Carlyle Secured Lending, Inc. · NASDAQ:CGBD
Carlyle Secured Lending — Q2 2026 Earnings Presentation
21 slides from Carlyle Secured Lending's earnings presentation, Aug 7, 2026
Slide 1: Carlyle Secured Lending, Inc. Quarterly Earnings Presentation
Carlyle Secured Lending, Inc. (“CGBD”) Quarterly Earnings Presentation June 30, 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: Q2 2026 Quarterly Highlights
Q2 2026 Quarterly Highlights • We generated $0.35 per common share of net investment income on both a GAAP basis and after adjusting for asset acquisition accounting(1), fully covering our new $0.35 base dividend Second Quarter • NAV per share was $15.61 as of 6/30/26, compared to NAV per share of $
Slide 4: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 SUMMARY INCOME STATEMENT Total investment income $ 67,281 $ 66,509 $ 66,913 $ 64,079 $ 62,085 Total expenses (39,031) (39,670) (42,885) (38,875) (38,089) Net Investment Inc
Slide 5: Quarterly Financial Condition Detail
Quarterly Financial Condition Detail (Dollar amounts in thousands, except per share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 SUMMARY BALANCE SHEET Total investments, at fair value $ 2,334,961 $ 2,422,630 $ 2,463,922 $ 2,277,105 $ 2,360,009 Cash, cash equivalents and restricted cash 49,218 52,26
Slide 6: Origination Activity Detail
Origination Activity Detail (Dollar amounts in thousands and based on par) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 NEW INVESTMENT FUNDINGS BY ASSET TYPE (1) First lien debt $ 372,335 $ 250,365 $ 389,055 $ 197,847 $ 241,461 Second lien debt 1,056 1,142 1,155 740 773 Equity(2) 2,344 8,906 14,536 18,90
Slide 7: Portfolio Highlights
Portfolio Highlights PORTFOLIO STATISTICS Floating Rate(3) Senior Secured Exposure(3) Total investments at fair value ($mm) $2,360 99.5% 95% Weighted average yield on income 10.4% producing investments at amortized cost(1) Number of investments 263 Company EBITDA(4) Sponsored(5) Number of portfolio
Slide 8: Overview of Credit Fund
Overview of Credit Fund • During Q2'26, Credit Fund's portfolio growth was driven by $123.2 million in purchases from CGBD as well as direct originations. Total portfolio size increased to $1.2 billion with no management fees or incentive fees charged to the vehicle • Annualized dividend yield incre
Slide 9: Overview of Structured Credit Partners
Overview of Structured Credit Partners • During Q2'26, SCP's portfolio grew to $1.7 billion, primarily in first lien and senior secured debt • SCP generated an annualized dividend yield of 18.7% to CGBD during Q2'26 • There are no management or incentive fees charged at SCP or on its underlying asse
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(1) Overview of Balance Sheet Financing As of June 30, 2026 Commitment Outstanding Maturity Date Pricing(2) Credit Facility $875 $332 3/
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge Q2 2026 YTD Q2 2026 Adjusted NII $0.70 $0.70 $0.00 Adjusted NII $0.35 $0.35 $0.00 $16.26 $(0.75) $0.00 $0.07 $0.16 $15.89 $(0.35) $0.00 $(0.35) $15.61 $15.61 $(0.76) March 31, Net Non-GAAP Dividend Net Non-GAAP Accretion June 30, December Net Non-GAAP Dividend Net No
Slide 12: Risk Rating Distribution
Risk Rating Distribution As of June 30, 2026, six borrowers were on non-accrual status, representing 1.2% of total investments at amortized cost and 0.6% at fair value, compared to 1.0% and 0.9%, respectively, as of the prior period PORTFOLIO RISK RATINGS (Dollar amounts in March 31, 2026 June 30, 2
Slide 13: Stock and Dividend Information
Stock and Dividend Information • As of Q2'26, we have an estimated $50.5 million or $0.73 per share of spillover income(1) available to continue to support our quarterly dividend • We repurchased $12.5 million of shares during Q2'26. Total repurchases were $44.9 million(2) since restarting our stock
Slide 14: Historical Net Asset Value Information
Historical Net Asset Value Information CGBD's NAV per share has outperformed the BDC Peers' NAV per share since 2019 CGBD NAV Trends BDC Peers NAV Trends 17 17.00 16.5 16.50 16.56 (4.0)% (4%) 16 16.00 16.03 $15.89 15.5 15.50 (12.5)% 15 15.00 (13%) 14.5 14.50 14 14.00 $14.02 13.5 13.50 13 13.00 12.5
Slide 15: Appendix
CARLYLE Appendix
Slide 16: Carlyle Firm Overview
Carlyle Firm Overview(1) Firm Overview Global Credit $211 bn AUM(3) 210+ investment professionals(4) Founded: 1987 AUM: $485 bn Global $163 bn AUM 430+ investment professionals Employees: 2,500+ Private Equity Investment Professionals: 775+(2) Offices / Countries: Carlyle AlpInvest $112 bn AUM 125+
Slide 17: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT – $211BN AUM(1) LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT ASSET-BACKED FINANCE AUM: $47.9 billion AUM: $34.9 billion AUM: $20.0 billion AUM: $12.1 billion Carlyle managed Directly originated Commercial aircraft CLO CLOs (broadly DIRECT loans
Slide 18: 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 Focus on performing, non-cyclical companies with EBITDA of $25mn or greater, 1 primarily backed by high-quality fina
Slide 19: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ASSETS Investments—non-controlled/non-affiliated, at fair value $ 2,143,227 $ 2,200,482 $ 2,197,244 $ 2,029,229 $ 2,069,056 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 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 INVESTMENT INCOME Interest income(1) $ 60,830 $ 59,794 $ 60,721 $ 56,182 $ 53,187 Dividend income from investment funds 5,000 5,000 5,000 5,302 8,032 Other income 1,451 1,71
Slide 21: Non-GAAP Measures
Non-GAAP Measures On a supplemental basis, we are disclosing Adjusted Net Investment Income and Adjusted Net Investment Income Per Common Share, each of which is calculated and presented on a basis other than in accordance with GAAP (“non-GAAP”). We use these non-GAAP financial measures internally t
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