# Carlyle Secured Lending, Inc. (CGBD)

> Source: Nexqual · https://nexqual.com/CGBD · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Carlyle Secured Lending, Inc. (CGBD), nexqual.com/CGBD" · informational, not investment advice.

**Price:** USD 10.57 (+0.76% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 10.49 · day 10.44–10.58 · 52w 9.95–13.28 · market cap $727M · NMS

## Key facts
- Valuation: P/E 19.7x (avg 10.9x at the last 3 fiscal year-ends), net debt $1.24B.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $274K; 3 not under a Rule 10b5-1 plan ($274K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.88 on a 1–5 scale) (8 analysts), mean target USD 12.21 (range 10.5–14).
- Total return with dividends: 1Y -5.6% vs S&P 500 +13.6%; 5Y +36.4% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 0.36, revenue estimate $63.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $160M | $85.6M | $92.3M | $89.0M | $70.0M | $37.0M |
| EPS (diluted) | $2.69 | $1.49 | $1.64 | $1.58 | $1.01 | — |
| Cash + short-term investments | $93.1M | $30.5M | $60.4M | $56.6M | $76.5M | — |
| Total debt | $1.04B | $1.08B | $980M | $961M | $1.53B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.7x · P/B 0.7x · Earnings yield 5.09% · Dividend yield (paid, TTM) 15.84% · Net debt $1.24B · EV $1.97B
P/E at fiscal year-ends: Dec 2025 12.3x, Dec 2024 11.4x, Dec 2023 9.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-12 | Nestor John G. | Director | 16,812 | $188K | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-01 | Nestor John G. | Director | 1,617 | $18K | 37.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-15 | Nestor John G. | Director | 6,055 | $68K | 26.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.88 on a 1–5 scale), 8 analysts; mean target USD 12.21 (low 10.5, high 14).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $12 → $11 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -5.6% | +36.4% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -5.6% | +6.4% |
| Volatility (annualized) | 24.0% | 21.9% |
| Max drawdown | -17.3% (Jan 2026→Mar 2026) | -35.0% (Jan 2025→Jul 2026) |

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.2 +0.39% · PDI (PIMCO Dynamic Income Fund) USD 14.1 +0.21% · VCTR (Victory Capital Holdings, Inc. ) USD 111.87 +1.12% · AMG (Affiliated Managers Group, Inc.) USD 393.24 +0.32% · SEIC (SEI Investments Company) USD 103.2 +0.31% · IVZ (Invesco Ltd) USD 28.68 +0.88%

## More
Full page: https://nexqual.com/CGBD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CGBD's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1544206/000154420626000013/csl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Street Partners and Carlyle Credit Solutions | "•the term "Structured Credit Partners" refers to Structured Credit Partners JV, LLC, the joint venture with Sixth Street Partners and Carlyle Credit Solutions Inc. ("CARS"), in which we own 25% of the voting interests; a…" |
| Partner | Sixth Street Specialty Lending, Inc. (TSLX) | "In December 2025, we, together with Carlyle Credit Solutions, Inc. ("CARS"), an affiliated BDC, and certain affiliates of Sixth Street Partners, LLC, Sixth Street Lending Partners and Sixth Street Specialty Lending, Inc.…" |
| Partner | Structured Credit Partners JV | "•the term "Structured Credit Partners" refers to Structured Credit Partners JV, LLC, the joint venture with Sixth Street Partners and Carlyle Credit Solutions Inc. ("CARS"), in which we own 25% of the voting interests; a…" |
| Partner | Sixth Street Partners | "•the term "Structured Credit Partners" refers to Structured Credit Partners JV, LLC, the joint venture with Sixth Street Partners and Carlyle Credit Solutions Inc. ("CARS"), in which we own 25% of the voting interests; a…" |
| Partner | Cliffwater | "Additionally, in November 2020, we and Cliffwater Corporate Lending Fund ("CCLF"), an investment vehicle managed by Cliffwater LLC, agreed to co-invest through Credit Fund II, a joint venture primarily focused on investi…" |
| Partner | Sixth Amended and Restated | "•On February 11, 2026, we, together with Credit Partners, entered into a second amendment to the Sixth Amended and Restated Limited Liability Company Agreement." |
| Partner | Morgan Stanley Capital Services | "In November 2023, in connection with the issuance of the 2028 Notes, we entered into a five-year interest rate swap agreement with Morgan Stanley Capital Services LLC ("Morgan Stanley") to mitigate the exposure to advers…" |

Other companies that name CGBD in their own reports (relationship from CGBD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Sixth Street Specialty Lending, Inc. (TSLX) | 10-K 2026-02-12 | "SCP will be initially capitalized with $600.0 million of aggregate capital commitments from Sixth Street Specialty Lending, Inc., Sixth Street Lending Partners, Carlyle Secured Lending, Inc. and Carly…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.36 | $0.33 | +10.3% | $63.4M | 8 |
| Next quarter (ends 2026-12-31) | $0.36 | $0.34 | +7.2% | $64.0M | 8 |
| Current fiscal year (ends 2026-12-31) | $1.43 | $1.34 | +6.5% | $253.2M | 8 |
| Next fiscal year (ends 2027-12-31) | $1.45 | $1.40 | +3.9% | $258.9M | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±5.9%; last 8 reports averaged ±2.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 36.6% | ±5.9% |
| 2027-02-19 | 114 | 29.0% | ±10.9% |
| 2027-05-21 | 205 | 39.8% | ±15.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.35 | $0.31 | Beat +12.9% | +7.2% |
| May 11, 2026 | Quarter ended Mar 31, 2026 | $0.36 | $0.35 | Beat +2.9% | -2.3% |
| Feb 24, 2026 | Quarter ended Dec 31, 2025 | $0.33 | $0.37 | Miss −10.8% | +2.4% |
| Nov 4, 2025 | Quarter ended Sep 30, 2025 | $0.37 | $0.39 | Miss −5.1% | -3.9% |
| Aug 5, 2025 | — | — | — | — | -0.8% |
| May 6, 2025 | — | — | — | — | -4.2% |
| Feb 25, 2025 | — | — | — | — | +0.5% |
| Nov 5, 2024 | — | — | — | — | -0.4% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-16 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1544206/000154420626000058/0001544206-26-000058-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1544206/000154420626000055/0001544206-26-000055-index.htm |
| 2026-08-06 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1544206/000154420626000056/0001544206-26-000056-index.htm |
| 2026-07-15 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1544206/000154420626000045/0001544206-26-000045-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.