Goldman Sachs BDC, Inc. Reports September 30, 2024 Financial Results and Announces Quarterly Dividend of $0.45 Per Share
Goldman Sachs BDC reported Q3 2024 financial results with net investment income of $0.58 per share. The company's NAV per share decreased 1.0% to $13.54 from $13.67 in the previous quarter. Total investments at fair value were $4,017.5 million across 167 portfolio companies. The investment portfolio consisted of 97.6% senior secured debt. The company had gross originations of $376.6 million and declared a quarterly dividend of $0.45 per share. Total investment income was $110.4 million, up from $108.6 million in the previous quarter. The company's net debt-to-equity ratio stood at 1.16x.
Goldman Sachs BDC ha riportato i risultati finanziari del terzo trimestre 2024 con un reddito da investimento netto di 0,58 dollari per azione. Il NAV per azione della società è diminuito dell'1,0% a 13,54 dollari rispetto ai 13,67 dollari del trimestre precedente. Gli investimenti totali a valore equo ammontavano a 4.017,5 milioni di dollari distribuiti su 167 aziende in portafoglio. Il portafoglio di investimenti era composto per il 97,6% da debito garantito senior. L'azienda ha registrato origini lorde di 376,6 milioni di dollari e ha dichiarato un dividendo trimestrale di 0,45 dollari per azione. Il reddito totale da investimenti è stato di 110,4 milioni di dollari, in aumento rispetto ai 108,6 milioni di dollari del trimestre precedente. Il rapporto debito netto su capitale proprio della società si attestava a 1,16x.
Goldman Sachs BDC informó los resultados financieros del tercer trimestre de 2024 con un ingreso neto por inversión de 0,58 dólares por acción. El NAV por acción de la compañía disminuyó un 1,0% a 13,54 dólares desde 13,67 dólares en el trimestre anterior. Las inversiones totales a valor razonable fueron de 4.017,5 millones de dólares en 167 empresas de la cartera. La cartera de inversiones consistía en un 97,6% de deuda senior garantizada. La compañía tuvo orígenes brutos de 376,6 millones de dólares y declaró un dividendo trimestral de 0,45 dólares por acción. El ingreso total por inversiones fue de 110,4 millones de dólares, un aumento desde los 108,6 millones de dólares en el trimestre anterior. La relación de deuda neta a capital de la compañía fue de 1,16x.
골드만 삭스 BDC는 2024년 3분기 재무 결과를 보고하며 주당 순투자 수익이 0.58 달러에 달했습니다. 회사의 주당 NAV는 지난 분기의 13.67 달러에서 1.0% 감소한 13.54 달러로 떨어졌습니다. 공정 가치 기준의 총 투자액은 40억 1750만 달러로, 167개의 포트폴리오 기업에 분산되어 있습니다. 투자 포트폴리오는 97.6%가 선순위 담보 부채로 구성되었습니다. 회사는 3억 7660만 달러의 총 발생액을 기록했으며, 주당 0.45 달러의 분기 배당금을 선언했습니다. 총 투자 수익은 1억 1040만 달러로, 지난 분기의 1억 860만 달러에서 증가했습니다. 회사의 순 부채 대비 자본 비율은 1.16배로 나타났습니다.
Goldman Sachs BDC a rapporté les résultats financiers du troisième trimestre 2024 avec un revenu net d'investissement de 0,58 dollar par action. Le NAV par action de la société a diminué de 1,0% pour atteindre 13,54 dollars contre 13,67 dollars au trimestre précédent. Les investissements totaux à la juste valeur ont été de 4.017,5 millions de dollars répartis sur 167 entreprises du portefeuille. Le portefeuille d'investissements était composé à 97,6% de dettes senior sécurisées. La société a enregistré des origines brutes de 376,6 millions de dollars et a déclaré un dividende trimestriel de 0,45 dollar par action. Le revenu total des investissements s'élevait à 110,4 millions de dollars, en hausse par rapport à 108,6 millions de dollars au trimestre précédent. Le ratio dette nette sur capitaux propres de la société était de 1,16x.
