{
  "docId": "019de06f-d581-7780-94e9-df7e46f9c501",
  "docSlug": "a903d8e2fb821da9c4f39d80a4c91a21",
  "documentTitle": "Barclays | Investment Banking Pitch Book | 40 slides",
  "authorId": "barclays",
  "authorName": "Barclays",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 24,
  "pageCount": 40,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 10,
  "notes": "The chart highlights a significant valuation premium for internally managed BDCs compared to externally managed ones.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-d581-7780-94e9-df7e46f9c501/24",
  "deckHref": "/decks/019de06f-d581-7780-94e9-df7e46f9c501",
  "deckJsonHref": "/decks/019de06f-d581-7780-94e9-df7e46f9c501.json",
  "deckAnchorHref": "/decks/019de06f-d581-7780-94e9-df7e46f9c501#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.65,
        "w": 0.86,
        "x": 0.07,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Price / NAV comparison of BDCs",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64504275-39b4-4e46-b205-a79900a656f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.86,
        "x": 0.07,
        "y": 0.825
      },
      "kind": "disclaimer",
      "text": "Source: FactSet, SNL Financial, Relevant company filings. Note: Market data as of July 26, 2019. Note: Includes select BDCs with assets greater than $700mm. 1. Range used on page 18 in the valuation summary for Externally Managed BDCs. 2. Range used on page 18 in the valuation summary for Internally Managed BDCs. 3. On April 4, 2018, Triangle Capital Corp. announced the sale of its investment portfolio to Benefit Street Partners, LLC and that it would become externally managed by Barings LLC. Effective August 2, 2018, the company changed its name from Triangle Capital Corporation to Barings BDC.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b54d81e0-c4ff-4dd8-a32c-21bbebdc487e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.32,
        "x": 0.34,
        "y": 0.815
      },
      "kind": "legend",
      "text": "Externally Managed BDC; Internally Managed BDC",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f072141c-680d-4c9f-9d0b-23e6be1e9011",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.35,
        "x": 0.07,
        "y": 0.08
      },
      "kind": "title",
      "text": "Select Trading Comparables: BDCs",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1beef06b-f3cc-48b6-b5eb-42bb5baf983d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "af4b3901-e8a5-4ee2-b032-2672395bd7a0",
      "evidence": "Comparing peer group valuation metrics (Price/NAV) across two distinct segments (internally vs externally managed).",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 26,
      "from": 17,
      "beatId": "fd458c39-1469-4026-ba7b-7f67d3a9a055",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "Slides 17-26 present sensitivity analysis and pro forma analysis",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}