Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q3 2023 Earnings Presentation
13 slides from Carlyle Secured Lending's earnings presentation, Nov 8, 2023
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation September 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: Q3 2023 Quarterly Highlights
Q3 2023 Quarterly Highlights • Net investment income per share was $0.52 per common share, consistent with our 2Q23 core Third • earnings due to overall stability in portfolio performance and interest rates NAV per share was $16.86, up 0.8% compared to our 2Q23 NAV of $16.73 per share Quarter • The
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 SUMMARY INCOME STATEMENT Total investment income $ 59,143 $ 56,036 $ 58,375 $ 60,065 $ 60,501 Total expenses (1) (28,865) (31,411) (32,680) (33,765) (34,265) Net Investment
Slide 5: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 (1) NEW INVESTMENT FUNDINGS BY ASSET TYPE First lien debt $ 267,262 $ 126,400 $ 53,164 $ 44,511 $ 56,025 Second lien debt 285 318 325 4,825 613 Equity (2) 14,623 1,868 2,361 1,630 2,166
Slide 6: Portfolio Highlights
Portfolio Highlights Total funded debt investments at par ($mm)(1) $1,874 Floating Rate Senior Secured Exposure(3) Total unfunded debt investments at par ($mm) $142 99% 94% Total investments at fair value ($mm) $1,860 Weighted Average Yield on Debt and Income 12.7% Producing Investments at Amortized
Slide 7: Overview of Investment Funds
Overview of Investment Funds • Weighted average annualized dividend yield from Investment Funds was 12.2% for the quarter Key Statistics - Credit Fund Key Statistics - Credit Fund II CSL Investment at cost ($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 $790 $366 5/25/2027(2) SOFR + 1.88% 2015-1R notes $449 $449 10/15/2031 SOFR + 2.00%(3)(4) 2019 senior notes $115 $115 12/31/2024 4.75% 2020 senior no
Slide 9: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q3 2023 YTD Q3 2023 $1.54 $0.52 $0.05 $(1.32) $16.99 $(0.35) $16.86 $16.73 $(0.44) $16.86 June 30, 2023 Net Investment Dividend Net Realized and September 30, December 31, Net Investment Dividend Net Realized and September 30, NAV Income Declared Unrealized Gain 2023
Slide 10: Risk Rating Distribution
Risk Rating Distribution • As of September 30, 2023, three borrowers were on non-accrual status, representing 2.0% of total investments at fair value and 3.2% at amortized cost. (Dollar amounts in millions) June 30, 2023 September 30, 2023 Internal Risk Rating Fair Value % of Fair Value Fair Value %
Slide 11: Appendix
CARLYLE Appendix
Slide 12: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,642,494 $ 1,671,488 $ 1,661,414 $ 1,588,732 $ 1,556,390 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) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 INVESTMENT INCOME Interest income(1) 48,645 47,021 49,136 50,870 51,457 Income from credit funds 7,524 8,276 8,276 8,276 8,276 Other income 2,974 739 963 919 768 Total Inves
Carlyle Secured Lending — Q3 2023 Earnings Presentation on 6ix