Overview New Investment Advisor: Oak Hill Advisors (OHA) Extensive strategic review process concluded on September 30, 2014 New investment advisory contract with OHA approved by stockholders New Board of Directors appointed,…
Overview Highlights First full quarter of management under OHA NAV of 7.48, declined 8% in Q4 2014 Decline in NAV driven by legacy concentration in energy assets Q4 2014 net investment income per share of 0.13 Q1 2015 dividend…
Section 2 Financial Results Page 6
Financial Results Q4 2014 Summary Investment income of 5.2 MM, or 0.25 per share Net investment income of 2.6 MM, or 0.13 per share Management fees of 0.7 MM under OHA advisory agreement Net realized and unrealized losses of…
Q4 2014 Net Asset Value Per Share NAV declined 8% in Q4 2014, primarily as a result of lower valuations of energy assets 9 8.11 0.13 0.16 0.60 8 7.48 7 6 5 4 3 2 1 0 9/30/14 NAV Q4 2014 NII Q4 2014 Net Realized /…
Financial Results Statement of Operations (in 000s) Q4 2014 Q3 2014 Q4 2013 Investment income 5,175 5,573 6,530 Costs related to strategic alternatives review 23 5,352 644 Management fees 696 1,254 1,387 Other G&A 1,290 1,333…
Financial Results Realized & Unrealized Gains (Losses) (in 000s) Q4 2014 FY 2014 Realized capital gains (losses): Chroma E&P (4,314) (4,314) GMX Resources -- (9,382) Other realized gains (losses), net -- 1,266 Total realized capital…
Financial Results Net Asset Value Rollforward Full Year 2014 (in 000s) Per share Net asset value at 12/31/13 188,552 9.20 Costs related to strategic alternatives review (6,040) (0.29) Spirit Resources reduction in value (12,065)…
Section 3 Portfolio Review Page 12
Portfolio Review Entire net Q4 2014 portfolio write-down is attributable to energy investments Net New Cost at Value at Investments Write-up / Value at % of Cost % of Portfolio (in 000's) 12/31/14 9/30/14 (Realizations) (Writedown)…
Portfolio Review Energy exposure reduced from 74% at 9/30/14 to 64% as of 12/31/14(1) September 30, 2014 December 31, 2014 Financial Coal Services / Medical Services Financial CLOs Supplies 4% Services 4% 5% Coal Medical 5%…
Portfolio Review Portfolio value is derived from 13 active investments at 12/31/14 vs. 10 at 9/30/14(1) September 30, 2014 December 31, 2014 HEH Contour 3% Gramercy 3% Spirit Park 5% Contour 4% HEH Spirit 3% 1% 4% Kova Kova 5%…
Portfolio Review Portfolio Structures and Characteristics as of 12/31/14(1) Structure Fixed vs. Floating(2) Equity CLO Securities / Residual Royalties Interests 1% 4% Senior Secured Debt 6% Redeemable Floating Second Lien…
Q4 2014 Investment Portfolio Activity Investment portfolio value increased 5 MM during Q4 2014 200 MM 37.2 0.3 12.1 180 MM 171.0 20.2 176.2 171.0 7.41 160 MM 140 MM 120 MM 100 MM 80 MM 60 MM 40 MM 20 MM 0 MM 9/30/14…
Section 4 Dividend & Stock Repurchase Program Page 18
Investment Strategy & OHA Overview Experienced Credit Market Specialist Since 1991(1) Experience across below investment grade corporate credit market, performing and distressed MULTI-STRATEGY Corporate structured products (CLOs,…
Investment Strategy & OHA Overview OHA Approach To Private Lending Transactions OHA has invested 3.1 B in private lending investments since 2002(1) Opportunistic credit-driven approach leveraging depth / breadth of credit research…
Investment Strategy & OHA Overview New Investments Q4 2014 investments 10 MM Appriss Second Lien Term Loan 10 MM Citadel Second Lien Term Loan 10 MM EFS Second Lien Term Loan 7 MM Gramercy Park CLO Subordinated Notes OHA…
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