Golub Capital BDC, Inc. · NASDAQ:GBDC
Golub Capital BDC — Q3 2016 Earnings Presentation
16 slides from Golub Capital BDC's earnings presentation, Jun 30, 2016
Slide 1: Golub Capital BDC Investor Presentation, Quarter Ended June 30, 2016
GBDC Quarter Ended GOLUB CAPITAL BDC, INC. INVESTOR PRESENTATION June 30, 2016 GOLUBCAPITALBDC.COM 0
Slide 2: Disclaimer
DISCLAIMER Some of the statements in this presentation constitute forward-looking Such forward-looking statements may include statements preceded statements, which relate to future events or our future performance or by, followed by or that otherwise include the words “may,” “might,” financial condi
Slide 3: Summary of Quarterly Results
SUMMARY OF QUARTERLY RESULTS Third Fiscal Quarter 2016 Highlights Net increase in net assets resulting from operations (i.e. net income) for the quarter ended June 30, 2016 was $18.3 million, or $0.35 per share, as compared to $14.2 million, or $0.28 per share, for the quarter ended March 31, 2016.
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Earnings per share $ 0.35 $ 0.28 $ 0.40 $ 0.38 $ 0.36 Net investment income per share 0.31 0.33 0.29 0.30 0.30 Accrual for capital gain incentive fee per share 0.01 (0.01) 0.03 0.02 0.02 Net investment income before accrual for capital gai
Slide 5: Portfolio Highlights – New Originations
PORTFOLIO HIGHLIGHTS – NEW ORIGINATIONS Originations and Net Funds Growth New investment commitments totaled $156.0 million for the quarter ended June 30, 2016. Total investments at fair value increased by 1.0%, or $16.8 million, for the quarter ended June 30, 2016 from March 31, 2016. During the qu
Slide 6: Portfolio Highlights – Portfolio Diversity as of June 30, 2016
PORTFOLIO HIGHLIGHTS ― PORTFOLIO DIVERSITY AS OF JUNE 30, 2016 Historical Investment Portfolio ($mm) Diversity by Investment Size $1,571 $1,612 $1,629 SLF $1,600 $1,530 $1,528 7% 7% 7% 6% 6% 7% 4% 4% Top 10 4% <1% $1,400 <1% 4% 4% <1% Investments <1% <1% 2% 2% 3% 3% 20% $1,200 3% $1,000 Remaining $8
Slide 7: Portfolio Highlights – Spread Analysis
PORTFOLIO HIGHLIGHTS – SPREAD ANALYSIS 10.0% Portfolio Rotation – Q3 Q2 Q1 Q4 Q3 Debt Investments 2016 2016 2016 2015 2015 8.8% 9.0% 8.4% 8.2% 8.2% 8.0% Weighted average interest 8.0% 7.2% 7.2% 6.7% 6.8% 6.8% rate of new investments 1,2 8.0% 7.0% 7.6% 7.6% 7.6% 7.6% Weighted average interest rate on
Slide 8: Portfolio Highlights – Credit Quality
PORTFOLIO HIGHLIGHTS – CREDIT QUALITY Credit Quality – Investment Portfolio Fundamental credit quality at June 30, 2016 remains strong with non-accrual investments as a percentage of total investments at cost and fair value of 0.3% and 0.1%, respectively. These percentages improved from March 31, 20
Slide 9: Portfolio Highlights – Portfolio Ratings
PORTFOLIO HIGHLIGHTS – PORTFOLIO RATINGS Strong Portfolio Risk Ratings June 30, 2016 March 31, 2016 December 31, 2015 Internal Investments at % of Investments at % of Investments at % of Performance Rating Fair Value (in thousands) Total Portfolio Fair Value (in thousands) Total Portfolio Fair Value
Slide 10: Quarterly Statements of Financial Condition
QUARTERLY STATEMENTS OF FINANCIAL CONDITION As of (Dollar amounts in thousands, June 30, 2016 March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 except per share data) (unaudited) (unaudited) (unaudited) (audited) (unaudited) Assets Investments, at fair value $ 1,628,509 $ 1,611,702 $
Slide 11: Quarterly Operating Results
QUARTERLY OPERATING RESULTS For the three months ended (Dollar amounts in thousands, June 30, 2016 March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $ 30,867
Slide 12: Financial Performance Highlights
FINANCIAL PERFORMANCE HIGHLIGHTS Quarterly EPS Composition Annualized Return on Average Equity2,3 $0.50 12% $0.40 $0.38 $0.40 $0.36 $0.35 10.1% $0.32 $0.32 $0.32 $0.32 $0.32 10% 9.5% $0.28 9.2% 9.0% $0.30 8.0% 8.3% 8.0% 8.0% $0.20 8.0% 8% 8.0% $0.10 7.8% 7.7% 7.6% 7.3% 7.0% $0.00 6% Q3'15 Q4'15 Q1'1
Slide 13: Portfolio Highlights – Senior Loan Fund LLC
PORTFOLIO HIGHLIGHTS – SENIOR LOAN FUND LLC The annualized quarterly return for the quarter ended June 30, 2016 was 12.6%. Total investments at fair value for the quarter ended June 30, 2016 were $350.6 million, a decrease of 2.9%, or $10.3 million, from March 31, 2016. SLF purchased $29.4 million o
Slide 14: Liquidity and Investment Capacity
LIQUIDITY AND INVESTMENT CAPACITY Cash and Cash Equivalents Unrestricted cash and cash equivalents totaled $3.2 million as of June 30, 2016. Restricted cash and cash equivalents totaled $58.7 million as of June 30, 2016. Restricted cash is held in our securitization vehicles, SBIC subsidiaries and o
Slide 15: Debt Facilities
DEBT FACILITIES 2010 Debt Securitization Par Amount Tranche Rating (M/S) ($mm) Interest Rate Stated Maturity Reinvestment Period Class A Notes Aaa/AAA $203.0 3 Month LIBOR + 1.74% July 20, 2023 July 20, 2017 Class B Notes Aa/AA $12.0 3 Month LIBOR + 2.40% July 20, 2023 July 20, 2017 Total Notes Issu
Slide 16: Common Stock and Distribution Information
COMMON STOCK AND DISTRIBUTION INFORMATION Common Stock Data Fiscal Year Ended September 30, 2015 High Low End of Period First Quarter $18.15 $16.15 $17.93 Second Quarter $18.04 $17.05 $17.55 Third Quarter $17.90 $16.56 $16.56 Fourth Quarter $17.13 $15.90 $15.98 Fiscal Year Ended September 30, 2016 F