| | | | | 1 | | | |
| | | | | 10 | | | |
| | | | | 15 | | | |
| | | | | 47 | | | |
| | | | | 48 | | | |
| | | | | 49 | | | |
| | | | | 51 | | | |
| | | | | 53 | | | |
| | | | | 101 | | | |
| | | | | 102 | | | |
| | | | | 113 | | | |
| | | | | 132 | | | |
| | | | | 142 | | | |
| | | | | 151 | | | |
| | | | | 154 | | | |
| | | | | 156 | | | |
| | | | | 159 | | | |
| | | | | 161 | | | |
| | | | | 168 | | | |
| | | | | 173 | | | |
| | | | | 174 | | | |
| | | | | 176 | | | |
| | | | | 178 | | | |
| | | | | 189 | | | |
| | | | | 196 | | | |
| | | | | 197 | | | |
| | | | | 198 | | | |
| | | | | 200 | | | |
| | | | | 200 | | | |
| | | | | 200 | | | |
| | | | | F-1 | | |
| | |
As of December 31, 2017
|
| |
As of September 30, 2017
|
| |
As of September 30, 2016
|
| |||||||||||||||||||||||||||
Investment Type
|
| |
Investments at
Fair Value (In thousands) |
| |
Percentage of
Total Investments |
| |
Investments at
Fair Value (In thousands) |
| |
Percentage of
Total Investments |
| |
Investments at
Fair Value (In thousands) |
| |
Percentage of
Total Investments |
| ||||||||||||||||||
Senior secured
|
| | | $ | 193,459 | | | | | | 11.2% | | | | | $ | 195,029 | | | | | | 11.6% | | | | | $ | 162,849 | | | | | | 9.8% | | |
One stop
|
| | | | 1,380,000 | | | | | | 80.1 | | | | | | 1,334,084 | | | | | | 79.2 | | | | | | 1,304,467 | | | | | | 78.5 | | |
Second lien
|
| | | | 9,435 | | | | | | 0.6 | | | | | | 9,434 | | | | | | 0.6 | | | | | | 27,909 | | | | | | 1.7 | | |
Subordinated debt
|
| | | | 60 | | | | | | 0.0* | | | | | | 59 | | | | | | 0.0* | | | | | | 1,427 | | | | | | 0.1 | | |
Subordinated notes in SLF(1)(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 77,301 | | | | | | 4.7 | | |
LLC equity interests in SLF(2)
|
| | | | 91,591 | | | | | | 5.3 | | | | | | 95,015 | | | | | | 5.6 | | | | | | 26,927 | | | | | | 1.6 | | |
Equity | | | | | 48,827 | | | | | | 2.8 | | | | | | 51,394 | | | | | | 3.0 | | | | | | 59,732 | | | | | | 3.6 | | |
Total
|
| | | $ | 1,723,372 | | | | | | 100.0% | | | | | $ | 1,685,015 | | | | | | 100.0% | | | | | $ | 1,660,612 | | | | | | 100.0% | | |
|
| | |
For the three months ended
December 31, |
| |
For the years ended
September 30, |
| ||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
Weighted average annualized income yield(1)(2)
|
| | | | 7.9% | | | | | | 7.7% | | | | | | 7.8% | | | | | | 7.6% | | | | | | 7.8% | | |
Weighted average annualized investment income
yield(1)(3) |
| | | | 8.5% | | | | | | 8.1% | | | | | | 8.4% | | | | | | 8.2% | | | | | | 8.4% | | |
| Stockholder transaction expenses: | | | | | | | |
|
Sales load (as a percentage of offering price)
|
| | | | —%(1) | | |
|
Offering expenses (as a percentage of offering price)
|
| | | | —%(2) | | |
|
Dividend reinvestment plan expenses
|
| | | | None(3) | | |
|
Total stockholder transaction expenses (as a percentage of offering price)
|
| | | | —% | | |
| Annual expenses (as a percentage of net assets attributable to common stock): | | | | | | | |
|
Management fees
|
| | | | 2.48%(4) | | |
|
Incentive fees payable under the Investment Advisory Agreement (20%)
|
| | | | 1.03%(5) | | |
|
Interest payments on borrowed funds
|
| | | | 3.22%(6) | | |
|
Other expenses
|
| | | | 0.59%(7) | | |
|
Acquired fund fees and expenses
|
| | | | 0.05%(8) | | |
|
Total annual expenses
|
| | | | 7.37%(9) | | |
