Carlyle Secured Lending, Inc. (CGBD): Business Model Canvas [Dec-2025 Updated]

You're looking to really see how Carlyle Secured Lending, Inc. (CGBD) makes its money, beyond just the stock ticker. Honestly, as someone who's spent two decades mapping out credit plays, I can tell you this Business Development Company's engine is built on disciplined middle-market lending, backed by The Carlyle Group's global platform. We're talking about managing a $2.4 billion portfolio, heavily weighted at 85.7% in first-lien debt, all designed to deliver that juicy, near 12% dividend yield you're chasing for Q4 2025. Dive below to see the nine blocks that make this machine run, from their key activities to the actual revenue streams they pull in.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that let Carlyle Secured Lending, Inc. actually put money to work. These aren't just names on a page; they represent capital access and deal flow. Here's the quick math on the key players supporting Carlyle Secured Lending, Inc.

The Carlyle Group: External manager and global credit platform

The management relationship is foundational. Carlyle Secured Lending, Inc. is externally managed by Carlyle Global Credit Investment Management L.L.C., which is a wholly owned subsidiary of The Carlyle Group Inc.. The scale of the manager is significant:

• The Carlyle Group reported total Assets Under Management (AUM) of $441 billion as of December 31, 2024.
• Carlyle Global Credit Platform AUM stood at $199 billion as of March 31, 2025.

Institutional partners for joint ventures (JV), like the MMCF JV

Carlyle Secured Lending, Inc. actively co-invests with institutional partners to scale deployment beyond its own balance sheet. The activity with the MMCF joint venture is a clear example of this partnership in action. For the third quarter of 2025, Carlyle Secured Lending, Inc. accounted for $48 million of investments sold to its joint venture MMCF.

Historical examples of these institutional JV relationships include:

Joint Venture	Partner Type/Name	CGBD Economic Ownership (as of 12/31/2024)	Total Invested (Inception through 12/31/2024)	CGBD Commitment Cap
Credit Fund	Large Canadian pension fund affiliate (Credit Partners USA LLC)	50.0%	Over $3.3 billion	Up to $250 million
Credit Fund II	Cliffwater Corporate Lending Fund (CCLF)	84.13% (as of 12/31/2024)	Over $555.3 million	Not specified

In February 2025, Carlyle Secured Lending, Inc. further committed capital to Credit Fund II, contributing $140.0 million in cash.

Private equity sponsors who own the borrower companies

The partnership with private equity sponsors drives deal flow for Carlyle Secured Lending, Inc. The firm focuses on providing first-lien loans to middle-market companies, which are typically backed by these sponsors. The portfolio composition reflects this focus:

• As of September 30, 2025, the portfolio had 221 investments across 158 companies.
• The median EBITDA across these portfolio companies was $98 million as of September 30, 2025.
• The average exposure to any single portfolio company was less than 1% of total investments.

Syndication partners for larger loan participations

Syndication allows Carlyle Secured Lending, Inc. to participate in larger transactions than its standalone capacity might allow, often alongside other credit funds or institutional investors. The total investment deployment activity demonstrates the scale these partnerships support. During the third quarter of 2025, Carlyle Secured Lending, Inc. funded $260 million of investments. The total fair value of the investment portfolio reached $2.4 billion as of September 30, 2025.

The structure of the lending is heavily weighted toward senior secured assets, which often involves participation from other lenders:

• 95% of investments were in senior secured loans as of September 30, 2025.
• The weighted average yield on new investment fundings in Q2 2025 was 10.0%.

Finance: draft 13-week cash view by Friday.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Key Activities

You're looking at the core engine of Carlyle Secured Lending, Inc. (CGBD) as of late 2025, focusing on what they actively do to generate returns for investors. This is all about deploying capital into the middle market and managing that capital base effectively.

The primary activity is the direct origination and underwriting of senior secured loans to U.S. middle-market companies. This focus on senior secured debt is a defensive posture, aiming for current income and capital preservation. As of Q3 2025, 95% of their investments were in senior secured loans, with 85.7% being first-lien exposure.

Managing and monitoring the investment portfolio is a constant, critical task. The portfolio fair value expanded to $2.4 billion across 158 portfolio companies by the end of Q3 2025. New investment fundings during that quarter totaled $260.4 million at a weighted average yield of 9.5%.

