Carlyle Secured Lending (CGBD) investor relations material

Executive summary

• Generated $0.36 per share of net investment income (GAAP and adjusted) in Q1 2026, with NAV per share declining to $15.89 from $16.26 due to unrealized losses from widening spreads and market volatility.

• Declared a Q2 2026 dividend of $0.35 per share, supported by $0.70 per share in spillover income, and reset the base dividend to align with current earnings.

• Portfolio comprised 171 companies across 25+ industries, with 94% in senior secured loans and a fair value of $2.3 billion.

• Non-accrual investments represented 1.0% of portfolio cost and 0.9% of fair value, down from 1.2% in the prior period.

• Joint ventures and platform investments exceeded $1 billion each, with ongoing scaling and strong origination activity despite market volatility.

Financial highlights

• Total investment income for Q1 2026 was $64.1 million, with total expenses of $38.9 million, resulting in net investment income of $25.2 million or $0.36 per share.

• Net asset value (NAV) as of March 31, 2026, was $15.89 per share, down from $16.26 at year-end 2025.

• Aggregate realized and unrealized net loss for the quarter was $29.4 million, or $0.42 per share, mainly from spread widening and valuation changes.

• Basic and diluted EPS was $(0.06) for Q1 2026.

• Portfolio fair value decreased to $2.3 billion, with a weighted average yield of 10.0%.

Outlook and guidance

• Management expects improved yields and stronger earnings power due to wider spreads and a favorable investment environment.

• Portfolio growth anticipated in Q2 2026, supported by a strong pipeline and fewer repayments.

• Dividend policy reset to reflect current earnings, with flexibility for supplemental dividends as performance improves.

• Board approved an additional $100 million for the stock repurchase program, increasing the total to $300 million.

• Liquidity remains strong at $641.9 million, supporting ongoing investment and repurchase activity.