Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q2 FY2013 Earnings Presentation
15 slides from Golub Capital Bdc's earnings presentation, May 3, 2013
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 31, 2013
GBDC Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 31, 2013 www.golubcapitalbdc.com
Slide 2: Disclaimer
1 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 t
Slide 3: Summary of Quarterly Results
2 Summary of Quarterly Results Second Fiscal Quarter 2013 Highlights ▪ Net investment income for the quarter ended March 31, 2013 was $10.4 million, or $0.32 per share, as compared to $9.6 million, or $0.34 per share, for the quarter ended December 31, 2012. ▪ Net increase in net assets resulting fr
Slide 4: Financial Highlights
3 Financial Highlights Q2 2 013 Q1 2 013 Q4 2 01 2 Q3 2 01 2 Q2 2 01 2 Net investment income per share $ 0.32 $ 0.34 $ 0.30 $ 0.26 $ 0.29 Net spread payments from the total return swap (“TRS”) 1 N/A N/A 0.01 0.04 0.04 Net investment income per share + TRS 1 0.32 0.34 0.31 0.30 0.33 Net realized /unr
Slide 5: Summary of Portfolio Highlights
4 Summary of Portfolio Highlights Originations and Net Funds Growth ▪ New commitments totaled $58.1 million for the quarter ended March 31, 2013. ▪ Net growth in investments in securities, at fair value, for the quarter ended March 31, 2013 was $20.1 million, a 2.6% increase from December 31, 2012.
Slide 6: Quarterly Statements of Financial Condition
5 Quarterly Statements of Financial Condition As of ( Dollar amounts in thousands , except per share data) March 31, 2013 (unaudited ) December 31, 2012 (unaudited ) September 30, 2012 (audited ) June 30, 2012 (unaudited ) March 31, 2012 (unaudited ) Assets Investments in securities, at fair value $
Slide 7: Quarterly Operating Results
6 Quarterly Operating Results For the three months ended ( Dollar amounts in thousands , except share and per share data) March 31, 2013 (unaudited) December 31 , 2 01 2 (unaudited) September 30 , 2 01 2 (unaudited) June 30 , 2 01 2 (unaudited) March 31 , 2 01 2 (unaudited) Investment Income Interes
Slide 8: Portfolio Highlights – Asset Mix
7 37% 41% 41% 33% 33% 41% 37% 39% 47% 49% 7% 7% 7% 11% 10% 12% 12% 10% 6% 5% 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Senior Secured One Stop Second Lien Subordinated Debt Equity Portfolio Highlights – Asset Mix $613,797 $636,6
Slide 9: Portfolio Highlights – Debt Investment Spread Analysis
8 Portfolio Highlights – Debt Investment Spread Analysis 1. Total yield on investments is calculated as (a) the actual amount earned on such investments, including interest income and a mor tization of fees and discounts, divided by (b) the daily average of total earning investments at fair value. 2
Slide 10: Portfolio Highlights – Selected Information
9 Portfolio Highlights – Selected Information Portfolio Rotation – Debt Investments Q2 2 01 3 Q1 2 01 3 Q4 2 01 2 Q3 2 01 2 Q2 2 01 2 Weighted average interest rate of new investments 1,2 8.8% 8.3% 8.0% 8.2% 8.9% Weighted average interest rate on investments that were sold or paid - off 10.2% 8.2% 8
Slide 11: Credit Quality – Investment Portfolio
10 Credit Quality Credit Quality – Investment Portfolio ▪ Fundamental credit quality remains strong with non - earning assets representing 0.3% of the total investments at fair value as of March 31, 2013. One new non - earning account was added during the quarter which has cost and fair value of $0.
Slide 12: Portfolio Highlights – Portfolio Ratings
11 Portfolio Highlights – Portfolio Ratings Scoring Definition 5 Borrower is performing above expectations 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Borrower may be out of compliance with debt covenants; however, loan payments are generally not pa
Slide 13: Common Stock and Distribution Information
12 Common Stock and Distribution Information Common Stock Data Distribution Data Date Declared Record Date Payment Date Amount Per Share Total Amount (in thousands) May 3, 2 01 1 June 1 7, 2 01 1 June 29, 2 01 1 $0.32 $6,947 August 4, 2 01 1 September 1 9, 2 01 1 September 28, 2 01 1 $0.32 $6,955 De
Slide 14: Liquidity and Investment Capacity
13 Liquidity and Investment Capacity Cash and Cash Equivalents ▪ Unrestricted cash totaled $9.0 million as of March 31, 2013. ▪ Restricted cash totaled $84.2 million as of March 31, 2013. Restricted cash was held in our securitization vehicle, SBIC subsidiaries and our revolving credit facility and
Slide 15: Liquidity and Investment Capacity – Debt Facilities continued
14 Liquidity and Investment Capacity Debt Facilities - continued ▪ As of March 31, 2013, we had $15.0 million in available and approved debentures through our wholly owned SBIC subsidiaries. An additional $75.0 million of debentures are also available through our SBIC subsidiaries, subject to custom