Carlyle Secured Lending (CGBD) Financials

$11.52 -0.26 (-2.21%)

Closing price 04:00 PM Eastern

Extended Trading

$11.54 +0.03 (+0.22%)

As of 04:10 PM Eastern

Annual Income Statements for Carlyle Secured Lending

This table shows Carlyle Secured Lending's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	37	157	82	89	85	40
Consolidated Net Income / (Loss)	37	92	114	88	88	40
Net Income / (Loss) Continuing Operations	37	92	114	88	88	40
Total Pre-Tax Income	37	5.03	9.85	88	-17	40
Total Operating Income	55	111	148	179	169	61
Total Gross Profit	89	165	207	237	228	103
Total Revenue	89	165	207	237	228	103
Operating Revenue	89	165	207	237	228	103
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	34	54	59	58	59	42
Selling, General & Admin Expense	4.88	6.27	6.57	5.93	6.96	6.53
Other Operating Expenses / (Income)	29	47	53	52	52	35
Total Other Income / (Expense), net	-19	-106	-138	-91	-186	-21
Other Income / (Expense), net	-19	8.18	6.23	1.47	6.68	-21
Basic Earnings per Share	$0.08	$2.89	$1.58	$1.75	$1.68	$1.02
Weighted Average Basic Shares Outstanding	56.42M	54.24M	52.11M	50.82M	50.83M	67.72M
Weighted Average Diluted Shares Outstanding	56.42M	59.53M	57.48M	56.31M	56.47M	69.04M
Weighted Average Basic & Diluted Shares Outstanding	56.42M	-	101.64M	101.59M	50.96M	69.04M

This table shows Carlyle Secured Lending's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	14	29	19	28	18	19	20	12	15	24	-10
Consolidated Net Income / (Loss)	14	24	26	26	28	17	4.83	12	14	16	-1.93
Net Income / (Loss) Continuing Operations	14	24	26	26	28	17	4.83	12	14	16	-1.93
Total Pre-Tax Income	14	-2.73	49	-2.61	0.82	-8.33	16	12	15	-11	25
Total Operating Income	20	45	125	45	43	41	148	13	14	47	-14
Total Gross Profit	28	60	157	60	58	55	186	22	31	65	-16
Total Revenue	28	60	157	60	58	55	186	22	31	65	-16
Operating Revenue	28	60	157	60	58	55	186	22	31	65	-16
Total Operating Expenses	8.31	15	33	16	15	14	38	9.15	17	17	-1.34
Selling, General & Admin Expense	1.01	1.61	2.17	1.96	1.44	1.61	2.79	1.39	2.14	1.92	1.08
Other Operating Expenses / (Income)	7.29	14	31	14	13	13	36	7.76	15	15	-2.42
Total Other Income / (Expense), net	-5.59	-47	-71	-47	-43	-49	-116	-1.62	0.23	-58	39
Other Income / (Expense), net	-5.59	3.47	-25	3.45	0.16	-1.84	-45	-1.62	0.23	3.28	-23
Basic Earnings per Share	$0.08	$0.57	$0.57	$0.56	$0.35	$0.37	$0.40	$0.25	$0.20	$0.33	$0.24
Weighted Average Basic Shares Outstanding	50.79M	50.79M	50.82M	50.79M	50.79M	50.84M	50.83M	51.92M	72.90M	72.90M	67.72M
Weighted Average Diluted Shares Outstanding	50.79M	55.99M	56.31M	56.33M	56.37M	56.45M	56.47M	57.34M	72.90M	72.90M	69.04M
Weighted Average Basic & Diluted Shares Outstanding	50.79M	50.79M	101.59M	50.79M	50.85M	50.91M	50.96M	57.34M	72.90M	72.90M	69.04M

This table details how cash moves in and out of Carlyle Secured Lending's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	32	25	-63	30	-3.87	20
Net Cash From Operating Activities	305	75	15	231	104	-205
Net Cash From Continuing Operating Activities	305	75	15	231	104	-205
Net Income / (Loss) Continuing Operations	6.83	160	86	92	89	70
Consolidated Net Income / (Loss)	6.83	160	86	92	89	70
Depreciation Expense	20	-53	26	-7.08	-18	-39
Amortization Expense	-6.05	-8.04	-8.61	-7.15	-7.52	-5.58
Non-Cash Adjustments To Reconcile Net Income	287	-24	-88	152	42	-228
Changes in Operating Assets and Liabilities, net	-2.68	-0.49	-0.44	0.50	-0.85	-1.65
Net Cash From Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	-273	-51	-77	-201	-108	224
Net Cash From Continuing Financing Activities	-273	-51	-77	-201	-108	224
Repayment of Debt	-727	-358	-334	-355	-1,183	-1,330
Repurchase of Common Equity	-27	-28	-28	-3.99	0.00	-14
Payment of Dividends	-97	-84	-87	-93	-96	-104
Issuance of Debt	527	419	372	252	1,171	1,672
Issuance of Common Equity	-	-	-	0.00	0.00	0.10
Cash Interest Paid	33	29	38	68	64	77
Cash Income Taxes Paid	0.39	0.64	0.77	1.84	2.43	2.73

