Earnings Call Excerpt
GSC Investment Corp (GNV)
F1Q09 Earnings Call
July 15, 2008 10:00 am ET
Executives
Richard T. Allorto - Chief Financial Officer
Thomas V. Inglesby - Chief Executive Officer
Analysts
Greg Mason - Stifel Nicolaus
Presentation
Operator
Welcome to the GSC Investment’s first quarter fiscal 2009 financial results conference call. (Operator Instructions) At this time for opening remarks I would like to turn the call over to the Chief Financial Officer, Rick Allorto.
Richard Allorto
I would like to welcome everyone to GSC Investment Corp.’s first quarter 2009 earnings call. Before we begin I will read a brief statement.
This conference call contains statements to the extent they are not resuscitations of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual outcomes and results could differ materially of those forecast due to the impact of many factors. We do not undertake to update our forward-looking statements unless required by law.
A replay of this conference call will be available from 1:00 pm today through Tuesday, July 29. Please refer to our earnings press release for details. The first quarter 2009 shareholder presentation is available in the Investor Relations section of our website, www.gscinvestmentcorp.com.
I would now like to turn the call over to Tom Inglesby, CEO of GSC Investment Corp.
Thomas Inglesby
I will begin with some brief remarks and then Rick will provide you with a detailed review of our first quarter 2009 financial results. We are pleased with our first quarter results. We are generally pleased with our portfolio and its position and believe our investment strategy will enable us to weather the current private cycle.
Since the inception of our company we have worked on diversifying our investment portfolio, while continuing to pay an attractive dividend. Based on the yesterday’s closing price we have an annualized dividend yield of 16%. At the end of the first quarter, our five largest corporate debt investments represented 26% of our investment portfolio, down from 40% a year ago; only one investment was greater than 5%.
Our largest cycle investment is the equity trench of a self managed CLO. Although it is 19% of our investment portfolio, this CLO equity trench is highly diversified, implied to over 145 underlying investments. The value of our investment portfolio on May 31 was $156.4 million. The decline in the size of our investment portfolio from the previous quarter was due in part to the repayment of our investment and strategic industry.
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