Carlyle Secured Lending (CGBD) investor relations material

Executive summary

• Achieved record originations in 2025, deploying over $1.2 billion at the entity and $7 billion at the platform level, with a focus on stable, high-quality credits and strategic partnerships.

• New CEO and President appointments, maintaining core investment strategy and leveraging the broader platform.

• Portfolio diversified across 165 companies and 25+ industries, with 94% in senior secured loans and a weighted average yield of 10.1%.

• Announced new joint venture, Structured Credit Partners (SCP), to enhance diversification and yield.

• Net asset value per share was $16.26 at year-end, down from $16.36 at prior quarter-end.

Financial highlights

• Fourth quarter net investment income was $24 million, or $0.33 per share GAAP, $0.36 adjusted; total investment income for Q4 was $67 million.

• Adjusted net investment income for Q4 2025 was $25.8 million, reflecting adjustments for non-recurring items.

• Dividend declared for Q1 2026 at $0.40 per share, supported by $0.74 per share of spillover income.

• Share repurchases totaled $14 million in Q4 and $14 million in Q1 to date, accreting $0.12 per share to NAV.

• Net realized and unrealized losses for Q4 2025 totaled $6.6 million.

Outlook and guidance

• Earnings expected to trough in H1 2026 due to base rate cuts, with improvement anticipated as JV portfolios ramp.

• Active origination pipeline for Q1 2026, with expectations for increased M&A activity and deal flow.

• SCP JV expected to be highly accretive to return on equity, with fee-free structure providing 400-500 bps uplift.

• Board approved an upsize of the stock repurchase program by $100 million to $300 million in February 2026.

• Increased capital commitment to the Credit Fund by $75 million per member, aiming for continued portfolio growth.