Financial Data and Key Metrics Changes - Total investment income for Q4 2025 was $67 million, consistent with the prior quarter, as an increase in average portfolio size was offset by a decrease in total portfolio yields due to lower base rates and spreads [21] - Net investment income for Q4 was $24 million, or $0.33 per share on a GAAP basis, and $0.36 per share after adjustments [22] - The net asset value as of December 31 was $16.26 per share, down from $16.36 per share as of September 30 [12] Business Line Data and Key Metrics Changes - CGBD deployed over $1.2 billion and closed over $7 billion of commitments at the platform level in 2025, with Q4 being a record quarter for CGBD with over $400 million of investment fundings [11] - Total investments at CGBD increased from $2.4 billion to $2.5 billion during the quarter, while total investments at the MMCF joint venture increased to over $950 million [11] Market Data and Key Metrics Changes - The company reported that 94% of investments were in senior secured loans, with a median EBITDA across the portfolio of $97 million [17] - The average exposure to any single portfolio company was less than 1% of total investments, indicating strong diversification [17] Company Strategy and Development Direction - The core investment strategy remains focused on stable, high-quality credits in the core and upper middle market, with an emphasis on enhancing origination capabilities [10] - The formation of a new joint venture, Structured Credit Partners, aims to increase diversification and portfolio yield, focusing on broadly syndicated first lien, senior secured loans [18] Management's Comments on Operating Environment and Future Outlook - Management expects earnings to trough in the first half of 2026 due to base rate cuts, with an anticipated increase in earnings thereafter as portfolios ramp up [23] - The company remains confident in the quality and stability of its portfolio despite market volatility, particularly in the software sector, which has shown exemplary performance with no defaults over the last five years [12][13] Other Important Information - The board declared a first-quarter 2026 dividend of $0.40 per share, with an estimated $0.74 per share of spillover income to support the dividend [22] - The company repurchased $14 million of shares at an average discount of nearly 23% during Q4, resulting in $0.06 of accretion to NAV per share [23] Q&A Session Summary Question: Who will the company take market share from? - The company plans to focus on high-quality companies in the core and upper middle market, leveraging its strong credit culture and industry expertise [33] Question: What is driving borrowing demand and contributing to the strong pipeline flow? - The company is seeing a consistent flow of opportunities in the middle market, with increased activity in sectors like industrials and healthcare [36] Question: What is the rationale for the SCP joint venture? - The SCP joint venture aims to maximize the utilization of non-qualifying asset buckets and leverage the broader Carlyle network for strong expected returns [39] Question: How significant is interest expense in borrowers' overall expense load? - Interest coverage ratios are improving, and borrowers are taking a more conservative approach to leverage, which is beneficial for credit quality [56][58] Question: Is the best incremental dollar the next investment or repurchasing stock? - The company believes in a balanced approach, continuing share repurchases while also investing in joint ventures that are expected to be accretive [61]

Carlyle Secured Lending (NasdaqGS:CGBD) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Company ParticipantsAlex Chi - CEOBrian McKenna - Managing Director and Equity ResearchErik Zwick - Managing Director and Equity ResearchJustin Plouffe - Former Chief Executive OfficerNishil Mehta - Managing Director and Head of Structured CreditThomas Hennigan - President and Chief Financial OfficerConference Call ParticipantsRick Shane - Managing Director and Senior Equity AnalystOperatorHello, thank you for standi ...