You would pay the following expenses on a $1,000 investment
|
| |
1 year
|
| |
3 years
|
| |
5 years
|
| |
10 years
|
| ||||||||||||
Assuming a 5% annual return (assumes no return from net realized capital gains or net unrealized capital appreciation)
|
| | | $ | 63 | | | | | $ | 188 | | | | | $ | 309 | | | | | $ | 597 | | |
Assuming a 5% annual return (assumes return entirely from realized capital gains and thus subject to the capital gain incentive fee)
|
| | | $ | 73 | | | | | $ | 215 | | | | | $ | 350 | | | | | $ | 661 | | |
| | |
Assumed Return on Our Portfolio (Net of Expenses)
|
| |||||||||||||||||||||||||||
| | |
-10%
|
| |
-5%
|
| |
0%
|
| |
5%
|
| |
10%
|
| |||||||||||||||
Corresponding return to common stockholder(1)
|
| | | | -21.79% | | | | | | -12.36% | | | | | | -2.93% | | | | | | 6.50% | | | | | | 15.93% | | |
| | | | | |
Distributions Declared
|
| |||||||||
Record Dates
|
| |
Payment Dates
|
| |
Per Share
|
| |
Dollar amount
|
| ||||||
| | | | | |
(in thousands except per share data)
|
| |||||||||
Fiscal year ended September 30, 2016 | | | | | | | | | | | | | | | | |
December 11, 2015
|
| | December 29, 2015 | | | | $ | 0.32 | | | | | $ | 16,416 | | |
March 7, 2016
|
| | March 30, 2016 | | | | | 0.32 | | | | | | 16,442 | | |
June 6, 2016
|
| | June 29, 2016 | | | | | 0.32 | | | | | | 16,484 | | |
September 5, 2016
|
| | September 29, 2016 | | | | | 0.32 | | | | | | 17,537 | | |
Fiscal year ending September 30, 2017 | | | | | | | | | | | | | | | | |
December 12, 2016
|
| | December 29, 2016 | | | | | 0.57(1) | | | | | | 31,384 | | |
March 7, 2017
|
| | March 30, 2017 | | | | | 0.32 | | | | | | 17,676 | | |
June 6, 2017
|
| | June 29, 2017 | | | | | 0.32 | | | | | | 18,357 | | |
September 6, 2017
|
| | September 29, 2017 | | | | | 0.32 | | | | | | 19,026 | | |
Fiscal year ending September 30, 2018 | | | | | | | | | | | | | | | | |
December 12, 2017
|
| | December 28, 2017 | | | | | 0.40(2) | | | | | | 23,831 | | |
March 8, 2018
|
| | March 30, 2018 | | | | | 0.32 | | | | | | 19,117(3) | | |
Total
|
| | | | | | $ | 3.53 | | | | | $ | 196,270 | | |
|
| | |
Golub Capital BDC
|
| |||||||||||||||||||||||||||||||||||||||
| | |
As of and for the
three months ended December 31, |
| |
As of and for the years ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| |
(In thousands, except per share data)
|
| |||||||||||||||||||||||||||||||||
Statement of Operations Data: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Total investment income
|
| | | $ | 36,450 | | | | | $ | 33,849 | | | | | $ | 137,764 | | | | | $ | 127,871 | | | | | $ | 119,968 | | | | | $ | 109,526 | | | | | $ | 83,774 | | |
Base management fee
|
| | | | 5,930 | | | | | | 5,837 | | | | | | 23,815 | | | | | | 22,020 | | | | | | 20,330 | | | | | | 17,053 | | | | | | 11,749 | | |
Incentive fee
|
| | | | 2,871 | | | | | | 2,091 | | | | | | 7,560 | | | | | | 7,266 | | | | | | 10,226 | | | | | | 10,128 | | | | | | 9,844 | | |
Interest and other debt financing expenses
|
| | | | 7,714 | | | | | | 7,606 | | | | | | 31,534 | | | | | | 27,724 | | | | | | 24,510 | | | | | | 20,227 | | | | | | 12,427 | | |
All other expenses
|
| | | | 1,424 | | | | | | 1,362 | | | | | | 5,309 | | | | | | 5,881 | | | | | | 5,905 | | | | | | 5,583 | | | | | | 5,359 | | |
Net investment income
|
