[Q1 2025 Highlights](index=5&type=section&id=Q1%202025%20Quarterly%20Highlights) CGBD reported Q1 2025 NII of $0.40 per share, driven by the CSL III merger and credit facility expansion [Q1 2025 Performance and Strategic Activities](index=5&type=section&id=Q1%202025%20Quarterly%20Highlights) Carlyle Secured Lending reported Q1 2025 Net Investment Income of $0.40 per share, marked by significant strategic activities and a slight NAV per share decrease Key Q1 2025 Performance Metrics | Metric | Value | | :--- | :--- | | Net Investment Income per Share | $0.40 | | Adjusted Net Investment Income per Share | $0.41 | | NAV per Share (as of 03/31/25) | $16.63 | | Q2 2025 Declared Base Dividend | $0.40 | | Annualized Dividend Yield on NAV | 9.6% | - Successfully completed the merger with CSL III on March 27, 2025, resulting in a **$485.7 million increase in portfolio fair value** and the issuance of **18.9 million new shares**[13](index=13&type=chunk) - The portfolio's fair value reached **$2.2 billion** across **138 companies**, with a weighted average yield of **10.9%**. Non-accrual investments increased to **1.6%** of the portfolio at fair value, up from **0.6%** in the previous quarter[13](index=13&type=chunk) - Capital and liquidity were strengthened by amending the Credit Facility to increase commitments to **$935.0 million** and extend the maturity to March 2030. Statutory leverage stood at **1.04x** with total liquidity of **$858.5 million**[13](index=13&type=chunk)[14](index=14&type=chunk) [Financial Performance](index=7&type=section&id=Financial%20Performance) CGBD's Q1 2025 financial performance saw a decline in Net Investment Income and total investment income compared to the prior quarter [Quarterly Operating Results](index=7&type=section&id=Quarterly%20Operating%20Results%20Detail) For Q1 2025, CGBD reported a decrease in Net Investment Income and total investment income compared to the prior quarter Quarterly Operating Results (in thousands) | (In thousands, except per share) | Q1 2025 | Q4 2024 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Total Investment Income | $54,864 | $56,354 | -2.6% | | Net Investment Income (NII) | $20,803 | $24,171 | -14.0% | | NII per Common Share | $0.40 | $0.47 | -14.9% | | Adjusted NII per Common Share | $0.41 | $0.47 | -12.8% | | Net Income (Loss) | $13,228 | $20,482 | -35.4% | [Quarterly Financial Condition](index=9&type=section&id=Quarterly%20Financial%20Condition%20Detail) As of March 31, 2025, total assets significantly increased due to the CSL III merger, while NAV per share slightly decreased and leverage improved Quarterly Financial Condition (in thousands) | (In thousands, except per share) | Q1 2025 | Q4 2024 | Change (QoQ) | | :--- | :--- | :--- | :--- | | Total Investments, at fair value | $2,245,626 | $1,803,543 | +24.5% | | Total Assets | $2,533,808 | $1,925,993 | +31.6% | | Debt and secured borrowings | $1,247,186 | $960,949 | +29.8% | | Net Assets | $1,212,389 | $905,204 | +34.0% | | Net Asset Value per Common Share | $16.63 | $16.80 | -1.0% | - The statutory debt-to-equity ratio decreased to **1.04x** in Q1 2025 from **1.20x** in Q4 2024, reflecting a more conservative leverage profile post-merger[17](index=17&type=chunk) - The portfolio composition shifted more heavily towards first-lien debt, which now constitutes **83.4%** of total investments by fair value, up from **73.4%** in the previous quarter[17](index=17&type=chunk) [Investment & Origination Activity](index=11&type=section&id=Investment%20%26%20Origination%20Activity) Q1 2025 saw significant investment activity, primarily driven by strategic mergers and acquisitions, with a notable shift in net investment activity [Origination Activity](index=11&type=section&id=Origination%20Activity%20Detail) Q1 2025 was characterized by exceptionally high investment activity, primarily