This table details how cash moves in and out of Carlyle Secured Lending's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	11	1.07	5.23	9.47	22	-24	-12	194	-202	3.05	24
Net Cash From Operating Activities	92	57	56	81	71	63	-111	146	-231	34	-153
Net Cash From Continuing Operating Activities	92	57	56	81	71	63	-111	146	-231	34	-153
Net Income / (Loss) Continuing Operations	4.71	30	30	29	19	20	21	14	15	24	17
Consolidated Net Income / (Loss)	4.71	30	30	29	19	20	21	14	15	24	17
Depreciation Expense	13	-0.32	-3.40	-18	12	-9.09	-3.42	-16	3.11	-12	-14
Amortization Expense	-1.63	-1.69	-2.26	-2.64	-2.47	-0.86	-1.55	-2.25	-2.45	-1.30	0.43
Non-Cash Adjustments To Reconcile Net Income	76	29	30	76	41	51	-125	148	-242	27	-162
Changes in Operating Assets and Liabilities, net	0.38	-0.06	2.25	-3.38	2.12	2.66	-2.26	2.05	-4.48	-3.97	4.74
Net Cash From Financing Activities	-81	-56	-51	-72	-49	-86	99	49	29	-31	177
Net Cash From Continuing Financing Activities	-81	-56	-51	-72	-49	-86	99	49	29	-31	177
Repayment of Debt	-88	-67	-170	-97	-91	-553	-441	-218	-190	-174	-749
Payment of Dividends	-23	-23	-23	-23	-25	-24	-24	-23	-23	-29	-29
Issuance of Debt	30	34	143	49	67	491	564	289	242	172	969
Cash Interest Paid	17	18	17	18	14	17	15	22	16	28	11

This table presents Carlyle Secured Lending's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,031	2,042	1,943	1,926	2,790
Total Current Assets	4.55	5.76	5.50	6.17	10
Prepaid Expenses	4.55	5.76	5.50	6.17	10
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	298	56	277	299	336
Long-Term Investments	0.53	1.53	0.04	25	215
Other Noncurrent Operating Assets	297	55	277	274	121
Total Liabilities & Shareholders' Equity	2,031	2,042	1,943	1,926	2,790
Total Liabilities	1,083	1,124	1,030	1,021	1,623
Total Current Liabilities	23	26	25	35	35
Accrued Expenses	2.73	3.21	2.61	5.06	5.15
Dividends Payable	21	22	22	23	29
Other Current Liabilities	-	-	-	6.88	1.44
Total Noncurrent Liabilities	1,059	1,099	1,005	986	1,587
Long-Term Debt	1,046	1,084	989	972	1,550
Other Noncurrent Operating Liabilities	13	15	16	14	37
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	949	917	913	905	1,167
Total Preferred & Common Equity	949	917	913	905	1,167
Preferred Stock	50	50	50	50	0.00
Total Common Equity	899	867	863	855	1,167
Common Stock	1,053	1,023	1,016	1,015	1,365
Retained Earnings	-153	-154	-152	-158	-196
Other Equity Adjustments	-1.63	-1.63	-1.63	-1.63	-1.63

This table presents Carlyle Secured Lending's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	2,054	2,055	1,983	1,957	1,895	1,867	1,817	2,534	2,575	2,558
Total Current Assets	3.66	5.89	5.93	7.52	6.25	6.34	7.04	11	9.54	9.55
Prepaid Expenses	3.66	5.89	5.93	7.52	6.25	6.34	7.04	11	9.54	9.55
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	111	86	90	98	113	143	110	296	250	146
Long-Term Investments	-	6.91	1.40	0.00	0.07	9.64	1.16	0.64	151	48
Other Noncurrent Operating Assets	106	79	89	98	113	134	109	295	99	98
Total Liabilities & Shareholders' Equity	2,054	2,055	1,983	1,957	1,895	1,867	1,817	2,534	2,575	2,558
Total Liabilities	1,118	1,137	1,083	1,050	978	956	910	1,321	1,377	1,365
Total Current Liabilities	23	24	24	24	25	27	29	28	34	31
Accrued Expenses	2.87	1.45	2.07	2.14	0.18	2.91	5.19	4.95	5.05	1.43
Dividends Payable	21	22	22	22	24	24	24	23	29	29
Total Noncurrent Liabilities	1,095	1,113	1,059	1,026	954	929	881	1,294	1,343	1,335
Long-Term Debt	619	1,099	1,044	1,011	938	916	857	1,259	1,327	1,318
Other Noncurrent Operating Liabilities	476	14	14	15	16	13	24	34	16	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	936	918	900	906	917	911	907	1,212	1,198	1,193
Total Preferred & Common Equity	936	918	900	906	917	911	907	1,212	1,198	1,193
Preferred Stock	50	50	50	50	50	50	50	0.00	0.00	0.00
Total Common Equity	886	868	850	856	867	861	857	1,212	1,198	1,193
Common Stock	1,032	1,019	1,019	1,019	1,016	1,016	1,017	1,382	1,382	1,382
Retained Earnings	-145	-149	-167	-161	-148	-154	-159	-168	-182	-187
Other Equity Adjustments	-1.63	-1.63	-1.63	-1.63	-1.63	-1.63	-1.63	-1.63	-1.63	-1.63

