Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q1 2023 Earnings Presentation
13 slides from Carlyle Secured Lending's earnings presentation, May 10, 2023
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation March 31, 2023
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: Q1 2023 Quarterly Highlights
Q1 2023 Quarterly Highlights • Net investment income per share was $0.50 per common share, up $0.02 compared to our 4Q22 First core earnings due primarily to the continued rise in benchmark interest rates • NAV per share was $17.09, up 0.6% compared to our 4Q22 NAV of $16.99 per share Quarter • The
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 SUMMARY INCOME STATEMENT Total investment income $ 47,509 $ 44,568 $ 59,143 $ 56,036 $ 58,375 Total expenses (1) (22,865) (23,573) (28,865) (31,411) (32,680) Net Investment
Slide 5: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 (1) NEW INVESTMENT FUNDINGS BY ASSET TYPE First lien debt $ 110,594 $ 198,625 $ 267,262 $ 126,400 $ 53,164 Second lien debt 249 430 285 318 325 Equity (2) 2,387 1,287 14,623 1,868 2,361
Slide 6: Portfolio Highlights
Portfolio Highlights Total investment commitments ($mm) $2,170 Floating Rate Senior Secured Exposure(2) Total unfunded commitments ($mm) $164 99% 95% Total investments at fair value ($mm) $1,974 Weighted Average Yield on Debt and Income 12.1% Producing Investments at Amortized Cost(1) Company EBITDA
Slide 7: Overview of Investment Funds
Overview of Investment Funds • Weighted Average annualized dividend yield from Investment Funds was 12.2% for the quarter Key Statistics - Credit Fund Key Statistics - Credit Fund II CSL Investment at cost ($mm) $193 CSL Investment at cost ($mm) $78 CSL ownership 50.0 % CSL ownership 84.1 % Yield of
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 $456 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 Q1 2023 LTM Q1 2023 $1.96 $0.50 $0.03 $0.01 $0.11 $(1.68) $16.99 $(0.44) $17.09 $17.11 $(0.41) $17.09 December 31, Net Dividend Net Realized Impact of March 31, March 31, Net Dividend Net Realized Impact of March 31, 2022 NAV Investment Declared and Share 2023 NAV 20
Slide 10: Risk Rating Distribution
Risk Rating Distribution • As of March 31, 2023, three borrowers were on non-accrual status, representing 3.5% of total investments at fair value and 4.2% at amortized cost. PORTFOLIO RISK RATINGS (Dollar amounts in millions) December 31, 2022 March 31, 2023 Internal Risk Rating Fair Value % of Fair
Slide 11: Appendix
CARLYLE Appendix
Slide 12: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,576,247 $ 1,593,901 $ 1,642,494 $ 1,671,488 $ 1,661,414 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) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 INVESTMENT INCOME Interest income(1) 37,749 35,410 48,645 47,021 49,136 Income from credit funds 7,524 7,524 7,524 8,276 8,276 Other income 2,236 1,634 2,974 739 963 Total I
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