driven by the CSL III Merger and Credit Fund II Purchase Q1 2025 Investment Activity (in thousands) | (In thousands) | Q1 2025 | | :--- | :--- | | **New Investment Fundings** | | | First lien debt | $173,719 | | CSL III Merger | $487,879 | | Credit Fund II Purchase | $198,824 | | **Total New Fundings** | **$865,008** | | **Sales & Repayments** | **$(187,647)** | | **Net Investment Activity** | **$677,361** | | Net Activity (Ex-Merger/Fund) | $(9,342) | - The weighted average yield on new investment fundings was **9.8%**, while the yield on sales and repayments was higher at **10.9%**[20](index=20&type=chunk) - The weighted average yield on the total income-producing portfolio at amortized cost was **10.9%** at the end of Q1 2025, down from **11.7%** in Q4 2024[21](index=21&type=chunk) [Portfolio Overview](index=13&type=section&id=Portfolio%20Overview) CGBD's Q1 2025 portfolio is valued at $2.25 billion, defensively positioned with high senior secured and floating-rate exposure [Portfolio Highlights](index=13&type=section&id=Portfolio%20Highlights) As of March 31, 2025, CGBD's portfolio was valued at $2.25 billion, defensively positioned with high senior secured and floating-rate investments Key Portfolio Metrics | Metric | Value | | :--- | :--- | | Total Investments at Fair Value | $2,246 million | | Senior Secured Exposure | 94% | | Floating Rate Investments | 99.4% | | Weighted Average Yield | 10.9% | | Number of Portfolio Companies | 138 | | Non-accrual Investments (at FV) | 1.6% | - The asset mix is heavily weighted towards first-lien debt, which comprises **83%** of the portfolio, followed by second-lien debt (**6%**) and equity/investment funds (**11%**)[25](index=25&type=chunk) - The portfolio is diversified by industry, with the largest concentrations in **Healthcare & Pharmaceuticals (13%)**, **Software (12%)**, and **Consumer Services (9%)**[25](index=25&type=chunk) [Overview of Investment Funds](index=15&type=section&id=Overview%20of%20Investment%20Funds) The Credit Fund, a significant portion of CGBD's portfolio, is highly focused on senior secured debt and saw a consolidation of ownership in Q1 2025 Credit Fund Key Metrics | Credit Fund Metric | Value | | :--- | :--- | | Investments at Fair Value | $611 million | | CGBD Ownership | 50.0% | | % of CGBD Portfolio | 5.4% | | First Lien Investments | 99.9% | | Yield of Debt Investments | 10.2% | | Non-accrual | 0.9% | - In Q1 2025, CGBD acquired the remaining third-party interest in Credit Fund II, making it a **wholly-owned, consolidated entity**[31](index=31&type=chunk)[32](index=32&type=chunk) - The Credit Fund declared a **$62.5 million return of capital distribution** to its partners in Q1 2025 following a refinancing of its debt facility[31](index=31&type=chunk)[32](index=32&type=chunk) [Capital Structure & Liquidity](index=17&type=section&id=Capital%20Structure%20%26%20Liquidity) CGBD strengthened its capital structure and liquidity in Q1 2025 by increasing credit facility commitments and extending debt maturities [Funding and Capital Management](index=17&type=section&id=Funding%20and%20Capital%20Management%20Overview) As of March 31, 2025, CGBD enhanced its financial flexibility by increasing its primary Credit Facility commitment and extending its maturity Debt Facilities and Capital Structure | Facility | Commitment | Outstanding | Maturity | Pricing | | :--- | :--- | :--- | :--- | :--- | | Credit Facility | $935M | $288M | Mar 2030 | SOFR + 1.88% | | CSL III SPV Credit Facility | $250M | $206M | Sep 2030 | SOFR + 2.85% | | CLO 2015-IN | $380M | $380M | Jul 2036 | SOFR + 1.94% | | 2028 Senior Notes | $85M | $85M | Dec 2028 | SOFR + 3.14% (swapped) | | 2030 Senior Notes | $300M | $300M | Feb 2030 | SOFR + 3.23% (swapped) | | **Total / W.A.