Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q1 2024 Earnings Presentation
13 slides from Carlyle Secured Lending's earnings presentation, May 8, 2024
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation March 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,” “CSL” or the “Company”) (NASDAQ: CGBD) and may only be used for informational purposes only. This Presen
Slide 3: Q1 2024 Quarterly Highlights
Q1 2024 Quarterly Highlights • Net investment income per share was $0.54 per common share, down $0.02 compared to our First • record 4Q23 results but still well above average core earnings during 2023 NAV per share was $17.07, up 0.5% compared to our 4Q23 NAV of $16.99 per share Quarter • The change
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 SUMMARY INCOME STATEMENT Total investment income $ 58,375 $ 60,065 $ 60,501 $ 62,685 $ 62,007 Total expenses (1) (32,680) (33,765) (34,265) (34,445) (34,433) Net Investment
Slide 5: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 (1) NEW INVESTMENT FUNDINGS BY ASSET TYPE First lien debt $ 53,164 $ 44,511 $ 56,025 $ 75,004 $ 71,581 Second lien debt 325 4,825 613 578 406 Equity (2) 2,361 1,630 2,166 1,349 22,892 T
Slide 6: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $1,785 Floating Rate Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 12.6% 100% 95% Number of investments 174 Number of portfolio companies 131 Company EBITDA(4) Sponsored Average exposu
Slide 7: Overview of Investment Funds
Overview of Investment Funds Key Statistics - Credit Fund Key Statistics - Credit Fund II CSL Investment at cost ($mm) $193 CSL Investment at cost ($mm) $78 CSL ownership 50.0 % CSL ownership 84.1 % Yield of debt investments at cost (1) 11.2 % Yield of debt investments at cost (1) 11.9 % Leverage 1.
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 $234 8/31/2028(2) SOFR + 1.88% 2015-1R notes $426 $426 10/15/2031 SOFR + 2.03%(3)(4) 2024 senior notes $190 $190 12/31/2024 4.66% 2028 senior no
Slide 9: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q1 2024 LTM Q1 2024 $2.14 $0.54 $0.02 $— $— $(1.80) $16.99 $(0.48) $17.07 $17.09 $(0.36) $17.07 December 31, Net Dividend Net Realized Impact of March 31, March 31, Net Dividend Net Realized Impact of March 31, 2023 NAV Investment Declared and Share 2024 NAV 2023 NAV
Slide 10: Risk Rating Distribution
Risk Rating Distribution • As of March 31, 2024, one borrower was on non-accrual status, representing 0.2% of total investments at fair value and 0.2% at amortized cost. PORTFOLIO RISK RATINGS (Dollar amounts in millions) December 31, 2023 March 31, 2024 Internal Risk Rating Fair Value % of Fair Val
Slide 11: Appendix
CARLYLE Appendix
Slide 12: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,661,414 $ 1,588,732 $ 1,556,390 $ 1,539,120 $ 1,472,096 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) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 INVESTMENT INCOME Interest income(1) 49,136 50,870 51,457 52,056 51,949 Dividend income from credit funds 8,276 8,276 8,276 8,276 8,276 Other income 963 919 768 2,353 1,782
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