Overview New Investment Advisor: Oak Hill Advisors (OHA) Extensive strategic review process concluded on September 30, 2014 New investment advisory contract approved by stockholders Appoints OHA as Investment Advisor and…
Overview Q3 Loss driven by Strategic Review Costs and Contour Write-down Investment income of 5.6 MM, or 0.27 per share Strategic review costs of (5.4) MM, or (0.26) per share Other operating expenses of (3.0) MM, or (0.15) per…
Section 2 Financial Results Page 6
Financial Results Statement of Operations (in 000s) Q3 2014 Q2 2014 Q3 2013 Investment income 5,573 5,513 5,966 Costs related to strategic alternatives review 5,352 207 -- Management fees 1,254 1,306 1,405 Other G&A 1,333 1,957…
Financial Results Realized & Unrealized Gains (Losses) (in 000s) Q3 2014 YTD 9/14 Realized capital gains (losses): Crossroads Energy Development 962 962 Midstates Petroleum -- 697 GMX Resources -- (9,382) Other realized gains…
Financial Results Net Asset Value Rollforward YTD September 2014 (in 000s) Per share Net asset value at 12/31/13 188,552 9.20 Costs related to strategic alternatives review (6,017) (0.29) Spirit Resources reduction in value (6,381)…
Section 3 Portfolio Review Page 10
Portfolio Review Fair Value of 171 MM; Current Yield of 10.4% at Cost and 11.3% at Fair Value Sector(1) Structure(1) Coal Equity Medical Services Subordinated Kickers(2) Supplies 4% Debt - Publicly 1% Mfg. / Dist. Traded 5% 7%…
Portfolio Review Fair Value of 171 MM; Current Yield of 10.4% at Cost and 11.3% at Fair Value Investments(1) Year Investment Initiated(1) HEH 3% Spirit 2011 5% Contour 5% 2008 2010 3% 4% 4% Kova 5% Castex 2005 32%…
Portfolio Review Portfolio Commentary Credit Ratings Average rating of portfolio quality 3.7 at quarter end Specific Investments Contour Senior term loan marked down from 10.8 MM to 7.5 MM Equity value marked down from 0.6 MM to…
Portfolio Review Dividend Commentary Net investment income 3Q YTD of 0.03 per share; dividends paid of 0.48 per share 2014 dividends will include ordinary income and return of capital Investment income, excluding strategic review…
Investment Strategy & OHA Overview OHA Approach To Direct Lending Transactions OHA has invested 3.1 billion in private lending investments since 2002(1) Opportunistic credit-driven approach versus broad origination model Leverage…
Investment Strategy & OHA Overview Experienced Fixed Income Credit Market Specialist Since 1991(1) SCALE MARKET 24.5 billion of capital(2) PARTICIPANT 20+ year history assessing relative value across asset classes and capital…
Investment Strategy & OHA Overview Experienced Fixed Income Credit Market Specialist Since 1991(1) Long-term track records across all asset classes Consistency of records across business underscores consistency of approach…
Investment Strategy & OHA Overview Multi-Strategy Platform with Scale in Each Strategy Leveraged Loans High Yield Bonds 9.4 B 6.3 B Global European OHA Multi-Strategy Platform Distressed Distressed 1.4 B 24.5 B of Capital(1)…
Investment Strategy & OHA Overview Closing Remarks Resources of a 25 B multi-strategy credit manager Well-positioned to maximize value of current portfolio Focused on integrity in valuations Broad origination capabilities…
Loading...
