Carlyle Secured Lending : CGBD 2026331 8 K EX992 (Presentation) Final

Published: 2026-05-11 06:10:10 ET CGBD

Published on 05/11/2026 at 06:10 am EDT

Carlyle Secured Lending, Inc. Quarterly Earnings Presentation

March 31, 2026

First Qua Results

rter

We generated $0.36 per common share of net investment income on both a GAAP basis and after adjusting for asset acquisition accounting(1)

NAV per share was $15.89 as of 3/31/26, compared to NAV per share of $16.26 as of 12/31/25. The decline was primarily from unrealized losses due to widening spreads

We declared our quarterly dividend of $0.35 for Q2'26 equating to an annualized dividend yield of 12.8% on our stock price as of 3/31/26, which continues to be supported by an estimated $0.70 per share in spillover income(2)

Portfolio & Investment Activity

As of 3/31/26, the total fair value of the portfolio decreased to $2.3 billion, primarily due to sales to Credit Fund

The portfolio consisted of 171 portfolio companies with a weighted average yield of 10.0%(3)

CGBD originated investments of $217.5 million during Q1'26, with a weighted average yield of 9.0%(4)

Total repayments and sales during Q1'26 were $216.0 million with a weighted average yield of 9.2%(4)

Structured Credit Partners (1) purchased over $1.0 billion of first lien, senior secured, broadly syndicated loans, (2) priced two CLOs that provide long-term non-mark-to-market, and predominately investment-grade rated CLO debt, and (3) produced an annualized yield of 10.7% to CGBD

Credit Fund continues to grow and now has investments of $1.0 billion, including $153.2 million in purchases from CGBD in Q1'26, driving an annualized yield of 15.3% to CGBD

As of 3/31/26, non-accrual investments decreased to 1.0% and 0.9% of the total portfolio based on amortized cost and fair value, respectively

Liquidity & Capital Activity

Repurchased $18.5 million of shares during the quarter at an average discount to 12/31/2025 NAV per share of 26.0% resulting in $0.09 per share of NAV accretion. As of 3/31/2026, we have repurchased

$190.1 million of shares inception to date and we continue to repurchase shares following quarter end

In February, the Board approved an upsize of our stock repurchase program for an additional $100.0 million to a size of $300.0 million

In February, we closed a new $200.0 million credit facility for Credit Fund with an attractive cost of debt of SOFR + 1.80%

Note: Per share amounts within this presentation apply to common shares of the Company unless otherwise noted. (1) Net investment income after adjusting for the effect of amortization on asset acquisition accounting is defined as Adjusted Net Investment Income. See appendix for a description of non-GAAP measures. (2) Refer to page 13 for further details around spillover income (3) Weighted average yields exclude investments placed on non-accrual status. Weighted average yields of income producing investments include Middle Market Credit Fund ("Credit Fund") and Structured Credit Partners JV, LLC ("SCP" and together with Credit Fund, the "Investment Funds"),as well as income producing equity investments. (4) Weighted average yield includes transactions with Credit Fund as detailed on page 6.

(Dollar amounts in thousands, except per share data)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

SUMMARY INCOME STATEMENT

Total investment income

$ 54,864

$ 67,281

$ 66,509

$ 66,913

$ 64,079

Total expenses(1)

(34,061)

(39,031)

(39,670)

(42,885)

(38,875)

Net Investment Income(1)

$ 20,803

$ 28,250

$ 26,839

$ 24,028

$ 25,204

Acceleration of debt issuance costs, net of incentive fee impact

1,691

Amortization of premium/discount on acquired assets

321

(114)

511

106

178

Adjusted Net Investment Income(1)(2)

$ 21,124

$ 28,136

$ 27,350

$ 25,825

$ 25,382

Net Investment Income(1)

$ 20,803

$ 28,250

$ 26,839

$ 24,028

$ 25,204

Net realized and change in unrealized gains (losses)

(7,575)

(13,620)

(2,936)

(6,643)

(29,422)

Net increase (decrease) in net assets resulting from operations(1)

$ 13,228

$ 14,630

$ 23,903

$ 17,385

$ (4,218)

Acceleration of debt issuance costs, net of incentive fee impact Amortization of premium/discount on acquired assets

Reversal of unrealized appreciation from the amortization on acquired assets

- 321

(321)

- (114)

114

- 511

(511)

1,691

106

(106)

- 178

(178)

