Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q4 2011 Earnings Presentation
16 slides from Golub Capital Bdc's earnings presentation, Dec 8, 2011
Slide 1: Golub Capital BDC, Inc. Investor Presentation Quarter Ended September 30, 2011
Golub Capital BDC, Inc. Investor Presentation Quarter Ended September 30, 2011
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 ope
Slide 3: Summary of Quarterly Results
Summary of Quarterly Results Fourth Fiscal Quarter 2011 Highlights Net investment income for the quarter ended September 30, 2011 was $6.5 million, or $0.30 per share, as compared to $6.0 million, or $0.28 per share, for the quarter ended June 30, 2011. The increase in net investment income was driv
Slide 4: Financial Highlights
Financial Highlights Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Net investment income per share $ 0.30 $ 0.28 $ 0.29 $ 0.30 $ 0.25 Earnings per share 0.14 0.31 0.33 0.34 0.35 Net realized and unrealized (loss) gain per share (0.16) 0.03 0.040.040.10 Net asset value per share14.5614.7514.7514.7414.71 Di
Slide 5: Summary of Portfolio Highlights
Summary of Portfolio Highlights Originations and Net Funds Growth New originations totaled approximately $60 million for the quarter ended September 30, 2011, a decline from an unusually high $136 million in the quarter ended June 30, 2011. Prepayments also slowed during the quarter, allowing for fu
Slide 6: Portfolio Highlights
Portfolio Highlights Select Portfolio Funds Roll Data (in millions) Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 New Investment Commitments1 $ 59.8 $ 135.8 $ 54.6 $ 113.7 $ 83.7 Exits (includes full & partial payoffs) of Investments2 28.9 79.6 46.064.113.5 Net Funds Growth321.049.56.637.567.3 Asset MixQ4
Slide 7: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in thousands, except per share data) September 30, 2011 (audited) June 30, 2011 (unaudited) March 31, 2011 (unaudited) December 31, 2010 (unaudited) September 30, 2010 (audited) Assets Investments in securities, at fair value $ 459,82
Slide 8: Quarterly Operating Results
Quarterly Operating Results For the three months ended (Dollar amounts in thousands, except share and per share data) September 30, 2011 June 30, 2011 March 31, 2011 (unaudited) December 31, 2010 September 30, 2010 Investment income Interest $ 10,831 $ 10,071 $ 9,111 $ 9,137 $ 7,431 Total Investment
Slide 9: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix New Investment Commitments End of Period Investments
Slide 10: Portfolio Highlights – Debt Investment Spread Analysis
Portfolio Highlights – Debt Investment Spread Analysis Total yield on investments is calculated as (a) the actual amount earned on such investments, including interest income and amortization of fees and discounts, divided by (b) the daily average of total earning investments at fair value. Interest
Slide 11: Portfolio Highlights – Selected Information
Portfolio Highlights – Selected Information Portfolio Rotation – Debt Investments Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Weighted average rate of new investments1 8.0% 7.8% 7.2% 8.8% 7.9% Weighted average rate on investments that were sold or paid-off 7.2%5.7%6.0%7.1%5.3% Weighted average spread ov
Slide 12: Portfolio Highlights – Portfolio Ratings
Portfolio Highlights – Portfolio Ratings Strong Portfolio Risk Ratings September 30, 2011 June 30, 2011 September 30, 2010 Investment Performance Rating Investments at Fair Value (in thousands)1 % of Total Portfolio Investments at Fair Value (in thousands)1 % of Total Portfolio Investments at Fair V
Slide 13: Credit Quality
Credit Quality Credit Quality – Investment Portfolio Fundamental credit quality remains strong, but continued weaknesses in two non-earning investments negatively impacted our quarterly financial results. Non-earning assets represent 0.6% of our loan portfolio at fair value as of September 30, 2011
Slide 14: Common Stock and Distribution Information
Common Stock and Distribution Information Common Stock Data Fiscal Year Ended September 30, 2010 High Low End of Period Third Quarter (From April 14, 2010) $14.85 $12.85 $14.42 Fourth Quarter $15.30 $13.83 $15.30 Fiscal Year Ended September 30, 2011 First Quarter$17.95$15.44$17.12 Second Quarter$17.
Slide 15: Liquidity and Investment Capacity
Liquidity and Investment Capacity Cash and Cash Equivalents Unrestricted cash totaled $46.4 million as of September 30, 2011. Restricted cash totaled $23.4 million as of September 30, 2011. Restricted cash as of September 30, 2011 was primarily held in our securitization vehicle and is available for
Slide 16: Liquidity and Investment Capacity – New Investment Activity
Liquidity and Investment Capacity New Investment Activity From October 1, 2011 to November 30, 2011 We made $102.5 million of new investment commitments. 33% were in senior secured debt, 18% were in unitranche investments, 22% were second lien loans, 24% were in junior debt and 3% were in equity sec