Goldman Sachs BDC berichtete über die finanziellen Ergebnisse des dritten Quartals 2024 mit einem Nettoanlageergebnis von 0,58 US-Dollar pro Aktie. Der NAV pro Aktie des Unternehmens sank um 1,0% auf 13,54 US-Dollar von 13,67 US-Dollar im vorherigen Quartal. Die Gesamtinvestitionen zum fairen Wert betrugen 4.017,5 Millionen US-Dollar verteilt auf 167 Portfoliounternehmen. Das Anlageportfolio bestand zu 97,6% aus vorrangiger gesicherter Verschuldung. Das Unternehmen hatte brutto Neuengagements von 376,6 Millionen US-Dollar und erklärte eine vierteljährliche Dividende von 0,45 US-Dollar pro Aktie. Das Gesamteinkommen aus Investitionen betrug 110,4 Millionen US-Dollar, ein Anstieg von 108,6 Millionen US-Dollar im vorherigen Quartal. Das Verhältnis von Nettoschulden zu Eigenkapital des Unternehmens betrug 1,16x.
- Net investment income of $0.58 per share, representing 16.8% annualized yield on book value
- Increased total investment income to $110.4 million from $108.6 million in previous quarter
- Strong portfolio composition with 97.6% in senior secured debt
- Maintained stable quarterly dividend of $0.45 per share
- NAV per share decreased 1.0% to $13.54 from $13.67
- Net realized and unrealized losses of $30.9 million
- 2.2% of investment portfolio at fair value on non-accrual status
- Net funded investment activity of negative $69.4 million
Insights
The Q3 2024 results show mixed performance for Goldman Sachs BDC. Net investment income came in at
Key metrics reveal both strengths and concerns: The investment portfolio remains well-positioned with
The leverage ratio improved marginally to 1.16x from 1.19x, staying within reasonable levels for a BDC. The company maintains good liquidity with
The portfolio quality metrics indicate increasing stress. The weighted average leverage (net debt/EBITDA) increased to 6.3x from 6.1x, suggesting higher risk in underlying investments. While interest coverage improved to 1.7x, two portfolio companies experienced changes in accrual status during the quarter.
The shift in portfolio composition, with investments across 167 companies in 41 industries, provides diversification benefits. However, the increase in non-accrual investments to
QUARTERLY HIGHLIGHTS
-
Net investment income per share for the quarter ended September 30, 2024 was
$0.58 $0.01 $0.57 16.8% .1 Earnings per share for the quarter ended September 30, 2024 was$0.32 -
Net asset value ("NAV") per share for the quarter ended September 30, 2024 decreased
1.0% to$13.54 $13.67 -
As of September 30, 2024, the Company’s total investments at fair value and commitments were
$4,017.5 million 97.6% senior secured debt, including96.3% in first lien investments2. -
During the quarter, the Company had gross originations of approximately
$376.6 million $212.7 million $47.0 million $329.1 million $(69.4) million -
During the quarter, there were changes to accrual status for two portfolio companies. Pluralsight, Inc. was restructured and one first lien position remained on non-accrual status and another first lien position was restored to accrual status. Additionally, we exited Zodiac Intermediate, LLC, also known as Zipari, which had previously been on non-accrual status through a sale of the company. As of September 30, 2024, investments on non-accrual status amounted to
2.2% and4.5% of the total investment portfolio at fair value and amortized cost, respectively. - The Company’s ending net debt-to-equity ratio was 1.16x as of September 30, 2024 and 1.19x as of June 30, 2024.