Adjusted Net Income(1)(2)

$ 13,228

$ 14,630

$ 23,903

$ 19,076

$ (4,218)

SUMMARY PER SHARE METRICS

Net Investment Income per Common Share(1)

$ 0.40

$ 0.39

$ 0.37

$ 0.33

$ 0.36

Acceleration of debt issuance costs, net of incentive fee impact

0.02

Amortization of premium/discount on acquired assets

0.01

0.00

Adjusted Net Investment Income per Common Share(1)(2)

$ 0.41

$ 0.39

$ 0.38

$ 0.36

Net Income (Loss) per Common Share(1)

$ 0.25

$ 0.20

$ 0.33

$ 0.24

$ (0.06)

Acceleration of debt issuance costs, net of incentive fee impact Amortization of premium/discount on acquired assets

Reversal of unrealized appreciation from the amortization on acquired assets

- 0.01

(0.01)

- 0.01

(0.01)

0.02

0.01

(0.01)

- 0.00

(0.00)

Adjusted Net Income per Common Share(1)(2)

$ 0.25

$ 0.20

$ 0.33

$ 0.26

$ (0.06)

Weighted average shares of common stock outstanding 51,923 72,903 72,903 72,618

70,908

Please refer to the Company's Form 10-Q and Form 10-K for more information.

(1) Inclusive of the preferred stock dividend which was exchanged for common shares in Q1 2025. (2) See appendix for a description of non-GAAP measures.

(Dollar amounts in thousands, except per share data)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

SUMMARY BALANCE SHEET

Total investments, at fair value

$ 2,245,626

$ 2,334,961

$ 2,422,630

$ 2,463,922

$ 2,277,105

Cash, cash equivalents and restricted cash

250,883

49,218

52,268

76,493

97,241

Other assets

37,299

190,498

83,028

249,752

183,267

Total Assets

$ 2,533,808

$ 2,574,677

$ 2,557,926

$ 2,790,167

$ 2,557,613

Debt and secured borrowings(1)

1,247,186

1,309,518

1,306,757

1,531,210

1,379,555

Accrued expenses and liabilities

74,233

67,301

58,569

91,569

61,497

Total Liabilities

$ 1,321,419

$ 1,376,819

$ 1,365,326

$ 1,622,779

$ 1,441,052

Net Assets

$ 1,212,389

$ 1,197,858

$ 1,192,600

$ 1,167,388

$ 1,116,561

Common shares outstanding at end of period

72,903

71,807

70,271

Net Asset Value available to Common

$ 16.63

$ 16.43

$ 16.36

$ 16.26

$ 15.89

LEVERAGE

Debt to Equity

1.04x

1.10x

1.32x

1.25x

Net Financial Leverage(2)

0.87x

0.97x

1.05x

1.13x

1.06x

First lien debt

83.4%

85.6%

85.7%

83.7%

83.4%

Second lien debt

5.8%

3.9%

3.4%

Equity

5.4%

5.8%

6.9%

Investment funds

5.4%

5.1%

5.0%

6.6%

6.3%

Total

100.0%

Investment funds - First lien debt held

99.9%

100.0%

99.9%

99.8%

Senior secured exposure(5)

94.4%

94.5%

94.6%

94.2%

94.5%

TOTAL INVESTMENT PORTFOLIO BY ASSET TYPE (3)(4)

Please refer to the Company's Form 10-Q and Form 10-K for more information.

(1) Inclusive of deferred financing costs and the effective interest rate swap hedge. (2) Net financial leverage adjusts for net working capital at period end, which was $214.5 million as of March 31, 2026. (3) At quarter end. (4) As a percentage of fair value. (5) Represents CGBD's exposure to the respective underlying portfolio companies, including CGBD's proportionate share of the portfolio companies held in Credit Fund and SCP.

