Goldman private credit BDC fills Q3 tender as requests fall to 2%

Goldman Sachs Private Credit Corp. accepted all 7.6 million shares tendered in its third-quarter repurchase offer, about 2% of shares outstanding, down from 3.24% in the second quarter.

The offer sought up to about 18.7 million shares, or 5% of shares outstanding at June 30, so requests equaled about 41% of the cap, according to AltsWire's calculations. At the Sept. 30 net asset value of $24.51 a share, the tendered shares were worth about $186.4 million. The fund paid about $186.3 million on or about Oct. 30, net of the 2% early repurchase deduction where it applied.

For an advisor planning a client's cash needs, the tender cleared in full with no proration. Every share tendered was bought at the Sept. 30 NAV, less the 2% early repurchase deduction where it applied. That contrasts with Apollo Debt Solutions BDC, which accepted about a third of tendered shares in its latest offer, and Blue Owl Credit Income Corp., which filled 29.8%, as Private Wealth Daily previously reported.

Net assets rose to $9.44 billion at Sept. 30 from $9.19 billion at June 30. The broader nontraded BDC market moved the other way: redemptions outpaced new capital by $4.1 billion in the third quarter, according to preliminary data from Robert A. Stanger & Co. Net assets fell at Apollo Debt Solutions BDC, Blue Owl Credit Income Corp. and Ares Strategic Income Fund.

Sales were about $400.1 million across the fund's three share classes, down 60% from $988.7 million a year earlier. Repurchases in the quarter came to $185.6 million net of early repurchase deductions. Class I shares accounted for all but about $2.9 million of the sales and all of the repurchases.

NAV fell to $24.51 from $24.57 at June 30. Class I shares returned 2% for the quarter, 4.9% year to date and 7.1% over the trailing year, and the class carried a 9.1% annualized distribution yield in September. Net investment income was $216.7 million, against $218.9 million in the second quarter, and leverage was 0.9 times in September.

Two portfolio companies were on nonaccrual status at Sept. 30, 0.2% of the portfolio at amortized cost and 0.1% at fair value, against one at June 30. The fund capitalized $38.9 million of payment-in-kind interest in the first nine months of the year, compared with $21.8 million a year earlier.

Co-chief executive Vivek Bantwal becomes sole CEO when David Miller's resignation takes effect Dec. 31.