The earnings call presented a mixed sentiment with notable achievements in origination activity and strategic leadership additions, but faced challenges with unrealized losses, tight market spreads, and increased expenses. Despite these challenges, the company remains optimistic about future growth and stability.

Company Guidance -

Q3 2025

During Carlyle Secured Lending's second-quarter 2025 earnings conference call, the company provided guidance on various financial metrics. They reported a net investment income of $0.39 per share and a declared third-quarter dividend of $0.40 per share. Carlyle's net asset value decreased to $16.43 per share from $16.63 per share in the previous quarter. Despite muted sponsor M&A activity, the firm achieved a platform-wide deployment record with $2 billion in originations, of which $376 million were funded by CGBD, resulting in net investment activity of $238 million. The portfolio comprised 202 investments across 148 companies, with an average exposure of less than 1% per company. The company's management remains optimistic about the fourth quarter despite expectations of a slower third quarter due to the seasonal summer slowdown. Additionally, they highlighted that less than 5% of their portfolio is exposed to tariff risk, and 94% of their investments are in senior secured loans. The median EBITDA across their portfolio stood at $92 million. Looking ahead, the company remains focused on maintaining credit performance and portfolio diversification while navigating potential headwinds from tight spreads and anticipated Fed rate cuts.

Record Origination Activity

Carlyle Direct Lending achieved a platform-wide deployment record with $2 billion in originations closed during the quarter, and at the CGBD level, $376 million of investments were funded into new and existing borrowers, the highest level since the IPO in 2017.

Dividend Declaration and Spillover Income

The Board of Directors declared a third quarter dividend of $0.40 per share, representing an attractive yield of over 11%. Additionally, there is an estimated $0.89 per share of spillover income generated over the last 5 years.

Successful Restructuring and Reduced Nonaccruals

The restructuring of Maverick was completed, decreasing nonaccruals to 1% of total investments at fair value on a pro forma basis.

Optimistic Future Outlook

The company remains optimistic for the fourth quarter with expectations of a busier end of the year and continues to see a stable, high-quality portfolio.

Leadership Addition

Alex Chi will join Carlyle as Partner, Deputy Chief Investment Officer for Global Credit and Head of Direct Lending in early 2026, bringing over 30 years of experience from Goldman Sachs.

TCG BDC (CGBD) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

CGBD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2025 (Q3)	0.40 / -	0.47	―	―	―
Aug 05, 2025	2025 (Q2)	0.39 / 0.39	0.51	-23.53% (-0.12)
May 06, 2025	2025 (Q1)	0.43 / 0.40	0.54	-25.93% (-0.14)
Feb 25, 2025	2024 (Q4)	0.44 / 0.48	0.596	-19.46% (-0.12)
Nov 05, 2024	2024 (Q3)	0.49 / 0.47	0.484	-2.89% (-0.01)
Aug 05, 2024	2024 (Q2)	0.51 / 0.51	0.52	-1.92% (-0.01)
May 07, 2024	2024 (Q1)	0.51 / 0.54	0.5	8.00% (+0.04)
Feb 26, 2024	2023 (Q4)	0.51 / 0.60	0.35	70.29% (+0.25)
Nov 07, 2023	2023 (Q3)	0.51 / 0.48	0.58	-16.55% (-0.10)
Aug 08, 2023	2023 (Q2)	0.49 / 0.52	0.4	30.00% (+0.12)

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
Aug 05, 2025	$13.74	$13.60	-1.02%
May 06, 2025	$13.83	$13.25	-4.19%
Feb 25, 2025	$16.57	$16.89	+1.93%
Nov 05, 2024	$15.49	$15.14	-2.26%

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 Tcg Bdc (CGBD) report earnings?

Tcg Bdc (CGBD) is schdueled to report earning on Nov 11, 2025, After Close (Confirmed).

What is Tcg Bdc (CGBD) earnings time?

Tcg Bdc (CGBD) earnings time is at Nov 11, 2025, 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 2025 (Q3) is 0.4.

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