Financial Services · Asset Management
Price
$10.81
Market Cap
$751.3M
Employees
2,300
Beta
0.68
Avg Volume
682,159
CEO
Alex Chi
Business Description
Carlyle Secured Lending, Inc. functions as a business development company, primarily making direct investments. The firm provides a diverse array of financing, including first and second lien senior secured loans, unsecured debt, mezzanine debt, and equity stakes. It focuses its investment efforts on the middle market segment. Industries of interest include healthcare and pharmaceuticals, aerospace and defense, high technology, business services, software, the beverage, food, and tobacco sectors, hospitality, gaming, and leisure, banking, finance, and insurance, and real estate. Geographically, Carlyle Secured Lending invests in companies located in the United States, Luxembourg, the Cayman Islands, Cyprus, and the United Kingdom. It typically targets businesses generating an EBITDA between $25 million and $100 million.
Business History
Price Overview
Last updated: Jun 29, 2026 4:50am (just now)$10.81
+0.28 (+2.66%)
Day Range
$10.54 – $10.91
52-Week Range
$10.48 – $14.49
50-Day MA
$11.17
200-Day MA
$11.93
Volume
437,552.00
Analyst Price Targets
Low
$12.00
Consensus
$12.00
High
$12.00
(4 analysts)
Share Structure
Outstanding
69,497,128.00
Float
68,969,061.00
Free Float
99.2%
High free float
— 99.2% of shares trade freely, ~0.8% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
14.83
Stock Price: $10.81
EPS (Diluted): 1.02
EPS (Diluted): 1.02
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.72
Stock Price: $10.81
Total Equity: $1.17B
Shares: 69,038,337
Total Equity: $1.17B
Shares: 69,038,337
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
19.53
Market Cap: $751.26M
Total Debt: $1.53B
Cash: $45.02M
EBITDA: $165.27M
Total Debt: $1.53B
Cash: $45.02M
EBITDA: $165.27M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$2.3B
Market Cap: $751.26M
Total Debt: $1.53B
Cash: $45.02M
Total Debt: $1.53B
Cash: $45.02M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
70.9%
Gross Profit: $140.23M
Revenue: $197.79M
Revenue: $197.79M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
86.2%
Operating Income: $170.46M
Revenue: $197.79M
Revenue: $197.79M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
35.4%
Net Income: $69.97M
Revenue: $197.79M
Revenue: $197.79M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
4.4%
Net Income: $69.97M
Total Equity: $1.17B
Total Equity: $1.17B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
3.8%
Operating Income: $170.46M
Tax Rate: 2.7%
Equity: $1.17B
Total Debt: $1.53B
Cash: $45.02M
Tax Rate: 2.7%
Equity: $1.17B
Total Debt: $1.53B
Cash: $45.02M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.53
Current Assets: $45.02M
Current Liabilities: $84.98M
Current Liabilities: $84.98M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.31
Short-Term Debt: $0.00
Long-Term Debt: $1.53B
Total Debt: $1.53B
Total Equity: $1.17B
Long-Term Debt: $1.53B
Total Debt: $1.53B
Total Equity: $1.17B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$2.86
Revenue: $197.79M
Shares: 69,038,337
Shares: 69,038,337
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$16.91
Total Equity: $1.17B
Shares: 69,038,337
Shares: 69,038,337
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-2.96
Operating CF: -$204.56M
CapEx: $0.00
Shares: 69,038,337
CapEx: $0.00
Shares: 69,038,337
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
12.3%
Last Dividend: N/A
Stock Price: $10.81
Stock Price: $10.81
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $69.97M
Net Income: $69.97M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CGBD against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 29, 2026 4:50am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $198.7M | $138.6M | $172.8M | $167.8M | $197.8M |
| Cost of Revenue | $30.8M | $44.0M | $71.7M | $68.5M | $57.6M |
| Gross Profit | $168.0M | $94.7M | $101.1M | $99.3M | $140.2M |
| Operating Expenses | $6.8M | $7.2M | $6.4M | $7.6M | -$30.2M |
| Operating Income | $161.1M | $87.5M | $94.7M | $91.7M | $170.5M |
| Net Income | $160.4M | $85.6M | $92.3M | $89.0M | $70.0M |
| EBITDA | $161.1M | $87.5M | $94.7M | $95.2M | $165.3M |
| EPS | $2.89 | $1.58 | $1.75 | $1.68 | $1.02 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 29, 2026 4:50am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $23.0M | $16.1M | $60.4M | $29.7M | $45.0M |
| Total Current Assets | $113.7M | $47.4M | $102.3M | $93.7M | $45.0M |
| Total Assets | $2.0B | $2.0B | $1.9B | $1.9B | $2.8B |
| Current Liabilities | $23.5M | $29.5M | $47.0M | $35.1M | $85.0M |
