Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q2 FY2015 Earnings Presentation
16 slides from Golub Capital Bdc's earnings presentation, May 11, 2015
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 31, 2015
0 GOLUB CAPITAL BDC, INC. INVESTOR PRESENTATION Quarter Ended March 31, 2015 GOLUBCAPITALBDC.COM GBDC
Slide 2: Disclaimer
1 Disclaimer Some of the statements in this presentation constitute forward - looking statements, which relate to future events or our future p erformance or financial condition. The forward - looking statements contained in this presentation involve risks and uncertainties, including statements as
Slide 3: Second Fiscal Quarter 2015 Highlights
2 Second Fiscal Quarter 2015 Highlights Net increase in net assets resulting from operations (i.e. net income) for the quarter ended March 31, 2015 was $17.9 million, or $ 0.38 per share, as compared to $15.2 million, or $0.32 per share, for the quarter ended December 31, 2014. Net investment income
Slide 4: Financial Highlights
3 FINANCIAL HIGHLIGHTS Q2 2 015 Q1 2 015 Q4 2 014 Q3 2 014 Q2 2 014 Earnings per share $ 0.38 $ 0.32 $ 0.43 $ 0. 35 $ 0. 32 Net investment income per share 0.29 0.31 0.32 0.32 0.31 Accrual for capital gain incentive fee per share 0.02 N/A N/A N/A N/A Net investment income before accrual for capital
Slide 5: Originations and Net Funds Growth
4 Originations and Net Funds Growth New investment commitments totaled $ 179.0 million for the quarter ended March 31, 2015, including investments totaling $17.1 million in SLF. Net growth in investments, at fair value, for the quarter ended March 31 , 2015 was $22.3 million , a 1.6% increase from D
Slide 6: Portfolio Highlights – Portfolio Diversity as of March 31, 2015
5 $1,254 $1,325 $1,348 $1,401 $1,423 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 16% 13% 13% 9% 8% 5% 5% 3% 3% 3% 4% 18% Healthcare, Education and Childcare – 16% Retail Stores – 13% Diversified Conglomerate Service – 13% Electronics – 9% Beverage, Food
Slide 7: Portfolio Highlights – Spread Analysis
6 8.6% 8.9% 9.3% 8.3% 8.4% 8.0% 8.3% 8.2% 7.8% 7.9% 3.0% 3.3% 3.2% 3.3% 3.3% 5.6% 5.6% 6.1% 5.0% 5.1% 0.2% 0.2% 0.2% 0.3% 0.3% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Investment income yield Income yield Weighted average cost of debt Weig
Slide 8: Credit Quality – Investment Portfolio
7 Credit Quality – Investment Portfolio Fundamental credit quality remains strong with non - accrual investments as a percentage of total investments at fair value remain ing relatively flat with an amount representing 0.2% as of March 31, 2015. During the quarter, one additional investment was reco
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) March 31, 2015 (unaudited) December 31, 2014 (unaudited) September 30, 2014 (audited ) June 30, 2014 (unaudited ) March 31, 2014 (unaudited ) Assets Investments, at fair value $ 1,423,063 $ 1,4
Slide 11: Quarterly Operating Results
10 QUARTERLY OPERATING RESULTS For the three months ended ( Dollar amounts in thousands , except share and per share data) March 31, 2015 (unaudited) December 31, 2014 (unaudited) September 30, 2014 (unaudited) June 30, 2014 (unaudited) March 31, 2014 (unaudited) Investment Income Interest income $
Slide 12: Financial Performance Highlights
11 0.31 0.32 0.32 0.31 0.29 0.01 0.03 0.11 0.01 0.09 $0.32 $0.35 $0.43 $0.32 $0.38 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 NII Gains/Loss 8.1% 8.3% 8.1% 7.9% 7.6% 8.5% 9.0% 11.0% 8.2% 9.8% 0% 2% 4% 6% 8% 10% 12% 14% Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 NII Net Income $14.75 $14.75
Slide 13: Portfolio Highlights – Senior Loan Fund LLC
12 PORTFOLIO HIGHLIGHTS – SENIOR LOAN FUND LLC (Dollar amounts in thousands) As of Balance Sheet March 31, 2015 (unaudited) December 31, 2014 (unaudited) September 30, 2014 (audited) June 30, 2014 (unaudited) Total investments, at fair value $ 189,151 $ 121,676 $ 103,296 $ 103,770 Cash and other ass
Slide 14: Cash and Cash Equivalents; Debt Facilities
13 Cash and Cash Equivalents Unrestricted cash and cash equivalents totaled $3.1 million as of March 31, 2015. Restricted cash and cash equivalents totaled $54.5 million as of March 31, 2015. Restricted cash is held in our securitization vehicles, SBIC subsidiaries and our revolving credit facility
Slide 15: Debt Securitizations and Credit Facilities
14 Tranche Rating (M/S) Par Amount ($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) February 5, 2013 March 14, 2013 March 28, 2013 $0.32 $10,793 May 1, 2013 June 13, 2013 June 27, 2013 $0.32 $12,722 August 6, 2013 Septe