Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q3 2023 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, Nov 8, 2023
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation QUARTER ENDED SEPTEMBER 30, 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 November 8, 2023 and the Company’s Quarterly Report on Form 10-Q for the
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended September 30, 2023 ▪ Net investment income per share for the quarter ended September 30, 2023 increased 13.6% to $0.67 from $0.59 as of June 30, 2023. Excluding purchase discount amortization per share of $0.03 from the Merger, adjusted net investment income per sh
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended September 30, 2023 (in $ millions, except per share data) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Investment portfolio, at fair value $3,618.1 $3,506.2 $3,514.9 $3,550.0 $3,438.7 1 Total debt oustanding $2,106.3 $2,021.4 $1,943.3 $1,962.1 $1,884.5 Net asse
Slide 5: Investment Activity
Investment Activity Quarter Ended September 30, 2023 ▪ New investment commitments and net fundings of previously unfunded commitments for the quarter were $168.2 million and $26.4 million, respectively – New investment commitments were across eight new portfolio companies and five existing portfolio
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended September 30, 2023 End of Period Investments (at fair value, $mm) $3,618 $3,550 $3,439 <1% $3,506 <1% $3,515 <1% <1% 1% <1% 1% 1% 1% 1% 1% 6% 1% 1% 1% 5% 5% 5% 1% 3% <1% <1% 3% 3% <1% 3% <1% 3% 4% <1% 88% 89% 89% 89% 91% Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 1st Lie
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended September 30, 2023 | ($ in millions) Non-Accrual Status: Two new portfolio companies were placed on non-accrual and one portfolio company was removed from non-accrual status during the quarter. As of September 30, 2023, investments on non-accrual status re
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended September 30, 2023 Portfolio Characteristics Invested Portfolio Total investments and commitments ($mm) $3,803.2 Unfunded commitments ($mm) $364.5 Investments at fair value ($mm) $3,438.7 Yield at fair value of total investments (%)1 12.7% Yi
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended September 30, 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Investment income Interest1 $ 93,701 $ 104, 946 $106,403 $111,270 $118,981 Dividend income 133 124 107 138 256 Other income 1,384 1,406 894 675 819 Total investment income 95,218 $106,476 $107,404 $1
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended September 30, 2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Assets Investments at fair value $3,618,060 $3,506,216 $3,514,903 $3,549,979 $3,438,696 Cash 32,670 39,602 47,173 42,414 76,602 Unrealized appreciation on foreign currency forward contracts 111 - - - - R
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended September 30, 2023 NII: $0.67 Net Realized & Unrealized Loss: $(0.20) $14.59 $0.64 $14.61 $0.03 $(0.45) $(0.17) $(0.03) Q2' 23 Ending Book NAV Q3' 23 Adjusted Net Q3' 23 Purchase Q3' 23 Distribution Q3' 23 Q3' 23 Adjusted Net Q3' 23 Ending Book NAV Investment Inc
Slide 12: Debt
Debt Quarter Ended September 30, 2023 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm)1 Goldman Sachs BDC, Inc. Revolving Credit Facility $1,695 $1,024 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
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended September 30, 2023 Distribution Data Record Date Payment Date Date Declared Regular Distribution Per Share Special Distribution Per Share 29-Dec-23 26-Jan-24 1-Nov-23 $0.45 - 30-Sep-23 27-Oct-23 2-Aug-23 $0.45 - 30-Jun-23 27-Jul-23 3-May-23 $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