Goldman Sachs BDC, Inc. (NYSE:GSBD) Q1 2019 Earnings Conference Call - Final Transcript
May 10, 2019 • 09:00 am ET
expenses were $13.8 million for the first quarter as compared to $13 million in the prior quarter. Expenses were up quarter-over-quarter primarily driven by an increase in incentive fees and an increase in interest expenses due to higher average daily borrowings during the quarter. NAV was down quarter-over-quarter. We ended Q1 with net asset value per share at $17.25 versus $17.65 in the prior quarter. The largest driver in our NAV decline came from our investment in Animal Supply, which we disclosed last quarter. Our supplemental earnings presentation provides a NAV bridge to walk you through the changes from the fourth quarter to the first quarter.
The company had $46 million in accumulated undistributed net investment income at quarter end, resulting from net investment income that has consistently exceeded our dividend. This equates to $1.14 per share on current shares outstanding.
During the first quarter, we increased the size of our revolving credit facility to $795 million, up from $695 million. We were pleased with our ability to attract new lending counterparties into the facility. As of March 31, total debt commitments were $950 million, including the company's unsecured convertible debt. These debt commitments provide the company with ample capacity to continue to prudently grow the balance sheet.
With that, I will turn it back to Brendan.
Thanks, Jonathan. We are pleased to report another solid quarter particularly as it pertains to the net investment income which has exceeded our dividend. As always, we thank you for the privilege of managing your capital and we look forward to continuing the hard work to you on behalf of you for the remainder of the year.
With that, let's open up the lines for questions.