Private Credit Portfolio Analysis | Goldman Sachs BDC Reports Q1 2025 Results
- Editor
- May 8
- 2 min read
Whats New:
Goldman Sachs BDC, Inc. reported its Q1 2025 financial results, showing a decrease in total assets and stockholders' equity compared to the previous quarter. The fund's total assets decreased to $3.50 billion as of March 31, 2025, down from $3.60 billion at the end of 2024. Net asset value per share also declined to $13.20 from $13.41 at the end of the previous quarter.
Portfolio Dynamics:
Total assets decreased to $3.50 billion as of March 31, 2025, compared to $3.60 billion at the end of 2024.
Investments owned at fair value decreased to $3.38 billion, down from $3.48 billion at the end of 2024.
Cash and cash equivalents rose to $82.76 million from $61.80 million at the end of 2024.
Investment Activity:
Dividend and interest receivable decreased to $23.59 million from $28.09 million at the end of 2024.
Deferred costs decreased to $11.09 million from $11.90 million at the end of 2024.
Other assets increased to $1.69 million from $1.10 million at the end of 2024.
Capital Structure:
Long-term debt decreased to $1.87 billion from $1.93 billion at the end of 2024.
Stockholders' equity decreased to $1.55 billion from $1.57 billion at the end of 2024.
The fund maintained its common stock value at $117,000.
Performance Profile:
Net asset value per share decreased to $13.20 as of March 31, 2025, compared to $13.41 at the end of 2024.
Retained earnings deficit increased to $398.42 million from $373.67 million at the end of 2024.
Additional paid-in capital remained unchanged at $1.95 billion.
Risk & Quality:
Interest and other debt expenses payable decreased to $5.45 million from $21.29 million at the end of 2024.
Management fee payable decreased slightly to $8.68 million from $8.78 million at the end of 2024.
Incentive fee payable increased to $6.80 million from $6.33 million at the end of 2024.
The Wrap:
Goldman Sachs BDC's Q1 2025 results show a contraction in total assets and stockholders' equity compared to the previous quarter. The fund experienced decreases in investments at fair value and net asset value per share. While long-term debt decreased, there was an increase in cash and cash equivalents. The fund's performance indicators, such as retained earnings deficit and incentive fee payable, suggest some challenges in the current quarter. However, the stable additional paid-in capital and slight decrease in management fee payable indicate some areas of consistency in the fund's operations.
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