Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q4 2019 Earnings Presentation
14 slides from Carlyle Secured Lending's earnings presentation, Feb 26, 2020
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation December 31, 2019
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” or the “Company”) (NASDAQ: CGBD) and may only be used for informational purposes only. This Presentation shoul
Slide 3: TCG BDC Highlights
TCG BDC Highlights • Middle-market lending focused BDC externally managed by The Carlyle Group (1) TCG BDC • Current market capitalization of $760 million (2) (NASDAQ listed; ticker: CGBD) Overview • Track record of consistent dividend delivery to shareholders – LTM dividend yield on quarter-end net
Slide 4: Stock and Dividend Information
Stock and Dividend Information CGBD $760 Million Nasdaq Ticker Market Cap (2) Exchange $2.1 billion 136 70% 10.5% $78 Million Current Portfolio Size Unique Investments 1st Lien Debt (3) LTM Dividend Yield Inception-to-date Share Repurchases Historical Dividend Data Note: Historical dividend data for
Slide 5: Q4 2019 Quarterly Results
Q4 2019 Quarterly Results • Net investment income per share was $0.43, and has exceeded the regular $0.37 quarterly dividend each quarter since TCG BDC's IPO 4th Quarter • Stable credit performance with net realized/unrealized gains of $1.5 million, or approximately $0.02 Results per share • NAV ess
Slide 6: Portfolio Highlights
Portfolio Highlights Key Statistics (1) Portfolio Composition (1) Diversification by Borrower Total Investments and Commitments ($mm) $2,274 Unfunded Commitments (1) ($mm) $150 Investments at Fair Value ($mm) $2,124 Yield of Debt Investments at Cost (2) (%) 8.22% Yield of Debt Investments at Fair Va
Slide 7: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Net Investment Income Per Share $ 0.47 $ 0.45 $ 0.46 $0.45 $0.43 Net Realized & Unrealized Appreciation (Depreciation) Per Share (0.49) 0.09 (0.29) (0.60) 0.02 Net Income (Loss)
Slide 8: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 TCG BDC Originations and Net Investment Activity Investment Fundings $ 328,112 $ 249,713 $ 231,361 $ 237,004 $ 289,763 Unfunded Commitments, Net Change (28,104) (6,772) 24,789
Slide 9: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands) Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Investment Income Interest Income $44,545 $44,471 $45,468 $45,168 44,248 Payment-In-Kind Interest Income 1,332 1,150 2,140 2,396 910 Income From Credit Fund 7,710 7,538 6,993 6,459 7,028 Other In
Slide 10: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Assets Investments—non-controlled/non-affiliated, at fair value $1,731,319 $1,899,537 $1,840,979 $1,893,216 $1,897,057 Investments—non-controlled/affiliated, at fair value 18,5
Slide 11: Credit Fund Update (10% of TCG BDC Portfolio)
Credit Fund Update (10% of TCG BDC Portfolio) Credit Fund Key Statistics Portfolio Composition Diversification by Industry Total Investments and Commitments ($mm) $1,340 Borrower Unfunded Commitments ($mm) $93 Investments at Fair Value ($mm) $1,247 Yield of Debt Investments (%) (1) 6.51% Number of I
Slide 12: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Fourth Quarter 2019 Full Year 2019 Note: The net asset value per share and dividends declared per share are based on the shares outstanding at each respective quarter-end. Net investment income per share and net change in realized and unrealized appreciation (depreci
Slide 13: Risk Rating Distribution
Risk Rating Distribution • As of December 31, 2019, 4 borrowers were on non-accrual status, representing 2.5% of total investments at fair value and 4.6% at amortized cost Portfolio Risk Ratings (Dollar amounts in millions) June 30, 2019 September 30, 2019 December 31, 2019 Internal Risk Rating Fair
Slide 14: Funding and Liability Management Overview
Funding and Liability Management Overview Overview of Financing Facilities Debt on Company’s Balance Sheet (dollar amounts in thousands) Senior Credit SPV Credit 2015-1R Unsecured Facility (1) Facility (1) Notes (1) (5) Notes Size $688 million $275 million $449 million $115 million 5 years (4 year 5