Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation Quarter Ended June 30, 2019
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: Summary of Quarterly Results
Summary of Quarterly Results Quarter Ended June 30, 2019 • TCG BDC – The investment portfolio decreased to $2.08 billion at fair value as of June 30, 2019, as compared to $2.16 billion at fair value as of March 31, 2019 – New investment fundings1 for the quarter ended June 30, 2019 were $231 million
Slide 4: Portfolio Highlights – New Originations and Credit Fund
Portfolio Highlights – New Originations – TCG BDC and Credit Fund (Dollar amounts in thousands and based on par/principal) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 TCG BDC Originations and Net Investment Activity Investment Fundings $ 283,685 $ 231,337 $ 328,112 $ 249,713 $ 231,361 Unfunded Commitmen
Slide 5: Investment Portfolio Overview
Investment Portfolio Overview – TCG BDC Total Fair Value of Investments of TCG BDC at June 30, 2019 of $2,076 million Fair Value of Investments1 $2,500 $2,155 $2,019 $2,076 $1,964 $1,968 $1,972 $2,000 $1,913$1,947 $1,719 $1,500 $1,383$1,423$1,393 ($, millions) $1,201 $1,145 $1,053 $976 $1,000 $913 $
Slide 6: Investment Portfolio Overview and Credit Fund
Investment Portfolio Overview – TCG BDC and Credit Fund Combined Fair Value of Investments of TCG BDC and Credit Fund at June 30, 2019 of $3,212 million1 $4,000 Fair Value of Investments1 $3,500 $3,178 $3,212 $2,802 $2,890 $2,994 $2,923 $3,000 $2,599 $2,780 $2,334 $2,500 $2,000 $1,761 $1,817 $1,618
Slide 7: Portfolio Summary and Credit Fund
Portfolio Summary – TCG BDC and Credit Fund As of June 30, 2019 Diversification by Borrower Portfolio Characteristics TCG BDC Credit Fund Total Investments and Commitments ($mm) $2,251 $1,417 Credit Unfunded Commitments1 ($mm) $175 $89 TCG BDC Fund Investments at Fair Value ($mm) $2,076 $1,328 23% 2
Slide 8: Credit Quality of Investments
Credit Quality of Investments – TCG BDC • As of June 30, 2019, 4 borrowers were on non-accrual status, representing 2.0% of total investments at fair value and 4.5% at amortized cost • Approximately 97% of investments in our debt investment portfolio continue to have an Internal Risk Rating of 1 thr
Slide 9: Financial Performance Summary
Financial Performance Summary – TCG BDC (Dollar amounts in thousands, except per share data) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Net Investment Income Per Share $ 0.45 $ 0.41 $ 0.47 $ 0.45 $ 0.46 Net Realized & Unrealized Appreciation (Depreciation) Per Share (0.24) (0.31) (0.49) 0.09 (0.29) Net
Slide 10: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition – TCG BDC (Dollar amounts in thousands, except per share data) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Assets Investments at Fair Value (Non-Controlled/Non-Affiliated) $ 1,722,393 $ 1,781,621 $ 1,731,319 $ 1,899,537 $ 1,840,979 Investments at Fair Value (N
Slide 11: Quarterly Operating Results
Quarterly Operating Results – TCG BDC (Dollar amounts in thousands) Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Interest Income $ 41,948 $ 40,676 $ 44,545 $ 44,471 $ 45,468 Payment-In-Kind Interest Income 216 1,478 1,332 1,150 2,140 Income From Credit Fund 6,698 7,201 7,710 7,538 6,993 Other Income 3,59
Slide 12: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge – TCG BDC Quarter Ended June 30, 2019 Note: The net asset value per share and dividends declared per share are based on the shares outstanding at each respective quarter-end. Net investment income per share and net change in realized and unrealized appreciation (depr
Slide 13: Senior Secured Credit Facilities & Unfunded Commitments
Senior Secured Credit Facilities & Unfunded Commitments Terms & Conditions Carlyle Direct Lending Debt on Company’s Balance Sheet as of June 30, 2019 TCG BDC, Inc. TCG BDC SPV LLC (“SPV CLO 2015-1R LLC Notes (dollar amounts in thousands) (“Credit Facility”)1 Credit Facility”)1 (“2015-1R Notes”) $1,6
Slide 14: Liquidity and Investment Capacity
Liquidity and Investment Capacity – TCG BDC • Cash and Cash Equivalents – Cash and cash equivalents totaled $62.3 million as of June 30, 2019 • Credit Facilities - Availability – Credit Facility – As of June 30, 2019, subject to leverage and borrowing base restrictions, we had approximately $190.5 m
Slide 15: Common Stock and Dividend Information
Common Stock and Dividend Information – TCG BDC Common Stock (NASDAQ: CGBD – Closing Prices) Quarter Ended High Low End of Period June 30, 2019 $15.51 $14.60 $15.24 March 31, 2019 $15.21 $12.81 $14.48 December 31, 2018 $16.81 $12.40 $12.40 September 30, 2018 $17.97 $16.70 $16.70 June 30, 2018 $18.34