Carlyle Secured Lending, Inc.

Listed Company

CGBDCIK 0001544206NasdaqLarge AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$69.97M

Total Assets

$2.79B

Equity

$1.17B

Shares Out

70.68M

Op. Cash Flow

$-204.56M

Business

Carlyle Secured Lending, Inc. is a closed-end specialty finance company that operates as a business development company (BDC) focused on generating current income and some capital appreciation through private credit investing. It primarily originates and invests in secured debt instruments, including first lien senior secured loans, unitranche and last-out financings, second lien debt, subordinated debt, equity co-investments and structured products. The company’s investment activities are managed by an Investment Adviser within Carlyle’s Global Credit platform and supported by an Administrator and sub-administrators. Carlyle Secured Lending targets U.S. middle market companies, often private equity-sponsored, while opportunistically investing in select non-U.S. borrowers and deploying capital through direct origination, strategic co-investment vehicles and joint ventures.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
PIK income	23	21	20	23	9
Other income	5	5	5	8	6
Total investment income	256	233	242	207	171
Base management fees (Note 4)	35	27	29	29	28
Incentive fees (Note 4)	21	22	23	21	18
Professional fees	4	3	3	3	3
Administrative service fees (Note 4)	2	2	1	2	1
Interest expense and credit facility fees (Note 9)	88	68	72	44	31
Directors fees and expenses	735,000	601,000	444,000	640,000	561,000
Other general and administrative	3	2	2	2	2
Total expenses	153	125	129	101	84
Net investment income (loss) before taxes	103	108	112	106	88
Excise tax expense	2	3	2	2	782,000
Net investment income (loss)	101	105	110	104	87
Net realized gain (loss) on investments	−58	−38	−21	965,000	19
Net realized currency gain (loss) on non-investment assets and liabilities	−815,000	−1	385,000	−442,000	−177,000
Net realized gain (loss) on forward currency contracts	313,000	0	0	—	—
Net change in unrealized appreciation (depreciation) on investments	39	18	7	−26	53
Net change in unrealized currency gain (loss) on non-investment assets and liabilities	−10	3	−4	7	2
Net change in unrealized gain (loss) on forward currency contracts	−2	2	0	0	—
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	−31	−16	−18	−18	74
Net increase (decrease) in net assets resulting from operations	70	89	92	86	160
Preferred stock dividend	826,000	4	4	4	4
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	69	85	89	82	157
Basic (in dollars per share)	1.02	1.68	1.75	1.58	2.89
Diluted (in dollars per share)	1.01	1.58	1.64	1.49	2.69
Basic (in shares)	68	51	51	52	54
Diluted (in shares)	69	56	56	57	60

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-03-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Investments, at fair value	2,464	—	1,804	1,842	1,980
Cash, cash equivalents and restricted cash	76	—	57	60	31
Receivable for investments sold	215	—	25	36,000	2
Interest and dividend receivable	25	—	32	34	24
Derivative assets, at fair value (Note 8)	298,000	—	2	985,000	—
Prepaid expenses and other assets	10	—	6	6	6
Total assets	2,790	—	1,926	1,943	2,042
Debt and secured borrowings (Note 9)	1,531	—	961	980	1,077
Payable for investments purchased	22	—	1	0	287,000
Interest and credit facility fees payable (Note 9)	19	—	11	9	7
Dividend payable (Note 11)	29	—	23	22	22
Base management and incentive fees payable (Note 4)	14	—	12	—	—
Administrative service fees payable (Note 4)	1	—	885,000	3	2
Derivative liabilities, at fair value (Note 8)	1	—	7	0	—
Other accrued expenses and liabilities	5	—	5	3	3
Total liabilities	1,623	—	1,021	1,030	1,124
Commitments and contingencies (Notes 10 and 14)	—	—	—	—	—
Cumulative convertible preferred stock, $0.01 par value; 0 and 2,000,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	—	50	50	50
Common stock, $0.01 par value; 198,000,000 shares authorized; 71,807,190 and 50,906,262 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	718,000	—	509,000	508,000	511,000
Paid-in capital in excess of par value	1,364	—	1,014	1,016	1,022
Offering costs	−2	—	−2	−2	−2
Total distributable earnings (loss)	−196	—	−158	−152	−154
Total net assets	1,167	—	905	913	917
NET ASSETS PER COMMON SHARE (in dollars per share)	16.26	16.64	16.8	16.99	16.99

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs and debt issuance costs	5	3	1	1	1
Net accretion of discount on investments	−11	−11	−8	−10	−9
Paid-in-kind interest	−25	−23	−21	−26	−9
Cost of investments purchased and change in payable for investments purchased	−1,332	−454	−207	−635	−843
Proceeds from sales and repayments of investments and change in receivable for investments sold	998	483	362	578	849
Cash acquired in CSL III Merger	38	0	0	—	—
Cash acquired in Credit Fund II Purchase	6,000	0	0	—	—
Interest and dividend receivable	18	1	−10	−4	−461,000
Prepaid expenses and other assets	2	−784,000	111,000	−916,000	−668,000
Interest and credit facility fees payable	6	2	2	4	28,000
Base management and incentive fees payable	1	−1	386,000	862,000	270,000
Administrative service fees payable	316,000	−2	1	1	397,000
Other accrued expenses and liabilities	−11	9	−595,000	480,000	175,000
Net cash provided by (used in) operating activities	−205	104	231	15	75
Repurchase of common stock	−14	0	−4	−28	−28
Borrowings on Credit Facilities	1,372	491	167	372	419
Repayments of Credit Facilities	−1,238	−536	−350	−333	−358
Repayments of 2015-1R Notes	0	−449	0	0	—
Repayments of Senior Notes	−85	−190	0	0	—
Proceeds from issuance of 2015-1N Debt	0	380	0	0	—
Proceeds from issuance of Senior Notes	300	300	85	0	0
Deferred financing costs and debt issuance costs paid	−7	−8	−5	−1	−382,000
Proceeds from issuance of common stock from at the market offering, net of offering and underwriting costs	101,000	0	0	—	—
Dividends paid in cash	−104	−96	−93	−87	−84
Net cash provided by (used in) financing activities	224	−108	−201	−77	−51
Net increase (decrease) in cash, cash equivalents and restricted cash	20	−4	30	−63	25
Interest and credit facility fees paid during the year	77	64	68	38	29
Taxes, including excise tax, paid during the year	3	2	2	774,000	641,000
Dividends declared on preferred and common stock during the year	111	99	93	89	84
Dividends reinvested during the year	949,000	2	0	0	—
Common stock issued in Preferred Stock Exchange	50	0	0	—	—

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