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Carlyle Secured Lending (CGBD) investor relations material
Carlyle Secured Lending Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net investment income for Q3 2025 was $0.37 per share GAAP and $0.38 adjusted, with a declared Q4 dividend of $0.40 per share, supported by $0.86 per share in spillover income and yielding over 12% based on recent share price.
Net asset value per share was $16.36 as of September 30, 2025, down from $16.43 at June 30, 2025.
Total investments increased to $2.4 billion, with the portfolio diversified across 158 companies and 221 investments.
Non-accruals decreased to 1.6% at cost and 1% at fair value, with strong credit quality and a successful restructuring of a major underperforming asset.
Major developments included the CSL III Merger, Credit Fund II Purchase, and new debt issuance.
Financial highlights
Total investment income for Q3 2025 was $67 million, with net investment income of $26.8 million and adjusted net investment income of $27.4 million.
Net realized and unrealized losses for Q3 2025 totaled $2.9 million, or $0.04 per share.
Dividends declared on common stock totaled $0.40 per share for Q3 2025.
Net assets increased to $1.19 billion as of September 30, 2025, reflecting the impact of mergers and capital activity.
Total expenses rose slightly to $40 million, mainly due to higher interest expense from a transition to floating rate debt.
Outlook and guidance
Q4 pipeline is building, with deal flow up nearly 30% year-over-year in the last two months.
Portfolio yield remains strong at 10.6% with continued focus on senior secured, floating rate investments.
Management expects continued portfolio growth, stable credit quality, and ongoing cost savings from recent mergers.
Dividend policy remains at $0.40 per share quarterly, supported by significant spillover income.
Earnings trough expected in the next couple of quarters, with growth anticipated in the second half of 2026 into 2027 as JVs scale.
Impact of capital structure optimization on costs?
Drivers of NAV per share decrease?
Rationale for non-GAAP NII amortization adjustment?
Detail dividend support during earnings trough
How will the new JV diversify investment strategy?
Impact of new origination spreads on portfolio yield
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Next Carlyle Secured Lending earnings date
Q4 202525 Feb, 2026
Next Carlyle Secured Lending earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
TCG BDC, Inc. is a business development company specializing in first lien debt, senior secured loans, second lien senior secured loans, unsecured debt and investments in equity of small-and micro-cap companies. The firm invests in the form of first lien cash flow term loan, stretch tranche debt investments, unitranche investments, second lien senior secured loan investments and subordinated unsecured convertible debenture investments with warrants or separately. It may invest between $5 million to $25 million in portfolio companies with an enterprise value ranging from $15 million to $100 million. The firm prefers to invest in manufacturing, aerospace, building products and construction materials, chemicals and materials, consumer products and services and contracting services sectors.
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