Carlyle Secured Lending (NASDAQ: CGBD) posts Q4 2025 NII, keeps $0.40 dividend
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Carlyle Secured Lending, Inc. reported fourth quarter 2025 net investment income of $0.33 per common share and adjusted net investment income of $0.36 per share, with full-year 2025 net investment income of $1.48 per share and adjusted net investment income of $1.51 per share.
Net asset value per share edged down 0.6% in the quarter to $16.26, while the total fair value of investments rose to $2.5 billion across 165 portfolio companies and income-producing assets carried a 10.1% weighted average yield. The portfolio remained largely first-lien and senior secured, with non‑accruals at 1.2% of fair value.
The board declared a first quarter 2026 dividend of $0.40 per share, supported by an estimated $0.74 per share of spillover income. During Q4 2025 the company generated record originations of $404.7 million, repurchased $13.9 million of stock at a discount, refinanced higher-cost debt, and helped launch the $600 million Structured Credit Partners JV, committing $150 million to that vehicle.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2026
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
(212 ) 813-4900
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 – Results of Operations and Financial Condition.
On February 24, 2026
The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 7.01 – Regulation FD Disclosure.
On February 24, 2026
The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, and shall not be deemed incorporated by reference into any filing made under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 – Financial Statements and Exhibits.
Exhibits 99.1 and 99.2 shall be deemed furnished herewith.
(d)Exhibits:
| Exhibit Number | Description | |||||||
| 99.1 | Earnings press release of Carlyle Secured Lending, Inc., dated February 24, 2026. | |||||||
| 99.2 | Earnings presentation of Carlyle Secured Lending, Inc., dated February 24, 2026 | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CARLYLE SECURED LENDING, INC. | ||||||||||||||
| (Registrant) | ||||||||||||||
| Dated: | By: | /s/ Thomas M. Hennigan | ||||||||||||
| Name: Thomas M. Hennigan | ||||||||||||||
| Title: Chief Financial Officer | ||||||||||||||
Exhibit 99.1
For Immediate Release
February 24, 2026
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
New York - 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, complimented 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
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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 | ||||
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1 Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 2025
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,” “CGBD” or the “Company”) (NASDAQ: CGBD) and may only be used for informational purposes only. This Presentation should be viewed in conjunction with the earnings conference call of the Company held on February 25, 2026 and the Company’s 2025 Annual Report on Form 10-K for the year ended December 31, 2025. The information contained herein may not be used, reproduced, referenced, quoted, linked by website, or distributed to others, in whole or in part, except as agreed in writing by the Company. This Presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy our common stock or any other securities nor will there be any sale of the common stock or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. This Presentation provides limited information regarding the Company and is not intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell, or an offer to sell or a solicitation of offers to purchase, our common stock or any other securities that may be issued by the Company, or as legal, accounting or tax advice. An investment in securities of the type described herein presents certain risks. This Presentation may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward- looking terminology such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” “plans,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. You should not place undue reliance on these forward-looking statements, which speak only as of the date on which we make them. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission (the “SEC”), and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Information throughout the Presentation provided by sources other than the Company (including information relating to portfolio companies) has not been independently verified and, accordingly, the Company makes no representation or warranty in respect of this information. The following slides contain summaries of certain financial and statistical information about the Company. The information contained in this Presentation is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in this Presentation. CGBD is managed by Carlyle Global Credit Investment Management L.L.C. (the “Investment Adviser”), an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc. (together with its affiliates, “Carlyle”). This Presentation contains information about the Company and certain of its affiliates and includes the Company’s historical performance. You should not view information related to the past performance of the Company as indicative of the Company’s future results, the achievement of which is dependent on many factors, many of which are beyond the control of the Company and the Investment Adviser and cannot be assured. There can be no assurances that future dividends will match or exceed historical rates or will be paid at all. Further, an investment in the Company is discrete from, and does not represent an interest in, any other Carlyle entity. Nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance of the Company or any other Carlyle entity. 2
