Tcg Bdc Stock Earnings Reports

Carlyle Secured Lending (CGBD) reported 3Q25 net investment income of $27 million ($0.37 per share GAAP; $0.38 adjusted). The Board declared a $0.40/share quarterly dividend. NAV was $16.36 at 9/30 (down slightly from $16.43). Deployment remained strong: $260 million funded into new and existing borrowers, net investment activity of $117 million after repayments, and $48 million of investments sold into the joint venture (MMCF). Total investments grew to ~$2.4 billion. Credit quality remains a priority — 95% of investments are senior secured, first‑lien exposure has increased, and nonaccruals fell to ~1.6% of cost (1.0% at fair value). The MMCF JV was upsized (facility increase and higher equity commitments) and management is in advanced discussions on a second JV targeting different loan strategies. Financing optimization included a new 5‑year $300 million unsecured bond at SOFR+231bp, repayment/redemption of higher‑cost facilities (including an $85 million baby bond), and a ~10bp reduction in weighted average borrowing cost; debt is now 100% floating and statutory leverage was 1.1x at quarter end. Management said pipeline activity has increased (top‑of‑funnel deal flow up ~30% year‑over‑year over the past two months) and believes deal flow will continue to improve as base rates decline. However, management expects near‑term earnings pressure tied to the SOFR curve (they expect earnings to trough in the next few quarters) and views the JVs as multi‑quarter ramps that will drive earnings growth over time. They estimate $0.86 per share of spillover income available to support dividends from the last five years.