Carlyle Secured Lending, Inc. announced its financial results for the first quarter ended March 31, 2024, reporting Net Investment Income (NII) of $0.54 per common share. The company's Net Asset Value (NAV) per common share increased by 0.5% to $17.07 as of March 31, 2024, up from $16.99 at the end of 2023. This performance was supported by strong earnings outpacing the declared dividend.
The Board of Directors declared a second-quarter 2024 dividend of $0.47 per share, comprising a base dividend of $0.40 and a supplemental dividend of $0.07 per share. Additionally, the company announced that Justin Plouffe was appointed Chief Executive Officer of the Carlyle BDCs and Deputy CIO for Global Credit, following the resignation of Aren LeeKong. Mr. Plouffe has been part of Carlyle's Global Credit team since 2007 and a member of Carlyle's Private Credit Investment Committee since its inception.
CGBD achieved a significant improvement in its credit quality, with total non-accrual investments falling to 0.2% of total investments at both fair value and amortized cost, marking the lowest level since its 2017 IPO. This improvement was aided by the successful recapitalization of Dermatology Associates in February and the sale and exit of Direct Travel during the first quarter. Originations in the first quarter of 2024 were up over 30% year-over-year, and the company maintained a statutory leverage of 1.13x and net financial leverage of 0.95x.
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