Carlyle Secured Lending (CGBD)
Provides secured debt financing to sponsor-backed U.S. middle-market companies.
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Provides secured debt financing to sponsor-backed U.S. middle-market companies, with current income as its principal objective. An external Carlyle adviser manages the BDC’s investments and day-to-day investment work.
Builds a portfolio of primarily secured debt investments in sponsor-backed U.S. middle-market companies, seeking current income and, to a lesser extent, capital appreciation. Its core focus is direct lending, with complementary strategies drawn from Carlyle Global Credit capabilities.
The externally managed BDC relies on Carlyle Global Credit Investment Management to originate and manage investments, while its administrator and Carlyle Employee Co. supply finance, operations, legal, compliance and administrative support. The board retains ultimate authority and supervises the adviser. It is a closed-end, non-diversified management investment company that has elected regulated investment company treatment for U.S. tax purposes.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 13, 2026 | Wells Fargo | Reiterate | Rating: —Target: $15 | Target: $12 |
| Oct 7, 2025 | Raymond James | Target | Target: — | Target: $15 |
| Oct 1, 2025 | JP Morgan | Upgrade | ||
| Jul 25, 2025 | Wells Fargo | Upgrade | Target: $16 | Target: $15 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $25.9M · Total debt $1.30B · Total assets $2.44B · Shareholders' equity $1.08B
- Revenue
- $60.3M
- Operating income
- $19.9M
- Net income
- −$60.0K
HistoryDividendAnnual yieldUpcoming
| Institutions | 38.49% | 26.48M shares | |
|---|---|---|---|
| 145 holders · as of Jun 30, 2026 | |||
| Insiders | 5.35% | 3.68M shares | |
| 11 holders · as of Aug 17, 2026 | |||
| Other | 56.16% | 38.64M shares | |
| remainder | |||
68.80M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
State of Connecticut acting through its Treasurer as TrusteeInsider | 4.75% | 3.27M | filed Feb 14, 2019 |
Creative PlanningInstitution | 4.49% | 3.09M | as of Jun 30, 2026 |
Morgan StanleyInstitution | 4.07% | 2.80M | as of Jun 30, 2026 |
Van Eck Associates CorpInstitution | 2.54% | 1.75M | as of Jun 30, 2026 |
UBS Group AGInstitution | 2.03% | 1.40M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | John G. Nestor | director | −16,812 | $11.20 |
| Jun 1, 2026 | John G. Nestor | director | −1,617 | $10.97 |
| May 15, 2026 | John G. Nestor | director | −6,055 | $11.22 |
| Mar 20, 2026 | Francis Taylor | officer: Treasurer | +232 | $11.22 |
| Mar 9, 2026 | Alex Chi | director, officer: CEO | +9,000 | $10.79 |
- Ares Capital
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- FS KKR Capital
Customized credit provider for private U.S. middle-market companies
- Bain Capital Specialty Finance
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- Sixth Street Specialty Lending
Flexible, fully committed financier of U.S. middle-market companies
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Carlyle Secured Lending | $11.48 | −0.39% | $800.6M | 22.6 | 8.0 | 3.4 | −3.7% |
| Ares Capital | $19.37 | −0.35% | $13.96B | 14.4 | 10.1 | 6.0 | +32.6% |
| Blue Owl Capital | $11.20 | +0.04% | $5.55B | 20.0 | 8.7 | 3.9 | −20.8% |
| Golub Capital BDC | $12.56 | +0.08% | $3.27B | 22.8 | 9.8 | 4.6 | −14.2% |
| FS KKR Capital | $11.39 | −0.35% | $3.20B | — | 7.3 | 3.4 | +11.5% |
| Bain Capital Specialty Finance | $11.26 | +0.40% | $727.2M | 11.3 | 7.7 | 3.8 | −15.4% |
| Sixth Street Specialty Lending | $18.30 | +1.44% | $1.71B | 19.0 | 10.2 | 5.0 | −13.0% |
| Median | 19.0 | 9.2 | 4.3 | −13.6% |