(Dollar amounts in thousands and based on par)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

NEW INVESTMENT FUNDINGS BY ASSET TYPE (1)

First lien debt

$ 173,719

$ 372,335

$ 250,365

$ 389,055

$ 197,847

Second lien debt

988

1,056

1,142

1,155

740

Equity(2)

3,598

2,344

8,906

14,536

18,909

CSL III Merger

487,879

Credit Fund II Purchase

198,824

Total

$ 865,008

$ 375,735

$ 260,413

$ 404,746

$ 217,496

Weighted Average Yield at Amortized Cost(3)(4) 9.8% 10.0% 9.5% 8.8%

9.0%

SALES & REPAYMENTS BY ASSET TYPE (1)

First lien debt Second lien debt Equity(2)

$ (171,891)

(9,341)

(6,415)

$ (99,904)

(38,090)

(11)

$ (136,103)

- (7,255)

$ (206,070)

- (5,919)

$ (202,327)

(11,702)

(1,991)

Total

$ (187,647)

$ (138,005)

$ (143,358)

$ (211,989)

$ (216,020)

Weighted Average Yield at Amortized Cost(4) 10.9% 10.9% 10.4% 9.8%

9.2%

Net Investment Activity $ 677,361 $ 237,730 $ 117,055 $ 192,757

$ 1,476

PURCHASES AND SALES WITH INVESTMENT FUNDS

Purchases from Investment Funds

$ -

$ 8,488

$ -

Sales to Investment Funds

(89,348)

(150,309)

(47,636)

(215,176)

(153,236)

Structured Credit Partners

19,799

Credit Fund Mezzanine Loan

40,500

(40,500)

Credit Fund Return of Capital

(62,500)

Net Investment Fund Activity

$ (151,848)

$ (150,309)

$ (47,636)

$ (166,188)

$ (173,937)

Weighted Average Yield on Debt Investments at Amortized Cost(5)(6)

10.8%

10.6%

10.3%

9.7%

9.6%

Weighted Average Yield on Income Producing Investments at Amortized Cost(5)(6)

10.9%

10.6%

10.1%

10.0%

Please refer to the Company's Form 10-Q and Form 10-K for more information. No assurance is given that the Company will continue to achieve comparable results.

(1) Excludes activity between the Company and the Investment Funds with the exception of the investments assumed as part of the Credit Fund II Purchase. (2) Based on cost paid/proceeds received from equity activity. (3) Excludes the effect of the CSL III Merger and Credit Fund II Purchase. (4) Weighted average yield includes transactions with Credit Fund. (5) Weighted average yields represent yields of the Company and exclude investments on non-accrual status. Weighted average yields of income producing investments include Credit Fund and SCP. (6) At period end.

Total investments at fair value ($mm) $2,277

Sponsored

95%

Company EBITDA(4) (Median)

$100mm

Senior Secured Exposure(3)

94%

Floating Rate(3)

99.6%

Weighted Average Yield on Income Producing

Investments at Amortized Cost(1)

10.0%

Number of investments

248

Number of portfolio companies

171

Average exposure by portfolio company(2)

0.6%

Non-accrual investments(2)

0.9%

Key Statistics

Asset Mix(2)

Portfolio

Industry Exposure(2)(3)

First Lien Debt Second Lien Debt Equity Investments Investment Funds

Healthcare & Pharmaceuticals Software

16%

29%

11%

10%

Diversified Financial Services Business Services

Consumer Services High Tech Industries

Leisure Products & Services Capital Equipment

All Others

83%

Note: Information presented is as of March 31, 2026 (1) Weighted average yields exclude investments placed on non-accrual status. Weighted average yields on income producing investments include Credit Fund, and SCP as well as income producing equity investments. (2) As a percentage of fair value. (3) Represents CGBD's exposure to the respective underlying portfolio companies, including CGBD's proportionate share of the portfolio companies held in Credit Fund and SCP. (4) Excludes equity positions, loans on non-accrual, unfunded commitments, and certain asset-backed, asset-based, and recurring revenue loans.

During Q1'26, Credit Fund's portfolio growth was driven by $153 million in purchases from CGBD as well as direct originations. Total portfolio size increased to $1,020 million with no management fees or incentive fees charged to the vehicle

Credit Fund closed a new $200 million subscription facility with an attractive cost of funds of SOFR +1.80%

In May 2026, we increased our total commitments at the PNC Facility to $1,200 million

Key Statistics - Credit Fund

Portfolio Statistics - Credit Fund

CGBD Investment at cost ($mm)

$131

Investments, at fair value ($mm)

$1,020

CGBD ownership

50.0%

Portfolio companies

% of CGBD Portfolio

5.4%

Floating rate

100.0%

Net Financial Leverage(1)

3.17x

First lien

99.7%

Weighted average cost of debt(2)

SOFR +1.62%

Yield of debt investments at cost(3)

8.9%

Annualized dividend yield to CGBD

15.3%

Non-accrual(4)

0.2%

Diversification by Borrower

Diversification by Industry

12%

39%

12%

28%

41%

31%

Note: Information presented is as of March 31, 2026 (1) Net financial leverage, which adjusts for the net working capital position at period end of $98.0 million, was calculated based on $261.0 million of subordinated loans (2) Represents weighted average cost of borrowings across the credit facility and the subscription facility. (3) Weighted average yields at cost of the debt investments include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of period end. Weighted average yields exclude investments placed on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above. (4) As a percentage of fair value.

