Carlyle Secured Lending

CGBD

Market cap $751M

There is a principle I have followed for 30 years in this business. When the smartest credit team on the planet starts aggressively buying a beaten-down asset class they understand better than anyone alive, you do not sit on your hands and debate whether the timing is perfect.

Carlyle Secured Lending trades near its 52-week low, offering a 12.8% yield and a 32% discount to NAV. CGBD's portfolio is 87% senior secured debt, with low non-accruals and strong sponsor backing supporting credit quality. Recent dividend cuts and lower earnings reflect floating-rate pressure, but management expects earnings improvement in late 2026 and 2027.

Carlyle Secured Lending (CGBD) cut its dividend by 12.5% due to higher losses and tighter coverage, aligning payouts with earnings. CGBD trades at a 27% discount to NAV and yields over 12%, but limited dividend coverage and macro uncertainty warrant caution. Management's aggressive share buybacks and improved non-accruals signal stabilization, yet further financial clarity is needed before turning bullish.

Carlyle Secured Lending Inc. (CGBD) Q1 2026 Earnings Call Transcript

Carlyle Secured Lending NASDAQ: CGBD reported lower first-quarter investment income and net asset value, while management said the business development company is seeing a more lender-friendly deal environment with wider spreads and stronger documentation in new originations.

Carlyle Secured Lending, Inc. (CGBD) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.41 per share a year ago.

NEW YORK, May 11, 2026 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its first quarter ended March 31, 2026.

Carlyle Secured Lending is profiled with a focus on its portfolio composition and asset quality. The article highlights CGBD's investment allocation, emphasizing its secured lending strategy and diversified asset base. Key portfolio metrics, including sector exposures and risk management practices, are detailed to support the investment case.

NEW YORK, April 15, 2026 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (“Carlyle Secured Lending”) (NASDAQ: CGBD) will host a conference call at 12:00 p.m. (Eastern Time) on Monday, May 11, 2026 to announce its financial results for the first quarter ended March 31, 2026. The Company will report its quarterly financial results on Monday, May 11, 2026.

Currently, BDCs provide very high-yield opportunities. The fact that additional interest rate cuts are unlikely to happen this year should theoretically support the existing levels. Yet for most BDCs, the damage has already been done.