Q3 2024 Goldman Sachs BDC Inc Earnings Call Transcript
Key Points
- Goldman Sachs BDC Inc (GSBD) reported a strong quarter of sales and repayments, marking the largest quarter in over a year.
- The company added a net 12 new names to its portfolio, further diversifying its investments.
- The weighted average interest coverage of portfolio companies increased to 1.7 times in the third quarter from 1.5 times in the second quarter.
- Total investment income increased to $110.4 million in Q3 2024 from $108.6 million in Q2 2024, driven by incremental deployment.
- The company maintained a consistent distribution of $0.45 per share, with spillover taxable income at approximately $158.8 million.
- The weighted average yield of the investment portfolio decreased slightly to 10.9% from 11% in the prior quarter.
- The weighted average yield of total debt and income-producing investments decreased to 11.8% from 12.3% in the previous quarter.
- The net debt to EBITDA ratio increased slightly to 6.3 times from 6.1 times in the previous quarter.
- Risk-rated three and four totals increased due to underperformance in one portfolio company, indicating some negative credit migration.
- The repricing activity in the portfolio has slowed down, potentially impacting future income growth.
And 1.3% in second lien debt as well as a negligible amount of unsecured debt and 1.9% in a combination of preferred and common stock.
With that, let me turn it over to our Chief Operating Officer Tucker Greene to discuss new investments this quarter and our overall credit quality.
Thanks David. As of September 30th, 2024, the company held investments in 167 portfolio companies operating across 41 different industries. The weighted average yield of us of our investment portfolio to amortized cost at the end of the third quarter was 10.9%. As compared to 11% from the prior quarter.
The weighted average yield of our total debt and income producing investments at amortized cost at the end of the third quarter was 11.8%. As compared to 12.3% at the end of Q2. The weighted average net debt to EBITA. The company on our investment portfolio increased slightly at 6.3 times during the third quarter compared to
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