Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q1 2020 Earnings Presentation
13 slides from Goldman Sachs Bdc's earnings presentation, May 11, 2020
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended March 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 May 12, 2020 and the Company’s Quarterly Report on Form 10-Q for the qua
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended March 31, 2020 Net investment income for the quarter ended March 31, 2020 was $0.45 per share, equating to an annualized net investment income yield on book value of 12.2%; The Company announced a second quarter dividend of $0.45 per share payable to shareholde
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended March 31, 2020 (in $ millions, except per share data) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Investment portfolio, at fair value1 $1,405.1 $1,533.7 $1,430.2 $1,454.3 $1,422.7 Total debt oustanding2 $709.3 $847.3 $731.8 $773.4 $917.8 Net assets $694.7 $693
Slide 5: Investment Activity
Investment Activity Quarter Ended March 31, 2020 New investment commitments and fundings for the quarter were $81.8 million and $95.6 million, respectively, which includes net fundings of $20.5 million of previously unfunded commitments: - New investment commitments were across four new portfolio
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended March 31, 2020 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $1,534 4% $1,430 $1,454 $1,405 4% 3% $1,423 4% 3% 3% 7% 4% 4% 4% <1% <1% 19% <1% <1% 3% 18% 16% 14% $173 <1% 7% 2% 2% $160 21% 3% $156 1% - 12% 7% 6% $117
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended March 31, 2020 Non-Accrual Investments As of March 31, 2020, investments on non-accrual status represented 0.1% and 0.9% of the total investment portfolio at fair value and amortized cost, respectively. Internal Investment Risk Rating (in $ millions) Q3
Slide 8: Portfolio Summary
Portfolio Summary Quarter Ended March 31, 2020 Portfolio Characteristics (as of March 31, 2020) Invested Portfolio Total investments and commitments ($mm) $1,484.0 Unfunded commitments ($mm) $61.3 Investments at fair value ($mm) $1,422.7 Yield at fair value of investments (%)1 9.9% Yield at amortize
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended March 31, 2020 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Investment income Interest1 $33,393 $36,467 $36,281 $34,916 $31,715 Dividend income 2,482 1,053 58 35 5 Other income 662 881 517 516 252 Total investment income $36,537 $38,401 $36,856 $35,467 $31,972 Ex
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended March 31, 2020 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Assets Investments at fair value $1,405,097 $1,533,710 $1,430,155 $1,454,252 $1,422,747 Investments in affiliated money market fund - - - - 64,306 Cash 5,891 10,122 11,102 9,409 22,047 Unrealized appreciatio
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended March 31, 2020 Per Share Data $16.75 0.45 (0.45) (2.03) $14.72 Q4' 19 Ending Book NAV Q1' 20 Net Investment Q1' 20 Distribution Net Change in Realized and Q1' 20 Ending Book NAV Income Unrealized Appreciation (Depreciation) December 31, 2019 NAV is based on Decem
Slide 12: Debt
Debt Quarter Ended March 31, 2020 Commitment Debt Amount ($mm) Outstanding ($mm)1 Interest Rate Maturity Date Goldman Sachs BDC, Inc. Revolving Credit Facility $795 $403 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 Total $
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended March 31, 2020 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share May 5, 2020 June 30, 2020 July 15, 2020 $0.45 - February 19, 2020 March 31, 2020 April 15, 2020 $0.45 - Octobe