| | | | 18,511 | | | | | | 16,953 | | | | | | 69,546(1) | | | | | | 64,980(1) | | | | | | 58,997 | | | | | | 56,535 | | | | | | 44,395 | | |
Net realized gain (loss) on investments and derivative instruments
|
| | | | 481 | | | | | | 907 | | | | | | 9,402 | | | | | | 6,254 | | | | | | 9,354 | | | | | | 5,384 | | | | | | (1,363) | | |
Net change in unrealized appreciation (depreciation) on investments, derivative instruments and secured borrowings
|
| | | | 2,323 | | | | | | 1,124 | | | | | | 3,340 | | | | | | (2,030) | | | | | | 2,440 | | | | | | 3,469 | | | | | | 3,488 | | |
Net increase (decrease) in net assets resulting
from operations |
| | | | 21,315 | | | | | | 18,984 | | | | | | 82,288 | | | | | | 69,204 | | | | | | 70,791 | | | | | | 65,388 | | | | | | 46,520 | | |
Per share data: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Net asset value
|
| | | $ | 16.04 | | | | | $ | 15.74 | | | | | $ | 16.08 | | | | | $ | 15.96 | | | | | $ | 15.80 | | | | | $ | 15.55 | | | | | $ | 15.21 | | |
Net investment income
|
| | | | 0.31 | | | | | | 0.31(1) | | | | | | 1.23(1) | | | | | | 1.25(1) | | | | | | 1.20 | | | | | | 1.26 | | | | | | 1.29 | | |
Net realized gain (loss) on investments and derivative instruments
|
| | | | 0.01 | | | | | | 0.01 | | | | | | 0.16 | | | | | | 0.12 | | | | | | 0.19 | | | | | | 0.11 | | | | | | (0.04) | | |
Net change in unrealized appreciation (depreciation) on investments, derivative instruments and secured borrowings
|
| | | | 0.04 | | | | | | 0.02 | | | | | | 0.06 | | | | | | (0.04) | | | | | | 0.05 | | | | | | 0.07 | | | | | | 0.10 | | |
Net increase (decrease) in net assets resulting
from operations |
| | | | 0.36 | | | | | | 0.34 | | | | | | 1.45 | | | | | | 1.33 | | | | | | 1.44 | | | | | | 1.44 | | | | | | 1.35 | | |
Per share distributions declared
|
| | | | 0.40 | | | | | | 0.57 | | | | | | 1.53 | | | | | | 1.28 | | | | | | 1.28 | | | | | | 1.28 | | | | | | 1.28 | | |
From net investment income
|
| | | | 0.35 | | | | | | 0.55 | | | | | | 1.51 | | | | | | 1.04 | | | | | | 1.18 | | | | | | 1.28 | | | | | | 1.15 | | |
From capital gains
|
| | | | 0.05 | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.24 | | | | | | 0.10 | | | | | | — | | | | | | — | | |
From return of capital
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.13 | | |
Dollar amount of distributions declared
|
| | | | 23,831 | | | | | | 31,384 | | | | | | 86,443 | | | | | | 66,879 | | | | | | 62,969 | | | | | | 57,823 | | | | | | 45,394 | | |
From net investment income
|
| | | | 20,852 | | | | | | 30,265 | | | | | | 85,304 | | | | | | 54,461 | | | | | | 58,152 | | | | | | 57,823 | | | | | | 40,605 | | |
From capital gains
|
| | | | 2,979 | | | | | | 1,119 | | | | | | 1,139 | | | | | | 12,418 | | | | | | 4,817 | | | | | | — | | | | | | — | | |
From return of capital
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,789 | | |
| | |
Golub Capital BDC
|
| |||||||||||||||||||||||||||||||||||||||
| | |
As of and for the
three months ended December 31, |
| |
As of and for the years ended September 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |||||||||||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| |
(In thousands, except per share data)
|
| |||||||||||||||||||||||||||||||||
Balance Sheet data at period end: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Investments, at fair value
