The following is a summary of the Carlyle Secured Lending Inc. (CGBD) Q4 2023 Earnings Call Transcript:
Financial Performance:
Carlyle Secured Lending posted a Q4 net investment income of $0.56 per share, an 8% increase QoQ, marking a record high for the company.
The company declared Q1 2024 dividends at $0.48 per share, showing a rise of 9% over the previous quarter and reflecting enhanced earnings stability.
The base dividend per share was increased by $0.03 to $0.40, demonstrating sustained business health.
Net Asset Value stood at $16.99 per share at the end of December, a 1% QoQ increase mainly due to earnings outpacing dividends.
Total investment income in Q4 amounted to $63 million, indicating a $2 million increase from the previous quarter.
Business Progress:
Despite market volatility in 2023, Carlyle Secured Lending leveraged their existing relations to source transactions, with half of the deals during the year orchestrated with existing portfolio companies.
The firm's portfolio remained diverse as it added investments across different income brackets and regions.
The company reported stable non-accruals in Q4 2023, expressing expectation of further improvement in the coming quarter.
Carlyle anticipates stable earnings in 2024 based on conservative leverage positioning and latest interest rate curves.
The company plans to distribute at least 50% of excess earnings through supplemental dividend and it also aims to increase its unsecured debt exposure with an index-eligible deal in late 2024 or early 2025.
More details: Carlyle Secured Lending IR
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