Carlyle Secured Lending, Inc. (CGBD) SEC Filings & Earnings Calls

Dividend cut signals earnings pressure

“Record Date June 30, 2026 │ Base Dividend Per Share $0.35 (down from $0.40)”

Net realized/unrealized losses erode NAV

“Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts (0.76) per share for H1 2026” · word for word

Dividend cut signals earnings pressure

“Record Date June 30, 2026 │ Base Dividend Per Share $0.35 (down from $0.40)”

Net realized/unrealized losses erode NAV

“Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts (0.42) per share for Q1 2026” · word for word

Non-accrual investments remain low at 1.0% of portfolio.

“non-accrual investments decreased to 1.0%” · word for word

Dilution from below-NAV equity issuance

“Any sale of Shares by the Company at a price below NAV per Share would result in an immediate dilution to existing stockholders on a per Share basis.” · word for word

Conflict of interest: management fees increase with asset base

“The Board considered a possible source of conflict of interest due to the fact that the proceeds from the issuance of additional shares of the Company’s common stock will increase the management fees that the Company pays to Carlyle Global Credit Investment Management L.L.C., the Company’s investment adviser, as such fees are based on the amount of the Compa” · word for word

Interest Rate Risk

“Substantially all of our debt investments have variable interest rates that reset periodically based on benchmarks such as the Secured Overnight Financing Rate (“SOFR”) and the U.S. Prime Rate (“Prime Rate” or “P”), so an increase in interest rates from their historically low levels may make it more difficult for our portfolio companies to service their obli” · word for word

Credit Risk

“We invest primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated.” · word for word

Leverage Risk

“Our indebtedness could adversely affect our business, financial conditions or results of operations.” · word for word

Credit risk from middle-market loan portfolio; potential for defaults in economic downturn.

“CGBD is an externally managed specialty finance company focused on lending to middle-market companies.” · word for word

NAV decline of 0.6% QoQ may indicate portfolio mark-to-market pressure.

“Net asset value per common share decreased by 0.6% for the fourth quarter to $16.26 from $16.36 as of September 30, 2025.” · word for word

Credit risk from portfolio companies; non-accruals improved but still present.

“Non-accrual investments at 1.6% of amortized cost.”

Leverage at 1.10x, in-line with target but limits flexibility.

“Statutory leverage remained at 1.10x.” · word for word

Interest Rate Risk

“Substantially all of our debt investments have variable interest rates that reset periodically based on benchmarks such as the Secured Overnight Financing Rate (“SOFR”) and the U.S. Prime Rate (“Prime Rate” or “P”), so an increase in interest rates from their historically low levels may make it more difficult for our portfolio companies to service their obli”

Credit Risk

“We invest primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if such debt was rated.”

Leverage Risk

“Our indebtedness could adversely affect our business, financial conditions or results of operations.”