CGBD - Earnings call 4 2023 | Carlyle Secured Lending, Inc.

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Operator

Thank you for standing by, and welcome to the Carlyle Secured Lending, Inc. Fourth Quarter 2023 Earnings Conference Call. [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

to Lending's welcome Earnings Quarter and Call. morning, Carlyle Fourth Secured XXXX Good the is Financial this Chief me call With on morning and Hennigan, Executive Tom Aren our Chief Officer. Officer; our LeeKong,

our Form presentation Investor the results, Relations Last night, of our we XX-K issued website. release of on a available are our and which section with press the filed

will our is Following and institutional analysts question-and-answer session being and our webcast, for remarks on today, we will be a replay This website. hold call available a investors.

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

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

Aren LeeKong

Dan. you joining. thank all morning, Good everyone, for Thanks, and

I focus As custom, topics will call. become my X remarks for has today's on

First, I'll and year quarter the provide of results. financial an fourth XXXX full overview

I'll touch portfolio quarter's current environment. I'll conclude on market Next, comments with investment And the few positioning. finally, a and on the activity

off with earnings. Starting

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

our base the our continued our by strategy, portfolio the $X.XX in quarter, $X.XX increasing future, we of execution the dividend per result $X.XX share. quality our a this beginning and from to As are confidence of of

plus an of an declared X% the our of increase total base $X.XX quarter the $X.XX of a quarter on dividend base of supplemental, consisting compared total new increase $X.XX and dividend X% per Board dividend. share, of a first Directors to Our of prior

value a $XX.XX up asset outpacing dividend. as our as X% $X.XX XX primarily result net Our December share. XX earnings from of per the or period our QX That's of September approximately was

now environment. was slow private capital by Turning most market the M&A defined year. to and market activity the XXXX muted volatility, of equity formation for

For M&A activity fourth private were significantly activity context, a there and 'XX though in the activity pickup deal and compared 'XX in 'XX, down in M&A equity to was quarter.

value depth investment accounted of this portfolio the team With OneCarlyle of our transactions Carlyle's across volume closings source and advantages, network. platform deal approximately environment borrowers companies incumbencies breadth Leveraging and leveraged the generating our to evolving throughout the market existing during backdrop and the sourcing for our year, by where existing allowed drive in significant broad our portfolio to we had information and of half year. diligence us the

of EBITDA nonsponsored sponsored the $XX million last origination flexible That North the opportunistically way capabilities in transactions source at America of to companies the EBITDA middle market all enabled up to includes the and lower from across million and and Our end Europe. of us $XXX year.

with the throughout the network middle activity. transactions evident OneCarlyle and were recurring fourth we lending Outside the trends origination strategy, asset-based complementary, These differentiated our to source quarter markets. specialty market of leveraged revenue within year core continue and

to company year, respectively. the and X% overall with approximately both be our EBITDA with quarter, of pleased to the XX% expanded existing by revenue since prior average revenue the and prior quarter-over-quarter performance portfolio and to credit an X%, EBITDA and inception. Compared and of continue up We portfolio, compared

strong in the credit the in fundamentals later, levels origination activity, detail discuss And we current CGBD. for drove to will quarter. fourth expect Nonaccruals these the quarter. record were and Tom rate improve environment stable Tactical in income as coming

conservative been Tom along rising have will Despite later, dividend over provides years, a dividends expand base investors with upon X cycle. will view, a which rate expectations. anchor base sustainable last for we the their environment the through with transparent our dividend new policy, enable our framework the to our better that intentionally dividend In supplemental

Lastly, to spend on current I'd like a positioning. minutes few

of quarter million. across single remains loans. portfolio and average highly portfolio XXX company our exposure The median end industries. in X%, EBITDA in less portfolio XX% investments are diversified companies the of across our in at secured Our senior comprised and The was is $XX XXX XX over the any is than investments of

over will the Hennigan. hand I call Tom now to CFO, our

Thomas Hennigan

Aren. I'll I'll and then of positioning. a our on performance, I'll discuss with fourth begin review complete portfolio earnings, our sheet Thanks, Today, detail balance with quarter

Aren an activity. $X and continued strong positive base about up of both As other prepayment income which quarter on the impact earnings driven by and investment prior acceleration, income Total quarter from another rates the million was had increase front. previewed, fourth aided was the quarter. OID This for increase by $XX million, in we were the

