Carlyle Secured Lending, Inc.
CGBD · Price history
Price at last available close
$10.81
−$0.29 (-2.61%) 1M
2026-10-29
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Company & revenue
About Carlyle Secured Lending, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
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.
How they make money
Carlyle Secured Lending, Inc. is an externally managed business development company that generates income primarily through interest and fee payments on its portfolio of debt investments. It focuses on providing senior secured loans and other debt instruments to middle-market companies, managed by an affiliate of The Carlyle Group Inc.
Products & services
The company provides financing solutions including first lien debt, senior secured loans, second lien senior secured loans, mezzanine debt, and equity investments to middle-market companies.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
- Middle-market companiesSource
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
- Investment advisory and administrative services — The company relies on its investment adviser, Carlyle Global Credit Investment Management L.L.C., for management and administrative services; the specific third-party vendors for these services are unnamed.Source
Business relationships & partnerships
- The Carlyle Group Inc. — The company is externally managed by Carlyle Global Credit Investment Management L.L.C., a wholly owned subsidiary of The Carlyle Group Inc.Source
Strengths
- Access to the Carlyle Group's global investment platform and origination capabilities.Source
Sources
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Total debt is at least one year of revenue
Debt is large relative to the company's recent revenue base. Review maturity dates, borrowing terms and whether available liquidity can support the obligation.
Interest coverage is below 2x
Reported earnings provide limited coverage of interest expense. Review the underlying interest and operating-income figures because weak coverage can increase refinancing and liquidity risk.
Free cash flow is negative
The latest reported period did not generate positive free cash flow. Check whether the cash use reflects development investment, working capital or continuing operating losses.
Cash covers less than 20% of total debt
Cash on hand is small relative to reported debt. Compare unrestricted cash, debt maturities and expected financing needs rather than treating the ratio alone as a default prediction.
Quarterly EPS turned negative at -0.00 versus 0.20 a year earlier.
Separate recurring operating losses from noncash or one-time charges, and check cash flow rather than interpreting negative EPS as a cash-outflow amount.
Quarterly net income turned from a profit to a loss versus the same quarter last year.
Identify the causes in the interim report and distinguish operating cash use from accounting charges. Prior profitability is not a guarantee of recovery.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
44
Weak
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
48
Weak
Financial Strength
36
Business Quality / Moat
47
Management
34
Growth Quality
83
Risk / Durability
66
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
52
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
49/100
Building Historical Record
Model Score 49/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently cautious.
- •Asset quality scores strongly
- •Valuation scores attractively
- •Recent buyback activity is present
- •High debt risk
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
Company-specific research
Questions worth answering for CGBD
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can CGBD maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •How long can CGBD fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •Is CGBD's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •Is CGBD's valuation discount tied to a temporary concern or to a longer-term business risk?
- •What does the current fundamental change risk warning mean for the reliability or interpretation of CGBD's score?
Essential Investment Snapshot
Wall Street Score
44
Opportunity Score
52
Market Cap
$743.8M
P/E Ratio
21.0
EPS
$0.51
52-Week High
$13.28
52-Week Low
$9.95
Beta
0.71
Intrinsic Value
$17.15
Analyst Target
$11.00
Shares Outstanding
69.0M
Total Revenue
$238.3M
Total Debt
$1.30B
Dividend Yield (TTM)
13.88%
Liquidation Value / Share
$15.64
Dividend / Share (TTM)
$1.50
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for CGBD
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
High debt risk
Total debt is at least one year of revenue • Interest coverage is below 2x • Free cash flow is negative • Cash covers less than 20% of total debt
Community Sentiment
0 active · 0 total callsNo personal call yet on CGBD.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Access to the Carlyle Group's global investment platform and origination capabilities.
Potential downside factors
- −Debt risk (high): Total debt is at least one year of revenue.
- −Interest coverage is below 2x.
- −Free cash flow is negative.
- −Cash covers less than 20% of total debt.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
5 historical score records availablePrevious Score
42
Sep 14, 2026
Change
+2.0
points
Current Score
44
Oct 1, 2026
Category Changes
CGBD increased 2 points because Capital improved by 2 points, Moat improved by 2 points, Valuation improved by 7.4 points.
Positive Contributors
- + Capital improved by 2 points
- + Moat improved by 2 points
- + Valuation improved by 7.4 points
Projected Score
Projected Score
38
Projected Change
-6.2 points
Preliminary comparable-period financial changes suggest decline of approximately 6.2 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
UndervaluedCurrent Price
$10.81
Model Intrinsic Value
$17.15
Difference
−$6.34
-37.0% vs IV
Margin of Safety
37.0%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $238.3M | $197.8M | $167.8M | $172.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $46.3M | $57.6M | $68.5M | $71.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $192.1M | $140.2M | $99.3M | $101.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $8.6M | $8.4M | $7.6M | $6.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $89.5M | -$30.2M | $7.6M | $6.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $110.5M | $165.3M | $95.2M | $94.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $102.5M | $170.5M | $91.7M | $94.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $90.8M | $88.1M | $68.5M | $71.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $39.0M | $71.9M | $91.7M | $94.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $2.0M | $1.9M | $2.7M | $2.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $37.0M | $70.0M | $89.0M | $92.3M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $0.51 | $1.02 | $1.68 | $1.75 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 70.91M | 67.72M | 50.83M | 54.18M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 70.91M | 69.04M | 56.47M | 56.31M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$60.3M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$0.00
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-0.5%
Cash Change
-9.6%
Margin Change
-37.6 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Debt reduced
What Weakened
- Margins contracted
- Cash position declined
Potential Score Impact
Positive indicators included revenue growth, debt levels. Pressure indicators included EPS growth, cash levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 54.3%. EPS declined 100.4%. Cash declined 9.6%. Total debt declined 0.5%. Net income margin declined by 37.6 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
5 historical recordsHistorical Score Chart
3 of 5 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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News
Head-To-Head Contrast: Carlyle Secured Lending (NASDAQ:CGBD) versus MSC Income Fund (NYSE:MSIF)
Carlyle Secured Lending, Inc. (NASDAQ:CGBD) Shareholders to Get $0.35 Quarterly Dividend
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Rumor Mill · CGBD
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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