TCG BDC, Inc. Earnings Recaps
Q2 2026
Aug 11, 2026
Shares rose 4.5% following a quarter that delivered solid origination growth and resilient income generation, driven by strong platform activity and expanding joint venture dividend yields.
Key takeaways
- Closed $1.5 billion in new and incremental commitments at the platform level, with platform originations up over 20% from Q1.
- Funded $248 million of investments at CGBD, supporting a net investment income of $0.35 per share, consistent with the dividend declared for Q3.
- Joint ventures MMCF and SCP scaled portfolio investments to $1.2 billion and $1.7 billion respectively, with dividend yields rising to 17.6% and 18.7%.
- Net asset value per share declined modestly from $15.89 to $15.61 amid a challenging macro backdrop.
- Portfolio remains diversified across 177 companies in 25+ industries, with 95% senior secured loans and reduced leverage on new originations.
Q1 2026
May 12, 2026
Shares declined 1.2% on the quarter, reflecting investor concerns over the dividend cut and the continued impact of lower investment yields on current portfolio income despite stable originations and portfolio positioning.
Key takeaways
- Declared Q2 base dividend of $0.35 per share, down from $0.40, to enhance financial flexibility and support NAV stability.
- Funded $217 million in new investments, with platform-level commitments exceeding $1.2 billion and originations up 14% year-over-year despite lower overall private equity deal activity.
- Portfolio investment balance decreased from $2.5 billion to $2.3 billion due to elevated repayments and $153 million in sales to the MMCF joint venture.
- New investments saw wider spreads, increasing nearly 50 basis points to approximately 475 basis points, alongside reduced leverage at origination.
- NAV declined from $16.26 to $15.89 per share, primarily due to market valuation pressures rather than credit deterioration.
Q3 2025
Nov 6, 2025
Carlyle Secured Lending delivered a solid third quarter in 2025, reporting a net investment income of $0.37 per share, while maintaining a robust investment pipeline and strong credit quality.
Key takeaways
- Generated $0.37 per share net investment income on a GAAP basis, with $0.38 after adjustment for asset acquisition accounting.
- Declared a fourth-quarter dividend of $0.40 per share, yielding over 12% based on the recent share price.
- Increased total investments from $2.3 billion to $2.4 billion, with $260 million deployed in new and existing borrower investments.
- Nonaccruals decreased to 1.6% of total investments at cost, underscoring strong credit quality and effective portfolio management.
- Year-over-year deal flow increased nearly 30%, indicating a positive outlook for future investment activity.