Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q1 2015 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, May 2015
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended March 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”) held on May 14, 2015. By acceptance hereof, you agree that the information contained herein
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended March 31, 2015 On March 18, 2015, the Company priced its initial public offering (“IPO”) of 6.0 million shares at $20.00 per share, generating net proceeds of $114.9 million; Net investment income for the quarter ended March 31, 2015 was $0.52 per share, as com
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended March 31, 2015 (in $ millions, except per share data) Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 (1) Investment portfolio, at fair value $500.9 $606.5 $824.4 $913.9 $909.9 Debt - 35.0 237.0 350.0 224.0 Net assets 593.5 589.0 587.0 574.6 687.6 Debt to equity a
Slide 5: Originations and Net Funded Investment Activity
Originations and Net Funded Investment Activity Quarter Ended March 31, 2015 Originations and Net Funded Investment Activity New investment fundings totaled $8.6 million in three existing portfolio companies, including $3.2 million in the SCF The SCF made new investment fundings of $69.4 million
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended March 31, 2015 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $914 <1% $910<1% $257 3% 3% $824 <1% 3% $235 3% 10% 4% 12% 38% 38% $179 34% $606 <1% 44% 5% 24% $501 <1% 6% 52% 44% 31% 48% 18% 30% 30% 13% $53 76% 9% 15%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended March 31, 2015 Non-Accrual No investments were on non-accrual status as of March 31, 2015 Internal Investment Risk Rating (in $ millions) Q4 2014 Q1 2015 % of Total Portfolio at % of Total Portfolio at Rating Fair Value Fair Value Fair Value Fair Value 1
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended March 31, 2015 Portfolio Characteristics (as of March 31, 2015) Invested Portfolio Total investment commitments ($mm) $945.8 Unfunded commitments ($mm) $35.9 Investments at fair value ($mm) 909.9 Yield at fair value of investments (%) 11.3% Y
Slide 9: Portfolio Summary – Senior Credit Fund, LLC
Portfolio Summary – Senior Credit Fund, LLC Quarter Ended March 31, 2015 Portfolio Characteristics (as of March 31, 2015) Invested Portfolio Investments at fair value ($mm) 181.0 Yield at fair value of investments (%) 6.9% Yield at cost of investments (%) 6.9% Investments on non-accrual (%) -% Portf
Slide 10: Quarterly Operating Results
Quarterly Operating Results Quarter Ended March 31, 2015 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Investment income Interest income(1) $13,175 $14,943 $18,418 $22,918 $25,078 Dividend income 546 1,117 609 921 1,165 Other income 17 46 49 520 129 Total investment income $13,738 $16,106 $19,076 $24,359
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended March 31, 2015 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Assets Investments at fair value $500,848 $606,454 $824,432 $913,947 $909,906 Investments in affiliated money market fund 84,020 18,500 38,568 29,568 5,569 Cash 29,499 10,076 7,520 8,609 8,989 Receivable fro
Slide 12: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended March 31, 2015 19.56 19.49 19.43 0.07 0.14 (0.06) (0.28) (1) 12/31/14 Ending Total offering costs Offering costs paid Accretion from Adjusted 12/31/14 1Q'15 NII, 3/31/15 Ending (3) Book NAV by Investment (2) offering Book NAV Distribution & Net Book NAV Adviser (
Slide 13: Liquidity Management
Liquidity Management Quarter Ended March 31, 2015 Goldman Sachs BDC, Inc. Senior Credit Fund, LLC Revolving Credit Facility Subscription Facility Warehouse Facility Size ($mm) $560 $50 $200 Interest Rate LIBOR + 225 bps CP + 175 bps CP + 240 bps Maturity 10/3/2019 10/3/2015 12/15/2022 $600 560 $500
Slide 14: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended March 31, 2015 Distribution Data Amount Date Declared Record Date Payment Date Per Share February 25, 2015 March 31, 2015 April 30, 2015 $0.45 December 30, 2014 December 23, 2014 January 30, 2015 $0.53(1) September 29, 2014 September 24, 2014 O