Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q3 2020 Earnings Presentation
16 slides from Goldman Sachs Bdc's earnings presentation, Nov 6, 2020
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended September 30, 2020 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 6, 2020 and the Company’s Quarterly Report on Form 10-Q for the
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended September 30, 2020 Earnings and net investment income per share for the quarter ended September 30, 2020, were $0.80 and $0.45, respectively; The Board declared a regular fourth quarter dividend of $0.45 per share payable to shareholders of record as of Decembe
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended September 30, 2020 (in $ millions, except per share data) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Investment portfolio, at fair value1 $1,430.2 $1,454.3 $1,422.7 $1,424.5 $1,431.2 Total debt oustanding2 $731.8 $773.4 $917.8 $918.5 $920.1 Net assets $684.8
Slide 5: Investment Activity
Investment Activity Quarter Ended September 30, 2020 New investment commitments and net fundings of previously unfunded commitments for the quarter were $11.6 million and $2.8 million, respectively. - New investment commitments were across four new portfolio companies and one existing portfolio co
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended September 30, 2020 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $1,430 $1,454 $1,431 4% 3% $1,423 4% $1,424 3% 3% 3% 4% 3% 4% 4% 18% <1% 16% <1% 14% <1% 14% <1% 15% <1% $172.5 <1% 2% 2% 2% 2% <1% $159.8 3% - 4% $81
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended September 30, 2020 Non-Accrual Investments • As of September 30, 2020, investments on non-accrual status represented 0.1% and 0.9% of the total investment portfolio at fair value and amortized cost, respectively. (in $ millions) Q1 2020 Q2 2020 Q3 2020 Rat
Slide 8: Portfolio Summary
Portfolio Summary Quarter Ended September 30, 2020 Portfolio Characteristics (as of September 30, 2020) Invested Portfolio Total investments and commitments ($mm) $1,490.4 Unfunded commitments ($mm) $59.2 Investments at fair value ($mm) $1,431.2 Yield at fair value of investments (%)1 9.7% Yield at
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended September 30, 2020 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Investment income Interest1 $36,281 $34,916 $31,715 $30,278 $ 30,264 Dividend income 58 35 5 38 32 Other income 517 516 252 286 1,157 Total investment income $36,856 $35,467 $31,972 $30,602 $31,453 E
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended September 30, 2020 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Assets Investments at fair value $1,430,155 $1,454,252 $1,422,747 $1,424,467 $1,431,195 Investments in affiliated money market fund - - 64,306 89,470 97,232 Cash 11,102 9,409 22,047 16,318 17,578 Unreali
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended September 30, 2020 and as of Merger Closing October 9, 2020 Per Share Data 0.35 $15.49 0.17 (0.09) $15.57 $15.14 0.45 (0.45) Q2' 20 Ending Q3' 20 Net Q3' 20 Net Change in Q3' 20 Ending Net Change in Fees and 10/9/2020 Book NAV Investment Distribution Realized and
Slide 12: Debt
Debt Quarter Ended September 30, 2020 Commitment Debt Amount ($mm) Outstanding ($mm)1 Interest Rate Maturity Date Goldman Sachs BDC, Inc. Revolving Credit Facility $795 $405 LIBOR + 187.5 bps / 175 bps2 02/25/2025 2025 Notes $360 $360 3.75% 02/10/2025 Convertible Notes $155 $155 4.50% 04/01/2022 Tot
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended September 30, 2020 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share November 4, 2020 August 16, 2021 September 15, 2021 - $0.05 November 4, 2020 May 14, 2021 June 15, 2021 -
Slide 14: Pro-Forma Selected Financial Highlights and Portfolio Summary
Pro-Forma Selected Financial Highlights and Portfolio Summary
Slide 15: Selected Financial Highlights
Selected Financial Highlights Quarter Ended September 30, 2020 and as of Merger Closing October 9, 2020 As of Closing of (in $ millions, except per share data) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Merger on October 9, 20204,5 Investment portfolio, at fair value1 $1,430.2 $1,454.3 $1,422.7 $1,424.
Slide 16: Pro-Forma Portfolio Summary: Goldman Sachs BDC, Inc.
Pro-Forma Portfolio Summary: Goldman Sachs BDC, Inc. Quarter Ended September 30, 2020 Portfolio Characteristics (as of September 30, 2020) Invested Portfolio Total investments and commitments ($mm) $3,264.1 Unfunded commitments ($mm) $144.4 Investments at fair value ($mm) $3,119.7 Yield at fair valu