Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q1 2019 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, May 10, 2019
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended March 31, 2019 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. (“GS BDC” or the “Company”) (NYSE: GSBD) held on May 10, 2019 and the Company’s Quarterly Report on Form 10-Q for the q
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended March 31, 2019 Net investment income for the quarter ended March 31, 2019 was $0.55 per share, equating to an annualized net investment income yield on book value of 12.8%; 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, 2019 (in $ millions, except per share data) Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 1 Investment portfolio, at fair value $1,256.7 $1,237.3 $1,318.3 $1.375.4 $1,405.1 Total debt oustanding2 530.0 508.0 578.9 664.4 709.3 Net assets 726.7 726.5 728
Slide 5: Investment Activity
Investment Activity Quarter Ended March 31, 2019 New investment commitments and fundings for the quarter were $155.5 million and $124.9 million, respectively, which includes net fundings of $34.4 million of previously unfunded commitments; and Sales and repayments totaled $77.8 million for the q
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended March 31, 2019 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $1,375 $1,405 $1,318 $1,257 7% 2% 7% 4% $1,237 2% 7% 2% 3% $206 7% 2% 8% 2% 1% <1% <1% <1% 1% 1% <1% 11% 28% 21% <1% <1% 33% $154 $155 37% 36% 7% 4% 1% 12
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended March 31, 2019 Non-Accrual Investments As of March 31, 2019, investments on non-accrual status represented 3.5% and 4.5% of the total investment portfolio at fair value and amortized cost, respectively. As previously disclosed, the Company’s first lien
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended March 31, 2019 Portfolio Characteristics (as of March 31, 2019) Invested Portfolio Total investments and commitments ($mm) $1,529.9 Unfunded commitments ($mm) $124.8 Investments at fair value ($mm) $1,405.1 Yield at fair value of investments
Slide 9: Portfolio Summary – Senior Credit Fund, LLC
Portfolio Summary – Senior Credit Fund, LLC Quarter Ended March 31, 2019 GS BDC Return on SCF Investment at Fair Value1 10.9% GS BDC Return on SCF Investment at Amortized Cost1 10.6% Portfolio Characteristics (as of March 31, 2019) Invested Portfolio Total investments and commitments ($mm) $447.1 Un
Slide 10: Quarterly Operating Results
Quarterly Operating Results Quarter Ended March 31, 2019 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Investment income Interest1 $32,492 $34,282 $34,378 $32,781 $33,393 Dividend income 2,807 2,210 3,086 2,595 2,482 Other income 242 746 519 593 662 Total investment income $35,541 $37,238 $37,983 $35,969
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended March 31, 2019 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Assets Investments at fair value $1,256,680 $1,237,349 $1,318,320 $1,375,444 $1,405,097 Investments in affiliated money market fund 2 2 4 - - Cash 6,929 9,206 4,648 6,113 5,891 Unrealized appreciation on for
Slide 12: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended March 31, 2019 Per Share Data $17.65 0.55 $17.25 (0.45) (0.50) Q4' 18 Ending Book Q1' 19 Net Investment Q1' 19 Distribution Net Change in Realized Q1' 19 Ending Book NAV Income and Unrealized NAV Appreciation (Depreciation) December 31, 2018 NAV is based on Decem
Slide 13: Debt
Debt Quarter Ended March 31, 2019 Commitment Debt Amount ($mm) Outstanding ($mm)1 Interest Rate Maturity Date Goldman Sachs BDC, Inc. Revolving Credit Facility $795 $554 LIBOR + 200 bps / 175 bps2 02/21/2023 Convertible Notes $155 $155 4.50% 04/01/2022 Total $950 $709 Senior Credit Fund, LLC Revolvi
Slide 14: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended March 31, 2019 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share May 7, 2019 June 28, 2019 July 15, 2019 $0.45 - February 20, 2019 March 29, 2019 April 15, 2019 $0.45 - Octobe