Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q4 2022 Earnings Presentation
13 slides from Carlyle Secured Lending's earnings presentation, Feb 28, 2023
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 2022
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,” “CSL” or the “Company”) (NASDAQ: CGBD) and may only be used for informational purposes only. This Presen
Slide 3: Q4 2022 Quarterly Highlights
Q4 2022 Quarterly Highlights • Net investment income per share was $0.48 per common share, up $0.04 compared to our 3Q22 Fourth • core earnings due primarily to continued rise in benchmark interest rates NAV per share was $16.99, down 1.0% compared to our 3Q22 NAV of $17.16 per share Quarter • The c
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 SUMMARY INCOME STATEMENT Total investment income $ 43,972 $ 47,509 $ 44,568 $ 59,143 $ 56,036 Total expenses (1) (22,398) (22,865) (23,573) (28,865) (31,411) Net Investment
Slide 5: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 (1) NEW INVESTMENT FUNDINGS BY ASSET TYPE First lien debt $ 196,311 $ 110,594 $ 198,625 $ 267,262 $ 126,400 Second lien debt 13,861 249 430 285 318 Equity (2) 25,990 2,387 1,287 14,623
Slide 6: Portfolio Highlights
Portfolio Highlights Total investment commitments ($mm) $2,187 Floating Rate Senior Secured Exposure(2) Total unfunded commitments ($mm) $158 99% 86% Total investments at fair value ($mm) $1,980 Weighted Average Yield on Income Producing 11.4% Investments at Amortized Cost(1) Company EBITDA(3) Spons
Slide 7: Overview of Investment Funds
Overview of Investment Funds • Weighted Average annualized dividend yield from Investment Funds was 12.2%, an increase of 10% compared to prior quarters, which contributed an incremental $0.01 of NII per share in the fourth quarter. Key Statistics - Credit Fund Key Statistics - Credit Fund II CSL In
Slide 8: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Balance Sheet Financing Facilities Commitment Outstanding Maturity Date Pricing Credit facility $688 $440 05/25/2027 SOFR + 1.88% 2015-1R notes $449 $449 10/15/2031 L + 2.00%(1) 2019 senior notes $115 $115 12/31/2024 4.75% 2020 senior notes $75 $75
Slide 9: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q4 2022 Full Year 2022 $1.93 $0.48 $0.04 $0.14 $17.16 $(0.44) $(1.64) $(0.25) $16.99 $16.91 $(0.35) $16.99 September Net Dividend Net Realized Impact of December 31, December 31, Net Dividend Net Realized Impact of December 31, 30, 2022 Investment Declared and Share
Slide 10: Risk Rating Distribution
Risk Rating Distribution • As of December 31, 2022, three borrowers were on non-accrual status, representing 2.9% of total investments at fair value and 3.6% at amortized cost. PORTFOLIO RISK RATINGS (Dollar amounts in millions) September 30, 2022 December 31, 2022 Internal Risk Rating Fair Value %
Slide 11: Appendix
CARLYLE Appendix
Slide 12: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,607,731 $ 1,576,247 $ 1,593,901 $ 1,642,494 $ 1,671,488 Investments—non-controlled/affiliated, at fair value
Slide 13: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 INVESTMENT INCOME Interest income(1) 34,687 37,749 35,410 48,645 47,021 Income from credit funds 7,524 7,524 7,524 7,524 8,276 Other income 1,761 2,236 1,634 2,974 739 Total
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