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Carlyle Secured Lending, Inc.

CGBD Financial Asset Management

Carlyle Secured Lending, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $255.6 million, up 9.88% from fiscal 2024.

Revenue
−4.97%
EPS
+4.70%
Free cash flow
+7.08%
Total debt
+0.15%

Quarter to September 2026, against a year earlier

10.85 0.19 −1.72%
Market cap
$749.3M
P/E
20.7×
Fwd P/E
16.5×
Dividend yield
13.8%
F-score
1/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.78%

Capital & Financial Ratios $m

Size
Market Cap 749.28
Revenue ttm 256.28
Net income ttm 36.88
Free cash flow ttm 168.97
Net debt Q 1,218.13
Valuation
P/E 20.68
Forward P/E 16.50
Price / sales 2.91
Forward P/S Powerpack
Price / FCF 4.42
Price / book 0.70
Financial health
Current ratio Q 0.00
Debt / equity Q 1.22
Interest coverage Q 2.16
Growth
Revenue growth Q −4.97% (below 0%: shrinking)
Operating income growth Q −7.10% (below 0%: shrinking)
EPS, this year −7.14% (below 0%: weak)
EPS, next year A +1.75%
Revenue, next year A −0.93% (below 0%: weak)
EPS, past 5 yrs +66.05% (at or above 15%: strong)
EPS, next 5 yrs A −3.76% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 89.32%
10-year low 10-year high
P/S against its own 10 years 10.50%
10-year low 10-year high
P/B against its own 10 years 15.07%
10-year low 10-year high

Dividends

Yield
13.8%
Annual rate
1.50
Payout ratio
294.6%
Growth, 2017–25
−0.31%/yr
  1. 1.23 ’17
  2. 1.11 ’18 −10
  3. 1.64 ’19 +48
  4. 1.47 ’20 −10
  5. 1.50 ’21 +2
  6. 0.74 ’22 −51
  7. 1.76 ’23 +138
  8. 1.42 ’24 −19
  9. 1.20 ’25 −15
  10. 1.46 ’26e +21
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 60 57 76 91
Receivables — — — —
Inventory — — — —
Other — — — —
60 57 76 91
2023 2024 2025 Q'26
Payables 47 48 85 58
ST’ Debt — — — —
Other — — — —
50 53 90 62

Compound Annual Growth %

10y 5y 3y
Sales 13.96% 7.01% 7.23%
Cash Flow 0.00% 0.00% 0.00%
Earnings 13.99% 72.30% (5.58%)
Book Value 7.40% 5.31% 8.36%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.32 Actual 0.35

