Carlyle Secured Lending Inc
NASDAQ:CGBD
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Carlyle Secured Lending Inc
NASDAQ:CGBD
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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.
Record Originations: CGBD and the Carlyle Direct Lending platform achieved record origination in 2025, with over $1.2 billion deployed at CGBD and more than $7 billion in commitments platform-wide.
Net Investment Income: Net investment income for the quarter was $0.33 per share (GAAP) and $0.36 (adjusted), with a declared dividend of $0.40 per share for Q1 2026.
Portfolio Stability: The portfolio remains diversified and stable, with 94% in senior secured loans and nonaccruals representing just 1.2% of fair value.
Share Repurchases: $14 million of shares were repurchased in Q4 and another $14 million in Q1 so far, prompting the Board to increase the buyback program from $200 million to $300 million.
New Joint Venture: Announced the Structured Credit Partners JV, aiming to boost diversification and portfolio yield with $600 million equity commitments and a fee-free structure expected to be highly accretive to returns.
Outlook & Guidance: Management expects earnings to trough in the first half of 2026 due to lower base rates, but to rise later in the year as new JVs ramp up and deal flow increases.
