Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q2 2019 Earnings Presentation
13 slides from Goldman Sachs BDC's earnings presentation, Aug 2, 2019
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended June 30, 2019 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 August 2, 2019 and the Company’s Quarterly Report on Form 10-Q for the
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended June 30, 2019 Net investment income for the quarter ended June 30, 2019 was $0.47 per share, equating to an annualized net investment income yield on book value of 10.9%; The Company announced a third quarter dividend of $0.45 per share payable to shareholders
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended June 30, 2019 (in $ millions, except per share data) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 1 Investment portfolio, at fair value $1,237.3 $1,318.3 $1.375.4 $1,405.1 $1,533.7 Total debt oustanding2 $508.0 $578.9 $664.4 $709.3 $847.3 Net assets $726.5 $728
Slide 5: Investment Activity
Investment Activity Quarter Ended June 30, 2019 New investment commitments and fundings for the quarter were $117.3 million and $165.5 million, respectively, which includes net fundings of $60.9 million of previously unfunded commitments; and Sales and repayments totaled $(154.6) million for the
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended June 30, 2019 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $1,534 4% $1,375 $1,405 $1,318 3% $1,237 7% 2% 7% 4% <1% $206 7% 2% 3% 18% 2% 8% 2% 1% 11% <1% 4% 15% <1% <1% 0.0% 1% <1% 21% 7% $154 28% $155 <1% 33% 4% 1
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended June 30, 2019 Non-Accrual Investments As of June 30, 2019, investments on non-accrual status represented 3.5% and 3.9% of the total investment portfolio at fair value and amortized cost, respectively. As previously disclosed, the Company’s first lien,
Slide 8: Portfolio Summary
Portfolio Summary Quarter Ended June 30, 2019 Portfolio Characteristics (as of June 30, 2019) Invested Portfolio Total investments and commitments ($mm) $1,608.4 Unfunded commitments ($mm) $74.7 Investments at fair value ($mm) $1,533.7 Yield at fair value of investments (%)1 9.4% Yield at amortized
Slide 9: Quarterly Operating Results
Quarterly Operating Results Quarter Ended June 30, 2019 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Investment income Interest1 $34,282 $34,378 $32,781 $33,393 $36,467 Dividend income 2,210 3,086 2,595 2,482 1,053 Other income 746 519 593 662 881 Total investment income $37,238 $37,983 $35,969 $36,537 $
Slide 10: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended June 30, 2019 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Assets Investments at fair value $1,237,349 $1,318,320 $1,375,444 $1,405,097 $1,533,710 Investments in affiliated money market fund 2 4 - - - Cash 9,206 4,648 6,113 5,891 10,122 Unrealized appreciation on for
Slide 11: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended June 30, 2019 Per Share Data $17.25 $17.21 0.47 (0.45) (0.04) (0.02) Q1' 19 Ending Book Q2' 19 Net Q2' 19 Distribution Net Change in Realized Loss Q2' 19 Ending Book NAV Investment Income Realized and Relating to the SCF NAV Unrealized Dissolution Appreciation (D
Slide 12: Debt
Debt Quarter Ended June 30, 2019 Commitment Debt Amount ($mm) Outstanding ($mm)1 Interest Rate Maturity Date Goldman Sachs BDC, Inc. Revolving Credit Facility $795 $692 LIBOR + 200 bps / 175 bps2 02/21/2023 Convertible Notes $155 $155 4.50% 04/01/2022 Total $950 $847 LIBOR: London Interbank Offered
Slide 13: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended June 30, 2019 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share July 30, 2019 September 30, 2019 October 15, 2019 $0.45 - May 7, 2019 June 28, 2019 July 15, 2019 $0.45 - Febru