Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q3 2025 Earnings Presentation
21 slides from Carlyle Secured Lending's earnings presentation, Nov 5, 2025
Slide 1: Carlyle Secured Lending, Inc. Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation September 30, 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: Q3 2025 Quarterly Highlights
Q3 2025 Quarterly Highlights • We generated $0.37 per common share of net investment income and $0.38 per share after Third adjusting for asset acquisition accounting(1). Quarter • • NAV per share was $16.36 as of 9/30/25, compared to NAV per share of $16.43 as of 6/30/25. We declared our quarterly
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 SUMMARY INCOME STATEMENT Total investment income $ 55,965 $ 56,354 $ 54,864 $ 67,281 $ 66,509 Total expenses(1) (31,956) (32,183) (34,061) (39,031) (39,670) Net Investment
Slide 5: Quarterly Financial Condition Detail
Quarterly Financial Condition Detail (Dollar amounts in thousands, except per share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 SUMMARY BALANCE SHEET Total investments, at fair value $ 1,709,537 $ 1,803,543 $ 2,245,626 $ 2,334,961 $ 2,422,630 Cash, cash equivalents and restricted cash 68,669 56,57
Slide 6: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NEW INVESTMENT FUNDINGS BY ASSET TYPE (1) First lien debt $ 140,202 $ 179,855 $ 173,719 $ 372,335 $ 250,365 Second lien debt 847 2,152 988 1,056 1,142 Equity(2) 2,364 3,957 3,598 2,344
Slide 7: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $2,423 Floating Rate(3) Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 10.6% 99.5% 95% Number of investments 221 Number of portfolio companies 158 Company EBITDA(4) Sponsored Average ex
Slide 8: Overview of Investment Fund
Overview of Investment Fund • During the quarter, Credit Fund's portfolio growth was driven by $102 million in purchases from the Company and new originations, increasing Credit Fund's Net Financial Leverage(1) from 2.48x to 2.79x • In October, we increased total commitments at the PNC Facility to $
Slide 9: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Balance Sheet Financing Facilities As of September 30, 2025 Commitment Outstanding Maturity Date Pricing(1) Credit Facility $960 $376 3/12/2030(2) SOFR + 1.88% CSL III SPV Credit Facility $250 $175 9/30/2030 SOFR + 2.85% CLO 2015-1N(3) $380 $380 7/
Slide 10: Funding and Capital Management - Pro Forma for Q4 Transactions
Funding and Capital Management - Pro Forma for Q4 Transactions • After September 30, 2025, we continued to optimize our financing with the repayments of the CSL III SPV Credit Facility and 2028 Senior Notes and the issuance the 2031 Senior Notes. This has resulted (1) a lower weighted average cost o
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q3 2025 YTD Q3 2025 Adjusted NII $1.16 $1.15 $0.01 Adjusted NII $0.38 $0.37 $0.01 $16.80 $0.03 $(1.25) $16.43 $(0.40) $(0.33) $(0.04) $(0.01) $16.36 $(0.04) $(0.01) $16.36 December Net Amortization Dividend Net Unrealized Unrealized Accretion September June 30, 2025
Slide 12: Risk Rating Distribution
Risk Rating Distribution • As of September 30, 2025, five borrowers were on non-accrual status, representing 1.0% of total investments at fair value and 1.6% at amortized cost, compared to 2.1% and 3.0%, respectively, as of the prior period. PORTFOLIO RISK RATINGS (Dollar amounts in thousands) June
Slide 13: Stock and Dividend Information
Stock and Dividend Information As of Q3'25, we have an estimated $0.86 per share of spillover income(1) available to continue to support our quarterly dividend Shares Annualized Ticker Exchange Market Cap(2) ITD Repurchases(4) Outstanding(2) Dividend Yield(3) CGBD NASDAQ 73M $920M 9.8% $158M Histori
Slide 14: Historical Net Asset Value Information
Historical Net Asset Value Information CGBD NAV per share has remained relatively flat over the past 5 years while BDC peers experienced an average decline of 8.8% CGBD NAV Preservation BDC Peers NAV Decline $17.00 $17.00 (0.8)% $16.50 $16.56 $16.50 $16.43 $16.00 $16.00 (8.8)% $15.50 $15.50 $15.63 $
Slide 15: Appendix
CARLYLE Appendix
Slide 16: Carlyle Firm Overview
Carlyle Firm Overview1 Firm Overview Global Credit $208 bn AUM3 205+ Investment professionals4 Founded: 1987 AUM: $474 bn Global $163 bn AUM 420+ Investment professionals Private Equity Employees: 2,400+ Investment Professionals: 760+2 Carlyle AlpInvest $102 bn AUM 125+ Investment professionals Offi
Slide 17: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT – $208BN AUM1 LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT ASSET-BACKED FINANCE AUM: $49.4 billion AUM: $33.2 billion AUM: $19.5 billion AUM: $9.7 billion Carlyle managed Directly originated Commercial CLOs (broadly DIRECT loans, primarily firs
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 Note: Comments made here are based on Carlyle's subjective views. Past performance is not indicative of future results. There can b
Slide 19: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,397,946 $ 1,485,049 $ 2,050,323 $ 2,143,227 $ 2,200,482 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) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 INVESTMENT INCOME Interest income(1) $ 46,650 $ 45,697 $ 47,359 $ 60,830 $ 59,794 Dividend income from credit funds 8,276 9,572 6,554 5,000 5,000 Other income 1,039 1,085 95
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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