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10-Q2026-05-11· qwen-plus

CGBD · Carlyle Secured Lending, Inc.

0001544206-26-000033

SEC filing

Summary

Carlyle Secured Lending reported a net loss of $4.2M for Q1 FY2026, reversing from $14.1M of net income in Q1 FY2025, primarily due to unrealized depreciation on investments; however, operating cash flow strengthened meaningfully to $212.4M.

Key takeaways

Full analysis

Management Discussion and Analysis

Liquidity and Capital Resources

Income Drivers

Dividend income declined year-over-year, primarily driven by reduced distributions from Credit Fund II following its full acquisition in Q1 2025 — a point explicitly cited in the filing’s explanatory text. This dynamic was partially offset by dividend income from Structured Credit Partners, though no quantitative contribution is provided in the authoritative packet. Separately, interest expense and credit facility fees decreased, attributed to lower base rates and the acceleration of debt issuance costs in December 2025 — a timing-driven reduction unrelated to portfolio performance.

Forward-Looking Context