Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q4 2014 Earnings Presentation
16 slides from Golub Capital Bdc's earnings presentation, Nov 18, 2014
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended September 30, 2014
www.golubcapitalbdc.com GBDC Golub Capital BDC, Inc. Investor Presentation Quarter Ended September 30, 2014
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation constitute forward - looking statements, which relate to future events or our future performance or financial condition. The forward - looking statements contained in this presentation involve risks and uncertainties, including statements as to:
Slide 3: Summary of Quarterly Results
2 Summary of Quarterly Results Fourth Fiscal Quarter 2014 Highlights ▪ Net investment income for the quarter ended September 30, 2014 was $14.9 million, or $0.32 per share, as compared to $15.1 million, or $0.32 per share, for the quarter ended June 30, 2014. ▪ Net increase in net assets resulting f
Slide 4: Financial Highlights
3 Financial Highlights Q4 2 014 Q3 2 014 Q2 2 014 Q1 2 014 Q4 2 013 Net investment income per share $ 0.32 $ 0.32 $ 0.31 $ 0.31 $ 0.31 Net realized /unrealized gain (loss) per share 0.11 0.03 0.01 0.03 0.00 Earnings per share 0.43 0. 35 0. 32 0. 34 0. 31 Net asset value per share 15.55 15.44 15.41 1
Slide 5: Portfolio Highlights – New Originations
4 Portfolio Highlights – New Originations Originations and Net Funds Growth ▪ New investment commitments totaled $332.6 million for the quarter ended September 30, 2014, including a net investment of $1.1 million in SLF. ▪ Net growth in investments, at fair value, for the quarter ended September 30,
Slide 6: Portfolio Highlights – Portfolio Diversity
5 Portfolio Highlights – Portfolio Diversity Healthcare, Education & Childcare Retail Stores Div. Conglomerate Services Beverage, Food & Tobacco 1. The percentage of fixed rate loans and floating rate loans are calculated using total debt investments at fair value and excl ude equity investments . B
Slide 7: Portfolio Highlights – Spread Analysis
6 9.6% 9.3% 8.6% 8.9% 9.3% 8.9% 8.6% 8.0% 8.3% 8.2% 3.0% 3.1% 3.0% 3.3% 3.2% 6.6% 6.2% 5.6% 5.6% 6.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Investment income yield Income yield Weighted average cost of debt Weighted average investment s
Slide 8: Portfolio Highlights – Credit Quality
7 Portfolio Highlights – Credit Quality Credit Quality – Investment Portfolio ▪ Fundamental credit quality remains strong with non - accrual investments representing less than 0.1% of total investments at fair value as of September 30, 2014. ▪ Internal Performance Ratings 1 on the investment portfol
Slide 9: Portfolio Highlights – Portfolio Ratings
8 Portfolio Highlights – Portfolio Ratings Rating Definition 5 Borrower is performing above expectations and the trends and risk factors are generally favorable 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Borrower may be out of compliance with debt
Slide 10: Quarterly Statements of Financial Condition
9 Quarterly Statements of Financial Condition As of ( Dollar amounts in thousands , except per share data) September 30, 2014 (audited ) June 30, 2014 (unaudited ) March 31, 2014 (unaudited ) December 31, 2013 (unaudited ) September 30, 2013 (audited ) Assets Investments in securities, at fair value
Slide 11: Quarterly Operating Results
10 Quarterly Operating Results For the three months ended ( Dollar amounts in thousands , except share and per share data) September 30, 2014 (unaudited) June 30, 2014 (unaudited) March 31, 2014 (unaudited) December 31, 2013 (unaudited) September 30, 2013 (unaudited) Investment Income Interest incom
Slide 12: Financial Performance Highlights
11 Financial Performance Highlights 0.31 0.31 0.31 0.32 0.32 0.03 0.01 0.03 0.11 $0.31 $0.34 $0.32 $0.35 $0.43 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 NII Gains/Loss 8.1% 8.0% 8.1% 8.3% 8.1% 8.0% 8.9% 8.5% 9.0% 11.0% 0% 2% 4% 6% 8% 10% 12% 14% Q4'13 Q1'14 Q2'14 Q3'14 Q4'14
Slide 13: Portfolio Highlights – Senior Loan Fund LLC
12 Portfolio Highlights – Senior Loan Fund LLC (Dollar amounts in thousands) As of Balance Sheet September 30, 2014 (unaudited) June 30, 2014 (unaudited) March 31, 2014 (unaudited) December 31, 2013 (unaudited) Total investments, at fair value $ 103,296 $ 103,770 $ 74,773 $ 36,626 Cash and other ass
Slide 14: Liquidity and Investment Capacity
13 Liquidity and Investment Capacity Cash and Cash Equivalents ▪ Unrestricted cash and cash equivalents totaled $5.1 million as of September 30, 2014. ▪ Restricted cash and cash equivalents totaled $74.8 million as of September 30, 2014. Restricted cash was held in our securitization vehicles, SBIC
Slide 15: Debt Securitizations and Credit Facilities
14 Tranche Rating (M/S) Par Amount ($mm) Interest Rate Stated Maturity Reinvestment Period Class A - 1 Notes Aaa/AAA $191.0 3 Month LIBOR + 1.75% April 25, 2026 July 20, 2018 Class A - 2 Notes 2 Aaa/AAA $20.0 3 Month LIBOR + 1.45% April 25, 2026 July 20, 2018 Class B Notes Aa2/AA $35.0 3 Month LIBOR
Slide 16: Common Stock and Distribution Information
15 Common Stock and Distribution Information Common Stock Data Distribution Data Date Declared Record Date Payment Date Amount Per Share Total Amount (in thousands) November 27, 2012 December 14, 2012 December 28, 2012 $0.32 $9,146 February 5, 2013 March 14, 2013 March 28, 2013 $0.32 $10,793 May 1,