• Enhanced our liability structure, decreasing our weighted average cost of debt by 10 bps and extending our maturity profile with limited maturities before 2030 • Issued $300.0 million 5.75% unsecured 2031 Notes and entered into an interest rate swap at SOFR + 2.31% • Fully redeemed the $85.0 million 8.20% unsecured 2028 Notes and terminated the associated interest swap • Repaid in full the $175.0 million CSL III SPV Facility and terminated the facility • Repurchased $13.9 million of shares during the quarter at an average discount to 9/30/25 NAV per share of 22.6% resulting in $0.06 per share of NAV accretion. As of 12/31/25, we have repurchased $171.6 million of shares inception to date • As of 12/31/25, the total fair value of the portfolio increased to $2.5 billion across 165 portfolio companies with a weighted average yield of 10.1%(3) driven by net investment activity of $192.8 million(4) • CGBD had record originations during the quarter of $404.7 million, with a weighted average yield of 8.8%(4), and total repayments and sales during the quarter were $212.0 million with a weighted average yield of 9.8%(4) • Credit Fund continues to grow and now has investments of $957.8 million, including $215.2 million in purchases from CGBD in Q4, driving an annualized yield of 15.3% to CGBD • As of 12/31/25, non-accrual investments of 1.8% and 1.2% of the total portfolio based on amortized cost and fair value, respectively, remained relatively flat from prior quarter Q4 2025 Quarterly Highlights 3 Note: Per share amounts within this presentation apply to common shares of the Company unless otherwise noted. (1) Net investment income after adjusting for the (i) effect of amortization on asset acquisition accounting and (ii) one-time purchase or non-recurring investment income and expense events, including the effects on incentive fees is defined as Adjusted Net Investment Income. See appendix for a description of non-GAAP measures. (2) Refer to page 13 for further details around spillover income (3) Weighted average yields exclude investments placed on non-accrual status. Weighted average yields of income producing investments include Credit Fund, as well as income producing equity investments. (4) Weighted average yield includes transactions with Credit Fund as detailed on page 7. • We generated $0.33 per common share of net investment income and $0.36 per share of adjusted net investment income after adjusting for asset acquisition accounting and acceleration of debt issuance costs relating to the 2028 Notes redemption(1) • NAV per share was $16.26 as of 12/31/25, compared to NAV per share of $16.36 as of 9/30/25 • We declared our quarterly dividend of $0.40 for 1Q26, equating to an annualized dividend yield of 12.8% on our stock price as of 12/31/25, which continues to be supported by an estimated $0.74 per share in spillover income(2) Fourth Quarter Results Portfolio & Investment Activity Liquidity & Capital Activity
• In February, the Board approved an upsize of our stock repurchase program for an additional $100.0 million to a size of $300.0 million • We repurchased 1.1 million of additional shares in 2026 for $14.0 million resulting in an additional $0.06 per share of accretion based on 12/31/25 NAV and increasing our inception to date share repurchases to $185.6 million(1) • In February, we increased each member's capital commitment to Credit Fund by $75.0 million to $250.0 million • On 12/23/25, we entered into a new JV, Structured Credit Partners JV, LLC (“SCP”), with Carlyle Credit Solutions, Inc., an affiliated BDC, and two BDCs managed by Sixth Street Partners LLC • SCP will invest in broadly syndicated first lien senior secured loans, financed with long-term, non- mark-to-market, and predominantly investment grade rated CLO debt • SCP will be initially capitalized with $600 million of equity capital commitments including $150 million from CGBD • SCP is expected to be accretive to return on equity given SCP will not be charged any management or incentive fees on the underlying CLOs or at the joint venture level, illustrating Carlyle’s support to CGBD • SCP will benefit from the track record and expertise of Carlyle's and Sixth Street’s CLO platforms including 35 years of CLO management experience and approximately $60 billion of current CLO assets under management • Refer to pages 16 - 19 in the appendix for further details on SCP Q4 2025 Quarterly Highlights (continued) 4 Structured Credit Partners JV Recent Developments (1) As of February 23, 2026