-
As of September 30, 2024,
66.7% of the Company’s approximately$1,887.8 million 33.3% was comprised of secured debt.4 -
The Company’s Board of Directors declared a regular fourth quarter 2024 dividend of
$0.45 -
On November 15, 2023, the Company entered into an equity distribution agreement, pursuant to which it may issue up to
$200 million $3.9 million $0.1 million
SELECTED FINANCIAL HIGHLIGHTS
(in $ millions, except per share data) |
|
As of September 30, 2024 |
|
As of June 30, 2024 |
|
||
Investment portfolio, at fair value2 |
|
$ |
3,442.1 |
|
$ |
3,518.7 |
|
Total debt outstanding4 |
|
$ |
1,887.8 |
|
$ |
1,955.1 |
|
Net assets |
|
$ |
1,586.1 |
|
$ |
1,595.9 |
|
Net asset value per share |
|
$ |
13.54 |
|
$ |
13.67 |
|
Ending net debt to equity |
|
1.16x |
|
1.19x |
|
||
(in $ millions, except per share data) |
|
Three Months Ended September 30, 2024 |
|
Three Months Ended June 30, 2024 |
|
||
Total investment income |
|
$ |
110.4 |
|
$ |
108.6 |
|
|
|
|
|
|
|
||
Net investment income after taxes |
|
$ |
68.2 |
|
$ |
67.0 |
|
Less: Purchase discount amortization |
|
|
1.0 |
|
|
1.8 |
|
Adjusted net investment income after taxes1 |
|
$ |
67.2 |
|
$ |
65.2 |
|
|
|
|
|
|
|
||
Net realized and unrealized gains (losses) |
|
$ |
(30.9 |
) |
$ |
(121.4 |
) |
Add: Realized/Unrealized depreciation from the purchase discount |
|
|
1.0 |
|
|
1.8 |
|
Adjusted net realized and unrealized gains (losses)1 |
|
$ |
(29.9 |
) |
$ |
(119.6 |
) |
|
|
|
|
|
|
||
Net investment income per share (basic and diluted) |
|
$ |
0.58 |
|
$ |
0.59 |
|
Less: Purchase discount amortization per share |
|
|
0.01 |
|
|
0.02 |
|
Adjusted net investment income per share1 |
|
$ |
0.57 |
|
$ |
0.57 |
|
|
|
|
|
|
|
||
Weighted average shares outstanding |
|
|
116.9 |
|
|
114.4 |
|
Regular distribution per share |
|
$ |
0.45 |
|
$ |
0.45 |
|
Total investment income for the three months ended September 30, 2024 and June 30, 2024 was
Net expenses before taxes for the three months ended September 30, 2024 and June 30, 2024 were
INVESTMENT ACTIVITY2
The following table summarizes investment activity for the three months ended September 30, 2024:
|
|
New Investment Commitments |
|
|
Sales and Repayments |
|
||||||||||
Investment Type |
|
$ Millions |
|
|
% of Total |
|
|
$ Millions |
|
|
% of Total |
|
||||
1st Lien/Senior Secured Debt |
|
$ |
369.5 |
|
|
|
98.1 |
% |
|
$ |
319.6 |
|
|
|
97.2 |
% |
1st Lien/Last-Out Unitranche |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
— % 10 |
|
|
2nd Lien/Senior Secured Debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unsecured Debt |
|
|
7.1 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
— |
|
Preferred Stock |
|
|
— |
|
|
|
— |
|
|
|
9.3 |
|
|
|
2.8 |
|
Common Stock |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
— % 10 |
|
|
Total |
|
$ |
376.6 |
|
|
|
100.0 |
% |
|
$ |
329.1 |
|
|
|
100.0 |
% |
During the three months ended September 30, 2024, new investment commitments were across fifteen new portfolio companies and nineteen existing portfolio companies. Sales and repayments were primarily driven by the repayment and refinancing of our investments in ten portfolio companies.
