Goldman Sachs BDC, Inc. Reports March 31, 2025 Financial Results and Announces Second Quarterly Base Dividend of $0.32 Per Share, Special Dividend of $0.16 Per Share and First Quarter Supplemental Dividend of $0.05 Per Share

Published: 2025-05-08 16:52:04 ET GSBD

Published on 05/08/2025 at 16:52

Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the first quarter ended March 31, 2025 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

QUARTERLY HIGHLIGHTS

SELECTED FINANCIAL HIGHLIGHTS

(in $ millions, except per share data)

As of March 31, 2025

As of December 31, 2024

Investment portfolio, at fair value2

$

3,384.7

$

3,475.3

Total debt outstanding3

$

1,874.9

$

1,934.6

Net assets

$

1,548.0

$

1,572.7

Ending net debt-to-equity11

1.16x

1.17x

Net asset value per share

$

13.20

$

13.41

Less: Supplemental Dividend per share declared post-quarter

$

0.05

$

-

Adjusted net asset value per share5

$

13.15

$

13.41

(in $ millions, except per share data)

Three Months Ended March 31, 2025

Three Months Ended December 31, 2024

Total investment income

$

96.9

$

103.8

Net investment income after taxes

$

49.6

$

56.6

Less: Purchase discount amortization

$

0.8

1.0

Adjusted net investment income after taxes1

$

48.8

$

55.6

Net realized and unrealized gains (losses)

$

(18.0

)

$

(18.9

)

Add: Realized/Unrealized depreciation from the purchase discount

0.8

1.0

Adjusted net realized and unrealized gains (losses)1

$

(17.2

)

$

(17.9

)

Net investment income per share (basic and diluted)

$

0.42

$

0.48

Less: Purchase discount amortization per share

$

0.01

0.01

Adjusted net investment income per share1

$

0.41

$

0.47

Weighted average shares outstanding

117.3

117.3

Distribution per share

$

0.48

$

0.45

Total investment income for the three months ended March 31, 2025 and December 31, 2024 was $96.9 million and $103.8 million, respectively. The decrease in total investment income was due to a decrease in size of the portfolio, with the total investment at amortized cost at $3,555.5 million and $3,673.6 million as of March 31, 2025 and December 31, 2024, respectively. The decrease was also due to investments being placed on non-accrual status as a result of financial underperformance.

Net expenses before taxes for the three months ended March 31, 2025 and December 31, 2024 were $46.0 million and $45.8 million, respectively. Net expenses increased slightly by $0.2 million.

INVESTMENT ACTIVITY2

The following table summarizes investment activity for the three months ended March 31, 2025:

New Investment Commitments

Sales and Repayments

Investment Type

$ Millions

% of Total

$ Millions

% of Total

1st Lien/Senior Secured Debt

$

87.8

100.0

%

$

179.2

99.9

%

1st Lien/Last-Out Unitranche

—

—

0.1

0.1

2nd Lien/Senior Secured Debt

—

—

—

—

Unsecured Debt

—

—

—

—

Preferred Stock

—

—

—

—

Common Stock

—

—

—

—

Total

$

87.8

100.0

%

$

179.3

100.0

%

During the three months ended March 31, 2025, new investment commitments were across six new portfolio companies and eight existing portfolio companies. Sales and repayments were primarily driven by the repayment and refinancing of our investments in six portfolio companies.

PORTFOLIO SUMMARY2

As of March 31, 2025, the Company’s investments consisted of the following:

Investments at Fair Value

Investment Type

$ Millions

% of Total

1st Lien/Senior Secured Debt

$

3,068.5

90.7

%

1st Lien/Last-Out Unitranche

183.2

5.4

2nd Lien/Senior Secured Debt

46.6

1.4

Unsecured Debt

17.0

0.5

Preferred Stock

32.0

0.9

Common Stock

36.9

1.1

Warrants

0.5

—

6

Total

$

3,384.7

100.0

%

The following table presents certain selected information regarding the Company’s investments:

As of

March 31, 2025

December 31, 2024

Number of portfolio companies

163

164

Percentage of performing debt bearing a floating rate7

100.0

%

99.4

%

Percentage of performing debt bearing a fixed rate7

0.0

%

0.6

%

Weighted average yield on debt and income producing investments, at amortized cost8

10.8

%

11.2

%

Weighted average yield on debt and income producing investments, at fair value8

11.8

%

14.1

%

Weighted average leverage (net debt/EBITDA)9

5.8x

6.2x

Weighted average interest coverage9

1.9x

1.8x

Median EBITDA9

$

67.56 million

$

66.14 million

As of March 31, 2025, investments on non-accrual status represented 1.9% and 4.6% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2025, the Company had $1,874.9 million aggregate principal amount of debt outstanding, comprised of $974.9 million of outstanding borrowings under its senior secured revolving credit facility (“Revolving Credit Facility”), with Truist Bank, as administrative agent, and Bank of America, N.A., as syndication agent, $500.0 million of unsecured notes due 2026 and $400.0 million of unsecured notes due 2027. The combined weighted average interest rate on debt outstanding was 5.29% for the three months ended March 31, 2025. As of March 31, 2025, the Company had $720.1 million of availability under its Revolving Credit Facility and $82.8 million in cash and cash equivalents.3,10

