Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — KCAP Financial — Q1 2014 Earnings Presentation
13 slides from Bcp Investment's earnings presentation, 2014
Slide 1: First Quarter 2014 Earnings Presentation
First Quarter 2014 Earnings Presentation
Slide 2: Forward Looking Information
Forward Looking Information This presentation includes forward-looking statements. The matters discussed in this presentation, as well as in future oral and written statements by management of KCAP Financial, Inc., that are forward-looking statements are based on current management expectations that
Slide 3: Q1 2014 Highlights & Recent Events
Q1 2014 Highlights & Recent Events Net Interest Income $.24 per basic share for Q1’14 compared to $.24 for Q4’13 and $.23 for Q3’13 $20.5 million of loans closed in Q1’14 with a weighted average yield of 11.9% Direct Lending $7.5 million of loans closed in 1Q’14 into the securitization facilit
Slide 4: Originations and Repayments
Originations and Repayments Direct Lending Business Seeing Improved Deal Flow and Yields Closed $20.5 million of debt security investments with a weighted average yield of ~11.9% in Q1 KCAP Senior Funding – continue to rotate out of placeholder loans Sold $9.5 million of senior loans with an a
Slide 5: NII Contribution
NII Contribution Strong Momentum in Our Direct Lending Business In millions 14.0 12.0 Other 10.0 Dividends from Asset 8.0 Manager Affiliates Dividends from CLO 6.0 Fund Securities 4.0 Interest Income from Debt Securities 2.0 - 1Q13 2Q13 3Q13 4Q13 1Q14 Data as of, or for the three months ended 3/31/1
Slide 6: Asset Manager Affiliates
Asset Manager Affiliates Wholly owned asset management business $3.0 billion in AUM Closed a $468 million CLO fund in May - Catamaran CLO 2014-1 Ltd. Opened a warehouse for a second CLO fund in the second quarter of 2014 All CLO’s managed by KDA and Trimaran are current on equity distribut
Slide 7: Q&A
Q&A
Slide 8: Appendix – Supplemental Information
Appendix – Supplemental Information
Slide 9: Portfolio Highlights
PORTFOLIO HIGHLIGHTS PORTFOLIO DEBT SECURITIES - INDUSTRY DIVERSIFICATION Beverage, Food and Tobacco Banking, Finance, Insurance & Real Estate 11% Healthcare & Pharmaceuticals 17% High Tech Industries 11% Consumer goods: Non-durable 3% Telecommunications 4% Transportation: Cargo Automotive 5% 10% Me
Slide 10: Investment Portfolio
Investment Portfolio A balanced investment risk / return profile 1Q14 Portfolio Statistics Equity Asset Portfolio Manager 2% 17% Total Portfolio: Fair value2 $425 million First Lien Loan and Securities Portfolio: CLO Mezz 50% Fair value $273 million 18% Number of issuers 78 2nd Average deal/issuer s
Slide 11: Strong Credit Quality
Strong Credit Quality Experienced Management Team Has Led to Strong Credit Performance In a portfolio of 70 loans, only four were on non-accrual status (representing less than 1% of total investments at fair value) All four were originated in 2007 Ginn, CoActive, International Architecture, Su
Slide 12: Interest Rate Risk
Interest Rate Risk Well positioned for a rising rate environment A majority of KCAP’s investments are in floating rate assets Almost all the assets in the CLOs managed by our Asset Manager Affiliates are floating rate syndicated loans KCAP has a mix of fixed and floating rate securities which
Slide 13: Financial Highlights
Financial Highlights NET ASSET VALUE INVESTMENT PORTFOLIO Monday, March 31, 2014 Fair Value NAV per Share March 31, 2014 Cost Fair Value Investments at Fair Value Time Deposits $ - $ - Investments in time deposits $ - $ - Money Market Accounts 4,133,429 4,133,429 Investments in money markets 4,133,4