$XX up an share, nearly rates X% versus core represents the from NII during quarter. stabilized million quarter. level as for interest quarter. Of The result high any modestly fourth quarter. quarter the of prior up million $XX prior or income this $X.XX total were the in net And base Total expenses of for was note, flat all-time per expense investment was

Directors at per base of Our dividend a level dividends share is This on the of share. the XXXX of quarter declared an the earnings over stability increase new business of per $X.XX a plus despite the the of X% to close $X.XX which environment. dividend macroeconomic and and of an total Board of our of shareholders complex $X.XX total power $X.XX record for comprised supplemental, portfolio previous That's the reflects March reflects payable level XX. of as first

At dividend over represents XX% XX% attractive on same the Our we've base also the above the share XXXX. yield coverage price. And the dividend the quarter the of set since total XXX% BDC based of base dividend an average. remains peer recent for time, grown by level

In level latest for based our $X.XX-plus of stability rest conservative terms the at interest earnings outlook and this forward of rate for current curves on positioning XXXX, the see the we Despite maintained will we leverage. in a we've rising of environments, believe on when payout rates approach disciplined us that variety dividend including enable continue rate a rates, consistent to normalize. conservative,

going dividend a in rates fluctuate. quarter. we and as flexible us meet at and target each least out highly earnings dividend, ability and to So will to portfolio evolves of going base which be dividend our to to excess paying base remain allow floating $X.XX supplemental forward, XX% comfortably supplemental through shift the confident out our and paying new dividends continue supplemental construct the And we're exceed

quarter, total supported in a On net NAV in unrealized valuations, increasing realized slight for dividend This $XX.XX million exceeding our from our aggregate valuations. $X.X per the positive increase about movement earnings valuations $XX.XX share. resulted was by to and in combined QX gain net with the

portfolio. to Turning the

We last risk no continue nonaccruals book. X. our there Similar additions new and credit ratings were the to are to to see overall quality stability X watch no quarter, in with deals or which across list,

equity in Dermatology pleased quarter-over-quarter, and with effectively lenders Associates control. were taking February successfully report that to early very flat nonaccruals was recapitalized the we're Total

results. we So nonaccruals report improvement expect we March an in when

and the are have to with borrowers proactively to sponsors continue working adequate ensure manage We portfolio liquidity.

that when up for that of accompanied borrowers, the we XXXX. provided significant course cases, over almost You'll all PIK relief the see from existing ticked support by In was sponsor. interest PIK equity

I'll financing and finish facilities our by touching on leverage.

to at be conservatively and well our lower the continue we're leverage our range in side invest balance to of right is down We opportunities. the intentionally positioned to target running the quarter-over-quarter, attractive on flexibility of sheet. maintain Leverage end

leverage positioning remain about about XXXX. environment as turn, activity allows to leverage us pick early to ended Statutory opportunistic up net the lower, the modestly macroeconomic This X.Xx, X level and in quarter lowest was XXXX. since financial evolves and deal the looks right

Aren. that, it I'll turn With back to

Aren LeeKong

of like and would to investment approach the by strategy. highlighting I Tom. finish consistency investment overall our reiterate Thanks, our

are focused mid-market. high-quality primarily to investments secured in making sponsors rate We companies on the by primarily senior backed U.S. floating

leverage transactions portfolio and attractive originations strong And not relative equity conservative for Market current management. private levels, credit to to underwriting, approach sourcing prudent and documentation our continue demand high. only focus risk significant historical also spreads but remains cushions, disciplined with on market construction attractive through the we to

originations, and our XXXX With nonvolatile from income cash stream flow we our continued in execution consistent remain performance. and nonaccruals, stable new strategy of benefited reduced to delivering through a attractive investors a to portfolio and credit solid committed

now hand the much. questions, over to like take I'd and to the you operator thank your call so to

Operator

Rowe comes question the from Bryce of B. line [Operator Riley. our from Instructions] first And

Bryce Rowe

think lowest there Wanted And of We've if some other of to just the sheet us around balance that that you especially at at you've help point. like, leverage kind could a quite pickup you're to relative of piggyback while. maybe what prepared look BDCs. from activity. on one a about in heard comments potential profile might leverage points I the your of the in mean noted this that

So just evolve of the 'XX. that to kind how over want understand of course could

Aren LeeKong

Yes.

