Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q1 2021 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, May 7, 2021
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended March 31, 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 May 7, 2021 and the Company’s Quarterly Report on Form 10-Q for the quar
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended March 31, 2021 Net investment income per share for the quarter ended March 31, 2021 was $0.57. Excluding purchase discount amortization per share of $0.09 from the Merger (as defined below), adjusted net investment income per share was $0.48 for the quarter ended
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended March 31, 2021 (in $ millions, except per share data) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 1 Investment portfolio, at fair value $1,422.7 $1,424.5 $1,431.2 $3,242.8 $3,202.6 2 Total debt oustanding $917.8 $918.5 $920.1 $1,644.4 $1,608.0 Net assets $594.
Slide 5: Investment Activity
Investment Activity Quarter Ended March 31, 2021 New investment commitments and net fundings of previously unfunded commitments for the quarter were $188.3 million and $44.7 million, respectively. - New investment commitments were across four new portfolio companies and nine existing portfolio com
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended March 31, 2021 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $3,243 $3,203 $400.0 <1% 2% 2% 2% 2% 2% <1% 14% <1% 14% <1% 4% 4% $188.3 2% $1,423 $1,424 $1,431 98% 4% 3% 3% 4% 4% 3% 4% 78% 1% 14% 4% 14% 15% <1% 78% 2%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended March 31, 2021 Non-Accrual Status: As of March 31, 2021, investments on non-accrual status represented 0.3% and 0.7% of the total investment portfolio at fair value and amortized cost, respectively. (in $ millions) Q3 2020 Q4 2020 Q1 2021 Rating Fair Value
Slide 8: Portfolio Summary
Portfolio Summary Quarter Ended March 31, 2021 Portfolio Characteristics (as of March 31, 2021) Invested Portfolio Total investments and commitments ($mm) $3,426.4 Unfunded commitments ($mm) $223.8 Investments at fair value ($mm) $3,202.6 Yield at fair value of investments (%)1 8.5% Yield at amortiz
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended March 31, 2021 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Investment income Interest1 $31,715 $30,278 $30,264 $78,112 $80,858 Dividend income 5 38 32 123 765 Other income 252 286 1,157 697 995 Total investment income $31,972 $30,602 $31,453 $78,932 $82,618 Expe
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended March 31, 2021 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Assets Investments at fair value $1,422,747 $1,424,467 $1,431,195 $3,242,766 $3,202,610 Investments in affiliated money market fund 64,306 89,470 97,232 - - Cash 22,047 16,318 17,578 32,137 45,486 Unrealized
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended March 31, 2021 Per Share Data NII: $0.57 Net Realized & Unrealized Gain: $0.02 $15.91 0.48 0.09 (0.09) 0.11 $16.00 (0.50) Q4' 20 Ending Book Q1' 21 Adjusted Net Q1' 21 Purchase Q1' 21 Distribution Q1' 21 Net Change in Q1' 21 Ending Book NAV Investment Income Disc
Slide 12: Debt
Debt Quarter Ended March 31, 2021 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm)1 Goldman Sachs BDC, Inc. Revolving Credit Facility $1,695 $593 LIBOR + 187.5 bps / 175 bps2 02/25/2025 Convertible Notes $155 $155 4.50% 04/01/2022 2025 Notes $360 $360 3.75% 02/10/2025 2026
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended March 31, 2021 Distribution Data Record Date Payment Date Date Declared Regular Distribution Per Share Special Distribution Per Share 16-Aug-21 15-Sep-21 4-Nov-20 - $0.05 30-June-21 17-Jul-21 4-May-21 $0.45 14-May-21 15-Jun-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