Carlyle Secured Lending, Inc. Announces Financial Results For First Quarter Ended March 31, 2026, Declares Second Quarter 2026 Dividend of $0.35 Per Common Share

Carlyle Secured Lending (NASDAQ:CGBD) reported first quarter 2026 net investment income (NII) of $0.36 per common share, matching Adjusted NII.

Rhea-AI Summary

Carlyle Secured Lending (NASDAQ:CGBD) reported first quarter 2026 net investment income (NII) of $0.36 per common share, matching Adjusted NII. Net asset value (NAV) per share fell 2.3% to $15.89, and total investment fair value decreased to $2.3 billion.

The board declared a second quarter 2026 dividend of $0.35 per common share, payable July 16, 2026 to shareholders of record on June 30, 2026. Management highlighted stable earnings, attractive new investment spreads and joint ventures each exceeding $1 billion in assets.

Positive

• Q1 2026 net investment income of $0.36 per common share
• Adjusted net investment income also $0.36 per common share
• Q2 2026 common dividend of $0.35 per share declared
• Each joint venture ended the quarter with over $1 billion in assets

Negative

• NAV per common share declined 2.3% to $15.89 in Q1 2026
• Total fair value of investments decreased to $2.3 billion as of March 31, 2026

Argus May 11 session

-1.22% close to close 1.4x rel. volume Open Argus

Details

News Market Reaction – CGBD

On May 11, the day this news came out, CGBD closed 1.22% below the previous close.

Data tracked by StockTitan Argus for the May 11 session.

Key Figures

Net Investment Income per share: $0.36 Adjusted NII per share: $0.36 NAV per share: $15.89 +5 more

Net Investment Income per share

$0.36

Q1 2026 GAAP and Adjusted NII per common share

Adjusted NII per share

$0.36

Q1 2026 non-GAAP Adjusted Net Investment Income

NAV per share

$15.89

Net asset value per common share at March 31, 2026

NAV change

2.3% decrease

Q1 2026 NAV move from $16.26 to $15.89

Total investments fair value

$2.3 billion

Portfolio fair value as of March 31, 2026

Q2 2026 dividend

$0.35 per share

Quarterly common dividend payable July 16, 2026

Cumulative investments

$10.9 billion

Aggregate principal invested since May 2013 through March 31, 2026

Prior quarterly dividend

$0.40 per share

Q1 2026 dividend declared February 24, 2026

Previous Dividends,earnings Reports

5 past events · Latest: Feb 24

Same Type 5 events

1. Feb 24

   Earnings & dividend

   24h Move

   -0.7%

   Q4 and full-year 2025 results with maintained $0.40 quarterly dividend.

2. Nov 04

   Earnings & dividend

   24h Move

   -2.7%

   Q3 2025 results, slight NAV dip, $0.40 Q4 2025 dividend declaration.

3. Aug 05

   Earnings & dividend

   24h Move

   -1.0%

   Q2 2025 results with record originations and $0.40 dividend.

4. May 06

   Earnings & dividend

   24h Move

   -4.2%

   Q1 2025 earnings, CSL III merger impact, $0.40 base dividend.

5. Feb 25

   Earnings & dividend

   24h Move

   +1.9%

   Strong Q4 and 2024 results with $0.45 dividend including supplemental.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

net investment income, adjusted net investment income, non-gaap, asc 805, +3 more

7 terms

net investment income financial

"we reported $0.36 per common share of Net Investment Income and Adjusted Net Investment Income"

Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.

adjusted net investment income financial

"we are disclosing Adjusted Net Investment Income Per Common Share, which is calculated and presented"

Adjusted net investment income is a measure of the cash a fund or investment vehicle earns from its core investing activities after removing one-time, accounting-only items such as paper gains or losses and unusual expenses. Think of it like a household budget that strips out one-off windfalls or repairs to show the money available for regular spending. Investors use it to judge the sustainability of dividend payments and the underlying earning power separate from short-term accounting swings.

non-gaap financial

"calculated and presented on a basis other than in accordance with GAAP (“non-GAAP”)"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

asc 805 technical

"asset acquisition method of accounting in accordance with ASC 805 and management’s non-GAAP measure"

ASC 805 is the U.S. accounting standard that governs how companies record and report business acquisitions, including how purchased assets, assumed liabilities and goodwill are measured on the buyer’s balance sheet. It matters to investors because the accounting choices under ASC 805 determine the reported value of an acquisition and future profit or loss effects—similar to how different ways of listing items in a household budget change the appearance of your finances and the story they tell.

net asset value financial

"Net asset value per common share decreased by 2.3% for the first quarter to $15.89"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

business development company regulatory

"has elected to be regulated as a business development company under the Investment Company Act of 1940"

A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.

investment company act of 1940 regulatory

"regulated as a business development company under the Investment Company Act of 1940, as amended"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, May 11, 2026 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its first quarter ended March 31, 2026.

Alex Chi, CGBD’s Chief Executive Officer, said, “Despite macroeconomic uncertainty and market volatility, CGBD delivered another quarter of stable earnings, supported by consistent credit performance. We are seeing an increasingly attractive investment environment, with spreads on new originations expanding, positioning the portfolio for improved yields and stronger earnings power over time. In this context, we have reset the base dividend to better align with current portfolio earnings, while maintaining the potential to deliver additional value to shareholders through supplemental dividends as earnings grow. We believe this approach enhances our financial flexibility and supports a stable NAV. We remain focused on leveraging the OneCarlyle platform and enhancing our origination engine to take market share, as well as scaling our joint ventures which both ended the quarter with over $1 billion in assets.”

