TCG BDC, Inc. (CGBD) Q2 2019 Earnings Call Transcript

CGBD earnings call for the period ending August 30, 2019.

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TCG BDC, Inc. (NASDAQ:CGBD)
Q2 2019 Earnings Call
Aug 7, 2019, 8:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and welcome to the TCG BDC Second Quarter 2019 Earnings Conference Call. [Operator Instructions] It is now my pleasure to introduce Daniel Harris, Head of Investor Relations.

Daniel F. Harris -- Head of Investor Relations

Thank you, operator. Good morning, and welcome to TCG BDC's Second Quarter 2019 Earnings Call. Last night, we issued an earnings press release and detailed earnings presentation with our quarterly results, a copy of which is available on TCG BDC's Investor Relations website. Following our remarks today, we will hold a question-and-answer session for analysts and institutional investors. This call is being webcast and a replay will be available on our website.

Any forward-looking statements made today do not guarantee future performance and undue reliance should not be placed on them. These statements are based on current management expectations and involve inherent risks and uncertainties, including those identified in the Risk Factors section of our annual report on Form 10-K, that could cause actual results to differ materially from those indicated. TCG BDC assumes no obligation to update any forward-looking statements at any time.

With that, I'll turn the call over to our Chief Executive Officer, Michael Hart.

Michael A. Hart -- Chairman and Chief Executive Officer

Thank you, Dan. Good morning, everyone, and thank you for joining us on our call this morning to discuss our second quarter results. Joining me on the call today is our new President, Linda Pace, who'll become the CEO of TCG BDC on January 1. In addition, we have our Chief Financial Officer, Tom Hennigan; our Head of Originations, Grishma Parekh; and the new Chief Investment Officer of Direct Lending, Taylor Boswell. Let me spend a moment on the CEO transition we announced during the second quarter. As I mentioned, effective January 1, of next year, I'll be stepping down and Linda will become the new CEO of TCG BDC.

And until then, I'll continue to operate in that capacity. Linda has an exceptional track record at Carlyle, having led our broadly syndicated loan business for the past 10 years, a business today that manages over $25 billion in AUM. Linda has actually been with Carlyle for more than 20 years in different investment capacities, and I've had the pleasure of working closely with Linda as she's been involved with our BDC since our inception, serving as an important member of our investment committee. She's an exceptional risk and investment manager, and her skill and experience in Global Credit markets are a perfect addition to our direct lending team.

Today, our business is well positioned to take advantage of changing opportunities within the industry, and the combination of our experienced investment team and our new leadership team is a powerful combination to move our business forward.

With that, let me now turn the call over to Linda Pace. Linda?

Linda Pace -- President

Thank you, Mike. It's been a wonderful experience working closely with you over the past few years. Let me begin today by reiterating a key message. The BDC remains an important flagship vehicle for Carlyle, which is why, I'm excited to take on these new management responsibilities. Our BDC and direct lending, more broadly, is a business which is core to Carlyle's Global Credit development and a business which has market-leading capabilities. With that said, I'd like to focus my remarks today across 3 areas: our underwriting strategy, focused on achieving optimal risk-adjusted returns; our financial results for the quarter; and our capital management and financial strategy at the BDC.

First, our underwriting and portfolio strategy remains focused on creating and managing a diversified loan portfolio to achieve the best risk-adjusted outcome. Our expectation for the company's performance remains high. The changes we have made highlight Carlyle's aggressive investment into this business. From an investment perspective, the core tenants of our investment philosophy are unchanged. We will continue to populate the BDC with the best relative value and diverse exposures, maintain a strong bias toward senior debt and defensive industry exposures and directly originate from sponsors, with whom, we have meaningful relationships. That, however, does not mean that we will stand still. In fact, whether responding to dynamic markets or in our continuous improvement efforts, we will constantly evolve to extend our competitive advantage.

For instance, in recent years, that evolution resulted in a development of new capabilities, such as our software lending and ABL practices. Going forward, the thrust of our evolution will be integrating across the Carlyle platform. Specifically, we will intensify efforts to utilize the scale of our capital base, the breadth of our investing capabilities and the depth of our expertise to mitigate competition. We regard these assets as true structural advantages, which few of our competitors can match and which we expect will yield differentiated investment outcomes for our shareholders. We are already seeing the benefits of these efforts, and Grishma will give you some specific examples momentarily. Second, let me give an overview of our results for the second quarter.