Optimization of the capital structure is a key, ongoing activity to manage cost and risk. Post-quarter, Carlyle Secured Lending, Inc. executed several moves to align debt with floating-rate assets. They issued $300 million in unsecured notes maturing in 2031 with a 5.75% fixed rate (swapped to SOFR+2.31%). They also planned the redemption of $85 million of outstanding 8.20% 2028 Notes effective December 1, 2025, and repaid the CSL III SPV Facility in full. These actions were designed to lower the weighted average borrowing cost by approximately 10 basis points.

Leveraging the broader Carlyle network is essential for deal sourcing and credit monitoring. Deal flow at the top of the funnel increased nearly 30% over the last two months leading into Q4 2025. Also, management is confident in leveraging the broader Carlyle network to achieve maximum recoveries on any underperforming assets; they are defintely focused on that support structure.

Here's a quick look at the scale and structure of the investment portfolio and recent financing actions:

Metric	Value (Q3 2025 or latest)	Context/Date
Total Investments (Fair Value)	$2.4 billion	Q3 2025
Number of Portfolio Companies	158	Q3 2025
New Investment Fundings	$260.4 million	Q3 2025
Weighted Average Yield on New Investments	9.5%	Q3 2025
Senior Secured Exposure	95%	Q3 2025
Senior Secured Credit Facility Commitments	$960 million	Upsized by $25 million
Unsecured Notes Issued	$300 million	Maturing 2031
2028 Notes Redemption Amount	$85 million	Scheduled for December 1, 2025

The core operational activities Carlyle Secured Lending, Inc. executes include:

• Directly originate and underwrite senior secured loans.
• Manage and monitor a diverse investment portfolio of $2.4 billion (Q3 2025).
• Optimize capital structure (e.g., issuing $300 million in 2031 notes).
• Leverage the broader Carlyle network for deal sourcing.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Key Resources

You're looking at the core assets Carlyle Secured Lending, Inc. (CGBD) relies on to execute its strategy. These aren't just line items; they are the engine room.

Investment advisory team from Carlyle Global Credit.

Carlyle Secured Lending, Inc. is externally managed by Carlyle Global Credit Investment Management L.L.C., which is a wholly owned subsidiary of The Carlyle Group Inc.. To give you context on the scale of the resource you are tapping into, The Carlyle Group Inc. reported $465 billion of assets under management as of June 30, 2025. This global firm employs more than 2,300 people across 27 offices spanning four continents. This deep bench of professionals is a primary source of expertise for CGBD.

Total investment portfolio of 158 companies (Q3 2025).

The portfolio itself is a key resource, representing deployed capital and the source of future income. As of September 30, 2025, the total fair value of Carlyle Secured Lending, Inc.'s investments stood at $2.4 billion. This capital was spread across 158 portfolio companies. The investment activity in that quarter saw $260.4 million in new investment fundings. Here's a quick look at the portfolio composition and credit health as of that period:

Metric	Value (As of Q3 2025)
Total Fair Value of Investments	$2.4 billion
Number of Portfolio Companies	158
New Investment Fundings (Q3 2025)	$260.4 million
Non-Accrual Status (Fair Value)	1.0%
First Lien Exposure	99.9%

Strong liquidity, including a $960 million credit facility.

Having ready capital is crucial for seizing opportunities and managing obligations. Carlyle Secured Lending, Inc. upsized total commitments at its senior secured Credit Facility by $25 million in July 2025, bringing the total commitments to $960 million. Following quarter-end capital structure optimization moves, the company maintained strong liquidity of $594.6 million in cash and undrawn debt capacity. The statutory leverage ratio remained within target ranges at 1.10x as of September 30, 2025. That facility size gives you substantial dry powder.

Proprietary deal flow and rigorous due diligence processes.

The ability to source high-quality deals is a direct function of the advisory relationship and internal processes. Management noted that year-over-year, deal flow at the top of the funnel increased nearly 30% over the last 2 months leading into the Q3 2025 report. The company focuses on middle-market companies backed by private equity sponsors, targeting those with defensive niche strategies. The underwriting standards are described as disciplined. The portfolio metrics reflect this focus, with the median portfolio company EBITDA reported at $98 million.

