CGBD - Carlyle Secured Lending: Consistently Strong Performance Drives Valuation Rerating

2024-05-30 01:47:57 ET

Summary

• We catch up on the Q1 results of Carlyle Secured Lending.
• CGBD stock delivered a solid 3.4% total NAV return in Q1, outperforming the sector once again.
• Non-accruals fell to a very low 0.2% as one position was recapitalized.
• The base dividend remained the same, while the supplemental fell by a penny due to a small drop in net income.
• The valuation has zoomed higher recently, leaving less value on the table.

In this article, we catch up on the Q1 results of Carlyle Secured Lending ( CGBD ). CGBD trades at a dividend yield of 10.7% and a 3% premium to NAV. Its net investment income price yield is 12.7% - more than 1% above the sector median level....

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