Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q1 2018 Earnings Presentation
15 slides from Carlyle Secured Lending's earnings presentation, May 4, 2018
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation Quarter Ended March 31, 2018
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: Summary of Quarterly Results
Summary of Quarterly Results Quarter Ended March 31, 2018 • New investment fundings1 for the quarter ended March 31, 2018 were $121 million and sales and repayments totaled $172 million • The investment portfolio of our joint venture, Middle Market Credit Fund, LLC (“Credit Fund”), increased to $1.1
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 Fund2 at March 31, 2018 of $2,802 million1 (Dollar amounts in thousands and based on par/principal) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 TCG BDC Originations and Net Investme
Slide 5: Investment Portfolio Overview
Investment Portfolio Overview – TCG BDC Total Fair Value of Investments of TCG BDC at March 31, 2018 of $1,913 million Fair Value of Investments1 $2,500 $1,964 $1,968 $2,000 $1,913 $1,719 $1,500 $1,423 $1,383 $1,393 ($, millions) $1,201 $1,145 $1,053 $976 $1,000 $913 $789 $699 $504 $500 $419 $318 $0
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 March 31, 2018 of $2,802 million1 Fair Value of Investments1 $3,500 $2,780 $2,802 $3,000 $2,599 $2,334 $2,500 $1,817 $2,000 $1,761 ($, millions) $1,618 $1,331 $1,500 $1,145 $1,053
Slide 7: Portfolio Summary and Credit Fund
Portfolio Summary – TCG BDC and Credit Fund As of March 31, 2018 Portfolio Characteristics Diversification by Borrower TCG BDC Credit Fund 79 Investments Total Investments and Commitments ($mm) $2,036 $1,182 41% Unfunded Commitments ($mm) $123 $92 32% Investments at Fair Value ($mm) $1,913 $1,090 Cr
Slide 8: Credit Quality of Investments
Credit Quality of Investments – TCG BDC • Fundamental credit quality at March 31, 2018 remains strong with 1 borrower on non-accrual status, representing less than 2% of total debt investments at fair value and amortized cost • Approximately 98% of investments in our debt investment portfolio contin
Slide 9: Financial Performance Summary
Financial Performance Summary – TCG BDC (Dollar amounts in thousands, except per share data) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Net Investment Income Per Share 0.46 0.47 0.41 0.43 0.40 Net Realized & Unrealized Appreciation (Depreciation) Per Share (0.07) (0.13) 0.00 0.01 (0.06) Net Income Per
Slide 10: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition – TCG BDC (Dollar amounts in thousands, except per share data) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Assets Investments at Fair Value (Non-Controlled/Non-Affiliated) 1,249,566 1,520,997 1,760,611 1,779,584 1,695,287 Investments at Fair Value (Non-Control
Slide 11: Quarterly Operating Results
Quarterly Operating Results – TCG BDC (Dollar amounts in thousands) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Interest Income 28,354 30,526 34,740 40,345 39,494 Payment-In-Kind Interest Income — — 778 279 213 Income From Credit Fund 3,209 4,172 5,812 6,260 6,881 Other Income 2,536 4,046 1,318 2,626 89
Slide 12: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge – TCG BDC Quarter Ended March 31, 2018 ($) 19.00 18.50 0.40 (0.37) 18.00 (0.06) 17.50 Axis Title 17.00 16.50 18.12 18.09 16.00 15.50 15.00 December 31, 2017 NAV Net Investment Income Total Dividend Declared Net Change in Realized and March 31, 2018 NAV Unrealized App
Slide 13: Senior Secured Credit Facilities & Unfunded Commitments
Senior Secured Credit Facilities & Unfunded Commitments Terms & Conditions Credit Facility1 Debt on Company’s Balance Sheet as of March 31, 2018 Size $413.0 million committed Tenor 5 years (4 year revolving); maturity date 3/21/2022 $1,200 $1,086 Pricing LIBOR + 225 bps / 37.5 bps unused fee $1,000
Slide 14: Liquidity and Investment Capacity
Liquidity and Investment Capacity – TCG BDC • Cash and Cash Equivalents – Cash and cash equivalents totaled $45.6 million as of March 31, 2018 • Credit Facilities - Availability – Credit Facility – As of March 31, 2018, subject to leverage and borrowing base restrictions, we had approximately $175.5
Slide 15: Common Stock and Dividend Information
Common Stock and Dividend Information – TCG BDC Common Stock Data (NASDAQ: CGBD) Quarter Ended High Low End of Period March 31, 2018 $18.62 $17.03 $17.90 December 31, 2017 $20.04 $17.04 $20.04 September 30, 2017 $18.89 $18.00 $18.82 June 30, 2017 (beginning June 14, 2017) $18.49 $18.01 $18.01 • On M