Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q1 2025 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, May 9, 2025
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended March 31, 2025 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 9, 2025, and the Company’s Quarterly Report on Form 10-Q for the qua
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended March 31, 2025 • Net investment income per share for the quarter ended March 31, 2025 was $0.42. Excluding purchase discount amortization per share of $0.01 from the Merger (as defined below), adjusted net investment income per share was $0.41, equating to an annua
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended March 31, 2025 (in $ millions, except per share data) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Investment portfolio, at fair value $3,440.1 $3,518.7 $3,442.1 $3,475.3 $3,384.7 1 Total debt oustanding $1,843.8 $1,955.1 $1,887.8 $1,934.6 $1,874.9 Net assets $
Slide 5: Investment Activity
Investment Activity Quarter Ended March 31, 2025 During the quarter, the Company made new investment commitments of approximately $87.8 million, funded new investment commitments of $53.8 million, and had fundings of previously unfunded commitments of $37.8 million • New investment commitments were
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended March 31, 2025 End of Period Investments (at fair value, $mm) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1st Lien 92% 92% 92% 92% 91% 1st Lien, Last-Out Unitranche 5% 5% 5% 5% 5% 2nd Lien 1% 1% 1% 1% 1% Unsecured Debt <1% <1% <1% <1% 1% Preferred Stock 1% 1% 1%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended March 31, 2025 Non-Accrual Status: As of March 31, 2025, investments on non-accrual status represented 1.9% and 4.6% of the total investment portfolio at fair value and amortized cost, respectively. Q3 2024 Q4 2024 Q1 2025 Rating Fair Value % of Total Port
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended March 31, 2025 Portfolio Characteristics Invested Portfolio Total investments and commitments ($mm) $3,861.6 Unfunded commitments ($mm) $476.9 Investments at fair value ($mm) $3,384.7 Yield at fair value of total investments (%)1 11.3% Yield
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended March 31, 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Investment income Interest1 $110,267 $107,047 $109,116 $102,111 $95,746 Dividend income 412 770 469 320 173 Other income 864 800 828 1,369 1,021 Total investment income $111,543 $108,617 $110,413 $103,80
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended March 31, 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Assets Investments at fair value $3,440,114 $3,518,742 $3,442,129 $3,475,258 $3,384,669 Investments in affiliated money market fund 499 - 1,527 25,238 29 Cash 52,319 61,612 52,957 61,795 82,759 Interest and
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended March 31, 2025 Net Investment Income $0.42 $0.01 $(0.32) $0.41 1 Net Realized & Unrealized $13.41 $(0.16) Loss $(0.15) $(0.01) $(0.14)1 $13.20 $13.15 1 $(0.05) Q4 '24 Ending Q1 '25 Adjusted Q1 '25 Purchase Q1 '25 Base Q1 '25 Special Q1 '25 Q1 '25 Adjusted ATM Pro
Slide 12: Debt
Debt Quarter Ended March 31, 2025 Commitment Amount Debt Outstanding Interest Rate Maturity Date ($mm) ($mm)1 Goldman Sachs BDC, Inc. Senior Secured Revolving Credit Facility $1,695 $975 SOFR + 187.5 bps / 175 bps2 10/18/2028 2026 Notes $500 $500 2.875% 01/15/2026 2027 Notes $400 $400 6.375% 3/11/20
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended March 31, 2025 Base Special $0.051 $0.051 $0.051 $0.16 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.32 $- Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24
Slide 14: Non-GAAP Disclosures
Non-GAAP Disclosures As a supplement to our financial results reported in accordance with GAAP, we have provided, as detailed below, certain non-GAAP financial measures. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these