CGBD - Carlyle Secured Lending: Q1 Numbers Surprise To The Upside For This 10.8% Yielder

• We discuss Q1 results from CGBD and highlight key income dynamics of the portfolio.
• CGBD had a good Q1 - it had a sharp rise in income (though the bump was non-recurring) and a 1% rise in the NAV.
• Leverage is now below the lower end of its target range, giving it significant dry powder to put to work in a more attractive market environment.
• We expect to see a significant boost in income in the second half of the year as the rise in short-term rates filters through.
• The stock continues to perform in line or better than the sector in the post-COVID period with a very cheap valuation.

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