The team is actively deploying capital. Finance: draft 13-week cash view by Friday.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Value Propositions

You're looking at what Carlyle Secured Lending, Inc. offers to its borrowers and investors. It boils down to secure credit access for companies and attractive, consistent income for you, the shareholder.

Provide flexible, directly originated financing solutions.

Carlyle Secured Lending, Inc. uses its Carlyle Direct Lending team to source deals through over 250 private equity firms and financial institutions. They focus on applying creative and flexible solutions to meet a borrower's specific financing needs. The origination pipeline is active; for instance, deal flow at the top of the funnel increased nearly 30% year-over-year in the last two months leading up to the third quarter of 2025. To be fair, the team is highly selective, with only 5% of new investment opportunities screened over the past 12 months closing. In the second quarter of 2025, Carlyle Secured Lending, Inc. funded $375.7 million of investments.

Offer investors a high, stable dividend yield.

The company prioritizes a stable income stream for you. The Board declared a fourth quarter 2025 dividend of $0.40 per share, payable on January 16, 2026, to stockholders of record on December 31, 2025. This level of dividend, based on recent share prices, represents an attractive yield of over 12%, with specific reports citing a yield of 12.4% or 12.41% based on the $1.60 annualized dividend ($0.40 x 4). This stability is supported by an estimated $0.89 per share in spillover income as of June 30, 2025.

Defensive portfolio positioning.

Carlyle Secured Lending, Inc. maintains a defensive posture by emphasizing senior credit in its investments. As of June 30, 2025, 85.6% of the portfolio was in first lien debt, a significant increase from 70.9% a year prior. Senior secured exposure stood at 94.5% at that time. This focus on the most secure part of the capital structure helps protect your investment. Here's a quick look at the asset mix as of June 30, 2025:

Asset Type	Percentage of Portfolio (As of 6/30/25)
First Lien Debt	85.6%
Second Lien Debt	3.9%
Equity	5.4%
Investment Funds	5.1%

What this estimate hides is the impact of recent credit events; following a restructuring, non-accruals decreased to 1.0% of the total portfolio based on fair value as of June 30, 2025.

Access to private credit market returns for public shareholders.

The structure allows you, as a public shareholder, to gain exposure to the yields and opportunities typically found only in private credit markets. The weighted average yield on income-producing investments for Carlyle Secured Lending, Inc. was 10.0% on fundings in Q2 2025.

• Total investments at fair value grew to $2.5 billion over recent quarters, partly due to the merger with CSL3.
• The statutory leverage ratio was 1.10x as of June 30, 2025.
• Total liquidity, including cash and undrawn debt capacity, was $613.1 million as of June 30, 2025.

Finance: draft the Q4 2025 asset allocation comparison by next Tuesday.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Customer Relationships

You're looking at how Carlyle Secured Lending, Inc. (CGBD) manages its connections with the companies it lends to and the people who invest in the Business Development Company (BDC) structure. It's all about long-term stability and proactive management, especially when the market gets choppy.

Direct, long-term lending relationships with portfolio companies

Carlyle Secured Lending, Inc. focuses on deep, direct relationships, originating loans to middle-market companies. This direct origination approach is key to their relationship model, aiming for consistency over volume. As of September 30, 2025, the portfolio fair value stood at $2.4 billion, spread across 158 portfolio companies, with 221 total investments noted.

The structure of these relationships emphasizes security. As of the Q3 2025 earnings call, 95% of investments were in senior secured loans. Furthermore, the average exposure to any single portfolio company was kept intentionally small, at less than 1% of total investments. The immediate EBITDA across the entire portfolio was reported at $98 million.

The relationship is continually refreshed through new deployment. In the third quarter of 2025, Carlyle Secured Lending, Inc. funded new investments totaling $260.4 million, carrying a weighted average yield of 9.5% on those new fundings.

