TCG BDC

TCG BDC Inc a traded fund, invests in the US middle market companies with an EBITDA of $10 to $100 million. It targets companies operating across a broad range of sectors. The fund invests primarily in first lien senior secured and second lien senior secured loans. It also considers mezzanine loans and equity co-investments.

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TCG BDC (CGBD) reports stable Q2 earnings, anticipates merger benefits

TCG BDC (CGBD) reported solid financial performance in Q2 2024, with a focus on maintaining shareholder value through the proposed merger with CSL III. While facing challenges related to asset depreciation, the company aims to capitalize on opportunities for cost savings and NAV accretion through the merger.

TCG BDC (CGBD) reports robust Q3 performance and eyes merger benefits

TCG BDC (CGBD) delivered a strong Q3 performance with a focus on credit quality and diversification across industries.
The upcoming merger with Carlyle Secured Lending III is expected to drive scale, liquidity, and cost efficiencies for enhanced earnings.
Analysts' inquiries highlighted areas of investor interest and potential challenges that management will need to address going forward.

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Carlyle Secured Lending is a conventional BDC with a market cap of $785 million, focusing on US middle market companies with EBITDA between $25 to $100 million. While CGBD has a well-structured portfolio with the right focus on first lien in a diversified manner, there are some elevated risks associated with subpar performance of the underlying investments. In this article, I elaborate on the key details behind my thesis of avoiding CGBD.

Carlyle Secured Lending: Well-Structured But With Deeply Hidden Risk

New Mountain Finance

WhiteHorse Finance

The Fed's pivot towards rate cuts raises concerns about the performance of floating-rate assets and suggests a move along the yield curve. BDC baby bonds are attractive assets due to their decent quality, fixed coupons and relatively low durations. We highlight a number of newly issued bonds by BDCs.

A Look At The New 8%+ Yielding BDC Baby Bonds

Prospect Capital

We take a look at the action in preferreds and baby bonds through the first week of December and highlight some of the key themes we are watching. Preferred stocks had a strong return of over 3% this week, pushing the sector to a 7% return for the year. BDC Prospect Capital completed a tender offer of their public preferred Series A, with low participation due to falling yields.

Preferreds Weekly Review: PSEC Sneaks In A Tender Offer For Series A

Carlyle Secured Lending focuses on secured debt investments in middle market companies with below investment grade debt. The BDC reported a net investment income of $27.1M and a net income of $29.1M for the quarter. The common shares offer a healthy dividend yield of over 11% but the 2028 debt securities could be an interesting, safer alternative.

Carlyle Secured Lending: An 11% Dividend And A 6.5-7.5% Yield On Debt

Abacus Life Inc

Edison

New Exchange Preferred Stock And Traded Debt IPOs, November 2023

Apollo Senior Floating Rate Fund

Apollo Tactical Income Fund, Inc.

MidCap Financial Investment Corp

Blue Owl Capital Corp

We take a look at the action in business development companies through the second week of November and highlight some of the key themes we are watching. BDCs were flat on the week as markets consolidated after a recent run-up. All BDCs in coverage are in green for the month. Mid-Cap Financial Investment Corp. announced a merger agreement with two Apollo loan CEFs - not something we see every day.

BDC Weekly Review: Why We Don't See A Lot Of BDC / CEF Mergers

NEW YORK, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (Nasdaq: CGBD) (the "Company") today announced that it has priced an underwritten public offering of $75.0 million aggregate principal amount of 8.20% unsecured notes due 2028 (the "Notes").

Carlyle Secured Lending, Inc. Prices Public Offering of 8.20% Notes Due 2028

Carlyle Secured Lending Inc. (NASDAQ:CGBD ) Q3 2023 Earnings Conference Call November 8, 2023 10:00 AM ET Company Participants Daniel Hahn - Shareholder Relations Aren LeeKong - Chief Executive Officer Tom Hennigan - Chief Financial Officer Conference Call Participants Operator Hello and welcome to the Carlyle Secured Lending Inc. Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Carlyle Secured Lending Inc. (CGBD) Q3 2023 Earnings Call Transcript

NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its third quarter ended September 30, 2023. The full detailed presentation of CSL's third quarter 2023 results can be viewed here.

Carlyle Secured Lending, Inc. Announces Third Quarter 2023 Financial Results, Declares Fourth Quarter 2023 Dividends of $0.44 Per Common Share

NEW YORK, Oct. 13, 2023 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (“Carlyle Secured Lending”) (NASDAQ: CGBD) will host a conference call at 10:00 a.m. EDT on Wednesday, November 8, 2023 to announce its third quarter 2023 financial results. A news release containing the quarterly results will be issued after market close on Tuesday, November 7, 2023.

Carlyle Secured Lending, Inc. Schedules Third Quarter 2023 Financial Results and Investor Conference Call

Carlyle Secured Lending is selling at a discounted NAV, making it an attractive investment opportunity for passive income investors. The BDC has a well-diversified investment portfolio, with a majority of its debt investments allocated to loans that pay floating interest rates. Carlyle Secured Lending has excellent dividend coverage, paying an 11% dividend yield and offering the potential for supplemental dividends.

