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Carlyle Secured Lending Inc (CGBD)
NASDAQ:CGBD
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.36Last Year’s EPS
0.4Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple positive operational and strategic developments — record origination and platform deployments, accretive JV initiatives (MMCF and SCP) with attractive expected yields, conservative portfolio composition, low nonaccruals, active share repurchases, and improved funding profile — which outweigh near-term headwinds such as lower yields from rate cuts, modest valuation markdowns (notably in software), a small aggregate net loss in the quarter, and an expected earnings trough in H1 2026. Management emphasized confidence in portfolio credit quality, diversification, and long-term accretion opportunities from fee-free JV structures, while acknowledging short-term pressure on earnings and valuations.Company Guidance
Record Origination and Deployment
CGBD deployed over $1.2 billion in 2025 and closed over $7.0 billion of commitments at the Carlyle Direct Lending platform; Q4 was a record quarter with >$400 million of investment fundings and net investment activity of $193 million. Total investments at CGBD rose from $2.4 billion to $2.5 billion during the quarter (~4.2% quarter increase).
Strong Platform JV Performance and Yield
Middle Market Credit Fund (MMCF) achieved a ~15% dividend yield on >$950 million of investments with no JV fees; CGBD committed $150 million to new Structured Credit Partners (SCP) JV, a $600 million equity-capitalized vehicle expected to be fee-free and accretive with a potential 400–500 basis point uplift versus traditional fee structures.
Solid Quarterly Earnings Metrics
Q4 total investment income was $67 million with GAAP net investment income of $24 million or $0.33 per share; adjusted NII was $0.36 per share. Board declared Q1 2026 dividend of $0.40 per share and management estimates $0.74 per share of spillover income to support dividends.
Conservative Portfolio Profile and Credit Stability
Portfolio comprised of 165 companies across >25 industries with 94% of investments in senior secured loans; median EBITDA $97 million; average exposure to any single company <1% of investments; nonaccruals remained stable at 5 names representing 1.2% of investments at fair value (1.8% at amortized cost).
Robust Software Track Record
Carlyle Direct Lending originated >$6 billion in software commitments over 5 years with 0 defaults; software borrowers in the book averaged ~8% revenue growth and ~20% EBITDA growth YoY, and the weighted average loan-to-value of the software book is ~40% lower than the rest of the portfolio.
Active Capital Allocation and Share Repurchases
Repurchased $14 million of shares in Q4 at an average discount of ~23% (accretion ~$0.06 NAV); an additional $14 million repurchased in Q1-to-date (~$0.06 accretion). Board expanded repurchase program from $200 million to $300 million.
Improved Financing Profile and Interest Rate Positioning
Issued a new 5-year $300 million unsecured bond at SOFR +2.31%, redeemed higher-cost legacy indebtedness, lowered weighted average cost of borrowing by ~10 basis points, and positioned the debt stack as 100% floating to match floating-rate assets; adjusted leverage ~1.1x (statutory 1.3x).
CGBD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CGBD Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 24, 2026 | $11.45 | $11.37 | -0.70% |
Nov 04, 2025 | $12.47 | $12.13 | -2.73% |
Aug 05, 2025 | $13.32 | $13.18 | -1.05% |
May 06, 2025 | $13.40 | $12.84 | -4.18% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Carlyle Secured Lending Inc (CGBD) report earnings?
Carlyle Secured Lending Inc (CGBD) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is Carlyle Secured Lending Inc (CGBD) earnings time?
Carlyle Secured Lending Inc (CGBD) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CGBD EPS forecast?
CGBD EPS forecast for the fiscal quarter 2026 (Q1) is 0.36.