Goldman Sachs BDC, Inc. Reports June 30, 2024 Financial Results and Announces Quarterly Dividend of $0.45 Per Share
Goldman Sachs BDC (NYSE: GSBD) reported its Q2 2024 financial results, showing net investment income per share at $0.59 and an adjusted net investment income per share of $0.57. Earnings per share were $(0.47), with a 6% decrease in NAV per share to $13.67. Total investments at fair value were $3.998 billion, with a portfolio primarily comprised of senior secured debt (98%). Gross originations were $440 million, with net funded investment activity of $180.1 million. Two portfolio companies were placed on non-accrual status, representing 3.4% of the portfolio at fair value. The net debt-to-equity ratio increased to 1.19x. The Board declared a quarterly dividend of $0.45 per share, payable on October 28, 2024. During the quarter, GSBD raised approx. $69.2 million through share issuance. The total investment income decreased to $108.6 million, primarily due to investments on non-accrual status. Net realized and unrealized losses were $121.4 million.
Goldman Sachs BDC (NYSE: GSBD) ha riportato i risultati finanziari del secondo trimestre 2024, con un reddito netto da investimenti per azione pari a $0.59 e un reddito netto da investimenti rettificato per azione di $0.57. Gli utili per azione sono stati di $(0.47), con una diminuzione del 6% del NAV per azione a $13.67. Gli investimenti totali a valore equo ammontano a $3.998 miliardi, con un portafoglio principalmente composto da debito senior garantito (98%). Le origini lorde sono state di $440 milioni, con un'attività di investimento netta finanziata di $180.1 milioni. Due aziende del portafoglio sono state messe in stato di non accrual, rappresentando il 3.4% del portafoglio a valore equo. Il rapporto debito netto-capitale è aumentato a 1.19x. Il Consiglio ha dichiarato un dividendo trimestrale di $0.45 per azione, in pagamento il 28 ottobre 2024. Durante il trimestre, GSBD ha raccolto circa $69.2 milioni tramite emissione di azioni. Il reddito totale da investimenti è sceso a $108.6 milioni, principalmente a causa degli investimenti in stato di non accrual. Le perdite nette realizzate e non realizzate sono state di $121.4 milioni.
Goldman Sachs BDC (NYSE: GSBD) informó sus resultados financieros del segundo trimestre de 2024, mostrando un ingreso neto por inversiones por acción de $0.59 y un ingreso neto por inversiones ajustado por acción de $0.57. Las ganancias por acción fueron de $(0.47), con una disminución del 6% en el NAV por acción a $13.67. Las inversiones totales a valor razonable fueron de $3.998 mil millones, con una cartera compuesta principalmente por deuda senior garantizada (98%). Los orígenes brutos fueron de $440 millones, con una actividad de inversión neta financiada de $180.1 millones. Dos empresas de la cartera fueron colocadas en estado de no devengamiento, representando el 3.4% de la cartera a valor razonable. La relación deuda neta-capital aumentó a 1.19x. La Junta declaró un dividendo trimestral de $0.45 por acción, pagadero el 28 de octubre de 2024. Durante el trimestre, GSBD recaudó aproximadamente $69.2 millones a través de la emisión de acciones. El ingreso total por inversiones disminuyó a $108.6 millones, principalmente debido a inversiones en estado de no devengamiento. Las pérdidas netas realizadas y no realizadas fueron de $121.4 millones.
골드만 삭스 BDC (NYSE: GSBD)는 2024년 2분기 재무 실적을 보고했으며, 주당 순투자 소득이 $0.59, 조정된 주당 순투자 소득이 $0.57로 나타났습니다. 주당 수익은 $(0.47)였으며, NAV 주당 6% 감소하여 $13.67에 이르렀습니다. 공정가치 기준 총 투자액은 $39.98억 달러로, 포트폴리오의 98%가 선순위 담보 채무로 구성되었습니다. 총 발행액은 $4.4억 달러였고, 순 자금 투자 활동은 $1.801억 달러였습니다. 포트폴리오의 두 개 회사가 미수익 상태로 분류되어, 공정가치 기준 포트폴리오의 3.4%를 차지하고 있습니다. 순부채-자본 비율은 1.19배로 증가했습니다. 이사회는 주당 $0.45의 분기 배당금을 발표했으며, 2024년 10월 28일에 지급될 예정입니다. 분기 중 GSBD는 주식 발행을 통해 약 $6.92백만 달러를 모금했습니다. 총 투자 소득은 $1.086억 달러로 감소했으며, 이는 주로 미수익 상태의 투자 때문입니다. 순실현 및 미실현 손실은 $12.14억 달러였습니다.