The Company’s ending net debt-to-equity leverage ratio was 1.16x for the three months ended March 31, 2025, as compared to 1.17x for the three months ended December 31, 2024.11

CONFERENCE CALL

The Company will host an earnings conference call on Friday, May 9, 2025 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 [email protected].

ENDNOTES

Goldman Sachs BDC, Inc. Consolidated Statements of Assets and Liabilities (in thousands, except share and per share amounts)

March 31, 2025 (Unaudited)

December 31, 2024

Assets

Investments, at fair value

Non-controlled/non-affiliated investments (cost of $3,436,737 and $3,533,627)

$

3,279,219

$

3,368,503

Non-controlled affiliated investments (cost of $118,749 and $139,955)

105,450

106,755

Total investments, at fair value (cost of $3,555,486 and $3,673,582)

$

3,384,669

$

3,475,258

Investments in affiliated money market fund (cost of $29 and $25,238)

29

25,238

Cash

82,759

61,795

Interest and dividends receivable

23,588

28,092

Deferred financing costs

11,091

11,897

Other assets

1,692

1,103

Total assets

$

3,503,828

$

3,603,383

Liabilities

Debt (net of debt issuance costs of $6,871 and $8,176)

$

1,868,054

$

1,926,452

Interest and other debt expenses payable

5,446

21,289

Management fees payable

8,681

8,780

Incentive fees payable

6,804

6,330

Distribution payable

56,303

52,784

Unrealized depreciation on foreign currency forward contracts

127

38

Secured borrowings

2,989

2,920

Accrued expenses and other liabilities

7,474

12,090

Total liabilities

$

1,955,878

$

2,030,683

Commitments and contingencies (Note 8)

Net assets

Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)

$

—

$

—

Common stock, par value $0.001 per share (200,000,000 shares authorized, 117,297,222 and 117,297,222 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)

117

117

Paid-in capital in excess of par

1,946,253

1,946,253

Distributable earnings (loss)

(398,420

)

(373,670

)

Total net assets

$

1,547,950

$

1,572,700

Total liabilities and net assets

$

3,503,828

$

3,603,383

Net asset value per share

$

13.20

$

13.41

Goldman Sachs BDC, Inc. Consolidated Statements of Operations (in thousands, except share and per share amounts)

For the Three Months Ended

March 31, 2025

March 31, 2024

Investment income:

From non-controlled/non-affiliated investments:

Interest income

$

84,204

$

96,910

Payment-in-kind income

9,625

12,646

Other income

985

857

Dividend income

—

—

From non-controlled affiliated investments:

Interest income

1,361

656

Dividend income

173

412

Payment-in-kind income

556

55

Other income

36

7

Total investment income

$

96,940

$

111,543

Expenses:

Interest and other debt expenses

$

28,305

$

27,614

Incentive fees

6,804

10,882

Management fees

8,681

8,732

Professional fees

964

1,110

Directors’ fees

207

207

Other general and administrative expenses

1,043

1,062

Total expenses

$

46,004

$

49,607

Net expenses

$

46,004

$

49,607

Net investment income before taxes

$

50,936

$

61,936

Income tax expense, including excise tax

$

1,322

$

1,076

Net investment income after taxes

$

49,614

$

60,860

Net realized and unrealized gains (losses) on investment transactions:

Net realized gain (loss) from:

Non-controlled/non-affiliated investments

$

(21,570

)

$

(17,646

)

Non-controlled affiliated investments

(22,902

)

658

Foreign currency and other transactions

239

186

Net change in unrealized appreciation (depreciation) from:

Non-controlled/non-affiliated investments

7,589

(2,095

)

Non-controlled affiliated investments

19,901

(976

)

Foreign currency forward contracts

(89

)

145

Foreign currency translations and other transactions

(1,157

)

1,350

Net realized and unrealized gains (losses)

$

(17,989

)

$

(18,378

)

(Provision) benefit for taxes on realized gain/loss on investments

$

(72

)

$

16

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

—

(46

)

Net increase (decrease) in net assets from operations

$

31,553

$

42,452

Weighted average shares outstanding

117,297,222

110,076,876

Basic and diluted net investment income per share

$

0.42

$

0.55

Basic and diluted earnings (loss) per share

$

0.27

$

0.39

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 the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GSBD seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience.

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, dividends 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.

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