Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — TCG BDC — Q4 2020 Earnings Presentation
14 slides from Carlyle Secured Lending's earnings presentation, Feb 24, 2021
Slide 1: TCG BDC, Inc. Quarterly Earnings Presentation
TCG BDC, Inc. Quarterly Earnings Presentation DECEMBER 31, 2020
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: TCG BDC Highlights
TCG BDC Highlights • Middle-market lending focused BDC externally managed by The Carlyle Group (1) TCG BDC • Current market capitalization of $664 million (2) (NASDAQ listed; ticker: CGBD) OVERVIEW • Track record of consistent dividend delivery to shareholders – LTM dividend yield on quarter-end net
Slide 4: Q4 2020 Quarterly Results
Q4 2020 Quarterly Results • Net investment income per common share was $0.38 per common share, net of the preferred dividend, again comfortably covering the regular dividend of $0.32 Fourth • Continued improvement in credit performance with net realized/unrealized gains of Quarter $16.3 million, or
Slide 5: Portfolio Highlights
Portfolio Highlights Total Investments and Commitments ($mm) $1,975 16% 19% Unfunded Commitments (1) ($mm) $150 Investments at Fair Value ($mm) $1,826 Yield of Debt Investments at Cost (2) (%) 7.57% Top 10 Investments Next 11-25 Investments Yield of Debt Investments at Fair Value (2) (%) 8.01% Remai
Slide 6: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Net Asset Value per Common Share Net Investment Income (1) $0.43 $0.42 $0.38 $0.36 $0.38 Net Realized & Unrealized Appreciation (Depreciation) 0.02 (2.57) 0.61 0.22 0.28 Net Inc
Slide 7: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 TCG BDC Originations and Net Investment Activity Investment Fundings $ 289,763 $ 328,119 $ 63,080 $ 60,826 $ 256,675 Unfunded Commitments, Net Change (23,963) (45,902) 13,630
Slide 8: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Investment Income Interest Income $44,248 $41,009 $35,026 $33,114 $32,242 Payment-In-Kind Interest Income 910 643 1,202 1,810 1,821 Income From Credit Funds 7,028 6,549 5,500 5,750 6,478 Other In
Slide 9: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Assets Investments—non-controlled/non-affiliated, at fair value $1,897,057 $1,826,422 $1,692,073 $1,737,044 $1,509,271 Investments—non-controlled/affiliated, at fair value — —
Slide 10: Investment Funds Update (16% of TCG BDC Portfolio)
Investment Funds Update (16% of TCG BDC Portfolio) Credit Fund Key Statistics - Credit Fund Portfolio Composition - Credit Fund Diversification by Borrower Industry Total Investments and Commitments ($mm) $1,138 Unfunded Commitments ($mm) $81 Investments at Fair Value ($mm) $1,056 Yield of Debt Inve
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Fourth Quarter 2020 Full Year 2020 $1.54 $0.38 $0.08 $0.28 $16.56 $(1.47) $15.39 $0.22 $15.39 $(1.46) $15.01 $(0.36) September Net Investment Dividend Net Realized Impact of December 31, December 31, Net Investment Dividend Net Realized Impact of December 31, 30, 202
Slide 12: Risk Rating Distribution
Risk Rating Distribution • As of December 31, 2020, 4 borrowers were on non-accrual status, representing 3.2% of total investments at fair value and 5.5% at amortized cost. Portfolio Risk Ratings (Dollar amounts in millions) June 30, 2020 September 30, 2020 December 31, 2020 Internal Risk Rating Fai
Slide 13: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Financing Facilities (1) % of Committed Balance Sheet Leverage Utilized Original Tenor / Size Maturity Date Pricing 5 years (4 year revolving); L+225 bps / Credit Facility (2) $688 million maturity date 10/28/25 37.5 bps unused fee 2015-1R Notes (2
Slide 14: Stock and Dividend Information
Stock and Dividend Information CGBD $664 Million Nasdaq Ticker Market Cap (2) Exchange $1.8 billion 160 64% 9.6% $96 Million Current Portfolio Size Unique Investments 1st Lien Debt (3) LTM Dividend Inception-to-date Yield Share Repurchases 12.3% HISTORICAL DIVIDEND DATA 11.2% 11.1% 10.6% 10.5% 10.3%