PORTFOLIO SUMMARY2
As of September 30, 2024, the Company’s investments consisted of the following:
|
|
Investments at Fair Value |
|
|||||
Investment Type |
|
$ Millions |
|
|
% of Total |
|
||
1st Lien/Senior Secured Debt |
|
$ |
3,153.3 |
|
|
|
91.6 |
% |
1st Lien/Last-Out Unitranche |
|
|
163.3 |
|
|
|
4.7 |
|
2nd Lien/Senior Secured Debt |
|
|
42.9 |
|
|
|
1.3 |
|
Unsecured Debt |
|
|
16.3 |
|
|
|
0.5 |
|
Preferred Stock |
|
|
30.1 |
|
|
|
0.9 |
|
Common Stock |
|
|
35.8 |
|
|
|
1.0 |
|
Warrants |
|
|
0.4 |
|
|
—10 |
|
|
Total |
|
$ |
3,442.1 |
|
|
|
100.0 |
% |
The following table presents certain selected information regarding the Company’s investments:
|
|
As of |
|
|||||
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Number of portfolio companies |
|
|
167 |
|
|
|
144 |
|
Percentage of performing debt bearing a floating rate5 |
|
|
99.4 |
% |
|
|
99.9 |
% |
Percentage of performing debt bearing a fixed rate5 |
|
|
0.6 |
% |
|
|
0.1 |
% |
Weighted average yield on debt and income producing investments, at amortized cost6 |
|
|
11.8 |
% |
|
|
12.6 |
% |
Weighted average yield on debt and income producing investments, at fair value6 |
|
|
13.9 |
% |
|
|
13.8 |
% |
Weighted average leverage (net debt/EBITDA)7 |
|
6.3x |
|
|
6.1x |
|
||
Weighted average interest coverage7 |
|
1.7x |
|
|
1.5x |
|
||
Median EBITDA7 |
$ |
62.49 million |
|
$ |
53.98 million |
|
||
As of September 30, 2024, investments on non-accrual status represented
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2024, the Company had
The Company’s ending net debt-to-equity leverage ratio was 1.16x for the three months ended September 30, 2024, as compared to 1.19x for the three months ended June 30, 2024. 9
CONFERENCE CALL
The Company will host an earnings conference call on Friday, November 8, 2024 at 9:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (800) 289-0459; international callers should dial +1 (929) 477-0443; conference ID 427709. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. An archived replay will be available on the Company’s webcast link located on the Investor Resources section of the Company’s website.
Please direct any questions regarding the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at gsbdc-investor-relations@gs.com.
ENDNOTES
1) |
|
On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s stockholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. |
|
|
As a supplement to our financial results reported in accordance with generally accepted accounting principles in |
2) |
|
The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of The Goldman Sachs Group, Inc. As of September 30, 2024, the Company had an investment of |
3) |
|
The |
4) |
|
Total debt outstanding excludes netting of debt issuance costs of |
5) |
|
The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual. |
6) |
|
Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger. |
7) |
|
For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) for the trailing twelve month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
|
|
For a particular portfolio company, we also compare that amount of EBITDA to the portfolio company’s contractual interest expense (“interest coverage ratio”). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
|
|
Median EBITDA is based on our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
|
|
