Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q2 2011 Earnings Presentation
14 slides from Golub Capital Bdc's earnings presentation, May 6, 2011
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2011
Golub Capital BDC, Inc. Investor PresentationQuarter Ended March 2011
Slide 2: 1esFu00s
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Slide 3: Financial Highlights
Financial HighlightsQ2 20111 Q1 20111 Q4 20101 Q3 20101 Earnings per share $ 0.33 $ 0.34 $ 0.35 $ 0.29 Net investment income per share 0.29 0.30 0.25 0.30 Net gain (loss) per share 0.04 0.04 0.10 (0.01) Net asset value per share 14.75 14.74 14.71 14.67 Dividend paid per share 0.32 0.31 0.31 0.24Q2 2
Slide 4: Highlights
Portfolio HighlightsSelect Portfolio Funds Roll Data Q2 2011 Q1 2011 Q4 2010 Q3 2010 New Investment Commitments $ 54.6 million $ 113.7 million $ 83.7 million $ 18.9 million Exits (includes full & partial payoffs) of Investments 46.0 million 64.1 million 13.5 million 34.6 million Net Funds Growth 1 6
Slide 5: Quarterly Statements of Financial Condition
Quarterly Statements of Financial ConditionAs ofMarch 31, 2011 December 31, 2010 September 30, 2010 June 30, 2010(Dollar amounts in thousands, except per share data) (unaudited) (unaudited) (audited) (unaudited)AssetsInvestments in securities, at fair value $ 389,060 $ 382,414 $ 344,869 $ 277,610 Ca
Slide 6: Quarterly Operating Results
Quarterly Operating ResultsFor the three months endedMarch 31, 2011 December 31, 2010 September 30, 2010 June 30, 2010(Dollar amounts in thousands, except share and per share data) (unaudited) Investment incomeInterest $ 9,111 $ 9,137 $ 7,431 $ 7,230Total investment income 9,111 9,137 7,431 7,230Exp
Slide 7: Highlights – Asset Mix
Portfolio Highlights – Asset MixNew Investment Commitments End of Period Investments3%2% 6%1% 7% 3% 4% 3% 1% 5%Golub Capital BDC, Inc. Investor Presentation 6Quarter Ended March 2011
Slide 8: Highlights – Investment Spread Analysis
Portfolio Highlights – Investment Spread Analysis(1) Total yield on investments is calculated as (a) the actual amount earned on such investments, including interest income and amortization of fees and discounts, divided by (b) the daily average of total investments at fair value. (2) Interest incom
Slide 9: Highlights – Selected Information
Portfolio Highlights – Selected InformationPortfolio Rotation Q2 2011 Q1 2011 Q4 2010 Q3 2010 Weighted average rate of new investments 7.2% 8.8% 7.9% 8.4% Weighted average rate on investments that were sold or paid-off 6.0% 7.1% 5.3% 5.4% Weighted average spread over LIBOR of new investments 5.6% 7.
Slide 10: Highlights – Portfolio Ratings
Portfolio Highlights – Portfolio RatingsStrong Investment Performance RatingsMarch 31, 2011 December 31, 2010 September 30, 2010 Investment Investments Investments Investments % of % of % of Performance at Fair Value at Fair Value at Fair Value Total Portfolio Total Portfolio Total Portfolio Rating
Slide 11: Common Stock and Distribution Information
Common Stock and Distribution InformationCommon Stock DataFiscal Year Ended September 30, 2010 High Low End of Period Third Quarter (From April 14, 2010) $14.85 $12.85 $14.42 Fourth Quarter $15.30 $13.83 $15.30 Fiscal Year Ended September 30, 2011 First Quarter $17.95 $15.44 $17.12 Second Quarter $1
Slide 12: Liquidity and Investment Capacity
Liquidity and Investment CapacityCommon Stock Offering On April 6, 2011, we closed on the offering of 3,500,000 shares of common stock at an offering price of $15.75 per share, raising approximately $51.8 million in net proceeds . On May 2, 2011, we sold an additional 453,257 shares of its common st
Slide 13: Reflections on Our First Year as a Public Company: Accomplishments & Challenges
Reflections on Our First Year as a Public Company: Accomplishments & ChallengesOriginationsaOriginated over $270 million of new investments since April 1, 2010 aOriginations have been somewhat uneven from quarter to quarter aA high level of payoffs has partially offset net funds growthCreditaCredit
Slide 14: Reflections on Our First Year as a Public Company: Accomplishments & Challenges
Reflections on Our First Year as a Public Company: Accomplishments & Challenges Long Term Committed Financing ▪ Successfully completed a $300 million debt securitization maturing in 2021 (three year reinvestment period) at a cost of LIBOR +2.40% ▪ Received our SBIC license in August 2010, which prov