Carlyle Secured Lending (CGBD) Q3 2026 earnings summary

Executive summary

• Q3 NII was $0.36 per share on GAAP and adjusted bases, covering the $0.35 base dividend; NAV rose to $15.65 from $15.61 QoQ.

• Portfolio fair value was $2.339 billion across 180 companies, with quarter-end liquidity of $598.2 million.

• Deployment remained selective amid market uncertainty; management cited a steady pipeline and potential for stronger 2027 activity.

Financial highlights

• Investment income was $63.2 million and expenses were $38.2 million, producing $25.0 million of GAAP NII versus $24.0 million in Q2; adjusted NII was $25.1 million.

• Net realized and unrealized losses were $1.2 million; net increase in net assets from operations was $23.8 million.

• The $0.35 per-share Q4 base dividend was declared, with estimated spillover income of $0.72 per share available to support dividends.

Outlook and guidance

• Q4 originations may remain muted; current pipeline activity supported greater optimism for Q1–Q2 2027, subject to improved geopolitical certainty.

• Management expects full dividend coverage in future quarters, with potential earnings and supplemental-dividend growth from JV ramp-up and higher rates.

• SCP expects a normalized mid-teens yield longer term and expects to deploy its remaining original commitment over the next few quarters.