Golub Capital BDC, Inc. · NASDAQ:GBDC
Golub Capital BDC — Q4 2015 Earnings Presentation
16 slides from Golub Capital BDC's earnings presentation, Sep 30, 2015
Slide 1: Quarter Ended September 30, 2015 Investor Presentation
GBDC Quarter Ended GOLUB CAPITAL BDC, INC. INVESTOR PRESENTATION September 30, 2015 GOLUBCAPITALBDC.COM 0
Slide 2: Disclaimer
DISCLAIMER Some of the statements in this presentation constitute forward-looking Such forward-looking statements may include statements preceded statements, which relate to future events or our future performance or by, followed by or that otherwise include the words “may,” “might,” financial condi
Slide 3: Summary of Quarterly Results
SUMMARY OF QUARTERLY RESULTS Fourth Fiscal Quarter 2015 Highlights Net increase in net assets resulting from operations (i.e. net income) for the quarter ended September 30, 2015 was $19.5 million, or $0.38 per share, as compared to $18.3 million, or $0.36 per share, for the quarter ended June 30, 2
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014 Earnings per share $ 0.38 $ 0.36 $ 0.38 $ 0.32 $ 0.43 Net investment income per share 0.30 0.30 0.29 0.31 0.32 Accrual for capital gain incentive fee per share 0.02 0.02 0.02 N/A N/A Net investment income before accrual for capital gain 0.
Slide 5: Portfolio Highlights – New Originations
PORTFOLIO HIGHLIGHTS – NEW ORIGINATIONS Originations and Net Funds Growth New investment commitments totaled $199.4 million for the quarter ended September 30, 2015, including investments totaling $12.0 million in SLF. Total investments at fair value decreased by 2.6%, or $40.9 million, for the quar
Slide 6: Portfolio Highlights – Portfolio Diversity as of September 30, 2015
PORTFOLIO HIGHLIGHTS ― PORTFOLIO DIVERSITY AS OF SEPTEMBER 30, 2015 Historical Investment Portfolio ($mm) Diversity by Investment Size $1,571 $1,530 SLF $1,600 $1,401 $1,423 5% 6% $1,348 6% $1,400 3% 4% 3% 4% Top 10 3% 4% <1% 3% 4% Investments 3% 4% 3% 4% <1% $1,200 4% <1% <1% <1% 20% $1,000 74% 74%
Slide 7: Portfolio Highlights – Spread Analysis
PORTFOLIO HIGHLIGHTS – SPREAD ANALYSIS 11.0% Portfolio Rotation – Q4 Q3 Q2 Q1 Q4 Debt Investments 2015 2015 2015 2015 2014 10.0% 9.3% 8.8% Weighted average interest 9.0% 8.3% 8.4% 8.4% 6.8% 6.8% 6.5% 6.8% 6.7% rate of new investments1 8.0% 8.2% 7.9% 8.0% Weighted average interest 7.8% 7.0% 7.6% rate
Slide 8: Portfolio Highlights – Credit Quality
PORTFOLIO HIGHLIGHTS – CREDIT QUALITY Credit Quality – Investment Portfolio Fundamental credit quality remains strong with non-accrual investments as a percentage of total investments at fair value increasing slightly to 0.4% as of September 30, 2015 from 0.2% as of June 30, 2015. During the quarter
Slide 9: Portfolio Highlights – Portfolio Ratings
PORTFOLIO HIGHLIGHTS – PORTFOLIO RATINGS Strong Portfolio Risk Ratings September 30, 2015 June 30, 2015 March 31, 2015 Internal Investments at % of Investments at % of Investments at % of Performance Rating Fair Value (in thousands) Total Portfolio Fair Value (in thousands) Total Portfolio Fair Valu
Slide 10: Quarterly Statements of Financial Condition
QUARTERLY STATEMENTS OF FINANCIAL CONDITION As of (Dollar amounts in thousands, September 30, 2015 June 30, 2015 March 31, 2015 December 31, 2014 September 30, 2014 except per share data) (audited) (unaudited) (unaudited) (unaudited) (audited) Assets Investments, at fair value $ 1,529,784 $ 1,570,68
Slide 11: Quarterly Operating Results
QUARTERLY OPERATING RESULTS For the three months ended (Dollar amounts in thousands, September 30, 2015 June 30, 2015 March 31, 2015 December 31, 2014 September 30, 2014 except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $ 3
Slide 12: Financial Performance Highlights
FINANCIAL PERFORMANCE HIGHLIGHTS Quarterly EPS Composition Annualized Return on Average Equity 1, 2 $0.50 14% $0.43 12% 11.0% $0.40 $0.38 $0.38 $0.36 9.8% 9.5% 0.11 10% 9.2% $0.32 8.2% 0.09 0.06 0.08 $0.30 0.01 8% 8.1% 7.9% 7.7% 6% 7.6% 7.6% $0.20 0.32 0.31 0.29 0.30 0.30 4% $0.10 2% $0.00 0% Q4'14
Slide 13: Portfolio Highlights – Senior Loan Fund LLC
PORTFOLIO HIGHLIGHTS – SENIOR LOAN FUND LLC Net growth in investments, at fair value, for the quarter ended September 30, 2015 was $62.1 million, a 24.3% increase from June 30, 2015 as SLF purchased $85.9 million 1 of loans from GBDC at fair value. The annualized quarterly return for the quarter end
Slide 14: Liquidity and Investment Capacity
LIQUIDITY AND INVESTMENT CAPACITY Cash and Cash Equivalents Unrestricted cash and cash equivalents totaled $5.5 million as of September 30, 2015. Restricted cash and cash equivalents totaled $92.0 million as of September 30, 2015. Restricted cash is held in our securitization vehicles, SBIC subsidia
Slide 15: Debt Facilities
DEBT FACILITIES 2010 Debt Securitization Par Amount Tranche Rating (M/S) ($mm) Interest Rate Stated Maturity Reinvestment Period Class A Notes Aaa/AAA $203.0 3 Month LIBOR + 1.74% July 20, 2023 July 20, 2017 Class B Notes Aa/AA $12.0 3 Month LIBOR + 2.40% July 20, 2023 July 20, 2017 Total Notes Issu
Slide 16: Common Stock and Distribution Information
COMMON STOCK AND DISTRIBUTION INFORMATION Common Stock Data Fiscal Year Ended September 30, 2014 High Low End of Period First Quarter $19.11 $16.74 $19.11 Second Quarter $19.26 $17.64 $17.84 Third Quarter $17.97 $15.94 $17.70 Fourth Quarter $17.80 $15.95 $15.95 Fiscal Year Ended September 30, 2015 F