Achieved record annual and quarterly originations in 2025, deploying over $1.2 billion at CGBD driven by a rejuvenated origination platform and senior leadership additions.

Attributed lower investment yields to the combined impact of declining base rates and historically tight spreads on new middle-market originations.

Maintained a defensive software portfolio with zero defaults over five years, focusing on mission-critical products with high switching costs and tangible ROI.

Conducted a comprehensive portfolio re-underwriting to assess AI disruption risk, concluding that AI currently serves as a functional augment rather than a displacement threat.

Leveraged the broader Carlyle platform's scale and specialized resources in restructuring and portfolio management to differentiate from pure-play credit managers.

Reported stable credit quality with non-accruals at 1.2% of fair value, supported by software borrowers in the portfolio growing EBITDA by approximately 20% year-over-year.

Utilized a disciplined investment framework focusing on core and upper middle-market companies with significant equity cushions and conservative leverage profiles.

Anticipates earnings will trough in the first half of 2026 due to base rate cuts before recovering as new joint venture portfolios ramp up.

The company anticipates increased deal activity as private equity sponsors seek to improve distributions to investors, though it notes that software M&A may face a pause while enterprise value gaps resolve.

Projects a potential 400 to 500 basis point return uplift in the new Structured Credit Partners JV due to a unique fee-free structure on underlying CLO assets.

Forecasts a stabilization or slight widening of spreads in the middle market as volatility in public markets reduces competition from large-cap lenders.

Assumes a ramp cadence of four CLO issuances per year for the new JV to ensure vintage diversification and long-term ROE accretion.

Appointed Alex Chi as CEO and Tom Hennigan as President to lead the next phase of the BDC's growth and origination strategy.

Formed Structured Credit Partners (SCP), a $600 million equity JV with Sixth Street to invest in broadly syndicated loans using non-mark-to-market financing.

Upsized the share repurchase program by $100 million to a total of $300 million, citing the compelling discount of the stock price relative to NAV.

Optimized the capital structure by redeeming high-priced legacy debt and issuing $300 million in unsecured bonds, lowering the weighted average cost of borrowing by 10 basis points.

Management intends to take share by harnessing the 'full power' of the Carlyle platform, including its global private equity and Washington D.C. policy expertise.

The strategy will remain focused on the core and upper middle market rather than aggressively pushing into large-cap lending.

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Pipeline strength is driven by a 'rejuvenated' origination team and a pickup in M&A activity within industrial, aerospace, and healthcare sectors.

Software deal flow may experience a temporary pause as buyers and sellers reconcile valuation expectations amid AI uncertainty.

The JV is designed to maximize the non-qualifying asset bucket while leveraging Carlyle's $50 billion CLO management platform.

The structure is expected to be highly accretive by eliminating management and incentive fees at both the CLO and JV levels.

Lower base rates are expected to improve interest coverage ratios on the margin, though borrowers were already resilient to higher rates.

New originations are showing higher fixed-charge coverage cushions (1.25x to 1.5x) compared to historical underwriting levels.

Management views the current stock discount as an opportunity for accretive buybacks, having repurchased 3% of total shares recently.

Simultaneously, investing in the JVs remains a priority as they generate 15% plus returns, which is considered highly accretive for the fund.

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