This table displays calculated financial ratios and metrics derived from Carlyle Secured Lending's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	84.43%	21.03%	14.17%	-3.68%	-54.96%
EBITDA Growth	0.00%	58.98%	191.85%	-2.84%	-8.26%	-103.20%
EBIT Growth	0.00%	223.52%	29.18%	17.08%	-1.16%	-77.25%
NOPAT Growth	0.00%	100.53%	25.85%	21.02%	-4.09%	-48.67%
Net Income Growth	0.00%	148.98%	2.68%	-23.06%	-18.21%	-54.52%
EPS Growth	0.00%	0.00%	-44.61%	10.07%	-3.66%	0.00%
Operating Cash Flow Growth	0.00%	-75.28%	-80.76%	1,489.09%	-54.79%	-296.19%
Free Cash Flow Firm Growth	0.00%	0.00%	25.85%	-157.32%	518.00%	76.15%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	-69.26%	-65.44%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	28.69%	14.35%	-40.58%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	8.91%	2.12%	-105.40%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	15.59%	1.41%	-67.99%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	78.49%	15.51%	-48.56%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-16.54%	-22.95%	-8.08%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-88.70%	48.97%	-61.55%	-25.93%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	138.43%	96.23%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-2.06%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	41.29%	35.59%	82.61%	70.30%	66.96%	-4.67%
Operating Margin	62.05%	67.46%	71.41%	75.70%	75.38%	59.17%
EBIT Margin	41.29%	72.43%	74.42%	76.32%	78.31%	38.94%
Profit (Net Income) Margin	41.29%	55.74%	54.95%	37.03%	31.45%	38.94%
Tax Burden Percent	100.00%	1,827.00%	1,156.37%	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	4.21%	6.39%	48.53%	40.16%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	77.62%	0.00%	135.72%	99.57%	35.60%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	83.45%	0.00%	163.92%	113.16%	38.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-58.25%	0.00%	-116.52%	-91.68%	-31.74%
Return on Equity (ROE)	0.00%	19.37%	0.00%	19.20%	7.89%	3.86%
Cash Return on Invested Capital (CROIC)	0.00%	-122.38%	0.00%	-64.28%	205.53%	132.86%
Operating Return on Assets (OROA)	0.00%	5.88%	0.00%	9.30%	9.23%	1.70%
Return on Assets (ROA)	0.00%	4.52%	0.00%	4.51%	3.71%	1.70%
Return on Common Equity (ROCE)	0.00%	18.35%	0.00%	18.15%	7.45%	3.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.68%	0.00%	9.60%	7.92%	0.00%
Net Operating Profit after Tax (NOPAT)	55	111	148	179	172	61
NOPAT Margin	62.05%	67.46%	71.41%	75.70%	75.38%	59.17%
Net Nonoperating Expense Percent (NNEP)	0.00%	-5.84%	0.00%	-28.20%	-13.59%	-2.40%
Return On Investment Capital (ROIC_SIMPLE)	-	5.57%	-	9.42%	9.15%	2.24%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	5.46%	3.80%	3.17%	2.51%	3.05%	6.36%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.95%	32.54%	28.59%	24.30%	24.62%	40.83%
Earnings before Interest and Taxes (EBIT)	37	119	154	181	178	40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	37	59	171	166	153	-4.79
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.79	1.07	0.78
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.79	1.07	0.78
Price to Revenue (P/Rev)	0.00	0.00	2.82	2.88	4.00	8.87
Price to Earnings (P/E)	0.00	0.00	7.12	7.69	10.68	22.78
Dividend Yield	12.81%	7.54%	11.77%	11.02%	8.20%	13.21%
Earnings Yield	0.00%	0.00%	14.04%	13.01%	9.36%	4.39%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	6.52	23.53	25.63
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	7.27	8.38	21.88
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	10.35	12.51	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	9.53	10.70	56.18
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	9.61	11.11	36.98
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	7.46	18.31	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	5.38	9.91
