Golub Capital BDC Inc. (GBDC, Financial) filed Quarterly Report for the period ended 2010-12-31.
Golub Capital Bdc Inc. has a market cap of $283.6 million; its shares were traded at around $16.88 with and P/S ratio of 8.6. The dividend yield of Golub Capital Bdc Inc. stocks is 7.8%.Hedge Fund Gurus that owns GBDC: John Griffin of Blue Ridge Capital.
As of December 31, 2010 and September 30, 2010, included in accounts payable and accrued expenses were $0.1 million and $0.1 million, respectively, for accrued expenses paid on our behalf by the Investment Adviser, as applicable. Also included in accounts payable and accrued expenses is $0.2 million and $0.1 million as of December 31, 2010 and September 30, 2010, respectively, for allocated shared services under the Administration Agreement.
For the three months ended December 31, 2010, we experienced a net decrease in cash and cash equivalents of $19.8 million. During the period we used $38.0 million in operating activities, primarily as a result of fundings of portfolio investments of $97.6 million, which was partially offset by proceeds from principal payments of $51.4 million and sales of portfolio investments of $12.7 million and net investment income of $4.2 million. During the same period, cash and cash equivalents provided by financing activities was $14.0 million, primarily due to borrowings on debt of $20.0 million, partially offset by distributions paid of $5.0 million. Lastly, net cash provided by investing activities was $4.2 million as a result of an increase in restricted cash and cash equivalents.
As of December 31, 2010 and September 30, 2010, we had cash and cash equivalents of $41.4 million and $61.2 million, respectively. In addition, we had restricted cash and cash equivalents of $27.6 million and $31.8 million as of December 31, 2010 and 2009, respectively. Cash and cash equivalents are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents can be used to fund new investments that meet the investment guidelines established in the Debt Securitization, which are described in further detail in Note 6 to our consolidated financial statements and for the payment of interest expense on the notes issued in the Debt Securitization.
At December 31, 2010 and September 30, 2010, our investment portfolio included $34.9 million and $48.2 million, respectively, in liquid, broadly syndicated loans that we anticipate selling in future periods as we find new opportunities to redeploy those assets into higher yielding investments. For the three months ended December 31, 2010 and September 30, 2010, we had sales of broadly syndicated loans in four and one portfolio companies aggregating approximately $11.2 million and $1.2 million, respectively.
As of December 31, 2010 and September 30, 2010, we had investments in 98 and 94 portfolio companies, respectively, with a total value of $382.4 million and $344.9 million, respectively. For the three months ended December 31, 2010 we originated 15 senior secured loans, three unitranche loans, four second lien loans, three subordinated loans, and seven equity securities with a fair value of $42.8 million, $20.4 million, $19.6 million, $11.1 million, and $3.7 million, respectively. For the three months ended September 30, 2010, we originated 15 senior secured loans, two unitranche loans, one subordinated loan, and two equity securities with a fair value of $47.5 million, $17.7 million, $9.4 million, and $2.6 million, respectively. For the three months ended December 31, 2010 we had approximately $51.4 million in debt repayments in existing portfolio companies, and sales of securities in five portfolio companies aggregating approximately $12.7 million. For the three months ended September 30, 2010 we had approximately $12.3 million in debt repayments in existing portfolio companies, and sales of securities in one portfolio company aggregating approximately $1.2 million.
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Golub Capital Bdc Inc. has a market cap of $283.6 million; its shares were traded at around $16.88 with and P/S ratio of 8.6. The dividend yield of Golub Capital Bdc Inc. stocks is 7.8%.Hedge Fund Gurus that owns GBDC: John Griffin of Blue Ridge Capital.
Highlight of Business Operations:
Investment income decreased by $1.7 million, or 15.7%, for the three months ended December 31, 2010 as compared to the three months December 31, 2009. The decrease in investment income was primarily a result of a decrease in income from the amortization of discounts and origination fees during the three months ended December 31, 2010 as well as a decrease in average outstanding investments. The decrease in interest from the amortization of discounts and origination fees occurred as a result of decreased payoff activity. For the three months ended December 31, 2010, total investment income consisted of $7.2 million in interest income from investments and $1.9 million in income from the amortization of discounts and origination fees. For the three months ended December 31, 2009, total investment income consisted of $7.7 million in interest income and $3.1 million in income from the amortization of discounts and origination fees.As of December 31, 2010 and September 30, 2010, included in accounts payable and accrued expenses were $0.1 million and $0.1 million, respectively, for accrued expenses paid on our behalf by the Investment Adviser, as applicable. Also included in accounts payable and accrued expenses is $0.2 million and $0.1 million as of December 31, 2010 and September 30, 2010, respectively, for allocated shared services under the Administration Agreement.
For the three months ended December 31, 2010, we experienced a net decrease in cash and cash equivalents of $19.8 million. During the period we used $38.0 million in operating activities, primarily as a result of fundings of portfolio investments of $97.6 million, which was partially offset by proceeds from principal payments of $51.4 million and sales of portfolio investments of $12.7 million and net investment income of $4.2 million. During the same period, cash and cash equivalents provided by financing activities was $14.0 million, primarily due to borrowings on debt of $20.0 million, partially offset by distributions paid of $5.0 million. Lastly, net cash provided by investing activities was $4.2 million as a result of an increase in restricted cash and cash equivalents.
As of December 31, 2010 and September 30, 2010, we had cash and cash equivalents of $41.4 million and $61.2 million, respectively. In addition, we had restricted cash and cash equivalents of $27.6 million and $31.8 million as of December 31, 2010 and 2009, respectively. Cash and cash equivalents are available to fund new investments, pay operating expenses and pay distributions. Restricted cash and cash equivalents can be used to fund new investments that meet the investment guidelines established in the Debt Securitization, which are described in further detail in Note 6 to our consolidated financial statements and for the payment of interest expense on the notes issued in the Debt Securitization.
At December 31, 2010 and September 30, 2010, our investment portfolio included $34.9 million and $48.2 million, respectively, in liquid, broadly syndicated loans that we anticipate selling in future periods as we find new opportunities to redeploy those assets into higher yielding investments. For the three months ended December 31, 2010 and September 30, 2010, we had sales of broadly syndicated loans in four and one portfolio companies aggregating approximately $11.2 million and $1.2 million, respectively.
As of December 31, 2010 and September 30, 2010, we had investments in 98 and 94 portfolio companies, respectively, with a total value of $382.4 million and $344.9 million, respectively. For the three months ended December 31, 2010 we originated 15 senior secured loans, three unitranche loans, four second lien loans, three subordinated loans, and seven equity securities with a fair value of $42.8 million, $20.4 million, $19.6 million, $11.1 million, and $3.7 million, respectively. For the three months ended September 30, 2010, we originated 15 senior secured loans, two unitranche loans, one subordinated loan, and two equity securities with a fair value of $47.5 million, $17.7 million, $9.4 million, and $2.6 million, respectively. For the three months ended December 31, 2010 we had approximately $51.4 million in debt repayments in existing portfolio companies, and sales of securities in five portfolio companies aggregating approximately $12.7 million. For the three months ended September 30, 2010 we had approximately $12.3 million in debt repayments in existing portfolio companies, and sales of securities in one portfolio company aggregating approximately $1.2 million.
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