Carlyle Secured Lending Q2 2024 Update

TL;DR

**CSL Q2 2024: Investments steady at $1.79B in unaffiliated issuers, slight uptick in affiliated holdings.**

AI Summary

Carlyle Secured Lending, Inc. (CSL) filed its 10-Q for the period ending June 30, 2024. The company reported total investments of $1.79 billion in unaffiliated issuers as of June 30, 2024, a slight increase from $1.77 billion at the end of 2023. Investments in affiliated non-controlled issuers also saw a minor rise to $165.5 million from $164.8 million. The filing details the company's financial position and operational activities for the second quarter of 2024.

Why It Matters

This filing provides insight into the investment portfolio and financial health of Carlyle Secured Lending, Inc., which can impact investors and the broader credit market.

Risk Assessment

Risk Level: medium — As a BDC, Carlyle Secured Lending is exposed to credit risk and market volatility inherent in its investment portfolio.

Key Numbers

• $1.79B — Investments in Unaffiliated Issuers (As of June 30, 2024, showing a slight increase from year-end 2023.)
• $165.5M — Investments in Affiliated Non-Controlled Issuers (As of June 30, 2024, indicating a marginal rise.)
• 20240630 — Reporting Period End Date (The 10-Q covers financial activities up to this date.)

Key Players & Entities

• Carlyle Secured Lending, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $1.79 billion (dollar_amount) — Total investments in unaffiliated issuers as of June 30, 2024
• $1.77 billion (dollar_amount) — Total investments in unaffiliated issuers as of December 31, 2023
• $165.5 million (dollar_amount) — Investments in affiliated non-controlled issuers as of June 30, 2024
• $164.8 million (dollar_amount) — Investments in affiliated non-controlled issuers as of December 31, 2023

FAQ

Key Financial Figures

• $0.01 — ange on Which Registered Common stock, $0.01 par value CGBD The Nasdaq Global Select

Filing Documents

• csl-20240630.htm (10-Q) — 6954KB
• csli_20240630x10-qxex101.htm (EX-10.1) — 1429KB
• csli_2024630x10-qxex311.htm (EX-31.1) — 10KB
• csli_2024630x10-qxex312.htm (EX-31.2) — 10KB
• csli_2024630x10-qxex321.htm (EX-32.1) — 5KB
• csli_2024630x10-qxex322.htm (EX-32.2) — 5KB
• 0001544206-24-000054.txt ( ) — 51111KB
• csl-20240630.xsd (EX-101.SCH) — 81KB
• csl-20240630_cal.xml (EX-101.CAL) — 73KB
• csl-20240630_def.xml (EX-101.DEF) — 777KB
• csl-20240630_lab.xml (EX-101.LAB) — 825KB
• csl-20240630_pre.xml (EX-101.PRE) — 831KB
• csl-20240630_htm.xml (XML) — 8758KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Statements of Assets and Liabilities as of June 30, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Operations for the three and six mont h s ended June 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the six month s ended June 30, 2024 and 2023 (unaudited) 6 Consolidated Schedules of Investments as of June 30, 2024 (unaudited) and December 31, 2023 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 81

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 101

Controls and Procedures

Item 4. Controls and Procedures 102

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 103

Risk Factors

Item 1A. Risk Factors 103

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 106

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 106

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 106

Other Information

Item 5. Other Information 106

Exhibits

Item 6. Exhibits 107

Signatures

Signatures 108 1 CARLYLE SECURED LENDING, INC. CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (amounts in thousands, except share and per share data) June 30, 2024 December 31, 2023 ASSETS (unaudited) Investments, at fair value Investments—non-controlled/non-affiliated, at fair value (amortized cost of $ 1,445,263 and $ 1,586,761 , respectively) $ 1,411,590 $ 1,539,120 Investments—non-controlled/affiliated, at fair value (amortized cost of $ 66,859 and $ 47,037 , respectively) 66,492 53,382 Investments—controlled/affiliated, at fair value (amortized cost of $ 271,097 and $ 271,097 , respectively) 247,968 249,379 Total investments, at fair value (amortized cost of $ 1,783,219 and $ 1,904,895 , respectively) 1,726,050 1,841,881 Cash, cash equivalents and restricted cash 92,222 60,447 Receivable for investments sold 9,644 36 Interest and dividend receivable 32,371 33,725 Prepaid expenses and other assets 6,343 6,489 Total assets $ 1,866,630 $ 1,942,578 LIABILITIES Debt and secured borrowings (Note 8) $ 906,088 $ 980,183 Interest and credit facility fees payable (Note 8) 10,027 8,591 Dividend payable (Note 10) 23,845 22,321 Base management and incentive fees payable (Note 4) 12,201 13,067 Administrative service fees payable (Note 4) 740 2,991 Other accrued expenses and liabilities 2,912 2,613 Total liabilities 955,813 1,029,766 Commitments and contingencies (Notes 9 and 12) NET ASSETS Cumulative convertible preferred stock, $ 0.01 par value; 2,000,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 50,000 50,000 Common stock, $ 0.01 par value; 198,000,000 shares authorized; 50,794,941 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 508 508 Paid-in capital in excess of par value 1,015,681 1,015,681 Offering costs ( 1,633 ) ( 1,633 ) Total distributable earnings (loss) ( 153,739 ) ( 151,744 ) Total net assets $ 910,817 $ 912,812 NET ASSETS PER COMMON SHARE $ 16.

View Full Filing

View this 10-Q filing on SEC EDGAR