Garrison Capital reported for Q2-16 Total Investment Income (TII) of $11.137 million ($0.6886/share). Net Investment Income was $5.750 million ($0.3555/share). The non-adjusted NII/TII ratio was 51.63%. The Net Increase in Net Assets Resulting from Operations was - $3.884 million (-$0.2402/share) - due to having $9.634 million in realized plus unrealized losses in the quarter. GARS's NAV per share was $12.94 compared to $13.50 last quarter. Energy exposure remained at three deals, representing $23.578 million or 11.33% of net assets at fair value.
| Garrison | Q2-16 | Q1-16 | Q4-15 | Q3-15 | Q2-15 | Q1-15 | Q4-14 | Q3-14 | Q2-14 | Q1-14 | Q4-13 | Q3-13 | Q2-13 | Q1-13 |
| Interest income | 10.974 | 10.875 | 11.073 | 12.285 | 12.276 | 12.958 | 13.385 | 12.277 | 11.882 | 10.098 | 11.382 | 9.338 | 7.611 | 5.473 |
| Other income | 0.163 | 0.181 | 0.407 | 0.921 | 0.875 | 0.521 | 0 | 0.875 | 0.965 | 0.336 | ||||
| In 2014, other income (amendment and prepayment + acc. amort.) = $2,822,972 included with interest. In 2013, $1,146,057 | ||||||||||||||
| Q2-16 | Q1-16 | Q4-15 | Q3-15 | Q2-15 | Q1-15 | Q4-14 | Q3-14 | Q2-14 | Q1-14 | Q4-13 | Q3-13 | Q2-13 | Q1-13 | |
| Realized Gains | -18.315 | -0.095 | -0.373 | -2.301 | -8.521 | -0.490 | -0.192 | 1.198 | 0.800 | 8.897 | -0.729 | -5.690 | 0.585 | -5.936 |
| Unrealized Gains/share | 8.681 | -5.462 | -16.736 | -6.185 | 5.221 | -4.220 | -1.021 | -2.378 | 2.280 | -1.109 | 2.067 | 6.529 | 1.165 | 6.173 |
| Total Gains | -9.634 | -8.557 | -17.109 | -8.485 | -3.300 | -4.710 | -1.213 | -1.180 | 3.080 | 7.788 | 1.338 | 0.839 | 1.750 | 0.236 |
| Total Gains/share | -0.5957 | -0.5243 | -1.0300 | -0.5063 | -0.20 | -0.28 | -0.07 | -0.07 | 0.18 | 0.46 | 0.08 | 0.06 | 0.13 | 0.02 |
| Incentive Fees | 0.000 | 0.000 | -0.494 | -0.083 | 1.017 | 0.695 | 1.586 | 1.027 | 2.190 | 3.606 | ||||
| GARS reports incentive fees on one line - it has an income and cap gain component. Incentive fees do not always correlate with cap gains. | ||||||||||||||
| Q2-16 | Q1-16 | Q4-15 | Q3-15 | Q2-15 | Q1-15 | Q4-14 | Q3-14 | Q2-14 | Q1-14 | Q4-13 | Q3-13 | Q2-13 | Q1-13 | |
| Total investment income | 11.137 | 11.056 | 11.480 | 13.206 | 13.152 | 13.479 | 13.385 | 12.944 | 12.848 | 11.282 | 11.382 | 9.338 | 7.611 | 5.473 |
| Net investment income | 5.750 | 5.859 | 6.842 | 8.244 | 7.176 | 7.682 | 6.881 | 6.261 | 5.979 | 2.889 | 5.334 | 5.914 | 5.047 | 3.040 |
| Investments @ fair value | 0.405 | 0.405 | 0.415 | 0.408 | 0.435 | 0.456 | 0.468 | 0.449 | 0.459 | 0.455 | 0.429 | 0.411 | 0.418 | 0.279 |
| Wt Av Share Count | 16.173 | 16.319 | 16.695 | 16.759 | 16.759 | 16.759 | 16.759 | 16.759 | 16.759 | 16.759 | 16.759 | 14.672 | 13.611 | 10.499 |
| TII/share | $0.6886 | $0.6775 | $0.6876 | $0.7880 | $0.7848 | $0.8043 | $0.7987 | $0.7724 | $0.7666 | $0.6732 | $0.6792 | $0.6365 | $0.5628 | $0.5213 |
| NII/share | $0.3555 | $0.3590 | $0.4098 | $0.4919 | $0.4282 | $0.4584 | $0.4106 | $0.3736 | $0.3568 | $0.1724 | $0.3183 | $0.4031 | $0.3708 | $0.2895 |
| NAV/share | $12.94 | $13.50 | $13.98 | $14.92 | $15.29 | $15.41 | $15.58 | $15.59 | $15.64 | $15.45 | $15.16 | 15.11 | 15.06 | 15.67 |
| Weighted Av Yield | 11.2% | 11.2% | 10.8% | 10.9% | 11.0% | 10.8% | 10.5% | 10.0% | 10.4% | 10.5% | 9.82% | 9.5% | 8.8% | 8.91% |
| Weighted Av Debt/EBITDA | 3.7x | 3.7x | 3.6x | 3.7x | 3.7x | 3.6x | 3.6x | 3.4x | 3.5x | 3.5x | 3.6x | 3.7x | 3.8x | |
| Non-Accrual Loan Percent | 1.2% | 4.1% | 5.9% | 4.4% | 1.0% | 0.9% | 0.9% | 0.9% | 1.2% | 0.0% | 0.0% | 1.1% | 1.2% | |
| NII/TII Ratio | 51.63% | 52.99% | 59.60% | 62.43% | 54.56% | 56.99% | 51.41% | 48.37% | 46.54% | 25.61% | 46.86% | 63.33% | 66.31% | 55.54% |
| NII/TII ratios improved in 2015 due to portfolio losses which shrank incentive fee charges from expenses. They improved for bad reasons. | ||||||||||||||
| In Q1-14 expenses of $8.393 million contained an atypical $3.606 million ($0.2152/share) in incentive fees which increased expenses. | ||||||||||||||
| 2014 NII of .1724 + .3568 + .3736 + .4106 = 1.3134 compared to $1.31 shown at Yahoo. This explains the projection jump for 2015. | ||||||||||||||