** | **$1,950M** | **$1,259M** | **6.8 years** | **6.50%** | - In Q1 2025, the Credit Facility was amended to increase total commitments to **$935 million** and extend the maturity date to **March 2030**, enhancing liquidity and extending the debt maturity profile[33](index=33&type=chunk)[34](index=34&type=chunk) [Net Asset Value (NAV) Analysis](index=19&type=section&id=Net%20Asset%20Value%20(NAV)%20Analysis) CGBD's NAV per share decreased to $16.63 in Q1 2025, primarily due to dividends and net realized/unrealized losses [NAV Per Share Bridge](index=19&type=section&id=Net%20Asset%20Value%20Per%20Share%20Bridge) CGBD's Net Asset Value (NAV) per share decreased from $16.80 to $16.63 in Q1 2025, primarily driven by dividends and net realized/unrealized losses NAV Per Share Bridge (Q1 2025) | NAV Bridge (Q1 2025) | Per Share Amount | | :--- | :--- | | **December 31, 2024 NAV** | **$16.80** | | Net Investment Income | +$0.40 | | Amortization of Premium/Discount | +$0.01 | | Dividend Declared | -$0.45 | | Net Realized/Unrealized Gain (Loss) | -$0.11 | | Other Adjustments | -$0.02 | | **March 31, 2025 NAV** | **$16.63** | NAV Per Share Bridge (Last Twelve Months ending Q1 2025) | NAV Bridge (LTM Q1 2025) | Per Share Amount | | :--- | :--- | | **March 31, 2024 NAV** | **$17.07** | | Net Investment Income | +$1.85 | | Dividend Declared | -$1.84 | | Net Realized/Unrealized Gain (Loss) | -$0.44 | | Other Adjustments | -$0.01 | | **March 31, 2025 NAV** | **$16.63** | [Portfolio Quality](index=21&type=section&id=Portfolio%20Quality) Portfolio credit quality saw a slight deterioration in Q1 2025, with an increase in non-accrual investments [Risk Rating Distribution](index=21&type=section&id=Risk%20Rating%20Distribution) The credit quality of the portfolio showed some deterioration in Q1 2025, with an increase in non-accrual investments, though most remain highly rated - As of March 31, 2025, non-accrual investments represented **1.6%** of total investments at fair value and **2.2%** at amortized cost. This is an increase from **0.6%** and **1.0%**, respectively, in the prior quarter[39](index=39&type=chunk) Internal Risk Rating Distribution | Internal Risk Rating | % of Fair Value (Q1 2025) | % of Fair Value (Q4 2024) | | :--- | :--- | :--- | | 1 (Above Expectations) | 0.0% | 0.0% | | 2 (As Expected) | 89.7% | 87.4% | | 3 (Below Expectations) | 8.5% | 12.0% | | 4 (Materially Below) | 1.8% | 0.5% | | 5 (Substantially Below) | -% | 0.1% | [Shareholder Information](index=23&type=section&id=Shareholder%20Information) CGBD maintains a strong dividend profile with a 9.6% annualized yield and consistent dividend coverage [Stock and Dividend Information](index=23&type=section&id=Stock%20and%20Dividend%20Information) CGBD maintains a strong dividend profile with a 9.6% annualized yield and consistent dividend coverage, supplemented by historical special dividends Key Shareholder Metrics | Metric | Value | | :--- | :--- | | Ticker | CGBD (NASDAQ) | | Annualized Dividend Yield | 9.6% | | Q1 2025 Dividend Coverage | 100% | | Spillover Income per Share | $0.85 | | ITD Share Repurchases | $158M | - The company has a consistent history of declaring dividends, with the base dividend increasing over time and supplemented by special dividends. For Q1 2025, the declared dividend was **$0.40 per share**[45](index=45&type=chunk) [Historical Net Asset Value Performance](index=25&type=section&id=Historical%20Net%20Asset%20Value%20Information) CGBD's NAV per share demonstrated resilience and growth over five years, outperforming the average BDC peer group Historical NAV Per Share Performance | NAV per Share Performance (Q4'19 - Q4'24) | Q4'19 | Q4'24 | Growth/Decline | | :--- | :--- | :--- | :--- | | CGBD | $16.56 | $16.80 | +1.4% | | BDC Peers (Average) | $16.52 | $15.63 | -7.1% | [Appendix](index=27&type=section&id=Appendix) The Appendix provides an overview of Carlyle's global investment firm, its Global