Quarterly Operating Results Detail Please refer to the Company’s Form 10-Q and Form 10-K for more information. (1) Inclusive of the preferred stock dividend which was exchanged for common shares in Q1 2025. (2) See appendix for a description of non-GAAP measures. (Dollar amounts in thousands, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SUMMARY INCOME STATEMENT Total investment income $ 56,354 $ 54,864 $ 67,281 $ 66,509 $ 66,913 Total expenses(1) (32,183) (34,061) (39,031) (39,670) (42,885) Net Investment Income(1) $ 24,171 $ 20,803 $ 28,250 $ 26,839 $ 24,028 Acceleration of debt issuance costs, net of incentive fee impact — — — — 1,691 Amortization of premium/discount on acquired assets — 321 (114) 511 106 Adjusted Net Investment Income(1)(2) $ 24,171 $ 21,124 $ 28,136 $ 27,350 $ 25,825 Net Investment Income(1) $ 24,171 $ 20,803 $ 28,250 $ 26,839 $ 24,028 Net realized and change in unrealized gains (losses) (3,689) (7,575) (13,620) (2,936) (6,643) Net increase (decrease) in net assets resulting from operations(1) $ 20,482 $ 13,228 $ 14,630 $ 23,903 $ 17,385 Acceleration of debt issuance costs, net of incentive fee impact — — — — 1,691 Amortization of premium/discount on acquired assets — 321 (114) 511 106 Reversal of unrealized appreciation from the amortization on acquired assets — (321) 114 (511) (106) Adjusted Net Income(1)(2) $ 20,482 $ 13,228 $ 14,630 $ 23,903 $ 19,076 SUMMARY PER SHARE METRICS Net Investment Income per Common Share(1) $ 0.47 $ 0.40 $ 0.39 $ 0.37 $ 0.33 Acceleration of debt issuance costs, net of incentive fee impact — — — — 0.02 Amortization of premium/discount on acquired assets — 0.01 — 0.01 0.01 Adjusted Net Investment Income per Common Share(1)(2) $ 0.47 $ 0.41 $ 0.39 $ 0.38 $ 0.36 Net Income (Loss) per Common Share(1) $ 0.40 $ 0.25 $ 0.20 $ 0.33 $ 0.24 Acceleration of debt issuance costs, net of incentive fee impact — — — — 0.02 Amortization of premium/discount on acquired assets — 0.01 — 0.01 0.01 Reversal of unrealized appreciation from the amortization on acquired assets — (0.01) — (0.01) (0.01) Adjusted Net Income per Common Share(1)(2) $ 0.40 $ 0.25 $ 0.20 $ 0.33 $ 0.26 Weighted average shares of common stock outstanding 50,896 51,923 72,903 72,903 72,618 5
Please refer to the Company’s Form 10-Q and Form 10-K for more information. (1) Inclusive of deferred financing costs and the effective interest rate swap hedge. (2) Reflects cumulative convertible preferred securities as debt. These securities are considered "senior securities" for the purposes of calculating asset coverage pursuant to the Investment Company Act. (3) At quarter end. (4) As a percentage of fair value. (5) Represents CGBD's exposure to the respective underlying portfolio companies, including CGBD's proportionate share of the portfolio companies held in Credit Fund and Credit Fund II, prior to February 2025. Quarterly Financial Condition Detail (Dollar amounts in thousands, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SUMMARY BALANCE SHEET Total investments, at fair value $ 1,803,543 $ 2,245,626 $ 2,334,961 $ 2,422,630 $ 2,463,922 Cash, cash equivalents and restricted cash 56,575 250,883 49,218 52,268 76,493 Other assets 65,875 37,299 190,498 83,028 249,752 Total Assets $ 1,925,993 $ 2,533,808 $ 2,574,677 $ 2,557,926 $ 2,790,167 Debt and secured borrowings(1) 960,949 1,247,186 1,309,518 1,306,757 1,531,210 Accrued expenses and liabilities 59,840 74,233 67,301 58,569 91,569 Preferred stock 50,000 — — — — Total Liabilities and Preferred Stock $ 1,070,789 $ 1,321,419 $ 1,376,819 $ 1,365,326 $ 1,622,779 Net Assets $ 905,204 $ 1,212,389 $ 1,197,858 $ 1,192,600 $ 1,167,388 Preferred stock (50,000) — — — — Net Assets less preferred stock $ 855,204 $ 1,212,389 $ 1,197,858 $ 1,192,600 $ 1,167,388 Common shares outstanding at end of period 50,906 72,903 72,903 72,903 71,807 Net Asset Value available to Common $ 16.80 $ 16.63 $ 16.43 $ 16.36 $ 16.26 LEVERAGE Statutory Debt to Equity(2) 1.20x 1.04x 1.10x 1.10x 1.32x TOTAL INVESTMENT PORTFOLIO BY ASSET TYPE (3)(4) First lien debt 73.4 % 83.4 % 85.6 % 85.7 % 83.7 % Second lien debt 6.4 % 5.8 % 3.9 % 3.9 % 3.9 % Equity 6.5 % 5.4 % 5.4 % 5.4 % 5.8 % Investment funds 13.7 % 5.4 % 5.1 % 5.0 % 6.6 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Investment funds - First lien debt held 98.6 % 99.9 % 100.0 % 99.9 % 99.9 % Senior secured exposure(5) 93.5 % 94.4 % 94.5 % 94.6 % 94.2 % 6
Origination Activity Detail Please refer to the Company’s Form 10-Q and Form 10-K for more information. No assurance is given that the Company will continue to achieve comparable results. (1) Excludes activity between the Company and the Investment Funds with the exception of the investments assumed as part of the Credit Fund II Purchase. (2) Based on cost paid/proceeds received from equity activity. (3) Excludes the effect of the CSL III Merger and Credit Fund II Purchase. (4) Weighted average yield includes transactions with Credit Fund. (5) Weighted average yields represent yields of the Company and exclude investments on non-accrual status. Weighted average yields of income producing investments include Middle Market Credit Fund ("Credit Fund") and, prior to Q1 2025, Middle Market Credit Fund II ("Credit Fund II" and with Credit Fund. the "Investment Funds"), as well as income producing equity investments. (6) At period end. (Dollar amounts in thousands and based on par) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NEW INVESTMENT FUNDINGS BY ASSET TYPE (1) First lien debt $ 179,855 $ 173,719 $ 372,335 $ 250,365 $ 389,055 Second lien debt 2,152 988 1,056 1,142 1,155 Equity(2) 3,957 3,598 2,344 8,906 14,536 CSL III Merger — 487,879 — — — Credit Fund II Purchase — 198,824 — — — Total $ 185,964 $ 865,008 $ 375,735 $ 260,413 $ 404,746 Weighted Average Yield at Amortized Cost(3)(4) 10.6 % 9.8 % 10.0 % 9.5 % 8.8 % SALES & REPAYMENTS BY ASSET TYPE (1) First lien debt $ (61,910) $ (171,891) $ (99,904) $ (136,103) $ (206,070) Second lien debt — (9,341) (38,090) — — Equity(2) (1,522) (6,415) (11) (7,255) (5,919) Total $ (63,432) $ (187,647) $ (138,005) $ (143,358) $ (211,989) Weighted Average Yield at Amortized Cost(4) 11.2 % 10.9 % 10.9 % 10.4 % 9.8 % Net Investment Activity $ 122,532 $ 677,361 $ 237,730 $ 117,055 $ 192,757 PURCHASES AND SALES WITH INVESTMENT FUNDS Purchases from Investment Funds $ — $ — $ — $ — $ 8,488 Sales to Investment Funds (25,310) (89,348) (150,309) (47,636) (215,176) Credit Fund Mezzanine Loan — — — — 40,500 Credit Fund Return of Capital — (62,500) — — — Net Investment Fund Activity $ (25,310) $ (151,848) $ (150,309) $ (47,636) $ (166,188) Weighted Average Yield on Debt Investments at Amortized Cost(5)(6) 11.2 % 10.8 % 10.6 % 10.3 % 9.7 % Weighted Average Yield on Income Producing Investments at Amortized Cost(5)(6) 11.7 % 10.9 % 10.9 % 10.6 % 10.1 % 7