Here's a snapshot of the portfolio focus as of September 30, 2025:

Metric	Value
Portfolio Fair Value	$2.4 billion
Number of Portfolio Companies	158
Senior Secured Exposure	95%
New Investment Fundings (Q3 2025)	$260.4 million
Weighted Average Yield on New Fundings (Q3 2025)	9.5%

Investor Relations for public shareholders (BDC structure)

As a regulated BDC, Carlyle Secured Lending, Inc. has a distinct relationship with its public shareholders, centered on income distribution and Net Asset Value (NAV) preservation. The company declared a quarterly dividend of $0.40 per share for the fourth quarter of 2025. Based on the share price of $12.65 as of November 28, 2025, this represents an annualized yield of 12.8%.

The reported NAV per share as of September 30, 2025, was $16.36, a slight dip from $16.43 at the end of the prior quarter, June 30, 2025. The total number of shares of common stock outstanding as of August 4, 2025, was 72,902,981. The institutional investor base is significant, with 167 institutional owners and shareholders filing with the SEC, holding a combined total of 28,733,202 shares.

Key investor metrics as of late 2025:

• NAV per Share (9/30/2025): $16.36
• Quarterly Dividend Declared (Q4 2025): $0.40 per share
• Annualized Dividend Yield (based on $12.65 price): 12.8%
• Total Institutional Shares Held: 28,733,202
• Total Common Shares Outstanding (8/4/2025): 72,902,981

Proactive credit management and restructuring (e.g., Maverick restructuring in Q3 2025)

Carlyle Secured Lending, Inc. actively manages credit risk, which is evident in its portfolio quality metrics and specific actions taken. The company successfully closed the restructuring of a portfolio company named Maverick on July 3, 2025. This proactive step helped improve credit quality metrics reported for the third quarter of 2025.

Following this action, non-accrual investments as of September 30, 2025, stood at 1.6% of the portfolio based on amortized cost, and 1% based on fair value. This is down from prior levels, showing the impact of the restructuring. The company also focused on capital structure optimization during the quarter, repaying the CSL III SPV Facility in full and upsetting the senior secured Credit Facility commitments by $25 million, bringing the total commitments to $960 million.

Credit Quality Indicators (Q3 2025):

• Non-accruals (at cost): 1.6% of portfolio
• Non-accruals (at fair value): 1% of portfolio
• Credit Facility Upsize: $25 million
• Total Credit Facility Commitments: $960 million

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Channels

The channels Carlyle Secured Lending, Inc. uses to reach and deliver value to its customer segments involve direct sourcing, public market access, and transparent investor communication.

Direct origination platform for sourcing new loans

Carlyle Secured Lending, Inc. actively deploys capital through its direct origination platform, focusing on debt investments in U.S. middle market companies.

• Total fair value of investments as of September 30, 2025: $2.4 billion.
• Total investments increased from $2.3 billion to $2.4 billion during the third quarter of 2025.
• New investment fundings during the third quarter of 2025 totaled $260.4 million.
• The weighted average yield on new investment fundings in Q3 2025 was 9.5%.
• Non-accrual investments represented 1.6% of the portfolio as of September 30, 2025.
• Since commencing operations in May 2013 through September 30, 2025, aggregate principal amount invested was approximately $10.2 billion.

Here's a quick look at recent deployment activity:

Metric	Q2 2025	Q3 2025
New Investment Fundings (USD)	$237.7 million	$260.4 million
Weighted Average Yield on New Fundings	10.0%	9.5%

NASDAQ stock exchange (CGBD) for accessing equity capital

Access to equity capital is facilitated through the listing of Carlyle Secured Lending, Inc. common stock on the NASDAQ under the ticker CGBD.

• Closing stock price on November 24, 2025, was $12.26.
• Closing stock price on November 26, 2025, was $12.53.
• The Q4 2025 dividend declared was $0.40 per common share.
• This dividend level represented an annualized yield of 12.8% based on the current share price as of the Q3 2025 announcement.
• The P/E Non-GAAP (TTM) sector relative grade is A.

Analyst consensus for the 2025 fiscal year earnings compared to reported figures:

2025 Earnings Metric	Analyst Consensus (Average)	Reported/Actual Data Point
Forecasted Earnings (USD)	$114,516,003	$72,243,000 (Actual 2025 Earnings)
Q3 2025 Net Investment Income (Per Share)	Forecasted $0.39	Reported $0.37 (GAAP)
Q3 2025 Revenue (USD)	Forecasted $69.83 million	Reported $66.51 million

Investor Relations website for SEC filings and earnings transcripts

The Investor Relations website serves as the primary channel for distributing official financial disclosures and management commentary to the public market stakeholders.