SCP purchased over $1.0 billion(1) of first lien, senior secured, broadly syndicated loans

Priced two CLOs that provide long-term, non-mark-to-market, and predominately investment-grade rated CLO debt at an average cost of SOFR + 1.59%

There are no management or incentive fees charged at SCP and its underlying CLOs

Key Statistics - Structured Credit Partners

Portfolio Statistics - Structured Credit Partners

CGBD Investment at cost ($mm)

$20

Investments, at fair value ($mm)(1)

$1,028

CGBD ownership(2)

45%

Portfolio companies

334

% of CGBD Portfolio

0.9%

Floating rate

100.0%

Weighted average cost of debt(3)

SOFR + 1.05%

First lien

100.0%

Annualized dividend yield to CGBD

10.7%

Weighted average investment spread(4)

SOFR + 2.89%

13%

34%

12%

10%

81%

Note: Information presented is as of March 31, 2026 (1) Includes $683.4 million of investments purchased but unsettled as of March 31, 2026. (2) Represents CGBD's economic ownership in SCP as of March 31, 2026. CGBD has a 25% voting interest in SCP through its investment in SCP's class A shares. (3) Represents the cost of debt on SCP's warehouse facilities as of March 31, 2026. (4) Based on amortized cost.

100% of our balance sheet leverage is floating rate and we have limited maturities on our financing facilities until Q1 2030(2)

Overview of Balance Sheet Financing

As of March 31, 2026

Commitment

Outstanding

Maturity Date

Pricing(1)

Credit Facility

$960

$415

3/12/2030(2)

SOFR + 1.88%

CLO 2015-1N(3)

$380

7/1/2036

SOFR + 1.94%

2030 Senior Notes

$300

2/18/2030

SOFR + 3.23%(4)

2031 Senior Notes

$300

2/15/2031

SOFR + 2.31%(4)

Total / Weighted Average(5)

$1,940

$1,395

5.7 years

SOFR + 2.28%

Upcoming Debt Maturities, by Commitment

% of Committed Balance Sheet Leverage Available

% of Utilized Balance Sheet Leverage With Non-Mark-To-Market(6)

$1,125

28%

70%

$680

$135

2026 2027 2028 2029 2030 2031 or

Later

Credit Facility

(1) SOFR borrowings are subject to an additional spread adjustment. (2) $135,000 of the $960,000 in commitments will mature on May 25, 2027. (3) Amounts exclude $30 million of Class C-R Notes retained by the Company. (4) Represents the floating interest rate paid by the Company as part of the interest rate swap agreement. The stated interest rate of the 2030 senior notes is 6.75% and the stated interest rate of the 2031 senior notes is 5.75%. (5) Weighted average maturity and pricing amounts are calculated based on amount outstanding. (6) Represents the CLO 2015-IN, the 2030 Senior Notes, and the 2031 Senior Notes.

Q1 2026

LTM Q1 2026

Adjusted NII $1.49

$15.89

$16.63

$1.45

$0.04

$(1.60)

$0.15

Adjusted NII $0.36

$16.26

$15.89

$0.36

$0.00

$(0.40)

$0.09

$0.00

$(0.42)

$(0.74) $(0.04)

December 31, 2025 NAV

Net Investment Income

Non-GAAP

Net Investment Income

(1)

Dividend Declared

Net Realized and Unrealized

Non-GAAP

Net Investment Income

(1)

Accretion from Share Repurchases

March 31,

2026 NAV

March 31,

2025 NAV

Net Investment Income

Non-GAAP

Net Investment

Dividend Declared

Net Realized and

Non-GAAP

Net Investment

Accretion from Share Repurchases

March 31,

2026 NAV

Adjustments

Gain (Loss)

Adjustments

Income

(1)

Unrealized

Income

(1)

Adjustments

Gain (Loss)

Adjustments

Note: The net asset value per share and dividends declared per share are based on the shares outstanding at each respective quarter-end. Net investment income per share and net change in realized and unrealized gain (loss) per share are based on the weighted average number of shares outstanding for the period. Totals may not sum due to rounding.

