Carlyle Secured Lending Inc
NASDAQ:CGBD
Carlyle Secured Lending Inc
TCG BDC is an externally managed specialty finance company focused on lending to middle-market companies. The company is headquartered in New York City, New York and currently employs 0 full-time employees. The company went IPO on 2017-06-14. The Company’s investment objective is to generate current income and capital appreciation primarily through debt investments in the United States (U.S.) middle market companies. The firm focuses on providing directly originated, financing solutions across the capital structure, with a focus on senior secured lending to middle-market companies primarily located in the United States. Its investments include first lien senior secured loans, which include first lien loans, first lien/last out and unitranche loans and second lien senior secured loans, with the balance of its assets invested in higher yielding investments, including unsecured debt, mezzanine debt and investments in equities. The firm is managed by its investment adviser, Carlyle Global Credit Investment Management L.L.C.
TCG BDC is an externally managed specialty finance company focused on lending to middle-market companies. The company is headquartered in New York City, New York and currently employs 0 full-time employees. The company went IPO on 2017-06-14. The Company’s investment objective is to generate current income and capital appreciation primarily through debt investments in the United States (U.S.) middle market companies. The firm focuses on providing directly originated, financing solutions across the capital structure, with a focus on senior secured lending to middle-market companies primarily located in the United States. Its investments include first lien senior secured loans, which include first lien loans, first lien/last out and unitranche loans and second lien senior secured loans, with the balance of its assets invested in higher yielding investments, including unsecured debt, mezzanine debt and investments in equities. The firm is managed by its investment adviser, Carlyle Global Credit Investment Management L.L.C.
Stable Earnings: Net investment income was $0.37 per share, steady with the prior quarter, and adjusted NII was $0.38 per share.
Dividend Maintained: The board declared a $0.40 per share fourth quarter dividend, yielding over 12% based on the recent share price.
Portfolio Quality: Nonaccruals decreased significantly to 1.6% at cost and 1% at fair value, with no direct exposure to recent bankruptcies.
Strong Deployment: $260 million was funded into new and existing borrowers, growing total investments from $2.3 billion to $2.4 billion.
Floating Rate Positioning: All debt is now floating rate, matching assets, which positions CGBD well for expected interest rate cuts.
Spread Pressure: Management noted tighter spreads in the market, especially for second lien debt, leading to a portfolio mix increasingly focused on first lien loans.
JV Growth: Existing joint venture capacity was increased, and a second JV is in advanced discussion, but both are expected to be longer-term earnings drivers.
Capital Structure Optimization: Recent refinancing and bond issuance lowered borrowing costs and extended maturities.