Financial Data and Key Metrics Changes - Total investment income for Q4 2025 was $67 million, consistent with the prior quarter, as an increase in average portfolio size was offset by a decrease in total portfolio yields due to lower base rates and lower spreads [17] - Net investment income for Q4 was $24 million, or $0.33 per share on a GAAP basis, and $0.36 per share after adjustments [18] - The board declared a first-quarter 2026 dividend of $0.40 per share, with an estimated $0.74 per share of spillover income to support the dividend [18] Business Line Data and Key Metrics Changes - CGBD deployed over $1.2 billion and closed over $7 billion of commitments at the platform level in 2025, with Q4 being a record quarter for CGBD with over $400 million of investment fundings [9] - Total investments at CGBD increased from $2.4 billion to $2.5 billion during the quarter, while total investments at the MMCF joint venture increased to over $950 million [9] Market Data and Key Metrics Changes - CGBD's net asset value as of December 31 was $16.26 per share, down from $16.36 per share as of September 30 [10] - The company reported a total aggregate realized and unrealized net loss for the quarter of about $7 million, primarily due to unrealized markdowns on select underperforming investments [20] Company Strategy and Development Direction - The core investment strategy remains focused on stable, high-quality credits in the core and upper middle market, with an emphasis on enhancing origination capabilities [7][8] - The formation of a new joint venture, Structured Credit Partners (SCP), aims to increase diversification and portfolio yield at CGBD, focusing on investing in broadly syndicated first lien, senior secured loans [14][21] Management's Comments on Operating Environment and Future Outlook - Management expects earnings to trough in the first half of 2026 due to base rate cuts, with an anticipated increase in earnings thereafter as portfolios ramp up [19] - The company remains confident in the quality and stability of its portfolio despite market volatility, particularly in the software sector, which has shown strong performance metrics [10][12] Other Important Information - CGBD's software exposure as a percentage of the portfolio is below that of its peer group, with a strong track record of no defaults in software deals over the last five years [11] - The company has nearly exhausted its existing $200 million share repurchase program and has approved an increase to $300 million [19] Q&A Session Summary Question: Who will CGBD take market share from? - CGBD plans to take market share from the BSL market, other private credit funds, and banks, leveraging its strong credit culture and industry expertise [28][29] Question: What is driving borrowing demand? - The middle market provides a consistent flow of opportunities, with increased activity in sectors like industrials, aerospace, and healthcare contributing to strong pipeline flow [32][33] Question: Rationale for the SCP joint venture? - The SCP joint venture aims to maximize non-qualifying asset buckets and leverage the broader Carlyle network for strong expected returns based on a no-fee structure [35][36] Question: How significant is interest expense for borrowers? - Interest coverage ratios are improving, and borrowers are adopting more conservative leverage profiles, which is beneficial for overall credit quality [53][55] Question: Is share repurchase or new investment the best use of capital? - A balanced approach is being taken, with ongoing share repurchases while also investing in joint ventures that are expected to be accretive [58][60]

Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 2025 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 25, 2026 and the Company ...

Carlyle Secured Lending Inc. ( CGBD ) has been among those few business development companies, or BDCs, tactical investment picks where I have missed the mark. Back in April 2024, I issued my first bullishRoberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Baltic capital markets ...

Core Viewpoint - Carlyle Secured Lending, Inc. reported quarterly earnings of $0.33 per share, missing the Zacks Consensus Estimate of $0.38 per share, and showing a decline from $0.47 per share a year ago, indicating a negative earnings surprise of -12.23% [1] Financial Performance - The company posted revenues of $41.46 million for the quarter ended December 2025, which was 9.03% below the Zacks Consensus Estimate and an increase from $39.23 million year-over-year [2] - Over the last four quarters, Carlyle Secured Lending has not surpassed consensus EPS estimates and has only topped consensus revenue estimates once [2] Stock Performance - Carlyle Secured Lending shares have declined approximately 11.1% since the beginning of the year, contrasting with the S&P 500's slight decline of 0.1% [3] Future Outlook - The company's earnings outlook will be crucial for determining stock performance, with current consensus EPS estimates at $0.37 for the coming quarter and $1.48 for the current fiscal year, alongside revenues of $45.72 million and $183.66 million respectively [7] - The Zacks Rank for Carlyle Secured Lending is currently 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Financial - SBIC & Commercial Industry, to which Carlyle Secured Lending belongs, is currently ranked in the bottom 44% of over 250 Zacks industries, indicating potential challenges ahead [8]

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 qua ...

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, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File No. 000-54899 Carlyle Secured Lending, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorp ...

CARLYLE Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 2025 1 C a r l y l e S e c u r e d L e n d i n g , I n c. Q u a r t e r l y E a rn i n g s P r e s e n t a t i o n D e c e m b e r 3 1 , 2 0 2 5 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") (N4SDAQ: CGBD) and may only be used for informational purposes ...

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Carlyle Secured Lending, Inc. (CGBD) despite higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.38 per share, reflecting a year-over-year decrease of 19.2%, while revenues are projected to be $45.58 million, an increase of 16.2% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that analysts have not significantly altered their initial projections [4]. Earnings Surprise Prediction - The Most Accurate Estimate for Carlyle Secured Lending is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -1.60%, suggesting a bearish outlook from analysts [11]. Historical Performance - In the last reported quarter, Carlyle Secured Lending was expected to post earnings of $0.39 per share but delivered $0.38, resulting in a surprise of -2.56%. Over the last four quarters, the company has only beaten consensus EPS estimates once [12][13]. Investment Considerations - While the company does not appear to be a strong candidate for an earnings beat, investors should consider other factors influencing stock performance beyond earnings results [16].