|
| | | $ | 1,723,372 | | | | | $ | 1,696,302 | | | | | $ | 1,685,015 | | | | | $ | 1,660,612 | | | | | $ | 1,529,784 | | | | | $ | 1,347,612 | | | | | $ | 1,024,645 | | |
Cash, restricted cash and cash equivalents
|
| | | | 77,130 | | | | | | 71,725 | | | | | | 62,558 | | | | | | 89,540 | | | | | | 97,484 | | | | | | 79,943 | | | | | | 54,717 | | |
Other assets
|
| | | | 6,825 | | | | | | 6,059 | | | | | | 6,603 | | | | | | 6,357 | | | | | | 6,158(2) | | | | | | 6,318(2) | | | | | | 4,552(2) | | |
Total assets
|
| | | | 1,807,327 | | | | | | 1,774,086 | | | | | | 1,754,176 | | | | | | 1,756,509 | | | | | | 1,633,426(2) | | | | | | 1,433,873(2) | | | | | | 1,083,914(2) | | |
Total debt
|
| | | | 828,300 | | | | | | 889,962 | | | | | | 781,100 | | | | | | 865,175 | | | | | | 813,605 | | | | | | 697,539 | | | | | | 420,909 | | |
Total liabilities
|
| | | | 849,025 | | | | | | 904,516 | | | | | | 796,230 | | | | | | 877,684 | | | | | | 822,556(2) | | | | | | 701,134(2) | | | | | | 425,678(2) | | |
Total net assets
|
| | | | 958,302 | | | | | | 869,570 | | | | | | 957,946 | | | | | | 878,825 | | | | | | 810,870 | | | | | | 732,739 | | | | | | 658,236 | | |
Other data: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Weighted average yield on income producing
investments at fair value(3) |
| | | | 7.9% | | | | | | 7.7% | | | | | | 7.8% | | | | | | 7.6% | | | | | | 7.8% | | | | | | 8.3% | | | | | | 9.1% | | |
Number of portfolio companies at period end
|
| | | | 190 | | | | | | 182 | | | | | | 185 | | | | | | 183 | | | | | | 164 | | | | | | 145 | | | | | | 135 | | |
| | |
As of December 31, 2017
|
| |
As of September 30, 2017
|
| |
As of September 30, 2016
|
| |||||||||||||||||||||||||||
Investment Type
|
| |
Investments at
Fair Value (In thousands) |
| |
Percentage of
Total Investments |
| |
Investments at
Fair Value (In thousands) |
| |
Percentage of
Total Investments |
| |
Investments at
Fair Value (In thousands) |
| |
Percentage of
Total Investments |
| ||||||||||||||||||
Senior secured
|
| | | $ | 193,459 | | | | | | 11.2% | | | | | $ | 195,029 | | | | | | 11.6% | | | | | $ | 162,849 | | | | | | 9.8% | | |
One stop
|
| | | | 1,380,000 | | | | | | 80.1 | | | | | | 1,334,084 | | | | | | 79.2 | | | | | | 1,304,467 | | | | | | 78.5 | | |
Second lien
|
| | | | 9,435 | | | | | | 0.6 | | | | | | 9,434 | | | | | | 0.6 | | | | | | 27,909 | | | | | | 1.7 | | |
Subordinated debt
|
| | | | 60 | | | | | | 0.0* | | | | | | 59 | | | | | | 0.0* | | | | | | 1,427 | | | | | | 0.1 | | |
Subordinated notes in SLF(1)(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 77,301 | | | | | | 4.7 | | |
LLC equity interests in SLF(2)
|
| | | | 91,591 | | | | | | 5.3 | | | | | | 95,015 | | | | | | 5.6 | | | | | | 26,927 | | | | | | 1.6 | | |
Equity | | | | | 48,827 | | | | | | 2.8 | | | | | | 51,394 | | | | | | 3.0 | | | | | | 59,732 | | | | | | 3.6 | | |
Total
|
| | | $ | 1,723,372 | | | | | | 100.0% | | | | | $ | 1,685,015 | | | | | | 100.0% | | | | | $ | 1,660,612 | | | | | | 100.0% | | |
|
| | |
For the three months ended
December 31, |
| |
For the years ended
September 30, |
| ||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||
Weighted average annualized income yield(1)(2)
|
| | | | 7.9% | | | | | | 7.7% | | | | | | 7.8% | | | | | | 7.6% | | | | | | 7.8% | | |