Credit platform, and its direct lending strategy [Carlyle Firm & Platform Overview](index=29&type=section&id=Carlyle%20Firm%20%26%20Platform%20Overview) Carlyle is a major global investment firm with $441 billion in AUM, managing CGBD through its Global Credit platform with a defensive direct lending strategy Carlyle Firm Overview | Carlyle Firm Overview | | | :--- | :--- | | AUM | $441 bn | | Employees | 2,300+ | | Offices | 29 | - The Global Credit platform, which manages CGBD, has **$192 billion in AUM** and over **190 investment professionals**[57](index=57&type=chunk) - Carlyle's Direct Lending philosophy emphasizes a defensive approach, focusing on performing, non-cyclical companies with **EBITDA of $25 million or greater**, and targeting sustainable cash income from first-lien, secured, floating-rate debt[63](index=63&type=chunk) [Non-GAAP Measures](index=35&type=section&id=Non-GAAP%20Measures) The company utilizes non-GAAP financial measures like Adjusted NII to provide a clearer view of core operating performance by excluding non-recurring items - Non-GAAP measures are used to evaluate ongoing results without the effect of amortization from acquisition accounting (ASC 805) and other one-time or non-recurring income and expense events[66](index=66&type=chunk)[69](index=69&type=chunk) - For Q1 2025, adjustments were made for amortization related to assets acquired in the CSL III Merger and the Credit Fund II Purchase to reflect management's view of the economic yield on those assets[67](index=67&type=chunk) [Detailed Financial Statements](index=37&type=section&id=Detailed%20Financial%20Statements) The appendix includes detailed quarterly balance sheets and income statements for the last five quarters, offering granular insight into financial position and performance trends - Detailed quarterly balance sheets from Q1 2024 to Q1 2025 are provided, showing line-item details for assets, liabilities, and net assets[71](index=71&type=chunk)[72](index=72&type=chunk) - Detailed quarterly income statements from Q1 2024 to Q1 2025 are provided, breaking down investment income by source (interest, dividends, other) and detailing all expense categories[73](index=73&type=chunk)

NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its first quarter ended March 31, 2025. Justin Plouffe, CGBD’s Chief Executive Officer, said, “Following successful completion of the merger with CSL III at the end of March, CGBD remains focused on driving stable income, consistent credit performance, and disciplined execution of our strate ...

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The current market volatility has made capital gains less reliable, emphasizing the importance of dividends as a stable income source [2] - The investment strategy is geared towards defensive stocks with a medium- to long-term horizon [2] Group 2 - The article does not provide specific investment advice or recommendations, encouraging readers to conduct their own due diligence [4][5] - There is a disclosure of a beneficial long position in specific shares, indicating a vested interest in the discussed stocks [3]

Core Viewpoint - Carlyle Secured Lending, Inc. will announce its financial results for the first quarter of 2025 on May 6, 2025, followed by a conference call on May 7, 2025 [1][2]. Company Overview - Carlyle Secured Lending, Inc. is a publicly traded business development company (BDC) that began investing in 2013, focusing on senior secured lending to middle-market companies primarily in the United States [3]. - The company is externally managed by Carlyle Global Credit Investment Management L.L.C., a wholly owned subsidiary of Carlyle [3]. - Carlyle, as a global investment firm, manages $441 billion in assets as of December 31, 2024, and operates across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions [4].

