Carlyle Secured Lending Reports Year-End Results with $100.7M Net Investment Income

**Carlyle Secured Lending Reports Year-End Results, Navigates Merger and Market Dynamics**

Carlyle Secured Lending, Inc. (CGBD), a specialty finance company, reported its financial results for the year ended December 31, 2025, showcasing a net investment income of $100.7 million, or $1.48 per common share. However, when adjusted for one-time income or expense events and purchase accounting adjustments, the adjusted net investment income per common share reached $1.51. The company declared dividends on common shares totaling $110.0 million, equivalent to $1.65 per share. The company's net investment income for the year declined from the prior year primarily due to a lower weighted average yield on the portfolio, a higher average margin on its debt and the net impact of investments on non-accrual status, partially offset by a higher average outstanding investment balance driven by net investment activity during 2025, including assets acquired in the CSL III Merger and the Credit Fund II Purchase in the first quarter of 2025.

A significant strategic development for CGBD was the completion of its merger with Carlyle Secured Lending III (CSL III) on March 27, 2025, resulting in the issuance of 18,935,108 shares of CGBD common stock to former CSL III shareholders. Additionally, the company executed the Credit Fund II Purchase on February 11, 2025, solidifying its 100% ownership of Credit Fund II. As of December 31, 2025, CGBD's investment portfolio comprised 229 investments across 165 portfolio companies and 31 industries, with a total fair value of approximately $2.5 billion. Non-accrual investments represented 1.8% of the portfolio at cost and 1.2% at fair value.

Operationally, CGBD actively managed its capital structure, amending and restating its Credit Facility on March 12, 2025, increasing total commitments to $935.0 million and extending the maturity date to March 12, 2030. The company also repaid all outstanding borrowings of the CSL III SPV Credit Facility, totaling $175.0 million, on October 2, 2025. Furthermore, CGBD completed a public offering of $300.0 million aggregate principal of 2031 Notes and redeemed the 2028 Notes. As of December 31, 2025, CGBD's total liquidity stood at $472.8 million, encompassing cash and unused debt capacity. The company repurchased 1,095,791 shares of its common stock for an aggregate purchase price of approximately $13.9 million, resulting in accretion to NAV per common share of approximately $0.06.

Looking ahead, CGBD's Board of Directors declared common stock dividends of $0.40 per share, payable on April 16, 2026. The Board also approved an increase in the authorized amount available for repurchases under the Stock Repurchase Program to up to $300.0 million. The company also announced the appointment of Alex Chi as Director and Chief Executive Officer and Thomas Hennigan as President, effective February 18, 2026, following the resignation of Justin Plouffe. These strategic and operational developments position CGBD for continued activity in the middle market lending environment.