Goldman Sachs BDC(GSBD) - 2024 Q4 - Annual Results

Financial Performance - Net investment income per share for Q4 2024 was $0.48, with adjusted net investment income per share at$ 0.47, reflecting an annualized yield of 14.0%[2] - Total investment income for Q4 2024 was $103.8 million, down from$ 110.4 million in Q3 2024, primarily due to exits and downsizing of certain investments[3] - The company's distributable earnings showed a loss of $(373,670) as of December 31, 2024, compared to a loss of$ (224,579) as of December 31, 2023, indicating a worsening of approximately 66.5%[15] - Investment income for the year ended December 31, 2024, was $434.37 million, compared to$ 454.91 million in 2023, reflecting a decrease of approximately 4%[16] - Interest income increased to $374.20 million in 2024 from$ 329.64 million in 2023, representing a growth of about 13.5%[16] - Net investment income before taxes was $257.85 million, compared to$ 252.08 million in 2023, showing a slight increase of about 2.9%[16] - Net investment income after taxes was $252.5 million, compared to$ 247.2 million in the previous period, reflecting an increase of approximately 2.6%[1] - The company reported net realized and unrealized gains (losses) on investment transactions of $(155.9) million, compared to$ (49.4) million in the prior period, indicating a significant decline[1] Investment and Asset Management - Total investments at fair value and commitments reached $3,968.2 million, with 97.6% in senior secured debt[2] - New investment commitments totaled$ 173.0 million, with sales and repayments amounting to $187.5 million during the quarter[5] - As of December 31, 2024, investments on non-accrual status represented 2.0% of the total investment portfolio at fair value[6] - The weighted average yield on debt and income-producing investments at fair value was 14.1%[6] - The company aims to generate current income primarily through direct originations of secured debt, including first lien and mezzanine debt, as well as select equity investments[18] - The company focuses on investing primarily in middle-market companies in the United States[18] Debt and Equity - The company's ending net debt-to-equity ratio was 1.17x, slightly up from 1.16x in the previous quarter[2] - The company's total debt outstanding as of December 31, 2024, was$ 1,926,452, compared to $1,826,794 as of December 31, 2023, indicating an increase of about 5.5%[15] - The weighted average net debt-to-EBITDA ratio is calculated based on the fair value of debt investments, with 20.5% of total debt investments at fair value as of December 31, 2024, being potentially inappropriate measures of credit risk[14] - The ending net debt-to-equity leverage ratio is calculated using total borrowings net of cash and cash equivalents, excluding unfunded commitments as of December 31, 2024[14] Dividends - The company declared a base dividend of$ 0.32 per share for Q1 2025, with additional special dividends of $0.16 per share for the next two quarters[2] - The company declared a base dividend of$ 0.32 per share and a special dividend of $0.16 per share, payable on April 28, 2025, to stockholders of record as of March 31, 2025[13] Cash and Assets - Cash and cash equivalents increased to$ 61,795 as of December 31, 2024, up from $52,363 as of December 31, 2023, marking a growth of approximately 17.5%[15] - The total assets of the company increased to$ 3,603,383 as of December 31, 2024, from $3,522,819 as of December 31, 2023, reflecting a growth of approximately 2.3%[15] Expenses - Total expenses for the year were$ 176.52 million, a decrease from $204.81 million in 2023, indicating a reduction of approximately 13.8%[16] - The company reported net expenses of$ 176.52 million for 2024, down from $202.83 million in 2023, which is a decrease of approximately 13%[16] - The company experienced a significant increase in management fees, which rose to$ 35.23 million in 2024 from $32.54 million in 2023, reflecting an increase of approximately 8.2%[16] - Interest and other debt expenses totaled$ 113.71 million, slightly up from $111.30 million in 2023, indicating a marginal increase of about 2.2%[16] Forward-Looking Statements - The forward-looking statements indicate potential risks and uncertainties that could materially affect actual results, including factors identified in the "Risk Factors" section of SEC filings[18] - The company has no obligation to update or revise forward-looking statements unless required by law, emphasizing the uncertainty of future events[18] Management - The company is externally managed by Goldman Sachs Asset Management, L.P., which is a wholly-owned subsidiary of Goldman Sachs[18] Unrealized Gains and Losses - The net change in unrealized appreciation (depreciation) from non-controlled/non-affiliated investments was$ (35.11) million, indicating a decrease in value[1] - The company reported a net increase (decrease) in net assets from operations of $62.86 million, compared to$ 19.58 million in the previous period[1]