Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q2 2022 Earnings Presentation
12 slides from Carlyle Secured Lending's earnings presentation, Aug 10, 2022
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation June 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: Q2 2022 Quarterly Results
Q2 2022 Quarterly Results • Net investment income was $0.40 per share(1), exceeding our guidance and in line with our prior quarter core earnings Second • NAV per share was $16.81 per share at 2Q22 down 1.8% as compared to the prior quarter while remaining 1.5% higher than our 4Q19 NAV of $16.56 Qua
Slide 4: Portfolio Highlights
Portfolio Highlights Total Investments and Commitments ($mm) $2,105 14% 20% Unfunded Commitments (1) ($mm) $216 Total Investments at Fair Value ($mm) $1,889 Yield of Debt Investments at Cost (2) (%) 8.37% Top 10 Investments Next 11-25 Investments Yield of Debt Investments at Fair Value (2) (%) 8.71%
Slide 5: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Net Investment Income (1) $ 0.38 $ 0.39 $ 0.40 $ 0.47 $ 0.40 Net Realized & Unrealized Gains (Losses) 0.39 0.48 0.22 0.09 (0.33) Net Income (Loss) (1) 0.77 0.87 0.62 0.56 0.07 D
Slide 6: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Originations and Net Investment Activity Investment Fundings $ 215,426 $ 276,955 $ 236,010 $ 111,663 $ 199,106 Unfunded Commitments, Net Change 27,255 6,582 (2,491) 57,398 (22
Slide 7: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Investment Income Interest income $ 30,443 $ 33,039 $ 32,225 $ 34,028 $ 31,682 Payment-In-Kind interest income 2,318 2,441 2,462 3,721 3,728 Income from Credit Funds 7,488
Slide 8: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Assets Investments—non-controlled/non-affiliated, at fair value $ 1,579,256 $ 1,643,584 $ 1,607,731 $ 1,576,247 $ 1,593,901 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) $958 Unfunded Commitments ($mm) $46 Total Investments at Fair Value ($mm) $912 Yield of Debt Investments (%) (1) 7.1% Number of I
Slide 10: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q2 2022 YTD Q2 2022 $0.87 $0.40 $0.03 0.06 $17.11 $(0.40) $(0.80) $(0.33) $16.81 $16.91 $16.81 $(0.23) 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 s
Slide 11: Risk Rating Distribution
Risk Rating Distribution • As of June 30, 2022, three borrowers were on non-accrual status, representing 4.0% of total investments at fair value and 4.4% at amortized cost. Portfolio Risk Ratings (Dollar amounts in millions) March 31, 2022 June 30, 2022 Internal Risk Rating Fair Value % of Fair Valu
Slide 12: Funding and Capital Management Overview
Funding and Capital Management Overview • As of June 30, 2022, total debt outstanding was $1,080 with a weighted average effective interest rate of 3.32% for the second quarter. This compared to total debt outstanding of $996 and a weighted average effective interest rate of 2.88% in the prior quart
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