Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q3 2024 Earnings Presentation
21 slides from Carlyle Secured Lending's earnings presentation, Nov 6, 2024
Slide 1: Quarterly Earnings Presentation September 30, 2024
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation September 30, 2024
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: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement Information throughout the Presentation provided by sources other than the Company (including information relating to portfolio companies) has not been independently verified and, accordingly, the Company makes no representation or warranty in respect of this
Slide 4: Q3 2024 Quarterly Highlights
Q3 2024 Quarterly Highlights • Net investment income per share was $0.47 per common share Third • Adjusted net investment income was $0.49(1) per common share, after adjusting for the acceleration of debt issuance costs relating to the 2015-1R CLO Reset, net of incentive fees Quarter • NAV per share
Slide 5: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 SUMMARY INCOME STATEMENT Total investment income $ 60,501 $ 62,685 $ 62,007 $ 58,264 $ 55,965 Total expenses (1) (34,265) (34,445) (34,433) (32,266) (31,956) Net Investment
Slide 6: Quarterly Financial Condition Detail
Quarterly Financial Condition Detail (Dollar amounts in thousands, except per share data) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 SUMMARY BALANCE SHEET Total investments, at fair value $ 1,860,475 $ 1,841,881 $ 1,784,893 $ 1,726,050 $ 1,709,537 Cash, cash equivalents and restricted cash 55,218 60,44
Slide 7: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 (1) NEW INVESTMENT FUNDINGS BY ASSET TYPE First lien debt $ 56,025 $ 75,004 $ 71,581 $ 77,431 $ 140,202 Second lien debt 613 578 406 5,915 847 Equity (2) 2,166 1,349 22,892 1,445 2,364
Slide 8: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $1,710 Floating Rate Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 11.9% 99.6% 94% Number of investments 175 Number of portfolio companies 128 Company EBITDA(4) Sponsored Average expos
Slide 9: Overview of Investment Funds
Overview of Investment Funds Key Statistics - Credit Fund Key Statistics - Credit Fund II CGBD Investment at cost ($mm) $193 CGBD Investment at cost ($mm) $78 CGBD ownership 50.0 % CGBD ownership 84.1 % Yield of debt investments at cost (1) 10.8 % Yield of debt investments at cost (1) 11.1 % Leverag
Slide 10: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Balance Sheet Financing Facilities Commitment Outstanding Maturity Date Pricing(1) Credit facility $790 $198 8/31/2028(2) SOFR + 1.88% 2015-1N debt(3) $380 $380 7/1/2036 SOFR + 1.94% 2024 senior notes $190 $190 12/31/2024 4.66% 2028 senior notes $8
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q3 2024 YTD Q3 2024 $1.53 $0.47 $16.95 $16.99 $(1.42) $(0.47) $(0.10) $16.85 $(0.25) $16.85 June 30, 2024 Net Investment Dividend Net Realized September 30, December 31, Net Investment Dividend Net Realized September 30, NAV Income Declared and 2024 NAV 2023 NAV Inco
Slide 12: Risk Rating Distribution
Risk Rating Distribution • As of September 30, 2024, two borrowers were on non-accrual status, representing 0.6% of total investments at fair value and 1.2% at amortized cost. PORTFOLIO RISK RATINGS (Dollar amounts in thousands) June 30, 2024 September 30, 2024 Internal Risk Rating Fair Value % of F
Slide 13: Stock and Dividend Information
Stock and Dividend Information Annualized dividend coverage has exceeded 100% every quarter for the past 5 years Annualized Base Dividend Ticker Exchange Market Cap(1) ITD Repurchases(2) Dividend Yield Coverage CGBD NASDAQ $839M 10.7% 118% $158M Historical Dividend Data 171% 151% 147% 141% 141% 133%
Slide 14: Historical Net Asset Value Information
Historical Net Asset Value Information Despite the impact of COVID and other macroeconomic volatility, NAV has remained relatively stable and has increased over the past 5 years NAV/Share $18.00 $17.00 $16.00 $15.00 $14.00 $17.11 $17.16 $16.99 $17.09 $16.99 $17.07 $16.95 $16.91 $16.81 $16.73 $16.86
Slide 15: Appendix
CARLYLE Appendix
Slide 16: Carlyle Firm Overview
Carlyle Firm Overview1 Firm Overview Global Credit $190 bn AUM3 200+ Investment professionals4 Founded: 1987 AUM: $435 bn Global $164 bn AUM 400+ Investment professionals Private Equity Employees: 2,200+ Investment Professionals: 700+2 Global Investment Solutions $81 bn AUM 90+ Investment profession
Slide 17: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT - $190BN AUM1 LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT PLATFORM INITIATIVES AUM: $51.6 billion AUM: $27.1 billion AUM: $18.4 billion AUM: $13.4 billion Closed-end interval fund Carlyle managed Directly Commercial CARLYLE investment CLOs (br
Slide 18: 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 19: Non-GAAP Measures
Non-GAAP Measures On a supplemental basis, the Company is disclosing Adjusted Net Investment Income, Adjusted Net Investment Income Per Share, Adjusted Net Income and Adjusted Net Income Per Share, each of which is calculated and presented on a basis other than in accordance with GAAP (“non- GAAP”).
Slide 20: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,556,390 $ 1,539,120 $ 1,472,096 $ 1,411,590 $ 1,397,946 Investments—non-controlled/affiliated, at fair value
Slide 21: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 INVESTMENT INCOME Interest income(1) $ 51,457 $ 52,056 $ 51,949 $ 48,710 $ 46,650 Dividend income from credit funds 8,276 8,276 8,276 8,781 8,276 Other income 768 2,353 1,78
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