(1) Non-GAAP Net Investment Income Adjustments included (i) the amortization/accretion resulting from the new cost basis of the investments acquired and accounted for under the acquisition method of accounting in accordance with ASC 805 and (ii) the one-time purchase or non-recurring investment income and expense events, including the effects on incentive fees. See appendix for a description of non-GAAP measures.

As of March 31, 2026, four borrowers were on non-accrual status, representing 0.9% of total investments at fair value and 1.0% at amortized cost, compared to 1.2% and 1.8%, respectively, as of the prior period

PORTFOLIO RISK RATINGS

(Dollar amounts in thousands)

Internal Risk Rating

December 31, 2025

March 31, 2026

Fair Value

% of Fair Value

Fair Value

% of Fair Value

2,011,980

93.3%

1,803,165

91.2%

114,456

5.3%

154,174

7.8%

20,240

0.9%

20,617

1.0%

10,301

0.5%

0.0%

Total

$2,156,977

100.0%

$1,977,956

100.0%

Borrower is operating above expectations, and the trends and risk factors are generally favorable.

DEFINITION

RATING

2 Borrower is operating generally as expected or at an acceptable level of performance. The level of risk to our initial cost basis is similar to the risk to our initial cost basis at the time of origination. This is the initial risk rating assigned to all new borrowers.

Borrower is operating below expectations and level of risk to our cost basis has increased since the time of

origination. The borrower may be out of compliance with debt covenants. Payments are generally current although there may be higher risk of payment default.

Borrower is operating materially below expectations and the loan's risk has increased materially since origination. In addition to the

4 borrower being generally out of compliance with debt covenants, loan payments may be past due, but generally not by more than 120 days. It is anticipated that we may not recoup our initial cost basis and may realize a loss of our initial cost basis upon exit.

Borrower is operating substantially below expectations and the loan's risk has increased substantially since origination. Most or all of

the debt covenants are out of compliance and payments are substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

As of Q1'26, we have an estimated $49.2 million or $0.70 per share of spillover income(1) available to continue to support our quarterly dividend

We repurchased $18.5 million of shares during Q1'26, plus an additional $8.8 million in Q2'26.(2) Total repurchases were $41.2 million(2) since restarting our stock repurchase program in November 2025

Repurchases in Q1'26 were at an average discount to 12/31/2025 NAV per share of 26.0% resulting in $0.09 per share of NAV accretion

Ticker

Exchange

Outstanding(2)

Market Cap(2)

Annualized

Dividend Yield(3)

ITD Share

Repurchases(2)(4)

Share Repurchases

Remaining(2)(5)

CGBD NASDAQ 69M $801M 8.8% $199M $101M

Historical Dividend Data

$0.04

$0.32

$0.32 $0.32

$0.32

$0.34

$0.37

$0.36

$0.37

$0.37 $0.37

$0.05

$0.40

$0.40 $0.40

$0.06

$0.08

$0.07

$0.06

$0.05

$0.07

$0.08

$0.07

$0.08

$0.70

Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Spillover

Income

Note: Historical dividend data for dividends declared prior to the period shown are available on the Company's website at carlylesecuredlending.com. There can be no assurance that the Company will continue to achieve comparable results.

(1) Spillover income is sum of the excess 2025 U.S. federal taxable income available for carry over into 2026 and the current taxable income for 2026. 2026 taxable income is estimated based on current year to date activity and cannot be confirmed until after the close of the tax year. (2) As of May 8, 2026. (3) Based on the 2Q26 dividend declared. (4) Represents shares repurchased as part of the Company's Stock Repurchase Program, which was originally approved on November 5, 2018. (5) Represents the maximum value that may be repurchased as part of the Company's Stock Repurchase Program as of May 8, 2026.

CGBD NAV per share has outperformed the BDC peers NAV per share since 2019

$17.00

CGBD NAV Preservation

$17.00

BDC Peers NAV Decline

$16.50

$16.00

$16.50

$16.00

$16.26

$16.56

(1.8)%

$14.02

(10.9)%

$15.73

$15.50 $15.50

$15.00 $15.00

$14.50 $14.50

$14.00 $14.00

$13.50 $13.50

$13.00 $13.00

$12.50 $12.50

$12.00

Q4'19 NAV/Share Q4'25

$12.00

Q4'19 NAV/Share Q4'25

Past performance is not indicative of future results. For illustrative purposes only. There is no assurance that market trends will continue.

