Carlyle Secured Lending, Inc. [CGBD] Filings

10-Q 1 csl-20240630.htm 10-Q csl-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period to

Commission File No. 814-00995

Carlyle Secured Lending, Inc.

(Exact name of Registrant as specified in its charter)


Maryland						80-0789789
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

One Vanderbilt Avenue, Suite 3400, New York, NY 10017						(212) 813-4900
(Address of principal executive office) (Zip Code)						(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, $0.01 par value	CGBD	The Nasdaq Global Select Market
8.20% notes due 2028	CGBDL	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at August 2, 2024 was 50,848,458.

CARLYLE SECURED LENDING, INC.

INDEX


Part I.	Financial Information
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)	34
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	81
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	101
Item 4.	Controls and Procedures	102
Part II.	Other Information
Item 1.	Legal Proceedings	103
Item 1A.	Risk Factors	103
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	106
Item 3.	Defaults Upon Senior Securities	106
Item 4.	Mine Safety Disclosures	106
Item 5.	Other Information	106
Item 6.	Exhibits	107
	Signatures	108

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

Carlyle Secured Lending, Inc. [CGBD] Filings
Carlyle Secured Lending, Inc. [CGBDL] Filings
10-Q	[2024-08-05]
10-Q	[2024-05-07]
10-K	[2024-02-26]
10-Q	[2023-11-07]
10-Q	[2023-08-08]
10-Q	[2023-05-09]
10-K	[2023-02-27]
10-Q	[2022-11-08]
10-Q	[2022-08-09]
10-Q	[2022-05-03]
10-K	[2022-02-22]
10-Q	[2021-11-02]
10-Q	[2021-08-03]
10-Q	[2021-05-04]
10-K	[2021-02-23]
10-Q	[2020-11-04]
10-Q	[2020-08-05]
10-Q	[2020-05-05]
10-K	[2020-02-25]
10-Q	[2019-11-05]
10-Q	[2019-08-06]
10-Q	[2019-05-07]
10-K	[2019-02-26]
10-Q	[2018-11-06]
10-Q	[2018-08-07]
10-Q	[2018-05-03]
10-K	[2018-02-27]
10-Q	[2017-11-07]
10-Q	[2017-08-09]
10-Q	[2017-05-10]
10-K	[2017-03-22]
10-Q	[2016-11-10]
10-Q	[2016-08-10]
10-Q	[2016-05-09]
10-K	[2016-03-11]
10-Q	[2015-11-06]
10-Q	[2015-08-12]
10-Q	[2015-05-08]
10-K	[2015-03-27]
10-Q	[2014-11-05]
10-Q	[2014-08-13]
10-Q	[2014-05-09]
10-K	[2014-03-14]
10-Q	[2013-11-08]
10-Q	[2013-07-31]
10-Q	[2013-05-28]

Carlyle Secured Lending, Inc. [CGBD] Filings

Carlyle Secured Lending, Inc. [CGBDL] Filings