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About Carlyle Secured Lending, Inc. (CGBD)
Carlyle Secured Lending, Inc. (CGBD) is a specialized finance company that operates as a closed-end, externally managed, non-diversified management investment company. It is regulated as a Business Development Company (BDC) under the Investment Company Act of 1940, a structure that emphasizes transparency and investor protections. CGBD's primary focus is on providing directly originated financing solutions, with a particular emphasis on senior secured loans to middle-market companies in the United States. These loans are typically used by companies to support growth initiatives, acquisitions, or refinancing needs, offering CGBD a stable income stream and potential for capital appreciation.
Core Business Model and Revenue Streams
CGBD's business model centers on generating current income and long-term capital appreciation through debt investments. By focusing on senior secured loans, the company prioritizes investments that are higher in the capital structure, thereby reducing risk exposure. The company also diversifies its portfolio across industries to mitigate sector-specific risks. Revenue is primarily derived from interest income on loans, supplemented by potential capital gains from equity investments and other financial instruments. As part of its regulated BDC structure, CGBD distributes a significant portion of its taxable income to shareholders in the form of dividends, making it an attractive option for income-focused investors.
Market Position and Competitive Landscape
CGBD operates within the highly specialized middle-market lending segment, targeting companies that are often underserved by traditional banks. This niche market requires deep expertise in credit analysis and risk management. The company benefits from its affiliation with The Carlyle Group, a globally recognized investment firm with extensive resources and a robust deal pipeline. This affiliation provides CGBD with a competitive edge, enabling it to access exclusive investment opportunities and leverage Carlyle's industry expertise. Key competitors in this space include other BDCs and private credit funds, but CGBD's focus on senior secured lending and its connection to Carlyle set it apart.
Operational Highlights and Investment Strategy
CGBD employs a disciplined investment strategy that emphasizes risk-adjusted returns. The company's portfolio is primarily composed of debt investments, with a focus on minimizing default risk and maximizing recovery rates. By targeting middle-market companies, CGBD addresses a critical financing gap, supporting businesses that are too large for small business loans but too small to access traditional capital markets. The company's externally managed structure allows it to leverage the expertise of Carlyle Global Credit Investment Management (CGCIM), an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group. This management arrangement ensures access to seasoned professionals with extensive experience in credit markets.
Regulatory and Structural Considerations
As a BDC, CGBD is subject to specific regulatory requirements, including maintaining a minimum asset coverage ratio and distributing at least 90% of its taxable income to shareholders. These regulations ensure a high level of transparency and investor protection. Additionally, the company's closed-end structure provides stability in its capital base, allowing for long-term investment strategies without the need for frequent capital raising.
Key Differentiators
- Focus on Senior Secured Lending: Prioritizing investments higher in the capital structure to reduce risk.
- Affiliation with The Carlyle Group: Access to extensive resources, deal flow, and industry expertise.
- Regulated BDC Structure: Emphasis on transparency, investor protections, and regular income distributions.
Conclusion
Carlyle Secured Lending, Inc. combines the stability and income potential of senior secured lending with the strategic advantages of its affiliation with The Carlyle Group. Its disciplined investment approach, robust risk management practices, and focus on underserved middle-market companies position it as a significant player in the specialty finance sector. By adhering to its core principles and leveraging its unique strengths, CGBD continues to deliver value to its shareholders while supporting the growth and success of middle-market businesses.
Carlyle Secured Lending (NASDAQ: CGBD) will host a conference call on May 10, 2023, at 10:00 a.m. EDT to announce its first quarter 2023 financial results. The quarterly results will be released after market close on May 9, 2023. Interested parties can access the call via a public webcast on the company's website. Carlyle Secured Lending focuses on senior secured lending to middle-market companies in the U.S. and is managed by Carlyle Global Credit Investment Management. The firm has been operational since 2013, emphasizing directly originated financing solutions.