BDC Peers include 15 externally managed, publicly traded BDCs with market capitalizations over $750 million with pre-COVID IPO dates and excludes BDCs with reverse stock splits during the period. Information is sourced from public filings.

Appendix

$209 bn AUM3 210+ Investment professionals4

Firm Overview

Global Credit

Global Private Equity

Offices / Continents:

Portfolio Intelligence

✓

Data:

Executive Operations Group

✓

Impact:

✓

Expertise: Deep Industry Knowledge

"One Carlyle" Global Network

✓

Reach:

28 / 4

Founded:

775+

Investment Professionals2 :

2,500+

Employees:

$475 bn

AUM:

1987

$159 bn AUM 435+ Investment professionals

Carlyle AlpInvest

$107 bn AUM 120+ Investment professionals

The Carlyle Edge

Global Investment Platform

Note: AUM numbers may not sum to total due to rounding. Certain communications between Carlyle Global Credit and investment professionals in other business segments may be restricted in accordance with Carlyle's information barrier policy. Past performance is not indicative of future results and there can be no assurance that any trends will continue.

(1) Firm data as of March 31, 2026 (2) Total includes Investment Professionals in the Executive Group (3) Carlyle Global Credit AUM includes $85.7 billion of insurance related assets (4) Includes 11 professionals in the Carlyle Global Credit Capital Markets group. Note: AUM may differ from any comparable "AUM" disclosure in other non-public or public sources (including public regulatory filings.). Certain communications between Carlyle Global Credit and investment professionals in other business segments may be restricted in accordance with Carlyle's information barrier policy. Statements about "Carlyle edge" are opinions and beliefs of Carlyle, and should not be relied upon as a promise or representation as to past or future performance.

CARLYLE GLOBAL CREDIT - $209BN AUM1

LIQUID CREDIT

AUM: $47.7 billion

PRIVATE CREDIT

AUM: $34.3 billion

REAL ASSETS CREDIT

AUM: $20.0 billion

ASSET-BACKED FINANCE

AUM: $11.8 billion

CLO MANAGEMENT

Carlyle managed CLOs (broadly syndicated senior secured bank loans)

CLO INVESTMENT

Equity and debt CLO tranches

LOANS & REVOLVING CREDIT

Senior secured revolving credit facilities of non-IG issuers

DIRECT LENDING

Directly originated loans, primarily first lien and financial sponsor-backed

OPPORTUNISTIC CREDIT

Directly originated private capital solutions primarily for non-sponsored companies

HYBRID CAPITAL

Flexible mandate across credit-oriented solutions, structured equity, and stressed / dislocated investments

AVIATION FINANCE

Commercial aircraft leasing / servicing and securitization of aircraft portfolios

INFRASTRUCTURE CREDIT

Credit investments in U.S. and international infrastructure assets

REAL ESTATE CREDIT

Lending to global real estate projects

IG DEBT

Directly originated, privately structured asset-backed solutions, focused on acquiring or lending against diversified pools of collateral with contractual cash flows

NON-IG DEBT

RESIDUAL / EQUITY

PLATFORM INITIATIVES

AUM: $95.8 billion1

CARLYLE TACTICAL CREDIT FUND

CROSS-PLATFORM SMAs

ADVISORY CAPITAL

Investing dynamically across Carlyle's entire credit

platform

Tailored separate accounts investing across the

credit platform

Credit assets sub-advised for insurance platform

Source: The Carlyle Group. As of March 31, 2026 unless otherwise stated. Strategy characteristics are summary in nature and not intended to be an exhaustive list; any particular investment may not have any such characteristics.

1) Carlyle Global Credit and Platform Initiatives AUM includes $85.7 billion of insurance related assets.

Carlyle Direct Lending Investment Philosophy & Overview

Carlyle Direct Lending seeks to operate in the middle market, utilizing an integrated platform sourcing approach

Focus on performing, non-cyclical companies with EBITDA of $25mn or greater, primarily backed by high-quality financial sponsors

Employ a rigorous and consistent investment process informed by the capability of the entire Carlyle platform

3 Target a defensive approach to lending via disciplined underwriting

Seek to deliver sustainable current cash income from predominantly first lien, senior secured, floating rate instrument

Note: Comments made here are based on Carlyle's subjective views. Past performance is not indicative of future results. There can be no assurance that a fund will be able to achieve comparable results, implement its investment strategy or achieve its investment objective. No assurance is given that any trends will continue, that forecasts will ultimately materialize, or that investment opportunities will be available.

