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
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
News Market Reaction – CGBD
In the Feb 25 session, CGBD declined 0.70%, reflecting a mild negative market reaction. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Dividends,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Quarterly earnings & dividend | Positive | -2.7% | Q3 2025 results, stable NAV and $0.40 dividend declaration. |
| Aug 05 | Quarterly earnings & dividend | Positive | -1.0% | Q2 2025 results with record originations and $0.40 dividend. |
| May 06 | Quarterly earnings & dividend | Positive | -4.2% | Q1 2025 results, higher fair value and $0.40 base dividend. |
| Feb 25 | Full-year earnings & dividend | Positive | +1.9% | Strong 2024 results and $0.45 Q1 2025 dividend including supplemental. |
| Nov 05 | Quarterly earnings & dividend | Positive | -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.
Earnings-and-dividend releases often coincided with negative next-day moves, despite generally stable dividends and growing investment fair value.
Over the past several quarters, CGBD has repeatedly paired earnings with a $0.40 base quarterly dividend while gradually expanding its investment portfolio from $1.7 billion in Q3 2024 to $2.4 billion in Q3 2025. Net asset value per share has drifted modestly lower from $16.85 to the mid‑$16 range. Historically, these “dividends,earnings” announcements produced an average move of -1.66%, with several notably negative reactions, framing today’s update within a pattern of cautious trading around results.
Key Terms
net investment income financial
adjusted net investment income financial
non-gaap financial
asc 805 financial
senior unsecured notes financial
business development company regulatory
investment company act of 1940 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
For 2025, we reported
Net asset value per common share decreased by
Dividends
On February 18, 2026, the Board of Directors declared a quarterly common dividend of
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 our8.20% senior unsecured notes due December 1, 2028 at a redemption price equal to100% 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
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
Contacts:
| Investors: | Media: |
| Nishil Mehta | Kristen Ashton |
| +1-212-813-4918 | +1-212-813-4763 |
| publicinvestor@carlylesecuredlending.com | kristen.ashton@carlyle.com |