Goldman Sachs BDC (NYSE: GSBD) a publié ses résultats financiers pour le deuxième trimestre 2024, affichant un revenu net d'investissement par action de 0,59 $ et un revenu net d'investissement ajusté par action de 0,57 $. Les bénéfices par action se sont établis à (0,47 $), avec une diminution de 6 % de la NAV par action à 13,67 $. Les investissements totaux à juste valeur s'élevaient à 3,998 milliards $, le portefeuille étant principalement constitué de dettes sécurisées de premier rang (98 %). Les origines brutes se sont élevées à 440 millions $, avec une activité d'investissement nette financée de 180,1 millions $. Deux entreprises du portefeuille ont été placées en état de non-accrétion, représentant 3,4 % du portefeuille à juste valeur. Le ratio de la dette nette sur les capitaux propres est passé à 1,19x. Le Conseil a déclaré un dividende trimestriel de 0,45 $ par action, payable le 28 octobre 2024. Au cours du trimestre, GSBD a levé environ 69,2 millions $ par le biais d'une émission d'actions. Le revenu total des investissements a diminué à 108,6 millions $, principalement en raison des investissements en état de non-accrétion. Les pertes nettes réalisées et non réalisées étaient de 121,4 millions $.
Goldman Sachs BDC (NYSE: GSBD) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht, wobei das Nettoinvestitionseinkommen pro Aktie bei 0,59 $ und das bereinigte Nettoinvestitionseinkommen pro Aktie bei 0,57 $ lag. Der Gewinn pro Aktie belief sich auf (0,47 $), mit einem Rückgang des NAV pro Aktie um 6 % auf 13,67 $. Die Gesamtheit der Investitionen zum fairen Wert betrug 3,998 Milliarden $, wobei das Portfolio hauptsächlich aus vorrangig besicherten Schulden (98 %) bestand. Die Bruttoherausgaben beliefen sich auf 440 Millionen $, wobei die netto finanzierten Investitionsaktivitäten 180,1 Millionen $ betrugen. Zwei Portfoliounternehmen wurden in den Status „Nichtzins“ versetzt, was 3,4 % des Portfolios zum fairen Wert entspricht. Das Verhältnis von Nettoschulden zu Eigenkapital stieg auf 1,19x. Der Vorstand erklärte eine vierteljährliche Dividende von 0,45 $ pro Aktie, zahlbar am 28. Oktober 2024. Im Laufe des Quartals hat GSBD etwa 69,2 Millionen $ durch die Emission von Aktien erhalten. Das gesamte Investitionseinkommen sank auf 108,6 Millionen $, hauptsächlich aufgrund von Investitionen im Status „Nichtzins“. Die realisierten und unrealisierte Nettoweisen beliefen sich auf 121,4 Millionen $.
- Net investment income per share increased to $0.59.
- Adjusted net investment income per share of $0.57.
- Gross originations of $440 million.
- Net funded investment activity of $180.1 million.
- Quarterly dividend of $0.45 per share.
- Raised approx. $69.2 million through share issuance.
- Earnings per share were $(0.47).
- NAV per share decreased by 6% to $13.67.
- Total investment income decreased to $108.6 million.
- Net realized and unrealized losses of $121.4 million.
- Investments on non-accrual status increased to 3.4% of total portfolio.
- Net debt-to-equity ratio increased to 1.19x.
Insights
Goldman Sachs BDC's Q2 2024 results show mixed performance. Net investment income per share was
Key points:
- Total investment income decreased slightly to
$108.6 million from$111.5 million in Q1, mainly due to investments placed on non-accrual status. - The investment portfolio grew to
$3.52 billion , with98.0% in senior secured debt. - Two portfolio companies were placed on non-accrual status, increasing non-accruals to
3.4% of the portfolio at fair value. - The company maintained its
$0.45 per share quarterly dividend.
The increase in non-accruals and NAV decline are concerning trends that warrant close monitoring in future quarters.
