Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q3 2013 Earnings Presentation
15 slides from Golub Capital Bdc's earnings presentation, Aug 8, 2013
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended June 30, 2013
GBDC Golub Capital BDC, Inc. Investor Presentation Quarter Ended June 30, 2013 www.golubcapitalbdc.com
Slide 2: Disclaimer
1 Disclaimer 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 t
Slide 3: Summary of Quarterly Results
2 Summary of Quarterly Results Third Fiscal Quarter 2013 Highlights ▪ Net investment income for the quarter ended June 30, 2013 was $12.0 million, or $0.32 per share, as compared to $10.4 million, or $0.32 per share, for the quarter ended March 31, 2013. ▪ Net increase in net assets resulting from o
Slide 4: Financial Highlights
3 Financial Highlights Q3 2 013 Q2 2 013 Q1 2 013 Q4 2 01 2 Q3 2 01 2 Net investment income per share $ 0.32 $ 0.32 $ 0.34 $ 0.30 $ 0.26 Net spread payments from the total return swap (“TRS”) 1 N/A N/A N/A 0.01 0.04 Net investment income per share + TRS 1 0.32 0.32 0.34 0.31 0.30 Net realized /unrea
Slide 5: Summary of Portfolio Highlights
4 Summary of Portfolio Highlights Originations and Net Funds Growth ▪ New commitments totaled $288.4 million for the quarter ended June 30, 2013. ▪ Net growth in investments in securities, at fair value, for the quarter ended June 30, 2013 was $179.4 million, a 22.7% increase from March 31, 2013. Se
Slide 6: Quarterly Statements of Financial Condition
5 Quarterly Statements of Financial Condition As of ( Dollar amounts in thousands , except per share data) June 30, 2013 (unaudited ) March 31, 2013 (unaudited ) December 31, 2012 (unaudited ) September 30, 2012 (audited ) June 30, 2012 (unaudited ) Assets Investments in securities, at fair value $
Slide 7: Quarterly Operating Results
6 Quarterly Operating Results For the three months ended ( Dollar amounts in thousands , except share and per share data) June 30, 2013 (unaudited) March 31, 2013 (unaudited) December 31 , 2 01 2 (unaudited) September 30 , 2 01 2 (unaudited) June 30 , 2 01 2 (unaudited) Investment Income Interest in
Slide 8: Portfolio Highlights – Asset Mix
7 41% 41% 33% 33% 33% 37% 39% 47% 49% 50% 7% 7% 11% 10% 10% 12% 10% 6% 5% 4% 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Senior Secured One Stop Second Lien Subordinated Debt Equity Portfolio Highlights – Asset Mix $636,632 New Investment Commitments
Slide 9: Portfolio Highlights – Debt Investment Spread Analysis
8 10.0% 10.5% 11.2% 10.6% 9.9% 9.3% 9.5% 9.7% 9.5% 9.2% 3.6% 3.5% 3.4% 3.5% 2.9% 6.4% 7.0% 7.8% 7.1% 7.0% 0.5% 0.4% 0.3% 0.3% 0.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Total Yield on Investments Interest Income Yield Wtd. Avg. Debt Wtd. Avg. Investment Spread
Slide 10: Portfolio Highlights – Selected Information
9 Portfolio Highlights – Selected Information Portfolio Rotation – Debt Investments Q3 2 01 3 Q2 2 01 3 Q1 2 01 3 Q4 2 01 2 Q3 2 01 2 Weighted average interest rate of new investments 1,2 8.0% 8.8% 8.3% 8.0% 8.2% Weighted average interest rate on investments that were sold or paid - off 8.9% 10.2% 8
Slide 11: Credit Quality
10 Credit Quality Credit Quality – Investment Portfolio ▪ Fundamental credit quality remains strong with non - earning assets representing 0.1% of the total investments at fair value as of June 30, 2013. One non - earning account (Pillar Processing LLC) was returned to accrual status; it had cost an
Slide 12: Portfolio Highlights – Portfolio Ratings
11 Portfolio Highlights – Portfolio Ratings Scoring Definition 5 Borrower is performing above expectations 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Borrower may be out of compliance with debt covenants; however, loan payments are generally not pa
Slide 13: Common Stock and Distribution Information
12 Common Stock and Distribution Information Common Stock Data Distribution Data Date Declared Record Date Payment Date Amount Per Share Total Amount (in thousands) August 4, 2 01 1 September 1 9, 2 01 1 September 28, 2 01 1 $0.32 $6,955 December 7, 2 01 1 December 1 9, 2 01 1 December 29, 2 01 1 $0
Slide 14: Liquidity and Investment Capacity
13 Liquidity and Investment Capacity Cash and Cash Equivalents ▪ Unrestricted cash totaled $12.9 million as of June 30, 2013. ▪ Restricted cash totaled $21.7 million as of June 30, 2013. Restricted cash was held in our securitization vehicle, SBIC subsidiaries and our revolving credit facility and i
Slide 15: Liquidity and Investment Capacity – Senior Loan Fund
14 Liquidity and Investment Capacity Senior Loan Fund ▪ Effective May 31, 2013, the Company has agreed to co - invest with United Insurance Company of America (“United Insurance”) through Senior Loan Fund LLC (“Senior Loan Fund”), an unconsolidated Delaware limited liability company, primarily in se