Investment Thesis
Goldman Sachs BDC operates at a significant loss (-13.6M net income) with minimal cash reserves (41.9M) against 2.0B in liabilities, creating material financial vulnerability. While positive operating cash flow (10.4M) provides some support, the combination of negative returns (ROE -1.0%, ROA -0.4%) and 1.39x leverage limits financial flexibility and suggests deteriorating portfolio quality.
Strengths
- Positive operating cash flow (10.4M) demonstrates underlying cash generation despite losses
- Solid asset base (3.3B) provides portfolio investment capacity and underlying collateral
- Manageable leverage ratio (1.39x) within typical BDC parameters with 1.4B equity cushion
Risks
- Significant operating loss (-13.6M) with negative ROE and ROA indicates portfolio underperformance and capital erosion
- Critical liquidity concern: only 41.9M cash against 2.0B liabilities represents extremely tight liquidity position
- High leverage combined with negative earnings severely constrains financial flexibility and increases default risk if conditions worsen
Key Metrics to Watch
- Path to profitability and net income trends
- Cash reserve levels relative to debt obligations and investment activity
- Portfolio yield and credit quality metrics to assess earning asset performance
Financial Metrics
Revenue
N/A
Net Income
-13.6M
EPS (Diluted)
$-0.12
Free Cash Flow
10.4M
Total Assets
3.3B
Cash
41.9M
Profitability Ratios
Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
ROE
-1.0%
ROA
-0.4%
FCF Margin
N/A
Balance Sheet & Liquidity
Current Ratio
N/A
Quick Ratio
N/A
Debt/Equity
1.39x
Debt/Assets
59.0%
Interest Coverage
N/A
Long-term Debt
1.9B
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-05-09T10:58:04.183898 |
Data as of: 2026-03-31 |
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