as So usual, that and probably you a has asked multifacet. -- question

there, a when like, and Tom hop leverage, should topic. start I'll So bit of a just is that's -- of think that we in then but sort multivariable

at able plus. S we're loans originate one, to, today's X So market, plus that in

the few me The XXX. year, here loan basis was I'm a team average think I off points. CGBD tell last plus by around in S will if probably

to about And flow to here here product actually flow pay but and you hot Bryce, able is and being The ultimate the I just the nonvolatile have the actually that nonvolatile stream. You're overlevered. the pay cash run to of BDC many cash for this isn't team out is doors sustainable talked behind out best, closed of being goal times. any that stream, goal without which and the sake

the strategy. a the leverage is just of rest of So for function the really us,

a I'm the quarter. pickup in -- the going and So to fourth of -- terms in just

question portfolio, question closed the the talked first there XX doors, is doing in the it a do hey, deals? -- we is actually Our that in quarter about to transactions current to have behind our I this has stable do and fourth and we're The improve pickup is though you the the fourth how So incremental reality quarter, is, right, been going isn't, more first first period. transaction was then quarter.

to cash forever? down this do returns, on deals question being leverage actually we that. in No, turn our whether when up fund, the actually that think about that the at So we question first market we oh, most more to, is, nonvolatile we in but volume an many it cleanest, mean how have do? So do uptick -- base to the flow we don't able can we The impacts stay streams about create how is to take we we leverage, current X can? how going benefit the have isn't, can first of based think

it's hopefully, if question, sorry And same I'm to funnel this up, I'd picks the that choose doesn't for the flow perfectly your around effectively that best it. rather able if getting Even token deal. be -- get biggest to deal

always you -- product rather has again, and transactions the execute but see Is is to try and of that clean our the the is can originations you and flows off I'd more just all because we see that how helpful? my that So deals kind and team's picked cash product Street, this predict. more up, kicks strategy do a portfolio you to create

Bryce Rowe

about Yes, you the gets mechanics fair maybe first in Appreciate in meat you Dermatology as look mark for what cost? the And actually talked a about of quarter, in the talk carrying it. were the investment might at remarks, you the it crystallized here sure. you prepared Associates a Tom, for above value Can question. of the to February, like Definitely since that noted. given that follow-up

Thomas Hennigan

Right.

the to the new is capital first on our and tranche new structure, going then like the similar there debt, have X the SOI. of you'll be a So see last tranches out. out will And equity structure,

right be, ball is One our will important unchanged. fair the in note now, is value total roughly aggregate, our crystal

accrual value be to our total equity nonaccrual there'll fair very an on be new change is in just be and value now on debt then going there'll last So different from and more tranche, much. tranches. what those out status more is there'll instruments, not to It's moving

but So on full positive quarter of basis a per net-net, quarterly $X.XX share. impact about

Bryce Rowe

Okay.

Thomas Hennigan

removed and No impact being from value, aggregate materially on down in nonaccruals fair status. but nonaccrual with going that -- transaction the

Bryce Rowe

Yes.

it. for Got last And then maybe Okay. one me.

keeping baby on have all, opposed an bonds. just but rate all rate for out floating there? just do a a fixed Maybe around rate why that from thought answer any the swapped You you fixed as to obvious the

Thomas Hennigan

wait Bryce, looking to our end and for with in maturities the at wanted to market rebound. put the the all basket 'XX, and at of X%, when one be we our we're eggs not measured

addressing in we good one a with step rate candidly, amount of wanted of upcoming time. market kind but stick this long-term to those the a maturities. consider was we for So any not X.X% for rate,

do come floating, that right the felt are likelihood would So rates down. seeing thing be to base that the swap to certainly to going to

So we anticipate that's at much than paying the X.X%, what the go. that over rate least That's time, instrument. are going curves less happening and where to with

Bryce Rowe

Yes.

Thomas Hennigan

terms it our say, That's of the we're of an be 'XX, the later early we'll step over overall to the unsecured something course that do 'XX, deal, whether debt index-eligible to in looking, year. working -- we're And increase look is -- and exposure. going next next potentially be we'll on in the in

Operator

O'Shea Fargo comes line of Instructions] question from the [Operator And Finian our from next Wells Securities.