Carlyle Secured Lending, Inc. (CGBD) reported its financial results for Q4 and full year 2022, revealing a net investment income of $0.48 per share. The net asset value (NAV) per share decreased by 1.0% to $16.99. As of December 31, 2022, the total fair value of investments was $2.0 billion. The Board declared a quarterly common dividend of $0.37 plus a supplemental $0.07, payable on April 14, 2023. Linda Pace, Chair of the Board, expressed confidence in sustainable income and positive NAV growth for 2023, as the company aims to create long-term value for shareholders.
Carlyle Secured Lending, Inc. (NASDAQ: CGBD) will announce its fourth quarter and full year 2022 financial results during a conference call on February 28, 2023, at 10:00 a.m. EST. A press release will be distributed post-market close on February 27, 2023. The call can be accessed via a public webcast on the company’s website. Carlyle Secured Lending focuses on providing senior secured lending solutions to middle-market companies primarily in the U.S., and is managed by Carlyle Global Credit Investment Management. The firm aims to create value for investors, with a strong emphasis on capital structure.
Carlyle Secured Lending (CGBD) reported strong financial results for Q3 2022, highlighting a net investment income of $0.58 per share and an increase in net asset value to $17.16. The total fair value of investments reached $1.9 billion. The company declared a base dividend of $0.36 and a supplemental dividend of $0.08, payable on January 16, 2023. CEO Linda Pace attributed growth to solid portfolio performance and favorable market conditions. The Board has increased dividend rates for Q4, reflecting confidence in ongoing financial stability.
Carlyle Secured Lending (NASDAQ: CGBD) will announce its third-quarter financial results on November 9, 2022, during a conference call at 10:00 a.m. EST. The results will be released after market close on November 8, 2022. Investors can access the call via webcast on the company's website, where the recording will also be available afterward. Carlyle Secured Lending has been investing since 2013, focusing on senior secured lending to middle-market companies primarily in the United States.
Carlyle Secured Lending (CGBD) announced its Q2 2022 financial results, reporting total investments at fair value of $1.889 billion, up from $1.873 billion in Q1 2022. Despite this increase, net investment income dropped to $20.995 million, or $0.40 per share, compared to $24.644 million, or $0.47 per share in the previous quarter. The company declared a third-quarter dividend of $0.40 per share. Notably, net realized losses reached $17.205 million, primarily due to widening market yields. The net asset value per common share decreased to $16.81.
Carlyle Secured Lending, Inc. (NASDAQ: CGBD) will disclose its second quarter 2022 financial results on August 9, 2022. A conference call is scheduled for August 10, 2022, at 10:00 a.m. EDT to discuss these results. The call can be accessed via telephone or webcast, with an archived replay available afterward. The firm specializes in providing financing solutions, primarily senior secured lending to U.S. middle-market companies, and is managed by Carlyle Global Credit Investment Management.
Carlyle Secured Lending, Inc. (CGBD) reported solid first quarter results for the period ending March 31, 2022, showcasing a net increase in net asset value per share to $17.11 from $16.91. Total investment income reached $47.51 million, marking a rise from the previous quarter. Net investment income was $25.52 million, or $0.47 per share. The company declared a base dividend of $0.32 plus a supplemental dividend of $0.08, payable on July 15, 2022. Despite a slight decline in total investments, the firm exited its position in SolAero with proceeds exceeding fair value by $9.3 million.
Carlyle Secured Lending, Inc. (NASDAQ: CGBD) will announce its first quarter 2022 financial results in a conference call at 8:30 a.m. EDT on May 4, 2022. The results will be available through a news release after market close on May 3, 2022. Investors can access the call via phone or webcast on the company's website. Carlyle Secured Lending focuses on senior secured lending to middle-market companies in the U.S. and has been investing since 2013.
Carlyle Secured Lending, Inc has announced a leadership change, with Taylor Boswell stepping up as President and joining the Board of Directors, having previously served as Chief Investment Officer since 2019. Linda Pace will remain as CEO and Chair of the Board. The company also appointed three vice presidents: Michael Hadley, Jonathan Pearl, and Alex Popov as officers. Boswell emphasized commitment to sustainable income for shareholders amidst changing market dynamics.
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