Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q1 2020 Earnings Presentation
15 slides from Carlyle Secured Lending's earnings presentation, May 6, 2020
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation March 31, 2020
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: COVID-19 Update
COVID-19 Update • We recognize the significant human toll of the COVID-19 pandemic, and our focus has been and remains the health and well-being of the employees of our investment advisor, their families, as well as those at our portfolio companies. • At TCG BDC, we are deeply focused on working wit
Slide 4: TCG BDC Highlights
TCG BDC Highlights • Middle-market lending focused BDC externally managed by The Carlyle Group (1) TCG BDC • Current market capitalization of $409 million(2) (NASDAQ listed; ticker: CGBD) Overview • Track record of consistent dividend delivery to shareholders – LTM dividend yield on quarter-end net
Slide 5: Stock and Dividend Information
Stock and Dividend Information CGBD $409 Million Nasdaq Ticker Market Cap (2) Exchange $2.0 billion 138 72% 12.3% $86 Million Current Portfolio Size Unique Investments 1st Lien Debt (3) LTM Dividend Yield Inception-to-date Share Repurchases Historical Dividend Data Note: Historical dividend data for
Slide 6: Q1 2020 Quarterly Results
Q1 2020 Quarterly Results • Net investment income per share was $0.42, and has exceeded the regular $0.37 quarterly dividend each quarter since TCG BDC's IPO 1st Quarter • Net realized and unrealized losses totaled $145 million, or approximately $2.57 per share Results • NAV per share declined 14.4%
Slide 7: Portfolio Highlights
Portfolio Highlights Key Statistics (1) Portfolio Composition (1) Diversification by Borrower Total Investments and Commitments ($mm) $2,128 Unfunded Commitments (1) ($mm) $104 Investments at Fair Value ($mm) $2,024 Yield of Debt Investments at Cost (2) (%) 7.74% Yield of Debt Investments at Fair Va
Slide 8: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Net Investment Income Per Share $ 0.45 $ 0.46 $0.45 $0.43 $0.42 Net Realized & Unrealized Appreciation (Depreciation) Per Share 0.09 (0.29) (0.60) 0.02 (2.57) Net Income (Loss)
Slide 9: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 TCG BDC Originations and Net Investment Activity Investment Fundings $ 249,713 $ 231,361 $ 237,004 $ 289,763 $ 328,119 Unfunded Commitments, Net Change (6,772) 24,789 719 (23,
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Investment Income Interest Income $44,471 $45,468 $45,168 $44,248 $41,009 Payment-In-Kind Interest Income 1,150 2,140 2,396 910 643 Income From Credit Fund 7,538 6,993 6,459 7,028 6,549 Other Inc
Slide 11: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Assets Investments—non-controlled/non-affiliated, at fair value $1,899,537 $1,840,979 $1,893,216 $1,897,057 $1,826,422 Investments—non-controlled/affiliated, at fair value 21,0
Slide 12: Credit Fund Update (9% of TCG BDC Portfolio)
Credit Fund Update (9% of TCG BDC Portfolio) Credit Fund Key Statistics Portfolio Composition Diversification by Industry Total Investments and Commitments ($mm) $1,258 Borrower Unfunded Commitments ($mm) $59 Investments at Fair Value ($mm) $1,199 Yield of Debt Investments (%) (1) 6.01% Number of In
Slide 13: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge First Quarter 2020 LTM 1Q 2020 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 share and net change in realized and unrealized appreciation (depreciatio
Slide 14: Risk Rating Distribution
Risk Rating Distribution • As of March 31, 2020, 5 borrowers were on non-accrual status, representing 2.2% of total investments at fair value and 5.4% at amortized cost Portfolio Risk Ratings (Dollar amounts in millions) September 30, 2019 December 31, 2019 March 31, 2020 Internal Risk Rating Fair V
Slide 15: Funding and Liability Management Overview
Funding and Liability Management Overview Overview of Financing Facilities Debt on Company’s Balance Sheet (dollar amounts in millions) Senior Credit SPV Credit 2015-1R Unsecured Facility (1) Facility (1) Notes (1) (5) Notes Size $688 million $275 million $449 million $115 million 5 years (4 year 5