The Q2 results reveal deteriorating credit quality in Goldman Sachs BDC's portfolio. Key credit metrics to note:
- Non-accrual investments increased to
3.4% of the portfolio at fair value, up from1.7% in Q1. - The weighted average yield on debt investments decreased to
13.3% from13.8% at year-end 2023, indicating potential pressure on portfolio companies. - Net debt-to-equity leverage increased to 1.19x from 1.10x in Q1, approaching the upper end of the target range.
The addition of two new non-accrual investments and the significant unrealized losses (
Goldman Sachs BDC's Q2 results present a mixed outlook for investors. Positives include:
- Maintained strong net investment income, with adjusted NII yield on book value of
16.7% . - Continued portfolio growth, with
$440 million in new investment commitments. - Successful equity raise through ATM offerings, providing additional investment capacity.
However, challenges are evident:
- Significant NAV decline of
6.0% , primarily due to unrealized losses. - Increasing non-accruals and credit stress in the portfolio.
- Rising leverage, potentially limiting future growth opportunities.
The
QUARTERLY HIGHLIGHTS
-
Net investment income per share for the quarter ended June 30, 2024 was
. Excluding purchase discount amortization per share of$0.59 from the Merger (as defined below), adjusted net investment income per share was$0.02 , equating to an annualized net investment income yield on book value of$0.57 16.7% .1 Earnings per share for the quarter ended June 30, 2024 was .$(0.47) -
Net asset value ("NAV") per share for the quarter ended June 30, 2024 decreased
6.0% to from$13.67 as of March 31, 2024.$14.55 -
As of June 30, 2024, the Company’s total investments at fair value and commitments were
, comprised of investments in 155 portfolio companies across 38 industries. The investment portfolio was comprised of$3,998.2 million 98.0% senior secured debt, including96.9% in first lien investments.2 -
During the quarter, the Company had gross originations of
of which$440.0 million were funded. Fundings of previously unfunded commitments for the quarter were$317.0 million and sales and repayments activity totaled$89.6 million , resulting in net funded investment activity of$226.5 million .$180.1 million -
During the quarter, two portfolio companies were placed on non-accrual status. As of June 30, 2024, investments on non-accrual status amounted to
3.4% and7.6% of the total investment portfolio at fair value and amortized cost, respectively. - The Company’s ending net debt-to-equity ratio was 1.19x as of June 30, 2024 and 1.10x as of March 31, 2024.
-
As of June 30, 2024,
64.4% of the Company’s approximately aggregate principal amount of debt outstanding was comprised of unsecured debt and$1,955.1 million 35.6% was comprised of secured debt. -
The Company’s Board of Directors declared a regular third quarter 2024 dividend of
per share payable to shareholders of record as of September 30, 2024.3$0.45 -
On November 15, 2023, the Company entered into an equity distribution agreement, pursuant to which it may issue up to
in aggregate offering price of shares of its common stock through at-the-market offerings. During the three months ended June 30, 2024, the Company issued and sold 4,521,185 shares for net proceeds of approximately$200 million , net of underwriting and offering costs of approximately$69.2 million .$0.8 million
SELECTED FINANCIAL HIGHLIGHTS
(in $ millions, except per share data) |
|
As of
|
|
As of
|
|
||
Investment portfolio, at fair value2 |
|
$ |
3,518.7 |
|
$ |
3,440.1 |
|
Total debt outstanding4 |
|
$ |
1,955.1 |
|
$ |
1,843.8 |
|
Net assets |
|
$ |
1,595.9 |
|
$ |
1,631.6 |
|
Net asset value per share |
|
$ |
13.67 |
|
$ |
14.55 |
|
Ending net debt to equity |
|
1.19x |
|
1.10x |
|
(in $ millions, except per share data) |
|
Three Months Ended
|
|
Three Months Ended
|
|
||
Total investment income |
|
$ |
108.6 |
|
$ |
111.5 |
|
|
|
|
|
|
|
||
Net investment income after taxes |
|
$ |
67.0 |
|
$ |
60.8 |
|
Less: Purchase discount amortization |
|
|
1.8 |
|
|
1.3 |
|
