Goldman Sachs BDC, Inc. Reports Third Quarter 2016 Financial Results And Announces Fourth Quarter Dividend Of $0.45 Per Share

Goldman Sachs BDC, Inc. ("GS BDC" or the "Company") (NYSE:GSBD) announced its financial results for the third quarter ended September 30, 2016 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

QUARTERLY HIGHLIGHTS
  • Net investment income for the quarter ended September 30, 2016 was $0.51 per share, as compared to $0.50 per share for the quarter ended June 30, 2016;
  • Earnings per share for the quarter ended September 30, 2016 were $0.62 per share, as compared to $0.19 per share for the quarter ended June 30, 2016;
  • Net asset value per share increased $0.17 per share to $18.58, up from $18.41 as of June 30, 2016;
  • New investment commitments and fundings for the quarter ended September 30, 2016 were $138.3 million and $128.6 million, respectively, and sales and repayments totaled $108.6 million, resulting in net funded portfolio growth of $20.0 million; (1)
  • The Senior Credit Fund ("SCF") produced a 15% return on investment to the Company; Year-over-year, the SCF investment portfolio has grown by 52% to $392.3 million at fair value as of the quarter ended September 30, 2016; (1)(2)
  • The Company announced a fourth quarter dividend of $0.45 per share payable to shareholders of record as of December 31, 2016, equating to an annualized dividend yield of 9.7% on quarter end net asset value per share; (3)
  • Subsequent to quarter end, the Company closed an offering of $115 million aggregate principal amount of 4.50% Convertible Notes due April 2022. The net proceeds of the offering were used to pay down debt under the Company's revolving credit facility.

SELECTED FINANCIAL HIGHLIGHTS
         
   

Three months ended
(in $ millions, except per share data) September 30, 2016     June 30, 2016     September 30, 2015
Investment portfolio, at fair value (1) $ 1,143.0 $ 1,115.1 $ 1,146.8
Debt 471.3 468.6 447.0
Net assets 675.0 668.5 703.5
 
Total investment income $ 34.0 $ 29.3 $ 32.9
Net investment income after taxes 18.7 18.2 20.6
Net increase in net assets resulting from operations 22.7 7.0 13.5
 
Per Share Data:
Net asset value per share $ 18.58 $ 18.41 $ 19.38
Net investment income (loss) per share (basic and diluted) 0.51 0.50 0.57
Earnings per share (basic and diluted) 0.62 0.19 0.37
Regular distribution per share       0.45       0.45       0.45  
 

INVESTMENT ACTIVITY (1)

During the three months ended September 30, 2016, the Company made new investment commitments and fundings of $138.3 million and $128.6 million, respectively. The new investment commitments were comprised of 56.4% in first lien debt, 4.1% in first lien/last-out unitranche debt, 29.3% in second lien debt, 5.8% in preferred stock, and 4.4% in the SCF.

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