Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The current market volatility has made capital gains less reliable, emphasizing the importance of dividends as a stable income source [2] - The investment strategy is geared towards defensive stocks with a medium- to long-term horizon [2] Group 2 - The article does not provide specific investment advice or recommendations, encouraging readers to conduct their own due diligence [4][5] - There is a disclosure of a beneficial long position in specific shares, indicating a vested interest in the discussed stocks [3]

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].

Company Overview - Carlyle Secured Lending, Inc. (CGBD) shares increased by 8.3% to close at $14.71, following a notable trading volume that exceeded typical levels [1] - The stock had previously experienced a 19.1% decline over the past four weeks [1] Market Influence - The rally in Carlyle Secured Lending's stock was driven by a significant rise in the broader markets, attributed to President Donald Trump's announcement of a 90-day tariff pause for non-retaliating nations, which positively impacted investor sentiment [2] Earnings Expectations - The company is projected to report quarterly earnings of $0.43 per share, reflecting a year-over-year decrease of 20.4% [2] - Expected revenues for the upcoming report are $37.43 million, down 15.2% compared to the same quarter last year [2] Earnings Estimate Trends - The consensus EPS estimate for Carlyle Secured Lending has remained unchanged over the last 30 days, indicating a lack of upward revisions which typically correlate with stock price movements [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Comparison - Carlyle Secured Lending is part of the Zacks Financial - SBIC & Commercial Industry, where another company, Saratoga Investment (SAR), also holds a Zacks Rank of 3 (Hold) and saw a 7% increase in its last trading session [4][5] - Saratoga Investment's consensus EPS estimate has remained unchanged at $0.77, representing an 18.1% decline from the previous year [5]

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 ...

Core Viewpoint - Carlyle Secured Lending, Inc. (CGBD) announced that shareholders voted overwhelmingly in favor of the merger with Carlyle Secured Lending III (CSL III), with 96% support from voting shareholders [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]. - CSL III is an externally-managed, non-diversified closed-end management investment company regulated as a BDC, aiming to generate current income and capital appreciation through secured debt investments [4]. - Carlyle Group, the parent company, 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 [5]. Merger Details - The merger transaction is expected to close on or about March 27, 2025, pending customary closing conditions [2]. - The CEO of CGBD and CSL III expressed confidence in the strategic benefits and long-term value creation from the merger, emphasizing increased portfolio scale and efficiency [3].

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]

Financial Data and Key Metrics Changes - For Q4 2024, 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] - The total investment income for the fourth quarter was $56 million, consistent with the prior quarter, primarily due to a higher average portfolio balance [18] - The net asset value as of December 31 was $16.80 per share, slightly down from $16.85 per share as of September 30 [11] Business Line Data and Key Metrics Changes - The direct lending platform achieved record deployment levels in both Q4 and the full year of 2024, growing the portfolio by approximately $100 million in the quarter [12] - 94% of 2024 originations were in first lien investments, with an average loan-to-value ratio 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 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 remained stable at 0.6% of total investments at fair value, reflecting overall stability in credit quality [21] Company Strategy and Development Direction - The company proposed a strategic affiliate merger with Carlyle Secured Lending 3, expected to enhance scale, liquidity, and operational efficiencies [13][28] - The company aims to increase origination activity while prioritizing credit performance and maintaining a diversified portfolio [15] - The company has received investment grade ratings from Fitch and Moody's, allowing for the issuance of its first institutional bond deal [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to leverage the broader Carlyle network for maximum recoveries for underperforming borrowers [22] - The company anticipates an accelerating deal environment in 2025, with a focus on sourcing transactions with significant equity cushions and conservative leverage profiles [26][29] - Management highlighted strong market demand for private credit and a growing pipeline of new originations [28][29] Other Important Information - The total dividend declared for Q4 2024 was $0.45 per share, consisting of a base dividend of $0.40 and a supplemental dividend of $0.05 [19] - The company reported a total aggregate realized and unrealized net loss of about $4 million for the quarter, primarily due to a markdown on an investment in Aimbridge [21] 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, with plans to ramp up the first JV and potentially return capital from that vehicle in the near term [34][36] Question: Clarification on tax line drop in Q4 - Management confirmed that the drop was a year-end true-up based on the audit, with expectations for future quarters to be in line with prior periods [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 - Management noted that fee income and OID acceleration were lower than historical averages, with an incremental dividend from the JV impacting the income line [45] Question: Clarification on the incremental dividend related to the joint venture - Management confirmed that the incremental dividend was about $1.2 million, impacting net investment income by approximately 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].