Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q4 2020 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, Feb 26, 2021
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter and Year Ended December 31, 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 February 26, 2021 and the Company’s Annual Report on Form 10-K for the y
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended December 31, 2020 Net investment income per share for the quarter ended December 31, 2020 was $0.59. Excluding purchase discount amortization per share of $0.11 from the Merger (as defined below), adjusted net investment income per share was $0.48 for the quarter
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended December 31, 2020 (in $ millions, except per share data) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 1 Investment portfolio, at fair value $1,454.3 $1,422.7 $1,424.5 $1,431.2 $3,242.8 2 Total debt oustanding $773.4 $917.8 $918.5 $920.1 $1,644.4 Net assets $676
Slide 5: Investment Activity
Investment Activity Quarter Ended December 31, 2020 New investment commitments and net fundings of previously unfunded commitments for the quarter were $423.0 million and $9.1 million, respectively. - New investment commitments were across thirteen new portfolio companies and nine existing portfol
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended December 31, 2020 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $423.0 <1% 2% $3,243 2% <1% 2% 14% <1% 4% 98% $1,454 $159.8 4% $1,423 $1,424 3% $1,431 3% 3% 4% - 16% 3% 14% 4% 14% 4% 15% <1% 3% 78% 2% <1% 2% <1% 2%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended December 31, 2020 Non-Accrual Investments • As of December 31, 2020, 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) Q2 2020 Q3 2020 Q4 2020 Ratin
Slide 8: Portfolio Summary
Portfolio Summary Quarter Ended December 31, 2020 Portfolio Characteristics (as of December 31, 2020) Invested Portfolio Total investments and commitments ($mm) $3,485.7 Unfunded commitments ($mm) $242.9 Investments at fair value ($mm) $3,242.8 Yield at fair value of investments (%)1 8.6% Yield at a
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended December 31, 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Investment income Interest1 $34,916 $31,715 $30,278 $30,264 $78,112 Dividend income 35 5 38 32 123 Other income 516 252 286 1,157 697 Total investment income $35,467 $31,972 $30,602 $31,453 $78,932 Ex
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended December 31, 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Assets Investments at fair value $1,454,252 $1,422,747 $1,424,467 $1,431,195 $3,242,766 Investments in affiliated money market fund - 64,306 89,470 97,232 - Cash 9,409 22,047 16,318 17,578 32,137 Unrealiz
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended December 31, 2020 Per Share Data NII: $0.59 Adjusted Net Realized & Unrealized Gain: $0.28 $15.49 $15.91 0.48 0.11 (0.45) 0.78 0.45 (0.95) Q3' 20 Ending Book Q4' 20 Adjusted Net Q4' 20 Purchase Q4' 20 Distribution Purchase Discount & Q4’ 20 Q4' 20 Net Change in Q
Slide 12: Debt
Debt Quarter Ended December 31, 2020 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm)1 Goldman Sachs BDC, Inc. Revolving Credit Facility $1,695 $629 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 20
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended December 31, 2020 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 14-May-21 15-Jun-21 4-Nov-20 - $0.05 31-Mar-21 27-Apr-21 24-Feb-21 $0.
Slide 14: Non-GAAP Disclosures
Non-GAAP Disclosures On October 12, 2020, we completed our Merger with GS MMLC. The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to GS MMLC’s stockholders was less than the aggregate fair values of the