Carlyle Secured Lending, Inc.
- Open
- 10.58
- Day high
- 10.94
- Day low
- 10.58
- Prev close
- 10.53
- Volume
- 192K
- Mkt cap
- $758M
- P/E (TTM)
- 15.4
- EPS (TTM)
- $0.71
- P/B
- 0.7
- P/S
- 3.5
- Yield
- 14.21%
- Per share
- $1.55
- ▼Insiders net selling -$86K over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
Carlyle Secured Lending, Inc. (CGBD) is a Financial Services company listed on NASDAQ. The stock is down 23% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
Carlyle Secured Lending, Inc. (CGBD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CGBD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $0.35 | $0.36 | +2.9% | $64M | -2.6% |
| Feb 25, 2026 | $0.38 | $0.33 | -13.2% | $67M | +2.6% |
| Feb 25, 2025 | $0.46 | $0.47 | +2.2% | $45M | -19.2% |
| Feb 26, 2024 | $0.52 | $0.56 | +7.7% | $63M | +0.3% |
| Feb 27, 2023 | $0.45 | $0.48 | +6.7% | $56M | +10.9% |
| May 3, 2022 | $0.39 | $0.47 | +20.5% | $53M | +29.6% |
| Feb 22, 2022 | $0.40 | $0.40 | +0.0% | $52M | +18.8% |
| Nov 2, 2021 | $0.38 | $0.39 | +2.6% | $51M | +22.7% |
| May 4, 2021 | $0.38 | $0.36 | -5.3% | $43M | +5.9% |
| Feb 23, 2021 | $0.38 | $0.38 | +0.0% | $35M | -15.9% |
| Nov 4, 2020 | $0.38 | $0.36 | -5.3% | $43M | +9.8% |
| Aug 4, 2020 | $0.36 | $0.38 | +5.6% | $59M | +37.0% |
CGBD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | Nestor John G.director | Sell | 1,617 | $10.97 |
| May 20, 2026 | Nestor John G.director | Sell | 3,450 | $11.22 |
| May 20, 2026 | Nestor John G.director | Sell | 1,720 | $11.21 |
| May 20, 2026 | Nestor John G.director | Sell | 885 | $11.22 |
| Mar 23, 2026 | Taylor Francisofficer: Treasurer | Buy | 232 | $11.22 |
| Mar 10, 2026 | Chi Alexdirector, officer: CEO | Buy | 9,000 | $10.79 |
| Mar 9, 2026 | Nestor John G.director | Sell | 901 | $11.28 |
| Mar 9, 2026 | Nestor John G.director | Sell | 3,500 | $11.29 |
| Mar 5, 2026 | Hennigan Thomas Mdirector, officer: CFO and President | Buy | 4,430 | $11.26 |
| Dec 2, 2025 | Nestor John G.director | Sell | 7,085 | $11.87 |
| Nov 17, 2025 | Hennigan Thomas Mdirector, officer: CFO | Buy | 8,400 | $12.04 |
| Nov 12, 2025 | Joseph Nelsonofficer: PAO | Buy | 1,500 | $11.84 |
| Aug 21, 2025 | Hennigan Thomas Mdirector, officer: CFO | Buy | 7,285 | $13.75 |
| Aug 21, 2025 | Nestor John G.director | Sell | 13,238 | $13.49 |
| Apr 1, 2025 | Pace Lindadirector | Grant | 14,862 | $0.00 |
Source: CGBD SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full CGBD insider & 13F page →Carlyle Secured Lending, Inc. company profile
Overview
Carlyle Secured Lending, Inc. (NASDAQ:CGBD) is a business development company that specializes in providing debt financing to middle-market companies. Originally founded as TCG BDC, Inc. in 2017, the company was renamed to Carlyle Secured Lending in 2022 following its association with The Carlyle Group, a global investment firm. The company went public on June 14, 2017, and operates as a regulated investment company under the Investment Company Act of 1940. Carlyle Secured Lending focuses primarily on senior secured lending to established businesses with strong cash flows, targeting companies with EBITDA between $25 million and $100 million across various industries including healthcare, aerospace, technology, and business services.
Business
Carlyle Secured Lending operates in the business development company (BDC) sector, which is a specialized segment of the asset management industry. BDCs are publicly traded investment vehicles that provide capital to small and medium-sized businesses that typically cannot access traditional bank financing or public capital markets. The company's core business involves making direct loans and investments in middle-market companies, which are businesses with annual revenues typically ranging from $10 million to $1 billion. The company's investment portfolio consists primarily of senior secured loans, which represent approximately 94% of their total investments. Senior secured loans are debt instruments that have priority over other forms of debt in the event of bankruptcy and are backed by specific collateral. The remaining portfolio includes second lien loans, unsecured debt, mezzanine financing, and equity investments. As of the most recent quarter, the company maintains a diversified portfolio of 195 investments across 138 companies spanning over 25 industries. The company operates through a single business segment focused on direct lending, with their portfolio having a median company EBITDA of $87 million. Their investment approach emphasizes first lien capital - the most senior form of debt that gets paid first in case of default - which provides enhanced security for investors. The company maintains strict underwriting standards, with only a 5% close rate on new deal opportunities, demonstrating their selective approach to capital deployment.
