Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q3 2018 Earnings Presentation
15 slides from Carlyle Secured Lending's earnings presentation, Nov 7, 2018
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation Quarter Ended September 30, 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 September 30, 2018 • New investment fundings1 for the quarter ended September 30, 2018 were $231 million and sales and repayments totaled $144 million • The investment portfolio of our joint venture, Middle Market Credit Fund, LLC (“Credit Fund”), increased
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 September 30, 2018 of $2,994 million1 (Dollar amounts in thousands and based on par/principal) Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 TCG BDC Originations and Net Inve
Slide 5: Investment Portfolio Overview
Investment Portfolio Overview – TCG BDC Total Fair Value of Investments of TCG BDC at September 30, 2018 of $2,019 million Fair Value of Investments1 $2,500 $2,019 $1,964$1,968 $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 $504
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, 2018 of $2,994 million1 Fair Value of Investments1 $3,500 $2,994 $2,875 $2,780 $2,802 $3,000 $2,599 $2,334 $2,500 $1,817 $2,000 ($, millions) $1,761 $1,618 $1,500 $1
Slide 7: Portfolio Summary and Credit Fund
Portfolio Summary – TCG BDC and Credit Fund As of September 30, 2018 Portfolio Characteristics TCG BDC Credit Fund Total Investments and Commitments ($mm) $2,204 $1,301 Unfunded Commitments1 ($mm) $185 $103 Investments at Fair Value ($mm) $2,019 $1,198 Yield of Debt Investments2 (%) 9.25% 7.13% Yiel
Slide 8: Credit Quality of Investments
Credit Quality of Investments – TCG BDC • As of September 30, 2018, 2 borrowers remained on non-accrual status, representing 0.8% of total investments at fair value and 2.7% at amortized cost • Approximately 99% of investments in our debt investment portfolio continue to have an Internal Risk Rating
Slide 9: Financial Performance Summary
Financial Performance Summary – TCG BDC (Dollar amounts in thousands, except per share data) Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Net Investment Income Per Share 0.41 0.43 0.40 0.45 0.41 Net Realized & Unrealized Appreciation (Depreciation) Per Share 0.00 0.01 (0.06) (0.24) (0.31) Net Income Per
Slide 10: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition – TCG BDC (Dollar amounts in thousands, except per share data) Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Assets Investments at Fair Value (Non-Controlled/Non-Affiliated) 1,760,611 1,779,584 1,695,287 1,722,393 1,781,621 Investments at Fair Value (Non-Control
Slide 11: Quarterly Operating Results
Quarterly Operating Results – TCG BDC (Dollar amounts in thousands) Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Interest Income 34,740 40,345 39,494 41,948 40,676 Payment-In-Kind Interest Income 778 279 213 216 1,478 Income From Credit Fund 5,812 6,260 6,881 6,698 7,201 Other Income 1,318 2,626 895 3,59
Slide 12: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge – TCG BDC Quarter Ended September 30, 2018 ($) 19.00 0.41 18.00 (0.37) (0.31) 17.00 Axis Title 16.00 17.93 17.66 15.00 14.00 13.00 June 30, 2018 NAV Net Investment Income Total Dividend Declared Net Change in Realized and September 30, 2018 NAV Unrealized Appreciatio
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 September 30, 2018 Size $413.0 million committed Tenor 5 years (4 year revolving); maturity date 3/22/2023 $1,400 $1,262 Pricing LIBOR + 225 bps / 37.5 bps unused fee $1,
Slide 14: Liquidity and Investment Capacity
Liquidity and Investment Capacity – TCG BDC • Cash and Cash Equivalents – Cash and cash equivalents totaled $112.9 million as of September 30, 2018 • Credit Facilities - Availability – Credit Facility – As of September 30, 2018, subject to leverage and borrowing base restrictions, we had approximate
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, 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 $20.04 $17.04 $20.04 September 30, 2017 $