Senior Secured Exposure(3) 94% 84% 4% 6% 6% First Lien Debt Second Lien Debt Equity Investments Investment Funds 18% 11% 9% 9% 8% 7% 5% 5% 28% Healthcare & Pharmaceuticals Software Diversified Financial Services Business Services Consumer Services High Tech Industries Construction & Building Leisure Products & Services All Others Portfolio Highlights Note: Information presented is as of December 31, 2025 (1) Weighted average yields exclude investments placed on non-accrual status. Weighted average yields of income producing investments include Credit Fund, as well as income producing equity investments. (2) As a percentage of fair value. (3) Represents CGBD's exposure to the respective underlying portfolio companies, including CGBD's proportionate share of the portfolio companies held in the Credit Fund. (4) Excludes equity positions, loans on non-accrual, unfunded commitments, and certain asset-backed, asset-based, and recurring revenue loans. Total investments at fair value ($mm) $2,464 Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 10.1% Number of investments 229 Number of portfolio companies 165 Average exposure by portfolio company(2) 0.6% Non-accrual investments(2) 1.2% 8 Key Statistics Asset Mix(2) Portfolio Industry Exposure(2)(3) Floating Rate(3) 99.5% Company EBITDA(4) (Median) $97mm Sponsored 95%
30% 33% 37% Top 10 Investments Next 11-25 Remaining Investments 13% 13% 7% 7% 6% 6%5% 4% 39% Diversified Financial Services Business Services Consumer Services High Tech Industries Auto Aftermarket & Services Construction & Building Healthcare & Pharmaceuticals Capital Equipment All Others Overview of Investment Fund Note: Information presented is as of December 31, 2025 (1) Includes the $40.5 million investment in the mezzanine loan. (2) Net financial leverage, which includes the net liability working capital position at period end of $126.0 million, was calculated based on $261.0 million of subordinated loans (3) Weighted average yields at cost of the debt investments include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of period end. Weighted average yields exclude investments placed on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above. (4) As a percentage of fair value. 9 Diversification by Borrower Diversification by Industry Key Statistics - Credit Fund CGBD Investment at cost ($mm)(1) $171 CGBD ownership 50.0 % % of CGBD Portfolio 6.6 % Net Financial Leverage(2) 2.89x Effective cost of debt SOFR +1.60% Annualized dividend yield to CGBD 15.3 % Portfolio Statistics - Credit Fund Investments, at fair value ($mm) $958 Portfolio companies 55 Floating rate 100.0 % First lien 99.9 % Yield of debt investments at cost(3) 9.1 % Non-accrual(4) 0.7 % • During Q4, Credit Fund's portfolio growth was driven by $274 million in purchases from CGBD and direct originations. Total portfolio size increased to $958 million with no management fees or incentive fees charged to the vehicle. • Credit Fund revolving credit facility commitments were increased to $800 million as we aim to continue to grow the accretive Credit Fund.
Funding and Capital Management Overview Overview of Balance Sheet Financing 10 As of December 31, 2025 Commitment Outstanding Maturity Date Pricing(1) Credit Facility $960 $564 3/12/2030(2) SOFR + 1.88% CLO 2015-1N(3) $380 $380 7/1/2036 SOFR + 1.94% 2030 Senior Notes $300 $300 2/18/2030 SOFR + 3.23%(4) 2031 Senior Notes $300 $300 2/15/2031 SOFR + 2.31%(4) Total / Weighted Average(5) $1,940 $1,544 5.8 years SOFR + 2.25% 20% % of Committed Balance Sheet Leverage Available % of Utilized Balance Sheet Leverage With Non-Mark-To-Market(6) (1) SOFR borrowings are subject to an additional spread adjustment. (2) $135,000 of the $960,000 in commitments will mature on May 25, 2027. (3) Amounts exclude $30 million of Class C-R Notes retained by the Company. (4) Represents the floating interest rate paid by the Company as part of the interest rate swap agreement. The stated interest rate of the 2030 senior notes is 6.75%. and the stated interest rate of the 2031 senior notes is 5.75%. (5) Weighted average maturity and pricing amounts are calculated based on amount outstanding. (6) Represents the CLO 2015-IN, the 2030 Senior Notes, and the 2031 Senior Notes. 63% Credit Facility CLO 2015-1N Debt Senior Notes 2026 2027 2028 2029 2030 2031 or Later Upcoming Debt Maturities, by Commitment $135 $1,125 $680 100% of our balance sheet leverage is floating rate and we have limited maturities on our financing facilities until Q1 2030(2)
