What guidance did Carlyle Secured's management provide for the next earnings period?

What factors drove the changes in Carlyle Secured's revenue and profit?

What is Carlyle Secured's latest dividend and current dividend yield?

What is Carlyle Secured's gross profit margin?

What were the key takeaways from Carlyle Secured's earnings call?

What is the market's earnings forecast for Carlyle Secured next quarter?

What does Carlyle Secured do and what are its main business segments?

Did Carlyle Secured beat or miss consensus estimates last quarter?

**Strong Earnings and Dividend Support**: $0.37 GAAP NII and $0.40 dividend declaration, backed by $0.86 spillover income.
**Portfolio Resilience**: 1.6% nonaccruals (vs. 2.8% industry average), 221 positions across 158 companies, 95% senior secured loans.
**Cost Optimization**: 10bps borrowing cost reduction, floating-rate debt structure aligned with assets.
**JV Growth**: MMCF JV at $800M with mid-teens ROA; second JV in pipeline for long-term income diversification.
**Market Caution**: Tight spreads (~500bps new originations vs. 550bps portfolio), but focus on defensive first lien loans with <40% LTV.

**【CEO Summary Section】**
- Generated $0.37 per share of GAAP net investment income (NII) and $0.38 after adjusting for asset acquisition accounting.
- Declared a $0.40 per share dividend, supported by $0.86 of spillover income over the past two quarters.
- Portfolio grew to $2.4 billion, with $260 million in new investments and 221 positions across 158 companies.
- Deal flow increased 30% year-over-year, driven by declining base rates and stable economic growth.
- Nonaccruals decreased to 1.6% of total investments at cost, below the public BDC average.

**【CFO Financial Commentary】**
- Total investment income of $67 million, stable compared to prior quarter, with modest changes in portfolio yields and OID accretion.
- Operating expenses increased slightly due to higher interest costs from floating-rate debt transitions.
- Raised $300 million in new floating-rate bonds at SOFR+231, reducing weighted average borrowing cost by 10 basis points.
- JV (MMCF) expanded credit facility to $800 million, achieving mid-teens ROA for CGBD.
- Statutory leverage at 1.1x, within target range, with 95% of assets in senior secured loans.

**【Q&A Highlights】**
- **Top Line Performance**: Stable portfolio size and modest yield changes offset by lower OID accretion. New originations at ~500bps spread, below current portfolio average.
- **Borrowing Costs**: 10bps reduction in borrowing costs through debt repricing and JV optimizations. Floating-rate debt structure aligns with asset cash flows.
- **Nonaccrual Trends**: Restructuring of Maverick reduced nonaccruals; remaining nonaccruals have recovery paths, with 15%+ ROA in JV for distressed assets.
- **JV Expansion**: Second JV in advanced stages, targeting non-overlapping strategies with existing JV. Long-term growth driver, but near-term earnings impact limited.
- **Market Outlook**: Tight spreads persist, but long-term spread widening expected as market cycles. Focused on first lien, senior secured loans with <40% LTV.

CGBD

CGBD fundamentals

You can ask Aime