NYSE$GSBD
Goldman Sachs BDC Inc · Q4 2024 earnings
Q4 2024 earnings · · After market close · Investor relations
Briefing
Goldman Sachs BDC, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024.
Goldman Sachs BDC, Inc. reported a net investment income of $0.48 per share for Q4 2024, with total investment income at $103.8 million. The company's net asset value per share decreased slightly to $13.41. The investment portfolio remained strong, primarily in senior secured debt, and the company declared a base quarterly dividend of $0.32 per share.
- Net investment income per share for Q4 2024 was $0.48, with adjusted net investment income per share at $0.47.
- Net asset value per share decreased 1.0% to $13.41 as of December 31, 2024.
- The investment portfolio totaled $3,968.2 million, with 97.6% in senior secured debt.
- The company declared a base first quarter 2025 dividend of $0.32 per share and a special dividend of $0.16 per share.
Headline financials
Revenue & EPS history
Goldman Sachs BDC · Revenue · Quarterly
$104M
Forward guidance
The company's forward guidance indicates a strategic shift towards a lower base dividend with potential for supplemental distributions, alongside a reduction in incentive fees. They also plan to manage debt maturities by utilizing their revolving credit facility.
Tailwinds
- Reduction of base quarterly dividend to $0.32 per share, with upside potential through quarterly supplemental variable distributions.
- Permanent reduction of the income-based incentive fee and cap to 17.5% commencing March 31, 2025.
- Reduction of the incentive fee on capital gains to 17.5%.
- Successful repayment of $360.0 million aggregate principal amount outstanding of senior notes due February 10, 2025, using the senior secured revolving credit agreement.
- Authorization of two additional special dividends of approximately $0.16 per share for the next two quarters.
Headwinds
- The base quarterly dividend has been reduced.
- No shares were issued during the three months ended December 31, 2024, under the equity distribution agreement.
- The company's ending net debt-to-equity ratio slightly increased from 1.16x to 1.17x.
- The decrease in total investment income was due to exits and downsize on certain investments.
- Net expenses before taxes increased by $5.1 million, primarily driven by accrued incentive fees.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2024
-0.2%
Avg return
Earnings day
-0.1%
Avg return
5 days after
-1.2%
Avg return
30 days after
50%
22 / 44 earnings
Positive
+4.0%
Q2 2015
Best reaction
-4.3%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.2% | -11.3% | -12.7% | |
| Q4 2025 | -1.4% | +1.7% | -2.0% | |
| Q3 2025 | +1.8% | +0.8% | +3.5% | |
| Q1 2025 | +2.3% | +5.5% | +8.3% | |
| Q4 2024 | +1.6% | -3.0% | -5.7% | |
| Q3 2024 | -1.2% | -3.3% | -0.9% | |
| Q2 2024 | -4.1% | -4.7% | -3.1% | |
| Q1 2024 | -0.5% | +1.4% | -2.7% | |
| Q4 2023 | -3.5% | -1.7% | -3.8% | |
| Q3 2023 | -0.3% | +1.2% | +2.4% | |
| Q2 2023 | +4.0% | +3.2% | +3.3% | |
| Q1 2023 | -4.2% | -3.6% | -1.9% | |
| Q4 2022 | +2.1% | +2.7% | -11.9% | |
| Q3 2022 | +2.1% | +2.2% | -0.2% | |
| Q2 2022 | +0.5% | +1.3% | -3.9% | |
| Q1 2022 | -1.3% | -3.6% | -5.1% | |
| Q4 2021 | -2.2% | -3.8% | -0.3% | |
| Q3 2021 | +0.2% | +1.4% | +0.8% | |
| Q2 2021 | +1.7% | +1.0% | +0.1% | |
| Q1 2021 | +0.3% | +0.3% | +2.3% | |
| Q4 2020 | +0.5% | +6.8% | +10.6% | |
| Q3 2020 | +0.9% | +6.6% | +22.5% | |
| Q2 2020 | -0.9% | -1.7% | -4.0% | |
| Q1 2020 | -4.2% | -1.5% | +9.7% | |
| Q4 2019 | -4.3% | -8.7% | -53.3% | |
| Q3 2019 | -1.7% | -1.3% | +1.2% | |
| Q2 2019 | -1.0% | -2.0% | -1.2% | |
| Q1 2019 | +0.0% | -2.4% | -5.2% | |
| Q4 2018 | -1.0% | -3.5% | -1.8% | |
| Q3 2018 | +3.1% | +7.4% | +1.6% | |
| Q2 2018 | +4.0% | +5.4% | +4.4% | |
| Q1 2018 | +0.9% | +8.3% | +7.8% | |
| Q4 2017 | -2.6% | -3.2% | -6.8% | |
| Q3 2017 | +1.2% | -0.2% | +0.0% | |
| Q2 2017 | -0.0% | +1.2% | -3.7% | |
| Q1 2017 | -3.1% | -4.8% | -10.4% | |
| Q4 2016 | +0.0% | +0.1% | -0.2% | |
| Q3 2016 | -3.8% | +1.7% | +7.2% | |
| Q2 2016 | -0.3% | +2.0% | +8.0% | |
| Q1 2016 | +0.2% | — | — | |
| Q4 2015 | +0.1% | — | — | |
| Q3 2015 | +0.6% | — | — | |
| Q2 2015 | +4.0% | — | — | |
| Q1 2015 | +3.6% | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — |
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