Weighted average annualized investment income yield(1)(3)
|
| | | | 8.5% | | | | | | 8.1% | | | | | | 8.4% | | | | | | 8.2% | | | | | | 8.4% | | |
| | |
For the three months ended
December 31, |
| |
Variances
|
| ||||||||||||
| | |
2017
|
| |
2016
|
| |
2017 vs. 2016
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Interest income
|
| | | $ | 30,645 | | | | | $ | 29,251 | | | | | $ | 1,394 | | |
Income from accretion of discounts and origination fees
|
| | | | 2,709 | | | | | | 1,807 | | | | | | 902 | | |
Interest and dividend income from investments in SLF(1)
|
| | | | 1,965 | | | | | | 2,385 | | | | | | (420) | | |
Dividend income
|
| | | | 597 | | | | | | 152 | | | | | | 445 | | |
Fee income
|
| | | | 534 | | | | | | 254 | | | | | | 280 | | |
Total investment income
|
| | | | 36,450 | | | | | | 33,849 | | | | | | 2,601 | | |
Total expenses
|
| | | | 17,939 | | | | | | 16,886 | | | | | | 1,053 | | |
Net investment income – before excise tax
|
| | | | 18,511 | | | | | | 16,963 | | | | | | 1,548 | | |
Excise tax
|
| | | | — | | | | | | 10 | | | | | | (10) | | |
Net investment income – after excise tax
|
| | | | 18,511 | | | | | | 16,953 | | | | | | 1,558 | | |
Net realized gain (loss) on investments
|
| | | | 481 | | | | | | 907 | | | | | | (426) | | |
Net change in unrealized appreciation (depreciation) on investments, and secured borrowings
|
| | | | 2,323 | | | | | | 1,124 | | | | | | 1,199 | | |
Net increase in net assets resulting from operations
|
| | | $ | 21,315 | | | | | $ | 18,984 | | | | | $ | 2,331 | | |
Average earning debt investments, at fair value(2)
|
| | | $ | 1,572,419 | | | | | $ | 1,530,256 | | | | | $ | 42,163 | | |
Average investments in subordinated notes of SLF,
at fair value |
| | | | — | | | | | | 76,439 | | | | | | (76,439) | | |
Average earning portfolio company investments, at
fair value(2) |
| | | $ | 1,572,419 | | | | | $ | 1,606,695 | | | | | $ | (34,276) | | |
|
| | |
For the three months ended
December 31, |
| |||||||||
| | |
2017
|
| |
2016
|
| ||||||
Senior secured
|
| | | | 6.6% | | | | | | 6.3% | | |
One stop
|
| | | | 8.0% | | | | | | 7.8% | | |
Second lien
|
| | | | 9.5% | | | | | | 10.7% | | |
Subordinated debt
|
| | | | 19.8% | | | | | | 6.7% | | |
Subordinated notes in SLF(1)
|
| | | | N/A | | | | | | 8.5% | | |
| | |
For the three months ended
December 31, |
| |
Variances
|
| ||||||||||||
| | |
2017
|
| |
2016
|
| |
2017 vs. 2016
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Interest and other debt financing expenses
|
| | | $ | 6,920 | | | | | $ | 6,757 | | | | | $ | 163 | | |
Amortization of debt issuance costs
|
| | | | 794 | | | | | | 849 | | | | | | (55) | | |
Base management fee
|
| | | | 5,930 | | | | | | 5,837 | | | | | | 93 | | |
Income incentive fee
|
| | | | 2,158 | | | | | | 1,611 | | | | | | 547 | | |
Capital gain incentive fee
|
| | | | 713 | | | | | | 480 | | | | | | 233 | | |
Professional fees
|
| | | | 688 | | | | | | 580 | | | | | | 108 | | |
Administrative service fee
|
| | | | 618 | | | | | | 601 | | | | | | 17 | | |
General and administrative expenses
|
| | | | 118 | | | | | | 171 | | | | | | (53) | | |
Total expenses
|
| | | $ | 17,939 | | | | | $ | 16,886 | | | | | $ | 1,053 | | |
Average debt outstanding(1)
|
| | | $ | 791,710 | | | | | $ | 881,880 | | | | | $ | (90,170) | | |
|
| | |
For the three months ended
December 31, |
