Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q1 2025 Earnings Presentation
20 slides from Carlyle Secured Lending's earnings presentation, May 7, 2025
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation March 31, 2025
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement This presentation (the “Presentation”) has been prepared by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) and may only be used for informational purposes only. This Prese
Slide 3: Q1 2025 Quarterly Highlights
Q1 2025 Quarterly Highlights • Net investment income was $0.40 per common share First • Adjusted net investment income(1) was $0.41 per common share after adjusting for the effect of amortization on asset acquisition accounting Quarter • NAV per share was $16.63 as of 3/31/25, compared to NAV per sh
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 SUMMARY INCOME STATEMENT Total investment income $ 62,007 $ 58,264 $ 55,965 $ 56,354 $ 54,864 Total expenses (1) (34,433) (32,266) (31,956) (32,183) (34,061) Net Investment
Slide 5: Quarterly Financial Condition Detail
Quarterly Financial Condition Detail (Dollar amounts in thousands, except per share data) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 SUMMARY BALANCE SHEET Total investments, at fair value $ 1,784,893 $ 1,726,050 $ 1,709,537 $ 1,803,543 $ 2,245,626 Cash, cash equivalents and restricted cash 69,921 92,22
Slide 6: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 NEW INVESTMENT FUNDINGS BY ASSET TYPE (1) First lien debt $ 71,581 $ 77,431 $ 140,202 $ 179,855 $ 173,719 Second lien debt 406 5,915 847 2,152 988 Equity (2) 22,892 1,445 2,364 3,957 3,
Slide 7: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $2,246 Floating Rate Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 10.9% 99.4% 94% Number of investments 195 Number of portfolio companies 138 Company EBITDA(4) Sponsored Average expos
Slide 8: Overview of Investment Funds
Overview of Investment Funds • In Q1 2025, we completed a consolidation of the third party membership interest in Credit Fund II for cash and now own 100% of the entity and consolidate it into the Company's financial statements • Credit Fund declared a $62.5 million return of capital distribution to
Slide 9: Funding and Capital Management Overview
Funding and Capital Management Overview • In Q1 2025, we amended the Credit Facility to increase total commitments by $145M to $935M and extended the maturity date to March 2030 Overview of Balance Sheet Financing Facilities As of March 31, 2025 Commitment Outstanding Maturity Date Pricing(1) Credit
Slide 10: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q1 2025 LTM Q1 2025 $1.85 $0.01 Adjusted NII $0.41 $0.40 $0.01 $0.03 $17.07 $(1.84) $0.03 $16.80 $(0.45) $(0.44) $(0.04) $(0.01) $16.63 $(0.11) $(0.04) $(0.01) $16.63 March 31, Net Amortization Dividend Net Unrealized Unrealized Accretion March 31, December Net Amort
Slide 11: Risk Rating Distribution
Risk Rating Distribution • As of March 31, 2025, four borrowers were on non-accrual status, representing 1.6% of total investments at fair value and 2.2% at amortized cost, compared to 0.6% and 1.0%, respectively, in the prior period PORTFOLIO RISK RATINGS (Dollar amounts in thousands) December 31,
Slide 12: Stock and Dividend Information
Stock and Dividend Information Annualized dividend coverage has continued to equal or exceed 100%, resulting in $0.85 per share of spillover income(1) Annualized Base Dividend Ticker Exchange Market Cap(2) ITD Repurchases(3) Dividend Yield Coverage CGBD NASDAQ $1,038M 9.6% 100% $158M Historical Divi
Slide 13: Historical Net Asset Value Information
Historical Net Asset Value Information CGBD NAV per share has increased over the past 5 years while BDC peers experienced an average decline of 7.1% CGBD NAV Growth BDC Peers NAV Decline $17.00 $17.00 1.4% $16.80 $16.50 $16.56 $16.50 $16.00 $16.00 $15.50 $15.50 $15.63 (7.1)% $15.00 $15.00 $14.50 $14
Slide 14: Appendix
CARLYLE Appendix
Slide 15: Carlyle Firm Overview
Carlyle Firm Overview1 Firm Overview Global Credit $192 bn AUM3 190+ Investment professionals4 Founded: 1987 AUM: $441 bn Global $164 bn AUM 425+ Investment professionals Private Equity Employees: 2,300+ Investment Professionals: 725+2 Global Investment Solutions $85 bn AUM 100+ Investment professio
Slide 16: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT – $192BN AUM1 LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT ASSET-BACKED FINANCE AUM: $50.0 billion AUM: $30.4 billion AUM: $19.4 billion AUM: $7.6 billion Carlyle managed Directly originated Commercial CLOs (broadly DIRECT loans, primarily firs
Slide 17: Carlyle Direct Lending Investment Philosophy & Overview
Carlyle Direct Lending Investment Philosophy & Overview Carlyle Direct Lending seeks to operate in the middle market, utilizing an integrated platform sourcing approach Note: Comments made here are based on Carlyle's subjective views. Past performance is not indicative of future results. There can b
Slide 18: Non-GAAP Measures
Non-GAAP Measures On a supplemental basis, we are disclosing Adjusted Net Investment Income, Adjusted Net Investment Income Per Common Share, Adjusted Net Income and Adjusted Net Income Per Common Share each of which is calculated and presented on a basis other than in accordance with GAAP (“non-GAA
Slide 19: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,472,096 $ 1,411,590 $ 1,397,946 $ 1,485,049 $ 2,050,323 Investments—non-controlled/affiliated, at fair value
Slide 20: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 INVESTMENT INCOME Interest income(1) $ 51,949 $ 48,710 $ 46,650 $ 45,697 $ 47,359 Dividend income from credit funds 8,276 8,781 8,276 9,572 6,554 Other income 1,782 773 1,03
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