Carlyle Secured Lending (CGBD) released its first-quarter 2026 financial results on Monday, announcing a reset of its quarterly base dividend to $0.35 per share and plans to price two more Collateralized Loan Obligation (CLO) transactions within the year.

The financial report shows CGBD's first-quarter net investment income was $0.36 per share. Net asset value declined by 2.3% quarter-over-quarter to $15.89 per share, primarily due to unrealized losses stemming from widening credit spreads. The company also announced that its board approved a second-quarter dividend of $0.35 per share on April 29, payable on July 16. CEO Alex Chi stated the adjustment aims to "better align the base dividend with the current earnings power of the portfolio" while preserving flexibility to pay supplemental dividends as earnings grow in the future.

Regarding platform expansion, the company disclosed significant progress with its two joint venture platforms. The Middle Market Credit Fund has reached $1 billion in size, delivering a 15.3% annualized return to CGBD. Structured Credit Partners has purchased over $1 billion in senior secured loans and completed the pricing of two CLOs. Management indicated during the earnings call that it plans to price two additional CLOs in 2026 to drive net asset value growth.

Notably, the company holds approximately $0.70 per share in spillover income as a financial buffer. Management anticipates the second quarter will represent an earnings trough, with a gradual recovery expected thereafter as the joint venture platforms continue to expand.