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Golub Capital BDC's CEO Discusses F2Q12 Results - Earnings Call Transcript

Stocks in this article: GBDC

The final piece of $0.19 a share or $4.4 million of net realized and unrealized gain was our future’s hedge. You will recall that we put in place a $25 million hedge on treasuries to immunize us from movements in treasuries as those movements would affect the cost of our SBIC borrowings that had not yet been fixed. As of the end of the quarter we had a $400,000 net released non-realized gain on the futures contracts.

Turning to slide two of the investor presentation I want to highlight the increase in our NAV this quarter. It ended the quarter at 14.69 and this is right about our NAV at the time of the initial IPO of Golub Capital BDC in April 2010. Just want to highlight this is by design if we are doing our jobs well you will see limited quarter-to-quarter volatility in NAV and we will be earning our distribution maintaining a stable NAV overtime.

Turning to slide 3 of the investor presentation as we communicated in our press release back in early April, originations for the quarter were strong totaling $98.4 million. After factoring in repayments the net increase in investments was $57.1 million. That's a 10.2% increase from December 31 2011 and a 33.5% increase from September 30 2011. I am also pleased that with the asset mix on these new origins was consistent with our goals. 36% of the new investments we were one-stops, 21% subordinated debt and second lien investments, 39 % senior secured and 4% equity securities. After Ross discusses that financial results in more detail, I will come back and provide the additional commentary on the termination of the total returns swap and on current market and then we will take questions.

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