$16.36 $0.33 $0.03 $(0.40) $(0.09) $(0.03) $0.06 $16.26 September 30, 2025 NAV Net Investment Income Non-GAAP Net Investment Income Adjustments Dividend Declared Net Realized and Unrealized Gain (Loss) Non-GAAP Net Investment Income Adjustments Accretion from Share Repurchases December 31, 2025 NAV Note: The net asset value per share and dividends declared per share are based on the shares outstanding at each respective quarter-end. Net investment income per share and net change in realized and unrealized gain (loss) per share are based on the weighted average number of shares outstanding for the period. Net investment income is also net of the preferred dividend paid during Q1'25. Totals may not sum due to rounding. (1) Non-GAAP Net Investment Income Adjustments included (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. See appendix for a description of non-GAAP measures. Net Asset Value Per Share Bridge FY 2025Q4 2025 11 $16.80 $1.48 $0.03 $(1.65) $(0.46) $(0.03) $0.03 $0.06 $16.26 December 31, 2024 NAV Net Investment Income Non-GAAP Net Investment Income Adjustments Dividend Declared Net Realized and Unrealized Gain (Loss) Non-GAAP Net Investment Income Adjustments Accretion from Share Issuances Accretion from Share Repurchases December 31, 2025 NAV Adjusted NII $0.36 Adjusted NII $1.51 (1) (1) (1) (1)
Risk Rating Distribution RATING DEFINITION 1 Borrower is operating above expectations, and the trends and risk factors are generally favorable. 2 Borrower is operating generally as expected or at an acceptable level of performance. The level of risk to our initial cost basis is similar to the risk to our initial cost basis at the time of origination. This is the initial risk rating assigned to all new borrowers. 3 Borrower is operating below expectations and level of risk to our cost basis has increased since the time of origination. The borrower may be out of compliance with debt covenants. Payments are generally current although there may be higher risk of payment default. 4 Borrower is operating materially below expectations and the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due, but generally not by more than 120 days. It is anticipated that we may not recoup our initial cost basis and may realize a loss of our initial cost basis upon exit. 5 Borrower is operating substantially below expectations and the loan’s risk has increased substantially since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit. PORTFOLIO RISK RATINGS (Dollar amounts in thousands) September 30, 2025 December 31, 2025 Internal Risk Rating Fair Value % of Fair Value Fair Value % of Fair Value 1 $— — % $— — % 2 1,986,434 91.4 % 2,011,980 93.3 % 3 162,578 7.5 % 114,456 5.3 % 4 7,761 0.4 % 20,240 0.9 % 5 15,333 0.7 % 10,301 0.5 % Total $2,172,106 100.0 % $2,156,977 100.0 % 12 • As of December 31, 2025, five borrowers were on non-accrual status, representing 1.2% of total investments at fair value and 1.8% at amortized cost, compared to 1.0% and 1.6%, respectively, as of the prior period
$0.32 $0.32 $0.32 $0.32 $0.32 $0.32 $0.32 $0.32 $0.34 $0.36 $0.37 $0.37 $0.37 $0.37 $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.40 $0.74 $0.05 $0.04 $0.05 $0.04 $0.06 $0.07 $0.08 $0.08 $0.06 $0.08 $0.07 $0.07 $0.07 $0.07 $0.08 $0.07 $0.07 $0.05 $0.05 Base Dividend Supplemental Dividend Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Spillover Income Note: Historical dividend data for dividends declared prior to the period shown are available on the Company’s website at carlylesecuredlending.com. There can be no assurance that the Company will continue to achieve comparable results. (1) Spillover income is sum of the excess 2024 U.S. federal taxable income available for carry over into 2025 and the current taxable income for 2025. 2025 taxable income is estimated based on current year to date activity and cannot be confirmed until after the close of the tax year. (2) As of February 23, 2026 (3) Based on the 1Q26 dividend declared (4) Represents shares repurchased as part of the Company's Stock Repurchase Program, which was originally approved on November 5, 2018. (5) Represents the maximum value that may be repurchased as part of the Company's Stock Repurchase Program as of February 23, 2026 and inclusive of the $100.0 million upsize in the program as approved on February 18, 2026. Stock and Dividend Information 13 Ticker Exchange Shares Outstanding(2) Market Cap(2) Annualized Dividend Yield(3) ITD Share Repurchases(2)(4) Share Repurchases Remaining(2)(5) CGBD NASDAQ 71M $785M 9.8% $186M $114M Historical Dividend Data • As of Q4'25, we have an estimated $53.4 million or $0.74 per share of spillover income(1) available to continue to support our quarterly dividend • We repurchased $13.9 million of shares during the quarter, plus an additional $14.0 million in 2026(2) for a total of $27.9 million, and in 2026, we upsized our stock repurchase program for an additional $100.0 million to a size of $300.0 million • Repurchases in Q4 were at an average discount to 9/30/2025 NAV per share of 22.6% resulting in $0.06 per share of NAV accretion
CGBD NAV Preservation $16.56 $16.36 Q4'19 NAV/Share Q3'25 $14.00 $14.50 $15.00 $15.50 $16.00 $16.50 $17.00 Past performance is not indicative of future results. For illustrative purposes only. There is no assurance that market trends will continue. BDC Peers include 15 externally managed, publicly traded BDCs with market capitalizations over $750 million with pre-COVID IPO dates and excludes BDCs with reverse stock splits during the period. Information is sourced from public filings. Historical Net Asset Value Information 14 BDC Peers NAV Decline $15.73 $14.20 Q4'19 NAV/Share Q3'25 $14.00 $14.50 $15.00 $15.50 $16.00 $16.50 $17.00 (9.7)% (1.2)% CGBD NAV per share has remained relatively flat since 2019 while BDC peers experienced an average decline of 9.7%
15 Appendix