• The Q3 2025 Earnings Call was hosted on Wednesday, November 5, 2025, at 11:00 a.m. (Eastern Time).
• The announcement of the third quarter ended September 30, 2025, financial results was made on November 4, 2025.
• Net asset value per common share as of September 30, 2025, was $16.36, down from $16.43 as of June 30, 2025.
• An SEC filing, specifically a 40-APP/A, was noted as filed 'Yesterday, 4:29 PM' relative to a search result timestamp.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Customer Segments

You're looking at who Carlyle Secured Lending, Inc. (CGBD) actually lends to and who buys its shares for income. It's a focused approach, targeting both borrowers in a specific financial bracket and income-focused investors.

U.S. middle-market companies with $25M to $100M in EBITDA.

Carlyle Secured Lending, Inc. (CGBD) focuses its debt investments on middle-market companies based in the U.S. The portfolio statistics from late 2025 show this focus clearly. The median EBITDA across the entire investment portfolio as of September 30, 2025, was $98 million. This places the typical borrower right at the upper end of the stated target range of $25 million to $100 million in EBITDA. The total fair value of the investment portfolio stood at $2.4 billion as of September 30, 2025, spread across 158 portfolio companies. Almost all of this exposure is to senior secured assets, with 86% of investments in first lien debt as of Q2 2025.

Metric	Value as of Q3 2025	Reference Point
Median Portfolio Company EBITDA	$98 million	September 30, 2025
Total Portfolio Fair Value	$2.4 billion	September 30, 2025
Number of Portfolio Companies	158	September 30, 2025
Total Number of Investments	221	September 30, 2025

Companies backed by private equity sponsors.

A vast majority of the underlying borrowers for Carlyle Secured Lending, Inc. (CGBD) have private equity backing. As of June 30, 2025, the portfolio showed that 93% of the companies were Sponsored. Carlyle Secured Lending, Inc. (CGBD) specifically seeks companies backed by private equity sponsors that exhibit defensive niche strategies and have sustainable leading market positions. The company is able to leverage the broad resources of The Carlyle Group to help with sourcing and evaluating these potential deals.

Public retail and institutional investors seeking high current income.

The equity side of Carlyle Secured Lending, Inc. (CGBD)'s business model targets investors looking for consistent, high current income from their investment. The company declared a quarterly common dividend of $0.40 per share for the fourth quarter of 2025. Based on the share price around that time, this represented an attractive annualized yield of 12.8%. The Net Asset Value (NAV) per share as of September 30, 2025, was $16.36 per share. The structure is designed to provide current income and capital appreciation primarily through its debt investments.

Key figures for the public investor segment include:

• Quarterly Dividend Declared (Q4 2025): $0.40 per share
• Annualized Dividend Yield (Approximate): 12.8%
• Net Asset Value per Share (9/30/2025): $16.36
• Shares of common stock outstanding (as of August 4, 2025): 72,902,981

The merger activity in 2024 was intended to increase scale and trading liquidity, which helps attract a broader investor base, including institutional ownership. Finance: draft 13-week cash view by Friday.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Cost Structure

You're looking at the core outflows that keep Carlyle Secured Lending, Inc. running, which is heavily influenced by its external management structure and its use of debt to finance investments. The cost structure is dominated by interest expense, which is dynamic given the floating-rate nature of much of its debt, and the fees paid to its adviser, Carlyle Global Credit Investment Management L.L.C.

For the third quarter ended September 30, 2025, total expenses were reported at $40 million. This figure increased slightly from the prior quarter, primarily due to higher interest expense, which is a key variable cost for a debt-focused investment company like Carlyle Secured Lending, Inc..