Finian O'Shea

the larger it to as and/or the Aren, market appreciate and deals. in opportunistically strategy ARR middle core portfolio So partaking market the relates I cover

mean under the platform the doing is styles? it claiming is opportunistically complex BDC lending does is from other verticals? So other flow Carlyle direct the in that you serves instances, this deal that BDC credit that Or these

part you core second dedicated to then there, the middle are still Or by you upmarket And drifting design? are market?

Aren LeeKong

me So question, first from great a start one. which the is let

market. core middle our knitting So is

the you question. a platform, So our think about entire -- that's if for great

the If $XX EBITDA a you median of we about lend it's company that about think to, million.

that credit within the all business. big have lending a private is direct and and With -- said, we this pretty

We large have origination a footprint.

putting when position direct back and a the than ultimate lending, average less is X%. team and go being with So I to us, for portfolio the big thinks going I'm previous think question goal, we're my to about the together

So my that the ultimate kicks cash product stream flow out. is

of of the so where, of terms lot fewer it years part market, on last had, in when north to were the half that to first of transactions quite mid-market. top spreads well able were first on the year, million were we So in the there a the be upper $XXX the was many of frankly, get EBITDA, time

able able that So call covenants, and terms get same. it, were to we were We're XXX, XXX. the get to

more spread I similar risk safer opportunistically, covenants the we opportunistically you a from to lending. went is direct doors and safe the in a hasn't can and of of of flows terms, bit our talked protections similar crowded, came have bid about have strategies mid-market for behind significant of to of year, had our So standpoint, little what other business historically is part get down similar have do skewed back, a -- a got to peers, the year, core protection if much and first upper investors second those protections, we the half we the as to I back the what and -- the some this into CLO mid-market. who the went upmarket. By and hasn't half with actually market larger the those able retail closed lending we're direct well as to make choice and had And the

as to defined -- million. the between the of $XX in year, million mid-market, half second probably core I've $XX So that again, $XX -- somewhere and and million

we The when core do et on as to thinking point our assets, loan, real about protection cash, asset-backed we are market But And focused being a companies. literally we flow about a is cetera, strategies, true on team lending, being cash receivables, have estate. opposed asset-backed middle as ABL to think structured downside it lending.

practice with some opportunistically software up team deals. who big me. very -- ARR And that to a obviously, have, done we then And also reports has

We our are, ARR some peers. probably been less to quite frankly, than exposed of

while, I market did sound do sexy. for Once is go we're overpaid of So how something less last my mid-market if and if question. again, do answers we year. dislocated, though, Today, is that the half in go first on it, is upmarket, that probably it -- going this a this on again, doesn't My you do risk? can direct taking focused upmarket we and we're attractive. Hopefully, is more if But lending. focused sound goal the we goal to get opportunistically,

Finian O'Shea

very to Yes, Dermatology back Associates. And get to much.

But a course, sounds previously. of Sorry of debt the this, missed just credit, if control you the dialogue, been this of part had had somewhat received but where or like control. any restructured took I challenged long you it

state now? give investment So more some the the you of can color on

Do new EBITDA partner? money put maybe stabilized? it plan Or is immediately in has And you to more trajectory decline? bring or a into then still in the sponsor it

Thomas Hennigan

trend, of increases. coming So let of me tackle upward company EBITDA performance, of or continued one my every modest exhibited answers. quarters the last the increases in part a consecutive first steady row because pandemic quarters favorite of quarter, that's XX EBITDA but out XX questions That has growth,

to not performance, future, the time have put improving, to assess prudently. to fences at growth. the and and material going grow we're We investment, it's the to the exit as of it's -- the the plans. to and We're grand terms any going in right to get the new don't investment. it. for group stable dollars time exit new looking and right company's invest now The In we'll look stable equity shoot We're

Aren LeeKong

And Fin, it's a good question.

think teetering. spent more being cycle, terms looking the behind of, it, careful proactive call exactly the and our a of lot direct prudent think how processes, to year-plus in we in in I we be again, at where at, figuring here was out time ago, situations scenes, I lending that it were a are

the I it. have that our inning first not for full game the of we're we would and So to that say close We're of kind of control -- of we're portfolio. -- the we're in end

on front end are of think I peers a lot that. our of the just

the of numbers. those XX are the of not -- saying, like consecutive Street, boring not of quarters turned part we've positive is corner" Tom going front to in is to "Hey, you're us, for today be without stuff So going the we

sure the the have when key being a we -- us, making that key we you, to to So and we're is clean come isn't portfolio conservative. for

pretty where we are. feel about things So good

Operator

the [Operator Citi. Arren Instructions] And line from from Cyganovich our next question of comes

Arren Cyganovich

the on as maybe dynamics increased. just question competitive A the activity

Aren LeeKong

we you Hey, -- -- Arren, can't you're do a muffled. mind little

Arren Cyganovich

I'm muffled.

