Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q4 2015 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, Mar 3, 2016
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended December 31, 2015 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 March 3, 2016. You agree that the information contained herein may not
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended December 31, 2015 Net investment income for the quarter ended December 31, 2015 was $0.62 per share, as compared to $0.57 per share for the quarter ended September 30, 2015; The Company announced a first quarter dividend of $0.45 per share payable to shareholde
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended December 31, 2015 (in $ millions, except per share data) Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Investment portfolio, at fair value(1) $913.9 $909.9 $1,004.9 $1,146.8 $1,081.1 Debt 350.0 224.0 301.0 447.0 419.0 Net assets 574.6 687.6 706.3 703.5 688.7 (2)
Slide 5: Investment Activity
Investment Activity Quarter Ended December 31, 2015 New investment commitments and total fundings were $2.5 million and $7.4 million, respectively, which includes fundings of $4.9 million of previously unfunded commitments;(1) Sales and repayments totaled $52.1 million, bringing net funded inves
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended December 31, 2015 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $257 $1,147 10% $1,081 4% $1,005 2% 1% 4% 12% $203 2% $914 $910 4% 3% 3% 3% 5% 3% <1% 3% <1% 30% 26% 3% 22% 36% $126 38% 38% 52% 14% 8% 26% 28% 19% 27%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended December 31, 2015 Non-Accrual No investments were on non-accrual as of December 31, 2015 Internal Investment Risk Rating (in $ millions) Q2 2015 Q3 2015 Q4 2015 % of Total % of Total % of Total Rating Fair Value Portfolio at Fair Fair Value Portfolio at
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended December 31, 2015 Portfolio Characteristics (as of December 31, 2015) Invested Portfolio Total investments and commitments ($mm) $1,087.1 Unfunded commitments ($mm) $6.0 Investments at fair value ($mm) $1,081.1 Yield at fair value of investme
Slide 9: Portfolio Summary – Senior Credit Fund, LLC
Portfolio Summary – Senior Credit Fund, LLC Quarter Ended December 31, 2015 GS BDC Return on SCF Investment(1) 13.0% Portfolio Characteristics (as of December 31, 2015) Invested Portfolio Investments at fair value ($mm) $285.6 Yield at fair value of investments (%) 6.8% Yield at amortized cost of in
Slide 10: Quarterly Operating Results
Quarterly Operating Results Quarter Ended December 31, 2015 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Investment income Interest(1) $22,918 $25,078 $25,123 $30,278 $29,221 Dividend income 921 1,165 1,347 1,983 1,976 Other income 520 129 846 635 655 Total investment income $24,359 $26,372 $27,316 $32,8
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended December 31, 2015 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Assets Investments at fair value $913,947 $909,906 $1,004,906 $1,146,845 $1,081,064 Investments in affiliated money market fund 29,568 5,569 21,265 3,500 10,117 Cash 8,609 8,989 11,479 11,718 22,710 Recei
Slide 12: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended December 31, 2015 $(0.45) $0.62 $19.38 $(0.58) $18.97 9/30/15 Ending Book NAV Q4'15 Net Investment Q4'15 Distribution Net Change in Realized 12/31/15 Ending Book NAV Income and Unrealized Appreciation (Depreciation) Per share data above is based on December 31, 2
Slide 13: Debt Facilities
Debt Facilities Quarter Ended December 31, 2015 Commitment Debt Interest Rate Maturity Date Amount ($mm)(1) Outstanding ($mm) Goldman Sachs BDC, Inc. Revolving Credit Facility $570 $419 LIBOR + 200 bps / 175 bps(2) 11/4/2020 Total $570 $419 Senior Credit Fund, LLC Subscription Facility $50 $46 CP +
Slide 14: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended December 31, 2015 Distribution Data Regular Distribution Special Distribution Date Declared Record Date Payment Date Per Share Per Share February 25, 2016 March 31, 2016 April 15, 2016 $0.45 - November 3, 2015 December 31, 2015 January 28, 2016