Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q3 2022 Earnings Presentation
12 slides from Carlyle Secured Lending's earnings presentation, Nov 9, 2022
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation September 30, 2022
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement This presentation (the “Presentation”) has been prepared by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” or the “Company”) (NASDAQ: CGBD) and may only be used for informational purposes only. This Presen
Slide 3: Q3 2022 Quarterly Results
Q3 2022 Quarterly Results • Net investment income was $0.58 per share(1), which included $0.14 of one-time income from restoring Direct Travel to accrual status • Continued improvement in watchlist names contributed to net realized / unrealized gains of $6.7 million, or $0.13 per share Third Quarter
Slide 4: Portfolio Highlights
Portfolio Highlights Total Investments and Commitments ($mm) $2,135 14% 18% Unfunded Commitments (1) ($mm) $186 Total Investments at Fair Value ($mm) $1,949 Yield of Debt Investments at Cost (2) (%) 10.12% Top 10 Investments Next 11-25 Investments Yield of Debt Investments at Fair Value (2) (%) 10.5
Slide 5: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Net Investment Income (1) $ 0.39 $ 0.40 $ 0.47 $ 0.40 $ 0.58 Net Realized & Unrealized Gains (Losses) 0.48 0.22 0.09 (0.33) 0.13 Net Income (Loss) (1) 0.87 0.62 0.56 0.07 0.71 D
Slide 6: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Originations and Net Investment Activity Investment Fundings $ 276,955 $ 236,010 $ 111,663 $ 199,106 $ 268,465 Unfunded Commitments, Net Change 6,582 (2,491) 57,398 (22,341) (
Slide 7: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Investment Income Interest income $ 33,039 $ 32,225 $ 34,028 $ 31,682 $ 37,499 Payment-In-Kind interest income 2,441 2,462 3,721 3,728 11,146 Income from Credit Funds 7,523
Slide 8: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Assets Investments—non-controlled/non-affiliated, at fair value $ 1,643,584 $ 1,607,731 $ 1,576,247 $ 1,593,901 $ 1,642,494 Investments—non-controlled/affiliated, at fair value
Slide 9: Overview of Investment Funds
Overview of Investment Funds Key Statistics - Credit Fund Portfolio Composition - Credit Fund Diversification by Borrower Industry Total Investments and Commitments ($mm) $937 Unfunded Commitments ($mm) $41 Total Investments at Fair Value ($mm) $896 Yield of Debt Investments (%) (1) 8.6% Number of I
Slide 10: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q3 2022 YTD Q3 2022 $1.45 $0.58 $0.13 $0.03 0.09 $(0.40) $17.16 $(1.20) $(0.10) $17.16 $16.81 $16.91 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 sha
Slide 11: Risk Rating Distribution
Risk Rating Distribution • As of September 30, 2022, two investments were on non-accrual status, representing 1.9% of total investments at fair value and 2.3% at amortized cost. Portfolio Risk Ratings (Dollar amounts in millions) June 30, 2022 September 30, 2022 Internal Risk Rating Fair Value % of
Slide 12: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Balance Sheet Financing Facilities Commitment Outstanding Maturity Date Pricing Credit Facility $688 $424 05/25/2027 SOFR + 1.88% 2015-1R Notes $449 $449 10/15/2031 L + 2.00%(1) 2019 Senior Notes $115 $115 12/31/2024 4.75% 2020 Senior Notes $75 $75
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