| |
Variances
|
| ||||||||||||
| | |
2017
|
| |
2016
|
| |
2017 vs. 2016
|
| |||||||||
| | |
(In thousands)
|
| |||||||||||||||
Net realized gain (loss) on investments
|
| | | $ | 481 | | | | | $ | 907 | | | | | $ | (426) | | |
Net realized gain (loss)
|
| | | | 481 | | | | | | 907 | | | | | | (426) | | |
Unrealized appreciation on investments
|
| | | | 10,461 | | | | | | 9,236 | | | | | | 1,225 | | |
Unrealized (depreciation) on investments
|
| | | | (8,914) | | | | | | (7,614) | | | | | | (1,300) | | |
Unrealized appreciation on investments in SLF(1)
|
| | | | 776 | | | | | | — | | | | | | 776 | | |
Unrealized (depreciation) on investments in SLF(2)
|
| | | | — | | | | | | (498) | | | | | | 498 | | |
Net change in unrealized appreciation (depreciation)
on investments, investments in SLF |
| | | $ | 2,323 | | | | | $ | 1,124 | | | | | $ | 1,199 | | |
|
| | |
For the years ended September 30,
|
| |
Variances
|
| ||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2017 vs. 2016
|
| |
2016 vs. 2015
|
| |||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||
Interest income
|
| | | $ | 119,312 | | | | | $ | 106,184 | | | | | $ | 103,404 | | | | | $ | 13,128 | | | | | $ | 2,780 | | |
Income from accretion of discounts and origination fees
|
| | | | 9,498 | | | | | | 8,662 | | | | | | 9,002 | | | | | | 836 | | | | | | (340) | | |
Interest and dividend income from investments in SLF(1)
|
| | | | 6,568 | | | | | | 11,038 | | | | | | 5,085 | | | | | | (4,470) | | | | | | 5,953 | | |
Dividend income
|
| | | | 629 | | | | | | 539 | | | | | | 212 | | | | | | 90 | | | | | | 327 | | |
Fee income
|
| | | | 1,757 | | | | | | 1,448 | | | | | | 2,265 | | | | | | 309 | | | | | | (817) | | |
Total investment income
|
| | | | 137,764 | | | | | | 127,871 | | | | | | 119,968 | | | | | | 9,893 | | | | | | 7,903 | | |
Total expenses
|
| | | | 68,201 | | | | | | 62,558 | | | | | | 60,971 | | | | | | 5,643 | | | | | | 1,587 | | |
Net investment income – before excise tax
|
| | | | 69,563 | | | | | | 65,313 | | | | | | 58,997 | | | | | | 4,250 | | | | | | 6,316 | | |
Excise tax
|
| | | | 17 | | | | | | 333 | | | | | | — | | | | | | (316) | | | | | | 333 | | |
Net investment income – after excise tax
|
| | | | 69,546 | | | | | | 64,980 | | | | | | 58,997 | | | | | | 4,566 | | | | | | 5,983 | | |
Net realized gain (loss) on investments
|
| | | | 9,402 | | | | | | 6,254 | | | | | | 9,354 | | | | | | 3,148 | | | | | | (3,100) | | |
Net change in unrealized appreciation (depreciation) on investments, and secured borrowings
|
| | | | 3,340 | | | | | | (2,030) | | | | | | 2,440 | | | | | | 5,370 | | | | | | (4,470) | | |
Net increase in net assets resulting from operations
|
| | | $ | 82,288 | | | | | $ | 69,204 | | | | | $ | 70,791 | | | | | $ | 13,084 | | | | | $ | (1,587) | | |
Average earning debt investments, at fair value(2)
|
| | | $ | 1,554,527 | | | | | $ | 1,417,547 | | | | | $ | 1,359,506 | | | | | $ | 136,980 | | | | | $ | 58,041 | | |
Average investments in subordinated notes of SLF, at fair value
|
| | | | 19,267 | | | | | | 82,703 | | | | | | 45,050 | | | | | | (63,436) | | | | | | 37,653 | | |
Average earning portfolio company investments, at fair value(2)
|
| | | $ | 1,573,794 | | | | | $ | 1,500,250 | | | | | $ | 1,404,556 | | | | | $ | 73,544 | | | | | $ | 95,694 | | |
|
| | |
