Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q2 2025 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, Aug 8, 2025
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended June 30, 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”, "we“, "us“, or "our") (NYSE: GSBD) held on August 8, 2025, and the Company’s Quarterly Report
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended June 30, 2025 • Net investment income per share for the quarter ended June 30, 2025 was $0.38. Excluding purchase discount amortization per share of $0.01 from the Merger (as defined below), adjusted net investment income per share was $0.37, equating to an annuali
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended June 30, 2025 (in $ millions, except per share data) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Investment portfolio, at fair value $3,518.7 $3,442.1 $3,475.3 $3,384.7 $3,264.5 1 Total debt oustanding $1,955.1 $1,887.8 $1,934.6 $1,874.9 $1,803.1 Net assets $1
Slide 5: Investment Activity
Investment Activity Quarter Ended June 30, 2025 During the quarter, the Company made new investment commitments of approximately $247.9 million, funded new investment commitments of $126.7 million, and had fundings of previously unfunded commitments of $30.6 million • New investment commitments were
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended June 30, 2025 End of Period Investments (at fair value, $mm) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 1st Lien 92% 92% 92% 91% 90% 1st Lien, Last-Out Unitranche 5% 5% 5% 5% 6% 2nd Lien 1% 1% 1% 1% 2% Unsecured Debt <1% <1% <1% 1% <1% Preferred Stock 1% 1% 1%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended June 30, 2025 Non-Accrual Status: As of June 30, 2025, investments on non-accrual status represented 1.6% and 2.5% of the total investment portfolio at fair value and amortized cost, respectively. Q4 2024 Q1 2025 Q2 2025 Rating Fair Value % of Total Portfo
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended June 30, 2025 Portfolio Characteristics Invested Portfolio Total investments and commitments ($mm) $3,795.6 Unfunded commitments ($mm) $531.1 Investments at fair value ($mm) $3,264.5 Yield at fair value of total investments (%)1 11.4% Yield a
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended June 30, 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Investment income Interest1 $107,047 $109,116 $102,111 $95,746 $89,848 Dividend income 770 469 320 173 208 Other income 800 828 1,369 1,021 914 Total investment income $108,617 $110,413 $103,800 $96,940 $
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended June 30, 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Assets Investments at fair value $3,518,742 $3,442,129 $3,475,258 $3,384,669 $3,264,506 Investments in affiliated money market fund - 1,527 25,238 29 67 Cash 61,612 52,957 61,795 82,759 108,036 Interest and d
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended June 30, 2025 Net Investment Income $0.38 $0.01 $(0.32) $0.371 $13.20 $13.15 1 Net Realized & Unrealized $(0.05) $(0.16) Loss $(0.04) $13.02 $12.991 $(0.01) $(0.03)1 $0.01 $(0.03) Q1 '25 Ending Q1 ’25 Supplemental Q1 '25 Ending Q2 '25 Adjusted Q2 '25 Purchase Q2
Slide 12: Debt
Debt Quarter Ended June 30, 2025 Commitment Amount Debt Outstanding Interest Rate Maturity Date ($mm) ($mm)1 Goldman Sachs BDC, Inc. Senior Secured Revolving Credit Facility $1,695 $903 SOFR + 177.5 bps / 165 bps2 6/24/2030 2026 Notes $500 $500 2.875% 1/15/2026 2027 Notes $400 $400 6.375% 3/11/2027
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended June 30, 2025 Base Special Supplemental $0.05 $0.051 $0.051 $0.051 $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 $0.16 $0.16 $0.32 $0.32 $- Sep-19 Sep-2
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