Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q2 2017 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, Aug 4, 2017
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended June 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 August 4, 2017 and the Company’s Quarterly Report on Form 10-Q for the
Slide 3: Quarterly Highlights
Quarterly Highlights Quarter Ended June 30, 2017 Net investment income for the quarter ended June 30, 2017 was $0.64 per share, as compared to $0.49 per share for the quarter ended March 31, 2017; The Company announced a third quarter dividend of $0.45 per share payable to shareholders of record
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended June 30, 2017 (in $ millions, except per share data) Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 1 Investment portfolio, at fair value $1,115.1 $1,143.0 $1,167.3 $1,164.0 $1,111.8 Total debt oustanding2 468.6 471.3 502.8 506.0 412.3 Net assets 668.5 675.0 665.
Slide 5: Investment Activity
Investment Activity Quarter Ended June 30, 2017 New investment commitments and fundings were $124.0 million and $120.3 million, respectively, which includes net fundings of $2.1 million of previously unfunded commitments;1 and Sales and repayments totaled $160.4 million, bringing net funded port
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended June 30, 2017 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $138 $1,164 $1,143 $1,167 $1,112 4% $1,115 $124 6% 6% 6% 7% <1% 8% <1% $113 3% 3% <1% 1% <1% 1% <1% 9% 1% 2% 1% 1% 12% <1% 29% 25% 29% 28% $90 1% 39% 26% 2
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended June 30, 2017 Non-Accrual Investments As of June 30, 2017, investments on non-accrual represented 0.2% and 0.7% of the total investment portfolio at fair value and amortized cost, respectively. Internal Investment Risk Rating (in $ millions) Q4 2016 Q1 2
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended June 30, 2017 Portfolio Characteristics (as of June 30, 2017) Invested Portfolio Total investments and commitments ($mm) $1,126.2 Unfunded commitments ($mm) $14.4 Investments at fair value ($mm) $1,111.8 Yield at fair value of investments (%)
Slide 9: Portfolio Summary – Senior Credit Fund, LLC
Portfolio Summary – Senior Credit Fund, LLC Quarter Ended June 30, 2017 GS BDC Return on SCF Investment at Fair Value1 14.0% GS BDC Return on SCF Investment at Amortized Cost1 14.2% Portfolio Characteristics (as of June 30, 2017) Invested Portfolio Total investments and commitments ($mm) $514.9 Unfu
Slide 10: Quarterly Operating Results
Quarterly Operating Results Quarter Ended June 30, 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Investment income Interest1 $26,489 $29,646 $26,831 $29,178 $32,495 Dividend income 2,191 2,468 2,156 2,473 2,470 Other income 641 1,836 1,506 541 1,052 Total investment income $29,321 $33,950 $30,493 $32
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended June 30, 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Assets Investments at fair value $1,115,144 $1,142,968 $1,167,290 $1,164,042 $1,111,846 Investments in affiliated money market fund 15,667 3 1 2 2,123 Cash 15,454 14,670 4,565 8,934 37,493 Receivable from inv
Slide 12: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended June 30, 2017 $18.26 0.64 $18.23 0.30 (0.45) (0.52) 3/31/17 Ending Book NAV Accretion from Offering Q2' 17 Net Investment Q2' 17 Distribution Net Change in Realized 6/30/17 Ending Book NAV Income and Unrealized Appreciation (Depreciation) March 31, 2017 NAV is ba
Slide 13: Debt
Debt Quarter Ended June 30, 2017 Commitment Debt Interest Rate Maturity Date Amount ($mm) Outstanding ($mm) Goldman Sachs BDC, Inc. Revolving Credit Facility $605 $297 LIBOR + 200 bps / 175 bps1 12/16/2021 Convertible Notes $115 $115 4.50% 04/01/2022 Total $720 $412 Senior Credit Fund, LLC Revolving
Slide 14: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended June 30, 2017 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share August 1, 2017 September 29, 2017 October 16, 2017 $0.45 - May 1, 2017 June 30, 2017 July 17, 2017 $0.45 - Febr