(Dollar amounts in thousands, except per share data)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

ASSETS

Investments-non-controlled/non-affiliated, at fair value

$ 2,050,323

$ 2,143,227

$ 2,200,482

$ 2,197,244

$ 2,029,229

Investments-non-controlled/affiliated, at fair value

73,912

71,570

101,931

103,064

124,893

Investments-controlled/affiliated, at fair value

121,391

120,164

120,217

163,614

122,983

Total Investments, at Fair Value

2,245,626

2,334,961

2,422,630

2,463,922

2,277,105

Cash, cash equivalents and restricted cash

250,883

49,218

52,268

76,493

97,241

Receivable for investments sold/repaid

644

151,022

48,069

214,757

152,912

Interest and dividend receivable

25,154

29,195

24,511

24,678

20,780

Derivative assets, at fair value

306

742

901

298

Prepaid expenses and other assets

11,195

9,539

9,547

10,019

9,575

Total Assets

$ 2,533,808

$ 2,574,677

$ 2,557,926

$ 2,790,167

$ 2,557,613

LIABILITIES & NET ASSETS

Debt and secured borrowings

$ 1,247,186

$ 1,309,518

$ 1,306,757

$ 1,531,210

$ 1,379,555

Payable for investments purchased

16,395

880

368

21,547

Interest and credit facility fees payable

12,061

17,287

11,515

19,092

9,985

Dividend payable

22,931

29,162

29,161

28,723

28,108

Base management and incentive fees payable

13,405

14,599

14,751

14,360

14,124

Administrative service fees payable

986

326

840

1,261

1,738

Derivative liabilities, at fair value

3,502

500

1,436

5,033

Other accrued expenses and liabilities

4,953

5,047

1,434

5,150

2,509

Total Liabilities

1,321,419

1,376,819

1,365,326

1,622,779

1,441,052

Net Assets

$ 1,212,389

$ 1,197,858

$ 1,192,600

$ 1,167,388

$ 1,116,561

Net Asset Value Per Common Share

$ 16.63

$ 16.43

$ 16.36

$ 16.26

$ 15.89

Please refer to the Company's Form 10-Q and Form 10-K for more information.

EXPENSES

(Dollar amounts in thousands, except per share data)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

INVESTMENT INCOME

Interest income(1)

$ 47,359

$ 60,830

$ 59,794

$ 60,721

$ 56,182

Dividend income from investment funds

6,554

5,000

5,302

Other income

951

1,451

1,715

1,192

2,595

Total Investment Income

$ 54,864

$ 67,281

$ 66,509

$ 66,913

$ 64,079

Management fees

$ 7,609

$ 8,665

$ 9,139

$ 9,231

$ 8,786

Incentive fees

4,400

5,934

5,612

5,130

5,348

Interest expense and credit facility fees

18,603

21,727

22,306

25,450

21,770

Other expenses

1,947

2,325

2,113

2,724

2,530

Excise tax expense

676

380

500

350

441

Net Expenses

$ 33,235

$ 39,031

$ 39,670

$ 42,885

$ 38,875

Preferred stock dividend

826

Net Investment Income(2)

$ 20,803

$ 28,250

$ 26,839

$ 24,028

$ 25,204

Net realized and change in unrealized gains (losses)

(7,575)

(13,620)

(2,936)

(6,643)

(29,422)

Net increase (decrease) in net assets resulting from operations(2)

$ 13,228

$ 14,630

$ 23,903

$ 17,385

$ (4,218)

Net Investment Income per Common Share

$ 0.40

$ 0.39

$ 0.37

$ 0.33

$ 0.36

Net Income (Loss) per Common Share

$ 0.25

$ 0.20

$ 0.33

$ 0.24

$ (0.06)

Note: There can be no assurance that we will continue to earn income at this rate and our income may decline. If our income declines, we may reduce the dividend we pay and the yield you earn may decline. Refer to the Company's Form 10-Q and Form 10-K for additional details.

(1) Inclusive of payment-in-kind interest income. (2) Presented net of the preferred stock dividend for the period.

Disclaimer

Carlyle Secured Lending Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 10:09 UTC.