Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q1 2022 Earnings Presentation
13 slides from Carlyle Secured Lending's earnings presentation, May 4, 2022
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation March 31, 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: CSL Highlights
CSL Highlights • Middle-market lending oriented BDC externally managed by The Carlyle Group (1) CSL • Current market capitalization of $727 million(2) (NASDAQ listed; ticker: CGBD) • Consistent track record of delivering sustainable income to shareholders, with OVERVIEW earnings well in excess of ba
Slide 4: Q1 2022 Quarterly Results
Q1 2022 Quarterly Results • Net investment income was $0.47 per common share, again comfortably exceeding the quarterly base dividend of $0.32 First • Continued improvement in watchlist names contributed to net realized/unrealized gains of $5 million, or $0.09 per share. Total proceeds from successf
Slide 5: Portfolio Highlights
Portfolio Highlights Total Investments and Commitments ($mm) $2,111 14% 20% Unfunded Commitments (1) ($mm) $238 Total Investments at Fair Value ($mm) $1,873 Yield of Debt Investments at Cost (2) (%) 7.72% Top 10 Investments Next 11-25 Investments Yield of Debt Investments at Fair Value (2) (%) 7.96%
Slide 6: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Net Investment Income (1) $ 0.36 $ 0.38 $ 0.39 $ 0.40 $ 0.47 Net Realized & Unrealized Gains (Losses) 0.29 0.39 0.48 0.22 0.09 Net Income (Loss) 0.65 0.77 0.87 0.62 0.56 Dividen
Slide 7: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Originations and Net Investment Activity Investment Fundings $ 151,422 $ 215,426 $ 276,955 $ 236,010 $ 111,663 Unfunded Commitments, Net Change (356) 27,255 6,582 (2,491) 57,3
Slide 8: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Investment Income Interest income $ 29,725 $ 30,443 $ 33,039 $ 32,225 $ 34,028 Payment-In-Kind interest income 2,125 2,318 2,441 2,462 3,721 Income from Credit Funds 7,528
Slide 9: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Assets Investments—non-controlled/non-affiliated, at fair value $ 1,528,400 $ 1,579,256 $ 1,643,584 $ 1,607,731 $ 1,576,247 Investments—non-controlled/affiliated, at fair value
Slide 10: Investment Funds Update (14% of CSL Portfolio)
Investment Funds Update (14% of CSL Portfolio) Key Statistics - Credit Fund Portfolio Composition - Credit Fund Diversification by Borrower Industry Total Investments and Commitments ($mm) $973 Unfunded Commitments ($mm) $75 Total Investments at Fair Value ($mm) $898 Yield of Debt Investments (%) (1
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q1 2022 LTM Q1 2022 December 31, Net Dividend Net Realized Impact of March 31, March 31, 2021 Net Dividend Net Realized Impact of March 31, 2021 NAV Investment Declared and Share 2022 NAV NAV Investment Declared and Share 2022 NAV Income Unrealized Repurchases Income
Slide 12: Risk Rating Distribution
Risk Rating Distribution • As of March 31, 2022, three borrowers were on non-accrual status, representing 3.7% of total investments at fair value and 4.6% at amortized cost. Portfolio Risk Ratings (Dollar amounts in millions) September 30, 2021 December 31, 2021 March 31, 2022 Internal Risk Rating F
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)
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