Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q2 2024 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, Aug 9, 2024
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation QUARTER ENDED JUNE 30, 2024 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 August 9, 2024, and the Company’s Quarterly Report on Form 10-Q for the
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended June 30, 2024 Net investment income per share for the quarter ended June 30, 2024, increased 7.3% to $0.59 from $0.55 as of March 31, 2024. Excluding purchase discount amortization per share of $0.02 from the Merger, adjusted net investment income per share was $
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended June 30, 2024 (in $ millions, except per share data) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Investment portfolio, at fair value $3,550.0 $3,438.7 $3,414.3 $3,440.1 $3,518.7 1 Total debt oustanding $1,962.1 $1,884.5 $1,832.2 $1,843.8 $1,955.1 Net assets $1
Slide 5: Investment Activity
Investment Activity Quarter Ended June 30, 2024 During the quarter, the Company made new investment commitments of $440.0 million, funded new investment commitments of $317.0 million, and had fundings of previously unfunded commitments of $89.6 million – New investment commitments were across ten
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended June 30, 2024 End of Period Investments (at fair value, $mm) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 1st Lien 89% 91% 91% 92% 92% 1st Lien, Last-Out Unitranche 3% 4% 4% 5% 5% 2nd Lien 5% 3% 2% 1% 1% Unsecured Debt <1% <1% 1% <1% <1% Preferred Stock 1% 1% 1%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended June 30, 2024 Non-Accrual Status: Two portfolio companies were placed on non-accrual during the quarter. As of June 30, 2024, investments on non-accrual status represented 3.4% and 7.6% of the total investment portfolio at fair value and amortized cost, re
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended June 30, 2024 Portfolio Characteristics Invested Portfolio Total investments and commitments ($mm) $3,998.2 Unfunded commitments ($mm) $479.5 Investments at fair value ($mm) $3,518.7 Yield at fair value of total investments (%)1 12.6% Yield a
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended June 30, 2024 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Investment income Interest1 $111,270 $118,981 $114,212 $110,267 $ 107,047 Dividend income 138 256 407 412 770 Other income 675 819 752 864 800 Total investment income $112,083 $120,056 $115,371 $111,543 $
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended June 30, 2024 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Assets Investments at fair value $3,549,979 $3,438,696 $3,414,329 $3,440,114 $3,518,742 Investments in affiliated money market fund - - - 499 - Cash 42,414 76,602 52,363 52,319 61,612 Interest and dividends r
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended June 30, 2024 Net Investment Income - $0.59 Net Realized & Unrealized Loss - $(1.05) $13.67 June 30, 2024 NAV is based on June 30, 2024 shares outstanding as of such date. March 31, 2024 NAV is based on ending shares outstanding as of such date. Q2 ’24 per share
Slide 12: Debt
Debt Quarter Ended June 30, 2024 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm)1 Goldman Sachs BDC, Inc. Revolving Credit Facility $1,695 $695 SOFR + 187.5 bps / 175 bps4 10/18/2028 2025 Notes $360 $360 3.75% 02/10/2025 2026 Notes $500 $500 2.875% 01/15/2026 2027 Notes $4
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended June 30, 2024 Distribution Data Record Date Payment Date Date Declared Regular Distribution Per Share Special Distribution Per Share 30-Sep-2024 28-Oct-2024 8-Aug-24 $0.45 - 28-June-24 26-Jul-24 1-May-24 $0.45 - 28-Mar-24 26-Apr-24 21-Feb-24 $0
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