We generated net investment income of $28 million or $0.46 per share, $0.01 higher than the $0.45 we produced in the first quarter. We declared a regular $0.37 dividend, and as we previewed last quarter, we also declared an $0.08 special dividend for a total of $0.45 in dividends declared in the quarter. Our company has consistently produced net investment income in excess of our quarterly dividend, and we expect to continue this trend going forward. Our net asset value per share declined to $17.06 from $17.30 last quarter as net investment income was generally in line with total dividends paid and was reduced by realized and unrealized losses of approximately $0.30 per share. During the quarter, we repurchased 1.1 million shares of stock for over $16 million, which was $0.04 per share accretive to NAV. Stabilizing and growing our NAV via our integrated platform approach will be the major focus area for me and the team over the next few years.

And finally, I'd like to focus my last remarks on my view of our capital plans. We remain highly confident in our ability to generate recurring core earnings in excess of our $0.37 dividend, and we believe that this stability is an attractive investment opportunity for shareholders. We will consider additional future special dividends with some regularity as appropriate and as our core earnings allow. At the end of the second quarter, we had approximately $0.21 per share and spillover income to fund special dividends in future periods. As of today, we have $58 million remaining on our $100 million repurchase authorization implemented during the fourth quarter of 2018. We will continue to repurchase shares at or near our current valuation as we do not believe our current share price accurately reflects the strength of our investment platform.

With that, let me hand the call over to Taylor, who will discuss the health and direction of our business.

Taylor Boswell -- Managing Director of Direct Lending

Thanks, Linda. I'll begin by expressing my excitement to join this important investment effort. I'm here today having recently assumed the role of Chief Investment Officer for Carlyle Direct Lending. In this role, I'll work closely with Linda, Grishma, Tom and the rest of our talented team across our BDC's investment and operating activities. One of the many resources available to us at Carlyle is our economic research team, which closely tracks the health of global economies by analyzing information ranging from macro data to proprietary leading indicators across hundreds of portfolio companies. Going forward, we expect to regularly share with you, the insights of these efforts and how we position ourselves around their findings.

Looking across our global portfolios today, Carlyle does not see a near-term U.S. or global recession. The signs of emerging economic weakness we do see are largely contained to global trade-driven sectors and certain foreign geographies. That said, this deceleration, while not evidenced in real U.S. economic data, is to an extent, impacting business sentiment and leading to more conservative approaches by management teams. Carlyle expects a vigorous response from global central banks that we believe is likely to mitigate, both the depth and duration, of real economic weakness as well as result in stable or increasing liquidity in Global Credit markets. This pending response has led to one, less favorable macro development for our business and all of our BDC peers via abrupt downward shift in forward interest rate expectations over the last 6 months.

As a reminder, 99% of our portfolio is comprised of floating rate loans, and all else being equal, every 25 basis points change in LIBOR will impact annual net investment income by $0.03 per share. Most importantly, we consider our BDC's portfolio to be extremely well positioned fundamentally against this macroeconomic backdrop. We have 70% of our portfolio in true first lien instruments, a high degree of investment diversification and significant underweights to more cyclical industry exposures, all of which, we believe, will be long-term benefits to our shareholders. In the current period, while we are pleased with most aspects of our financial performance, there remains room for improvement. The one controllable area which fell short of expectations in Q2 was the progression of our NAV, which is impacted by higher realized and unrealized losses than we would expect to see in normal course.

We have dug into each situation and ascertain they represent idiosyncratic credit issues, not indications of either thematic risk concentrations in our portfolio or broad economic weakness. As you would expect, these loans are a significant focus for our team, and we have committed the necessary resources to maximize shareholder value. All-in-all, we are comfortable with the profile of our business and optimistic about our prospects. To echo Linda's comments, we will maintain an appropriately diversified, defensively positioned portfolio, while also integrating our broad platform capabilities to dynamically respond to changing market conditions. Our investment process remains rigorous, focused on high-quality recession-resilient businesses, deep relationships with our borrower clients and investment opportunities where we have a differentiated diligence advantage.

I'll now hand the call over to Grishma to take you through our origination activity in the quarter.