For the first quarter of 2026, we reported $0.36 per common share of Net Investment Income and Adjusted Net Investment Income, a non-GAAP financial measure described below.

Net asset value per common share decreased by 2.3% for the first quarter to $15.89 from $16.26 as of December 31, 2025. The total fair value of our investments decreased to $2.3 billion as of March 31, 2026.

Dividends

On April 29, 2026, the Board of Directors declared a quarterly common dividend of $0.35 per share. The dividend is payable on July 16, 2026 to common stockholders of record on June 30, 2026.

Conference Call

The Company will host a conference call at 12:00 p.m. (Eastern Time) on Monday, May 11, 2026 to discuss these financial results. The conference call will be available via public webcast via a link on our website and will also be available on our website soon after the call’s completion.

Non-GAAP Financial Measures

On a supplemental basis, we are disclosing Adjusted Net Investment Income Per Common Share, which is calculated and presented on a basis other than in accordance with GAAP (“non-GAAP”). We use this non-GAAP financial measure internally to analyze and evaluate financial results and performance, and we believe this non-GAAP financial measure is useful to investors as an additional tool to evaluate our ongoing results and trends and to review our performance without giving effect to (i) the amortization/accretion resulting from the new cost basis of the investments acquired and accounted for under the acquisition method of accounting in accordance with ASC 805 and (ii) the one-time purchase or non-recurring investment income and expense events, including the effects on incentive fees. In addition, the Company’s management uses the non-GAAP financial measure described above internally to analyze and evaluate financial results and performance and to compare the Company’s financial results with those of other business development companies that have not had similar one-time or non-recurring events. The presentation of this non-GAAP measure is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

Starting in the first quarter of 2025, the adjustment to net investment income per common share to determine Adjusted Net Investment Income Per Common Share represents the difference between GAAP amortization under the asset acquisition method of accounting in accordance with ASC 805 and management’s non-GAAP measure of amortization related to assets acquired in connection with the CSL III merger on March 27, 2025, and the remaining interest in Middle Market Credit Fund II on February 11, 2025. This adjustment reflects management’s view of the economic yield on the acquired assets and is consistent with our internal evaluation of performance.

Carlyle Secured Lending, Inc.

CGBD is an externally managed specialty finance company focused on lending to middle-market companies. CGBD is managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc. Since it commenced investment operations in May 2013 through March 31, 2026, CGBD has invested approximately $10.9 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. CGBD’s investment objective is to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies. CGBD has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Web: carlylesecuredlending.com

About Carlyle

Carlyle (“Carlyle,” or the “Adviser”) (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $475 billion of assets under management as of March 31, 2026, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contacts:

Investors:	Media:
Nishil Mehta	Brittany Bensaull
+1-212-813-4918	+1-212-813-4839
publicinvestor@carlylesecuredlending.com	brittany.bensaull@carlyle.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Carlyle Secured Lending (CGBD) Q1 2026 earnings per share?

Carlyle Secured Lending reported Q1 2026 net investment income of $0.36 per common share. According to Carlyle Secured Lending, Adjusted Net Investment Income was also $0.36 per share, reflecting the same level after non-GAAP amortization adjustments related to prior acquisitions.

What dividend did Carlyle Secured Lending (NASDAQ:CGBD) declare for Q2 2026?

Carlyle Secured Lending declared a second quarter 2026 dividend of $0.35 per common share. According to Carlyle Secured Lending, the dividend is payable July 16, 2026, to stockholders of record as of June 30, 2026, following Q1 2026 net investment income of $0.36 per share.

How did Carlyle Secured Lending’s NAV per share change in Q1 2026?

Carlyle Secured Lending’s net asset value per common share decreased 2.3% to $15.89 in Q1 2026. According to Carlyle Secured Lending, NAV declined from $16.26 at December 31, 2025, reflecting movements in the fair value of its $2.3 billion investment portfolio.

What was the total fair value of Carlyle Secured Lending’s portfolio at March 31, 2026?

The total fair value of Carlyle Secured Lending’s investments was $2.3 billion as of March 31, 2026. According to Carlyle Secured Lending, this represents a decrease in portfolio fair value during the first quarter, alongside joint ventures that each held over $1 billion in assets.

When is Carlyle Secured Lending’s Q1 2026 earnings conference call for CGBD investors?

Carlyle Secured Lending scheduled its Q1 2026 earnings conference call for 12:00 p.m. Eastern Time on Monday, May 11, 2026. According to Carlyle Secured Lending, the call will be accessible via public webcast and a replay will be available on the company’s website after completion.

What is Carlyle Secured Lending’s investment strategy and focus for CGBD?

Carlyle Secured Lending focuses on lending to U.S. middle-market companies to generate current income and capital appreciation. According to Carlyle Secured Lending, it has invested approximately $10.9 billion in aggregate principal of debt and equity since 2013 and operates as a regulated business development company.

How does Carlyle Secured Lending use Adjusted Net Investment Income as a non-GAAP measure?

Adjusted Net Investment Income per share removes certain amortization and one-time items from GAAP NII. According to Carlyle Secured Lending, this non-GAAP measure reflects management’s view of economic yield on assets acquired in the CSL III merger and Middle Market Credit Fund II interest.