Carlyle Secured Lending, Inc. (CGBD)

Price$11.82Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Verified middle-market lender with predominantly first-lien exposureCGBD is the Nasdaq-listed, USD-quoted common stock of an externally managed business development company—not the separately listed Carlyle Group. Latest results and the Form 10-Q, issued August 6, cover June 30, 2026. Its $2.36 billion investment portfolio included 177 companies, with first-lien debt representing 82% of fair value.

Quarterly GAAP net investment income was $0.35 per share, matching the $0.35 quarterly dividend without a meaningful coverage cushion. Adjusted NII was also $0.35, but is a non-GAAP measure. Neither measure includes all investment valuation changes, so dividend coverage does not establish preservation of shareholder capital.

Substantial NAV discount compensates for declining portfolio valuesThe latest quotation represents approximately 0.72 times June-end net asset value of $15.61 per share, a calculated discount of about 28%. NAV declined from $15.89 in March. These accounting marks are not independently realizable liquidation proceeds or verified September asset values.

Six borrowers were on nonaccrual, representing 1.2% of portfolio amortized cost but only 0.6% of fair value. The difference reflects existing markdowns and cautions against interpreting the lower fair-value percentage as negligible credit risk. Quarterly realized and unrealized losses of $24.1 million approximately offset $24.0 million of NII.

Term financing reduces immediate refinancing pressure, not leverage riskJune-end debt principal was $1.312 billion, with a weighted-average interest rate of 5.80%. Cash, equivalents and restricted cash totalled $48.9 million, including $22.9 million restricted. Undrawn credit availability was $543.3 million, subject to collateral and covenant requirements—not additional cash. These are June, not verified September, balances.

Reported debt-to-equity was 1.22 times. Approximately $50.5 million of facility borrowings mature in May 2027; most remaining maturities fall in 2030 or later. Floating-rate funding partly offsets declining asset yields when rates fall, but refinancing, spread compression and borrower defaults remain risks. Leveraged investment funds add exposure beyond direct loans.

Management fees and portfolio cash movements complicate payout analysisCarlyle's adviser receives a base fee generally equal to 1.5% annually on average gross assets excluding cash, with a lower tier above specified leverage levels. The income incentive fee is 17.5%, subject to an annualized 6% hurdle and catch-up. Allocation decisions and overlapping Carlyle roles create potential conflicts with shareholders.

First-half operating cash flow was $286.0 million, but included substantial investment-sale and repayment proceeds. It is not recurring cash earnings available indefinitely for dividends. NII also includes noncash payment-in-kind interest. Cash distributions consumed $56.8 million and repurchases $31.0 million during the first half.

AI: News

August 17: Latest located SEC filing discloses director share salesDirector John G. Nestor's August 17 Form 4 reported August 12 sales of approximately 3,114 directly held shares, plus additional shares held through trusts. The filing is an ownership disclosure, not a new operating-results announcement.

These were secondary-market transactions, not company financing or issuer repurchases. The filing does not explain the seller's motivation or independently establish worsening portfolio credit. No newer substantive SEC operating update was verified through September 29.

August 6: Dividend maintained while discounted repurchases support NAVCGBD announced a $0.35 quarterly dividend, payable October 16 to shareholders of record September 30. This is a declared future payment, not a guaranteed continuing distribution.

Second-quarter repurchases totalled $12.5 million at an average 29% discount to March-end NAV, adding a reported $0.07 to NAV per share. Management also estimated $0.73 per share of spillover taxable income. That tax measure is not a separate unrestricted cash reserve or proof of future dividend sustainability.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$255.6M	$232.6M	$241.6M	$207.3M	$171.2M	$182.1M	—	—	—	—	—	—
Operating expenses	$9.1M	$7.6M	$6.4M	$7.2M	—	—	—	—	—	—	—	—
Net income	$70.0M	$89.0M	$92.3M	$85.6M	$160.4M	$6.8M	—	—	—	—	—	—
Net profit margin	27.38%	38.26%	38.19%	41.32%	93.64%	3.75%	—	—	—	—	—	—
Basic EPSper basic share	$1.02	$1.68	$1.75	$1.58	$2.89	$0.08	—	—	—	—	—	—
Diluted EPSper diluted share	$1.01	$1.58	$1.64	$1.49	$2.69	$0.08	—	—	—	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 12 reported holders of CGBD
Holder	Shares held
Jenkins Mark David	128.04K
Hennigan Thomas M	101.32K
Pace Linda	57.44K
Popov Alexander	47.85K
Plouffe Justin	40.3K
ANDREWS NIGEL T	27.82K
Hadley Michael	18.28K
Chi Alex	9K
Nestor John G.	2.75K
Joseph Nelson	1.5K
Lefkowitz Joshua	985.5
Taylor Francis	441

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys11$1.59M disclosed value

Sells (SEC code S)9$462.3K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4	Nestor John G.Director	SellCommon Stock	1.6K	$10.97	$17.7K	2.7K
May 15, 2026Form 4	Nestor John G.Director	SellCommon Stock · indirect	885	$11.22	$9.9K	4.6K
May 15, 2026Form 4	Nestor John G.Director	SellCommon Stock · indirect	1.7K	$11.22	$19.3K	8.1K
May 15, 2026Form 4	Nestor John G.Director	SellCommon Stock	3.5K	$11.22	$38.7K	4.4K
Mar 20, 2026Form 4	Taylor FrancisTreasurer	BuyCommon Stock	232	$11.22	$2.6K	441