T R A D E S E C R E T & S T R I C T L Y C O N F I D E N T I A L 1 Structured Credit Partners JV, LLC (“SCP”) – Executive Summary Description • Structured Credit Partners JV, LLC (“SCP”) is a joint venture capitalized by two BDCs managed by Carlyle and two BDCs managed by Sixth Street that will invest directly in broadly syndicated loans financed with long-term, non-mark-to-market, and predominantly investment grade rated CLO debt • Each pool of broadly syndicated loans will be 100% owned by SCP and managed respectively by an affiliate of Carlyle or Sixth Street • SCP is capitalized with $600 million of equity commitments from BDCs managed by Carlyle and Sixth Street Value to BDC Shareholders • Advantaged returns to BDC shareholders through fee-free structure at the JV and underlying CLOs, given a typical third-party CLO charges management fees of 40 to 50 basis points of assets • Historical median CLO returns have typically been within the 10% to 12% range, and we expect a potential 400 to 500 basis point uplift from SCP’s no-fee structure • Expands the opportunity set to a broader range of investments that deliver attractive risk / return Investment Rationale • Powered by two market-leading CLO platforms with proven track records and extensive operational scale • Underlying assets are expected to be predominantly first lien senior secured floating rate loans with external credit ratings • JV structure establishes systematic diversification across borrowers, industries and vintages • SCP will maintain full control over the lifecycle of each pool of broadly syndicated loans including ongoing active management
T R A D E S E C R E T & S T R I C T L Y C O N F I D E N T I A L 2 SCP is expected to generate 400-500 bps of incremental CLO return driven by no management or incentive fees at the JV or underlying CLOs SCP returns expected to be accretive to CGBD’s return on equity Optimizes BDC non-qualifying asset capacity for compelling relative value investment opportunity Potential to increase NII on a quarterly basis through cash dividend paid from JV to BDCs Financed via attractive long-term, non-mark- to-market, and predominantly investment grade rated CLO debt Outsized Returns Potential Given Advantaged Structure Investment Rationale Value to BDC Shareholders Differentiated Credit Analysis with Cycle Aware Positioning Focus on Loss Avoidance and Overweight Resilient Industries Opportunistic Management in Volatility 1 2 3 4 5 Investment Return Illustrative Unit Economics Market CLO SCP Excess Return Illustrative Return 10% - 12% 4% - 5% Excess return driven by no management or incentive fees at the JV or underlying CLOs
T R A D E S E C R E T & S T R I C T L Y C O N F I D E N T I A L 3 50%/50% Economic and Governance Split Between Carlyle-Managed and Sixth Street-Managed BDCs1 SCP Organizational Structure Sixth Street Specialty Lending, Inc. (TSLX) ($200mm) Sixth Street Lending Partners ($100mm) Carlyle Secured Lending, Inc. (CGBD) ($150mm) Carlyle Credit Solutions, Inc. ($150mm) SCP will seek to invest in highly diversified first lien senior secured floating rate loans, financed with predominantly investment grade-rated CLO debt Structured Credit Partners JV, LLC ($600mm commitments) C ap ita l co m m itm en ts C ap ita l co nt rib ut io ns Q ua rt er ly c as h di st rib ut io ns Q ua rt er ly c as h di st rib ut io ns $6 billion to $7 billion of first lien, broadly syndicated loans Long-term, non-mark-to-market, predominantly investment grade rated CLO financing JV capital contributions 1) All key investment, financing, and capital decisions are subject to approval by the JV board (with delegated authority to Committees where appropriate), which has equal representation from each BDC. Approvals are required to be unanimous with quorum.
T R A D E S E C R E T & S T R I C T L Y C O N F I D E N T I A L 4 Leading CLO Platforms Deliver Edge for SCP Structured Credit Partners • Decades of combined liquid credit and CLO experience on SCP’s board of directors and across two leading platforms • 42+ sector-aligned research analysts with hundreds of credits covered • Substantial historical outperformance on losses • Deep and scaled relationships with financial sponsors and the Street drives early looks, high loan allocation fulfillment and best-in-class liability execution Carlyle Liquid Credit • With its first CLO issuance in 1999, Carlyle has a demonstrated track record managing CLOs over multiple credit cycles • One of the largest CLO managers globally, managing $50 billion in 100+ CLOs across the U.S. and Europe • Seasoned investment team with established credit selection expertise including 30+ industry-focused credit research investment professionals and 70+ investment professionals • Active portfolio management with over $30 billion in yearly loan trading activity keeps Carlyle close to the Street Sixth Street Public Markets • Sixth Street has a 16+ year liquid credit investing track record with $60+ billion of capital deployed across liquid credit and $20+ billion of current public markets AUM • 10+ year CLO management track record, with 31 CLOs issued since inception and $11+ billion of current CLO AUM • 37 investment professionals, including 12 sector-aligned and dedicated performing loan research analysts, across stress/distress, structured credit, capital markets and structuring • 400+ unique loan issuers covered
