03/20/2025, 05:31 AM UTC
高盛BDC：股息调整但仍有买入价值Goldman Sachs BDC: Dividend Alignment, But Still A Buy
1. 由于高不良贷款和净投资收入下降，高盛BDC将其基础股息削减了29%，影响了依赖收入的投资者。2. 尽管股息削减，GSBD因其相对于净资产的折价和业绩改善的潜力而仍具吸引力。3. GSBD的资产组合高度抵押，97%为第一顺位投资，但更高的不良贷款率对净资产和收入构成风险。4. 私募信贷市场提供了长期增长机会，如果GSBD降低其不良贷款率，其估值可能向上调整。1. Goldman Sachs BDC reduced its base dividend by 29% due to high non-accruals and decreased net investment income, affecting income-dependent investors. 2. Despite the dividend cut, GSBD remains attractive due to its discount to NAV and potential for performance improvement. 3. GSBD's portfolio is highly collateralized with 97% First Lien investments, but higher non-accruals pose risks to net asset value and income. 4. The private credit market offers long-term growth opportunities, and GSBD could re-rate upward if it lowers its non-accrual ratio.---
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