Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation June 30, 2020
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements 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 shou
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 $464 million(2) (NASDAQ listed; ticker: CGBD) Overview • Track record of consistent dividend delivery to shareholders – LTM dividend yield on quarter-end net
Slide 4: Stock and Dividend Information
Stock and Dividend Information CGBD $464 Million Nasdaq Ticker Market Cap (2) Exchange $1.9 billion 142 69% 11.2% $86 Million Current Portfolio Size Unique Investments 1st Lien Debt (3) LTM Dividend Yield Inception-to-date Share Repurchases Historical Dividend Data 12.3% 11.2% 10.6% 10.5% 10.1% 10.2
Slide 5: Q2 2020 Quarterly Results
Q2 2020 Quarterly Results • Net investment income per common share, net of the preferred dividend, was $0.38, exceeding the regular $0.37 quarterly dividend despite the volatile market environment 2nd Quarter • Net realized and unrealized gains totaled $34 million, or approximately $0.61 per common
Slide 6: Portfolio Highlights
Portfolio Highlights Key Statistics (1) Portfolio Composition (1) Total Investments and Commitments ($mm) $2,025 Diversification by Borrower Unfunded Commitments (1) ($mm) $118 Investments at Fair Value ($mm) $1,908 Yield of Debt Investments at Cost (2) (%) 7.34% Yield of Debt Investments at Fair Va
Slide 7: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Net Asset Value Per Common Share Net Investment Income Per Common Share (1) $ 0.46 $0.45 $0.43 $0.42 $0.38 Net Realized & Unrealized Gain (Loss) Per Common Share (0.29) (0.60) 0
Slide 8: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 TCG BDC Originations and Net Investment Activity Investment Fundings $ 231,361 $ 237,004 $ 289,763 $ 328,119 $ 63,080 Unfunded Commitments, Net Change 24,789 719 (23,963) (45,
Slide 9: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Investment Income Interest Income $45,468 $45,168 $44,248 $41,009 $35,026 Payment-In-Kind Interest Income 2,140 2,396 910 643 1,202 Income From Credit Fund 6,993 6,459 7,028 6,549 5,500 Other Inc
Slide 10: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Assets Investments—non-controlled/non-affiliated, at fair value $1,840,979 $1,893,216 $1,897,057 $1,826,422 $1,692,073 Investments—non-controlled/affiliated, at fair value 20,9
Slide 11: Credit Fund Update (11% of TCG BDC Portfolio)
Credit Fund Update (11% of TCG BDC Portfolio) Credit Fund Key Statistics Portfolio Composition Total Investments and Commitments ($mm) $1,324 Diversification by Borrower Industry Unfunded Commitments ($mm) $66 Investments at Fair Value ($mm) $1,258 Yield of Debt Investments (%) (1) 5.56% Number of I
Slide 12: Net Asset Value Per Common Share Bridge
Net Asset Value Per Common Share Bridge Second Quarter 2020 YTD 2Q 2020 $0.80 $0.61 $14.80 $16.56 $(0.74) $0.38 $0.14 $14.80 $14.18 $(0.37) $(1.96) March 31, 2020 Net Investment Dividend Net Realized and June 30, 2020 December 31, Net Dividend Net Realized Impact of June 30, 2020 NAV Income Declared
Slide 13: Risk Rating Distribution
Risk Rating Distribution • During the second quarter, the Investment Adviser reevaluated and revised its Internal Risk Ratings and policies across the Carlyle Direct Lending platform to more appropriately assess portfolio risk across all market conditions, including the current COVID-19 environment.
Slide 14: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Financing Facilities (1) Debt on Company’s Balance Sheet (in millions) Credit SPV Credit 2015-1R Senior Unsecured Facility (2) Facility (2) Notes (2) (6) Notes $2,000 $1,600 $1,527 Size $688 million $275 million $449 million $115 million $1,200 $1,