Carlyle Firm Overview1 Note: AUM numbers may not sum to total due to rounding. Certain communications between Carlyle Global Credit and investment professionals in other business segments may be restricted in accordance with Carlyle's information barrier policy. Past performance is not indicative of future results and there can be no assurance that any trends will continue. (1) Firm data as of December 31, 2025 (2) Total includes Investment Professionals in the Executive Group (3) Carlyle Global Credit AUM includes $86.9 billion of insurance related assets (4) Includes 10 professionals in the Carlyle Global Credit Capital Markets group. Note: AUM may differ from any comparable “AUM” disclosure in other non-public or public sources (including public regulatory filings.). Certain communications between Carlyle Global Credit and investment professionals in other business segments may be restricted in accordance with Carlyle's information barrier policy. Statements about “Carlyle edge” are opinions and beliefs of Carlyle, and should not be relied upon as a promise or representation as to past or future performance. Firm Overview Global Credit Global Private Equity Carlyle AlpInvest Founded: 1987 AUM: $477 bn Employees: 2,500+ Investment Professionals2 : 770 Offices / Countries: 27 / 17 "One Carlyle" Global Network Deep Industry Knowledge Executive Operations Group Portfolio Intelligence $211 bn AUM3 205+ Investment professionals4 üReach: üExpertise: üImpact: üData: $164 bn AUM 425+ Investment professionals $102 bn AUM 125+ Investment professionals The Carlyle Edge Global Investment Platform 20
AUM: $10.2 billion ASSET-BACKED FINANCE Carlyle Global Credit Platform Source: The Carlyle Group. As of December 31, 2025 unless otherwise stated. Strategy characteristics are summary in nature and not intended to be an exhaustive list; any particular investment may not have any such characteristics. 1) Carlyle Global Credit and Platform Initiatives AUM includes $86.9 billion of insurance related assets. CARLYLE GLOBAL CREDIT – $211BN AUM1 AUM: $50.1 billion LIQUID CREDIT AUM: $33.9 billion PRIVATE CREDIT AUM: $20.2 billion REAL ASSETS CREDIT CLO MANAGEMENT Carlyle managed CLOs (broadly syndicated senior secured bank loans) CLO INVESTMENT Equity and debt CLO tranches LOANS & REVOLVING CREDIT Senior secured revolving credit facilities of non-IG issuers DIRECT LENDING Directly originated loans, primarily first lien and financial sponsor-backed OPPORTUNISTIC CREDIT Directly originated private capital solutions primarily for non-sponsored companies HYBRID CAPITAL Flexible mandate across credit- oriented solutions, structured equity, and stressed / dislocated investments AVIATION FINANCE Commercial aircraft leasing / servicing and securitization of aircraft portfolios INFRASTRUCTURE CREDIT Credit investments in U.S. and international infrastructure assets REAL ESTATE CREDIT Lending to global real estate projects PLATFORM INITIATIVES AUM: $96.9 billion1 CARLYLE TACTICAL CREDIT FUND CROSS-PLATFORM SMAs ADVISORY CAPITAL Investing dynamically across Carlyle's entire credit platform Tailored separate accounts investing across the credit platform Credit assets sub-advised for insurance platform IG DEBT Directly originated, privately structured asset- backed solutions, focused on acquiring or lending against diversified pools of collateral with contractual cash flows NON-IG DEBT RESIDUAL / EQUITY 21
22 Carlyle Direct Lending Investment Philosophy & Overview Note: Comments made here are based on Carlyle’s subjective views. There can be no assurance that a Fund will be able to achieve comparable results, implement its investment strategy or achieve its investment objective. No assurance is given that any trends will continue, that forecasts will ultimately materialize, or that investment opportunities will be available. Carlyle Direct Lending seeks to operate in the core and upper middle market, utilizing an integrated platform sourcing approach Focus on performing, non-cyclical companies with EBITDA of $25mn or greater, primarily backed by high-quality financial sponsors Employ a rigorous and consistent investment process informed by the capability of the entire Carlyle platform Target a defensive approach to lending via disciplined underwriting with deep industry sector expertise Seek to deliver sustainable current cash income from predominantly first lien, senior secured, floating rate instruments 1 2 3 4
Please refer to the Company’s Form 10-Q and Form 10-K for more information. Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,485,049 $ 2,050,323 $ 2,143,227 $ 2,200,482 $ 2,197,244 Investments—non-controlled/affiliated, at fair value 71,861 73,912 71,570 101,931 103,064 Investments—controlled/affiliated, at fair value 246,633 121,391 120,164 120,217 163,614 Total Investments, at Fair Value 1,803,543 2,245,626 2,334,961 2,422,630 2,463,922 Cash, cash equivalents and restricted cash 56,575 250,883 49,218 52,268 76,493 Receivable for investments sold/repaid 25,407 644 151,022 48,069 214,757 Interest and dividend receivable 32,436 25,154 29,195 24,511 24,678 Derivative assets, at fair value 1,863 306 742 901 298 Prepaid expenses and other assets 6,169 11,195 9,539 9,547 10,019 Total Assets $ 1,925,993 $ 2,533,808 $ 2,574,677 2,557,926 $ 2,790,167 LIABILITIES & NET ASSETS Debt and secured borrowings $ 960,949 $ 1,247,186 $ 1,309,518 $ 1,306,757 $ 1,531,210 Payable for investments purchased 1,353 16,395 880 368 21,547 Interest and credit facility fees payable 10,853 12,061 17,287 11,515 19,092 Dividend payable 22,908 22,931 29,162 29,161 28,723 Base management and incentive fees payable 11,908 13,405 14,599 14,751 14,360 Administrative service fees payable 885 986 326 840 1,261 Derivative liabilities, at fair value 6,875 3,502 — 500 1,436 Other accrued expenses and liabilities 5,058 4,953 5,047 1,434 5,150 Total Liabilities 1,020,789 1,321,419 1,376,819 1,365,326 1,622,779 Preferred Stock 50,000 — — — — Total Liabilities and Preferred Stock 1,070,789 1,321,419 1,376,819 1,365,326 1,622,779 Net Assets $ 855,204 $ 1,212,389 $ 1,197,858 1,192,600 $ 1,167,388 Net Asset Value Per Common Share $ 16.80 $ 16.63 $ 16.43 $ 16.36 $ 16.26 23
