Slide 1: TCG BDC, Inc. Quarterly Earnings Presentation
TCG BDC, Inc. Quarterly Earnings Presentation JUNE 30, 2021
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 oriented BDC externally managed by The Carlyle Group (1) TCG BDC • Current market capitalization of $715 million (2) (NASDAQ listed; ticker: CGBD) • Consistent track record of delivering sustainable income to shareholders, with OVERVIEW earnings well in exc
Slide 4: Q2 2021 Quarterly Results
Q2 2021 Quarterly Results • Net investment income was $0.38 per common share, again comfortably covering the quarterly base dividend of $0.32 Second • Strong credit performance resulted in net realized/unrealized gains of $21 million, or $0.39 per share Quarter • NAV per common share increased 2.8%
Slide 5: Portfolio Highlights
Portfolio Highlights Total Investments and Commitments ($mm) $2,049 14% Unfunded Commitments (1) ($mm) $176 19% Total Investments at Fair Value ($mm) $1,872 Yield of Debt Investments at Cost (2) (%) 7.73% Top 10 Investments Next 11-25 Investments Yield of Debt Investments at Fair Value (2) (%) 8.01%
Slide 6: Financial Performance Summary
Financial Performance Summary (Dollar amounts in thousands, except per share data) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Key Metrics per Common Share Net Investment Income (1) $ 0.38 $ 0.36 $ 0.38 $ 0.36 $ 0.38 Net Realized & Unrealized Gains (Losses) 0.61 0.22 0.28 0.29 0.39 Net Income (Loss) 0.9
Slide 7: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par/principal) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Originations and Net Investment Activity Investment Fundings $ 63,080 $ 60,826 $ 256,675 $ 151,422 $ 215,426 Unfunded Commitments, Net Change 13,630 7,706 24,184 (356) 27,255
Slide 8: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Investment Income Interest income $ 35,026 $ 33,114 $ 32,242 $ 29,725 $ 30,443 Payment-In-Kind interest income 1,202 1,810 1,821 2,125 2,318 Income from Credit Funds 5,500 5,750 6,478 7,528 7,488
Slide 9: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Assets Investments—non-controlled/non-affiliated, at fair value $ 1,692,073 $ 1,737,044 $ 1,509,271 $ 1,528,400 $ 1,579,256 Investments—non-controlled/affiliated, at fair value
Slide 10: Investment Funds Update (14% of TCG BDC Portfolio)
Investment Funds Update (14% of TCG BDC Portfolio) Key Statistics - Credit Fund Portfolio Composition - Credit Fund Diversification by Borrower Industry Total Investments and Commitments ($mm) $1,198 Unfunded Commitments ($mm) $101 Total Investments at Fair Value ($mm) $1,097 Yield of Debt Investmen
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q2 2021 YTD Q2 2021 $0.39 $0.02 $0.74 $0.05 $0.38 $0.67 $16.14 $16.14 $15.70 $(0.36) $15.39 $(0.73) March 31, 2021 Net Dividend Net Realized Impact of June 30, 2021 December 31, Net Dividend Net Realized Impact of June 30, 2021 NAV Investment Declared and Share NAV 2
Slide 12: Risk Rating Distribution
Risk Rating Distribution • As of June 30, 2021, four borrowers were on non-accrual status, representing 3.3% of total investments at fair value and 5.3% at amortized cost. Portfolio Risk Ratings (Dollar amounts in millions) December 31, 2020 March 31, 2021 June 30, 2021 Internal Risk Rating Fair Val
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+2.25% / Credit Facility (2) $688 million maturity date 10/28/25 37.5 bps unused fee 2015-1R Notes (2)