Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q1 2019 Earnings Presentation
15 slides from Carlyle Secured Lending's earnings presentation, May 8, 2019
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation Quarter Ended March 31, 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 March 31, 2019 • TCG BDC – The investment portfolio increased to $2.16 billion at fair value as of March 31, 2019, as compared to $1.97 billion at fair value as of December 31, 2018 – New investment fundings1 for the quarter ended March 31, 2019 were $250 m
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) Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 TCG BDC Originations and Net Investment Activity Investment Fundings $ 120,946 $ 283,685 $ 231,337 $ 328,112 $ 249,713 Unfunded Commitmen
Slide 5: Investment Portfolio Overview
Investment Portfolio Overview – TCG BDC Total Fair Value of Investments of TCG BDC at March 31, 2019 of $2,155 million Fair Value of Investments1 $2,500 $2,155 $2,019 $1,968 $1,947 $1,972 $2,000 $1,964 $1,913 $1,719 $1,500 $1,423 $1,383 $1,393 ($, millions) $1,201 $1,145 $1,053 $976 $1,000 $913 $789
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 March 31, 2019 of $3,178 million1 $4,000 Fair Value of Investments1 $3,500 $3,178 $2,994 $2,923 $2,802 $2,890 $3,000 $2,780 $2,599 $2,334 $2,500 $1,817 $2,000 $1,761 $1,618 $1,500
Slide 7: Portfolio Summary and Credit Fund
Portfolio Summary – TCG BDC and Credit Fund As of March 31, 2019 Diversification by Borrower Portfolio Characteristics 46% TCG BDC Credit Fund 44% Total Investments and Commitments ($mm) $2,305 $1,363 Credit Unfunded Commitments1 ($mm) $150 $105 TCG BDC 11% 27% Fund Investments at Fair Value ($mm) $
Slide 8: Credit Quality of Investments
Credit Quality of Investments – TCG BDC • As of March 31, 2019, 2 borrowers remained on non-accrual status, representing 0.8% of total investments at fair value and 2.6% at amortized cost • Approximately 98% 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) Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Net Investment Income Per Share $ 0.40 $ 0.45 $ 0.41 $ 0.47 $ 0.45 Net Realized & Unrealized Appreciation (Depreciation) Per Share (0.06) (0.24) (0.31) (0.49) 0.09 Net
Slide 10: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition – TCG BDC (Dollar amounts in thousands, except per share data) Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Assets Investments at Fair Value (Non-Controlled/Non-Affiliated) $ 1,695,287 $ 1,722,393 $ 1,781,621 $ 1,731,319 $ 1,899,537 Investments at Fair Value (N
Slide 11: Quarterly Operating Results
Quarterly Operating Results – TCG BDC (Dollar amounts in thousands) Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Interest Income $ 39,494 $ 41,948 $ 40,676 $ 44,545 $ 44,471 Payment-In-Kind Interest Income 213 216 1,478 1,332 1,150 Income From Credit Fund 6,881 6,698 7,201 7,710 7,538 Other Income 895 3,
Slide 12: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge – TCG BDC Quarter Ended March 31, 2019 ($) 0.45 0.09 0.04 (0.37) 17.30 17.09 December 31, 2018 NAV Net Investment Income Dividend Declared Net Change in Realized and Impact of Share Repurchases March 31, 2019 NAV Unrealized Appreciation (Depreciation) Note: The net a
Slide 13: Senior Secured Credit Facilities & Unfunded Commitments
Senior Secured Credit Facilities & Unfunded Commitments Terms & Conditions Carlyle Direct Lending Debt on Company’s Balance Sheet as of March 31, 2019 TCG BDC, Inc. TCG BDC SPV LLC (“SPV CLO 2015-1R LLC Notes (dollar amounts in thousands) (“Credit Facility”)1 Credit Facility”)1 (“2015-1R Notes”) $1,
Slide 14: Liquidity and Investment Capacity
Liquidity and Investment Capacity – TCG BDC • Cash and Cash Equivalents – Cash and cash equivalents totaled $40.1 million as of March 31, 2019 • Credit Facilities - Availability – Credit Facility – As of March 31, 2019, subject to leverage and borrowing base restrictions, we had approximately $105.0
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 March 31, 2019 $15.21 $12.81 $14.48 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 $18.6