Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q3 2024 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, Nov 8, 2024
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation QUARTER ENDED SEPTEMBER 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 November 8, 2024, and the Company’s Quarterly Report on Form 10-Q for th
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended September 30, 2024 ▪ Net investment income per share for the quarter ended September 30, 2024 was $0.58. Excluding purchase discount amortization per share of $0.01 from the Merger, adjusted net investment income per share was $0.57, equating to an annualized net i
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended September 30, 2024 (in $ millions, except per share data) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Investment portfolio, at fair value $3,438.7 $3,414.3 $3,440.1 $3,518.7 $3,442.1 1 Total debt oustanding $1,884.5 $1,832.2 $1,843.8 $1,955.1 $1,887.8 Net asse
Slide 5: Investment Activity
Investment Activity Quarter Ended September 30, 2024 ▪ During the quarter, the Company made new investment commitments of approximately $376.6 million, funded new investment commitments of $212.7 million, and had fundings of previously unfunded commitments of $47.0 million – New investment commitmen
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended September 30, 2024 End of Period Investments (at fair value, $mm) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 1st Lien 91% 91% 92% 92% 92% 1st Lien, Last-Out Unitranche 4% 4% 5% 5% 5% 2nd Lien 3% 2% 1% 1% 1% Unsecured Debt <1% 1% <1% <1% <1% Preferred Stock 1% 1
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended September 30, 2024 Non-Accrual Status: Three positions were removed from non-accrual status during the quarter. As of September 30, 2024, investments on non-accrual status represented 2.2% and 4.5% of the total investment portfolio at fair value and amorti
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended September 30, 2024 Portfolio Characteristics Invested Portfolio Total investments and commitments ($mm) $4,017.5 Unfunded commitments ($mm) $575.4 Investments at fair value ($mm) $3,442.1 Yield at fair value of total investments (%)1 13.3% Yi
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended September 30, 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Investment income Interest1 $118,981 $114,212 $110,267 $ 107,047 $109,116 Dividend income 256 407 412 770 469 Other income 819 752 864 800 828 Total investment income $120,056 $115,371 $111,543 $ 108
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended September 30, 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Assets Investments at fair value $3,438,696 $3,414,329 $3,440,114 $3,518,742 $3,442,129 Investments in affiliated money market fund - - 499 - 1,527 Cash 76,602 52,363 52,319 61,612 52,957 Interest and di
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended September 30, 2024 Net Investment Income - $0.58 Net Realized & Unrealized Loss - $(0.26) . . $13.54 . ( . ) ( . ) ( .2 ) 2 Adjusted 2 2 Adjusted et Change 2 nding et nvestment ncome Distribution Reali ed nreali ed Book A 2 2 nding 2 urchase 2 Reali ed nreali ed
Slide 12: Debt
Debt Quarter Ended September 30, 2024 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm)1 Goldman Sachs BDC, Inc. Senior Secured Revolving Credit Facility $1,695 $628 SOFR + 187.5 bps / 175 bps2 10/18/2028 2025 Notes $360 $360 3.75% 02/10/2025 2026 Notes $500 $500 2.875% 01/1
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended September 30, 2024 Distribution Data Record Date Payment Date Date Declared Regular Distribution Per Share Special Distribution Per Share 31-Dec-2024 27-Jan-2025 7-Nov-24 $0.45 - 30-Sep-2024 28-Oct-2024 8-Aug-24 $0.45 - 28-June-24 26-Jul-24 1-M
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