Grishma Parekh -- Partner and Head of Carlyle Mezzanine

Thanks, Taylor. In terms of the market, a general backdrop remains characterized by high-leveraged multiples and private equity firms paying full purchase prices. The substantial dry powder held by both private credit and private equity managers, coupled with generally stable economic conditions, continues to drive this dynamic. Loan volume was sluggish this quarter due to muted M&A activity. Although, we did see an uptick in opportunistic activity. Competition for new origination remains intense, and our response has been to focus our investments in areas that play to our assurance. We are harnessing our platformwide credit capabilities in a greater way than we have done in the past.

For example, that means taking an idea generated by our aerospace credit research analyst in the broadly syndicated loan business, leveraging the long-term expertise of Carlyle's private equity professionals investing in aerospace companies and bringing that transaction to a sponsor, with whom we have a strong relationship, to offer a creative one-stop solution across several parts of the capital stack. This is exactly what occurred with our recent investment in One Corp, an aerospace aftermarket components manufacturer, owned by Warburg Pincus. We are also aligning around industries, not only across credits, but firm wide, in order to develop more expertise. We found that by doing this, we can move quicker with greater conviction, resulting in better outcomes. For example, medical device contract manufacturing is a niche sector we have spent significant amount of time developing a thesis around by leveraging our healthcare buyout team, regulatory affairs group and other Carlyle advisors.

Our knowledge and conviction in the space led us to secure the lead for Abacus acquisition of Pyramid, a designer manufacturer of complex electronic medical devices. Moving to the numbers. During the quarter, we originated $291 million of commitments, essentially in line with Q1, across 33 transactions with 25 private equity firms. Much of this capital was in support of existing private equity clients to our business and about 1/2 was the existing portfolio companies. As we've said in the past, we believe investing behind VP borrowers and PE clients is an important risk management tool it'll offer some of the best risk-adjusted return opportunities. This quarter, the vast majority, about 88%, of our new commitments were first lien and 100% were in senior secured positions. The weighted average yield at amortized costs of these new investments was 8.83% compared to 8.97% for the debt portfolio overall.

Many of the key metrics we monitor for our new investments remain largely in line with our broader portfolio and with prior quarters. The loan-to-value for new investments was 41%, the average leverage multiple was 5.3x and the interest coverage ratio was in excess of 2x. The average EBITDA of our new investments was $50 million versus the $40 million median EBITDA across the portfolio. Repayments were high this quarter at $240 million, which excludes $64 million repayment of the mezzanine loan for our JV with PSP. This is in contrast of Q1, which had de minimis repayments due to some market volatility that quarter. However, when you look at our repayments for the first half of 2019, they were in line with prior years. As a result, we experienced the net reduction in our BDC portfolio of 4% and net growth in the JV of 6%.

I will now turn the call over to Tom Hennigan to review our financial results.

Thomas Hennigan -- Chief Financial Officer and Chief Risk Officer

Thanks, Grishma. Jumping right into the financials. Total investment income for the second quarter was $57 million, which was up about $2 million compared to the first quarter. The increase was primarily due to higher OID accretion and prepayment fees from the elevated levels of repayments this quarter and also higher average investment balance. This was offset by some negative pressure from lower LIBOR, an increase in non-accruals and lower total income from our JV. Total expenses were $29 million in the quarter compared to $28 million last quarter. The largest component of the increase was higher interest expense, driven primarily by higher average debt outstanding. This resulted in net investment income for the quarter of $28 million or $0.46 per share and that compares to an average of $0.43 over the last 7 quarters since our IPO and our regular dividend of $0.37 per share.

Last quarter, we referenced the term core interest income, which we define as regular interest income on the investment portfolio, excluding any OID acceleration, prepayment fees or transaction fees. This quarter, you back out the elevated level of transaction-related income streams, we still would've comfortably covered the regular dividend. And on August 5, our Board of Directors declared the regular dividend for the third quarter of 2019 at the same $0.37 per share, and that's payable to shareholders of record as of the close of business on September 30. On the financing front, we finished the second quarter with total debt outstanding of about $1.1 billion. That's flat compared to prior quarter. During the quarter, we increased commitments under our revolving credit facility by another $80 million. So as of 6/30, we had about $340 million of total unused commitments under our credit facilities. Statutory leverage was 1.07, generally in line with prior quarter, given muted growth in the portfolio.