Sorry. Is better? it

Aren LeeKong

Sure.

Arren Cyganovich

that. as relative a months are tightening a increasing bit, activity about X spreads from standpoint, competitive changing, maybe I ago? or is is Sorry guess, or to X hearing guess that how I

Aren LeeKong

peers' few seems that listened to a calls, our common be Yes. I've question. of a to and

XXX a you're spreads as normal. we been those different. the gets what to isn't back in Usually saying what comes returns, lot Economics learned this recently. when outsized to I've returns go This capital that's So and in to getting try outsized attract time just to

I would say half them first of -- I'm my to and relative head. and again, that you directional year I quarter of the off first last actually don't giving where numbers. top have

So was to not the we're probably average XXX, close that's deal seeing XXX, normal.

wide an XX%-plus, to of say base the things quite going base a where returns the So in were if are talking and, end have you frankly, relative to come since abnormally market, rate spread then. be significantly very the I'd upper those at up gone larger XXX $XXX a end and from have in is to the XXX that north certainly transactions somewhere of north and to a market about be easily XXX. previous million could of high between transaction BSL life, considered for

way on seeing XXX a between is and direct what average. XXX For mid-market, regular we're is that deal lending somewhere

are, sort a with come historic have base they much With level of those achieving of where without that in. So still return said, you are rates leverage.

certainly, -- look like on seeing looks try a upper of there. seen covenants here. we lot covenants more existence the covenant BSL lot have we've what at you least the But disciplined what or been a -- the be of market the And to you're or market, haven't part

lot more a lending the direct in upper market. of cov-light the end So there's

say not, in. is the than documentation levels. is seeing your I'd also In you're still in leverage else way the and mid-market, more what times I'd holding covenants, regular is holding then say

-- [ in, the of because if just give base even X.XX spreads come a ] still talking rate, take. you're So have overall about or

that much. we're So really increased leverage the level average hasn't seeing

about Xs. and some You're still Xs high talking in cases, low

amount still of leverage. seeing fairly low a you're So

market where to previous play. we the is get so that the much opportunistic parts we I'd And aggressive. that's times are There say certain are at the -- as market. overpaid certain what question, parts those of more we -- times analyst's we're you and this So avoid can on actually in previous to the goes competitive are that dependent of other person's why where and

are little the say larger state market probably you're I stronger I more today. think being of that's little than of that that lower there, historical more seeing I'd What would say opportunistic. a and I'd why likelihood to leverage not mid-market, -- work, a The are bit most value say competitive market, is leverage the of we're Does is the more bit for the the continuing levels. mid-market, things covenants, just documentation. levels be more likelihood And Arren? all I'd

Arren Cyganovich

Yes. income. quick other Perfect. And on then one just a your

kind of I more fees. kind in kind down over longer-term of We think of that income due you this to that prepayment you historical -- quarter-to-quarter quarters? your to said where be see prepayment that your back move preceding expect past of activity back would come that, up happening. X Do to might the expected more Or was other it environment? was you

Thomas Hennigan

it's other repayments, Arren, line that move look total activity. under based a other or quarter. look event-driven item When acceleration been on $X income. income, historically, will little amendment And that Tom. Hey, a generally combination we at And per at has income plus million of OID we

lower based per couple it 'XX $X on quarters. of $X more in less was million lower even in million. quarter, Earlier a It was like activity, prepayment than

that quarter, million. was $X.X about number combined This

was the $X.XX was million, $X.X the a it was rest about line. trend, It which historical the of XXXX, low. to relative historical than So versus higher trend abnormally about pop

the a historical pop $X.XX than XX for -- So about you quarter, for fourth the higher but average. only have

Operator

Melissa line the And Instructions] JPMorgan. Wedel question of our from next from [Operator comes

Melissa Wedel

X- up across very the how of mine -- is strong already risk given companies. with X-rated particular up and in portfolio rating like aside, an notice really did to tick of is a broadly. of been in I follow the seems and I seems one on like answered. companies This small it distribution. asked the have portfolio a it performance wanted the slides Most But fundamental

to question pressures? Is the that where guess I with is it seeing. inflationary extent it what Curious challenges, that particular labor any portfolio you you're is, are the Is seeing still companies cost? coming from?