Adjusted net investment income after taxes1 |
|
$ |
65.2 |
|
$ |
59.5 |
|
|
|
|
|
|
|
||
Net realized and unrealized gains (losses) |
|
$ |
(121.4 |
) |
$ |
(18.4 |
) |
Add: Realized/Unrealized depreciation from the purchase discount |
|
|
1.8 |
|
|
1.3 |
|
Adjusted net realized and unrealized gains (losses)1 |
|
$ |
(119.6 |
) |
$ |
(17.1 |
) |
|
|
|
|
|
|
||
Net investment income per share (basic and diluted) |
|
$ |
0.59 |
|
$ |
0.55 |
|
Less: Purchase discount amortization per share |
|
|
0.02 |
|
|
0.01 |
|
Adjusted net investment income per share1 |
|
$ |
0.57 |
|
$ |
0.54 |
|
|
|
|
|
|
|
||
Weighted average shares outstanding |
|
|
114.4 |
|
|
110.1 |
|
Regular distribution per share |
|
$ |
0.45 |
|
$ |
0.45 |
|
Total investment income for the three months ended June 30, 2024 and March 31, 2024 was
Net expenses before taxes for the three months ended June 30, 2024 and March 31, 2024 were
INVESTMENT ACTIVITY2
The following table summarizes investment activity for the three months ended June 30, 2024:
|
|
New Investment
|
|
|
Sales and
|
|
||||||||||
Investment Type |
|
$ Millions |
|
|
% of Total |
|
|
$ Millions |
|
|
% of Total |
|
||||
1st Lien/Senior Secured Debt |
|
$ |
434.2 |
|
|
|
98.7 |
% |
|
$ |
226.4 |
|
|
|
100.0 |
% |
1st Lien/Last-Out Unitranche |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
— % 10 |
|
|
2nd Lien/Senior Secured Debt |
|
|
3.1 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
Preferred Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common Stock |
|
|
2.7 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
440.0 |
|
|
|
100.0 |
% |
|
$ |
226.5 |
|
|
|
100.0 |
% |
During the three months ended June 30, 2024, new investment commitments were across ten new portfolio companies and fifteen existing portfolio companies. Sales and repayments were primarily driven by the full repayment and restructuring of our investments in six portfolio companies.
PORTFOLIO SUMMARY2
As of June 30, 2024, the Company’s investments consisted of the following:
|
|
Investments at Fair Value |
|
|||||
Investment Type |
|
$ Millions |
|
|
% of Total |
|
||
1st Lien/Senior Secured Debt |
|
$ |
3,245.9 |
|
|
|
92.3 |
% |
1st Lien/Last-Out Unitranche |
|
|
160.6 |
|
|
|
4.6 |
|
2nd Lien/Senior Secured Debt |
|
|
40.2 |
|
|
|
1.1 |
|
Unsecured Debt |
|
|
8.7 |
|
|
|
0.2 |
|
Preferred Stock |
|
|
38.5 |
|
|
|
1.1 |
|
Common Stock |
|
|
24.5 |
|
|
|
0.7 |
|
Warrants |
|
|
0.3 |
|
|
|
— |
10 |
Total |
|
$ |
3,518.7 |
|
|
|
100.0 |
% |
The following table presents certain selected information regarding the Company’s investments:
|
|
As of |
|
|||||
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
||
Number of portfolio companies |
|
|
155 |
|
|
|
144 |
|
Percentage of performing debt bearing a floating rate5 |
|
|
99.5 |
% |
|
|
99.9 |
% |
Percentage of performing debt bearing a fixed rate5 |
|
|
0.5 |
% |
|
|
0.1 |
% |
Weighted average yield on debt and income producing investments, at amortized cost6 |
|
|
12.3 |
% |
|
|
12.6 |
% |
Weighted average yield on debt and income producing investments, at fair value6 |
|
|
13.3 |
% |
|
|
13.8 |
% |
Weighted average leverage (net debt/EBITDA)7 |
|
6.1x |
|
|
6.1x |
|
||
Weighted average interest coverage7 |
|
1.5x |
|
|
1.5x |
|
||
Median EBITDA7 |
$ |
63.11 million |
|
$ |
53.98 million |
|
As of June 30, 2024, investments on non-accrual status represented
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2024, the Company had
The Company’s ending net debt-to-equity leverage ratio was 1.19x for the three months ended June 30, 2024, as compared to 1.10x for the three months ended March 31, 2024. 9
CONFERENCE CALL
The Company will host an earnings conference call on Friday, August 9, 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 June 30, 2024, the Company did not have an investment in the money market fund. |
|
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 June 30, 2024 and March 31, 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 June 30, 2024 and excludes unfunded commitments. |
|
10) |
Amount rounds to less than |
|
Goldman Sachs BDC, Inc.
