Golub Capital BDC, Inc. · NASDAQ:GBDC
Golub Capital BDC — Q2 FY2015 Earnings Presentation
16 slides from Golub Capital BDC's earnings presentation, May 2015
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 31, 2015
GBDC GOLUB CAPITAL BDC, INC. INVESTOR PRESENTATION Quarter Ended March 31, 2015 GOLUBCAPITALBDC.COM 0
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation constitute forward-looking statements, which We have based the forward-looking statements included in this presentation on information relate to future events or our future performance or financial condition. The forward-looking available to us
Slide 3: Summary of Quarterly Results
SUMMARY OF QUARTERLY RESULTS Second Fiscal Quarter 2015 Highlights Net increase in net assets resulting from operations (i.e. net income) for the quarter ended March 31, 2015 was $17.9 million, or $0.38 per share, as compared to $15.2 million, or $0.32 per share, for the quarter ended December 31, 2
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Earnings per share $ 0.38 $ 0.32 $ 0.43 $ 0.35 $ 0.32 Net investment income per share 0.29 0.31 0.32 0.32 0.31 Accrual for capital gain incentive fee per share 0.02 N/A N/A N/A N/A Net investment income before accrual for capital gain 0.31
Slide 5: Portfolio Highlights – New Originations
PORTFOLIO HIGHLIGHTS – NEW ORIGINATIONS Originations and Net Funds Growth New investment commitments totaled $179.0 million for the quarter ended March 31, 2015, including investments totaling $17.1 million in SLF. Net growth in investments, at fair value, for the quarter ended March 31, 2015 was $2
Slide 6: Portfolio Highlights – Portfolio Diversity as of March 31, 2015
PORTFOLIO HIGHLIGHTS ― PORTFOLIO DIVERSITY AS OF MARCH 31, 2015 Historical Investment Portfolio ($mm) Diversity by Investment Size $1,600 SLF $1,401 $1,423 $1,325 $1,348 4% $1,400 3% 4% $1,254 3% 3% 3% 3% Top 10 4% 4% $1,200 3% 6% 3% 4% 3% <1% <1% Investments 3% 1% <1% 9% 22% 1% Sr. Secured $1,000 O
Slide 7: Portfolio Highlights – Spread Analysis
PORTFOLIO HIGHLIGHTS – SPREAD ANALYSIS 11.0% Portfolio Rotation – Q2 Q1 Q4 Q3 Q2 Debt Investments 2015 2015 2014 2014 2014 10.0% 9.3% 8.9% 8.6% 8.4% 9.0% 8.3% Weighted average interest 6.5% 6.8% 6.7% 7.1% 7.5% rate of new investments1 8.0% 8.3% 8.2% 8.0% 7.8% 7.9% 7.0% Weighted average interest 6.1%
Slide 8: Portfolio Highlights – Credit Quality
PORTFOLIO HIGHLIGHTS – CREDIT QUALITY Credit Quality – Investment Portfolio Fundamental credit quality remains strong with non-accrual investments as a percentage of total investments at fair value remaining relatively flat with an amount representing 0.2% as of March 31, 2015. During the quarter, o
Slide 9: Portfolio Highlights – Portfolio Ratings
PORTFOLIO HIGHLIGHTS – PORTFOLIO RATINGS Strong Portfolio Risk Ratings March 31, 2015 December 31, 2014 September 30, 2014 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
Slide 10: Quarterly Statements of Financial Condition
QUARTERLY STATEMENTS OF FINANCIAL CONDITION As of (Dollar amounts in thousands, March 31, 2015 December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 except per share data) (unaudited) (unaudited) (audited) (unaudited) (unaudited) Assets Investments, at fair value $ 1,423,063 $ 1,400,726
Slide 11: Quarterly Operating Results
QUARTERLY OPERATING RESULTS For the three months ended (Dollar amounts in thousands, March 31, 2015 December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $ 27,48
Slide 12: Financial Performance Highlights
FINANCIAL PERFORMANCE HIGHLIGHTS Quarterly EPS Composition Annualized Return on Average Equity 1, 2 $0.50 14% $0.43 12% 11.0% $0.40 $0.38 $0.35 9.8% 9.0% $0.32 0.11 $0.32 10% 8.5% 0.03 0.09 8.2% $0.30 0.01 0.01 8% 8.1% 8.3% 8.1% 7.9% 6% 7.6% $0.20 0.32 0.32 0.31 0.29 0.31 4% $0.10 2% $0.00 0% Q2'14
Slide 13: Portfolio Highlights – Senior Loan Fund LLC
PORTFOLIO HIGHLIGHTS – SENIOR LOAN FUND LLC Portfolio Highlights Net growth in investments, at fair value, for the quarter ended March 31, 2015 was $67.5 million, a 55.5% increase from December 31, 2014 as SLF purchased $76.7 million2 of loans from GBDC at fair value. The annualized quarterly return
Slide 14: Liquidity and Investment Capacity
LIQUIDITY AND INVESTMENT CAPACITY Cash and Cash Equivalents Unrestricted cash and cash equivalents totaled $3.1 million as of March 31, 2015. Restricted cash and cash equivalents totaled $54.5 million as of March 31, 2015. Restricted cash is held in our securitization vehicles, SBIC subsidiaries and
Slide 15: Debt Facilities
DEBT FACILITIES 2010 Debt Securitization Par Amount Tranche Rating (M/S) ($mm) Interest Rate Stated Maturity Reinvestment Period Class A Notes Aaa/AAA $203.0 3 Month LIBOR + 1.74% July 20, 2023 July 20, 2015 Class B Notes Aa/AA $12.0 3 Month LIBOR + 2.40% July 20, 2023 July 20, 2015 Total Notes Issu
Slide 16: Common Stock and Distribution Information
COMMON STOCK AND DISTRIBUTION INFORMATION Common Stock Data Fiscal Year Ended September 30, 2014 High Low End of Period First Quarter $19.11 $16.74 $19.11 Second Quarter $19.26 $17.64 $17.84 Third Quarter $17.97 $15.94 $17.70 Fourth Quarter $17.80 $15.95 $15.95 Fiscal Year Ended September 30, 2015 F