Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q4 2024 Earnings Presentation
21 slides from Carlyle Secured Lending's earnings presentation, Feb 26, 2025
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 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: Q4 2024 Quarterly Highlights
Q4 2024 Quarterly Highlights Fourth • • Net investment income was $0.47 per common share, consistent with the prior quarter NAV per share was $16.80 as of 12/31/24, compared to NAV per share of $16.85 as of Quarter 9/30/24 • We declared a base dividend of $0.40 plus a $0.05 supplemental dividend for
Slide 5: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 SUMMARY INCOME STATEMENT Total investment income $ 62,685 $ 62,007 $ 58,264 $ 55,965 $ 56,354 Total expenses (1) (34,445) (34,433) (32,266) (31,956) (32,183) Net Investment
Slide 6: Quarterly Financial Condition Detail
Quarterly Financial Condition Detail (Dollar amounts in thousands, except per share data) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 SUMMARY BALANCE SHEET Total investments, at fair value $ 1,841,881 $ 1,784,893 $ 1,726,050 $ 1,709,537 $ 1,803,543 Cash, cash equivalents and restricted cash 60,447 69,92
Slide 7: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 (1) NEW INVESTMENT FUNDINGS BY ASSET TYPE First lien debt $ 75,004 $ 71,581 $ 77,431 $ 140,202 $ 179,855 Second lien debt 578 406 5,915 847 2,152 Equity (2) 1,349 22,892 1,445 2,364 3,9
Slide 8: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $1,804 Floating Rate Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 11.7% 99.6% 93% Number of investments 189 Number of portfolio companies 135 Company EBITDA(4) Sponsored Average expos
Slide 9: Overview of Investment Funds
Overview of Investment Funds • In Q1 2025, we completed a purchase of the third party membership interest in Credit Fund II for cash and now own 100% of the entity Key Statistics - Middle Market Credit Fund Key Statistics - Middle Market Credit Fund II CGBD Investment at cost ($mm) $193 CGBD Investm
Slide 10: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Balance Sheet Financing Facilities As of December 31, 2024 Commitment Outstanding Maturity Date Pricing(1) Credit facility $790 $213 8/31/2028(2) SOFR + 1.88% 2015-1N debt(3) $380 $380 7/1/2036 SOFR + 1.94% 2028 senior notes $85 $85 12/01/2028 SOFR
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q4 2024 FY 2024 $2.00 $0.47 $16.99 $(1.87) $16.85 $(0.45) $(0.07) $16.80 $(0.32) $16.80 September 30, Net Investment Dividend Net Realized December 31, December 31, Net Investment Dividend Net Realized December 31, 2024 NAV Income Declared and 2024 NAV 2023 NAV Incom
Slide 12: Risk Rating Distribution
Risk Rating Distribution • As of December 31, 2024, three borrowers were on non-accrual status, representing 0.6% of total investments at fair value and 1.0% at amortized cost, compared to 0.6% and 1.2%, respectively, in the prior period PORTFOLIO RISK RATINGS (Dollar amounts in thousands) September
Slide 13: Stock and Dividend Information
Stock and Dividend Information Annualized dividend coverage has exceeded 100% every quarter for the past 5 years, resulting in $1.43 per share of spillover income Annualized Base Dividend Ticker Exchange Market Cap(1) ITD Repurchases(2) Dividend Yield Coverage CGBD NASDAQ $906M 10.7% 118% $158M Hist
Slide 14: Historical Net Asset Value Information
Historical Net Asset Value Information CGBD NAV per share has increased over the past 5 years while BDC peers experienced an average decline of 6.0% CGBD NAV Growth BDC Peers NAV Decline $17.00 $17.00 1.8% $16.85 $16.50 $16.56 $16.50 $16.00 $16.00 $15.70 (6.0)% $15.50 $15.50 $15.00 $15.00 $14.76 $14
Slide 15: Appendix
CARLYLE Appendix
Slide 16: Carlyle Firm Overview
Carlyle Firm Overview1 Firm Overview Global Credit $192 bn AUM3 190+ Investment professionals4 Founded: 1987 AUM: $441 bn Global $164 bn AUM 425+ Investment professionals Private Equity Employees: 2,300+ Investment Professionals: 725+2 Global Investment Solutions $85 bn AUM 100+ Investment professio
Slide 17: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT – $192BN AUM1 LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT ASSET-BACKED FINANCE AUM: $50.0 billion AUM: $30.4 billion AUM: $19.4 billion AUM: $7.6 billion Carlyle managed Directly originated Commercial CLOs (broadly DIRECT loans, primarily firs
Slide 18: 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 Note: Comments made here are based on Carlyle's subjective views. Past performance is not indicative of future results. There can b
Slide 19: Non-GAAP Measures
Non-GAAP Measures On a supplemental basis, the Company is disclosing Adjusted Net Investment Income, Adjusted Net Investment Income Per Common Share, Adjusted Net Income and Adjusted Net Income Per Common Share, each of which is calculated and presented on a basis other than in accordance with GAAP
Slide 20: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,539,120 $ 1,472,096 $ 1,411,590 $ 1,397,946 $ 1,485,049 Investments—non-controlled/affiliated, at fair value
Slide 21: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 INVESTMENT INCOME Interest income(1) $ 52,056 $ 51,949 $ 48,710 $ 46,650 $ 45,697 Dividend income from credit funds 8,276 8,276 8,781 8,276 9,572 Other income 2,353 1,782 77
Carlyle Secured Lending — Q4 2024 Earnings Presentation on 6ix