Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q4 2015 Earnings Presentation
16 slides from Golub Capital Bdc's earnings presentation, Nov 17, 2015
Slide 1: Golub Capital BDC, Inc. Investor Presentation
0 GOLUB CAPITAL BDC, INC. INVESTOR PRESENTATION Quarter Ended September 30, 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 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 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 mil lio n, or $0.38 per share, as compared to $18.3 million, or $0.36 per share, for the quarter ended June 3
Slide 4: Financial Highlights
3 FINANCIAL HIGHLIGHTS Q4 2 015 Q3 2015 Q2 2 015 Q1 2 015 Q4 2 014 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 g
Slide 5: Portfolio Highlights – New Originations
4 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 $1 2.0 million in SLF. Total investments at fair value decreased by 2.6%, or $40.9 million, for the q
Slide 6: Portfolio Highlights – Portfolio Diversity as of September 30, 2015
5 $1,348 $1,401 $1,423 $1,571 $1,530 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 3 % 3% <1% 3% 3% <1% 4 % 4 % <1% 5 % 4% <1% 6 % 4% <1% PORTFOLIO HIGHLIGHTS ― PORTFOLIO DIVERSITY AS OF SEPTEMBER 30, 2015 14% 15% 14% 12% 9% 9% 6% 4% 4% 3% 2% 6% 16% Healt
Slide 7: Portfolio Highlights – Spread Analysis
6 9.3% 8.3% 8.4% 8.4% 8.8% 8.2% 7.8% 7.9% 7.6% 8.0% 3.2% 3.3% 3.3% 3.2% 3.2% 6.1% 5.0% 5.1% 5.2% 5.6% 0.2% 0.3% 0.3% 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% Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Investment income yield Income yield Weighted average cost of debt Weig
Slide 8: Portfolio Highlights – Credit Quality
7 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 increa sing slightly to 0.4% as of September 30, 2015 from 0.2% as of June 30, 2015. During the qu
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, 2015 (audited) June 30, 2015 (unaudited) March 31, 2015 (unaudited) December 31, 2014 (unaudited) September 30, 2014 (audited ) Assets Investments, at fair value $ 1,529,784 $ 1,5
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, 2015 (unaudited) June 30, 2015 (unaudited) March 31, 2015 (unaudited) December 31, 2014 (unaudited) September 30, 2014 (unaudited) Investment Income Interest incom
Slide 12: Financial Performance Highlights
11 0.32 0.31 0.29 0.30 0.30 0.11 0.01 0.09 0.06 0.08 $0.43 $0.32 $0.38 $0.36 $0.38 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 Q4'14 Q1'15 Q2'15 Q2'15 Q4'15 NII Gains/Loss 8.1% 7.9% 7.6% 7.7% 7.6% 11.0% 8.2% 9.8% 9.2% 9.5% 0% 2% 4% 6% 8% 10% 12% 14% Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 NII Net Income $14.56 $14.53
Slide 13: Portfolio Highlights – Senior Loan Fund LLC
12 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 J une 30, 2015 as SLF purchased $85.9 million 1 of loans from GBDC at fair value. The annualized quarterly return for the quarter
Slide 14: Liquidity and Investment Capacity
13 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 $92.0 million as of September 30, 2015. Restricted cash is held in our securitiz ati on vehicles, SBIC sub
Slide 15: Debt Facilities and Securitization Tranches
14 Tranche Rating (M/S) Par Amount ($mm) Interest Rate Stated Maturity Reinvestment Period Class A - 1 Notes Aaa/AAA $191.0 3 Month LIBOR + 1.75% April 25, 2026 April 28, 2018 Class A - 2 Notes 2 Aaa/AAA $20.0 3 Month LIBOR + 1.45% April 25, 2026 April 28, 2018 Class B Notes Aa2/AA $35.0 3 Month LIB
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) August 6, 2013 September 13, 2013 September 27, 2013 $0.32 $12,733 November 26, 2013 December 17, 2013 December 27, 2013 $0.32 $13,851