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Private Credit Portfolio Analysis | Goldman Sachs Private Middle Market Credit II LLC Reports Q1 2025 Results

  • Editor
  • May 13
  • 2 min read

Whats New:

Goldman Sachs Private Middle Market Credit II LLC reported its Q1 2025 financial results, showing a decrease in total assets to $2.11 billion as of March 31, 2025, down from $2.22 billion at the end of 2024. Despite this, the fund's net asset value per share increased to $81.07, up from $79.27 at the end of the previous quarter.


Portfolio Dynamics:

  • Total assets decreased to $2.11 billion as of March 31, 2025, compared to $2.22 billion at the end of 2024.

  • Investments owned at fair value declined to $1.98 billion from $2.09 billion at the end of 2024.

  • Cash and money market funds totaled $107.78 million, down from $111.99 million at the end of 2024.


Investment Activity:

  • The fund made payments of $20.18 million for purchases of investments in Q1 2025.

  • Proceeds from disposition of investments were $134.43 million during the quarter.

  • Payment-in-kind interest capitalized amounted to $6.17 million in Q1 2025.


Capital Structure:

  • Long-term debt decreased to $891.77 million from $1.00 billion at the end of 2024.

  • Stockholders' equity increased to $1.12 billion from $1.10 billion at the end of 2024.

  • The fund's common stock value remained unchanged at $1.31 billion.


Performance Profile:

  • Net asset value per share increased to $81.07 as of March 31, 2025, up from $79.27 at the end of 2024.

  • The fund reported a profit of $24.83 million for Q1 2025.

  • Retained earnings deficit improved to $190.59 million from $215.42 million at the end of 2024.


Risk & Quality:

  • Incentive fee payable increased to $68.37 million from $63.99 million at the end of 2024.

  • Interest and other debt expenses payable decreased to $15.63 million from $19.97 million.

  • The fund reported $4.61 million in deferred costs, down from $5.35 million at the end of 2024.


The Wrap:

Goldman Sachs Private Middle Market Credit II LLC's Q1 2025 results show a mixed performance. While total assets and investments at fair value decreased, the fund saw an improvement in net asset value per share and stockholders' equity. The reduction in long-term debt and increase in retained earnings suggest a focus on strengthening the balance sheet. However, the rise in incentive fees payable indicates higher costs associated with the fund's performance.


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