Goldman Sachs BDC, Inc.

Good morning. This is Austin Neary, a member of the Investor Relations Team for Goldman Sachs BDC, Inc. And I would like to welcome everyone to the Goldman Sachs BDC, Inc. Good morning.

This is Austin Neary, a member of the Investor Relations Team for Goldman Sachs BDC, Inc. Thank you. Thank you.

Thank you.

Thank you. I'm here today with David Miller. I'm here today with David Miller. Thank you, everyone.

I'm here today with David Miller. I'll begin the call by providing an overview of our settings.

And finally, turn the call over to the live Q&A.

Thank you. More than 70% of the unmarked law sites in the quarter are lithium-related to Markdown. Both lithium-related to Markdown and lithium-related to Markdown. Both lithium-related to Markdown and lithium-related to Markdown. As it relates to WorldSite, we recognize that lithium is a structure of recurring revenue, which we believe relates to how we invest. As it relates to how we invest, we recognize that lithium is a structure of recurring revenue, which we believe relates to how we invest. As it relates to how we invest, we believe relates to how we invest. They are mission-critical.

They are mission-critical. They are mission-critical. They are mission-critical.

They are mission-critical. They are mission-critical.

it is worth knowing again, it is worth knowing again, that we have the ability to implement, evaluate, and invest in expertise on fire every day.

Finally, it is worth knowing again, it is worth knowing again, that we believe this isn't professional, that we believe this is, that we believe this is, that we believe this is, that we believe this is, that we believe this is,

Thank you very much.

Just a few years ago, on a fair value basis, just a few years ago, it would take 97% to take advantage of the broader Goldman Sachs of 30 asset class, which would affect our credit platform. On a fair value basis, on a fair value basis, it would take 97% to take advantage of the Thank you.

I pay a little over $17, totaling $17.30. This marks concluding the Special Dividend.

This marks concluding the Special Dividend. This marks concluding the Special Dividend. This marks concluding the Special Dividend. This video was brought to you by the U.S. Department of State.

Thank you very much. Thanks Alex.

Thanks Alex.

And as Alex mentioned, the first half of 2020, the first half of 2020, the first half of 2020, the first half of 2020, the first half of 2020,

Sales and repayment activity. Sales and repayment activity.

Sales and repayment activity. Thank you. The weighted average yield The weighted average yield at the end of the entire quarter was 12.3%.

The weighted average yield at the end of the entire quarter was 12.3%. The weighted average net debt yield at the end of the entire quarter was 12.3%. As compared to the weighted average net debt, the weighted average net debt is importantly a quarter over the quarter and a quarter over the year.

on a weighted-average basis. The current weighted-average means that the current weighted-average means that the current weighted-average means that the In addition, the second half of the restructured second half of April, which was on 9 April, as of June 30, 2020, and the second half of April, as of June 30, 2020, and the second half of April, as of June 30, 2020, and the second half of April, as of June 30, 2020, and the second half of April,

thank you thank you thank you Thank you. and we have an additional gap, and we have an additional gap, we will also refer to a non-gap or a non-gap. Before continuing today, we intend to take a reminder. In addition to gap, we will also refer to a non-gap or a non-gap lending factor. This is intended to make the companies whose intended for these non-gap measures, these non-gap measures, remove the prior to our first lending factor, middle market lending factor, middle market lending factor, Thank you. Thank you. Thank you.

It would also increase in total investment.

It would also increase in total investment. It would also increase in total investment. It would also increase in total investment.

It would also increase in total investment. It would also increase in total investment.

Thank you. Thank you.

Let's open a line for Q&A.

Please go ahead. Hey, everyone. Good morning. Good morning. I appreciate your commentary.

Hey, everyone. Good morning. I wanted to ask, I appreciate your commentary on the high levels. Would you say that the event of flipping in air structures on a high level, what sort of catalyze is it?

Would you say that the event of flipping in air structures on a high level, what sort of catalyze is it?

Would you say that the event of flipping in air structures on a high level, or otherwise. What is the EBITDA flip? Thanks for the question. Thanks for the question. With respect to the ARMOs,

If an EBITDA flicks your question, then thanks for your question.

It's Alex. So we've just seen that there are names as where an EBITDA flip torching the company.

And we've seen that there are names as where an EBITDA flicks your question. all while their competitors might be investing in each of their means in terms of market return in order to generate all while their competitors might be investing in each of their means in terms of market return in order to generate all while their competitors might be investing in each of their means But it's only one factor.

For all factors, we'd also just be really hot on the line. So we have a company that we have to leverage and tap. And we have to get the underlying product to be critical.

We're very selective and we're very selective and we're critical to their needs. with some of these other problems that we've seen, that was not the case.

Can you remind us, can you remind us, can you remind us, what's the target? What's the target? Leverage profile. Leverage profile. So, our target level is 1.9. We are still below that. We are still below that.

So, our target level is 1.9. So, our target level is 1.9. We are still below that. We are still below that. So, our target level is 1.9. So, our target level is 1.9. Thank you so much. Thank you so much. To the extent we need it. So our target is 1.25. So our target is 1.25. I'm very good.

Thank you so much. I'm very good.

Thank you so much. Yeah, thank you. Good morning. Yeah, thank you. Good morning. What is the high-level question on the recurring revenue loans? Is there a... Yeah, thank you. Good morning. Are you perhaps looking at the... Are you perhaps looking at the... Are you perhaps looking at the...

Thanks for the question.

Thanks for the question.

So we continue to look at companies that are not changeable.

We also look at, so we continue to look at, so we continue to look at, we also look at, we also look at, we want to make sure that we are very sustainable. If you look at the loans that we've made, if you look at the loans that we've made, if you look at the loans that we've made, if you look at the loans that we've made, But what we've seen is that as their customers have pulled back on this company, this company has pulled back on its performance.

You mentioned the deal flow. I think the deal flow up four times, even as the M&A was relatively steady. You had the expansion of the deal flow up four times, even as the M&A was relatively steady.

Could you comment on that?

We have a number of originations that we've seen year-to-date.

This year-to-date, we've seen a number of originations that we've seen year-to-date. This year-to-date, we've seen a number of originations that we've seen year-to-date. but also keep that growth, the top line growth.

So there's a bit more flow. So there's a bit more flow. So there's a bit more flow. As I mentioned, the number of deals, but if you look at it as a percentage of the deals that we have, the deals that we have, the deals that we have originated versus the number of originations, it's still a mid-single-digit percentage.

But if you look at it, let's look at it, let's look at it. It's still a mid-single-digit percentage.

out on the tail ratio out on the tail No, there's been no change to that. Okay, thank you very much. No, there's been no change to that. Okay, thank you very much.

Thank you. We'll move next to Derek. We'll move next to Derek. Okay, thank you very much.

Okay, thank you very much. Thank you. Good morning. Good morning.

Good morning.

Good morning. Good morning. Good morning. Good morning. at current level.

We've been monitoring the total investment income in the portfolio. And I'm coming up to a period of time, a period of time, a period of time, a period of time, a period of time, a period of time, a period of time.

Okay, and then in terms of... Okay, and then in terms of... Okay, and then in terms of... No, I'd say for the most part... No, I'd say for the most part...

Thank you everyone for joining our call. Thank you everyone for joining our call this summer. Please enjoy the rest of the summer. We look forward to seeing you again after our next quarter.

Great. Well, thank you, everyone, for joining our call. Thank you, everyone, for joining our call.

Please enjoy the rest of your summer. And we look forward to speaking to you again after our next quarter.