Carlyle Secured Lending: Full Re-Rating Makes This 10% Yielder A Hold (Downgrade)

PixelimageCarlyle Secured Lending Inc. (NASDAQ:CGBD) has re-rated to net asset value, which diminishes the potential for incremental valuation upside, in my view. The business development company reported very solid fourth quarter results that showed that Carlyle Secured Lending continued to out-earn its dividend with NII, and it just raised its regular dividend by 8%. With positive business developments now fully reflected in the stock price, I don’t think that Carlyle Secured Lending has much gas left ...