Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q3 2017 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, Nov 3, 2017
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended September 30, 2017 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 November 3, 2017 and the Company’s Quarterly Report on Form 10-Q for t
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended September 30, 2017 Net investment income for the quarter ended September 30, 2017 was $0.47 per share, equating to an annualized net investment income yield on book value of 10.3%; The Company announced a fourth quarter dividend of $0.45 per share payable to sh
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended September 30, 2017 (in $ millions, except per share data) Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 1 Investment portfolio, at fair value $1,143.0 $1,167.3 $1,164.0 $1,111.8 $1,178.7 Total debt oustanding2 471.3 502.8 506.0 412.3 447.8 Net assets 675.0 665.1
Slide 5: Investment Activity
Investment Activity Quarter Ended September 30, 2017 New investment commitments and fundings were $254.4 million and $253.5 million, respectively, which includes net fundings of $0.7 million of previously unfunded commitments;1 and Sales and repayments totaled $190.4 million, bringing net funded
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended September 30, 2017 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $254 $1,167 $1,164 $1,179 $1,143 $1,112 <1% 6% 7% 8% 8% <1% <1% <1% 2% 3% 1% 1% 9% 1% 1% <1% <1% 1% <1% 25% 29% 28% 29% 36% $138 78% 4% $124 6% $113 3
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended September 30, 2017 Non-Accrual Investments As of September 30, 2017, investments on non-accrual status represented 1.5% and 3.4% of the total investment portfolio at fair value and amortized cost, respectively. Internal Investment Risk Rating (in $ milli
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended September 30, 2017 Portfolio Characteristics (as of September 30, 2017) Invested Portfolio Total investments and commitments ($mm) $1,193.6 Unfunded commitments ($mm) $14.9 Investments at fair value ($mm) $1,178.7 Yield at fair value of inves
Slide 9: Portfolio Summary – Senior Credit Fund, LLC
Portfolio Summary – Senior Credit Fund, LLC Quarter Ended September 30, 2017 GS BDC Return on SCF Investment at Fair Value1 12.6% GS BDC Return on SCF Investment at Amortized Cost1 12.7% Portfolio Characteristics (as of September 30, 2017) Invested Portfolio Total investments and commitments ($mm) $
Slide 10: Quarterly Operating Results
Quarterly Operating Results Quarter Ended September 30, 2017 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Investment income Interest1 $29,646 $26,831 $29,178 $32,495 $30,443 Dividend income 2,468 2,156 2,473 2,470 2,357 Other income 1,836 1,506 541 1,052 1,612 Total investment income $33,950 $30,493 $32,
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended September 30, 2017 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Assets Investments at fair value $1,142,968 $1,167,290 $1,164,042 $1,111,846 $1,178,687 Investments in affiliated money market fund 3 1 2 2,123 3 Cash 14,670 4,565 8,934 37,493 11,967 Receivable from inv
Slide 12: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended September 30, 2017 18.23 0.47 18.23 (0.45) (0.02) 6/30/17 Ending Book NAV Q3' 17 Net Investment Income Q3' 17 Distribution Net Change in Realized and 9/30/17 Ending Book NAV Unrealized Appreciation (Depreciation) June 30, 2017 NAV is based on June 30, 2017 shares
Slide 13: Debt
Debt Quarter Ended September 30, 2017 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm) Goldman Sachs BDC, Inc. Revolving Credit Facility $605 $333 LIBOR + 200 bps / 175 bps1 12/16/2021 Convertible Notes $115 $115 4.50% 04/01/2022 Total $720 $448 Senior Credit Fund, LLC Revo
Slide 14: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended September 30, 2017 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share October 31, 2017 December 29, 2017 January 16, 2018 $0.45 - August 1, 2017 September 29, 2017 October 16,