Carlyle Secured Lending, Inc. announced its financial results for the second quarter ended June 30, 2025, reporting Net Investment Income (NII) of $0.39 per common share, consistent with its adjusted NII. This marks a continued decline in NII from the previous quarter's $0.40 per share. The company's Net Asset Value (NAV) per common share decreased by 1.2% to $16.43 as of June 30, 2025, down from $16.63 at March 31, 2025.
Despite the NII and NAV declines, CGBD achieved a record quarter for originations for both itself and the broader Carlyle Direct Lending platform. The total fair value of investments increased to $2.3 billion as of June 30, 2025. The Board of Directors declared a third-quarter 2025 dividend of $0.40 per common share, maintaining the base dividend level.
Non-accrual investments increased to 2.1% of total investments at fair value in Q2 2025, up from 0.6% in Q4 2024. However, the company successfully restructured Maverick in early July 2025, which is expected to reduce the pro forma non-accrual rate to 1%. Additionally, CGBD's primary revolving credit facility commitments were upsized to $960 million in July 2025, and statutory leverage stood at 1.1x at quarter-end.
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