Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q2 2018 Earnings Presentation
15 slides from Carlyle Secured Lending's earnings presentation, Aug 7, 2018
Slide 1: TCG BDC Quarterly Earnings Presentation, Quarter Ended June 30, 2018
TCG | BDC CARLYLE GLOBAL CREDIT Quarterly Earnings Presentation Quarter Ended June 30, 2018 THE CARLYLE GRouP GLOBAL ALTERNATIVE ASSET MANAGEMENT
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement ‘This presentation (the "Presentation") has been prepared by TCG BDC, Inc. together with its consolidated subsidiaries, “we,"“us,"“our," "TCG BDC" orthe "Company") (NASDAQ: CGBD) and may only be used for informational purposes only. This resentation should be
Slide 3: Summary of Quarterly Results
Summary of Quarterly Results Quarter Ended June 30, 2018 New investment fundings' for the quarter ended June 30, 2018 were $284 million and sales and repayments totaled $233 million The investment portfolio of our joint venture, Middle Market Credit Fund, LLC ("Credit Fund’), increased to $1.14 bill
Slide 4: Portfolio Highlights - New Originations and Credit Fund
Portfolio Highlights —- New Originations — TCG BDC and Credit Fund Combined Fair Value of Investments of TCG BDC and Credit Fund? at June 30, 2018 of $2,875 million! don parfprincipal) Q2 2017 Q3 2017 Q4 2017 12018 Q2 2018 TCG BDC Originations and Net Investment Activity Investment Fundings 614,154
Slide 5: Investment Portfolio Overview
Investment Portfolio Overview — TCG BDC Total Fair Value of Investments of TCG BDC at June 30, 2018 of $1,947 million Fair Value of Investments! $2,500 cow $1,964 $1,968 ¢, 4,5 $1,947 sig $1,500 $1,383 $1423 $1,393 a a Bo | $1,000 $913 = so $629 $500 $419 $318 1 Q114 Q2'14 O3'14 O44 QI15 Q215 O35 Q4
Slide 6: Investment Portfolio Overview and Credit Fund
Investment Portfolio Overview — TCG BDC and Credit Fund Combined Fair Value of Investments of TCG BDC and Credit Fund at June 30, 2018 of $2,875 million! Fair Value of Investments! $3,500 $2,875 $2,780 $2,802 $3,000 $2,599 $2,334 2500 sia $2,000 $1,761 sie $1300 sian sus $1,053“ as sorg $976 SF , a
Slide 7: Portfolio Summary and Credit Fund
Portfolio Summary -— TCG BDC and Credit Fund As of June 30, 2018 Portfolio Characteristics TCG BDC Credit Fund Diversification by Borrower Total Investments and Commitments (Smm) $2,112 $1,260 Unfunded Commitments (Smm) $165 $124 Investments at Fair Value (Smm) $1947 $1,136 Yield of Debt Investments
Slide 8: Credit Quality of Investments
Credit Quality of Investments— TCG BDC + Fundamental credit quality at June 30, 2018 remains strong with 3 borrowers on non-accrual status, representing less than 1.7% of total debt investments at fair value and 3.2% at amortized cost Approximately 97% of investments in our debt investment portfolio
Slide 9: Financial Performance Summary
Financial Performance Summary — TCG BDC (Dollar amounts in thousands, except per share dato) Q22017 032017 420172018 a2. 2018 Net investment Income Per Share 0.47 041 0.43 0.40 0.45 Net Realized & Unrealized Appreciation (Depreciation) Per Share (0.13) 0.00 0.01 (0.06) (0.24) Net income Per Share 0.
Slide 10: Quarterly Statements of Financial Condition - TCG BDC
Quarterly Statements of Financial Condition - TCG BDC Dollar amounts in thousands, except per share Q22017 = Q32017 42017 Q12018 2.2018 Assets Investments at Fair Value (Non-Controlled/Non- Affiliated) 1,520,997 1,760,611 4,779,584 1,695,287 1,722,393 Investments at Fair Value (Non-Controlled/Affili
Slide 11: Quarterly Operating Results - TCG BDC
Quarterly Operating Results - TCG BDC (Dollar amounts in thousands) Q2 2017 Q3 2017 42017 12018 Q2 2018 Interest Income 30,526 34,740 40,345 39,494 41,948 Payment-in-Kind Interest income = 778 279 213 216 Income From Credit Fund 472 5812 6.260 6881 6,698 Other income 4,046 1318 2,626 895 3,590 Total
Slide 12: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge — TCG BDC Quarter Ended June 30, 2018 ($) ws (0.24) (Depreciation) R Tue Cari
Slide 13: Senior Secured Credit Facilities & Unfunded Commitments
Senior Secured Credit Facilities & Unfunded Commitments Terms & Conditions Credit Facility! Size $413.0million committed Tenor 5 years (4year revolving maturity date3/21/2022 Pricing UBOR + 225 bps /37.5bps unusedtee SPV Credit Facility’ Size {$400.0 milion committed Tenor 5 years (Bears revolving);
Slide 14: Liquidity and Investment Capacity
Liquidity and Investment Capacity — TCG BDC * Cash and Cash Equivalents - Cash and cash equivalents totaled $27.9 million as of June 30, 2018 + Credit Facilities - Availability - Credit Facility— As of June 30, 2018, subject to leverage and borrowing base restrictions, we had approximately $83.5 mil
Slide 15: Common Stock and Dividend Information
Common Stock and Dividend Information — TCG BDC Common Stock Data (NASDAQ: CGBD) Quarter Ended High June 30, 2018 $18.34 March 31, 2018 $18.62 December 31, 2017 $20.04 September 30, 2017 $18.89 June 30, 2017 (beginning June 14, 2017) $18.49 Low $17.02 $17.03 $17.04 $18.00 $18.01 End of Period $17.02