Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q3 2021 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, Nov 5, 2021
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended September 30, 2021 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 5, 2021 and the Company’s Quarterly Report on Form 10-Q for the
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended September 30, 2021 Net investment income per share for the quarter ended September 30, 2021 was $0.63. Excluding purchase discount amortization per share of $0.15 from the Merger, adjusted net investment income per share was $0.48 for the quarter ended September
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended September 30, 2021 (in $ millions, except per share data) Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Investment portfolio, at fair value $1,431.2 $3,242.8 $3,202.6 $3,156.5 $3,112.1 1 Total debt oustanding $920.1 $1,644.4 $1,608.0 $1,598.6 $1,639.9 Net assets
Slide 5: Investment Activity
Investment Activity Quarter Ended September 30, 2021 New investment commitments and fundings of previously unfunded commitments for the quarter were $670.0 million and $152.1 million, respectively. - New investment commitments were across ten new portfolio companies and seventeen existing portfoli
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended September 30, 2021 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $670.0 1% $3,243 4% 1% 2% $3,203 2% $3,156 1% $3,112 2% 1% 2% 2% 1% 14% <1% 14% <1% 12% <1% 9% <1% 5% 4% 4% 4% $423.0<1% <1% $368.8 2% 1% 94% $1,431 3
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended September 30, 2021 Non-Accrual Status: As of September 30, 2021, investments on non-accrual status represented 0.1% and 0.7% of the total investment portfolio at fair value and amortized cost, respectively. (in $ millions) Q1 2021 Q2 2021 Q3 2021 Rating Fa
Slide 8: Portfolio Summary
Portfolio Summary Quarter Ended September 30, 2021 Portfolio Characteristics (as of September 30, 2021) Invested Portfolio Total investments and commitments ($mm) $3,513.9 Unfunded commitments ($mm) $401.8 Investments at fair value ($mm) $3,112.1 Yield at fair value of investments (%)1 8.4% Yield at
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended September 30, 2021 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Investment income Interest1 $30,264 $78,112 $80,858 $ 83,235 $ 95,493 Dividend income 32 123 765 61 90 Other income 1,157 697 995 621 1,101 Total investment income $31,453 $78,932 $82,618 $83,917 $96
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended September 30, 2021 Q3 2021 Highlights Total fair market value of the invested portfolio was $3,112.1 million, outstanding debt of $1,626.3 million and net assets of $1,620.1 million; and Average and ending debt-to-equity ratios for the three months ended as
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended September 30, 2021 Per Share Data NII: $0.63 Adjusted Net Realized & Unrealized Gain: $(0.26) $16.05 0.48 0.15 (0.50) ( 0.11 ) $15.92 (0.15) 1 Q2' 21 Ending Book Q3' 21 Adjusted Net Q3' 21 Purchase Q3' 21 Distribution Q3' 21 Net Change in Q3' 21 Ending Book NAV I
Slide 12: Debt
Debt Quarter Ended September 30, 2021 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm)1 Goldman Sachs BDC, Inc. Revolving Credit Facility $1,695 $625 LIBOR + 187.5 bps / 175 bps2 08/13/2026 Convertible Notes $155 $155 4.50% 04/01/2022 2025 Notes $360 $360 3.75% 02/10/2025 2
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended September 30, 2021 Distribution Data Record Date Payment Date Date Declared Regular Distribution Per Share Special Distribution Per Share 31-Dec-21 27-Jan-22 4-Nov-21 $0.45 30-Sep-21 27-Oct-21 5-Aug-21 $0.45 16-Aug-21 15-Sep-21 4-Nov-20 - $0.05
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