Carlyle Secured Lending

CGBD

Market cap $999M

Overview Fund Activity

13.70 USD

-0.04

0.29%

At close Updated Sep 12, 4:00 PM EDT

1 day

-0.29%

5 days

-0.65%

1 month

-1.3%

3 months

-2.7%

6 months

-18.11%

Year to date

-24.31%

1 year

-19.22%

5 years

45.59%

10 years

-24.35%

About: Carlyle Secured Lending Inc is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. It focuses on providing directly originated, financing solutions across the capital structure, with a focus on senior secured lending to middle-market companies located in the United States. The company's investment objective is to generate current income and capital appreciation through debt investments in U.S. middle-market companies.

Financials Asset Management

0

Funds holding %

of 7,462 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

254% more first-time investments, than exits

New positions opened: 46 | Existing positions closed: 13

169% more call options, than puts

Call options by funds: $1.2M | Put options by funds: $445K

74% more repeat investments, than reductions

Existing positions increased: 47 | Existing positions reduced: 27

25% more funds holding

Funds holding: 118 [Q1] → 147 (+29) [Q2]

17% more capital invested

Capital invested by funds: $298M [Q1] → $348M (+$49.9M) [Q2]

1.37% less ownership

Funds ownership: 36.16% [Q1] → 34.79% (-1.37%) [Q2]

100% less funds holding in top 10

Funds holding in top 10: 1 [Q1] → 0 (-1) [Q2]

See Fund Rankings

Research analyst outlook

2 Wall Street Analysts provided 1 year price targets over the past 3 months

Low target

$14.5

6% upside

Avg. target

$14.75

8% upside

High target

$15

9% upside

2 analyst ratings

1 positive

50%

1 neutral

50%

0 negative

0%

B. Riley Securities Bryce Rowe	$14.5	Neutral Maintained	11 Aug 2025
Wells Fargo Finian O'Shea	$15	Overweight Upgraded	25 Jul 2025

See Analyst Rankings

Financial journalist opinion

Based on 3 articles about CGBD published over the past 30 days

Carlyle Secured Lending: A Dip, Discount To NAV, And 11.6% Dividend Yield

Carlyle Secured Lending offers an 11.6% dividend yield, but recent cuts to special dividends and NII declines pressure the payout's sustainability. Shares trade at a 16% discount to NAV, reflecting investor concerns over dividend coverage and declining book value. Record second-quarter originations and a shift toward first lien debt support future growth, but yield compression forms headwinds for CGBD.

Carlyle Secured Lending: A Dip, Discount To NAV, And 11.6% Dividend Yield

Carlyle Secured Lending: Thesis Has Played Out, But Macro Uncertainty Is A Real Risk (Rating Downgrade)

Carlyle Secured Lending shows improved portfolio quality, defensive positioning, and merger synergies, but macro uncertainty clouds the near-term outlook. Despite attractive valuation and 11.4% yield, declining dividend coverage and potential rate cuts prompt me to downgrade from buy to hold. Balance sheet strength and increased first-lien exposure provide resilience, yet tighter spreads and economic risks warrant caution.

Carlyle Secured Lending: Thesis Has Played Out, But Macro Uncertainty Is A Real Risk (Rating Downgrade)

BDC Weekly Review: Keep An Eye On Valuation-Adjusted Performance

We take a look at the action in business development companies through the third week of August and highlight some of the key themes we are watching. BDCs remain attractive due to sector-wide valuations that are well below historic averages, providing a margin of safety and boosting earnings yield for investors. Valuation-adjusted total NAV return is a key metric—investors should focus on returns relative to valuation, not just headline numbers or wide discounts.

BDC Weekly Review: Keep An Eye On Valuation-Adjusted Performance

Carlyle Secured Lending Inc. (CGBD) Q2 2025 Earnings Call Transcript

Carlyle Secured Lending Inc. (NASDAQ:CGBD ) Q2 2025 Earnings Conference Call August 6, 2025 11:00 AM ET Company Participants Justin V. Plouffe - CEO, President & Interested Director Nishil Mehta - MD & Portfolio Manager Thomas M.

Carlyle Secured Lending Inc. (CGBD) Q2 2025 Earnings Call Transcript

Zacks Investment Research

Carlyle Secured Lending, Inc. (CGBD) Matches Q2 Earnings Estimates

Carlyle Secured Lending, Inc. (CGBD) came out with quarterly earnings of $0.39 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.51 per share a year ago.

Carlyle Secured Lending, Inc. (CGBD) Matches Q2 Earnings Estimates

Carlyle Secured Lending, Inc. Announces Financial Results For Second Quarter Ended June 30, 2025, Declares Third Quarter 2025 Dividend of $0.40 Per Common Share

NEW YORK, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its second quarter ended June 30, 2025. Justin Plouffe, CGBD's Chief Executive Officer, said, “Despite market uncertainty, the second quarter was another record quarter of originations for both CGBD and the broader Carlyle Direct Lending platform. With CGBD net financial leverage at the mid-point of our target range, we remain well positioned to benefit from the expected pickup in deal volume in the second half of the year. Although spreads in the overall market remain historically tight, we continue to be dynamic in our origination strategies and disciplined in our underwriting approach, providing consistent credit performance and core middle market exposure.”

Carlyle Secured Lending, Inc. Announces Financial Results For Second Quarter Ended June 30, 2025, Declares Third Quarter 2025 Dividend of $0.40 Per Common Share

Zacks Investment Research

Carlyle Secured Lending, Inc. (CGBD) Expected to Beat Earnings Estimates: Can the Stock Move Higher?

Carlyle Secured Lending (CGBD) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Carlyle Secured Lending, Inc. (CGBD) Expected to Beat Earnings Estimates: Can the Stock Move Higher?

Carlyle Secured Lending, Inc. Schedules Earnings Release and Quarterly Earnings Call to Discuss its Financial Results for the Second Quarter Ended June 30, 2025

NEW YORK, July 15, 2025 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (“Carlyle Secured Lending”) (NASDAQ: CGBD) will host a conference call at 11:00 a.m. EST on Wednesday, August 6, 2025 to announce its financial results for the second quarter ended June 30, 2025. The Company will report its quarterly financial results on Tuesday, August 5, 2025.

Carlyle Secured Lending, Inc. Schedules Earnings Release and Quarterly Earnings Call to Discuss its Financial Results for the Second Quarter Ended June 30, 2025

Carlyle Secured Lending: No Margin Of Safety (Rating Downgrade)

Carlyle Secured Lending's portfolio quality deteriorated in 1Q25, with non-accruals rising and net investment income dropping 25% year-over-year. The dividend payout ratio hit 100% (112.5% including supplemental), erasing the margin of safety and making the 12% yield unsustainable. The Company trades at a 17% discount to NAV, reflecting market concerns about credit quality and dividend sustainability; a dividend cut appears likely.

Carlyle Secured Lending: No Margin Of Safety (Rating Downgrade)

BDC Misconceptions Setting Investors Up For Failure

BDCs face a number of misconceptions in the commentariat having to do with earnings, dividend coverage, and more. Short-term rates are still attractive, BDC valuations are reasonable, and portfolio quality has improved; floating-rate assets remain compelling even at lower levels. Investors should focus on rigorous analysis, valuations, and NII yield, not simplistic headlines or price momentum.

BDC Misconceptions Setting Investors Up For Failure

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