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Carlyle Secured Lending (CGBD) investor relations material
Carlyle Secured Lending Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Achieved record $2.3B in portfolio fair value and $376M in Q2 originations, the highest since IPO, despite muted sponsor M&A activity and market uncertainty.
Net investment income was $28.3M or $0.39 per share (GAAP and adjusted); dividend declared at $0.40 per share, yielding over 9.7%.
Net asset value per share declined to $16.43 from $16.63 sequentially.
Portfolio diversified across 148 companies and over 25 industries, with 94% in senior secured loans.
Announced Alex Chi joining as Deputy CIO and Head of Direct Lending in early 2026 to drive further growth.
Financial highlights
Total investment income for Q2 2025 was $67.3M, up from $54.9M in Q1 2025 and $58.3M year-over-year.
Net investment income for Q2 2025 was $28.3M or $0.39 per share (GAAP and adjusted).
Aggregate realized and unrealized net loss for the quarter was $14M or $0.19 per share, mainly from unrealized markdowns on select underperformers.
Net assets at quarter-end were $1.20B, with NAV per share at $16.43.
Statutory leverage at quarter end was 1.10x, within the target range.
Outlook and guidance
Origination activity expected to slow in Q3 due to seasonal factors and market uncertainty, but pipeline is rebuilding for a stronger Q4 and H2 2025.
Dividend of $0.40 per share expected to be maintained, supported by $0.89 per share in spillover income and stable earnings power.
Management expects continued focus on U.S. middle market secured lending, leveraging expanded platform post-merger.
Potential headwinds from tight spreads and possible Fed rate cuts, but focus remains on quality underwriting and portfolio diversification.
Explain the drivers behind record originations.
How does management view economic yield?
What is the investment objective of CGBD?
What drives current tight market spreads?
New JVs: impact on earnings power?
Maverick restructuring: impact on nonaccruals?
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Next Carlyle Secured Lending earnings date
Q3 20255 Nov, 2025
Next Carlyle Secured Lending earnings date
Q3 20255 Nov, 2025
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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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