Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q3 2020 Earnings Presentation
14 slides from Carlyle Secured Lending's earnings presentation, Nov 4, 2020
Slide 1: TCG BDC, Inc. Reports Third Quarter 2020 Financial Results
TCG BDC, INC. REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS NOVEMBER 4, 2020 EXHIBIT 99.2
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements 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 shou
Slide 3: TCG BDC Highlights
TCG BDC Highlights • Middle-market lending focused BDC externally managed by Carlyle (1) TCG BDC • Current market capitalization of $478 million(2) (NASDAQ listed; ticker: CGBD) Overview • Track record of consistent dividend delivery to shareholders – LTM dividend yield on quarter-end net asset valu
Slide 4: Stock and Dividend Information
Stock and Dividend Information CGBD $478 Million Nasdaq Ticker Market Cap (2) Exchange $1.9 billion 146 69% 11.1% $86 Million Current Portfolio Size Unique Investments 1st Lien Debt (3) LTM Dividend Yield Inception-to-date Share Repurchases Historical Dividend Data 12.3% 11.2% 11.1% 10.6% 10.5% 10.1
Slide 5: Q3 2020 Quarterly Results
Q3 2020 Quarterly Results • Net investment income per common share, net of the preferred dividend, was $0.36, comfortably covering the regular dividend of $0.32 3rd Quarter • There were no additional investments put on non-accrual status during the quarter, while risk rated 3-5 assets declined by ap
Slide 6: TCG BDC Portfolio Highlights
TCG BDC Portfolio Highlights Key Statistics (1) Diversification by Borrower Total Investments and Commitments ($mm) $2,073 10% (1) 20% Unfunded Commitments ($mm) $125 Investments at Fair Value ($mm) $1,948 Top 10 Investments Yield of Debt Investments at Cost (2) (%) 7.44% Next 11-25 Investments Yiel
Slide 7: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Net Asset Value Per Common Share Net Investment Income Per Common Share (1) $0.45 $0.43 $0.42 $0.38 $0.36 Net Realized & Unrealized Gain (Loss) Per Common Share (0.60) 0.02 (2.5
Slide 8: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 TCG BDC Originations and Net Investment Activity Investment Fundings $ 237,004 $ 289,763 $ 328,119 $ 63,080 $ 60,826 Unfunded Commitments, Net Change 719 (23,963) (45,902) 13,
Slide 9: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Investment Income Interest Income $45,168 $44,248 $41,009 $35,026 $33,114 Payment-In-Kind Interest Income 2,396 910 643 1,202 1,810 Income From Credit Fund 6,459 7,028 6,549 5,500 5,750 Other Inc
Slide 10: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Assets Investments—non-controlled/non-affiliated, at fair value $1,893,216 $1,897,057 $1,826,422 $1,692,073 $1,737,044 Investments—non-controlled/affiliated, at fair value 6,60
Slide 11: Credit Fund Update (10% of TCG BDC Portfolio)
Credit Fund Update (10% of TCG BDC Portfolio) Credit Fund Key Statistics Portfolio Composition Diversification by Borrower Diversification by Industry Total Investments and Commitments ($mm) $1,376 Unfunded Commitments ($mm) $85 Investments at Fair Value ($mm) $1,291 Yield of Debt Investments (%) (1
Slide 12: Net Asset Value Per Common Share Bridge
Net Asset Value Per Common Share Bridge Third Quarter 2020 YTD 3Q 2020 $1.16 $0.36 $0.22 $15.01 $16.56 $(1.11) $14.80 $(0.37) $0.14 $15.01 $(1.74) June 30, 2020 Net Investment Dividend Net Realized and September 30, December 31, Net Dividend Net Realized Impact of September NAV Income Declared Unrea
Slide 13: Risk Rating Distribution
Risk Rating Distribution • As of September 30, 2020, 5 borrowers were on non-accrual status, representing 3.5% of total investments at fair value and 5.9% at amortized cost Portfolio Risk Ratings (Dollar amounts in millions) June 30, 2020 September 30, 2020 Internal Risk Rating Fair Value % of Fair
Slide 14: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Financing Facilities (1) Debt on Company’s Balance Sheet (in millions) Credit SPV Credit 2015-1R Senior Unsecured Facility (2) Facility (2) Notes (2) (6) Notes $2,000 $1,600 $1,527 Size $688 million $275 million $449 million $115 million $1,200 $1,