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	1.10	0.00	1.08	1.07	1.33
Long-Term Debt to Equity	0.00	1.10	0.00	1.08	1.07	1.33
Financial Leverage	0.00	-0.70	0.00	-0.71	-0.81	-0.84
Leverage Ratio	0.00	2.14	0.00	2.13	2.13	2.28
Compound Leverage Factor	0.00	0.09	0.00	1.03	0.85	2.28
Debt to Total Capital	0.00%	52.45%	0.00%	52.00%	51.77%	57.04%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	52.45%	0.00%	52.00%	51.77%	57.04%
Preferred Equity to Total Capital	0.00%	2.51%	0.00%	2.63%	2.66%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	45.05%	0.00%	45.37%	45.56%	42.96%
Debt to EBITDA	0.00	17.84	0.00	5.94	6.37	-323.45
Net Debt to EBITDA	0.00	17.83	0.00	5.94	6.20	-278.64
Long-Term Debt to EBITDA	0.00	17.84	0.00	5.94	6.37	-323.45
Debt to NOPAT	0.00	9.41	0.00	5.52	5.66	25.52
Net Debt to NOPAT	0.00	9.41	0.00	5.52	5.51	21.99
Long-Term Debt to NOPAT	0.00	9.41	0.00	5.52	5.66	25.52
Altman Z-Score	0.00	0.00	0.00	0.70	0.83	0.31
Noncontrolling Interest Sharing Ratio	0.00%	5.27%	0.00%	5.48%	5.50%	2.41%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	0.19	0.00	0.22	0.22	0.28
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-175	148	-85	355	227
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-5.70	3.37	-1.18	5.18	0.00
Operating Cash Flow to Interest Expense	0.00	2.45	0.33	3.22	1.52	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	2.45	0.33	3.22	1.52	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.08	0.00	0.12	0.12	0.04
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	287	0.00	264	81	88
Invested Capital Turnover	0.00	1.15	0.00	1.79	1.32	0.60
Increase / (Decrease) in Invested Capital	0.00	287	0.00	264	-183	-166
Enterprise Value (EV)	0.00	0.00	0.00	1,721	1,909	2,246
Market Capitalization	0.00	0.00	585	682	913	911
Book Value per Share	$0.00	$16.57	$0.00	$16.99	$16.80	$16.01
Tangible Book Value per Share	$0.00	$16.57	$0.00	$16.99	$16.80	$16.01
Total Capital	0.00	1,995	0.00	1,902	1,877	2,718
Total Debt	0.00	1,046	0.00	989	972	1,550
Total Long-Term Debt	0.00	1,046	0.00	989	972	1,550
Net Debt	0.00	1,046	0.00	989	946	1,336
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-19	0.00	-19	-22	-25
Debt-free Net Working Capital (DFNWC)	0.00	-19	0.00	-19	-22	-25
Net Working Capital (NWC)	0.00	-19	0.00	-19	-22	-25
Net Nonoperating Expense (NNE)	19	19	34	91	100	21
Net Nonoperating Obligations (NNO)	0.00	-662	0.00	-649	-824	-1,080
Total Depreciation and Amortization (D&A)	0.00	-61	17	-14	-26	-45
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-11.46%	0.00%	-8.21%	-9.56%	-24.64%
Debt-free Net Working Capital to Revenue	0.00%	-11.46%	0.00%	-8.21%	-9.56%	-24.64%
Net Working Capital to Revenue	0.00%	-11.46%	0.00%	-8.21%	-9.56%	-24.64%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.58	$1.75	$1.68	$1.02
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	52.11M	50.82M	50.83M	67.72M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.49	$1.64	$1.58	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	57.48M	56.31M	56.47M	69.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	101.64M	101.59M	50.96M	69.04M
Normalized Net Operating Profit after Tax (NOPAT)	39	78	104	125	120	43
Normalized NOPAT Margin	43.43%	47.22%	49.99%	52.99%	52.77%	41.42%
Pre Tax Income Margin	41.29%	3.05%	4.75%	37.03%	31.45%	38.94%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	3.88	3.51	2.52	2.61	0.00
NOPAT to Interest Expense	0.00	3.62	3.37	2.50	2.51	0.00
EBIT Less CapEx to Interest Expense	0.00	3.88	3.51	2.52	2.61	0.00
NOPAT Less CapEx to Interest Expense	0.00	3.62	3.37	2.50	2.51	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	91.05%	76.23%	106.15%	133.94%	260.24%
Augmented Payout Ratio	0.00%	122.01%	101.22%	110.71%	133.94%	294.95%

