Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Corporate Update (August 2023)
9 slides from Golub Capital Bdc's corporate update, Aug 7, 2023
Slide 1: Golub Capital BDC, Inc. Announces Management Fee Reduction
GOLUB CAPITAL BDC, INC. ANNOUNCES MANAGEMENT FEE REDUCTION AUGUST 2023 © 2023 GOLUB CAPITAL LLC
Slide 2: Disclaimer
Disclaimer 2 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: o
Slide 3: Enhancing GBDC's Industry-Leading Fee Structure
Enhancing GBDC’s Industry-Leading Fee Structure 3 GBDC Fee Structure (Current) GBDC Fee Structure (New) Change Base Management Fee 1.375% (Gross Assets, ex. Cash) 1.0% (Gross Assets, ex. Cash) (0.375%) Incentive Fee on Income & Capital Gains 20.0% 20.0% No Change Incentive Fee Hurdle Rate 8.0% 8.0%
Slide 4: Base Management Fee Reduction Permanently Increases GBDC's Earnings Power
Base Management Fee Reduction Permanently Increases GBDC’s Earnings Power 4 1. All figures are calculated on the basis of average balances as of March 31, 2023 and June 30, 2023. 2. Total operating expenses include professional fees, administrative service fees, director fees and other general and a
Slide 5: Reduced Management Fee Rate Reflects Benefits of GBDC's Scale
Reduced Management Fee Rate Reflects Benefits of GBDC’s Scale 5 (Reference period) Post-Initial Public Offering (Quarter ended December 31, 2010) Today (Quarter ended June 30, 2023) Benefits From Increased Scale Investments, at fair value ($MM) $382 $5,525 Scaled and granular portfolio with investme
Slide 6: GBDC's Value Proposition Today
GBDC’s Value Proposition Today: the Right Strategy, Experienced Credit Manager, an Attractive Fee Structure, and Flexible Funding 6 Right Strategy − Meaningful competitive advantages from Golub Capital’s scale, relationships and incumbencies − Wide range of sponsor finance solutions across the ent
Slide 7: Endnotes - Reduced Management Fee Rate Reflects Benefits of GBDC's Scale
Endnotes - Reduced Management Fee Rate Reflects Benefits of GBDC’s Scale 7 1. Represents the geometric average of quarterly gain/(loss) rates since inception (December 31, 2009), where quarterly gain/(loss) rate represents (i) the sum of unrealized appreciation/(depreciation) and realized gain/(loss
Slide 8: Endnotes - Non-GAAP Financial Measures
Endnotes - Non-GAAP Financial Measures 8 1. On September 16, 2019, the Company completed its acquisition of GCIC. The merger was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805-50, Business Combinations — Related Issues.
Slide 9: Important Investor Information
Important Investor Information Golub Capital (including its various affiliates) creates and manages multiple investment funds. Two of its control affiliates, GC Advisors LLC (“GC Advisors”) and GC OPAL Advisors LLC (“GC OPAL Advisors”, and together with GC Advisors, the “Registered Advisers”) are re