GSBD reports $0.22 net investment income per share as non-accruals rise to 4.7% of the portfolio amid legacy credit issues.
Goldman Sachs BDC posted a first-quarter net asset value of $12.17 per share, down 3.7% sequentially, driven by higher unrealized losses and increased incentive fee accruals. Net investment income fell to $0.22 per share.
Non-accruals climbed to 4.7% of the portfolio, primarily tied to two older investments, while newer originations, now 58% of the portfolio, performed as expected. The company declared a $0.32 dividend, supported by $94 million in undistributed taxable income.
GSBD also enhanced liquidity through unsecured debt issuance and authorized a $75 million share repurchase program.