Goldman Sachs BDC, Inc. (GSBD)

Goldman Sachs BDC: Excessive NAV Discount

Goldman Sachs BDC delivered weaker-than-expected Q1'25 net investment income amid a shrinking portfolio and persistent non-accrual issues. The BDC's non-accrual percentage improved to 1.9% Q/Q and Q1'25 was the third consecutive quarter of improving balance sheet quality. Goldman Sachs BDC has changed its dividend setup, however, and has more payment flexibility going forward.

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Goldman Sachs BDC: Widely Underrated

Goldman Sachs BDC remains a Buy for passive income investors, offering a high NII yield and trading at a significant discount to NAV. Despite not fully covering its dividend in Q1'25 and a rising non-accrual ratio, I see the dividend as sustainable due to the revised payout structure. The BDC's income metrics are under pressure from higher repayments, lower originations, and credit quality issues, but peer comparisons remain favorable.

Goldman Sachs BDC (GSBD) Q1 2025 Earnings Call Transcript

Goldman Sachs BDC. (NYSE:GSBD ) Q1 2025 Earnings Conference Call May 9, 2025 8:30 AM ET Company Participants Austin Neri - IR Alex Chi - Co-CEO & Co-President David Miller - Co-CEO & Co-President Tucker Greene - COO Stanley Matuszewski - CFO & Treasurer Conference Call Participants Derek Hewett - Bank of America Operator Good morning.

Trying To Catch The BDC Bottom With A Pair Trade (Part 4): Goldman Sachs BDC Vs. Oxford Square Capital

BDCs have fallen significantly, presenting a buying opportunity, but caution is advised; hence, we compare GSBD and OXSQ for a pair trade strategy. GSBD trades at an 18.87% discount with a negative three-year z-score of 2.69, while OXSQ trades at a 20% premium with a positive three-year z-score of 0.85. The significant premium/discount spread between GSBD and OXSQ offers a hedging opportunity, suggesting a long position in GSBD and a hedge with OXSQ.

Investors turn to emerging market debt after Trump tariffs hit U.S. Treasurys

Emerging market local currency bonds are seeing increasing fund flows as U.S. Treasurys' long-held reputation as a safe haven "This is an effort by investors to diversify away from the U.S. market, particularly local investors," said Mark Mobius, chairman of Mobius Emerging Opportunities Fund.

Worried About BDC Dividends? Consider These 3 For Durable Income

BDC dividend investors, who want to avoid seeing their portfolio current income streams shrink have to be extra careful when picking BDCs. Largely due to unfavorable sector-wide conditions, many BDCs have already cut their dividends (just as I predicted). In my view, there are many more in line.

Goldman Sachs BDC: Dividend Alignment, But Still A Buy

Goldman Sachs BDC cut its base dividend by 29% due to high non-accruals and decreased net investment income, impacting income-dependent investors. Despite the dividend cut, GSBD remains attractive due to its discount to NAV and potential for performance improvement. GSBD's portfolio is highly collateralized with 97% First Lien investments, but higher non-accruals pose risks to net asset value and income.

The Moment Of Truth For BDC Dividend Investors Is Close

As a structural BDC bull I have to admit that the period of BDCs consistently surprising us on the upside has come to an end. Many lower quality BDCs have already cut their dividends to sync their cash flows with less favorable private credit lending environment. I would say that the moment of truth for high quality BDCs is also very close, where we will see how really durable their base dividends are.

Goldman Sachs BDC: Change In Dividend Structure Not A Deal-Changer

Goldman Sachs BDC has revised its dividend policy and fee structure, reducing the regular dividend but adding supplemental dividends to maintain overall payouts. Despite a 29% "cut" in the regular dividend, the BDC will pay supplemental dividends. The BDC's non-accrual percentage has decreased slightly in Q4'24, but the dividend safety margin has been reduced due to underperforming investments.

Goldman Sachs BDC: Structural Changes Provide Flexibility, But Investors Should Remain Cautious

Goldman Sachs BDC has underperformed despite a favorable interest rate environment, with a 35.26% decline and a recent 29% dividend cut. Structural changes, including a reduced incentive fee and a new dividend policy, offer flexibility but credit quality remains a concern. High non-accruals, declining NAV, and increased PIK income signal potential trouble, warranting caution for dividend investors.

Goldman Sachs BDC, Inc. Reports December 31, 2024 Financial Results and Announces Quarterly Dividend of $0.32 Per Share

NEW YORK--(BUSINESS WIRE)--Goldman Sachs BDC, Inc. (“GSBD”, the “Company”, “we”, “us”, or “our”) (NYSE: GSBD) today reported financial results for the fourth quarter and year ended December 31, 2024 and filed its Form 10-K with the U.S. Securities and Exchange Commission. QUARTERLY HIGHLIGHTS Net investment income per share for the quarter ended December 31, 2024 was $0.48. Excluding purchase discount amortization per share of $0.01 from the Merger (as defined below), adjusted net investment in.

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