This table displays calculated financial ratios and metrics derived from Carlyle Secured Lending's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	1.00%	50.43%	4.90%	109.39%	-8.05%	18.18%	-62.96%	-46.49%	17.97%	-128.67%
EBITDA Growth	56.68%	13.84%	16.85%	8.07%	115.23%	-37.13%	3.36%	-125.94%	-71.44%	29.53%	-225.69%
EBIT Growth	497.80%	-0.92%	32.20%	12.72%	213.43%	-19.05%	2.48%	-75.95%	-66.40%	30.42%	-181.69%
NOPAT Growth	299.18%	-27.60%	100.35%	3.83%	122.79%	-8.61%	18.51%	-57.80%	-67.66%	16.46%	-150.62%
Net Income Growth	0.00%	-31.59%	-39.87%	25.58%	98.84%	-32.11%	-81.54%	-55.34%	-48.40%	-2.90%	-110.81%
EPS Growth	0.00%	-18.18%	0.00%	4.00%	0.00%	-35.19%	0.00%	0.00%	-39.39%	-5.71%	0.00%
Operating Cash Flow Growth	203.93%	-20.75%	379.13%	216.95%	-22.29%	9.88%	-299.12%	79.99%	-422.99%	-46.24%	-37.90%
Free Cash Flow Firm Growth	0.00%	-203.36%	0.00%	92.14%	96.21%	107.02%	337.16%	-4,777.91%	2,348.70%	3.78%	293.25%
Invested Capital Growth	0.00%	124.16%	0.00%	49.44%	58.39%	-1.16%	-69.26%	158.16%	-29.09%	2.93%	-65.44%
Revenue Q/Q Growth	-51.53%	114.67%	160.11%	-61.73%	-3.26%	-5.73%	2,501.18%	-88.01%	39.77%	107.84%	-124.11%
EBITDA Q/Q Growth	-0.21%	84.59%	104.98%	-71.38%	98.73%	-46.08%	6,236.84%	-107.18%	318.83%	144.54%	-234.99%
EBIT Q/Q Growth	-67.28%	244.91%	108.18%	-52.02%	-9.02%	-10.92%	792.41%	-88.74%	27.12%	245.74%	-172.85%
NOPAT Q/Q Growth	-34.98%	59.81%	292.64%	-74.98%	39.52%	-34.45%	1,710.98%	-91.09%	6.92%	136.06%	-143.02%
Net Income Q/Q Growth	-32.31%	75.09%	8.01%	-1.33%	7.17%	-40.21%	-65.87%	138.71%	23.82%	12.51%	-111.98%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-36.54%	6.06%	8.57%	0.00%	0.00%	65.00%	0.00%
Operating Cash Flow Q/Q Growth	259.98%	-37.79%	-2.50%	45.15%	-11.74%	-12.03%	-276.70%	231.20%	-258.38%	114.64%	-553.23%
Free Cash Flow Firm Q/Q Growth	-49.65%	-616.08%	-539.14%	97.78%	27.79%	1,424.35%	3,705.53%	-145.58%	133.29%	-38.88%	394.85%
Invested Capital Q/Q Growth	12.99%	12.35%	0.00%	-60.77%	19.76%	-29.89%	0.00%	229.53%	-67.11%	1.77%	-2.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%
EBITDA Margin	89.62%	77.06%	59.96%	44.84%	92.11%	52.69%	52.44%	-31.41%	49.17%	57.85%	0.00%
Operating Margin	70.15%	74.61%	79.18%	73.94%	74.64%	74.15%	79.40%	58.98%	46.32%	73.20%	0.00%
EBIT Margin	50.05%	80.42%	63.55%	79.67%	74.92%	70.80%	55.11%	51.73%	47.05%	78.27%	0.00%
Profit (Net Income) Margin	50.05%	40.82%	16.64%	42.90%	47.53%	30.14%	2.60%	51.73%	45.83%	24.81%	0.00%
Tax Burden Percent	100.00%	-894.53%	52.92%	-990.00%	3,381.20%	-198.80%	30.32%	100.00%	97.41%	-149.36%	-7.85%
Interest Burden Percent	100.00%	-5.67%	49.48%	-5.44%	1.88%	-21.42%	15.56%	100.00%	100.00%	-21.22%	-66.41%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.59%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	141.96%	143.39%	199.13%	157.32%	104.88%	60.42%	69.35%	100.35%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	172.29%	144.03%	201.10%	158.78%	124.28%	60.61%	69.33%	102.13%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-122.47%	-130.46%	-178.62%	-143.46%	-100.69%	-50.05%	-62.36%	-93.55%	0.00%
Return on Equity (ROE)	0.00%	10.50%	19.49%	12.93%	20.51%	13.86%	4.20%	10.37%	6.99%	6.80%	0.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-64.28%	169.50%	157.19%	230.87%	205.53%	-12.60%	139.14%	130.95%	132.86%
Operating Return on Assets (OROA)	0.00%	9.05%	7.74%	9.66%	10.51%	9.95%	6.49%	4.44%	3.45%	6.18%	0.00%
Return on Assets (ROA)	0.00%	4.60%	2.03%	5.20%	6.66%	4.23%	0.31%	4.44%	3.36%	1.96%	0.00%
Return on Common Equity (ROCE)	0.00%	9.93%	18.42%	12.22%	19.37%	13.09%	3.96%	10.13%	6.83%	6.64%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	10.67%	0.00%	10.13%	11.71%	10.90%	0.00%	4.73%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	20	31	125	31	43	29	148	13	14	33	-14
