Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q2 2023 Earnings Presentation
13 slides from Carlyle Secured Lending's earnings presentation, Aug 9, 2023
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation June 30, 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: Q2 2023 Quarterly Highlights
Q2 2023 Quarterly Highlights • Net investment income per share was $0.52 per common share, up $0.02 compared to our 1Q23 Second • core earnings due primarily to the continued rise in benchmark interest rates NAV per share was $16.73, down 2.1% compared to our 1Q23 NAV of $17.09 per share Quarter • T
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 SUMMARY INCOME STATEMENT Total investment income $ 44,568 $ 59,143 $ 56,036 $ 58,375 $ 60,065 Total expenses (1) (23,573) (28,865) (31,411) (32,680) (33,765) Net Investment
Slide 5: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 (1) NEW INVESTMENT FUNDINGS BY ASSET TYPE First lien debt $ 198,625 $ 267,262 $ 126,400 $ 53,164 $ 44,511 Second lien debt 430 285 318 325 4,825 Equity (2) 1,287 14,623 1,868 2,361 1,63
Slide 6: Portfolio Highlights
Portfolio Highlights Total invested commitments on debt ($mm)(1) $1,908 Floating Rate Senior Secured Exposure(3) Total unfunded commitments on debt ($mm) $150 99% 94% Total investments at fair value ($mm) $1,896 Weighted Average Yield on Debt and Income 12.6% Producing Investments at Amortized Cost(
Slide 7: Overview of Investment Funds
Overview of Investment Funds • Weighted average annualized dividend yield from Investment Funds was 12.2% for the quarter Key Statistics - Credit Fund Key Statistics - Credit Fund II CSL Investment at cost ($mm) $193 CSL Investment at cost ($mm) $78 CSL ownership 50.0 % CSL ownership 84.1 % Yield of
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 $745 $400 05/25/2027 SOFR + 1.88% 2015-1R notes $449 $449 10/15/2031 SOFR + 2.00%(2)(3) 2019 senior notes $115 $115 12/31/2024 4.75% 2020 senior note
Slide 9: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q2 2023 YTD Q2 2023 $1.02 $0.52 $17.09 $(0.44) $16.99 $(0.88) $(0.44) $16.73 $(0.40) $16.73 March 31, 2023 Net Investment Dividend Net Realized and June 30, 2023 December 31, Net Investment Dividend Net Realized and June 30, 2023 NAV Income Declared Unrealized Gain N
Slide 10: Risk Rating Distribution
Risk Rating Distribution • As of June 30, 2023, three borrowers were on non-accrual status, representing 1.8% of total investments at fair value and 3.2% at amortized cost. (Dollar amounts in millions) March 31, 2023 June 30, 2023 Internal Risk Rating Fair Value % of Fair Value Fair Value % of Fair
Slide 11: Appendix
CARLYLE Appendix
Slide 12: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,593,901 $ 1,642,494 $ 1,671,488 $ 1,661,414 $ 1,588,732 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) Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 INVESTMENT INCOME Interest income(1) 35,410 48,645 47,021 49,136 50,870 Income from credit funds 7,524 7,524 8,276 8,276 8,276 Other income 1,634 2,974 739 963 919 Total Inv
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