Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q3 2014 Earnings Presentation
16 slides from Golub Capital Bdc's earnings presentation, Aug 7, 2014
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended June 30, 2014
www.golubcapitalbdc.com GBDC Golub Capital BDC, Inc. Investor Presentation Quarter Ended June 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 Third Fiscal Quarter 2014 Highlights o Net investment income for the quarter ended June 30, 2014 was $15.1 million, or $0.32 per share, as compared to $13.3 million, or $0.31 per share, for the quarter ended March 31, 2014. o Net increase in net assets resulting from o
Slide 4: Financial Highlights
3 Financial Highlights Q3 2 014 Q2 2 014 Q1 2 014 Q4 2 013 Q3 2 013 Net investment income per share $ 0.32 $ 0.31 $ 0.31 $ 0.31 $ 0.32 Net realized /unrealized gain (loss) per share 0.03 0.01 0.03 0.00 0.02 Earnings per share 0. 35 0. 32 0. 34 0. 31 0. 34 Net asset value per share 15.44 15.41 15.23
Slide 5: Summary of Portfolio Highlights
4 Summary of Portfolio Highlights Originations and Net Funds Growth ▪ New investment commitments totaled $158.7 million for the quarter ended June 30, 2014, including the $3.0 million we invested in SLF. ▪ Net growth in investments in securities, at fair value, for the quarter ended June 30, 2014 wa
Slide 6: Quarterly Statements of Financial Condition
5 Quarterly Statements of Financial Condition As of ( Dollar amounts in thousands , except per share data) June 30, 2014 (unaudited ) March 31, 2014 (unaudited ) December 31, 2013 (unaudited ) September 30, 2013 (audited ) June 30, 2013 (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) June 30, 2014 (unaudited) March 31, 2014 (unaudited) December 31, 2013 (unaudited) September 30, 2013 (unaudited) June 30, 2013 (unaudited) Investment Income Interest income $ 26
Slide 8: Portfolio Highlights – Asset Mix
7 33% 29% 25% 23% 22% 50% 54% 59% 61% 65% 10% 11% 9% 9% 6% $- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Senior Secured One Stop Second Lien Subordinated Debt Equity Investment in SLF $- $50,000 $100,000 $150,000 $200,000 $250,000 $30
Slide 9: Portfolio Highlights – Debt Investment Spread Analysis
8 9.9% 9.6% 9.3% 8.6% 8.9% 9.2% 8.9% 8.6% 8.0% 8.3% 2.9% 3.0% 3.1% 3.0% 3.3% 7.0% 6.6% 6.2% 5.6% 5.6% 0.3% 0.2% 0.2% 0.2% 0.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Investment income yield Income yield Weighted average cost of debt Weighted average investment s
Slide 10: Portfolio Highlights – Selected Information
9 Portfolio Highlights – Selected Information Portfolio Rotation – Debt Investments Q3 2 014 Q2 2 014 Q1 2 014 Q4 2 013 Q3 2 013 Weighted average interest rate of new investments 1 7.1% 7.5% 7.2% 8.1% 8.0% Weighted average interest rate on investments that were sold or paid - off 7.8% 8.8% 9.6% 8.9%
Slide 11: Portfolio Highlights - Credit Quality
10 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 June 30, 2014. ▪ Internal Performance Ratings 1 on the investment portfolio h
Slide 12: Portfolio Highlights – Portfolio Ratings
11 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 13: Portfolio Highlights – Industry Concentrations
12 Portfolio Highlights – Industry Concentrations As of June 30, 2014. Automobile – 5% Leisure, Amusement, Motion Pictures & Entertainment – 5 % Personal, Food and Miscellaneous Services – 4% Investment Funds & Vehicles – 3 % Containers, P ackaging & Glass – 4 % Printing & Publishing – 2% Aerospace
Slide 14: Portfolio Highlights – Senior Loan Fund LLC
13 Portfolio Highlights – Senior Loan Fund LLC (Dollar amounts in thousands) As of Balance Sheet June 30, 2014 (unaudited) March 31, 2014 (unaudited) December 31, 2013 (unaudited) Total investments, at fair value $ 103,770 $ 74,773 $ 36,626 Cash and other investments 3,096 1,108 1,037 Total assets $
Slide 15: Common Stock and Distribution Information
14 Common Stock and Distribution Information Common Stock Data Distribution Data Date Declared Record Date Payment Date Amount Per Share Total Amount (in thousands) May 1 , 2 01 2 June 1 5, 2 01 2 June 29, 2 01 2 $0.32 $8,205 August 2, 2 01 2 September 1 3, 2 01 2 September 27, 2 01 2 $0.32 $8,212 N
Slide 16: Liquidity and Investment Capacity
15 Liquidity and Investment Capacity Cash and Cash Equivalents o Unrestricted cash and cash equivalents totaled $11.4 million as of June 30, 2014. o Restricted cash and cash equivalents totaled $109.8 million as of June 30, 2014. Restricted cash was held in our securitization vehicles, SBIC subsidia