Carlyle Secured Lending, Inc. (CGBD) Stock

Carlyle Secured Lending, Inc. (CGBD) is a Financial Services stock trading at $10.05 (as of 2026-07-24), with a market capitalization of $698.45M and a trailing P/E of 13.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

No SEC 10-K Item 1 “Business” text for Carlyle Secured Lending, Inc. (CGBD) was provided, and the only secondary description relates to a different company (TCG BDC, Inc.).

Understand Carlyle Secured Lending, Inc.: how it makes money

Carlyle Secured Lending, Inc. invests directly in middle market borrowers, focusing on first lien debt and senior secured loans (and also second lien, mezzanine debt, unsecured debt, and equity investments), and it makes money from returns on those financed investments.

Earnings are driven by how much new credit the platform closes and funds, and how well those portfolio investments perform, as reflected in non-accrual levels.

Business quality (Weak): The business model is clear and KPI-driven (deployment, credit performance), but the provided dataset does not include a segment revenue bridge or margin details, limiting deeper profitability analysis.

Valuation: At 16× earnings, CGBD trades 52% above the Asset Management average (10×). Note: one-time items can distort reported P/E.

Bull case

  • Deployment appears meaningful during the period: New and incremental commitments closed at the platform level were USD_B 1.2, and investments funded into new and existing borrowers at Carlyle Secured Lending were USD_B 0.38.
  • Portfolio is heavily weighted to senior secured loans: Senior Secured Loans as a Percentage of Investments was 94.0%.
  • Credit performance signal looks relatively low in the quarter: Non-Accruals as a Percentage of Investments at Fair Value were 0.9%.

Bear case

  • Income depends on ongoing funding activity and follow-through: The KPI set highlights commitments and funded investments, so weaker conversion from commitments to funded activity can reduce investment activity.
  • Credit outcomes can change, and non-accruals are a key risk: Non-Accruals were 0.9% at fair value, but any deterioration would directly pressure the investment portfolio.
  • The strategy includes higher risk positions beyond first lien loans: The fund invests not only in first lien and senior secured loans, but also in second lien senior secured loans, unsecured debt, mezzanine debt, and equity.
Valuation — source: SEC EDGAR (first-party)
Price$10.05
Market Cap$698.45M
P/E Ratio13.5
Price / Book0.63
Price / Sales2.64
DCF Value (model)$9.91
DCF Upside vs Price-1.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$255.57M
Net Margin27.4%
Revenue Growth (YoY)16.8%
EPS Growth (YoY)-124.0%
Valuation vs Sector & Industry
Stock P/E13.5
Sector P/E (Financial Services)8.9
Industry P/E (Asset Management)8.9
vs Sector51.8%
vs Industry51.4%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderCreative Planning ($35.36M)
Institutional Holders Tracked10
Company
SectorFinancial Services
IndustryAsset Management
CEOThomas Hennigan
Employees2,300
CountryUS
IPO Date2017-06-14

Related Companies (Business model: Closed-End Fund; 8 closest by market cap; US-domiciled)

  • MidCap Financial Investment Corporation (MFIC)
  • RoboStrategy, Inc. (BOT)
  • Fidus Investment Corporation (FDUS)
  • SLR Investment Corp. (SLRC)
  • PennantPark Floating Rate Capital Ltd. (PFLT)
  • LightPath Technologies, Inc. (LPTH)
  • New Mountain Finance Corporation (NMFC)
  • Gladstone Investment Corporation (GAIN)
CGBD earnings history · CGBD institutional & insider holders · CGBD KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.