Goldman Sachs Bdc, Inc. (GSBD) SEC Filing 10-K Annual report for the fiscal year ending Thursday, 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 ended December 31, 2020, equating to an annualized net investment income yield on book value of 12.1%;¹

Earnings per share for the quarter ended December 31, 2020 was $1.83. Adjusted earnings per share for the quarter ended December 31, 2020 was $0.94;¹

Net asset value per share for the quarter ended December 31, 2020 increased 2.7% to $15.91 from $15.49 as of September 30, 2020. The Company’s net debt to equity ratio declined to 1.00x as of December 31, 2020 from 1.29x as of September 30, 2020;

The Board declared a regular first quarter dividend of $0.45 per share payable to shareholders of record as of March 31, 2021;²

The Company had record originations during the quarter with new investment commitments of $423.0 million. Fundings of previously unfunded commitments for the quarter were $9.1 million and sales and repayments activity totaled $252.7 million, resulting in a net funded portfolio growth of $64.5 million;³

On October 12, 2020, the Company completed its previously announced merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”) which more than doubled the Company’s asset base.

As of December 31, 2020, the Company’s total investments at fair value and commitments were $3,485.7 million, comprised of investments in 123 portfolio companies across 39 industries. The investment portfolio was comprised of 96.5% senior secured debt, including 82.4% in first lien investments;⁴

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, compared to 0.1% and 0.9% as of September 30, 2020;

On November 24, 2020, the Company closed a public offering of $500.0 million aggregate principal amount of unsecured notes due 2026 (the “2026 Notes”). The 2026 Notes bear interest at a fixed rate of 2.875%. The proceeds from the sale of the 2026 Notes were used to repay the Secured Revolving Credit Facility.

As of December 31, 2020, 62% of the Company’s approximately $1,644.4 million of total debt outstanding was in unsecured debt and 38% in secured debt;

Subsequent to quarter-end, Fitch’s reaffirmed the Company’s investment grade (IG) rating of BBB- and revised the outlook to stable from negative.