Carlyle Secured Lending (CGBD) investor relations material

Executive summary

• Net investment income for Q2 2026 was $24 million, or $0.35 per share, fully covering the declared dividend and reflecting stable core earnings after purchase accounting adjustments.

• NAV per share declined to $15.61 from $15.89, primarily due to $24 million in realized and unrealized net losses and valuation markdowns.

• Portfolio grew to $2.4 billion in fair value, with 177 companies and a weighted average yield of 10.4%.

• Non-accruals remained low at 0.6% of fair value and 1.2% at cost, with six borrowers on non-accrual.

• 1,110,122 shares were repurchased in Q2 for $12.5 million at a 29% discount, accreting $0.07 to NAV per share.

Financial highlights

• Total investment income for Q2 2026 was $62.1 million, down from the prior quarter due to lower yields and OID accretion.

• Total expenses decreased to $38 million, mainly from lower interest expense.

• Net investment income per share was $0.35 on both GAAP and adjusted basis.

• Dividend for Q3 2026 set at $0.35 per share, fully covered by NII.

• Debt to equity ratio was 1.22x; net financial leverage was 1.20x.

Outlook and guidance

• Management expects stable income, consistent credit performance, and ongoing share repurchases, with a focus on middle market secured lending.

• Dividend of $0.35 per share declared for Q3 2026, supported by $0.73 per share in spillover income.

• Anticipates increases in earnings and supplemental dividends as JV portfolios ramp over the next 4–6 quarters.

• Pipeline remains robust, with most new deals in industrials, aerospace and defense, healthcare, and consumer products.

• Plans to leverage the OneCarlyle platform to increase market share in direct lending.