Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q1 2023 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, May 5, 2023
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation QUARTER ENDED MARCH 31, 2023 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 May 5, 2023 and the Company’s Quarterly Report on Form 10-Q for the quar
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended March 31, 2023 ▪ Net investment income per share for the quarter ended March 31, 2023 was $0.46. Excluding purchase discount amortization per share of $0.01 from the Merger, adjusted net investment income per share was $0.45, equating to an annualized net investmen
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended March 31, 2023 (in $ millions, except per share data) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Investment portfolio, at fair value $3,476.7 $3,591.9 $3,618.1 $3,506.2 $3,514.9 1 Total debt oustanding $1,876.5 $2,030.2 $2,106.3 $2,021.4 $1,943.3 Net assets $
Slide 5: Investment Activity
Investment Activity Quarter Ended March 31, 2023 ▪ New investment commitments and net fundings of previously unfunded commitments for the quarter were $2.1 million and $21.0 million, respectively – New investment commitments were across one new portfolio company and one existing portfolio company, w
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended March 31, 2023 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $366 2% $3,477 $3,592 $3,618 <1% $3,506 $3,515 <1% <1% <1% <1% 1% 1% 1% 1% 1% 1% 1% 6% 1% 1% 2% 7% <1% 5% 5% 8% <1% 3% <1% <1% <1% 3% 3% 3% 3% $205 1% 98%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended March 31, 2023 | ($ in millions) Non-Accrual Status: One new portfolio company was placed on non-accrual during the quarter. One portfolio company was removed from non-accrual status due to exit. As of March 31, 2023, investments on non-accrual status repr
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended March 31, 2023 Portfolio Characteristics Invested Portfolio Total investments and commitments ($mm) $3,840.1 Unfunded commitments ($mm) $325.2 Investments at fair value ($mm) $3,514.9 Yield at fair value of total investments (%)1 12.8% Yield
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended March 31, 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Investment income Interest1 $ 77,019 $ 76,448 $ 93,701 $ 104, 946 $106,403 Dividend income 69 56 133 124 107 Other income 1,217 949 1,384 1,406 894 Total investment income $78,305 $77,453 95,218 $106,476
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended March 31, 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Assets Investments at fair value $3,476,704 $3,591,876 $3,618,060 $3,506,216 $3,514,903 Cash 31,413 44,774 32,670 39,602 47,173 Unrealized appreciation on foreign currency forward contracts 124 146 111 - - R
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended March 31, 2023 NII: $0.46 Net Realized & Unrealized Gain: $(0.21) $14.61 $0.45 $14.44 $0.01 $(0.45) $(0.20) $(0.01) $0.03 Q4' 22 Ending Book Q1' 23 Adjusted Net Q1' 23 Purchase Q1' 23 Distribution Q1' 23 Q1' 23 Adjusted Net Secondary Offering Q1' 23 Ending Book N
Slide 12: Debt
Debt Quarter Ended March 31, 2023 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm)1 Goldman Sachs BDC, Inc. Revolving Credit Facility $1,695 $1,083 SOFR + 187.5 bps / 175 bps2 05/05/2027 2025 Notes $360 $360 3.75% 02/10/2025 2026 Notes $500 $500 2.875% 01/15/2026 Total $2,5
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended March 31, 2023 Distribution Data Record Date Payment Date Date Declared Regular Distribution Per Share Special Distribution Per Share 30-Jun-23 27-Jul-23 3-May-23 $0.45 - 31-Mar-23 27-Apr-23 22-Feb-23 $0.45 - 30-Dec-22 27-Jan-23 2-Nov-22 $0.45
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