CGBD
Carlyle Secured Lending, Inc.12.81
+0.04+0.31%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details share-gain tactics, pipeline color
Q&A fleshed out new CEO Alex Chi's playbook to snag middle-market share via Carlyle's CLOs, PE platform, and policy ties, explicitly avoiding large-cap push. Pipeline momentum ties to DPI exits, originator hires, and industrials/healthcare demand, yet software deals pause on AI fears and high multiples. Spreads show early widening glints; new deals boast 1.25x+ fixed-charge coverage. Buybacks ($28M Q4-Q1'26) pair with accretive JV growth. Modest software markdowns loom. No wholesale changes. Investors track originations amid volatility.
Key Stats
Market Cap
933.89MP/E (TTM)
11.04Basic EPS (TTM)
1.16Dividend Yield
0.13%Recent Filings
8-K
Q4 NII $0.33/share, NAV $16.26
Carlyle Secured Lending reported Q4 net investment income of $0.33 per share, adjusted to $0.36, with NAV dipping 0.6% to $16.26 amid record $405M originations boosting the $2.5B portfolio to 10.1% yield. Portfolio grew via $193M net activity, non-accruals steady at 1.2%; debt costs fell 10 bps after redeeming $85M 2028 notes and issuing $300M 2031 notes. Declared $0.40 Q1 dividend. New fee-free SCP JV adds CLO exposure.
10-K
FY2025 results
Carlyle Secured Lending closed FY2025 ended December 31, 2025 with $2.5B portfolio at fair value across 229 investments, up from $1.8B, boosted by the March CSL III merger and February Credit Fund II purchase adding scale yet diluting yields to 10.1% (down from prior). Q4 showed portfolio growth to $2.47B amortized cost with steady 10.1% yield, but non-accruals ticked to 1.2% fair value while internal risk ratings held at 2.1 weighted average. Net investment income fell to $1.48/share from $2.00 amid higher debt costs on $1.54B leverage (6.02% rate), yet $472M liquidity cushions $432M unfunded commitments. Q4 accelerated repurchases of 1.1M shares for $14M, accreting NAV 6¢. Geopolitical tensions threaten portfolio borrowers.
8-K
CEO Plouffe resigns; Chi appointed
Carlyle Secured Lending abruptly swapped out CEO Justin Plouffe, who resigned February 18, 2026, after joining Carlyle Group as CFO, for Alex Chi, a 30-year Goldman Sachs veteran tapped as new CEO and Class II director. Thomas Hennigan steps up as President while retaining CFO and risk roles. Treasurer Nelson Joseph exited, replaced by Frank Taylor. Leadership shakeup ties to Carlyle parent shifts.
8-K
Forms $600M credit JV
Carlyle Secured Lending formed Structured Credit Partners JV on February 12, 2026, with Carlyle Credit Solutions, Sixth Street Specialty Lending, and Sixth Street Lending Partners, initially capitalized by $600 million equity commitments. SCP targets broadly syndicated first lien senior secured loans financed via investment grade CLO debt, blending Carlyle and Sixth Street's $60 billion CLO expertise for diversified credit exposure. Accretive to ROE—no fees charged. Governance splits evenly.
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