Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q1 2022 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, May 6, 2022
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended March 31, 2022 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 6, 2022 and the Company’s Quarterly Report on Form 10-Q for the quar
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended March 31, 2022 Net investment income per share for the quarter ended March 31, 2022 was $0.49. Excluding purchase discount amortization per share of $0.04 from the Merger1, adjusted net investment income per share was $0.45 for the quarter ended March 31, 2022, e
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended March 31, 2022 (in $ millions, except per share data) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Investment portfolio, at fair value $3,202.6 $3,156.5 $3,112.1 $3,478.4 $3,476.7 1 Total debt oustanding $1,608.0 $1,598.6 $1,639.9 $1,873.7 $1,876.5 Net assets $
Slide 5: Investment Activity
Investment Activity Quarter Ended March 31, 2022 New investment commitments and net fundings of previously unfunded commitments for the quarter were $131.7 million and $67.2 million, respectively. - New investment commitments were across four new portfolio companies and eleven existing portfolio c
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended March 31, 2022 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $3,478 <1% <1% <1% 1% $3,477 1% $722.9 <1% <1% <1% 2% 2% $3,203 2% <1% $3,156 1% $3,112 1% 8% <1% 8% <1% $669.9 1% 4% - 2% 2% 2% 1% 5% 3% 4% 1% 9% <1% 14%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended March 31, 2022 Non-Accrual Status: As of March 31, 2022, investments on non-accrual status represented 2.2% and 2.8% of the total investment portfolio at fair value and amortized cost, respectively. (in $ millions) Q3 2021 Q4 2021 Q1 2022 Rating Fair Value
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended March 31, 2022 Portfolio Characteristics (as of March 31, 2022) Invested Portfolio Total investments and commitments ($mm) $3,930.2 Unfunded commitments ($mm) $453.5 Investments at fair value ($mm) $3,476.7 Yield at fair value of investments
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended March 31, 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Investment income Interest1 $80,858 $ 83,235 $ 95,493 $ 82,525 $ 77,019 Dividend income 765 61 90 80 69 Other income 995 621 1,101 1,156 1,217 Total investment income $82,618 $83,917 $96,684 $83,761 $78,
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended March 31, 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Assets Investments at fair value $3,202,610 $3,156,464 $3,112,124 $3,478,443 $3,476,704 Investments in affiliated money market fund - - - - - Cash 45,486 119,923 171,600 33,764 31,413 Unrealized appreciation
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended March 31, 2022 Per Share Data NII: $0.49 Adjusted Net Realized/Unrealized Gain: $(0.10) $15.86 $0.45 $0.04 $(0.45) $15.80 $(0.04) $(0.06) Q4' 21 Ending Book Q1' 22 Adjusted Net Q1' 22 Purchase Q1' 22 Distribution Q1' 22 Q1' 22 Adjusted Net Q1' 22 Ending Book NAV
Slide 12: Debt
Debt Quarter Ended March 31, 2022 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm)1 Goldman Sachs BDC, Inc. Senior Secured $1,695 $862 LIBOR + 187.5 bps / 175 bps2 08/13/2026 Revolving Credit Facility Convertible Notes3 $155 $155 4.50% 04/01/2022 2025 Notes $360 $360 3.75%
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended March 31, 2022 Distribution Data Record Date Payment Date Date Declared Regular Distribution Per Share Special Distribution Per Share 30-June-22 27-July-22 4-May-22 $0.45 31-Mar-22 27-April-22 23-Feb-22 $0.45 - 31-Dec-21 27-Jan-22 4-Nov-21 $0.4
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