Carlyle Secured Lending Inc. (NASDAQ:CGBD) Q1 2023 Earnings Conference Call May 10, 2023 10:00 AM ET

Company Participants

Daniel Hahn - Managing Director, The Carlyle Group

Aren LeeKong - Chief Executive Officer

Thomas Hennigan - Chief Financial Officer and Chief Risk Officer

Conference Call Participants

Operator

Good day, and thank you for standing by. Welcome to the Carlyle Secured Lending First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation there will be a question-and-answer session. Please be advised today’s conference is be recorded.

And, I would like to hand it to your speaker today, Daniel Hahn. Please go ahead.

Daniel Hahn

Good morning, and welcome to Carlyle Secured Lending’s first quarter 2023 earnings call. With me on the call this morning is Aren LeeKong, our Chief Executive Officer; and Tom Hennigan, our Chief Financial Officer.

Last night, we filed our Form 10-Q and issued a press release with a presentation of our results, which are available on the Investor Relations section of our website. Following our remarks today, we will hold a question-and-answer session for analysts and institutional investors. This call is being webcast, and a replay will be available on our website.

Any forward-looking statements made today do not guarantee future performance, and any undue reliance should not be placed on them. These statements are based on current management expectations and involve inherent risks and uncertainties, including those identified in the Risk Factors section of our annual report on Form 10-K. These risks and uncertainties could cause actual results to differ materially from those indicated. Carlyle Secured Lending assumes no obligation to update any forward-looking statements at any time.

With that, I’ll turn the call over to Aren.

Aren LeeKong

Thanks, Dan. Good morning, everyone, and thank you all for joining. I will focus my remarks on three topics for today’s call: I’ll start with an overview of our first quarter results; next, I’ll touch on the current market environment; and finally, I’ll conclude with a few thoughts on our investment activity and current positioning.

Starting off with earnings. The first quarter was another strong quarter as the portfolio continued to benefit from higher base rates and attractive pricing on new investments. We generated total net investment income of $0.50 per share in Q1, which represented an increase of 25% versus our prior period core earnings and resulted in dividend coverage of 136%.