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Carlyle Secured Lending Inc (CGBD) Announces Dividend Increase and Steady Performance in Q4 and ...

  • Net Investment Income: $0.56 per common share for Q4 and $2.10 for the full year 2023.

  • Net Asset Value (NAV): Increased to $16.99 per common share in Q4, maintaining year-end value.

  • Total Investment Fair Value: Reached $1.8 billion as of December 31, 2023.

  • Dividend Increase: Base quarterly common dividend raised to $0.40 per share, an 8% increase.

  • Supplemental Dividend: Additional $0.08 per share for Q1 2024 declared.

  • Investment Activity: Approximately $8.2 billion invested since May 2013 through December 31, 2023.

On February 26, 2024, Carlyle Secured Lending Inc (NASDAQ:CGBD) released its 8-K filing, detailing its financial outcomes for the fourth quarter and the full year of 2023. The company, which specializes in senior secured lending to middle-market companies in the United States, has demonstrated a robust performance despite the evolving market environment.

Financial Performance and Dividend Growth

Carlyle Secured Lending Inc (NASDAQ:CGBD) reported a net investment income of $0.56 per common share for the fourth quarter of 2023, with a net asset value per common share that increased by 0.8% to $16.99 from the previous quarter. Over the full year, the net investment income amounted to $2.10 per common share, with the net asset value per common share holding steady at $16.99, identical to the year-end value of 2022.

The company's total investment fair value stood at $1.8 billion as of December 31, 2023. In response to the solid credit performance and confidence in the future, the Board of Directors declared an increase in the base quarterly common dividend to $0.40 per share, marking an 8% rise from the previous dividend rate. Additionally, a supplemental common dividend of $0.08 per share for the first quarter of 2024 was announced.

Strategic Positioning and Market Outlook

CEO Aren LeeKong attributed the positive results to the company's strategic positioning and the ability to leverage the OneCarlyle platform effectively.

We are very pleased with our fourth quarter and fiscal year 2023 results, which we believe were due to our ability to capitalize on the breadth and depth of the OneCarlyle platform and drive performance throughout an evolving market environment,"

said LeeKong.

The company's disciplined approach to sourcing transactions with favorable pricing, terms, and structures relative to historical originations was highlighted as a key factor in its steady income generation and solid credit performance. This approach is particularly important for a company in the asset management industry, where the ability to navigate complex market conditions and maintain a quality investment portfolio is crucial for sustained success.

As Carlyle Secured Lending Inc (NASDAQ:CGBD) continues to focus on its investment objective of generating current income and capital appreciation through debt investments in U.S. middle-market companies, the company's stable financial metrics and strategic dividend increases position it well for future growth and investor confidence.

For more detailed information on Carlyle Secured Lending Inc (NASDAQ:CGBD)'s financial results, investors and interested parties are encouraged to attend the company's conference call scheduled for February 27, 2024, or access the webcast on the company's website.

Explore the complete 8-K earnings release (here) from Carlyle Secured Lending Inc for further details.

This article first appeared on GuruFocus.