NOPAT Margin	70.15%	52.22%	79.18%	51.76%	74.64%	51.90%	79.40%	58.98%	45.12%	51.24%	0.00%
Net Nonoperating Expense Percent (NNEP)	-1.36%	-0.64%	-30.33%	-0.64%	-1.96%	-1.46%	-19.39%	-0.18%	0.02%	-1.78%	1.43%
Return On Investment Capital (ROIC_SIMPLE)	1.00%	1.63%	6.55%	1.68%	2.38%	1.62%	7.87%	0.53%	0.56%	1.32%	-0.53%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	3.64%	2.69%	1.38%	3.25%	2.47%	2.93%	1.50%	6.25%	6.85%	2.97%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.85%	25.39%	20.82%	26.06%	25.36%	25.85%	20.60%	41.02%	53.68%	26.80%	0.00%
Earnings before Interest and Taxes (EBIT)	14	48	100	48	44	39	102	12	15	51	-37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	25	46	94	27	54	29	98	-7.01	15	37	-51
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.74	0.75	0.79	0.88	0.99	0.98	1.07	0.68	0.83	0.76	0.78
Price to Tangible Book Value (P/TBV)	0.74	0.75	0.79	0.88	0.99	0.98	1.07	0.68	0.83	0.76	0.78
Price to Revenue (P/Rev)	0.00	2.85	2.88	3.19	3.17	3.18	4.00	4.34	6.12	5.27	8.87
Price to Earnings (P/E)	0.00	8.42	7.69	8.49	9.10	10.07	10.68	12.01	15.25	12.92	22.78
Dividend Yield	11.68%	11.62%	11.02%	7.90%	7.66%	8.40%	8.20%	11.37%	12.94%	13.60%	13.21%
Earnings Yield	0.00%	11.88%	13.01%	11.78%	10.99%	9.94%	9.36%	8.32%	6.56%	7.74%	4.39%
Enterprise Value to Invested Capital (EV/IC)	21.95	19.36	6.52	16.93	14.61	20.10	23.53	7.79	24.71	24.38	25.63
Enterprise Value to Revenue (EV/Rev)	0.00	7.54	7.27	7.32	6.71	6.59	8.38	10.96	13.34	12.63	21.88
Enterprise Value to EBITDA (EV/EBITDA)	0.00	10.47	10.35	10.41	9.19	9.71	12.51	17.56	27.07	24.56	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	10.26	9.53	9.42	8.40	8.46	10.70	14.67	19.22	17.47	56.18
Enterprise Value to NOPAT (EV/NOPAT)	0.00	14.54	9.61	9.70	8.85	8.70	11.11	14.83	19.51	18.48	36.98
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	11.00	7.46	6.13	6.82	6.44	18.31	12.32	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	11.97	11.40	8.66	5.38	0.00	14.74	18.88	9.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.16	1.11	1.08	1.02	1.01	0.95	1.07	1.04	1.11	1.11	1.33
Long-Term Debt to Equity	1.16	1.11	1.08	1.02	1.01	0.95	1.07	1.04	1.11	1.11	1.33
Financial Leverage	-0.91	-1.15	-0.71	-0.91	-0.89	-0.90	-0.81	-0.83	-0.90	-0.92	-0.84
Leverage Ratio	2.20	2.18	2.13	2.15	2.13	2.08	2.13	2.08	2.11	2.08	2.28
Compound Leverage Factor	2.20	-0.12	1.05	-0.12	0.04	-0.45	0.33	2.08	2.11	-0.44	-1.51
Debt to Total Capital	53.72%	52.72%	52.00%	50.58%	50.15%	48.59%	51.77%	50.95%	52.55%	52.50%	57.04%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	53.72%	52.72%	52.00%	50.58%	50.15%	48.59%	51.77%	50.95%	52.55%	52.50%	57.04%
Preferred Equity to Total Capital	2.57%	2.61%	2.63%	2.70%	2.74%	2.84%	2.66%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	43.71%	44.67%	45.37%	46.73%	47.12%	48.57%	45.56%	49.05%	47.45%	47.50%	42.96%
Debt to EBITDA	0.00	6.21	5.94	5.57	4.65	4.76	6.37	10.62	16.53	14.84	-323.45
Net Debt to EBITDA	0.00	6.21	5.94	5.57	4.60	4.75	6.20	10.61	14.65	14.30	-278.64
Long-Term Debt to EBITDA	0.00	6.21	5.94	5.57	4.65	4.76	6.37	10.62	16.53	14.84	-323.45
Debt to NOPAT	0.00	8.63	5.52	5.19	4.47	4.27	5.66	8.97	11.91	11.16	25.52
Net Debt to NOPAT	0.00	8.63	5.52	5.19	4.43	4.26	5.51	8.96	10.56	10.76	21.99
Long-Term Debt to NOPAT	0.00	8.63	5.52	5.19	4.47	4.27	5.66	8.97	11.91	11.16	25.52
Altman Z-Score	0.24	0.44	0.57	0.56	0.63	0.63	0.70	0.36	0.41	0.42	0.22
Noncontrolling Interest Sharing Ratio	5.56%	5.43%	5.48%	5.45%	5.52%	5.52%	5.50%	2.35%	2.37%	2.38%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.24	0.31	0.22	0.25	0.24	0.24	0.22	0.40	0.28	0.31	0.28
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-59	-421	-139	-3.09	-2.23	30	330	-151	50	31	152
