Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q2 2024 Earnings Presentation
18 slides from Carlyle Secured Lending's earnings presentation, Aug 5, 2024
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation June 30, 2024
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,” “CGBD” or the “Company”) (NASDAQ: CGBD) and may only be used for informational purposes only. This Prese
Slide 3: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement Information throughout the Presentation provided by sources other than the Company (including information relating to portfolio companies) has not been independently verified and, accordingly, the Company makes no representation or warranty in respect of this
Slide 4: Q2 2024 Quarterly Highlights
Q2 2024 Quarterly Highlights • Net investment income per share was $0.51 per common share, representing 128% of our base dividend of $0.40 per share Second • NAV per share was $16.95, down 0.7% compared to our 1Q24 NAV of $17.07 per share Quarter • The change in NAV in 2Q24 was primarily driven by n
Slide 5: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 SUMMARY INCOME STATEMENT Total investment income $ 60,065 $ 60,501 $ 62,685 $ 62,007 $ 58,264 Total expenses (1) (33,765) (34,265) (34,445) (34,433) (32,266) Net Investment
Slide 6: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 (1) NEW INVESTMENT FUNDINGS BY ASSET TYPE First lien debt $ 44,511 $ 56,025 $ 75,004 $ 71,581 $ 77,431 Second lien debt 4,825 613 578 406 5,915 Equity (2) 1,630 2,166 1,349 22,892 1,445
Slide 7: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $1,726 Floating Rate Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 12.7% 99.6% 94% Number of investments 180 Number of portfolio companies 126 Company EBITDA(4) Sponsored Average expos
Slide 8: Overview of Investment Funds
Overview of Investment Funds Key Statistics - Credit Fund Key Statistics - Credit Fund II CGBD Investment at cost ($mm) $193 CGBD Investment at cost ($mm) $78 CGBD ownership 50.0 % CGBD ownership 84.1 % Yield of debt investments at cost (1) 11.2 % Yield of debt investments at cost (1) 11.7 % Leverag
Slide 9: 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 $236 8/31/2028(2) SOFR + 1.88% 2015-1N debt(3)(4) $380 $380 7/1/2036 SOFR + 1.94% 2024 senior notes $190 $190 12/31/2024 4.66% 2028 senior notes
Slide 10: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q2 2024 YTD Q2 2024 $1.05 $0.51 $17.07 $(0.47) $(0.16) $16.99 $(0.95) $16.95 $(0.14) $16.95 March 31, 2024 Net Investment Dividend Net Realized June 30, 2024 December 31, Net Investment Dividend Net Realized June 30, 2024 NAV Income Declared and NAV 2023 NAV Income D
Slide 11: Risk Rating Distribution
Risk Rating Distribution • As of June 30, 2024, three borrowers were on non-accrual status, representing 1.8% of total investments at fair value and 2.8% at amortized cost. PORTFOLIO RISK RATINGS (Dollar amounts in millions) March 31, 2024 June 30, 2024 Internal Risk Rating Fair Value % of Fair Valu
Slide 12: Stock and Dividend Information
Stock and Dividend Information Annualized Base Dividend ITD Ticker Exchange Market Cap(1) Dividend Yield Coverage Repurchases CGBD NASDAQ $891M 11.1% 128% $158M Historical Dividend Data HISTORICAL DIVIDEND DATA 171% 151% 147% 141% 141% 133% 135% 135% 125% 125% 128% 122% 119% 119% 122% 116% 114% 113%
Slide 13: Appendix
CARLYLE Appendix
Slide 14: Carlyle Firm Overview
Carlyle Firm Overview1 Firm Overview Global Credit $190 bn AUM3 200+ Investment professionals4 Founded: 1987 AUM: $435 bn Global $164 bn AUM 400+ Investment professionals Private Equity Employees: 2,200+ Investment Professionals: 700+2 Global Investment Solutions $81 bn AUM 90+ Investment profession
Slide 15: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT - $190BN AUM1 LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT PLATFORM INITIATIVES AUM: $51.6 billion AUM: $27.1 billion AUM: $18.4 billion AUM: $13.4 billion Closed-end interval fund Carlyle managed Directly Commercial CARLYLE investment CLOs (br
Slide 16: Carlyle Direct Lending Investment Philosophy & Overview
Carlyle Direct Lending Investment Philosophy & Overview Carlyle Direct Lending seeks to operate in the middle market, utilizing an integrated platform sourcing approach Focus on performing, non-cyclical companies with EBITDA of $25mm or greater, primarily backed by high-quality financial sponsors Em
Slide 17: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,588,732 $ 1,556,390 $ 1,539,120 $ 1,472,096 $ 1,411,590 Investments—non-controlled/affiliated, at fair value
Slide 18: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 INVESTMENT INCOME Interest income(1) $ 50,870 $ 51,457 $ 52,056 $ 51,949 $ 48,710 Dividend income from credit funds 8,276 8,276 8,276 8,276 8,781 Other income 919 768 2,353
Carlyle Secured Lending — Q2 2024 Earnings Presentation on 6ix