Goldman Sachs BDC (NYSE:GSBD) reported Q4-2016 NII of $0.50/share and the NAV fell from $18.58 to $18.31. NII/share was a penny below projections and TII was close to $3 million below. Portfolio losses resulted in management incentive fees being lower - helping NII performance. This is a relatively bad NII performance given that expense reduction. GSBD has a yield (going by prices as of 2-24-17) of 7.28% compared to a PWAY (portfolio weighted average yield) of 11.8%. What does that mean? It is priced for very good news - and the above not good news.
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