Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q3 2018 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, Nov 2, 2018
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended September 30, 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 November 2, 2018 and the Company’s Quarterly Report on Form 10-Q for t
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended September 30, 2018 Net investment income for the quarter ended September 30, 2018 was $0.54 per share, equating to an annualized net investment income yield on book value of 11.9%; 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, 2018 (in $ millions, except per share data) Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 1 Investment portfolio, at fair value $1,178.7 $1,258.3 $1,256.7 $1,237.3 $1,318.3 Total debt oustanding2 447.8 546.3 530.0 508.0 578.9 Net assets 731.2 725.8
Slide 5: Investment Activity
Investment Activity Quarter Ended September 30, 2018 New investment commitments and fundings for the quarter were $205.6 million and $190.1 million, respectively, which includes net fundings of $25.5 million of previously unfunded commitments; and Sales and repayments totaled $111.7 million for
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended September 30, 2018 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $1,318 $254 $1,257 $1,237 2% <1% $1,179 7% $1,112 7% 2% 8% 2% 1% $206 7% 2% 1% 1% <1% <1% 8% 2% 1% <1% <1% 11% 1% <1% 33% <1% 35% 37% 36% 36% 78% $142
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended September 30, 2018 Non-Accrual Investments As of September 30, 2018, investments on non-accrual status represented 0.6% and 0.7% of the total investment portfolio at fair value and amortized cost, respectively. Internal Investment Risk Rating (in $ million
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended September 30, 2018 Portfolio Characteristics (as of September 30, 2018) Invested Portfolio Total investments and commitments ($mm) $1,391.1 Unfunded commitments ($mm) $72.8 Investments at fair value ($mm) $1,318.3 Yield at fair value of inves
Slide 9: Portfolio Summary – Senior Credit Fund, LLC
Portfolio Summary – Senior Credit Fund, LLC Quarter Ended September 30, 2018 GS BDC Return on SCF Investment at Fair Value1 11.4% GS BDC Return on SCF Investment at Amortized Cost1 11.2% Portfolio Characteristics (as of September 30, 2018) Invested Portfolio Total investments and commitments ($mm) $
Slide 10: Quarterly Operating Results
Quarterly Operating Results Quarter Ended September 30, 2018 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Investment income Interest1 $30,443 $30,352 $32,492 $34,282 $34,378 Dividend income 2,357 2,407 2,807 2,210 3,086 Other income 1,612 1,401 242 746 519 Total investment income $34,412 $34,160 $35,541
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended September 30, 2018 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Assets Investments at fair value $1,178,687 $1,258,313 $1,256,680 $1,237,349 $1,318,320 Investments in affiliated money market fund 3 11,539 2 2 4 Cash 11,967 11,606 6,929 9,206 4,648 Unrealized apprecia
Slide 12: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended September 30, 2018 Per Share Data $18.08 $18.13 0.54 0.02 (0.45) (0.06) Q2' 18 Ending Book Q3' 18 Net Q3' 18 Distribution Net Change in Accretion from Q3' 18 Ending Book NAV Investment Income Realized and Convertible Notes NAV Unrealized Issuance Appreciation (De
Slide 13: Debt
Debt Quarter Ended September 30, 2018 Commitment Debt Amount ($mm) Outstanding ($mm) Interest Rate Maturity Date Goldman Sachs BDC, Inc. Revolving Credit Facility $695 $424 LIBOR + 200 bps / 175 bps1 02/21/2023 Convertible Notes $155 $155 4.50% 04/01/2022 Total $810 $579 Senior Credit Fund, LLC Revo
Slide 14: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended September 30, 2018 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share October 30, 2018 December 31, 2018 January 15, 2019 $0.45 - August 1, 2018 September 28, 2018 October 15,