Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q4 2018 Earnings Presentation
15 slides from Carlyle Secured Lending's earnings presentation, Feb 27, 2019
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation Quarter Ended December 31, 2018
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, 2018 • New investment fundings1 for the quarter ended December 31, 2018 were $328 million and sales and repayments totaled $343 million • The investment portfolio of our joint venture, Middle Market Credit Fund, LLC (“Credit Fund”), decreased t
Slide 4: Portfolio Highlights – New Originations and Credit Fund
Portfolio Highlights – New Originations – TCG BDC and Credit Fund Combined Fair Value of Investments of TCG BDC and Credit Fund2 at December 31, 2018 of $2,923 million1 (Dollar amounts in thousands and based on par/principal) Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 TCG BDC Originations and Net Inves
Slide 5: Investment Portfolio Overview
Investment Portfolio Overview – TCG BDC Total Fair Value of Investments of TCG BDC at December 31, 2018 of $1,972 million Fair Value of Investments1 $2,500 $2,019 $1,964$1,968 $1,972 $2,000 $1,913$1,947 $1,719 $1,500 $1,383$1,423$1,393 ($, millions) $1,201 $1,145 $1,053 $976 $1,000 $913 $789 $699 $5
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 December 31, 2018 of $2,923 million1 $3,500 Fair Value of Investments1 $2,890 $2,994 $2,923 $2,802 $3,000 $2,599 $2,780 $2,334 $2,500 $1,817 $2,000 $1,761 $1,618 $1,500 $1,331 $1,
Slide 7: Portfolio Summary and Credit Fund
Portfolio Summary – TCG BDC and Credit Fund As of December 31, 2018 Diversification by Borrower Portfolio Characteristics 44% TCG BDC Credit Fund 42% Total Investments and Commitments ($mm) $2,129 $1,265 Credit Unfunded Commitments1 ($mm) $157 $91 TCG BDC 11% 29% Fund Investments at Fair Value ($mm)
Slide 8: Credit Quality of Investments
Credit Quality of Investments – TCG BDC • As of December 31, 2018, 2 borrowers remained on non-accrual status, representing 0.7% of total investments at fair value and 2.7% at amortized cost • Approximately 98% of investments in our debt investment portfolio continue to have an Internal Risk Rating
Slide 9: Financial Performance Summary
Financial Performance Summary – TCG BDC (Dollar amounts in thousands, except per share data) Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Net Investment Income Per Share $ 0.43 $ 0.40 $ 0.45 $ 0.41 $ 0.47 Net Realized & Unrealized Appreciation (Depreciation) Per Share 0.01 (0.06) (0.24) (0.31) (0.49) Net
Slide 10: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition – TCG BDC (Dollar amounts in thousands, except per share data) Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Assets Investments at Fair Value (Non-Controlled/Non-Affiliated) $ 1,779,584 $ 1,695,287 $ 1,722,393 $ 1,781,621 $ 1,731,319 Investments at Fair Value (N
Slide 11: Quarterly Operating Results
Quarterly Operating Results – TCG BDC (Dollar amounts in thousands) Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Interest Income $ 40,345 $ 39,494 $ 41,948 $ 40,676 $ 44,545 Payment-In-Kind Interest Income 279 213 216 1,478 1,332 Income From Credit Fund 6,260 6,881 6,698 7,201 7,710 Other Income 2,626 89
Slide 12: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge – TCG BDC Quarter Ended December 31, 2018 ($) 9.00 0.47 8.00 (0.57) 0.02 7.00 (0.49) Axis Title 6.00 17.66 5.00 17.09 4.00 3.00 September 30, 2018 NAV Net Investment Income Total Dividend Declared ($0.37 Net Change in Realized and Impact of Share Repurchases December
Slide 13: Senior Secured Credit Facilities & Unfunded Commitments
Senior Secured Credit Facilities & Unfunded Commitments Terms & Conditions TCG BDC, Inc. TCG BDC SPV, LLC (“SPV Carlyle Direct Lending Debt on Company’s Balance Sheet as of December 31, 2018 (“Credit Facility”)1 Credit Facility”)1 CLO 2015-1R LLC Notes (“2015-1R Notes”) $1,400 $1,262 $413.0 million
Slide 14: Liquidity and Investment Capacity
Liquidity and Investment Capacity – TCG BDC • Cash and Cash Equivalents – Cash and cash equivalents totaled $87.2 million as of December 31, 2018 • Credit Facilities - Availability – Credit Facility – As of December 31, 2018, subject to leverage and borrowing base restrictions, we had approximately
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 December 31, 2018 $16.81 $12.40 $12.40 September 30, 2018 $17.97 $16.70 $16.70 June 30, 2018 $18.34 $17.02 $17.02 March 31, 2018 $18.62 $17.03 $17.90 December 31, 2017 $2