Carlyle Secured Lending

Q2 FY2026 EarningsQ2 FY26 results delivered a significant beat on core profitability metrics but missed on a GAAP basis due to portfolio valuation shifts. Total investment income was $62.1M, exceeding the $59.5M consensus, while Adjusted NII per share of $0.35 comfortably beat the $0.31 estimate. However, GAAP EPS of $0.00 missed the $0.33 consensus significantly, dragged down by $25.1M in net unrealized depreciation. Despite the NAV decline to $15.61, strong repayment activity led to $286.0M in operating cash flow for the first half of the year, well ahead of the negative expectations.