Company Overview - Carlyle Secured Lending, Inc. (CGBD) shares increased by 8.3% to close at $14.71, following a notable trading volume that exceeded typical levels [1] - The stock had previously experienced a 19.1% decline over the past four weeks [1] Market Influence - The rally in Carlyle Secured Lending's stock was driven by a significant rise in the broader markets, attributed to President Donald Trump's announcement of a 90-day tariff pause for non-retaliating nations, which positively impacted investor sentiment [2] Earnings Expectations - The company is projected to report quarterly earnings of $0.43 per share, reflecting a year-over-year decrease of 20.4% [2] - Expected revenues for the upcoming report are $37.43 million, down 15.2% compared to the same quarter last year [2] Earnings Estimate Trends - The consensus EPS estimate for Carlyle Secured Lending has remained unchanged over the last 30 days, indicating a lack of upward revisions which typically correlate with stock price movements [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Comparison - Carlyle Secured Lending is part of the Zacks Financial - SBIC & Commercial Industry, where another company, Saratoga Investment (SAR), also holds a Zacks Rank of 3 (Hold) and saw a 7% increase in its last trading session [4][5] - Saratoga Investment's consensus EPS estimate has remained unchanged at $0.77, representing an 18.1% decline from the previous year [5]

NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (“CGBD”) (NASDAQ: CGBD) announced today the closing of its previously announced merger with Carlyle Secured Lending III (“CSL III”) with CGBD as the surviving company. Based on March 25, 2025 financial data, the combined company has more than $2.8 billion of assets. In connection with the closing of the merger, CSL III shareholders received 18,935,108 shares of CGBD common stock for each common share of CSL III based on the final exc ...

Core Viewpoint - Carlyle Secured Lending, Inc. (CGBD) announced that shareholders voted overwhelmingly in favor of the merger with Carlyle Secured Lending III (CSL III), with 96% support from voting shareholders [1][2]. Company Overview - Carlyle Secured Lending, Inc. is a publicly traded business development company (BDC) that began investing in 2013, focusing on senior secured lending to middle-market companies primarily in the United States [3]. - CSL III is an externally-managed, non-diversified closed-end management investment company regulated as a BDC, aiming to generate current income and capital appreciation through secured debt investments [4]. - Carlyle Group, the parent company, manages $441 billion in assets as of December 31, 2024, and operates across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions [5]. Merger Details - The merger transaction is expected to close on or about March 27, 2025, pending customary closing conditions [2]. - The CEO of CGBD and CSL III expressed confidence in the strategic benefits and long-term value creation from the merger, emphasizing increased portfolio scale and efficiency [3].

Carlyle Secured Lending, Inc. Quarterly Earnings Presentation December 31, 2024 1 Disclaimer and Forward-Looking Statement This presentation (the "Presentation") has been prepared by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, "we," "us," "our," "CGBD" or the "Company") (NASDAQ: CGBD) and may only be used for informational purposes only. This Presentation should be viewed in conjunction with the earnings conference call of the Company held on February 26, 2025 and the Company ...

Financial Data and Key Metrics Changes - The company generated net investment income of $0.47 per share, representing an annualized yield of over 11% based on the December 31 NAV [11] - Total investment income for Q4 was $56 million, consistent with the prior quarter, primarily due to a higher average portfolio balance and increased dividends from joint ventures [18] - Total expenses were $31 million, flat compared to the prior quarter, as a higher average outstanding debt balance offset lower interest rates [18] - The net asset value as of December 31 was $16.80 per share, down from $16.85 per share as of September 30 [11] Business Line Data and Key Metrics Changes - The direct lending platform achieved record highs for deployment in both Q4 and the full year of 2024, growing the portfolio by about $100 million in the quarter [12] - 94% of 2024 originations were in first lien investments, with an average loan to value under 40% [12] - The median EBITDA across the portfolio was $88 million, indicating strong underlying performance [15] Market Data and Key Metrics Changes - The company maintained a highly diversified portfolio with 189 investments in 135 companies across more than 25 industries, with average exposure in any single portfolio company being less than 1% of total assets [15] - Non-accruals were largely flat at 0.6% of total investments at fair value, indicating stability in credit quality [22] Company Strategy and Development Direction - The company proposed a strategic affiliate merger with Carlyle Secured Lending 3, expected to deliver increased scale and liquidity, eliminate preferred stock dilution, and reduce aggregate costs [13][28] - The company aims to optimize long-term earnings power and capacity of joint ventures, enhancing the earnings profile of the broader portfolio [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to leverage the broader Carlyle network to achieve maximum