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Dec 31, 2025
Carlyle Q4 2025 Earnings Report
Carlyle Secured Lending, Inc. Q4 2025 Earnings Report
Key Takeaways
Carlyle Secured Lending (CGBD) delivered record originations of $404.7 million in Q4 2025, though net investment income per share declined to $0.33 from $0.37 in the prior quarter. The company successfully enhanced its liability structure by issuing $300 million in 2031 Notes and fully redeeming higher-cost 2028 debt, while maintaining a stable portfolio with non-accruals at 1.2% of fair value.
Achieved record quarterly originations of $404.7 million with a weighted average yield of 8.8%.
Enhanced liability structure by decreasing weighted average cost of debt by 10 bps and extending maturity profile to 2030+.
Repurchased $13.9 million of shares during the quarter at a 22.6% discount to NAV, resulting in $0.06 per share of NAV accretion.
Established a new $600 million joint venture, Structured Credit Partners JV (SCP), to invest in broadly syndicated loans.
Revenue by Segment
Forward Guidance
The company is focused on scaling its new SCP joint venture and utilizing its upsized share repurchase program to drive NAV accretion while maintaining a defensive portfolio posture.
Positive Outlook
- Board approved a $100 million upsize to the stock repurchase program, totaling $300 million.
- New SCP joint venture expected to be accretive to ROE due to fee-free structure.
- Significant spillover income of $0.74 per share supports future dividend stability.
- Limited debt maturities before 2030 following recent refinancing activity.
- Credit Fund continues to grow with an annualized yield of 15.3% to CGBD.
Challenges Ahead
- Weighted average yield on new originations (8.8%) is lower than the total portfolio yield (10.1%).
- Net Asset Value per share has seen a slight downward trend from $16.80 to $16.26 over the year.
- Realized and unrealized losses of $6.6 million impacted quarterly results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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