TCG BDC, Inc. Q3 2026 Earnings Recap

Carlyle Secured Lending’s third-quarter results were broadly steady, with $0.36 per share of net investment income and a modest increase in NAV to $15.65. The stock rose 2.6% after earnings, a roughly flat reaction under the stated threshold.

Key Takeaways

• Net investment income was $0.36 per share on both a GAAP and adjusted basis; the declared fourth-quarter dividend is $0.35 per share and was covered by NII.
• NAV increased to $15.65 per share from $15.61 at June 30.
• Excluding joint ventures, the company funded $81 million of investments, while repayments rose to $129 million; total investments remained relatively flat at $2.3 billion.
• New originations had weighted average spreads of about 505 basis points, roughly 35 basis points wider than in the fourth quarter of 2025, and entry leverage fell to 4.9x.
• Management cited lower direct-lending volume amid macroeconomic and geopolitical uncertainty, while noting that 96% of the portfolio was in senior secured loans and exposure to compute infrastructure remained minimal.