Private Credit Portfolio Analysis | Goldman Sachs BDC Reports FY 2024 Results
- Editor
- Feb 27
- 2 min read
Whats New:
Goldman Sachs BDC reported its fiscal year 2024 financial results, showing a slight increase in total assets to $3.60 billion as of December 31, 2024, up from $3.52 billion at the end of 2023. The fund's net asset value per share decreased to $13.41 from $14.62 at the end of the previous year. Long-term debt increased to $1.93 billion from $1.83 billion, indicating higher leverage.
Portfolio Dynamics:
Total assets grew to $3.60 billion as of December 31, 2024, compared to $3.52 billion at the end of 2023.
Investments owned at fair value increased to $3.48 billion, up from $3.41 billion at the end of 2023.
Cash and cash equivalents rose to $61.80 million from $52.36 million at the end of 2023.
Investment Activty:
Dividend and interest receivable decreased to $28.09 million from $38.53 million at the end of 2023.
Deferred costs decreased to $11.90 million from $14.94 million at the end of 2023.
Other assets decreased to $1.10 million from $2.66 million at the end of 2023.
Capital Structure:
Long-term debt increased to $1.93 billion from $1.83 billion at the end of 2023.
Stockholders' equity decreased to $1.57 billion from $1.60 billion at the end of 2023.
The fund issued additional common stock, with the value increasing to $117 million from $110 million at the end of 2023.
Performance Profile:
Net asset value per share decreased to $13.41 as of December 31, 2024, compared to $14.62 at the end of 2023.
Retained earnings deficit increased to $373.67 million from $224.58 million at the end of 2023.
Net profit for the year 2024 was $62.87 million, down from $195.87 million in 2023.
Risk & Quality:
Interest and other debt expenses payable increased to $21.29 million from $13.37 million at the end of 2023.
Management fee payable slightly increased to $8.78 million from $8.71 million at the end of 2023.
Incentive fee payable decreased to $6.33 million from $13.04 million at the end of 2023.
The Wrap:
Goldman Sachs BDC's fiscal year 2024 results show a mixed performance with slight growth in total assets and investments at fair value, but a decrease in net asset value per share. The fund increased its long-term debt, potentially to support investment activities. While net profit decreased significantly from the previous year, the fund maintained a stable management fee structure and saw a reduction in incentive fees payable, suggesting potential challenges in generating higher returns in the current market environment.
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