CGBDCarlyle Secured Lending, Inc.BDC
Yield
13.70%
$0.35/qtr × 4 ÷ $10.22 close Oct 23, 2026
Dividend
$0.35/qtr
Cut from $0.40 earlier in 2026
Payout (NII)
100%
Q2 2026: $0.35 vs $0.35 NII
Pays
Quarterly
NAV $15.61 at June 30, 2026
House verdict
Exactly covered — after a cut. Q2 2026 net investment income of $0.35 a share exactly equals the reset $0.35 base dividend — full coverage with zero cushion. NAV fell 1.8% in the quarter to $15.61, and the $0.73 a share of spillover income is the buffer, not earnings growth.
Key risk: Spread compression and valuation marks — the Q2 NAV decline was driven by markdowns on a limited number of investments; a repeat quarter leaves no NII cushion at all.
Changes if: NII slips below $0.35, or NAV falls again quarter over quarter.
- !Coverage check: Q2 2026 NII and adjusted NII of $0.35 a share against a $0.35 base dividend — 100% payout. The reset rate restored coverage; it did not restore margin.
- !Yield check: 13.70% indicated — $0.35/qtr × 4 at the $10.22 close on Oct. 23, 2026. The price trades at about 65% of the $15.61 NAV.
- !NAV check: NAV per share of $15.61 at June 30, 2026, down 1.8% from $15.89 at March 31, 2026 and $16.26 at December 31, 2025.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.