Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q2 2015 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, Aug 6, 2015
Slide 1: Investor Presentation Quarter Ended June 30, 2015
Exhibit 99.1 Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended June 30, 2015 www.goldmansachsbdc.com
Slide 2: Disclaimer
Disclaimer BDC” any identify thereof concerning the events forward-looking circumstances referred jurisdiction. securities Inc. completeness contained time. affiliates assured. have substitute of non-GAAP future, other (“Group not We or that or these to Further, been and undertake the purpose of for
Slide 3: Quarterly Highlights
Quarterly share 2015, of third asset this (2)March The non-GAAP quarter value increased representing discussion 31, Highlights per dividend 2015, share $0.05 financial of arepresenting 10.4% represents was Quarter the per of $0.45 investment measure $19.41 share quarter-over-quarter Ended per to the
Slide 4: Selected Financial Highlights
Selected $913.9 0.47x 14.0 (basic our commitments. The bring value December underwriters’ uses additional investment ending this 17.9 its per 0.56x and $909.9 debt Financial non-GAAP share. Per tool diluted) 31, and 0.35x to over-allotment Share 2014, (2) $1,004.9 to in average For equity evaluate a
Slide 5: Investment Activity
bringing companies repayments Investment Activity (6.4) contributions Net$net Funded 105.1 The Activity Commitments of funded by $6.4 SCF $Investment us209.8 and million, investment Quarter made our $102.4 $new joint bringing 178.8 Ended Activity investments activity $(3.5) venture $June 234.5 net $
Slide 6: Investment Portfolio Composition
Portfolio Q2 38% (1) Investment Common ‘14 38% Q3Asset 5% ‘14Stock <1% Funds Q4 Composition ‘14 44% Preferred &Q1Vehicles 44% ‘15Quarter Stock 27% Q2represents ‘15 18% 2nd Ended 06/30/14 Lien 30%June the 1st 30% 09/30/14 investment Lien, 30, 38%2015 Last-Out 34% 12/31/14 New in26% theInvestment Unit
Slide 7: Credit Quality / Internal Risk Rating
Credit Total 3 risk generally since expectations investments 59.1 Borrower % origination/acquisition Quality 6.5% ofperforming Total are 63.9 and is ofnot Rating performing indicates Investments 7.0% anticipated as94.3 Fair expected that 9.4% Value above Borrower Non-Accrual the to and be 4investmen
Slide 8: Portfolio Summary and Industry Diversification
Portfolio Unfunded accrual EBITDA 14.2% 7.2% tax (net companies’ the date. beenexpense, underlying ofcalculated Portfolio Professional Floating cash) (%) Summary ($mm) commitments EBITDA -% depreciation ascompany debt Portfolio a85.8% as$33.2 multiple aServices –investments percentage as Goldman Ind
Slide 9: Portfolio Characteristics and Industry Diversification
Portfolio value Weighted 100% each) debt coverage calculated most normalized to recently 49.4% of Industry EBITDA investments Summary ratio average asor(1) aavailable adjusted (EBITDA percentage Diversification(2) EBITDA ofleverage our – (%) Senior amount. financial portfolio to 6.6% typically of(ne
Slide 10: Quarterly Operating Results
Quarterly 1,117 $2,486 $6,845 transactions unrealized $0.42 average thousands as interest 609 $0.42 $2,117 $10,601 shares Operating 921 ($000), income. gains $0.59 Net Management 1,165 outstanding $11,442 realized (losses) except $0.52 (2) Results 1,347 Includes Excise $0.44 $(96) gain per Other 29,
Slide 11: Quarterly Balance Sheet
Quarterly in 7,560 790 credit 46,792 Liabilities $1,052,324 affiliated 791 9,010 facility 19,700—15,000 ——Other Balance $55,632 Net money 9,731 expense Asset 9,138 Sheet $303,394 market assets Value payable Common Other Quarter 112 fund per $392,910 57—66 78 income share 18,500 Ended 353 stock $19.9
Slide 12: Net Asset Value Per Share Bridge
NetApril 6/30/15 (Depreciation) (2) but in quarter-over-quarter allotment Goldman not Asset as Ending 2015. option Value a substitute Sachs As Per Book Bridge that ofshare Asset March financial occurred NAV for, Quarter data Management, net 31, costs above asset results during 2015, Ended relating v
Slide 13: Liquidity
Liquidity $200 Facility Interest Subscription Management Rate LIBOR Facility Quarter + 225 Warehouse Ended bps CP June +Facility 175 30, bps 2015 Undrawn CPGoldman + 240 Drawn bps Sachs Maturity AllBDC, figures 10/3/2019 Inc. in Senior millions. 10/3/2015 Credit LIBOR: Fund, 12/15/2022 London LLC Re
Slide 14: Distribution History and Common Stock Information
Distribution 2015 0.53(1) 2013 Ended 2014 Company October December and High September Q4 commenced Low and 2013, 15,10, Common End 2015 29, the 2013 of 2014 trading Company $ Period 0.45 January Stock September May onJune Information declared the 30, 13,New 30, 2014 2015 24, 2015 York a$2014 net Jun