Portfolio company statistics are derived from the financial statements most recently provided to us of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount. As of September 30, 2024 and June 30, 2024, investments where net debt-to-EBITDA may not be the appropriate measure of credit risk represented |
8) |
|
The Company’s Revolving Credit Facility has debt outstanding denominated in currencies other than |
9) |
|
The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash divided by equity as of September 30, 2024 and excludes unfunded commitments. |
10) |
|
Amount rounds to less than |
Goldman Sachs BDC, Inc. Consolidated Statements of Assets and Liabilities (in thousands, except share and per share amounts) |
||||||||
|
|
September 30, 2024 (Unaudited) |
|
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
|
||
Investments, at fair value |
|
|
|
|
|
|
||
Non-controlled/non-affiliated investments (cost of |
|
$ |
3,336,893 |
|
|
$ |
3,371,910 |
|
Non-controlled affiliated investments (cost of |
|
|
105,236 |
|
|
|
42,419 |
|
Total investments, at fair value (cost of |
|
$ |
3,442,129 |
|
|
$ |
3,414,329 |
|
Investments in affiliated money market fund (cost of |
|
|
1,527 |
|
|
|
— |
|
Cash |
|
|
52,957 |
|
|
|
52,363 |
|
Interest and dividends receivable |
|
|
32,789 |
|
|
|
38,534 |
|
Deferred financing costs |
|
|
12,721 |
|
|
|
14,937 |
|
Other assets |
|
|
3,371 |
|
|
|
2,656 |
|
Total assets |
|
$ |
3,545,494 |
|
|
$ |
3,522,819 |
|
Liabilities |
|
|
|
|
|
|
||
Debt (net of debt issuance costs of |
|
$ |
1,878,107 |
|
|
$ |
1,826,794 |
|
Interest and other debt expenses payable |
|
|
8,186 |
|
|
|
13,369 |
|
Management fees payable |
|
|
8,855 |
|
|
|
8,708 |
|
Incentive fees payable |
|
|
— |
|
|
|
13,041 |
|
Distribution payable |
|
|
52,723 |
|
|
|
49,304 |
|
Unrealized depreciation on foreign currency forward contracts |
|
|
917 |
|
|
|
726 |
|
Secured borrowings |
|
|
2,473 |
|
|
|
— |
|
Accrued expenses and other liabilities |
|
|
8,145 |
|
|
|
9,052 |
|
Total liabilities |
|
$ |
1,959,406 |
|
|
$ |
1,920,994 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Net assets |
|
|
|
|
|
|
||
Preferred stock, par value |
|
$ |
— |
|
|
$ |
— |
|
Common stock, par value |
|
|
117 |
|
|
|
110 |
|
Paid-in capital in excess of par |
|
|
1,940,934 |
|
|
|
1,826,294 |
|
Distributable earnings (loss) |
|
|
(354,963 |
) |
|
|
(224,579 |
) |
Total net assets |
|
$ |
1,586,088 |
|
|
$ |
1,601,825 |
|
Total liabilities and net assets |
|
$ |
3,545,494 |
|
|
$ |
3,522,819 |
|
Net asset value per share |
|
$ |
13.54 |
|
|
$ |
14.62 |
|
Goldman Sachs BDC, Inc. Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited) |
||||||||||||||||
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
||||||||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
From non-controlled/non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
$ |
97,917 |
|
|
$ |
109,117 |
|
|
$ |
289,185 |
|
|
$ |
309,199 |
|
Payment-in-kind income |
|
|
9,961 |
|
|
|
9,221 |
|
|
|
34,452 |
|
|
|
25,673 |
|
Dividend income |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
Other income |
|
|
794 |
|
|
|
809 |
|
|
|
2,427 |
|
|
|
2,355 |
|
From non-controlled affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dividend income |
|
|
468 |
|
|
|
256 |
|
|
|
1,650 |
|
|
|
501 |
|
Interest income |
|
|
1,218 |
|
|
|
590 |
|
|
|
2,708 |
|
|
|
1,629 |
|
Payment-in-kind income |
|
|
20 |
|
|
|
53 |
|
|
|
85 |
