Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q3 2019 Earnings Presentation
15 slides from Carlyle Secured Lending's earnings presentation, Nov 5, 2019
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation Quarter Ended September 30, 2019
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement 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 shoul
Slide 3: Summary of Quarterly Results
Summary of Quarterly Results Quarter Ended September 30, 2019 • TCG BDC – The investment portfolio increased to $2.13 billion at fair value as of September 30, 2019, as compared to $2.08 billion at fair value as of June 30, 2019 – New investment fundings1 for the quarter ended September 30, 2019 wer
Slide 4: Portfolio Highlights – New Originations and Credit Fund
Portfolio Highlights – New Originations – TCG BDC and Credit Fund (Dollar amounts in thousands and based on par/principal) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 TCG BDC Originations and Net Investment Activity Investment Fundings $ 231,337 $ 328,112 $249,713 $ 231,361 $237,004 Unfunded Commitments
Slide 5: Investment Portfolio Overview
Investment Portfolio Overview – TCG BDC Total Fair Value of Investments of TCG BDC at September 30, 2019 of $2,127 million Note: At quarter end. (1) Fair value of investments is subject to change. Past performance is no guarantee of future results. Fair value is determined in good faith by or under
Slide 6: Investment Portfolio Overview and Credit Fund
Investment Portfolio Overview – TCG BDC and Credit Fund Combined Fair Value of Investments of TCG BDC and Credit Fund at September 30, 2019 of $3,194 million (1) Note: At quarter end. Fair value of investments is subject to change. Past performance is no guarantee of future results. Fair value is de
Slide 7: Portfolio Summary and Credit Fund
Portfolio Summary – TCG BDC and Credit Fund As of September 30, 2019 Portfolio Characteristics Credit TCG BDC Fund Total Investments and Commitments ($mm) $ 2,302 $ 1,352 Unfunded Commitments (1) ($mm) $ 174 $ 82 Investments at Fair Value ($mm) $ 2,127 $ 1,270 Yield of Debt Investments (2) (%) 8.88
Slide 8: Credit Quality of Investments
Credit Quality of Investments – TCG BDC • As of September 30, 2019, 3 borrowers were on non-accrual status, representing 0.6% of total investments at fair value and 2.0% at amortized cost • Approximately 99% of investments in our debt investment portfolio continue to have an Internal Risk Rating of
Slide 9: Financial Performance Summary
Financial Performance Summary – TCG BDC (Dollar amounts in thousands, except per share data) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Net Investment Income Per Share $ 0.41 $ 0.47 $ 0.45 $ 0.46 $0.45 Net Realized & Unrealized Appreciation (Depreciation) Per Share (0.31) (0.49) 0.09 (0.29) (0.60) Net
Slide 10: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition – TCG BDC (Dollar amounts in thousands, except per share data) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Assets Investments—non-controlled/non-affiliated, at fair value $1,781,621 $1,731,319 $1,899,537 $1,840,979 $1,893,216 Investments—non-controlled/affilia
Slide 11: Quarterly Operating Results
Quarterly Operating Results – TCG BDC (Dollar amounts in thousands) Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Interest Income $40,676 $44,545 $44,471 $45,468 $45,168 Payment-In-Kind Interest Income 1,478 1,332 1,150 2,140 2,396 Income From Credit Fund 7,201 7,710 7,538 6,993 6,459 Other Income 1,925 2
Slide 12: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge – TCG BDC Quarter Ended September 30, 2019 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
Slide 13: Senior Secured Credit Facilities & Unfunded Commitments
Senior Secured Credit Facilities & Unfunded Commitments Terms & Conditions Debt on Company’s Balance Sheet as of September 30, 2019 (dollar amounts in thousands) Unfunded Commitments – TCG BDC Par Value as of September 30, (Dollar amounts in thousands) June 30, 2019 2019 Unfunded Delayed Draw Commit
Slide 14: Liquidity and Investment Capacity
Liquidity and Investment Capacity – TCG BDC • Cash and Cash Equivalents – Cash and cash equivalents totaled $70.3 million as of September 30, 2019 • Credit Facilities - Availability – Credit Facility – As of September 30, 2019, subject to leverage and borrowing base restrictions, we had approximatel
Slide 15: Common Stock and Dividend Information
Common Stock and Dividend Information – TCG BDC Common Stock (NASDAQ: CGBD – Closing Prices) Quarter Ended High Low End of Period September 30, 2019 $15.38 $13.47 $14.40 June 30, 2019 $15.51 $14.60 $15.24 March 31, 2019 $15.21 $12.81 $14.48 December 31, 2018 $16.81 $12.40 $12.40 September 30, 2018 $