Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q3 2022 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, Nov 4, 2022
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation QUARTER ENDED SEPTEMBER 30, 2022 WWW.GOLDMANSACHSBDC.COM
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement The information contained in this presentation should be viewed in conjunction with the earnings conference call of Goldman Sachs BDC, Inc. (“GSBD” or the “Company”) (NYSE: GSBD) held on November 4, 2022 and the Company’s Quarterly Report on Form 10-Q for the
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended September 30, 2022 ▪ Net investment income per share for the quarter ended September 30, 2022 increased 22.4% to $0.60 from $0.49 as of June 30, 2022. Excluding purchase discount amortization per share of $0.04 from the Merger, adjusted net investment income per sh
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended September 30, 2022 (in $ millions, except per share data) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Investment portfolio, at fair value $3,112.1 $3,478.4 $3,476.7 $3,591.9 $3,618.1 1 Total debt oustanding $1,639.9 $1,873.7 $1,876.5 $2,030.2 $2,106.3 Net asse
Slide 5: Investment Activity
Investment Activity Quarter Ended September 30, 2022 ▪ New investment commitments and net fundings of previously unfunded commitments for the quarter were $205.3 million and $149.7million, respectively – New investment commitments were across six new portfolio companies and ten existing portfolio co
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended September 30, 2022 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $723 <1% $3,592 <1% $3,618 <1% <1% $3,477 <1% 1% 4% $3,478 1% $670 1% 1% 1% 1% 1% 1% 2% 2% 2% 7% 6% 4% <1% <1% <1% $3,112 8% 8% 3% 1% <1% <1% 3% 1% 5%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended September 30, 2022 | ($ in millions) Non-Accrual Status: Four investments across three portfolio companies were placed on non-accrual during the quarter. As of September 30, 2022, investments on non-accrual status represented 0.4% and 1.4% of the total inv
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended September 30, 2022 Portfolio Characteristics (as of September 30, 2022) Invested Portfolio Total investments and commitments ($mm) $4,054.0 Unfunded commitments ($mm) $435.9 Investments at fair value ($mm) $3,618.1 Yield at fair value of inve
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended September 30, 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Investment income Interest1 $ 95,493 $ 82,525 $ 77,019 $ 76,448 93,701 Dividend income 90 80 69 56 133 Other income 1,101 1,156 1,217 949 1,384 Total investment income $96,684 $83,761 $78,305 $77,453
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended September 30, 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Assets Investments at fair value $3,112,124 $3,478,443 $3,476,704 $3,591,876 $3,618,060 Cash 171,600 33,764 31,413 44,774 32,670 Unrealized appreciation on foreign currency forward contracts 44 100 124 1
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended September 30, 2022 NII: $0.60 Net Realized & Unrealized Gain: $(0.76) $15.53 $0.56 $15.02 $0.04 $(0.45) $(0.72) $(0.04) $ 0.10 Q2' 22 Ending Book Q3' 22 Adjusted Net Q3' 22 Purchase Q3' 22 Distribution Q3' 22 Q3' 22 Adjusted Net ATM Proceeds (net Q3' 22 Ending Bo
Slide 12: Debt
Debt Quarter Ended September 30, 2022 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm)1 Goldman Sachs BDC, Inc. Senior Secured Revolving Credit Facility $1,695 $1,246 SOFR + 187.5 bps / 175 bps2 05/05/2027 2025 Notes $360 $360 3.75% 02/10/2025 2026 Notes $500 $500 2.875% 01
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended September 30, 2022 Distribution Data Record Date Payment Date Date Declared Regular Distribution Per Share Special Distribution Per Share 30-Dec-22 27-Jan-23 2-Nov-22 $0.45 - 30-Sep-22 27-Oct-22 3-Aug-22 $0.45 - 30-June-22 27-July-22 4-May-22 $
Slide 14: Non-GAAP Disclosures
Non-GAAP Disclosures On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s stock