Goldman Sachs BDC, Inc. · NYSE:GSBD
Goldman Sachs BDC — Q4 2018 Earnings Presentation
14 slides from Goldman Sachs BDC's earnings presentation, Mar 1, 2019
Slide 1: Goldman Sachs BDC, Inc. Investor Presentation
Goldman Sachs BDC, Inc. Investor Presentation Quarter Ended December 31, 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 March 1, 2019 and the Company’s Annual Report on Form 10-K for the fis
Slide 3: Company Highlights
Company Highlights Net investment income for the quarter ended December 31, 2018 was $0.56 per share, equating to an annualized net investment income yield on book value of 12.7%; The Company announced a first quarter dividend of $0.45 per share payable to shareholders of record as of March 29,
Slide 4: Selected Financial Highlights
Selected Financial Highlights Quarter Ended December 31, 2018 (in $ millions, except per share data) Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 1 Investment portfolio, at fair value $1,258.3 $1,256.7 $1,237.3 $1,318.3 $1.375.4 Total debt oustanding2 546.3 530.0 508.0 578.9 664.4 Net assets 725.8 726.7
Slide 5: Investment Activity
Investment Activity Quarter Ended December 31, 2018 New investment commitments and fundings for the quarter were $154.2 million and $130.2 million, respectively, which includes net fundings of $20.7 million of previously unfunded commitments; and Sales and repayments totaled $52.9 million for th
Slide 6: Portfolio Asset Composition
Portfolio Asset Composition Quarter Ended December 31, 2018 New Investment Commitments (at cost, $mm) End of Period Investments (at fair value, $mm) $1,375 2% $1,318 $1,257 2% 7% 2% $1,179 2% 2% $1,237 2% 7% 1% 7% <1% $206 1% 8% 1% <1% <1% 7% 1% <1% <1% 11% <1% 28% $154 33% 4% 37% 36% $142 1% 35% 8%
Slide 7: Credit Quality of Investments
Credit Quality of Investments Quarter Ended December 31, 2018 Non-Accrual Investments As of December 31, 2018, investments on non-accrual status represented 7.0% and 8.3% of the total investment portfolio at fair value and amortized cost, respectively These investments included the Company’s sec
Slide 8: Portfolio Summary – Goldman Sachs BDC, Inc.
Portfolio Summary – Goldman Sachs BDC, Inc. Quarter Ended December 31, 2018 Portfolio Characteristics (as of December 31, 2018) Invested Portfolio Total investments and commitments ($mm) $1,472.2 Unfunded commitments ($mm) $96.8 Investments at fair value ($mm) $1,375.4 Yield at fair value of investm
Slide 9: Portfolio Summary – Senior Credit Fund, LLC
Portfolio Summary – Senior Credit Fund, LLC Quarter Ended December 31, 2018 GS BDC Return on SCF Investment at Fair Value1 11.4% GS BDC Return on SCF Investment at Amortized Cost1 11.2% Portfolio Characteristics (as of December 31, 2018) Invested Portfolio Total investments and commitments ($mm) $46
Slide 10: Quarterly Operating Results
Quarterly Operating Results Quarter Ended December 31, 2018 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Investment income Interest1 $30,352 $32,492 $34,282 $34,378 $32,781 Dividend income 2,407 2,807 2,210 3,086 2,595 Other income 1,401 242 746 519 593 Total investment income $34,160 $35,541 $37,238 $37
Slide 11: Quarterly Balance Sheet
Quarterly Balance Sheet Quarter Ended December 31, 2018 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Assets Investments at fair value $1,258,313 $1,256,680 $1,237,349 $1,318,320 $1,375,444 Investments in affiliated money market fund 11,539 2 2 4 - Cash 11,606 6,929 9,206 4,648 6,113 Unrealized appreciati
Slide 12: Net Asset Value Bridge
Net Asset Value Bridge Quarter Ended December 31, 2018 Per Share Data $18.13 0.56 $17.65 (0.45) (0.59) Q3' 18 Ending Book NAV Q4' 18 Net Investment Q4' 18 Distribution Net Change in Realized Q4' 18 Ending Book NAV Income and Unrealized Appreciation (Depreciation) September 30, 2018 NAV is based on S
Slide 13: Debt
Debt Quarter Ended December 31, 2018 Commitment Debt Amount ($mm) Outstanding ($mm)1 Interest Rate Maturity Date Goldman Sachs BDC, Inc. Revolving Credit Facility $695 $509 LIBOR + 200 bps / 175 bps2 02/21/2023 Convertible Notes $155 $155 4.50% 04/01/2022 Total $850 $664 Senior Credit Fund, LLC Revo
Slide 14: Distribution and Common Stock Information
Distribution and Common Stock Information Quarter Ended December 31, 2018 Distribution Data Date Declared Record Date Payment Date Regular Distribution Per Share Special Distribution Per Share February 20, 2019 March 29, 2019 April 15, 2019 $0.45 - October 30, 2018 December 31, 2018 January 15, 2019