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CGBD

Carlyle Secured Lending, Inc.

CGBD

Carlyle Secured Lending, Inc. • NASDAQ
$12.65 ▲ 0.96% (+0.12)
Market Cap $922.22 M
52w High $18.64
52w Low $11.55
Dividend Yield 1.70%
P/E 10.91
Volume 136.19K
Outstanding Shares 72.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $48.822M ▲ $2.113M ▼ $23.903M ▲ 48.959% ▲ $0.33 ▲ $24.403M ▲
Q2-2025 $39.062M ▲ $2.325M ▲ $14.63M ▲ 37.453% ▼ $0.2 ▼ $15.01M ▲
Q1-2025 $35.28M ▼ $1.947M ▼ $14.054M ▼ 39.836% ▼ $0.25 ▼ $14.73M ▼
Q4-2024 $40.757M ▲ $2.094M ▲ $21.357M ▲ 52.401% ▲ $0.4 ▲ $21.539M ▲
Q3-2024 $39.001M $1.758M $19.611M 50.283% $0.39 $20.361M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $52.268M ▲ $2.558B ▼ $1.365B ▼ $1.193B ▼
Q2-2025 $28.683M ▼ $2.575B ▲ $1.377B ▲ $1.198B ▼
Q1-2025 $146.482M ▲ $2.534B ▲ $1.321B ▲ $1.212B ▲
Q4-2024 $29.671M ▲ $1.926B ▲ $1.021B ▲ $905.204M ▼
Q3-2024 $26.156M $1.817B $910.323M $906.604M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $23.903M ▲ $13.714M ▲ $20.099M ▲ $-30.763M ▼ $3.05M ▲ $13.714M ▲
Q2-2025 $14.63M ▲ $-230.924M ▼ $0 $29.259M ▼ $-201.665M ▼ $-230.924M ▼
Q1-2025 $14.054M ▼ $145.801M ▲ $0 ▲ $48.507M ▼ $194.308M ▲ $145.801M ▲
Q4-2024 $21.357M ▲ $18.383M ▼ $-129.512M ▼ $99.035M ▲ $-12.094M ▲ $18.383M ▼
Q3-2024 $19.611M $20.939M $41.954M $-86.446M $-23.553M $20.939M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown gradually over the last several years, but profits have been uneven. Earnings were very strong in 2021, dipped back down, and have since leveled off at a more average level. Profitability margins have moved around quite a bit, suggesting that results are sensitive to credit conditions, funding costs, and portfolio performance. Overall, the business is generating solid income, but the pattern shows that results can swing with the credit cycle and market environment rather than steadily climbing every year.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable, with total assets and equity holding in a fairly tight range over the period. Debt is meaningful but appears in line with what you’d expect for a leveraged lending vehicle like a BDC. Cash on hand is small compared with total assets, which is typical for this type of lender that aims to keep capital deployed. The overall picture is of a balance sheet that relies on borrowing but remains supported by a substantial equity base, without dramatic shifts in leverage over time.

Cash Flow

Cash Flow Cash generation has been quite up and down. Some years show very strong operating and free cash flow, while others are much weaker. Because the company is a lender with minimal traditional capital spending, free cash flow basically tracks its operating cash flow. This volatility suggests that timing of interest receipts, loan originations and repayments, and credit conditions can cause sizable swings in reported cash flow from year to year, even if earnings look more steady on the surface.

Competitive Edge

Competitive Edge Carlyle Secured Lending benefits strongly from its tie-in with The Carlyle Group. That relationship gives it privileged access to deals, deep industry expertise, and a well-known brand in middle‑market credit. Its focus on senior secured loans adds a defensive tilt to its portfolio compared with more aggressive lenders. The sponsor‑backed strategy, leaning on private equity partners, adds another layer of oversight to borrowers. Together, these factors give it a solid competitive footing versus smaller or less connected BDCs, though it still operates in a crowded and cyclical market.

Innovation and R&D

Innovation and R&D Innovation here is less about technology and more about process and platform. The company uses the broader “One Carlyle” ecosystem for deal sourcing, due diligence, and ongoing monitoring, supported by proprietary dashboards and internal risk ratings. It is also experimenting with growth through mergers, joint ventures, and capital structure optimization to improve scale and funding costs. While it is not a tech disruptor, its continual refinement of underwriting tools, data use, and platform integration is an important part of how it tries to manage risk and maintain its edge.

Summary

Carlyle Secured Lending is a middle‑market lender with gradually rising revenue, but a profit profile that reflects credit cycles rather than smooth growth. Its balance sheet is steady and levered in a way that is typical for BDCs, with modest cash and a consistent equity base supporting its loan book. Cash flows can swing significantly from year to year, highlighting the nature of its lending model. The real strength lies in its integration with The Carlyle Group, which supports sourcing, underwriting, and portfolio management, and in its focus on senior secured, sponsor‑backed lending. Operational and capital‑structure initiatives show a focus on incremental innovation rather than dramatic reinvention, aiming to improve scale, efficiency, and resilience over time while still remaining exposed to broader credit and economic conditions.

NEWS

October 31, 2025 · 6:30 AM UTC

Carlyle Secured Lending, Inc. Announces Intent to Redeem All Outstanding 8.20% Notes Due 2028

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October 15, 2025 · 4:26 PM UTC

Carlyle Secured Lending, Inc. Schedules Earnings Release and Quarterly Earnings Call to Discuss its Financial Results for the Third Quarter Ended September 30, 2025

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September 30, 2025 · 5:01 PM UTC

Carlyle Secured Lending, Inc. Prices Public Company Offering of $300 Million 5.750% Unsecured Notes Due 2031

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