Goldman Sachs BDC Q4 Earnings Call Highlights

Management also highlighted a decline in payment-in-kind (PIK) income as a share of total investment income to 9% in fourth-quarter 2025 from 15.3% in fourth-quarter 2024. Bantwal said 5.5% of total investment income in the quarter came from PIK introduced through loan modifications or amendments, “the vast majority of which relates to the legacy portfolio.”Non-accruals decreased slightly year-over-year to 1.9% of fair value, down from 2.0% (and below a post-integration high of 3.4%).First-lien exposure ros ...