Slide 1: TCG BDC, Inc. Quarterly Earnings Presentation
TCG BDC, Inc. Quarterly Earnings Presentation MARCH 31, 2021
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 oriented BDC externally managed by The Carlyle Group (1) TCG BDC • Current market capitalization of $754 million (2) (NASDAQ listed; ticker: CGBD) • Consistent track record of delivering sustainable income to shareholders, with OVERVIEW earnings well in exc
Slide 4: Q1 2021 Quarterly Results
Q1 2021 Quarterly Results • Net investment income was $0.36 per common share, net of the preferred dividend, comfortably covering the regular quarterly dividend of $0.32 First • Tightening market yields and continued improvement in credit performance resulted Quarter in net realized/unrealized gains
Slide 5: Portfolio Highlights
Portfolio Highlights Total Investments and Commitments ($mm) $1,991 15% Unfunded Commitments (1) ($mm) $149 19% Total Investments at Fair Value ($mm) $1,842 Yield of Debt Investments at Cost (2) (%) 7.63% Top 10 Investments Next 11-25 Investments Yield of Debt Investments at Fair Value (2) (%) 7.99%
Slide 6: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Key Metrics per Common Share Net Investment Income (1) $ 0.42 $ 0.38 $ 0.36 $ 0.38 $ 0.36 Net Realized & Unrealized Gains (Losses) (2.57) 0.61 0.22 0.28 0.29 Net Income (Loss) (
Slide 7: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Originations and Net Investment Activity Investment Fundings $ 328,119 $ 63,080 $ 60,826 $ 256,675 $ 151,422 Unfunded Commitments, Net Change (45,902) 13,630 7,706 24,184 (356
Slide 8: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Investment Income Interest income $ 41,009 $ 35,026 $ 33,114 $ 32,242 $ 29,725 Payment-In-Kind interest income 643 1,202 1,810 1,821 2,125 Income from Credit Funds 6,549 5,500 5,750 6,478 7,528 O
Slide 9: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Assets Investments—non-controlled/non-affiliated, at fair value $ 1,826,422 $ 1,692,073 $ 1,737,044 $ 1,509,271 $ 1,528,400 Investments—non-controlled/affiliated, at fair value
Slide 10: Investment Funds Update (15% of TCG BDC Portfolio)
Investment Funds Update (15% of TCG BDC Portfolio) Key Statistics - Credit Fund Portfolio Composition - Credit Fund Diversification by Borrower Industry Total Investments and Commitments ($mm) $1,061 Unfunded Commitments ($mm) $77 Total Investments at Fair Value ($mm) $983 Yield of Debt Investments
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q1 2021 LTM Q1 2021 $0.36 $0.29 $0.03 1.48 0.11 1.40 $15.70 $15.70 $15.39 $(0.37) $14.18 (1.47) March 31, Net Dividend Net Realized Impact of March 31, December 31, Net Dividend Net Realized Impact of March 31, 2020 NAV Investment Declared and Share 2021 NAV 2020 NAV
Slide 12: Risk Rating Distribution
Risk Rating Distribution • As of March 31, 2021, 4 borrowers were on non-accrual status, representing 3.3% of total investments at fair value and 5.4% at amortized cost. Portfolio Risk Ratings (Dollar amounts in millions) September 30, 2020 December 31, 2020 March 31, 2021 Internal Risk Rating Fair
Slide 13: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Financing Facilities (1) % of Committed Balance Sheet Leverage Utilized Original Tenor / Size Maturity Date Pricing 5 years (4 year revolving); L+2.25% / Credit Facility (2) $688 million maturity date 10/28/25 37.5 bps unused fee 2015-1R Notes (2)