Goldman Sachs BDC(GSBD) - 2024 Q2 - Quarterly Results

Financial Performance - Net investment income per share for Q2 2024 was $0.59, with adjusted net investment income per share at$0.57, yielding an annualized net investment income yield of 16.7%[2] - Total investment income for Q2 2024 was $108.6 million, down from$111.5 million in Q1 2024, primarily due to investments placed on non-accrual status[4] - Total investment income for Q2 2024 was $108,617,000, a decrease of 3.1$112,083,000 in Q2 2023[14] - Net investment income after taxes for the six months ended June 30, 2024, was $127,818,000, compared to$112,488,000 for the same period in 2023, reflecting a 13.7% increase[14] - Basic and diluted net investment income per share for Q2 2024 was $0.59, unchanged from Q2 2023[14] Asset and Liability Management - Net asset value (NAV) per share decreased by 6.0$13.67 from $14.55 as of March 31, 2024[3] - Total assets reached$3,629,325,000 as of June 30, 2024, up from $3,522,819,000 at the end of 2023, indicating an increase of about 3.0$2,033,431,000 as of June 30, 2024, compared to $1,920,994,000 as of December 31, 2023, representing an increase of approximately 5.8$1,955.1 million in total debt outstanding, with a combined weighted average interest rate of 5.35%[9] - The company’s total debt outstanding was $1,943,587,000 as of June 30, 2024, compared to$1,826,794,000 as of December 31, 2023, marking an increase of approximately 6.4%[13] Investment Activity - Gross originations for the quarter were $440.0 million, with net funded investment activity of$180.1 million[2] - New investment commitments were made across ten new portfolio companies and fifteen existing portfolio companies during the quarter[6] - Total investments at fair value and commitments amounted to $3,998.2 million, with 98.0$3,518,742,000 as of June 30, 2024, compared to $3,414,329,000 as of December 31, 2023, reflecting a growth of approximately 3.1$0.45 per share, payable to shareholders of record as of September 30, 2024[2] - The company declared a dividend of $0.45 per share, payable on October 28, 2024, to stockholders of record as of September 30, 2024[12] Non-Accrual Investments - As of June 30, 2024, investments on non-accrual status represented 3.4$(121,392,000), compared to a gain of $1,332,000 in Q2 2023[14] - The company reported a net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments of$(89,023,000) in Q2 2024[14] Operational Metrics - The ending net debt-to-equity ratio increased to 1.19x as of June 30, 2024, compared to 1.10x as of March 31, 2024[3][9] - The weighted average net debt to EBITDA ratio and interest coverage ratio are calculated based on the fair value of debt investments, excluding certain investments where these measures may not apply[1] - The ending net debt-to-equity leverage ratio was calculated using total borrowings net of cash, excluding unfunded commitments, as of June 30, 2024[12] Management Fees and Expenses - Total expenses for Q2 2024 were $40,416,000, down 13.4$46,704,000 in Q2 2023[14] - Management fees for Q2 2024 were $8,865,000, slightly down from$8,970,000 in Q2 2023[14] Company Focus - Goldman Sachs BDC, Inc. focuses on investing in middle-market companies primarily through secured and unsecured debt[15]