recoveries for underperforming borrowers [22] - The company is focused on increasing origination activity while prioritizing overall credit performance and maintaining a diversified portfolio [15][29] - Market demand for private credit remains strong, with a growing pipeline of new originations [28][29] Other Important Information - The board declared a total dividend of $0.45 per share for Q4, consisting of a base dividend of $0.40 and a supplemental dividend of $0.05 [11][19] - The company received investment grade ratings from both Fitch and Moody's, allowing it to issue its first-ever institutional bond deal [14][25] Q&A Session Summary Question: Inquiry about the joint venture and future plans - Management indicated that the consolidation of MMCF 2 onto the balance sheet would free up non-qualifying asset capacity, and they anticipate ramping up the first joint venture with a new credit facility [34][35] Question: Clarification on tax line drop in Q4 - The tax line drop was attributed to a year-end true-up based on the year-end audit, with expectations for it to be in line with prior quarters [37][38] Question: Discussion on growth plans for the BDC - Management stated that the current focus is on capital deployment and completing the merger process, with future growth initiatives to be considered afterward [40] Question: Inquiry about fee income in Q4 - Fee income and OID acceleration were lower than historical averages, with an incremental dividend from the joint venture impacting the income line [44][45] Question: Dollar amount of incremental dividend related to the joint venture - The incremental dividend related to the joint venture was about $1.2 million, impacting net investment income by about two cents per share for the quarter [51]

Financial Data and Key Metrics Changes - For Q4 2024, the company generated net investment income of $0.47 per share, representing an annualized yield of over 11% based on the December 31 NAV [11] - The total investment income for the fourth quarter was $56 million, consistent with the prior quarter, primarily due to a higher average portfolio balance [18] - The net asset value as of December 31 was $16.80 per share, slightly down from $16.85 per share as of September 30 [11] Business Line Data and Key Metrics Changes - The direct lending platform achieved record deployment levels in both Q4 and the full year of 2024, growing the portfolio by approximately $100 million in the quarter [12] - 94% of 2024 originations were in first lien investments, with an average loan-to-value ratio under 40% [12] - The median EBITDA across the portfolio was $88 million, indicating strong underlying performance [15] Market Data and Key Metrics Changes - The company maintained a diversified portfolio with 189 investments in 135 companies across more than 25 industries, with average exposure in any single portfolio company being less than 1% of total assets [15] - Non-accruals remained stable at 0.6% of total investments at fair value, reflecting overall stability in credit quality [21] Company Strategy and Development Direction - The company proposed a strategic affiliate merger with Carlyle Secured Lending 3, expected to enhance scale, liquidity, and operational efficiencies [13][28] - The company aims to increase origination activity while prioritizing credit performance and maintaining a diversified portfolio [15] - The company has received investment grade ratings from Fitch and Moody's, allowing for the issuance of its first institutional bond deal [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to leverage the broader Carlyle network for maximum recoveries for underperforming borrowers [22] - The company anticipates an accelerating deal environment in 2025, with a focus on sourcing transactions with significant equity cushions and conservative leverage profiles [26][29] - Management highlighted strong market demand for private credit and a growing pipeline of new originations [28][29] Other Important Information - The total dividend declared for Q4 2024 was $0.45 per share, consisting of a base dividend of $0.40 and a supplemental dividend of $0.05 [19] - The company reported a total aggregate realized and unrealized net loss of about $4 million for the quarter, primarily due to a markdown on an investment in Aimbridge [21] Q&A Session Summary Question: Inquiry about the joint venture and future plans - Management indicated that the consolidation of MMCF 2 onto the balance sheet would free up non-qualifying asset capacity, with plans to ramp up the first JV and potentially return capital from that vehicle in the near term [34][36] Question: Clarification on tax line drop in Q4 - Management confirmed that the drop was a year-end true-up based on the audit, with expectations for future quarters to be in line with prior periods [38] Question: Discussion on growth plans for the BDC - Management stated that the current focus is on capital deployment and completing the merger process, with future growth initiatives to be considered afterward [40] Question: Inquiry about fee income in Q4 - Management noted that fee income and OID acceleration were lower than historical averages, with an incremental dividend from the JV impacting the income line [45] Question: Clarification on the incremental dividend related to the joint venture - Management confirmed that the incremental dividend was about $1.2 million, impacting net investment income by approximately two cents per share for the quarter [51]