|
|
|
153 |
|
Other income |
|
|
34 |
|
|
|
10 |
|
|
|
65 |
|
|
|
33 |
|
Total investment income |
|
$ |
110,413 |
|
|
$ |
120,056 |
|
|
$ |
330,573 |
|
|
$ |
339,543 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and other debt expenses |
|
$ |
29,298 |
|
|
$ |
28,174 |
|
|
$ |
86,015 |
|
|
$ |
83,213 |
|
Incentive fees |
|
|
— |
|
|
|
6,237 |
|
|
|
10,882 |
|
|
|
36,376 |
|
Management fees |
|
|
8,855 |
|
|
|
8,870 |
|
|
|
26,452 |
|
|
|
26,761 |
|
Professional fees |
|
|
1,335 |
|
|
|
982 |
|
|
|
3,651 |
|
|
|
2,748 |
|
Directors’ fees |
|
|
207 |
|
|
|
204 |
|
|
|
621 |
|
|
|
619 |
|
Other general and administrative expenses |
|
|
1,046 |
|
|
|
1,137 |
|
|
|
3,143 |
|
|
|
3,220 |
|
Total expenses |
|
$ |
40,741 |
|
|
$ |
45,604 |
|
|
$ |
130,764 |
|
|
$ |
152,937 |
|
Fee waivers |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,986 |
) |
Net expenses |
|
$ |
40,741 |
|
|
$ |
45,604 |
|
|
$ |
130,764 |
|
|
$ |
150,951 |
|
Net investment income before taxes |
|
$ |
69,672 |
|
|
$ |
74,452 |
|
|
$ |
199,809 |
|
|
$ |
188,592 |
|
Income tax expense, including excise tax |
|
$ |
1,490 |
|
|
$ |
1,503 |
|
|
$ |
3,809 |
|
|
$ |
3,155 |
|
Net investment income after taxes |
|
$ |
68,182 |
|
|
$ |
72,949 |
|
|
$ |
196,000 |
|
|
$ |
185,437 |
|
Net realized and unrealized gains (losses) on investment transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled/non-affiliated investments |
|
$ |
(83,796 |
) |
|
$ |
(5,180 |
) |
|
$ |
(131,446 |
) |
|
$ |
(44,394 |
) |
Non-controlled affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
(2,015) |
|
|
|
— |
|
Foreign currency and other transactions |
|
|
60 |
|
|
|
(10 |
) |
|
|
4,504 |
|
|
|
185 |
|
Net change in unrealized appreciation (depreciation) from: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled/non-affiliated investments |
|
|
56,413 |
|
|
|
(17,813 |
) |
|
|
(34,705 |
) |
|
|
6,578 |
|
Non-controlled affiliated investments |
|
|
(352 |
) |
|
|
(2,089 |
) |
|
|
(1,814 |
) |
|
|
(1,912 |
) |
Foreign currency forward contracts |
|
|
(377 |
) |
|
|
232 |
|
|
|
(191 |
) |
|
|
103 |
|
Foreign currency translations and other transactions |
|
|
(2,813 |
) |
|
|
3,568 |
|
|
|
(4,968 |
) |
|
|
(57 |
) |
Net realized and unrealized gains (losses) |
|
$ |
(30,865 |
) |
|
$ |
(21,292 |
) |
|
$ |
(170,635 |
) |
|
$ |
(39,497 |
) |
(Provision) benefit for taxes on realized gain/loss on investments |
|
$ |
(189 |
) |
|
$ |
— |
|
|
$ |
(333 |
) |
|
$ |
— |
|
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments |
|
$ |
(47 |
) |
|
$ |
(62 |
) |
|
$ |
288 |
|
|
$ |
(618 |
) |
Net increase (decrease) in net assets from operations |
|
$ |
37,081 |
|
|
$ |
51,595 |
|
|
$ |
25,320 |
|
|
$ |
145,322 |
|
Weighted average shares outstanding |
|
|
116,942,390 |
|
|
|
109,535,156 |
|
|
|
113,805,819 |
|
|
|
107,881,454 |
|
Basic and diluted net investment income per share |
|
$ |
0.58 |
|
|
$ |
0.67 |
|
|
$ |
1.72 |
|
|
$ |
1.72 |
|
Basic and diluted earnings (loss) per share |
|
$ |
0.32 |
|
|
$ |
0.47 |
|
|
$ |
0.22 |
|
|
$ |
1.35 |
|
ABOUT GOLDMAN SACHS BDC, INC.
Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GSBD was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107728773/en/
Goldman Sachs BDC, Inc.
Investor Contact: Austin Neri, 212-902-1000
Media Contact: Victoria Zarella, 212-902-5400
Source: Goldman Sachs BDC, Inc.
FAQ
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