The BDC reported steady earnings and strong origination activity while announcing a new structured credit joint venture.

February 25, 2026

Carlyle Secured Lending, Inc. (NASDAQ: CGBD) released its financial results for the fourth quarter and full year ending December 31, 2025, reporting solid investment income figures and declaring an increased quarterly dividend for the first quarter of 2026.

Earnings Highlights

For the fourth quarter, the company generated net investment income of $0.33 per common share, with an adjusted figure of $0.36 per share on a non-GAAP basis. For the full year 2025, net investment income came in at $1.48 per common share, with the adjusted measure reaching $1.51 per share. The company’s total investment portfolio grew to a fair value of $2.5 billion as of December 31, 2025.

Net asset value per common share dipped slightly during the quarter, falling 0.6% to $16.26 from $16.36 at the end of the third quarter.

Dividend Declaration

The Board of Directors declared a quarterly common dividend of $0.40 per share for the first quarter of 2026, payable in mid-April to stockholders of record at the end of March. The declared dividend exceeds the company’s reported fourth-quarter net investment income per share, reflecting management’s confidence in the business going forward.

CEO Commentary and Strategic Outlook

Newly appointed Chief Executive Officer Alex Chi highlighted record origination volume in both the fourth quarter and the full year as a key accomplishment, and emphasized plans to further leverage Carlyle’s broader platform to expand lending activity. He expressed confidence in the quality of the existing portfolio and noted that the company’s underwriting capabilities position it well to compete in a more active deal environment, even amid potential market volatility.

Chi also pointed to a newly announced structured credit joint venture as an example of the strategic partnerships the company intends to pursue to enhance returns on equity.

Company Background

The company, which has deployed approximately $10.7 billion in debt and equity investments since launching operations in 2013, focuses primarily on lending to U.S. middle-market businesses. It is managed by Carlyle Global Credit Investment Management, a subsidiary of The Carlyle Group (NASDAQ: CG), which oversees $477 billion in assets under management globally.

Balance Sheet Activity

On the balance sheet side, CGBD redeemed $85 million of senior unsecured notes carrying an 8.20% interest rate in December 2025, accelerating associated debt issuance costs in accordance with accounting rules. The company noted this as one of the non-recurring items excluded from its adjusted non-GAAP earnings measure.