However, we do see this level increasing more meaningfully by the end of the third quarter due to a steady originations pipeline combined with more modest repayments expected this quarter. And given the more favorable rate environment for issuers, we anticipate exploring additional financing transactions in the near term. To increase our operational flexibility, we'll be looking at all areas of the market, including the private and public capital markets. Moving on to the JV's performance. The dividend yield on our equity in the JV was about 13% of the second quarter. As previewed on last quarter's call, in late-May, we closed our second CLO at the JV, which resulted in an overall reduction in the JV's cost-to-capital by about 20 basis points. Regarding the portfolio, we had an increase in overall activity this quarter.

The weighted average Internal Risk Rating remained 2.3. However, total loss loans again increased this quarter with the net addition of 3 borrowers. But the overall theme is that most cases, we believe these are temporary performance issues. Sponsors have been supportive with additional capital, we've closed our negotiated credit-enhancing amendments and our goal remains full recovery. The level of non-accruals increased this quarter from 0.8% to 2% based on fair value with the addition of 2 borrowers. We exit one of these positions toward post-quarter end at a level a bit lower than our 6/30 mark, driven by our developing view on the potential downside to our recovery in net investment.

For the other non-accrual transactions, these continue to be fluid in developing situations. Given the status of ongoing negotiations between the various parties, we're limited in providing additional color, but we hope to have updates over the next couple of quarters. Regarding valuations in NAV, our total aggregate realized and unrealized net loss was about $18 million for the quarter. Credit-related markdowns were the primary driver of this loss. The continued revamp in market yields aid evaluations by about $2 million on the quarter, while reverses a prior unrealized gains on exited positions was a negative $2 million. The roughly $8 million realized loss this quarter has 2 primary components: first, a $9 million realized loss from our recapitalization of culero and that was primarily reversal of prior period unrealized losses; and second, a $2 million gain on equity co-investment in Imperial Dade.

With that, let me turn the call back to Linda for some closing remarks.

Linda Pace -- President

Thank you, Tom. Again, I'm very excited to have the opportunity to lead our Direct Lending business moving forward. As I mentioned earlier, delivering strong risk-adjusted returns to our shareholders and stabilizing and growing our NAV will be among my major focus areas as we further leverage the diverse resources of Carlyle. Thank you for your time and attention this morning. And I'll now turn the call back over to the operator for Q&A.

Questions and Answers:

Operator

[Operator Instructions] And our first question comes from the line of Rick Shane with JP Morgan. Your line is now open.

Richard Barry Shane -- JP Morgan Chase & Co -- Analyst

Hey guys. Thanks for taking the question this morning Linda, congratulations. Wanted to talk about 2 things. First of all, given the current interest rate outlook, could you guys give us a sense of the distribution of floors on investments in your portfolio and your ability to negotiate floors in the current environment?

Thomas Hennigan -- Chief Financial Officer and Chief Risk Officer

Sure, Rick, this is Tom. Our portfolio for the most transactions have LIBOR floors, and in particular our directly originated middle-market deals, we continue to have LIBOR floors on those transactions. And it's typically 1%.

Richard Barry Shane -- JP Morgan Chase & Co -- Analyst

They're typically 1% and that's regardless of sort of the interest rate environment you're not getting higher floor. You haven't gotten higher floors in the last year when rate curve was suggesting rates were headed higher and the curve was -- rates were higher, these rates were higher?

Thomas Hennigan -- Chief Financial Officer and Chief Risk Officer

That 1 has really been the standard for the last number of years.

Richard Barry Shane -- JP Morgan Chase & Co -- Analyst

Got it. Okay great. Second question, Grishma, you talked about sort of a new approach in terms of integrating the resources from Carlyle. Historically, there's been this notion of One Carlyle, it goes all the way back really to the beginning or the inception of the company. Curious, what specifically we should be looking at that's different? You said that this specific transaction, love to understand the new ones there?

Grishma Parekh -- Partner and Head of Carlyle Mezzanine

Yes. Sure. It's a good question, Rick. So integration and the utilization of our creditwide and firmwide, frankly, capability is a something that has been core to our investment strategy and it really just speaks about our business. So in that way, fundamentally, not a lot has changed. Tactically, when we're approaching opportunities now, we are spending a lot more time collaborating with other groups within credit and within the firm. We're continuing to develop deeper sector expertise, and so that includes our credit research analyst, that includes members of our direct lending team, that will include the members of the private equity business, so that we can formulate a thesis around certain sectors. And then within certain sectors, niche areas that we think are really interesting.

