Core Viewpoint - Carlyle Secured Lending, Inc. will announce its financial results for the first quarter of 2025 on May 6, 2025, followed by a conference call on May 7, 2025 [1][2]. Company Overview - Carlyle Secured Lending, Inc. is a publicly traded business development company (BDC) that began investing in 2013, focusing on senior secured lending to middle-market companies primarily in the United States [3]. - The company is externally managed by Carlyle Global Credit Investment Management L.L.C., a wholly owned subsidiary of Carlyle [3]. - Carlyle, as a global investment firm, manages $441 billion in assets as of December 31, 2024, and operates across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions [4].

Carlyle Secured Lending, Inc. (CGBD) shares rallied 8.3% in the last trading session to close at $14.71. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 19.1% loss over the past four weeks.Carlyle Secured Lending stock rallied, driven by a massive jump in the broad markets. The jump was attributable to President Donald Trump’s announcement of a 90-day tariff pause for the non-retaliating nations. This cheered ...

NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (“CGBD”) (NASDAQ: CGBD) announced today the closing of its previously announced merger with Carlyle Secured Lending III (“CSL III”) with CGBD as the surviving company. Based on March 25, 2025 financial data, the combined company has more than $2.8 billion of assets. In connection with the closing of the merger, CSL III shareholders received 18,935,108 shares of CGBD common stock for each common share of CSL III based on the final exc ...

NEW YORK, March 26, 2025 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (“CGBD”) (NASDAQ: CGBD) announced today that CGBD shareholders voted overwhelmingly in favor of the previously announced merger with Carlyle Secured Lending III (“CSL III”) at the special meeting held on March 26, 2025. Shareholders voted in favor of the issuance of common stock in connection with the merger of CGBD and CSL III, with 96% of voting CGBD shareholders supporting the proposal. The transaction is expected to close on or a ...

Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 2024 1 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 26, 2025 and the Company ...

Financial Data and Key Metrics Changes - The company generated net investment income of $0.47 per share, representing an annualized yield of over 11% based on the December 31 NAV [11] - Total investment income for Q4 was $56 million, consistent with the prior quarter, primarily due to a higher average portfolio balance and increased dividends from joint ventures [18] - Total expenses were $31 million, flat compared to the prior quarter, as a higher average outstanding debt balance offset lower interest rates [18] - The net asset value as of December 31 was $16.80 per share, down from $16.85 per share as of September 30 [11] Business Line Data and Key Metrics Changes - The direct lending platform achieved record highs for deployment in both Q4 and the full year of 2024, growing the portfolio by about $100 million in the quarter [12] - 94% of 2024 originations were in first lien investments, with an average loan to value under 40% [12] - The median EBITDA across the portfolio was $88 million, indicating strong underlying performance [15] Market Data and Key Metrics Changes - The company maintained a highly diversified portfolio with 189 investments in 135 companies across more than 25 industries, with average exposure in any single portfolio company being less than 1% of total assets [15] - Non-accruals were largely flat at 0.6% of total investments at fair value, indicating stability in credit quality [22] Company Strategy and Development Direction - The company proposed a strategic affiliate merger with Carlyle Secured Lending 3, expected to deliver increased scale and liquidity, eliminate preferred stock dilution, and reduce aggregate costs [13][28] - The company aims to optimize long-term earnings power and capacity of joint ventures, enhancing the earnings profile of the broader portfolio [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to leverage the broader Carlyle network to achieve maximum recoveries for underperforming borrowers [22] - The company is focused on increasing origination activity while prioritizing overall credit performance and maintaining a diversified portfolio [15][29] - Market demand for private credit remains strong, with a growing pipeline of new originations [28][29] Other Important Information - The board declared a total dividend of $0.45 per share for Q4, consisting of a base dividend of $0.40 and a supplemental dividend of $0.05 [11][19] - The company received investment grade ratings from both Fitch and Moody's, allowing it to issue its first-ever institutional bond deal [14][25] Q&A Session Summary Question: Inquiry about the joint venture and future plans - Management indicated that the consolidation of MMCF 2 onto the balance sheet would free up non-qualifying asset capacity, and they anticipate ramping up the first joint venture with a new credit facility [34][35] Question: Clarification on tax line drop in Q4 - The tax line drop was attributed to a year-end true-up based on the year-end audit, with expectations for it to be in line with prior quarters [37][38] Question: Discussion on growth plans for the BDC - Management stated that the current focus is on capital deployment and completing the merger process, with future growth initiatives to be considered afterward [40] Question: Inquiry about fee income in Q4 - Fee income and OID acceleration were lower than historical averages, with an incremental dividend from the joint venture impacting the income line [44][45] Question: Dollar amount of incremental dividend related to the joint venture - The incremental dividend related to the joint venture was about $1.2 million, impacting net investment income by about two cents per share for the quarter [51]

Core Viewpoint - Carlyle Secured Lending, Inc. (CGBD) reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.44 per share, but down from $0.56 per share a year ago, indicating a mixed performance in earnings despite a positive surprise [1][2]. Financial Performance - The company achieved revenues of $39.23 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 8.04%, although this is a decline from $44.35 million in the same quarter last year [2]. - Over the last four quarters, Carlyle Secured Lending has exceeded consensus EPS estimates four times and topped revenue estimates twice [2]. Stock Performance and Outlook - Carlyle Secured Lending shares have decreased by approximately 0.9% since the beginning of the year, contrasting with the S&P 500's gain of 1.7% [3]. - The company's current consensus EPS estimate for the upcoming quarter is $0.44, with expected revenues of $36.77 million, and for the current fiscal year, the EPS estimate is $1.74 on revenues of $147.16 million [7]. Industry Context - The Financial - SBIC & Commercial Industry, to which Carlyle Secured Lending belongs, is currently ranked in the top 16% of over 250 Zacks industries, suggesting a favorable industry outlook [8]. - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Carlyle Secured Lending's stock performance [5].

