Goldman Sachs Bdc, Inc. · NYSE:GSBD
Goldman Sachs Bdc — Q1 2018 Earnings Presentation
14 slides from Goldman Sachs Bdc's earnings presentation, May 4, 2018
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended March 31, 2018 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 4, 2018 and the Company’s Quarterly Report on Form 10-Q for the qu
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended March 31, 2018 Net investment income for the quarter ended March 31, 2018 was $0.47 per share, equating to an annualized net investment income yield on book value of 10.4%; 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, 2018 (in $ millions, except per share data) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 1 Investment portfolio, at fair value $1,164.0 $1,111.8 $1,178.7 $1,258.3 $1,256.7 Total debt oustanding2 506.0 412.3 447.8 546.3 530.0 Net assets 663.6 730.7 731
Slide 5: Investment Activity
Investment Activity Quarter Ended March 31, 2018 New investment commitments and fundings for the quarter were $67.2 million and $72.7 million, respectively, which includes net fundings of $5.5 million of previously unfunded commitments; and Sales and repayments totaled $78.7 million for the quar
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended March 31, 2018 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $1,258 $1,257 $254 $1,164 $1,179 7% 2% <1% $1,112 7% 2% 8% <1% 8% 2% 1% <1% 1% <1% 1% <1% 9% 1% <1% 1% 1% <1% 28% 35% 37% 29% 36% 78% $142 $124 $113 3% <1
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended March 31, 2018 Non-Accrual Investments As of March 31, 2018, investments on non-accrual status represented 0.0% and 0.1% of the total investment portfolio at fair value and amortized cost, respectively. Internal Investment Risk Rating (in $ millions) Q3 20
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended March 31, 2018 Portfolio Characteristics (as of March 31, 2018) Invested Portfolio Total investments and commitments ($mm) $1,281.4 Unfunded commitments ($mm) $24.7 Investments at fair value ($mm) $1,256.7 Yield at fair value of investments (
Slide 9: Portfolio Summary – Senior Credit Fund, LLC
Portfolio Summary – Senior Credit Fund, LLC Quarter Ended March 31, 2018 GS BDC Return on SCF Investment at Fair Value1 12.0% GS BDC Return on SCF Investment at Amortized Cost1 12.0% Portfolio Characteristics (as of March 31, 2018) Invested Portfolio Total investments and commitments ($mm) $466.8 Un
Slide 10: Quarterly Operating Results
Quarterly Operating Results Quarter Ended March 31, 2018 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Investment income Interest1 $29,178 $32,495 $30,443 $30,352 $32,492 Dividend income 2,473 2,470 2,357 2,407 2,807 Other income 541 1,052 1,612 1,401 242 Total investment income $32,192 $36,017 $34,412 $3
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended March 31, 2018 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Assets Investments at fair value $1,164,042 $1,111,846 $1,178,687 $ 1,258,313 $ 1,256,680 Investments in affiliated money market fund 2 2,123 3 11,539 2 Cash 8,934 37,493 11,967 11,606 6,929 Receivable from
Slide 12: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended March 31, 2018 Per Share Data $18.09 $0.47 $18.10 $(0.45) $0.00 $(0.01) 12/31/17 Ending Book NAV Q1' 18 Net Investment Q1' 18 Distribution Net Change in Realized Provision for Taxes on 3/31/18 Ending Book NAV Income and Unrealized Realized Gains on Appreciation (
Slide 13: Debt
Debt Quarter Ended March 31, 2018 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm) Goldman Sachs BDC, Inc. Revolving Credit Facility $695 $415 LIBOR + 200 bps / 175 bps1 02/21/2023 Convertible Notes $115 $115 4.50% 04/01/2022 Total $810 $530 Senior Credit Fund, LLC Revolvin
Slide 14: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended March 31, 2018 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share May 1, 2018 June 29, 2018 July 16, 2018 $0.45 - February 21, 2018 March 30, 2018 April 16, 2018 $0.45 - Octobe