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Goldman Sachs BDC, Inc. (GSBD) reported a current ratio of 0.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.