Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q4 2025 Earnings Presentation
25 slides from Carlyle Secured Lending's earnings presentation, Feb 25, 2026
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 2025
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: Q4 2025 Quarterly Highlights
Q4 2025 Quarterly Highlights • We generated $0.33 per common share of net investment income and $0.36 per share of Fourth adjusted net investment income after adjusting for asset acquisition accounting and acceleration of debt issuance costs relating to the 2028 Notes redemption(1) Quarter • NAV per
Slide 4: Q4 2025 Quarterly Highlights (continued)
Q4 2025 Quarterly Highlights (continued) • On 12/23/25, we entered into a new JV, Structured Credit Partners JV, LLC (“SCP”), with Carlyle Credit Solutions, Inc., an affiliated BDC, and two BDCs managed by Sixth Street Partners LLC • SCP will invest in broadly syndicated first lien senior secured lo
Slide 5: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SUMMARY INCOME STATEMENT Total investment income $ 56,354 $ 54,864 $ 67,281 $ 66,509 $ 66,913 Total expenses(1) (32,183) (34,061) (39,031) (39,670) (42,885) Net Investment
Slide 6: Quarterly Financial Condition Detail
Quarterly Financial Condition Detail (Dollar amounts in thousands, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SUMMARY BALANCE SHEET Total investments, at fair value $ 1,803,543 $ 2,245,626 $ 2,334,961 $ 2,422,630 $ 2,463,922 Cash, cash equivalents and restricted cash 56,575 250,8
Slide 7: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NEW INVESTMENT FUNDINGS BY ASSET TYPE (1) First lien debt $ 179,855 $ 173,719 $ 372,335 $ 250,365 $ 389,055 Second lien debt 2,152 988 1,056 1,142 1,155 Equity(2) 3,957 3,598 2,344 8,90
Slide 8: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $2,464 Floating Rate(3) Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 10.1% 99.5% 94% Number of investments 229 Number of portfolio companies 165 Company EBITDA(4) Sponsored Average ex
Slide 9: Overview of Investment Fund
Overview of Investment Fund • During Q4, Credit Fund's portfolio growth was driven by $274 million in purchases from CGBD and direct originations. Total portfolio size increased to $958 million with no management fees or incentive fees charged to the vehicle. • Credit Fund revolving credit facility
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 December 31, 2025 Commitment Outstanding Maturity Date Pricing(1) Credit Facility $960 $56
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q4 2025 FY 2025 Adjusted NII $1.51 $1.48 $0.03 Adjusted NII $0.36 $0.33 $0.03 $0.06 $16.80 $0.03 $0.06 $(1.65) $16.36 $(0.40) $(0.09) $(0.03) $16.26 $(0.46) $(0.03) $16.26 September Net Non-GAAP Dividend Net Non-GAAP Accretion December December Net Non-GAAP Dividend
Slide 12: Risk Rating Distribution
Risk Rating Distribution • As of December 31, 2025, five borrowers were on non-accrual status, representing 1.2% of total investments at fair value and 1.8% at amortized cost, compared to 1.0% and 1.6%, respectively, as of the prior period PORTFOLIO RISK RATINGS (Dollar amounts in thousands) Septemb
Slide 13: Stock and Dividend Information
Stock and Dividend Information • As of Q4'25, we have an estimated $53.4 million or $0.74 per share of spillover income(1) available to continue to support our quarterly dividend • We repurchased $13.9 million of shares during the quarter, plus an additional $14.0 million in 2026(2) for a total of $
Slide 14: Historical Net Asset Value Information
Historical Net Asset Value Information CGBD NAV per share has remained relatively flat since 2019 while BDC peers experienced an average decline of 9.7% CGBD NAV Preservation BDC Peers NAV Decline $17.00 $17.00 (1.2)% $16.50 $16.56 $16.50 $16.36 $16.00 $16.00 (9.7)% $15.73 $15.50 $15.50 $15.00 $15.0
Slide 15: Appendix
CARLYLE Appendix
Slide 16: Structured Credit Partners JV, LLC (“SCP”) – Executive Summary
Structured Credit Partners JV, LLC (“SCP”) – Executive Summary • Structured Credit Partners JV, LLC (“SCP”) is a joint venture capitalized by two BDCs managed by Carlyle and two BDCs managed by Sixth Street that will invest directly in broadly syndicated loans financed with long-term, non-mark-to-ma
Slide 17: Outsized Returns Potential Given Advantaged Structure
Outsized Returns Potential Given Advantaged Structure Investment Rationale Value to BDC Shareholders SCP is expected to generate 400-500 bps of Investment Return 1 incremental CLO return driven by no Market SCP Excess management or incentive fees at the JV or Illustrative Unit Economics CLO Return u
Slide 18: SCP Organizational Structure
SCP Organizational Structure 50%/50% Economic and Governance Split Between Carlyle-Managed and Sixth Street-Managed BDCs1 Carlyle Secured Carlyle Credit Sixth Street Specialty Sixth Street Lending Lending, Inc. (CGBD) Solutions, Inc. Lending, Inc. (TSLX) Partners ($150mm) ($150mm) ($200mm) ($100mm)
Slide 19: Leading CLO Platforms Deliver Edge for SCP
Leading CLO Platforms Deliver Edge for SCP Carlyle Liquid Credit Sixth Street Public Markets • With its first CLO issuance in 1999, Carlyle has a demonstrated track record managing CLOs over multiple • Sixth Street has a 16+ year liquid credit investing track credit cycles record with $60+ billion o
Slide 20: Carlyle Firm Overview
Carlyle Firm Overview1 Firm Overview Global Credit $211 bn AUM3 205+ Investment professionals4 Founded: 1987 AUM: $477 bn Global $164 bn AUM 425+ Investment professionals Private Equity Employees: 2,500+ Investment Professionals2 : 770 Carlyle AlpInvest $102 bn AUM 125+ Investment professionals Offi
Slide 21: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT – $211BN AUM1 LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT ASSET-BACKED FINANCE AUM: $50.1 billion AUM: $33.9 billion AUM: $20.2 billion AUM: $10.2 billion Carlyle managed Directly originated Commercial CLOs (broadly DIRECT loans, primarily fir
Slide 22: Carlyle Direct Lending Investment Philosophy & Overview
Carlyle Direct Lending Investment Philosophy & Overview Carlyle Direct Lending seeks to operate in the core and upper 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 fina
Slide 23: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,485,049 $ 2,050,323 $ 2,143,227 $ 2,200,482 $ 2,197,244 Investments—non-controlled/affiliated, at fair value
Slide 24: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 INVESTMENT INCOME Interest income(1) $ 45,697 $ 47,359 $ 60,830 $ 59,794 $ 60,721 Dividend income from credit funds 9,572 6,554 5,000 5,000 5,000 Other income 1,085 951 1,45
Slide 25: 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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