Golub Capital BDC, Inc. · NASDAQ:GBDC
Golub Capital BDC — Investor Presentation (August 2023)
9 slides from Golub Capital BDC's investor presentation, August 2023
Slide 1: Golub Capital BDC, Inc. Announces Management Fee Reduction
GOLUB CAPITAL BDC, INC. ANNOUNCES MANAGEMENT FEE REDUCTION AUGUST 2023 © 2023 GOLUB CAPITAL LLC
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation constitute forward-looking statements, compliance, network disruptions, and cybersecurity attacks; general price and volume which relate to future events or our future performance or financial condition. The fluctuations in the stock markets; th
Slide 3: Enhancing GBDC's Industry-Leading Fee Structure
Enhancing GBDC’s Industry-Leading Fee Structure – GBDC is reducing its base management fee from 1.375% to 1.0% – The reduction permanently increases GBDC’s earnings power and enhances the existing market leading attributes of GBDC’s fee structure (among the highest industry hurdle rates, cumulative
Slide 4: Base Management Fee Reduction Permanently Increases GBDC's Earnings Power
Base Management Fee Reduction Permanently Increases GBDC’s Earnings Power – We believe the fee reduction increases pro forma adjusted net investment income by between $0.02 - $0.03 per share quarterly, or over $0.10 per share annualized – Base management fee reduction increases GBDC’s profitability
Slide 5: Reduced Management Fee Rate Reflects Benefits of GBDC's Scale
Reduced Management Fee Rate Reflects Benefits of GBDC’s Scale – GBDC has grown markedly since its IPO; the Company’s increased scale has generated efficiencies for the Adviser – The Adviser is reducing the management fee rate to share the benefits of GBDC’s scale with investors Post-Initial Public O
Slide 6: GBDC's Value Proposition Today
GBDC’s Value Proposition Today: the Right Strategy, Experienced Credit Manager, an Attractive Fee Structure, and Flexible Funding Right Strategy Experienced Credit Manager − Meaningful competitive advantages from Golub Capital’s − History of strong underwriting and low credit losses over scale,
Slide 7: Endnotes - Reduced Management Fee Rate Reflects Benefits of GBDC's Scale
Endnotes - Reduced Management Fee Rate Reflects Benefits of GBDC’s Scale 1. Represents the geometric average of quarterly gain/(loss) rates since inception (December 31, 2009), where quarterly gain/(loss) rate represents (i) the sum of unrealized appreciation/(depreciation) and realized gain/(loss)
Slide 8: Endnotes - Non-GAAP Financial Measures
Endnotes - Non-GAAP Financial Measures 1. On September 16, 2019, the Company completed its acquisition of GCIC. The merger was accounted for under the asset acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805-50, Business Combinations — Related Issues. U
Slide 9: Important Investor Information
Important Investor Information Golub Capital (including its various affiliates) creates and manages multiple investment funds. Two Because many of the loans or other investments are not actively traded, this determination of of its control affiliates, GC Advisors LLC (“GC Advisors”) and GC OPAL Advi
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