Carlyle Secured Lending, Inc. Announces Financial Results For Fourth Quarter and Full Year Ended December 31, 2025, Declares First Quarter 2026 Dividend of $0.40 Per Common Share

Carlyle Secured Lending (NASDAQ: CGBD) reported fourth-quarter and full-year 2025 results and declared a quarterly common dividend of $0.40 per share, payable April 16, 2026 to holders of record March 31, 2026.

Rhea-AI Summary

Carlyle Secured Lending (NASDAQ: CGBD) reported fourth-quarter and full-year 2025 results and declared a quarterly common dividend of $0.40 per share, payable April 16, 2026 to holders of record March 31, 2026. For Q4 2025, net investment income was $0.33 per share; for full-year 2025, NII was $1.48 per share (Adjusted NII $1.51). Net asset value per share fell 0.6% to $16.26. Total fair value of investments rose to $2.5 billion as of December 31, 2025. The company also redeemed $85.0 million of senior notes on December 1, 2025, with related accelerated debt issuance costs.

Positive

• Declared quarterly dividend of $0.40 per share payable April 16, 2026
• Full-year Net Investment Income $1.48 per share (Adjusted NII $1.51)
• Total fair value of investments increased to $2.5 billion

Negative

• Net asset value per share declined 0.6% in Q4 to $16.26
• Redeemed $85.0 million of senior notes, causing accelerated debt issuance costs

Argus Feb 25 session

-0.70% close to close Open Argus

Details

News Market Reaction – CGBD

On Feb 25, the first trading day after this news, CGBD closed 0.70% below the previous close.

Data tracked by StockTitan Argus for the Feb 25 session.

Market Context

This announcement reports Q4 2025 and full‑year 2025 results, including Net Investment Income of $0....

Analysis

This announcement reports Q4 2025 and full‑year 2025 results, including Net Investment Income of $0.33 per share for the quarter and $1.48 for the year, alongside a Q1 2026 dividend of $0.40 per share. Investment fair value reached $2.5 billion and NAV per share was $16.26. Investors may track trends in NAV, credit performance, the impact of redeeming $85.0 million of 8.20% notes, and contributions from the new structured credit joint venture.

Key Figures

Q4 2025 Net Investment Income: $0.33 per share Q4 2025 Adjusted NII: $0.36 per share 2025 Net Investment Income: $1.48 per share +5 more

Q4 2025 Net Investment Income

$0.33 per share

Fourth quarter 2025

Q4 2025 Adjusted NII

$0.36 per share

Fourth quarter 2025, non-GAAP

2025 Net Investment Income

$1.48 per share

Full year 2025

2025 Adjusted NII

$1.51 per share

Full year 2025, non-GAAP

NAV per share

$16.26

As of December 31, 2025

Investment fair value

$2.5 billion

Total fair value of investments at December 31, 2025

Quarterly dividend

$0.40 per share

Q1 2026 dividend declared February 18, 2026

Notes redeemed

$85.0 million

8.20% senior unsecured notes due 2028 redeemed December 1, 2025

Previous Dividends,earnings Reports

5 past events · Latest: Nov 04

Same Type 5 events

1. Nov 04

   Quarterly earnings & dividend

   24h Move

   -2.7%

   Q3 2025 results, stable NAV and $0.40 dividend declaration.

2. Aug 05

   Quarterly earnings & dividend

   24h Move

   -1.0%

   Q2 2025 results with record originations and $0.40 dividend.

3. May 06

   Quarterly earnings & dividend

   24h Move

   -4.2%

   Q1 2025 results, higher fair value and $0.40 base dividend.

4. Feb 25

   Full-year earnings & dividend

   24h Move

   +1.9%

   Strong 2024 results and $0.45 Q1 2025 dividend including supplemental.

5. Nov 05

   Quarterly earnings & dividend

   24h Move

   -2.3%

   Q3 2024 results with stable NAV and base plus supplemental dividend.

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 $0.33 per common share of Net Investment Income and $0.36 per common"

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

"$0.33 per common share of Net Investment Income and $0.36 per common share of Adjusted Net Investment"

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

"Adjusted Net Investment Income, a non-GAAP financial measure described below."