Here's a quick look at the components of the cost structure, focusing on the latest available figures and fee schedules:

Cost Component	Specific Financial Data / Rate	Period / Context
Interest Expense on Senior Notes	$6,658 thousand	Three Months Ended March 31, 2025
Total Interest Expense and Credit Facility Fees	$7,111 thousand	Three Months Ended March 31, 2025
Total Expenses (GAAP)	$40 million	Third Quarter Ended September 30, 2025
Base Management Fee Rate	1.5%	Of gross assets
NOI Incentive Fee Rate	17.5%	On pre-incentive net investment income (NII)
Annual Hurdle Rate for Incentive Fee	7.28%	Used for NOI Incentive Fee calculation

Management and incentive fees paid to the external adviser are a direct function of asset levels and investment performance. For instance, incentive fees paid to the CSL III Advisor, which were assumed by Carlyle Secured Lending, Inc. upon merger completion, totaled $1,413 thousand during the three months ended June 30, 2025. The base management fee increase is driven by higher average gross assets, as seen in Q1 2025 following the Credit Fund II purchase and the CSL III Merger.

The interest expense on borrowed funds is a major driver of total costs. Carlyle Secured Lending, Inc. executed a significant capital structure optimization in late 2025 by pricing $300 million in aggregate principal amount of 5.750% unsecured notes due 2031. This move was part of a strategy that also included repaying the CSL III SPV Facility in full post-Q3 2025. The stated goal of these capital structure optimizations is to lower the weighted average cost of borrowing by 10 basis points.

General and administrative operating expenses cover the overhead of running the business, which is largely allocated by the adviser. These costs include specific items like:

• Professional fees, covering legal, audit, and valuation costs.
• Administrative service fees for overhead allocated from the Administrator.
• Insurance, filing, research, and subscription costs.

Specific figures for 'Other expenses,' which encompasses many G&A items, showed $2,325 thousand in one reported period and $2,094 thousand in another, based on the total expense comparison.

Costs associated with capital structure optimizations involve transaction expenses and the impact of refinancing. The company announced plans to redeem $85 million of its outstanding 8.20% 2028 Notes on December 1, 2025. Furthermore, in connection with the CSL III Merger, Carlyle covered $5,000 thousand in merger-related expenses on behalf of the Company.

Finance: draft Q4 2025 projected expense breakdown by Friday.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Revenue Streams

Carlyle Secured Lending, Inc. generates the bulk of its revenue from the interest earned on its investment portfolio, which is heavily weighted toward debt instruments. You should know that the primary source is interest income from debt investments, which are predominantly floating rate, meaning the income stream adjusts with benchmark rates. As of September 30, 2025, the total fair value of these investments stood at approximately $2.4 billion across 158 portfolio companies. New investment fundings during that third quarter carried a weighted average yield of 9.5%.

The overall top-line performance for the most recent reported period reflects this focus. Carlyle Secured Lending, Inc. reported total investment income of $66.51 million for Q3 2025. This figure is very near the $67 million mark you mentioned, which might be a rounded figure or reflective of the Q2 2025 total investment income of $67.281 million found in earlier reports. The net investment income (NII) for Q3 2025 was reported as $0.37 per common share on a GAAP basis, or $0.38 per common share after adjusting for asset acquisition accounting.

Here are some key financial figures from the Q3 2025 period to give you a clear picture of the scale:

Metric	Amount (Q3 2025)
Total Investment Income	$66.51 million
Net Investment Income (GAAP EPS)	$0.37 per share
Adjusted Net Investment Income (EPS)	$0.38 per share
Total Portfolio Fair Value	$2.4 billion
New Investment Fundings (Q3 2025)	$260.4 million

The revenue streams are structured around these core activities, though specific dollar breakdowns for every component in Q3 2025 aren't always itemized in the top-line summaries. Still, we know the components are:

• Interest income from debt investments (primarily floating rate).
• Total investment income of $66.51 million for Q3 2025.
• Dividend and interest income from the MMCF joint venture.
• Fee income from origination and prepayment activity.

To be defintely clear, Carlyle Secured Lending, Inc. also collects income from fees. While specific Q3 2025 fee income is not explicitly separated from the total investment income in the latest summaries, fee income from origination and prepayment activity is a recognized part of the revenue mix for a business development company like this. Also, income from the MMCF joint venture contributes to the overall investment income, as evidenced by the fact that $48 million of investments were sold to the joint venture during the quarter, which implies an ongoing income relationship.

Finance: draft a reconciliation of Q3 2025 Total Investment Income to the sum of interest, fee, and JV income by next Tuesday.