Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q4 2017 Earnings Presentation
15 slides from Carlyle Secured Lending's earnings presentation, Feb 28, 2018
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation Quarter Ended December 31, 2017
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 December 31, 2017 • New investment fundings1 for the quarter ended December 31, 2017 were $282 million and sales and repayments totaled $289 million • The investment portfolio of our joint venture, Middle Market Credit Fund, LLC (“Credit Fund”), increased t
Slide 4: Portfolio Highlights – New Originations
Portfolio Highlights – New Originations Originations & Net Funds Growth (Dollar amounts in thousands and based on par/principal) Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Originations and Net Investment Activity Investment Fundings 174,739 154,441 614,154 316,595 281,725 Unfunded Commitments, Net Chan
Slide 5: Investment Portfolio Overview
Investment Portfolio Overview Total Fair Value of Investments at December 31, 2017 of $1,968 million Fair Value of Investments $2,500 $1,964 $1,968 $2,000 $1,719 $1,500 $1,423 $1,383 $1,393 ($, millions) $1,201 $1,145 $1,053 $976 $1,000 $913 $789 $699 $504 $500 $419 $318 $0 Q1 '14 Q2 '14 Q3 '14 Q4 '
Slide 6: Investment Portfolio Overview – TCG BDC and Credit Fund
Investment Portfolio Overview – TCG BDC and Credit Fund Total Fair Value of Investments of TCG BDC and Credit Fund at December 31, 2017 of $2,780 million1 Fair Value of Investments1 $3,500 $2,780 $2,599 $3,000 $2,334 $2,500 $1,817 $1,761 $2,000 $1,618 ($, millions) $1,331 $1,500 $1,145 $913 $976 $1,
Slide 7: Portfolio Summary – TCG BDC and Credit Fund
Portfolio Summary – TCG BDC and Credit Fund As of December 31, 2017 Portfolio Characteristics Diversification by Borrower TCG BDC Credit Fund 82 Investments Total Investments and Commitments ($mm) $2,086 $1,057 45% Unfunded Commitments ($mm) $118 $72 36% Investments at Fair Value ($mm) $1,968 $985 C
Slide 8: Credit Quality of Investments
Credit Quality of Investments • Fundamental credit quality at December 31, 2017 remains strong with 1 borrower on non-accrual status, representing less than 2% of total debt investments at fair value and amortized cost • Approximately 98% of investments in our debt investment portfolio continue to h
Slide 9: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Net Investment Income Per Share 0.45 0.46 0.47 0.41 0.43 Net Realized & Unrealized Appreciation (Depreciation) Per Share (0.02) (0.07) (0.13) 0.00 0.01 Net Income Per Share 0.43
Slide 10: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition (Dollar amounts in thousands, except per share data) Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Assets Investments at Fair Value (Non-Controlled/Non-Affiliated) 1,323,102 1,249,566 1,520,997 1,760,611 1,779,584 Investments at Fair Value (Non-Controlled/Affili
Slide 11: Quarterly Operating Results
Quarterly Operating Results (Dollar amounts in thousands) Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Interest Income 28,645 28,354 30,526 34,740 40,345 Payment-In-Kind Interest Income — — — 778 279 Income From Credit Fund 2,454 3,209 4,172 5,812 6,260 Other Income 2,057 2,536 4,046 1,318 2,626 Total In
Slide 12: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Quarter Ended December 31, 2017 19.00 18.50 0.43 (0.37) 0.00 (0.12) 0 18.00 17.50 Axis Title 17.00 16.50 18.18 18.12 16.00 15.50 15.00 September 30, 2017 NAV Net Investment Income Total Dividend Declared Net Change in Realized and December 31, 2017 NAV Unrealized App
Slide 13: Senior Secured Credit Facilities & Unfunded Commitments
Senior Secured Credit Facilities & Unfunded Commitments Terms & Conditions Credit Facility1 Debt on Company’s Balance Sheet as of December 31, 2017 Size $413.0 million committed Tenor 5 years (4 year revolving); maturity date 3/21/2022 $1,200 $1,086 Pricing LIBOR + 225 bps / 37.5 bps unused fee $1,0
Slide 14: Liquidity and Investment Capacity
Liquidity and Investment Capacity • Cash and Cash Equivalents – Cash and cash equivalents totaled $32.0 million as of December 31, 2017 • Credit Facilities - Availability – Credit Facility – in November 2017, the aggregate amount of the commitments under the Credit Facility were increased by $30.0 m
Slide 15: Common Stock and Dividend Information
Common Stock and Dividend Information Common Stock Data Quarter Ended High Low End of Period December 31, 2017 $20.04 $17.04 $20.04 September 30, 2017 $18.89 $18.00 $18.82 June 30, 2017 $18.49 $18.01 $18.01 • On February 26, 2018, our Board of Directors declared a quarterly dividend of $0.37 per sha