Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q2 2018 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, Aug 3, 2018
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended June 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 August 3, 2018 and the Company’s Quarterly Report on Form 10-Q for the
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended June 30, 2018 Net investment income for the quarter ended June 30, 2018 was $0.50 per share, equating to an annualized net investment income yield on book value of 11.1%; 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, 2018 (in $ millions, except per share data) Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 1 Investment portfolio, at fair value $1,111.8 $1,178.7 $1,258.3 $1,256.7 $1,237.3 Total debt oustanding2 412.3 447.8 546.3 530.0 508.0 Net assets 730.7 731.2 725.
Slide 5: Investment Activity
Investment Activity Quarter Ended June 30, 2018 New investment commitments and fundings for the quarter were $92.6 million and $58.9 million, respectively, which includes net fundings of $4.4 million of previously unfunded commitments; and Sales and repayments totaled $79.6 million for the quart
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended June 30, 2018 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $1,257 $1,237 $254 $1,164 $1,179 - <1% $1,112 7% 2% 8% 2% 2% 7% 2% 1% 1% 9% 1% 8% 1% 1% 1% <1% <1% <1% <1% <1% 29% 37% 36% 36% 35% $124 78% $142 <1% 3% 28%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended June 30, 2018 Non-Accrual Investments As of June 30, 2018, investments on non-accrual status represented 0.7% and 0.8% of the total investment portfolio at fair value and amortized cost, respectively. Internal Investment Risk Rating (in $ millions) Q4 2017
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended June 30, 2018 Portfolio Characteristics (as of June 30, 2018) Invested Portfolio Total investments and commitments ($mm) $1,295.9 Unfunded commitments ($mm) $58.6 Investments at fair value ($mm) $1,237.3 Yield at fair value of investments (%)
Slide 9: Portfolio Summary – Senior Credit Fund, LLC
Portfolio Summary – Senior Credit Fund, LLC Quarter Ended June 30, 2018 GS BDC Return on SCF Investment at Fair Value1 11.0% GS BDC Return on SCF Investment at Amortized Cost1 10.9% Portfolio Characteristics (as of June 30, 2018) Invested Portfolio Total investments and commitments ($mm) $514.3 Unfu
Slide 10: Quarterly Operating Results
Quarterly Operating Results Quarter Ended June 30, 2018 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Investment income Interest1 $32,495 $30,443 $30,352 $32,492 $34,282 Dividend income 2,470 2,357 2,407 2,807 2,210 Other income 1,052 1,612 1,401 242 746 Total investment income $36,017 $34,412 $34,160 $35
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended June 30, 2018 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Assets Investments at fair value $1,111,846 $1,178,687 $ 1,258,313 $ 1,256,680 $1,237,349 Investments in affiliated money market fund 2,123 3 11,539 2 2 Cash 37,493 11,967 11,606 6,929 9,206 Receivable from i
Slide 12: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended June 30, 2018 Per Share Data $18.10 $18.08 0.50 (0.45) (0.07) Q1' 18 Ending Book NAV Q2' 18 Net Investment Q2' 18 Distribution Net Change in Realized Q2' 18 Ending Book NAV Income and Unrealized Appreciation (Depreciation) March 31, 2018 NAV is based on shares ou
Slide 13: Debt
Debt Quarter Ended June 30, 2018 Commitment Debt Amount ($mm) Outstanding ($mm) Interest Rate Maturity Date Goldman Sachs BDC, Inc. Revolving Credit Facility $695 $393 LIBOR + 200 bps / 175 bps1 02/21/2023 2 Convertible Notes $115 $115 4.50% 04/01/2022 Total $810 $508 Senior Credit Fund, LLC Revolvi
Slide 14: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended June 30, 2018 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share August 1, 2018 September 28, 2018 October 15, 2018 $0.45 - May 1, 2018 June 29, 2018 July 16, 2018 $0.45 - Febr