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-23.10	0.00	-0.17	-0.13	1.75	19.30	0.00	0.00	1.37	0.00
Operating Cash Flow to Interest Expense	0.00	3.14	0.00	4.53	4.30	3.73	-6.49	0.00	0.00	1.52	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	3.14	0.00	4.53	4.30	3.73	-6.49	0.00	0.00	1.52	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.11	0.12	0.12	0.14	0.14	0.12	0.09	0.07	0.08	0.04
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	78	88	264	104	124	87	81	267	88	89	88
Invested Capital Turnover	0.00	-1.64	1.79	2.77	2.67	3.03	1.32	1.02	1.54	1.96	0.60
Increase / (Decrease) in Invested Capital	78	452	264	34	46	-1.02	-183	164	-36	2.55	-166
Enterprise Value (EV)	1,719	1,703	1,721	1,753	1,812	1,748	1,909	2,083	2,173	2,181	2,246
Market Capitalization	626	643	682	765	855	842	913	824	997	911	911
Book Value per Share	$16.73	$16.86	$16.99	$17.07	$16.95	$16.85	$16.80	$23.79	$16.43	$16.36	$16.01
Tangible Book Value per Share	$16.73	$16.86	$16.99	$17.07	$16.95	$16.85	$16.80	$23.79	$16.43	$16.36	$16.01
Total Capital	1,944	1,917	1,902	1,855	1,827	1,764	1,877	2,472	2,525	2,511	2,718
Total Debt	1,044	1,011	989	938	916	857	972	1,259	1,327	1,318	1,550
Total Long-Term Debt	1,044	1,011	989	938	916	857	972	1,259	1,327	1,318	1,550
Net Debt	1,043	1,011	989	938	906	856	946	1,259	1,176	1,270	1,336
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-18	-17	-19	-18	-20	-22	-22	-17	-25	-21	-25
Debt-free Net Working Capital (DFNWC)	-18	-17	-19	-18	-20	-22	-22	-17	-25	-21	-25
Net Working Capital (NWC)	-18	-17	-19	-18	-20	-22	-22	-17	-25	-21	-25
Net Nonoperating Expense (NNE)	5.59	6.81	98	5.33	16	12	143	1.62	-0.22	17	-12
Net Nonoperating Obligations (NNO)	-821	-818	-649	-813	-787	-820	-824	-945	-1,110	-1,103	-1,080
Total Depreciation and Amortization (D&A)	11	-2.01	-5.65	-21	10	-9.95	-4.96	-19	0.66	-13	-14
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-7.50%	-8.21%	-7.64%	-7.56%	-8.32%	-9.56%	-8.78%	-15.14%	-12.18%	-24.64%
Debt-free Net Working Capital to Revenue	0.00%	-7.50%	-8.21%	-7.64%	-7.56%	-8.32%	-9.56%	-8.78%	-15.14%	-12.18%	-24.64%
Net Working Capital to Revenue	0.00%	-7.50%	-8.21%	-7.64%	-7.56%	-8.32%	-9.56%	-8.78%	-15.14%	-12.18%	-24.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.08	$0.57	$0.57	$0.56	$0.35	$0.37	$0.40	$0.25	$0.20	$0.33	$0.24
Adjusted Weighted Average Basic Shares Outstanding	50.79M	50.79M	50.82M	50.79M	50.79M	50.84M	50.83M	51.92M	72.90M	72.90M	67.72M
Adjusted Diluted Earnings per Share	$0.00	$0.54	$0.00	$0.52	$0.33	$0.35	$0.38	$0.00	$0.20	$0.33	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	50.79M	55.99M	56.31M	56.33M	56.37M	56.45M	56.47M	57.34M	72.90M	72.90M	69.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.79M	50.79M	101.59M	50.79M	50.85M	50.91M	50.96M	57.34M	72.90M	72.90M	69.04M
Normalized Net Operating Profit after Tax (NOPAT)	14	31	87	31	30	29	103	9.21	14	33	-10.00
Normalized NOPAT Margin	49.11%	52.22%	55.42%	51.76%	52.25%	51.90%	55.58%	41.28%	45.12%	51.24%	0.00%
Pre Tax Income Margin	50.05%	-4.56%	31.44%	-4.33%	1.41%	-15.16%	8.57%	51.73%	47.05%	-16.61%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	2.64	0.00	2.69	2.63	2.30	5.98	0.00	0.00	2.27	0.00
NOPAT to Interest Expense	0.00	1.71	0.00	1.75	2.62	1.69	8.62	0.00	0.00	1.49	0.00
EBIT Less CapEx to Interest Expense	0.00	2.64	0.00	2.69	2.63	2.30	5.98	0.00	0.00	2.27	0.00
NOPAT Less CapEx to Interest Expense	0.00	1.71	0.00	1.75	2.62	1.69	8.62	0.00	0.00	1.49	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	94.47%	106.15%	100.00%	89.00%	96.61%	133.94%	166.55%	212.03%	226.77%	260.24%
Augmented Payout Ratio	0.00%	106.18%	110.71%	100.00%	89.00%	96.61%	133.94%	166.55%	212.03%	226.77%	294.95%

