CGBD - Carlyle Secured Lending turns in mixed Q4 results as interest income rises

Carlyle Secured Lending ( NASDAQ: CGBD ) Q4 net investment income, came in better than expected while total investment income trailed the Wall Street consensus. Q4 interest income climbed in a higher rate environment, but net asset value per share slipped during the quarter.

Q4 net investment income of $0.48 per share exceeded the  $0.45 consensus, dropped from $0.58 in Q3 and climbed from $0.40 in Q4 2021.

Total investment income of $56.0M, missing the $56.2M consensus, declined from $59.1M in Q3 and grew from $44.0M in Q4 2021.

Net asset value per common share slipped 1.0% during the quarter to $16.99 at Dec. 31, 2022 from $17.16 at Sept. 30, 2021.

Total fair value of investment was $1.98B as of Dec. 31, 2022 increased from $1.95B at Sept. 30 and $1.91B at Dec. 31, 2021.

Interest income of $47.0M climbed from $37.5M in the prior quarter and $32.2M in the year-ago period.

New investment activity was $128.6M with a weighted average yield on new debt investments of 11.8% vs. $268M in the previous quarter with a weighted average yield on new debt investments of 10.0%.

Total repayments and sales during the quarter were $87.4M with a weighted average yield on exited debt investments of 10.1% vs. $212M and 8.8% in the prior quarter.

Conference call on Feb. 28 at 10:00 AM ET.

On Monday, Carlyle Secured Lending GAAP EPS of $0.66 beats by $0.27, revenue of $59.14M beats by $10.76M

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