|
||||||||
|
|
June 30, 2024
|
|
December 31, 2023 |
||||
Assets |
|
|
|
|
||||
Investments, at fair value |
|
|
|
|
||||
Non-controlled/non-affiliated investments (cost of |
|
$ |
3,454,287 |
|
|
$ |
3,371,910 |
|
Non-controlled affiliated investments (cost of |
|
|
64,455 |
|
|
|
42,419 |
|
Total investments, at fair value (cost of |
|
$ |
3,518,742 |
|
|
$ |
3,414,329 |
|
Cash |
|
|
61,612 |
|
|
|
52,363 |
|
Interest and dividends receivable |
|
|
33,930 |
|
|
|
38,534 |
|
Deferred financing costs |
|
|
13,526 |
|
|
|
14,937 |
|
Other assets |
|
|
1,515 |
|
|
|
2,656 |
|
Total assets |
|
$ |
3,629,325 |
|
|
$ |
3,522,819 |
|
Liabilities |
|
|
|
|
||||
Debt (net of debt issuance costs of |
|
$ |
1,943,587 |
|
|
$ |
1,826,794 |
|
Interest and other debt expenses payable |
|
|
21,777 |
|
|
|
13,369 |
|
Management fees payable |
|
|
8,865 |
|
|
|
8,708 |
|
Incentive fees payable |
|
|
— |
|
|
|
13,041 |
|
Distribution payable |
|
|
52,534 |
|
|
|
49,304 |
|
Unrealized depreciation on foreign currency forward contracts |
|
|
540 |
|
|
|
726 |
|
Accrued expenses and other liabilities |
|
|
6,128 |
|
|
|
9,052 |
|
Total liabilities |
|
$ |
2,033,431 |
|
|
$ |
1,920,994 |
|
Commitments and contingencies (Note 8) |
|
|
|
|
||||
Net assets |
|
|
|
|
||||
Preferred stock, par value |
|
$ |
— |
|
|
$ |
— |
|
Common stock, par value |
|
|
117 |
|
|
|
110 |
|
Paid-in capital in excess of par |
|
|
1,935,098 |
|
|
|
1,826,294 |
|
Distributable earnings (loss) |
|
|
(339,321 |
) |
|
|
(224,579 |
) |
Total net assets |
|
$ |
1,595,894 |
|
|
$ |
1,601,825 |
|
Total liabilities and net assets |
|
$ |
3,629,325 |
|
|
$ |
3,522,819 |
|
Net asset value per share |
|
$ |
13.67 |
|
|
$ |
14.62 |
|
Goldman Sachs BDC, Inc.
|
||||||||||||||||
|
|
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||
Investment income: |
|
|
|
|
|
|
|
|
||||||||
From non-controlled/non-affiliated investments: |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
$ |
94,358 |
|
|
$ |
101,952 |
|
|
$ |
191,268 |
|
|
$ |
200,082 |
|
Payment-in-kind income |
|
|
11,845 |
|
|
|
8,735 |
|
|
|
24,491 |
|
|
|
16,452 |
|
Other income |
|
|
776 |
|
|
|
664 |
|
|
|
1,633 |
|
|
|
1,546 |
|
From non-controlled affiliated investments: |
|
|
|
|
|
|
|
|
||||||||
Dividend income |
|
|
770 |
|
|
|
138 |
|
|
|
1,182 |
|
|
|
245 |
|
Interest income |
|
|
834 |
|
|
|
532 |
|
|
|
1,490 |
|
|
|
1,039 |
|
Payment-in-kind income |
|
|
10 |
|
|
|
51 |
|
|
|
65 |
|
|
|
100 |
|
Other income |
|
|
24 |
|
|
|
11 |
|
|
|
31 |
|
|
|
23 |
|
Total investment income |
|
$ |
108,617 |
|
|
$ |
112,083 |
|
|
$ |
220,160 |
|
|
$ |
219,487 |
|
Expenses: |
|
|
|
|
|
|
|
|
||||||||
Interest and other debt expenses |
|
$ |
29,103 |
|
|
$ |
27,775 |
|
|
$ |
56,717 |
|
|
$ |
55,039 |
|
Incentive fees |
|
|
— |
|
|
|
7,837 |
|
|
|
10,882 |
|
|
|
30,139 |
|
Management fees |
|
|
