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Carlyle Secured Lending(CGBD) - 2024 Q4 - Annual Results
CGBDCarlyle Secured Lending(CGBD)2025-02-25 21:22

Financial Performance - Net investment income was 0.47percommonshare,consistentwiththepreviousquarter[13]−TotalinvestmentincomeforQ42024was0.47 per common share, consistent with the previous quarter[13] - Total investment income for Q4 2024 was 62.685 million, compared to 62.007millioninQ32024[14]−TotalinvestmentincomeforQ42023was62.007 million in Q3 2024[14] - Total investment income for Q4 2023 was 62.69 million, compared to 58.26millioninQ22024,reflectingagrowthof7.558.26 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]AssetValuation−NAVpersharewas0.56[45] Asset Valuation - NAV per share was 16.80 as of December 31, 2024, compared to 16.75asofSeptember30,2024[13]−NetAssetValueavailabletoCommonshareswas16.75 as of September 30, 2024[13] - Net Asset Value available to Common shares was 16.99 in Q4 2023, slightly down from 17.07inQ12024[16]−CGBD′sNetAssetValue(NAV)persharehasincreasedoverthepast5years,whileBDCpeersexperiencedadeclineof6.017.07 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 1,841,881,000inQ42023from1,841,881,000 in Q4 2023 from 1,726,050,000 in Q2 2024, reflecting a growth of 6.7%[16] - Total investments at fair value reached 1.84billioninQ42023,upfrom1.84 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 76,931,000inQ42023,withfirstliendebtaccountingfor76,931,000 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 565.7million,anincreasefrom565.7 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 0.40plusa0.40 plus a 0.05 supplemental dividend, equating to an annualized yield of 10.7% on NAV[13] - The annualized base dividend is 0.18,withadividendyieldof10.70.18, 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]