So that we're more proactively generating ideas and not necessarily just waiting for the call -- the phone to ring on an opportunity from the sponsor, and we've been seeing a big shift in the way that we're forcing ideas, and our success rates for those deals that we really want to invest in just becoming much more impactful by taking an even deeper approach to the One Carlyle efforts that we've been focused on since the very beginning.

Richard Barry Shane -- JP Morgan Chase & Co -- Analyst

Is it fair to characterize that it's sort of more of a push strategy from using the resources of Carlyle, pushing up ideas as opposed to the pull strategy of tapping into the experts when you've been looking at transactions in the past?

Grishma Parekh -- Partner and Head of Carlyle Mezzanine

Yes. That's well said. So I think in the past, we would reach out when there was an opportunity, and now we're spending a lot of time almost in the think-tank capacity and looking at the markets, looking at what we're seeing in various sectors and saying, what sort of ideas can we generate from investments that we've already invested in in various others part of the organization, what ideas can we bring to our private equity clients in a way that we just haven't done before, and that we don't think that a lot of other direct lenders are doing. And again, we found that when we do that, a lot of our clients are looking at us as not just a provider of capital, but now also a provider of really unique ideas.

Richard Barry Shane -- JP Morgan Chase & Co -- Analyst

Got it. Okay. Terrific. Thank you so much.

Michael A. Hart -- Chairman and Chief Executive Officer

Thanks Rick.

Operator

And our next question comes from the line of Finian O'Shea with Wells Fargo Securities. Your line is now open.

Finian O'Shea -- Wells Fargo Securities -- Analyst

Hi guys, Good morning and Welcome, Linda and Taylor. First question on portfolio side. It looks like some of the valuation -- some of the negative remarks of this quarter were related to healthcare services names. So I want to ask you -- appreciating, you can't get into specifics on a company, is there any acute pressure on this line of -- on this industry? Maybe employee retention issues or reimbursement issues? Are there any challenges to these practices, which frankly, are seen across your portfolio, and many BDC portfolios? So it'd be helpful for any color you can provide there?

Linda Pace -- President

Sure. Thanks, Fin. This is Linda. I'll take your question, and nice to meet you on the phone, hope to meet you in person pretty soon, and then other folks in the team can jump in with more comments. But I think that's a really point in observation that you're making because it's one that we've made ourselves in looking at, not just within our BDC, but really across the Global Credit platform as to are there any themes regarding -- what we're seeing as far as stress in a portfolio. And for the most part, for the names that are on our watch list or on non-accruals, they're idiosyncratic situations.

But one thing we can point to is that within the healthcare services space, where we're seeing companies do more aggressive types of roll up transactions that those come with more challenges. And you have not only reimbursement challenges, but you've got personnel challenges and systems challenges, things like that, which we are seeing that sponsors are having a bit more of a challenge in dealing with. So yes, I think that's something that we've noted, so we're becoming more aware of those things and looking at kind of our lessons learned on some of these things that we have in the portfolio as we see more of these deals come to the market.

Finian O'Shea -- Wells Fargo Securities -- Analyst

I sure appreciate the color and just a follow-up question on allocation. When Carlyle, when the advisor originates a new loan, does it receive any upfront economics before allocation to the BDC?

Thomas Hennigan -- Chief Financial Officer and Chief Risk Officer

Fin, it's Tom. The answer is no. The manager receives 0 fees outside of what the BDC is receiving. So we've full passthrough to the BDCs and all of our funds. And the manager, to the extent, it's underwriting a discrete extras of our funds -- demand, and then there may be fees -- that underwriting, but there are certainly, there's no fee that the manager is taking for the ultimate whole for our firm.

Finian O'Shea -- Wells Fargo Securities -- Analyst

All right. Thank you for taking my question.

Operator

[Operator Instructions] Our next question comes from the line of Ryan Lynch with KBW. Your line is now open.

Ryan Patrick Lynch -- Keefe, Bruyette, & Woods, Inc. -- Analyst

Hey, good morning. Thanks for taking my questions Linda, first question is for you. Obviously, the resignation of Jeff Levin earlier this year and then Mike Hart announced a few months ago. That's a significant amount of turnover at the executive level at the BDC. So can you maybe just comment on how investors can get comfortable with that level of executive turnover?

