Goldman Sachs BDC, Inc. announced its financial results for the first quarter ended March 31, 2015. Total investment income was $26.4 million.
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On March 18, 2015, the company priced its initial public offering (IPO) of 6.0 million shares at $20 per share, generating net proceeds of $114.9 million.
Net investment income for the quarter ended March 31, 2015 was $0.52 per share, as compared to $0.34 per share for the quarter ended March 31, 2014.
Earnings per share for the quarter ended March 31, 2015 was $0.46 per share, as compared to $0.13 per share for the quarter ended December 31, 2014.
The company announced a second quarter dividend of $0.45 per share, as compared to $0.41 per share for the second quarter of 2014.
As of March 31, 2015, investments at fair value in the Senior Credit Fund, LLC (SCF), the company’s strategic joint venture, were $181.0 million, up from $111.2 million as of December 31, 2014, representing a 62.8% quarter-over-quarter increase.
Goldman Sachs, & Co. (GS) adopted a $25 million 10b5-1 share purchase plan. The Board of Directors authorized the company to repurchase up to $35.0 million of its common stock, which will not begin until capital committed to the 10b5-1 plan has been exhausted.
Total investment income for the three months ended March 31, 2015 was $26.4 million, including $25.5 million from interest income, original issue discount accretion and dividend income. Prepayment income, accelerated accretion/amortization and other income were $0.9 million.
Total expenses for the three months ended March 31, 2015 were $10.6 million, including $2.5 million of interest and credit facility expenses, $7 million of management and incentive fees, and $1.1 million of other operating expenses.
Net investment income after taxes for the three months ended March 31, 2015 was $15.7 million, or $0.52 per share. During the three months ended March 31, 2015, the company had no net realized gain (loss) on investments and net unrealized depreciation on investments of $(1.7) million, or $(0.06) per share.
Net increase in net assets resulting from operations for the three months ended March 31, 2015 was $14 million, or $0.46 per share. ■