Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q2 2025 Earnings Presentation
20 slides from Carlyle Secured Lending's earnings presentation, Aug 6, 2025
Slide 1: Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. Quarterly Earnings Presentation June 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: Q2 2025 Quarterly Highlights
Q2 2025 Quarterly Highlights • We generated $0.39 per common share of net investment income on both a GAAP basis Second • and after adjusting for asset acquisition accounting(1). NAV per share was $16.43 as of 6/30/25, compared to NAV per share of $16.63 as of Quarter 3/31/25. • We declared our quar
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 SUMMARY INCOME STATEMENT Total investment income $ 58,264 $ 55,965 $ 56,354 $ 54,864 $ 67,281 Total expenses (1) (32,266) (31,956) (32,183) (34,061) (39,031) Net Investment
Slide 5: Quarterly Financial Condition Detail
Quarterly Financial Condition Detail (Dollar amounts in thousands, except per share data) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 SUMMARY BALANCE SHEET Total investments, at fair value $ 1,726,050 $ 1,709,537 $ 1,803,543 $ 2,245,626 $ 2,334,961 Cash, cash equivalents and restricted cash 92,222 68,66
Slide 6: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 NEW INVESTMENT FUNDINGS BY ASSET TYPE (1) First lien debt $ 77,431 $ 140,202 $ 179,855 $ 173,719 $ 372,335 Second lien debt 5,915 847 2,152 988 1,056 Equity (2) 1,445 2,364 3,957 3,598
Slide 7: Portfolio Highlights
Portfolio Highlights Total investments at fair value ($mm) $2,335 Floating Rate Senior Secured Exposure(3) Weighted Average Yield on Income Producing Investments at Amortized Cost(1) 10.9% 99.4% 94% Number of investments 202 Number of portfolio companies 148 Company EBITDA(4) Sponsored Average expos
Slide 8: Overview of Investment Fund
Overview of Investment Fund • During the quarter, Credit Fund's portfolio grew by over $100 million driven by sales from the Company, increasing Credit Fund's Net Financial Leverage(1) from 1.94x to 2.48x Key Statistics - Credit Fund Portfolio Statistics - Credit Fund CGBD Investment at cost ($mm) $
Slide 9: Funding and Capital Management Overview
Funding and Capital Management Overview Overview of Balance Sheet Financing Facilities As of June 30, 2025 Commitment Outstanding Maturity Date Pricing(1) Credit Facility $935 $379 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 7/1/203
Slide 10: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q2 2025 YTD Q2 2025 Adjusted NII $0.79 Adjusted NII $0.39 $0.79 $0.00 $0.39 $0.00 0.00 $0.03 $16.80 $(0.85) $16.63 $(0.40) $(0.30) $(0.04) $16.43 $(0.19) $16.43 $0.00 December Net Amortization Dividend Net Unrealized Unrealized Accretion June 30, March 31, Net Amorti
Slide 11: Risk Rating Distribution
Risk Rating Distribution • As of June 30, 2025, five borrowers were on non-accrual status, representing 2.1% of total investments at fair value and 3.0% at amortized cost, compared to 1.6% and 2.2%, respectively, as of the prior period. • Including the impact of the successful restructuring of Maver
Slide 12: Stock and Dividend Information
Stock and Dividend Information As of Q2'25, we have an estimated $0.89 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 $999M 9.7% $158M Histori
Slide 13: Historical Net Asset Value Information
Historical Net Asset Value Information CGBD NAV per share has increased over the past 5 years while BDC peers experienced an average decline of 7.4% CGBD NAV Growth BDC Peers NAV Decline $17.00 $17.00 0.4% $16.50 $16.63 $16.50 $16.56 $16.00 $16.00 (7.4)% $15.50 $15.50 $15.63 $15.00 $15.00 $14.50 $14
Slide 14: Appendix
CARLYLE Appendix
Slide 15: Carlyle Firm Overview
Carlyle Firm Overview1 Firm Overview Global Credit $199 bn AUM3 195+ Investment professionals4 Founded: 1987 AUM: $453 bn Global $164 bn AUM 415+ Investment professionals Private Equity Employees: 2,300+ Investment Professionals: 725+2 Carlyle AlpInvest $89 bn AUM 105+ Investment professionals Offic
Slide 16: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT – $199BN AUM1 LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT ASSET-BACKED FINANCE AUM: $48.9 billion AUM: $30.1 billion AUM: $19.9 billion AUM: $8.9 billion Carlyle managed Directly originated Commercial CLOs (broadly DIRECT loans, primarily firs
Slide 17: 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 18: 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
Slide 19: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 1,411,590 $ 1,397,946 $ 1,485,049 $ 2,050,323 $ 2,143,227 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) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 INVESTMENT INCOME Interest income(1) $ 48,710 $ 46,650 $ 45,697 $ 47,359 $ 60,830 Dividend income from credit funds 8,781 8,276 9,572 6,554 5,000 Other income 773 1,039 1,08
Carlyle Secured Lending — Q2 2025 Earnings Presentation on 6ix