Core Viewpoint - Carlyle Secured Lending, Inc. reported strong financial results for Q4 and the full year of 2024, highlighting portfolio growth and consistent net investment income despite market challenges [1]. Financial Performance - Net investment income for Q4 2024 was $0.47 per common share, maintaining consistency with the previous quarter [1]. - For the full year 2024, net investment income was $2.00 per common share, with an Adjusted Net Investment Income Per Common Share of $2.02 after accounting for one-time events [2]. - The net asset value per common share decreased by 0.3% in Q4 2024, from $16.85 to $16.80 [1]. - The total fair value of investments increased to $1.8 billion as of December 31, 2024 [1]. Dividends - The Board of Directors declared a base quarterly common dividend of $0.40 per share and a supplemental common dividend of $0.05 per share, payable on April 17, 2025 [3]. - A cash dividend of $0.438 per Preferred Share was declared for the period from October 1, 2024, to December 31, 2024 [3]. Company Overview - Carlyle Secured Lending, Inc. is a specialty finance company focused on lending to middle-market companies, managed by Carlyle Global Credit Investment Management L.L.C. [8]. - Since its inception in May 2013, the company has invested approximately $8.7 billion in debt and equity investments [8]. - The company aims to generate current income and capital appreciation primarily through debt investments in U.S. middle-market companies [8].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 000-54899 Carlyle Secured Lending, Inc. | Large accelerated filer | x | Accelerated filer | ☐ | | --- | --- | --- | --- | | Non-accel ...

Financial Performance - Net investment income was $0.47 per common share, consistent with the previous quarter[13] - Total investment income for Q4 2024 was $62.685 million, compared to $62.007 million in Q3 2024[14] - Total investment income for Q4 2023 was $62.69 million, compared to $58.26 million in Q2 2024, reflecting a growth of 7.5%[45] - Net investment income for Q4 2023 was $28.24 million, with a net investment income per common share of $0.56[45] Asset Valuation - NAV per share was $16.80 as of December 31, 2024, compared to $16.75 as of September 30, 2024[13] - Net Asset Value available to Common shares was $16.99 in Q4 2023, slightly down from $17.07 in Q1 2024[16] - CGBD's Net Asset Value (NAV) per share has increased over the past 5 years, while BDC peers experienced a decline of 6.0%[33] Portfolio and Investments - Total fair value of the portfolio was $1.8 billion with a weighted average yield of 11.7%[13] - Total investments at fair value increased to $1,841,881,000 in Q4 2023 from $1,726,050,000 in Q2 2024, reflecting a growth of 6.7%[16] - Total investments at fair value reached $1.84 billion in Q4 2023, up from $1.73 billion in Q2 2024[44] - The company reported a total of 189 investments across 135 portfolio companies, with an average exposure of 0.7% per company[19] - New investment fundings totaled $76,931,000 in Q4 2023, with first lien debt accounting for $75,004,000, representing 97.5% of total fundings[17] Liquidity and Leverage - Total liquidity as of December 31, 2024, was $565.7 million, an increase from $354.8 million as of September 30, 2024[13] - Net financial leverage increased to 1.01x as of December 31, 2024, within the target range of 1.0x to 1.25x[13] - The company’s leverage ratio was reported at 1.03x in Q4 2023, up from 0.96x in Q1 2024[16] Dividends - The company declared a base dividend of $0.40 plus a $0.05 supplemental dividend, equating to an annualized yield of 10.7% on NAV[13] - The annualized base dividend is $0.18, with a dividend yield of 10.7% and a coverage ratio of 118%[31] - Annualized dividend yield to CGBD was reported at 11.4% for the Middle Market Credit Fund[20] Non-Accrual Investments - Non-accrual investments represented 1.0% based on amortized cost and 0.65% based on fair value as of December 31, 2024[13] - Non-accrual investments represented 0.6% of total fair value, consistent with the previous period[29] Corporate Actions - The company is progressing on the previously announced merger with CSL III, with a stockholder meeting scheduled for March 26, 2025[13] - The company has a stock repurchase program approved on November 5, 2018, which continues through November 2025[32] Investment Strategy - Carlyle Global Credit has $192 billion in assets under management (AUM), with various credit strategies including liquid credit and private credit[38] - The company has a rigorous investment process targeting non-cyclical companies with EBITDA of $25 million or more[40] - Carlyle Direct Lending focuses on delivering sustainable current cash income from predominantly floating rate instruments[40]