Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q1 FY2012 Earnings Presentation
17 slides from Golub Capital Bdc's earnings presentation, Feb 6, 2012
Slide 1: Investor Presentation Quarter Ended December 31, 2011
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 31, 2 0 1 1
Slide 2: Forward-looking statements
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: our future
Slide 3: Summary of Quarterly Results
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Summary of Quarterly Results First Fiscal Quarter 2012 Highlights ▪ Net investment income for the quarter ended December 31, 2011 was $6.3 million, or $0.29 per share, as compared to $6.5 million, or $0.30 per share, for the
Slide 4: Financial Highlights
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Q1 20 12 Q4 20 1 1 Q3 20 1 1 Q2 20 1 1 Q1 20 1 1 Net investment income per share $ 0.29 $ 0.30 $ 0.28 $ 0.29 $ 0.30 Net spread payments from the TRS (1) 0.03 N/A N/A N/A N/A Net investment income per share + TRS (1) 0.32 N/A
Slide 5: Summary of Portfolio Highlights
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Summary of Portfolio Highlights Originations and Net Funds Growth ▪ New originations totaled $164 million for the quarter ended December 31, 2011, an increase from $60 million in the quarter ended September 30, 2011. ▪ Net g
Slide 6: Select Portfolio Funds Roll Data
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Select Portfolio Funds Roll Data (in millions) Q1 20 1 2 Q4 20 1 1 Q3 20 1 1 Q2 20 1 1 Q1 20 1 1 New Investment Commitments $ 164.1 $ 59.8 $ 135.8 $ 54.6 $ 113.7 Exits (includes full & partial payoffs) of Investments 42.9 28
Slide 7: Quarterly Statements of Financial Condition
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Quarterly Statements of Financial Condition As of (Dollar amounts in thousands , except per share data) December 31, 2011 (unaudited ) September 3 0 , 20 1 1 (audited ) June 3 0 , 20 1 1 (unaudited) March 3 1, 20 1 1 (unaudi
Slide 8: Quarterly Operating Results
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Quarterly Operating Results For the three months ended (Dollar amounts in thousands, except share and per share data) December 31, 2011 September 3 0 , 20 1 1 June 3 0 , 20 1 1 (unaudited) March 3 1, 20 1 1 December 3 1, 2 0
Slide 9: Portfolio Highlights – Asset Mix
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Portfolio Highlights – Asset Mix New Investment Commitments End of Period Investments 40% 67% 48% 30% 30% 30% 32% 35% 68% 38% 17% 13% 10% 16% 16% - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 Q1 2011
Slide 10: Portfolio Highlights – Debt Investment Spread Analysis
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Portfolio Highlights – Debt Investment Spread Analysis 1. Total yield on investments is calculated as (a) the actual amount earned on such investments, including interest income and a mor tization of fees and discounts, divi
Slide 11: Portfolio Highlights – Selected Information
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Portfolio Highlights – Selected Information Portfolio Rotation – Debt Investments Q1 20 12 Q4 20 1 1 Q3 20 1 1 Q2 20 1 1 Q1 20 1 1 Weighted average rate of new investments 1 9.7% 8.0% 7.8% 7.2% 8.8% Weighted average rate on
Slide 12: Portfolio Highlights – Portfolio Ratings
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Portfolio Highlights – Portfolio Ratings Risk Ratings Definition Rating Definition 5 Borrower is performing above expectations 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Bo
Slide 13: Credit Quality
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Credit Quality Credit Quality – Investment Portfolio ▪ Fundamental credit quality remains strong, but non - earning assets as a percentage of total investments increased from 0.6% to 1.0% due to the addition of one new non -
Slide 14: Common Stock and Distribution Information
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Common Stock and Distribution Information Common Stock Data Distribution Data Date Declared Record Date Payment Date Amount Per Share Total Amount (In thousands) February 8, 20 1 1 March 18, 20 1 1 March 30, 20 1 1 $0.32 $5,
Slide 15: Liquidity and Investment Capacity
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Liquidity and Investment Capacity Cash and Cash Equivalents ▪ Unrestricted cash totaled $25.4 million as of December 31, 2011. ▪ Restricted cash totaled $14.5 million as of December 31, 2011. Restricted cash as of December 3
Slide 16: Regulatory Matters
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Regulatory Matters Form 4 Regulatory Filings – Changes in Beneficial Ownership ▪ On December 30, 2011, two of the founding shareholders of Golub Capital BDC, Inc., Golub Capital Company V LLC and Golub Capital Company VI LLC
Slide 17: Regulatory Matters – Investment Advisory Incentive Fee Calculation
Golub Capital BDC, Inc. Investor Presentation Quarter Ended December 20 1 1 Regulatory Matters Investment Advisory Incentive Fee Calculation ▪ Based on discussions with the SEC, we now include the interest spread from the TRS as part of the income component of the incentive fee, as opposed to the ca