Aren LeeKong

So Tom, and Melissa, you thank maybe hop I'll start, question, for and in. the

-- X that you have X have we ratings we processes we or everything. to risk -- arms these other So run ensure so it, behind ratings, and we just have our around risk that

though, But function The I'd issues. you, sometimes the resources it a ahead serious of names X X we're things of Melissa, Carlyle -- to a ensuring to if of of more is well. it's are theme are function overarching function moving when we certainly goes less when there give level something is X, it's from in X, a X, a many cases, us that appropriate well of putting around on there's

documentation that is the sometimes your time of XX wrong, the correctly, months, managing you XX looking direct preparing. your think if we've of book is ahead to forgotten I one in designed months, you at if and have So you you start something are numbers actually lending issues long and are

So to I'll more saying start resources if or Xs we alarms, generally slight, going "Hey, that X X, generally to going from or -- name with a to at the look movement that's be, from a particularly be not us that's want fire to X." slight

A year is inflationary a was last piece you a the year to of seeing what Then relative we're ago. ago, trouble. lot tell I'll

this the at issues care them A about in of and We've care taken point. then them. of our lot So year you when that us had pressures. care would space was health inflationary have of we heard took a ago

look small about and I think hand just This that average revenue if our But of past still little business the a north it there be in at our overall year, in portfolio, in up and to inflationary I'll was then you bit parts. theme XX% Tom, may EBITDA.

So late, either are that. EBITDA And -- in line. are by is of EBITDA growing as definition, outpacing you and revenue

So ago, conversation. was Today, I'd as a the the not say, year theme much. inflationary

changed much. And much you Melissa, analyst that not was questions like by your asked no forward -- tell it's in you the Today, the rates. Today, on ago, colleagues a one so as the is field, we way, interest a and theme. I'd of view it what's one's year other

So talking inflationary we're -- interest about call we're rates cut about think and on pressure. the that asking asking the about same fact being

that I I on corner wood, miss? So our on we portfolio. knock think turned what generally, Tom, did

Thomas Hennigan

that positions I the in this increase. specific One ratings X the continued the value every which category that or up quarter. is dermatology, page, on quarter X to to X is contributed loans, to say fair When inch dollars the changes risk the has

Pro-PT, other nonaccrual other Bayside. is that with called improved. value The on again which That's is that's the deal now

So it's up. slightly

our quarter. movement this actually that's before on the deals That's direction. So with positive, the a right X in nonaccrual value going

X primarily up. those is money. particular down we're But probably X likely focused about when Aren's increase category, that When credits. from increased deals. EBITDA closed. means Leverage about driven of it worried we is for $XX the In that million X say has not was I category, by Risk to point, importantly, losing we're on it.

money. so on about worried we're we're focused it, not losing And really but

deals. credits but consumer-driven in the credits for the businesses demand those environment. -- deals, in portfolio, destocking industrials of and the then in our particular one much themes seen in across book, book, just just one have and discretionary The We a couple consumer one very had destocking current we've of just lower had is and don't of that we've the the was the downgrades, general

to mentioned X So couple deals X that of migrates at I've from in category. we're those are themes terms looking of that as -- a

Aren LeeKong

just year was everything relative ago, top to now a more Melissa? and help, inflation, we're -- much where more on of idiosyncratic, But it. that Does

Melissa Wedel

very helpful. very That's it. It's Got helpful.

Aren LeeKong

the joining for call. Thanks

Operator

today's for session of to the Aren back question-and-answer the to LeeKong conclude program does I'd further program. like This hand remarks. any

Aren LeeKong

thanks Everyone, partnership, operator. to you talking We day. for We you, you quarter. to to next later and appreciate in Thank the talk look forward your joining.

Operator

your in program. for Thank conference. ladies today's participation the conclude does and you, gentlemen, This

disconnect. Good now day. may You

Carlyle Secured Lending (CGBD) 27 Feb 242023 Q4 Earnings call transcript