Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q4 2023 Earnings Presentation
13 slides from Carlyle Secured Lending's earnings presentation, Feb 27, 2024
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 2023
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: Q4 2023 Quarterly Highlights
Q4 2023 Quarterly Highlights • Net investment income per share was $0.56 per common share, up $0.04 compared to our 3Q23 Fourth • earnings and represents an all-time record high for core earnings NAV per share was $16.99, up 0.8% compared to our 3Q23 NAV of $16.86 per share Quarter • The change in N
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 SUMMARY INCOME STATEMENT Total investment income $ 56,036 $ 58,375 $ 60,065 $ 60,501 $ 62,685 $ 241,626 Total expenses (1) (31,411) (32,680) (33,765) (34,265) (34,4
Slide 5: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 (1) NEW INVESTMENT FUNDINGS BY ASSET TYPE First lien debt $ 126,400 $ 53,164 $ 44,511 $ 56,025 $ 75,004 Second lien debt 318 325 4,825 613 578 Equity (2) 1,868 2,361 1,630 2,166 1,349 T
Slide 6: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $1,842 Floating Rate Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 12.7% 99% 95% Number of investments 173 Number of portfolio companies 128 Company EBITDA(4) Sponsored Average exposur
Slide 7: Overview of Investment Funds
Overview of Investment Funds Key Statistics - Credit Fund Key Statistics - Credit Fund II CSL Investment at cost ($mm) $193 CSL Investment at cost ($mm) $78 CSL ownership 50.0 % CSL ownership 84.1 % Yield of debt investments at cost (1) 11.2 % Yield of debt investments at cost (1) 12.0 % Leverage 1.
Slide 8: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Balance Sheet Financing Facilities Commitment Outstanding Maturity Date Pricing(1) Credit facility $790 $260 8/31/2028(2) SOFR + 1.88% 2015-1R notes $449 $449 10/15/2031 SOFR + 2.00%(3)(4) 2024 senior notes $190 $190 12/31/2024 4.66% 2028 senior no
Slide 9: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q4 2023 Full Year 2023 $2.10 $0.56 $0.01 $— $0.01 $(1.76) $16.86 $(0.44) $16.99 $16.99 $(0.35) $16.99 September Net Dividend Net Realized Impact of December 31, December 31, Net Dividend Net Realized Impact of December 31, 30, 2023 Investment Declared and Share 2023
Slide 10: Risk Rating Distribution
Risk Rating Distribution • As of December 31, 2023, three borrowers were on non-accrual status, representing 2.1% of total investments at fair value and 3.2% at amortized cost. PORTFOLIO RISK RATINGS (Dollar amounts in millions) September 30, 2023 December 31, 2023 Internal Risk Rating Fair Value %
Slide 11: Appendix
CARLYLE Appendix
Slide 12: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,671,488 $ 1,661,414 $ 1,588,732 $ 1,556,390 $ 1,539,120 Investments—non-controlled/affiliated, at fair value
Slide 13: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 INVESTMENT INCOME Interest income(1) 47,021 49,136 50,870 51,457 52,056 203,519 Dividend income from credit funds 8,276 8,276 8,276 8,276 8,276 33,104 Other income 7
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