Linda Pace -- President

Sure, Ryan. Thanks for your question. So what I would tell you is, yes, acknowledging Jeff's departure and Mike's retirement at the end of the year. That's two people out of a team of 35 people. And we still have folks like Grishma and Tom and all the people underneath them that are still here and still working very hard. I am, even though, I've assumed kind of a new role of President, I've been a consistent member of the team since the beginning, having been on the investment committee.

And we're taking the opportunity, because the -- of the importance of the BDC to the Carlyle's overall Global Credit platform, not just to put me into the President role but really to add more people and more focus and more resources to the BDC platform. So where we are, it's businesses as usual and we continue to work really hard and I think the shareholders can feel confident that we have a ton of focus with a lot of senior and highly experienced professionals from Carlyle's credit platform focused on the BDC.

Michael A. Hart -- Chairman and Chief Executive Officer

And Linda, and Ryan, if I may just add, I think Linda's relationship -- our relationship I think has allowed for, Linda to have an immediate impact on the business. And my decision is a personal one, but I've never better about where our business stands and have never had more confidence in the people that are involved and the people that are -- we contemplated to be involved and where our business stands within the context of the overall Global Credit platform.

So while, business turnover is inevitable in businesses like this, I think our business is at a unique point that will benefit greatly from further integration with the Global Credit platform, the focus that the firm has on it. And having talented individuals join the team like Linda and Taylor. I personally can say that that there has never been a time that we have been better resourced.

Ryan Patrick Lynch -- Keefe, Bruyette, & Woods, Inc. -- Analyst

Okay. That's helpful commentary. Next question on the middle-market credit fund. The yield was a bit lower this quarter, I know you guys said you had the CLO or securitization was issued this quarter. I just wanted to know if that 12.7% yield in Q2, is that sort of a trough yield given that the securitization was issued this quarter and you guys expect that to kind of bump back up into that 13% or 14% type range.

Thomas Hennigan -- Chief Financial Officer and Chief Risk Officer

Ryan, it's Tom. I think you'll see that JV, that yield on our equity kind of ebb and flow in that general range of low to mid-teens just based on prepayment, OID, deals repaying, one-time fees, the extent that there any one-time fees for transactions and the JV, I think you'll see that ebb and flow in that general range.

Ryan Patrick Lynch -- Keefe, Bruyette, & Woods, Inc. -- Analyst

Okay. And then, Grishma, I believe you were talking about this quarter very strong repayments, given the kind of muted force or muted Q1. How is the outlook looking for 3Q from the repayment side? Should we expect it to kind of normalize in the -- you guys have been kind of running at the $200 million, $250 million area?

Grishma Parekh -- Partner and Head of Carlyle Mezzanine

Ryan. Yes, I would say that, which is why we sort of pointed to a repayment for -- across the first half because we did feel like there was a little bit of a pull forward, in Q2 from the fact that there was very little in the way of repayments in Q1. And so Q3 and the sort of the balance of the year, we're expecting a much more normalized repayment environment and I think we feel -- we feel pretty good as we sit here today as it relates to both our pipeline and our backlog in the context of the repayment outlook.

Ryan Patrick Lynch -- Keefe, Bruyette, & Woods, Inc. -- Analyst

Okay. Those are all my questions. I appreciate the time today.

Operator

Thank you. And I'm showing no further questions at this time. So with that I'll turn the call back over to Head of Investor Relations, Daniel Harris, for closing remarks.

Daniel F. Harris -- Head of Investor Relations

Thank you, operator. And thank you all for your time and attention this morning. If you do have any further questions, feel free to reach out to Investor Relations after the call. We look forward to speaking with you guys next quarter, and enjoy the end of the summer.

Operator

[Operator Closing Remarks]

Duration: 35 minutes

Call participants:

Daniel F. Harris -- Head of Investor Relations

Michael A. Hart -- Chairman and Chief Executive Officer

Linda Pace -- President

Taylor Boswell -- Managing Director of Direct Lending

Grishma Parekh -- Partner and Head of Carlyle Mezzanine

Thomas Hennigan -- Chief Financial Officer and Chief Risk Officer

Richard Barry Shane -- JP Morgan Chase & Co -- Analyst

Finian O'Shea -- Wells Fargo Securities -- Analyst

Ryan Patrick Lynch -- Keefe, Bruyette, & Woods, Inc. -- Analyst

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