Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q1 2026 Earnings Presentation
21 slides from Carlyle Secured Lending's earnings presentation, May 11, 2026
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation March 31, 2026
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement This presentation (the “Presentation”) has been prepared by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) and may only be used for informational purposes only. This Prese
Slide 3: Q1 2026 Quarterly Highlights
Q1 2026 Quarterly Highlights • We generated $0.36 per common share of net investment income on both a GAAP basis and after adjusting for asset acquisition accounting(1) First Quarter • NAV per share was $15.89 as of 3/31/26, compared to NAV per share of $16.26 as of 12/31/25. The decline was primari
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 SUMMARY INCOME STATEMENT Total investment income $ 54,864 $ 67,281 $ 66,509 $ 66,913 $ 64,079 Total expenses(1) (34,061) (39,031) (39,670) (42,885) (38,875) Net Investment
Slide 5: Quarterly Financial Condition Detail
Quarterly Financial Condition Detail (Dollar amounts in thousands, except per share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 SUMMARY BALANCE SHEET Total investments, at fair value $ 2,245,626 $ 2,334,961 $ 2,422,630 $ 2,463,922 $ 2,277,105 Cash, cash equivalents and restricted cash 250,883 49,2
Slide 6: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 NEW INVESTMENT FUNDINGS BY ASSET TYPE (1) First lien debt $ 173,719 $ 372,335 $ 250,365 $ 389,055 $ 197,847 Second lien debt 988 1,056 1,142 1,155 740 Equity(2) 3,598 2,344 8,906 14,536
Slide 7: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $2,277 Floating Rate(3) Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 10.0% 99.6% 94% Number of investments 248 Number of portfolio companies 171 Company EBITDA(4) Sponsored Average ex
Slide 8: Overview of Credit Fund
Overview of Credit Fund • During Q1'26, Credit Fund's portfolio growth was driven by $153 million in purchases from CGBD as well as direct originations. Total portfolio size increased to $1,020 million with no management fees or incentive fees charged to the vehicle • Credit Fund closed a new $200 m
Slide 9: Overview of Structured Credit Partners
Overview of Structured Credit Partners • SCP purchased over $1.0 billion(1) of first lien, senior secured, broadly syndicated loans • Priced two CLOs that provide long-term, non-mark-to-market, and predominately investment-grade rated CLO debt at an average cost of SOFR + 1.59% • There are no manage
Slide 10: Funding and Capital Management Overview
Funding and Capital Management Overview 100% of our balance sheet leverage is floating rate and we have limited maturities on our financing facilities until Q1 2030(2) Overview of Balance Sheet Financing As of March 31, 2026 Commitment Outstanding Maturity Date Pricing(1) Credit Facility $960 $415 3
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q1 2026 LTM Q1 2026 Adjusted NII $1.49 $1.45 $0.04 Adjusted NII $0.36 $0.36 $0.00 $16.63 $(1.60) $0.09 $0.15 $16.26 $(0.40) $(0.42) $0.00 $15.89 $15.89 $(0.74) $(0.04) December Net Non-GAAP Dividend Net Non-GAAP Accretion March 31, 31, 2025 Investment Net Declared Re
Slide 12: Risk Rating Distribution
Risk Rating Distribution • As of March 31, 2026, four borrowers were on non-accrual status, representing 0.9% of total investments at fair value and 1.0% at amortized cost, compared to 1.2% and 1.8%, respectively, as of the prior period PORTFOLIO RISK RATINGS (Dollar amounts in thousands) December 3
Slide 13: Stock and Dividend Information
Stock and Dividend Information • As of Q1'26, we have an estimated $49.2 million or $0.70 per share of spillover income(1) available to continue to support our quarterly dividend • We repurchased $18.5 million of shares during Q1'26, plus an additional $8.8 million in Q2'26.(2) Total repurchases wer
Slide 14: Historical Net Asset Value Information
Historical Net Asset Value Information CGBD NAV per share has outperformed the BDC peers NAV per share since 2019 CGBD NAV Preservation BDC Peers NAV Decline $17.00 $17.00 $16.50 $16.50 $16.56 (1.8)% $16.26 $16.00 $16.00 $15.50 $15.50 $15.73 $15.00 $15.00 (10.9)% $14.50 $14.50 $14.00 $14.00 $14.02 $
Slide 15: Appendix
CARLYLE Appendix
Slide 16: Carlyle Firm Overview
Carlyle Firm Overview1 Firm Overview Global Credit $209 bn AUM3 210+ Investment professionals4 Founded: 1987 AUM: $475 bn Global $159 bn AUM 435+ Investment professionals Private Equity Employees: 2,500+ Investment Professionals2 : 775+ Carlyle AlpInvest $107 bn AUM 120+ Investment professionals Off
Slide 17: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT – $209BN AUM1 LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT ASSET-BACKED FINANCE AUM: $47.7 billion AUM: $34.3 billion AUM: $20.0 billion AUM: $11.8 billion Carlyle managed Directly originated Commercial CLOs (broadly DIRECT loans, primarily fir
Slide 18: Carlyle Direct Lending Investment Philosophy & Overview
Carlyle Direct Lending Investment Philosophy & Overview Carlyle Direct Lending seeks to operate in the middle market, utilizing an integrated platform sourcing approach 1 Focus on performing, non-cyclical companies with EBITDA of $25mn or greater, primarily backed by high-quality financial sponsors
Slide 19: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 2,050,323 $ 2,143,227 $ 2,200,482 $ 2,197,244 $ 2,029,229 Investments—non-controlled/affiliated, at fair value
Slide 20: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 INVESTMENT INCOME Interest income(1) $ 47,359 $ 60,830 $ 59,794 $ 60,721 $ 56,182 Dividend income from investment funds 6,554 5,000 5,000 5,000 5,302 Other income 951 1,451
Slide 21: Non-GAAP Measures
Non-GAAP Measures On a supplemental basis, we are disclosing Adjusted Net Investment Income, Adjusted Net Investment Income Per Common Share, Adjusted Net Income and Adjusted Net Income Per Common Share each of which is calculated and presented on a basis other than in accordance with GAAP (“non-GAA
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