For the years ended September 30,
|
| |||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||
Senior secured
|
| | | | 6.4% | | | | | | 6.3% | | | | | | 6.5% | | |
One stop
|
| | | | 7.9% | | | | | | 7.7% | | | | | | 7.9% | | |
Second lien
|
| | | | 10.3% | | | | | | 9.9% | | | | | | 9.5% | | |
Subordinated debt
|
| | | | 8.8% | | | | | | 5.2% | | | | | | 8.1% | | |
Subordinated notes in SLF(1)
|
| | | | 8.5% | | | | | | 8.4% | | | | | | 8.3% | | |
| | |
For the years ended September 30,
|
| |
Variances
|
| ||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2017 vs. 2016
|
| |
2016 vs. 2015
|
| |||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||
Interest and other debt financing expenses
|
| | | $ | 28,245 | | | | | $ | 23,540 | | | | | $ | 20,004 | | | | | $ | 4,705 | | | | | $ | 3,536 | | |
Amortization of debt issuance costs
|
| | | | 3,289 | | | | | | 4,184 | | | | | | 4,506 | | | | | | (895) | | | | | | (322) | | |
Base management fee
|
| | | | 23,815 | | | | | | 22,020 | | | | | | 20,330 | | | | | | 1,795 | | | | | | 1,690 | | |
Income incentive fee
|
| | | | 4,741 | | | | | | 6,022 | | | | | | 7,489 | | | | | | (1,281) | | | | | | (1,467) | | |
Capital gain incentive fee accrued under GAAP
|
| | | | 2,819 | | | | | | 1,244 | | | | | | 2,737 | | | | | | 1,575 | | | | | | (1,493) | | |
Professional fees
|
| | | | 2,396 | | | | | | 2,814 | | | | | | 2,942 | | | | | | (418) | | | | | | (128) | | |
Administrative service fee
|
| | | | 2,340 | | | | | | 2,209 | | | | | | 2,372 | | | | | | 131 | | | | | | (163) | | |
General and administrative expenses
|
| | | | 556 | | | | | | 525 | | | | | | 591 | | | | | | 31 | | | | | | (66) | | |
Total expenses
|
| | | $ | 68,201 | | | | | $ | 62,558 | | | | | $ | 60,971 | | | | | $ | 5,643 | | | | | $ | 1,587 | | |
Average debt outstanding(1)
|
| | | $ | 872,980 | | | | | $ | 826,366 | | | | | $ | 752,567 | | | | | $ | 46,614 | | | | | $ | 73,799 | | |
|
| | |
For the years ended September 30,
|
| |
Variances
|
| ||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2015
|
| |
2017 vs. 2016
|
| |
2016 vs. 2015
|
| |||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||
Net realized gain (loss) on investments
|
| | | $ | 9,402 | | | | | $ | 6,254 | | | | | $ | 9,354 | | | | | $ | 3,148 | | | | | $ | (3,100) | | |
Net realized gain (loss)
|
| | | $ | 9,402 | | | | | $ | 6,254 | | | | | $ | 9,354 | | | | | $ | 3,148 | | | | | $ | (3,100) | | |
Unrealized appreciation on investments
|
| | | | 28,008 | | | | | | 32,943 | | | | | | 26,469 | | | | | | (4,935) | | | | | | 6,474 | | |
Unrealized (depreciation) on investments
|
| | | | (26,640) | | | | | | (31,411) | | | | | | (23,258) | | | | | | 4,771 | | | | | | (8,153) | | |
Unrealized appreciation on investments in SLF(1)
|
| | | | 1,969 | | | | | | — | | | | | | — | | | | | | 1,969 | | | | | | — | | |
Unrealized (depreciation) on investments in SLF(2)
|
| | | | — | | | | | | (3,562) | | | | | | (773) | | | | | | 3,562 | | | | | | (2,789) | | |
Unrealized appreciation on secured borrowings
|
| | | | 3 | | | | | | — | | | | | | 2 | | | | | | 3 | | | | | | (2) | | |
Net change in unrealized appreciation (depreciation) on investments, investments in SLF, and secured borrowings
|
| | | $ | 3,340 | | | | | $ | (2,030) | | | | | $ | 2,440 | | | | | $ | 5,370 | | | | | $ | (4,470) | | |
|