Revenue model
Carlyle Secured Lending generates revenue primarily through interest income from its loan portfolio and fee income from various services provided to portfolio companies. The company's business model is built around originating, underwriting, and managing a diversified portfolio of debt investments, earning spreads between their cost of capital and the yields on their investments. The company's revenue streams include interest payments from borrowers (typically floating rate loans tied to SOFR), origination fees, prepayment penalties, and dividend income from equity investments. In the most recent quarter, total investment income was $55 million. The company also participates in joint ventures and credit funds, which provide additional fee income and co-investment opportunities. Several factors influence the company's profitability margins. Interest rate environment significantly impacts returns, as most loans are floating rate instruments that benefit from rising rates but face headwinds when rates decline. Credit quality of the portfolio directly affects performance, with the company maintaining a low non-accrual rate of 0.6% of total investments. Competition in the direct lending market can compress spreads and reduce available deal flow. The company's access to lower-cost funding sources, including recent investment-grade bond issuances and credit facilities, helps maintain attractive net interest margins. Additionally, the company's relationship with The Carlyle Group provides access to proprietary deal flow and operational efficiencies that can enhance margins relative to standalone competitors.
Competitive moat
Carlyle Secured Lending's competitive moat is moderate and primarily derives from its association with The Carlyle Group's extensive platform and network. The company benefits from the "One Carlyle" approach, which provides access to proprietary deal flow through Carlyle's global investment platform, private equity relationships, and established sponsor network. This relationship advantage allows the company to source higher-quality deals and participate in transactions that may not be available to independent BDCs. The company's investment-grade credit ratings from both Fitch and Moody's provide a funding cost advantage, enabling access to lower-cost institutional debt markets. Their conservative underwriting approach and focus on senior secured lending creates a reputation for credit quality that attracts borrowers seeking reliable capital partners. However, the moat faces several challenges. The direct lending market has become increasingly competitive with numerous well-capitalized players, including other BDCs, private credit funds, and traditional banks expanding their middle-market lending activities. The company's reliance on external management through Carlyle creates potential conflicts of interest and fee drag that independent operators might avoid. Additionally, the regulatory nature of BDCs limits operational flexibility compared to private credit funds, which can offer more competitive terms and structures. The company's moat is further constrained by the commoditized nature of senior secured lending, where differentiation primarily comes from execution, relationships, and cost of capital rather than proprietary technology or unique product offerings.
Risks & safety
The margin of safety appears moderate to strong based on current financial metrics and conservative capital structure. • **Liquidity position**: Strong with $251 million in cash and short-term investments as of Q1 2025, providing substantial flexibility for new investments and operational needs • **Debt management**: Conservative statutory leverage of approximately 1.0x, well below the 2.0x regulatory maximum for BDCs, with access to a $935 million revolving credit facility • **Solvency risk**: Low given the asset-liability matching (floating rate assets funded with floating rate debt) and strong liquidity position • **Valuation metrics**: Trading at 0.68x price-to-book ratio, suggesting the market values the portfolio below stated NAV of $16.63 per share • **Dividend coverage**: Net investment income of $0.40-0.41 per share covers the $0.40 base dividend, with supplemental dividends paid from excess income • **Credit quality**: Non-accrual rate of only 0.6% indicates strong portfolio performance, with 94% of investments in senior secured positions • **Asset quality**: Average loan-to-value ratios under 40% and focus on companies with median EBITDA of $87 million provides downside protection
Recent development
Over the past few years, Carlyle Secured Lending has undergone significant strategic transformation and expansion. The most notable development has been the proposed merger with Carlyle Secured Lending III (CSL III), a stock-for-stock transaction expected to close in Q1 2025 that will increase total assets to over $2.5 billion and provide approximately $2.5 million in annual cost savings through operational efficiencies. The company has strengthened its capital structure by obtaining investment-grade ratings from both Fitch and Moody's, enabling the issuance of their first institutional bond offering of $300 million at 6.75% fixed rate. This achievement provides access to lower-cost, longer-term funding sources and reduces reliance on bank credit facilities. Strategic portfolio optimization has been another key focus, with the company consolidating various credit funds onto its balance sheet, including the merger with CSL III adding $490 million in new investments and the consolidation of Credit Fund II adding $127 million. The company has also been selectively moving lower-spread assets into joint venture structures to optimize returns. The company completed a rebranding from TCG BDC to Carlyle Secured Lending in 2022, along with leadership changes including the appointment of Aren LeeKong as CEO. This transition has been accompanied by increased integration with Carlyle's broader platform, enhancing deal sourcing capabilities and operational synergies. The company has maintained its focus on disciplined underwriting while expanding its origination capabilities, with new deal volumes increasing significantly year-over-year despite maintaining a selective 5% close rate on opportunities.
CGBD company profile · for informational purposes only — not investment advice.
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