Carlyle Secured Lending, Inc.·Financial Services

There is a principle I have followed for 30 years in this business. When the smartest credit team on the planet starts aggressively buying a beaten-down asset class they understand better than anyone alive, you do not sit on your hands and debate whether the timing is perfect.

Carlyle Secured Lending trades near its 52-week low, offering a 12.8% yield and a 32% discount to NAV. CGBD's portfolio is 87% senior secured debt, with low non-accruals and strong sponsor backing supporting credit quality. Recent dividend cuts and lower earnings reflect floating-rate pressure, but management expects earnings improvement in late 2026 and 2027.

Carlyle Secured Lending (CGBD) cut its dividend by 12.5% due to higher losses and tighter coverage, aligning payouts with earnings. CGBD trades at a 27% discount to NAV and yields over 12%, but limited dividend coverage and macro uncertainty warrant caution. Management's aggressive share buybacks and improved non-accruals signal stabilization, yet further financial clarity is needed before turning bullish.

Carlyle Secured Lending Inc. (CGBD) Q1 2026 Earnings Call Transcript

Carlyle Secured Lending NASDAQ: CGBD reported lower first-quarter investment income and net asset value, while management said the business development company is seeing a more lender-friendly deal environment with wider spreads and stronger documentation in new originations.

Carlyle Secured Lending, Inc. (CGBD) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.41 per share a year ago.
TCG BDC, Inc. is business development company specializing in first lien debt, senior secured loans, second lien senior secured loan unsecured debt, mezzanine debt and investments in equities. It specializes in directly investing. It specializes in middle market. It targets healthcare and pharmaceutical, aerospace and defense, high tech industries, business services, software, beverage food and tobacco, hotel gamming and leisure, banking finance insurance and in real estate sector. The fund seeks to invest across United States of America, Luxembourg, Cayman Islands, Cyprus, and United Kingdom. It invests in companies with EBITDA between $25 million and $100 million.
Financial Services
Asset Management
2,300
2017-06-14
0.72