8,865 |
|
|
|
8,970 |
|
|
|
17,597 |
|
|
|
17,891 |
|
Professional fees |
|
|
1,206 |
|
|
|
888 |
|
|
|
2,316 |
|
|
|
1,766 |
|
Directors’ fees |
|
|
207 |
|
|
|
208 |
|
|
|
414 |
|
|
|
415 |
|
Other general and administrative expenses |
|
|
1,035 |
|
|
|
1,026 |
|
|
|
2,097 |
|
|
|
2,083 |
|
Total expenses |
|
$ |
40,416 |
|
|
$ |
46,704 |
|
|
$ |
90,023 |
|
|
$ |
107,333 |
|
Fee waivers |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,986 |
) |
Net expenses |
|
$ |
40,416 |
|
|
$ |
46,704 |
|
|
$ |
90,023 |
|
|
$ |
105,347 |
|
Net investment income before taxes |
|
$ |
68,201 |
|
|
$ |
65,379 |
|
|
$ |
130,137 |
|
|
$ |
114,140 |
|
Income tax expense, including excise tax |
|
$ |
1,243 |
|
|
$ |
877 |
|
|
$ |
2,319 |
|
|
$ |
1,652 |
|
Net investment income after taxes |
|
$ |
66,958 |
|
|
$ |
64,502 |
|
|
$ |
127,818 |
|
|
$ |
112,488 |
|
Net realized and unrealized gains (losses) on investment transactions: |
|
|
|
|
|
|
|
|
||||||||
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
||||||||
Non-controlled/non-affiliated investments |
|
$ |
(30,004 |
) |
|
$ |
(2,953 |
) |
|
$ |
(47,650 |
) |
|
$ |
(39,214 |
) |
Non-controlled affiliated investments |
|
|
(2,673 |
) |
|
|
— |
|
|
|
(2,015 |
) |
|
|
— |
|
Foreign currency and other transactions |
|
|
4,258 |
|
|
|
(5 |
) |
|
|
4,444 |
|
|
|
195 |
|
Net change in unrealized appreciation (depreciation) from: |
|
|
|
|
|
|
|
|
||||||||
Non-controlled/non-affiliated investments |
|
|
(89,023 |
) |
|
|
5,881 |
|
|
|
(91,118 |
) |
|
|
24,391 |
|
Non-controlled affiliated investments |
|
|
(486 |
) |
|
|
472 |
|
|
|
(1,462 |
) |
|
|
177 |
|
Foreign currency forward contracts |
|
|
41 |
|
|
|
(88 |
) |
|
|
186 |
|
|
|
(129 |
) |
Foreign currency translations and other transactions |
|
|
(3,505 |
) |
|
|
(1,975 |
) |
|
|
(2,155 |
) |
|
|
(3,625 |
) |
Net realized and unrealized gains (losses) |
|
$ |
(121,392 |
) |
|
$ |
1,332 |
|
|
$ |
(139,770 |
) |
|
$ |
(18,205 |
) |
(Provision) benefit for taxes on realized gain/loss on investments |
|
$ |
(160 |
) |
|
$ |
— |
|
|
$ |
(144 |
) |
|
$ |
— |
|
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments |
|
|
381 |
|
|
|
(170 |
) |
|
$ |
335 |
|
|
$ |
(556 |
) |
Net increase (decrease) in net assets from operations |
|
$ |
(54,213 |
) |
|
$ |
65,664 |
|
|
$ |
(11,761 |
) |
|
$ |
93,727 |
|
Weighted average shares outstanding |
|
|
114,363,722 |
|
|
|
109,463,144 |
|
|
|
112,220,299 |
|
|
|
107,040,899 |
|
Basic and diluted net investment income per share |
|
$ |
0.59 |
|
|
$ |
0.59 |
|
|
$ |
1.14 |
|
|
$ |
1.05 |
|
Basic and diluted earnings (loss) per share |
|
$ |
(0.47 |
) |
|
$ |
0.60 |
|
|
$ |
(0.10 |
) |
|
$ |
0.88 |
|
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/20240808184512/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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