Financials Breakdown Chart

Key Financial Trends

Below is a concise five-year style snapshot of Carlyle Secured Lending (CGBD) using the latest four years of quarterly data you provided. The focus is on noticeable trends that could matter to retail investors.

Net income attributable to common shareholders has been positive in most recent quarters (e.g., Q3 2024 around $36.96M; Q3 2025 around $23.9M; several 2024–2025 quarters show positive earnings), supporting visible profitability trends.
Earnings per share (basic and diluted) have generally been positive across many quarters, with examples such as Q3 2024 (basic/diluted 0.71/0.66) and Q1 2025 (0.56/0.56), indicating meaningful per-share profitability in multiple periods.
Financing activities have provided substantial liquidity via debt issuances in several quarters (e.g., Q4 2025 issuance around $969.4M; Q2 2024 around $144M; Q2 2025 around $241.95M), helping offset operating cash flow variability.
Total assets have remained large and broadly in the $2.0–2.6B range over the period, reflecting a sizable asset base without extreme swings.
Shares outstanding (weighted average) have generally trended in the 50–70 million range, yielding a relatively stable basis for EPS calculations across periods.
Operating cash flow has been volatile and often negative in several quarters (for example, Q4 2025 net cash from continuing operating activities around -$153.3M; Q2 2025 around -$230.9M), raising liquidity questions if financing does not offset these swings.
Net income attributable to common shareholders turned negative in at least one quarter (Q4 2025 around -$10.1M), despite pretax income being positive, suggesting tax or one-time adjustments impacting reported earnings.
Significant quarterly cash outlays for dividends (around $23–29M per quarter) reduce cash available for other uses and could pressure liquidity if earnings weaken.
Operating revenue in a recent quarter shows a negative figure (Q4 2025 Operating Revenue around -$15.6M), which may reflect accounting adjustments or securitization effects rather than core revenue trends.
Long-term debt levels are sizable (generally in the $1.0B+ range), contributing to interest costs and refinancing risk, especially if earnings or cash flows tighten.

05/08/26 04:26 PM ETAI Generated. May Contain Errors.

Carlyle Secured Lending Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Carlyle Secured Lending's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

In the past 5 years, Carlyle Secured Lending's net income has ranged from $36.90 million in 2020 to $113.89 million in 2022, and is currently $39.98 million as of their latest financial filing in 2025. Check out Carlyle Secured Lending's forecast to explore projected trends and price targets.

Carlyle Secured Lending's total operating income in 2025 was $60.74 million, based on the following breakdown:

Total Gross Profit: $102.65 million
Total Operating Expenses: $41.91 million

Over the last 5 years, Carlyle Secured Lending's total revenue changed from $89.38 million in 2020 to $102.65 million in 2025, a change of 14.8%.

Carlyle Secured Lending's total liabilities were at $1.62 billion at the end of 2025, a 59.0% increase from 2024, and a 49.9% increase since 2021.

Over the last 5 years, Carlyle Secured Lending's book value per share changed from 0.00 in 2020 to 16.01 in 2025, a change of 1,601.3%.

Related Companies

Financial statements for NASDAQ:CGBD last updated on 3/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Carlyle Secured Lending (CGBD) Financials

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Carlyle Secured Lending (CGBD) Financials

Annual Income Statements for Carlyle Secured Lending

Quarterly Income Statements for Carlyle Secured Lending

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Quarterly Cash Flow Statements for Carlyle Secured Lending

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Quarterly Balance Sheets for Carlyle Secured Lending

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Quarterly Metrics And Ratios for Carlyle Secured Lending

Financials Breakdown Chart

Key Financial Trends

Carlyle Secured Lending Financials - Frequently Asked Questions

When does Carlyle Secured Lending's financial year end?

How has Carlyle Secured Lending's net income changed over the last 5 years?

What is Carlyle Secured Lending's operating income?

How has Carlyle Secured Lending's revenue changed over the last 5 years?

How much debt does Carlyle Secured Lending have?

How has Carlyle Secured Lending's book value per share changed over the last 5 years?

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