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.39 0.38 Miss by 0.01
Q4 FY25 0.38 0.33 Miss by 0.05
Q1 FY26 0.35 0.36 Beat by 0.01
Q2 FY26 0.32 0.35 Beat by 0.03
Q3 FY26 0.37 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.06) 0.00 — — —
’25 0.25 0.20 0.33 0.24 1.01
’24 0.52 0.35 0.35 0.40 1.58
’23 0.50 0.08 0.54 0.53 1.64
’22 0.53 0.07 0.71 0.23 1.49
’21 0.60 0.72 0.80 0.58 2.69
’20 (2.12) 0.94 0.55 0.62 0.08
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 64 62 63 — —
’25 55 67 67 67 256
’24 62 58 56 56 233
’23 58 60 61 63 242
’22 48 45 59 56 207
’21 41 43 44 44 171
’20 51 45 43 44 182
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 212 74 36 — —
’25 146 (231) 34 (153) (205)
’24 81 71 63 (111) 104
’23 26 92 57 56 231
’22 51 (89) 72 (20) 15
’21 32 (2) (49) 94 75
’20 (10) 162 (7) 160 305
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 212 74 36 — —
’25 146 (231) 34 (153) (205)
’24 81 71 63 (111) 104
’23 26 92 57 56 231
’22 51 (89) 72 (20) 15
’21 32 (2) (49) 94 75
’20 (10) 162 (7) 160 305
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 111 165 208 221 182 171 207 242 233 256 256 +9.7% 253 259 240 (2.0%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 70 84 39 61 7 160 86 92 89 70 37 0.0%
EBT margin, % 62.91 51.03 18.85 27.71 3.75 93.64 41.32 38.19 38.26 27.38 14.39 (35.5) pt
Net income 70 84 39 61 7 160 86 92 89 70 37 0.0%
Per share, $
Per share, $ Revenue 3.07 3.11 3.32 3.68 3.23 3.16 3.98 4.75 4.58 3.77 3.72 +2.3%
Earnings 1.93 1.59 0.63 1.02 0.08 2.89 1.58 1.75 1.68 1.02 0.52 (6.8%)
Cash flow (8.70) (7.28) 0.46 (1.53) 5.41 1.39 0.28 4.54 2.05 (3.02) 2.46 (11.1%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow (8.70) (7.28) 0.46 (1.53) 5.41 1.39 0.28 4.54 2.05 (3.02) 2.46 (11.1%)
Book value 21.14 21.27 17.00 15.89 15.98 17.49 17.60 17.96 17.81 17.24 15.60 (2.2%)
Shares, m 36 53 63 60 56 54 52 51 51 68 69 +7.2%
Valuation, ×
Valuation, × P/E 7.53 11.70 19.68 13.12 93.27 4.72 9.28 8.51 10.67 12.25 20.68 19.1
P/S 6.19 5.94 3.74 3.64 3.18 4.35 3.66 3.13 3.92 3.31 2.91 4.1
P/B 0.99 0.87 0.73 0.84 0.68 0.83 0.88 0.88 1.07 0.72 0.70 0.8
EV/Sales 11.25 10.80 7.95 8.80 8.21 9.90 8.71 6.94 7.81 9.00 — 8.9
EV/FCF (7.34) (4.62) 57.26 (21.18) 4.90 22.48 124.45 7.27 17.42 (11.25) — 18.9
Cash, $m
Cash, $m Operating cash flow (315) (386) 29 (92) 305 75 15 231 104 (205) 169 (4.7%)
Capex — — — — — — — — — — — —
Free cash flow (315) (386) 29 (92) 305 75 15 231 104 (205) 169 (4.7%)
Balance, $m
Balance, $m Working capital 5 (28) 26 (16) 31 (989) (17) 11 4 (14) 91 n/m
Net debt 654 802 873 1,141 916 951 1,047 920 904 1,455 1,218 +9.3%
Shareholders’ equity 764 1,127 1,063 956 901 949 917 913 905 1,167 1,073 +4.8%
Returns, %
Returns, % ROA 5.38 4.80 1.91 2.87 0.22 7.93 4.03 4.46 4.42 2.93 1.47 (2.4) pt
ROIC 2.63 2.99 3.51 3.22 3.07 2.88 3.37 3.83 3.73 2.45 2.73 (0.2) pt
ROE 10.45 8.90 3.57 6.07 0.50 17.92 9.30 10.26 9.95 6.84 3.26 (3.6) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Carlyle Secured Lending, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MFIC MidCap Financial Investment Corporation $846.0M — (loss-making) 56.7× −24.94% (below 0%: shrinking) n/m +21.89% (above 0%: growing) 100.00% 0.00% Compare
KBDC Kayne Anderson BDC, Inc. $841.3M 15.2× 10.9× −2.78% (below 0%: shrinking) −71.43% (below 0%: shrinking) +221.15% (above 0%: growing) 86.61% 84.68% Compare
VRTS Virtus Investment Partners, Inc. $827.0M 7.0× — (loss-making) −4.35% (below 0%: shrinking) +9.87% (above 0%: growing) −24.42% (below 0%: shrinking) 100.00% 13.57% Compare
FDUS Fidus Investment Corporation $775.5M 9.4× 9.4× +23.25% (above 0%: growing) −3.24% (below 0%: shrinking) +118.22% (above 0%: growing) 100.00% 71.60% Compare
CGBD Carlyle Secured Lending, Inc. $749.3M 20.7× 16.5× −4.97% (below 0%: shrinking) n/m +7.08% (above 0%: growing) 100.00% 0.00%
PSEC Prospect Capital Corporation $739.3M — (loss-making) 4.2× −3.73% (below 0%: shrinking) n/m +36.81% (above 0%: growing) 74.32% 70.51% Compare
BCSF Bain Capital Specialty Finance, Inc. $724.6M 11.3× 10.3× −12.14% (below 0%: shrinking) −40.54% (below 0%: shrinking) +10,857.59% (above 0%: growing) 100.00% 80.20% Compare
PFLT PennantPark Floating Rate Capital Ltd. $677.7M 13.4× 11.7× +4.07% (above 0%: growing) −57.89% (below 0%: shrinking) +392.80% (above 0%: growing) 100.00% 77.14% Compare
NMFC New Mountain Finance Corporation $661.2M — (loss-making) 39.1× −30.93% (below 0%: shrinking) −64.00% (below 0%: shrinking) −46.09% (below 0%: shrinking) 100.00% 0.00% Compare
Median of peers $757.4M 11.3× 10.9× −4.04% −49.21% +77.52% 100.00% 71.06%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together 0.35%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Carlyle Secured Lending, Inc. (CGBD) Latest News

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stockrow.com/CGBD · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com