Carlyle Secured Lending Inc. (NASDAQ:CGBD) Q4 2023 Results Conference Call February 27, 2024 11:00 AM ET

Company Participants

Daniel Hahn - Shareholder Relations

Aren LeeKong - Chief Executive Officer

Tom Hennigan - Chief Financial Officer

Conference Call Participants

Bryce Rowe - B. Riley

Finian O'Shea - Wells Fargo Securities

Arren Cyganovich - Citi

Melissa Wedel - JPMorgan

Operator

Thank you for standing by, and welcome to the Carlyle Secured Lending, Inc. Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded.

And now I'd like to introduce your host for today's program, Daniel Hahn, Shareholder Relations. Please go ahead, sir.

Daniel Hahn

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

Last night, we filed our Form 10-K and issued a press release with the 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. As has become custom, I will focus my remarks on three topics for today's call. First, I'll provide an overview of the fourth quarter and full-year 2023 financial results. Next, I'll touch on the current market environment. And finally, I'll conclude with a few comments on the quarter's investment activity and portfolio positioning.

Starting off with earnings. We continue to see our financial performance benefit from the higher base rate environment. In the fourth quarter, we generated net investment income of $0.56 per share, which is an increase of 8% from the prior quarter and represents an annual yield of 13% based on 12/31 NAV. This continues to trend upward from last quarter and the LTM period.