CGBD - Carlyle Secured Lending: Improving Fundamentals Warrant A Buy (Rating Upgrade)

2024-04-17 13:52:52 ET

Summary

• Carlyle Secured Lending has shown strong performance, outperforming the BDC index with a YTD total return of 12.8%.
• Q4 2023 earnings were robust, with net investment income per share increasing by 8% and base dividend coverage surging to 140%.
• The company expects stability in earnings for the rest of 2024 that is supported by strong and improving credit performance of its existing portfolio.
• Based on these dynamics and the strengthening of a higher for longer scenario create a sufficient basis now to go long CGBD.

January this year, I wrote an article about Carlyle Secured Lending ( CGBD ) , which is a relatively small sized BDC with a focus on traditional and already established businesses....

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