| Long-Term Debt | $1.0B | $1.1B | $980.2M | $967.6M | $1.5B |
| Total Liabilities | $1.1B | $1.1B | $1.0B | $1.0B | $1.6B |
| Total Equity | $948.8M | $917.4M | $912.8M | $905.2M | $1.2B |
| Retained Earnings | -$152.5M | -$153.7M | -$151.7M | -$158.0M | -$195.7M |
Cash Flow (Annual)
Last updated: Jun 29, 2026 4:50am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $69.4M | $71.5M | $230.6M | $104.3M | -$204.6M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $69.4M | $71.5M | $230.6M | $104.3M | -$204.6M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$28.4M | -$28.5M | -$4.0M | $0 | -$13.9M |
| Net Change in Cash | $24.7M | -$62.6M | $29.9M | -$3.9M | $19.9M |
Analyst Estimates (Annual)
Last updated: Jun 29, 2026 4:50am (just now)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$255.3M $254.7M – $255.7M
|
$248.4M $234.7M – $272.0M
|
$249.4M $232.9M – $268.0M
|
$220.3M $220.2M – $220.3M
|
| EBITDA |
$173.3M $172.8M – $173.5M
|
$168.6M $159.3M – $184.6M
|
$169.3M $158.0M – $181.9M
|
$149.5M $149.5M – $149.5M
|
| Net Income |
$105.1M $103.4M – $106.9M
|
$93.6M $90.8M – $96.3M
|
$96.0M $90.9M – $103.3M
|
$98.3M $90.8M – $105.9M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 29, 2026 4:50am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -30.2% | +24.6% | -2.9% | +17.9% |
| Gross Profit Growth | -43.6% | +6.8% | -1.8% | +41.3% |
| Operating Income Growth | -45.7% | +8.3% | -3.2% | +85.9% |
| Net Income Growth | -46.6% | +7.8% | -3.6% | -21.4% |
| EBITDA Growth | -45.7% | +8.3% | +0.5% | +73.6% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-01 | Nestor John G. | S-Sale | 1,617.00 | $10.97 | $17,741 |
| 2026-05-15 | Nestor John G. | S-Sale | 1,720.00 | $11.22 | $19,290 |
| 2026-05-15 | Nestor John G. | S-Sale | 885.00 | $11.22 | $9,930 |
| 2026-05-15 | Nestor John G. | S-Sale | 3,450.00 | $11.22 | $38,709 |
| 2026-03-20 | Taylor Francis | P-Purchase | 232.00 | $11.22 | $2,603 |
| 2026-02-18 | Taylor Francis | 0.00 | $0.00 | $0 | |
| 2026-03-09 | Chi Alex | P-Purchase | 9,000.00 | $10.79 | $97,127 |
| 2026-03-06 | Nestor John G. | S-Sale | 3,500.00 | $11.29 | $39,527 |
| 2026-03-06 | Nestor John G. | S-Sale | 901.00 | $11.28 | $10,163 |
| 2026-03-04 | Hennigan Thomas M | P-Purchase | 4,430.00 | $11.26 | $49,882 |
| 2026-02-18 | Chi Alex | 0.00 | $0.00 | $0 | |
| 2025-12-31 | ANDREWS NIGEL T | 0.00 | $0.00 | $0 | |
| 2025-12-31 | Nestor John G. | 0.00 | $0.00 | $0 | |
| 2025-11-14 | Nestor John G. | S-Sale | 7,085.00 | $11.87 | $84,099 |
| 2025-11-13 | Hennigan Thomas M | P-Purchase | 8,400.00 | $12.04 | $101,136 |
| 2025-11-10 | Joseph Nelson | P-Purchase | 1,500.00 | $11.84 | $17,760 |
| 2025-08-18 | Nestor John G. | S-Sale | 13,238.00 | $13.49 | $178,581 |
| 2025-08-20 | Hennigan Thomas M | P-Purchase | 7,285.00 | $13.75 | $100,169 |
| 2025-03-27 | Hennigan Thomas M | A-Award | 7,301.00 | $0.00 | $1 |
| 2025-03-27 | Hadley Michael | A-Award | 12,777.00 | $0.00 | $1 |
Dividend History (Last 20)
Last updated: Jun 29, 2026 4:50am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-30 | $0.35 | 2026-04-29 | 2026-06-30 | 2026-07-16 |
| 2026-03-31 | $0.40 | 2026-02-18 | 2026-03-31 | 2026-04-16 |
| 2025-12-31 | $0.40 | 2025-10-29 | 2025-12-31 | 2026-01-16 |
| 2025-09-30 | $0.40 | 2025-07-29 | 2025-09-30 | 2025-10-17 |
| 2025-06-30 | $0.40 | 2025-04-29 | 2025-06-30 | 2025-07-17 |
| 2025-03-24 | $0.50 | 2025-02-25 | 2025-03-24 | 2025-04-17 |
| 2024-12-31 | $0.45 | 2024-11-04 | 2024-12-31 | 2025-01-17 |
| 2024-09-30 | $0.47 | 2024-08-01 | 2024-09-30 | 2024-10-17 |
| 2024-06-28 | $0.47 | 2024-05-02 | 2024-06-28 | 2024-07-17 |
| 2024-03-27 | $0.48 | 2024-02-26 | 2024-03-29 | 2024-04-17 |
| 2023-12-28 | $0.44 | 2023-11-07 | 2023-12-29 | 2024-01-18 |
| 2023-09-28 | $0.44 | 2023-08-03 | 2023-09-29 | 2023-10-17 |
| 2023-06-29 | $0.44 | 2023-05-09 | 2023-06-30 | 2023-07-18 |
| 2023-03-30 | $0.44 | 2023-02-21 | 2023-03-31 | 2023-04-14 |
| 2022-12-29 | $0.44 | 2022-10-31 | 2022-12-30 | 2023-01-16 |
| 2022-09-29 | $0.40 | 2022-08-09 | 2022-09-30 | 2022-10-14 |
| 2022-06-29 | $0.40 | 2022-05-02 | 2022-06-30 | 2022-07-15 |
| 2022-03-30 | $0.40 | 2022-02-18 | 2022-03-31 | 2022-04-15 |
| 2021-12-30 | $0.39 | 2021-11-01 | 2021-12-31 | 2022-01-14 |
| 2021-09-29 | $0.38 | 2021-08-03 | 2021-09-30 | 2021-10-15 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for CGBD — it's generated by the pipeline (
market-narrative step).
No community reviews yet for CGBD.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
Sign in to save personal notes and rate your interest in this stock.
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30