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

69.50M

Op. Cash Flow

$-204.56M

CGBD$10.46−26.10% · past yearDBEQ Basic

Daily closing prices

Business

Carlyle Secured Lending, Inc. is a closed-end, externally managed BDC that generates current income primarily through direct origination of secured debt investments in U.S. middle market companies. The company invests in first lien senior secured loans, second lien senior secured loans, and opportunistically in higher-yielding investments including unsecured debt, subordinated debt, and equity. It focuses on lending to private U.S. middle market companies, primarily those controlled by private equity sponsors, with investments broadly distributed across business services, healthcare & pharmaceuticals, software, consumer services, and other industries.

Summary from 10-K filed 2026-02-24

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	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro

Frequently asked questions

What is Carlyle Secured Lending, Inc.'s CIK number?

Carlyle Secured Lending, Inc.'s SEC CIK number is 0001544206 (1544206). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Carlyle Secured Lending, Inc.'s SEC filings?

All of Carlyle Secured Lending, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Carlyle Secured Lending, Inc. last report earnings?

Carlyle Secured Lending, Inc. (CGBD) most recently filed an earnings 8-K with the SEC on May 11, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001544206-26-000032). This is Carlyle Secured Lending, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Carlyle Secured Lending, Inc.'s most recent earnings 8-K?

Carlyle Secured Lending, Inc.'s latest earnings 8-K (Item 2.02) was filed May 11, 2026 under accession 0001544206-26-000032. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Carlyle Secured Lending, Inc.'s latest earnings 8-K →
Look up any company's CIK number →