Quarterly Income Statement Detail Note: There can be no assurance that we will continue to earn income at this rate and our income may decline. If our income declines, we may reduce the dividend we pay and the yield you earn may decline. Refer to the Company’s Form 10-Q and Form 10-K for additional details. (1) Inclusive of payment-in-kind interest income. (2) Presented net of the preferred stock dividend for the period. (Dollar amounts in thousands, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 INVESTMENT INCOME Interest income(1) $ 45,697 $ 47,359 $ 60,830 $ 59,794 $ 60,721 Dividend income from credit funds 9,572 6,554 5,000 5,000 5,000 Other income 1,085 951 1,451 1,715 1,192 Total Investment Income $ 56,354 $ 54,864 $ 67,281 $ 66,509 $ 66,913 EXPENSES Management fees $ 6,753 $ 7,609 $ 8,665 $ 9,139 $ 9,231 Incentive fees 5,155 4,400 5,934 5,612 5,130 Interest expense and credit facility fees 17,124 18,603 21,727 22,306 25,450 Other expenses 2,094 1,947 2,325 2,113 2,724 Excise tax expense 182 676 380 500 350 Net Expenses $ 31,308 $ 33,235 $ 39,031 $ 39,670 $ 42,885 Preferred stock dividend 875 826 — — — Net Investment Income(2) $ 24,171 $ 20,803 $ 28,250 $ 26,839 $ 24,028 Net realized and change in unrealized gains (losses) (3,689) (7,575) (13,620) (2,936) (6,643) Net increase (decrease) in net assets resulting from operations(2) $ 20,482 $ 13,228 $ 14,630 $ 23,903 $ 17,385 Net Investment Income per Common Share $ 0.47 $ 0.40 $ 0.39 $ 0.37 $ 0.33 Net Income (Loss) per Common Share $ 0.40 $ 0.25 $ 0.20 $ 0.33 $ 0.24 24
On a supplemental basis, we are disclosing Adjusted Net Investment Income, Adjusted Net Investment Income Per Common Share, Adjusted Net Income and Adjusted Net Income Per Common Share each of which is calculated and presented on a basis other than in accordance with GAAP (“non-GAAP”). We use these non-GAAP financial measures internally to analyze and evaluate financial results and performance, and we believe these non-GAAP financial measures are 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 these non-GAAP measures 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 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 Credit Fund II Purchase on February 11, 2025. This adjustment reflects management’s view of the economic yield on the acquired assets and is consistent with the internal evaluation of performance. The following details the additional one-time or non-recurring events considered as part of the non-GAAP measures: • On December 1, 2025, the Company redeemed the 8.20% senior unsecured notes due December 1, 2028 (the “2028 Notes”). Refer to Note 9, Borrowings, in the Company’s Form 10-K for the Annual Period ended December 31, 2025 for more information on the redemption of the 2028 Notes. In connection with the redemption, the debt issuance costs were accelerated in accordance with GAAP. Non-GAAP Measures 25
FAQ
How did Carlyle Secured Lending (CGBD) perform in Q4 2025?
Carlyle Secured Lending generated Q4 2025 net investment income of $0.33 per share and adjusted net investment income of $0.36 per share. Net asset value per share was $16.26, reflecting modest unrealized losses but solid ongoing income generation from its predominantly senior secured portfolio.
What dividend did CGBD declare for the first quarter of 2026?
CGBD’s board declared a first quarter 2026 dividend of $0.40 per common share, payable April 16, 2026 to shareholders of record on March 31, 2026. The company noted estimated $0.74 per share of spillover income, helping support this dividend level.
What are the key portfolio metrics for CGBD as of December 31, 2025?
As of December 31, 2025, CGBD’s investment portfolio had a $2.5 billion fair value across 165 portfolio companies and 229 investments. Income-producing investments carried a 10.1% weighted average yield, senior secured exposure was 94.2%, and non‑accrual investments were 1.2% of fair value.
How much stock did Carlyle Secured Lending repurchase and at what impact?
CGBD repurchased $13.9 million of common shares in Q4 2025 at an average 22.6% discount to September 30, 2025 NAV per share. Management estimates these repurchases added $0.06 per share of NAV accretion, benefiting remaining shareholders by reducing shares outstanding.
What is the Structured Credit Partners JV and CGBD’s commitment to it?
Structured Credit Partners JV, LLC is a new joint venture investing in broadly syndicated first lien senior secured loans financed with long-term CLO debt. It has $600 million of equity commitments, including a $150 million commitment from CGBD, and charges no management or incentive fees at the JV or CLO level.
How did CGBD’s investment activity and leverage evolve in Q4 2025?
CGBD reported record quarterly originations of $404.7 million with net investment activity of $192.8 million. Statutory debt-to-equity leverage increased to 1.32x, while the company refinanced higher‑cost 8.20% 2028 notes and extended its maturity profile with $300 million of 2031 notes.
What were CGBD’s full-year 2025 earnings and NAV trend?
For full-year 2025, CGBD reported $1.48 per share of net investment income and $1.51 per share of adjusted net investment income. Net asset value per share moved from $16.80 at December 31, 2024 to $16.26 at December 31, 2025, reflecting income, dividends, market movements, and buybacks.
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Carlyle Secured