Carlyle Secured Lending: I Am Now Collecting An 11% Yield On My Last Buy

Carlyle Secured Lending reported a 0.5% total NAV return in Q2, underperforming the sector due to a writedown in one holding. CGBD has a typical BDC portfolio profile with a focus on first lien investments and exposure to the healthcare and software sectors. Net income increased by 4% in Q2, with base dividend coverage rising to 141% and total dividend coverage rising to 118%.

Carlyle Secured Lending: Q2 Update - A So-So Quarter In An Overall Strong Trend

Carlyle Secured Lending reported solid quarterly results, with the dividend adequately covered by net investment income. The BDC saw a decline in net asset value in the second quarter, but in my view, this is already factored into the share price. The BDC's portfolio includes an increase in category 3 loans as a percentage of its overall portfolio, but management's cautious approach is reassuring.

Carlyle Secured Lending: Exceptional Dividend Yield With Solid Net Investment Income Coverage

Carlyle Secured Lending Inc. (NASDAQ:CGBD ) Q2 2023 Results Conference Call August 9, 2023 10:00 AM ET Company Participants Daniel Hahn - IR Aren LeeKong - Chief Executive Officer Tom Hennigan - Chief Financial Officer Conference Call Participants Bryce Rowe - B. Riley Arren Cyganovich - Citi Operator Good day, everyone, and thank you for standing by.

Carlyle Secured Lending Inc. (CGBD) Q2 2023 Earnings Call Transcript

Carlyle Secured Lending, Inc. (CGBD) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.40 per share a year ago.

Carlyle Secured Lending, Inc. (CGBD) Beats Q2 Earnings Estimates

NEW YORK, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its second quarter ended June 30, 2023. The full detailed presentation of CSL's second quarter 2023 results can be viewed here.

Carlyle Secured Lending, Inc. Announces Second Quarter 2023 Financial Results, Declares Third Quarter 2023 Dividends of $0.44 Per Common Share

NEW YORK, July 13, 2023 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (“Carlyle Secured Lending”) (NASDAQ: CGBD) will host a conference call at 10:00 a.m. EDT on Wednesday, August 9, 2023 to announce its second quarter 2023 financial results. A news release containing the quarterly results will be issued after market close on Tuesday, August 8, 2023.

Carlyle Secured Lending, Inc. Schedules Second Quarter 2023 Financial Results and Investor Conference Call

Oaktree Specialty Lending

We take a look at the action in business development companies through the last week of June and highlight some of the key themes we are watching. BDCs had a good week, capping off a great June with a 6% rally. Our view remains that the opportunity from additional lending due to potential regional bank pullback is less than commonly advertised.

BDC Weekly Review: Opportunity From Regional Bank Pullback Less Than Advertised

Eagle Bancorp

Energy Transfer LP Unit

These “smart money” types fade sentiment. Insiders tend to buy low and sell high.

A Screaming Buy Signal From These 7%+ Yielders

Ares Capital

Capital Southwest

We take a look at the action in business development companies through the fourth week of May and highlight some of the key themes we are watching. BDCs were up slightly this week, with a return dispersion of around 8%. Lots of BDCs are asking shareholders to approve their capacity to issue shares below the NAV.

BDC Weekly Review: Why Are BDCs Asking To Issue Shares Below NAV?

We discuss quarterly results from the BDC Carlyle Secured Lending and highlight key income dynamics of the portfolio. CGBD outperformed the sector once again as both the NAV and net income increased modestly. Non-accruals increased slightly though overall portfolio quality remained stable.

Carlyle Secured Lending: Outperformance Continues While Dividend Coverage Grows For This 13%-Yielding BDC

Golub Capital BDC

Owl Rock Capital Corp

Sixth Street Specialty Lending

BDCs were up on the week, buoyed by strong earnings numbers. Companies in the sector continue to manage the amount of their outstanding shares with largely positive consequences for investors.

BDC Weekly Review: BDCs Busy With Share Issuance And Buybacks

Carlyle Secured Lending Inc. (NASDAQ:CGBD ) Q1 2023 Earnings Conference Call May 10, 2023 10:00 AM ET Company Participants Daniel Hahn - Managing Director, The Carlyle Group Aren LeeKong - Chief Executive Officer Thomas Hennigan - Chief Financial Officer and Chief Risk Officer Conference Call Participants Operator Good day, and thank you for standing by. Welcome to the Carlyle Secured Lending First Quarter 2023 Earnings Call.

Carlyle Secured Lending Inc. (CGBD) Q1 2023 Earnings Call Transcript

Carlyle Secured Lending, Inc. (CGBD) came out with quarterly earnings of $0.50 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.44 per share a year ago.

Carlyle Secured Lending, Inc. (CGBD) Q1 Earnings Surpass Estimates

NEW YORK, May 09, 2023 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its first quarter ended March 31, 2023. The full detailed presentation of CSL's first quarter 2023 results can be viewed here.

News for TCG BDC ETF (CGBD)