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Golub Capital BDC Reports Q1/16

|Includes: Golub Capital BDC (GBDC)

GBDC Reports NII of $0.3283 compared to a Dividend of $0.32/quarter 05-05-15
What They Earned Golub Capital BDC reported for Q1-16 Net Investment Income of $16.868 million ($0.3283/share). With Total Investment Income of $30.762 million ($0.5987/share) - the NII/TII ratio was 54.8%. A falling NAV caused the normal charge to NII for the management incentive fee to be negative - causing the NII 'beat'. GBDC's Net Increase in Net Assets Resulting from Operations was $14.177 million ($0.2759/share) due to $2.691 million of realized and unrealized losses. The NAV was $15.85 compared to $15.89/share last quarter.

The consensus analyst projection from Yahoo Finance:

Earnings Est Current Qtr.
Mar 16
Next Qtr.
Jun 16
Current Year
Sep 16
Next Year
Sep 17
Avg. Estimate 0.32 0.33 1.28 1.31
No. of Analysts 6.00 6.00 5.00 6.00
Low Estimate 0.32 0.32 1.25 1.27
High Estimate 0.32 0.35 1.34 1.47
Year Ago EPS 0.31 0.32 1.26 1.28
Revenue Est Current Qtr.
Mar 16
Next Qtr.
Jun 16
Current Year
Sep 16
Next Year
Sep 17
Avg. Estimate 31.99M 32.83M 129.33M 145.13M
No. of Analysts 4 4 4 4
Low Estimate 30.65M 31.52M 126.00M 132.00M
High Estimate 33.36M 34.07M 132.30M 155.50M
Year Ago Sales 28.46M 30.41M 119.97M 129.33M

My historical context spreadsheets:

  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 & Unrealized Gains -2.691 5.640 3.989 3.083 4.107 0.615 5.322 1.206 0.737 1.577 -0.130 0.657 1.857
Realized & Unrealized Gains/share -$0.0524 $0.1099 $0.0778 $0.0611 $0.0871 $0.01314 $0.1131 $0.0257 $0.0168 $0.0364 - $0.0032 $0.0177 $0.0571

  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

Fee Income 0.474 0.300 1.382 0.080 0.595 0.208 1.282 1.042 0.021 1.000 x 0.594 0.839
Total investment income 30.762 30.500 33.552 30.410 28.461 27.545 30.658 28.029 25.260 25.579 22.816 22.268 20.096
Fee income percent of total 1.54% 0.98% 4.12% 0.26% 2.09% 0.75% 4.18% 3.72% 0.08% 3.91% x 2.67% 4.17%

  Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13

Total investment income 30.762 30.500 33.552 30.410 28.461 27.545 30.658 28.029 25.260 25.579
Net investment income 16.868 14.999 15.481 15.205 13.754 14.557 14.850 15.073 13.352 13.260
Investments @ fair value 1.612 1.528 1.530 1.571 1.423 1.401 1.348 1.325 1.254 1.180
Wt Av Share Count 51.383 51.303 51.260 50.491 47.175 47.121 47.068 46.986 43.755 43.285
TII/share $0.5987 $0.5945 $0.6545 $0.6023 $0.6033 $0.5845 $0.6513 $0.5956 $0.5773 $0.5909
NII/share $0.3283 $0.2923 $0.3021 $0.3011 $0.2916 $0.3089 $0.3155 $0.3208 $0.3050 $0.3063
NAV/share $15.85 $15.89 $15.80 $15.74 $15.61 $15.55 $15.55 $15.44 $15.41 $15.23
Wt Av Yield 8.0% 8.2% 8.0% 8.4% 7.9% 7.8% 8.2% 8.3% 8.0% 8.6%

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.