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 financial

"acquisition method of accounting in accordance with ASC 805 and (ii) the one-time"

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.

senior unsecured notes financial

"we redeemed $85.0 million aggregate principal of our 8.20% senior unsecured notes due"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

business development company regulatory

"CGBD has elected to be regulated as a business development company under the Investment"

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

"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, Feb. 24, 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 fourth quarter and full year ended December 31, 2025.

Alex Chi, CGBD’s Chief Executive Officer, said, “As CGBD’s newly appointed CEO, I look forward to continuing to build on Carlyle’s strong track record and world-class platform. Building off record origination volume in the fourth quarter and full year 2025, we continue to expand our origination apparatus and are focused on further harnessing the full power of the OneCarlyle platform. The depth of our underwriting sector expertise positions us to take share in a more active market environment, and we are confident in the strength and credit quality of our existing portfolio should volatility persist. As we accelerate the growth and impact of the Carlyle Direct Lending business, CGBD’s core strategy remains focused on stable, high-quality credits in the middle market, complemented by strategic partnerships that enhance return on equity, exemplified by our newly announced structured credit joint venture.”

For the fourth quarter of 2025, we reported $0.33 per common share of Net Investment Income and $0.36 per common share of Adjusted Net Investment Income, a non-GAAP financial measure described below.

For 2025, we reported $1.48 per common share of Net Investment Income and $1.51 per common share of Adjusted Net Investment Income, a non-GAAP financial measure described below.

Net asset value per common share decreased by 0.6% for the fourth quarter to $16.26 from $16.36 as of September 30, 2025. The total fair value of our investments increased to $2.5 billion as of December 31, 2025.

Dividends

On February 18, 2026, the Board of Directors declared a quarterly common dividend of $0.40 per share. The dividend is payable on April 16, 2026 to common stockholders of record on March 31, 2026.

Conference Call

The Company will host a conference call at 11:00 a.m. (Eastern Time) on Wednesday, February 25, 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 measures 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, Company’s management uses the non-GAAP financial measure described above internally to analyze and evaluate financial results and performance and to compare its 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.

The following details the additional one-time or non-recurring events considered as part of the non-GAAP measure. The non-GAAP measure is reflected net of any incentive fee impacts, as applicable.

• On December 1, 2025, we redeemed $85.0 million aggregate principal of our 8.20% senior unsecured notes due December 1, 2028 at a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest. Refer to Note 9, Borrowings, in our Form 10-K for the year ended December 31, 2025 for more information on the redemption. In connection with the redemption, the debt issuance costs were accelerated in accordance with GAAP.
  
  

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 December 31, 2025, CGBD has invested approximately $10.7 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 $477 billion of assets under management as of December 31, 2025, 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 employees in 27 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	Kristen Ashton
+1-212-813-4918	+1-212-813-4763
publicinvestor@carlylesecuredlending.com	kristen.ashton@carlyle.com

FAQ

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

What dividend did Carlyle Secured Lending (CGBD) declare for Q1 2026 and when is it payable?

Carlyle Secured Lending declared a quarterly dividend of $0.40 per common share. According to the company, the dividend is payable on April 16, 2026 to shareholders of record on March 31, 2026.

How much net investment income did CGBD report for the full year 2025?

Carlyle Secured Lending reported $1.48 of net investment income per common share for 2025. According to the company, Adjusted Net Investment Income per share was $1.51, a non‑GAAP measure reflecting certain one‑time items.

What was CGBD's net asset value per share at December 31, 2025 and the Q4 2025 change?

Net asset value per common share was $16.26 as of December 31, 2025, down 0.6% from $16.36 on September 30, 2025. According to the company, this reflects quarterly portfolio and market movements.

How large is Carlyle Secured Lending's investment portfolio as of December 31, 2025 (CGBD)?

The total fair value of investments was reported at $2.5 billion as of December 31, 2025. According to the company, this figure reflects the carrying fair value across its middle‑market credit portfolio.

Did CGBD take any debt actions in 2025 that affect shareholders or expenses?

Carlyle Secured Lending redeemed $85.0 million aggregate principal of 8.20% senior notes due 2028 on December 1, 2025. According to the company, the redemption led to accelerated debt issuance costs under GAAP.