Carlyle Secured Lending, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting Net Investment Income (NII) of $0.40 per common share, or $0.41 on an adjusted basis. This represents a notable decline from the $0.47 per share reported in the previous quarter. The company's Net Asset Value (NAV) per common share continued its downward trend, decreasing by 1.2% to $16.63 as of March 31, 2025, from $16.80 at year-end 2024.
A significant development was the Board of Directors' declaration of a second-quarter 2025 dividend of $0.40 per common share, which is solely the base dividend, indicating the removal of the supplemental dividend. This change reflects the pressures on earnings and the company's commitment to maintaining a sustainable base payout. The total fair value of the portfolio stood at $2.2 billion as of March 31, 2025, following the recent merger and consolidation activities.
Credit quality showed signs of deterioration, with non-accrual investments increasing to 2.2% of the total portfolio at cost and 1.6% at fair value as of March 31, 2025. This is a significant rise from 1.0% and 0.6%, respectively, at December 31, 2024. In other developments, CGBD amended its Credit Facility in March, increasing total commitments to $935.0 million and extending the maturity to March 2030, and consolidated Middle Market Credit Fund II onto its balance sheet in February 2025.
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