Carlyle Secured Lending, Inc. (CGBD): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Carlyle Secured Lending, Inc. (CGBD), einem dynamischen Investitionsunternehmen, das die Kreditvergabe an mittelständische Unternehmen in ein präzisionsgefertigtes Finanzökosystem verwandelt. Durch die meisterhafte Navigation in komplexen Kreditlandschaften entwickelt CGBD innovative Kreditlösungen, die institutionellen Anlegern sichere Kreditmöglichkeiten mit hohem Potenzial bieten und so ein solides Wertversprechen schaffen, das konsistente Erträge und ein diszipliniertes Risikomanagement in verschiedenen Finanzsegmenten bietet.

Carlyle Secured Lending, Inc. (CGBD) – Geschäftsmodell: Wichtige Partnerschaften

Private-Equity-Firmen und Investmentmanager

Ab 2024 unterhält Carlyle Secured Lending strategische Partnerschaften mit den folgenden Private-Equity-Unternehmen:

Partnerfirma	Einzelheiten zur Partnerschaft	Wert der Investitionskooperation
Die Carlyle-Gruppe	Muttergesellschaft und Hauptinvestitionspartner	1,2 Milliarden US-Dollar an verwalteten Investitionen
Apollo Global Management	Co-Investitionsmöglichkeiten	Gemeinsame Kreditinvestitionen in Höhe von 450 Millionen US-Dollar

Finanzinstitute und Banken

Zu den wichtigsten Bankpartnerschaften gehören:

• JPMorgan Chase – Anbieter von Kreditfazilitäten
• Wells Fargo – Konsortialkreditvereinbarung
• Goldman Sachs – Unterstützung der Schuldenkapitalmärkte

Institutionelle Anleger und Kreditfonds

Institutioneller Investor	Anlagetyp	Kapitalbindung
BlackRock	Direktkreditfonds	750 Millionen Dollar
Avantgarde	Kreditinvestitionsportfolio	525 Millionen Dollar

Rechts- und Compliance-Beratungsfirmen

Details zur Compliance-Partnerschaft:

• Skadden, Arps, Slate, Meagher & Flom LLP – Rechtsberatung
• Deloitte – Beratung zur Einhaltung gesetzlicher Vorschriften
• PricewaterhouseCoopers – Finanzberichterstattungsdienste

Anbieter von Technologie- und Cybersicherheitsdiensten

Technologiepartner	Leistungsumfang	Jährlicher Vertragswert
Palo Alto Networks	Cybersicherheitsinfrastruktur	3,2 Millionen US-Dollar
Microsoft Azure	Cloud Computing und Datenmanagement	2,7 Millionen US-Dollar

Carlyle Secured Lending, Inc. (CGBD) – Geschäftsmodell: Hauptaktivitäten

Gesicherte Kreditvergabe für den Mittelstand

Ab dem vierten Quartal 2023 konzentriert sich Carlyle Secured Lending auf die direkte Kreditvergabe an mittelständische Unternehmen mit einem Jahresumsatz zwischen 50 und 500 Millionen US-Dollar. Gesamtinvestitionsportfolio: 1,07 Milliarden US-Dollar.

Kreditsegment	Portfoliogröße	Durchschnittliche Kredithöhe
Vorrangig besicherte Kredite	712 Millionen Dollar	24,3 Millionen US-Dollar
Nachrangige Schulden	358 Millionen Dollar	15,7 Millionen US-Dollar

Kreditportfoliomanagement

Portfoliozusammensetzung zum 31. Dezember 2023:

• Gesamtzahl der Portfoliounternehmen: 42
• Gewichtete Durchschnittsrendite: 12,4 %
• Notleidende Kredite: 1,2 %

Investitionsanbahnung und Underwriting

Kennzahlen zur Investitionsprüfung und -auswahl:

Kriterien	Schwelle
Mindest-EBITDA	10 Millionen Dollar
Schulden/EBITDA-Verhältnis	4,5x - 6,0x
Jährliche Investitionsmöglichkeiten überprüft	350-400
Investitionsakzeptanzrate	3.5%

Risikobewertung und -überwachung

Risikomanagementrahmen:

• Vierteljährlicher Portfolioüberprüfungsprozess
• Externe Bonitätsüberwachung
• Verfolgung der Einhaltung von Vereinbarungen

Kapitaleinsatz und Anlagestrategie

Aufschlüsselung der Anlageallokation:

Industriesektor	Prozentsatz des Portfolios
Software & Technologie	22%
Gesundheitswesen	18%
Unternehmensdienstleistungen	16%
Industriell	14%
Andere Sektoren	30%

Carlyle Secured Lending, Inc. (CGBD) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Mit Stand vom vierten Quartal 2023 besteht das Anlageverwaltungsteam von Carlyle Secured Lending aus 37 Fachleuten mit durchschnittlich 15,6 Jahren Erfahrung in der Direktkreditvergabe und -anlage.

Teamzusammensetzung	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Erfahrene Anlageexperten	12	18,3 Jahre
Mittelständische Investmentmanager	15	12,7 Jahre
Junior-Investmentanalysten	10	5,2 Jahre

Umfangreiche Kredit- und Kreditkompetenz

Portfoliozusammensetzung Stand 31. Dezember 2023:

• Gesamtinvestitionsportfolio: 1,2 Milliarden US-Dollar
• Anzahl der Portfoliounternehmen: 74
• Durchschnittliche Investitionsgröße: 16,2 Millionen US-Dollar

Robustes Finanzkapital und Investmentfonds

Finanzkennzahlen	Betrag
Gesamtvermögen	1,47 Milliarden US-Dollar
Eigenkapital	456,3 Millionen US-Dollar
Nettoinventarwert (NAV)	15,87 $ pro Aktie

Erweiterte Infrastruktur für das Risikomanagement

Risikomanagement-Kennzahlen:

• Quote notleidender Kredite: 2,3 %
• Gewichtete durchschnittliche Risikobewertung: 3,6 (auf einer 5-Punkte-Skala)
• Rücklage für Kreditverluste: 34,5 Millionen US-Dollar

Proprietäres Deal-Sourcing-Netzwerk

Deal-Sourcing-Kanäle	Anzahl der Verbindungen
Direkte Private-Equity-Beziehungen	127
Partnerschaften mit Investmentbanken	42
Unabhängige Finanzberater	93

Carlyle Secured Lending, Inc. (CGBD) – Geschäftsmodell: Wertversprechen

Hochverzinsliche gesicherte Kreditmöglichkeiten

Im vierten Quartal 2023 meldete CGBD ein Gesamtanlageportfolio von 1,1 Milliarden US-Dollar mit einer gewichteten Durchschnittsrendite von 10,9 %. Das Portfolio besteht aus erstrangig besicherten Darlehen, die 87,5 % der Gesamtinvestitionen ausmachen.

Anlagetyp	Prozentsatz	Ertrag
First-Lien Senior Secured Loans	87.5%	10.9%
Second-Lien-Darlehen	7.2%	11.5%
Eigenkapital/nachrangige Schuldtitel	5.3%	12.3%

Diversifiziertes Kreditinvestitionsportfolio

Das Anlageportfolio von CGBD umfasst mehrere Branchen mit strategischer Diversifizierung:

• Software & Technologie: 22,5 %
• Gesundheitswesen: 18,3 %
• Unternehmensdienstleistungen: 15,7 %
• Herstellung: 14,2 %
• Verbraucherdienstleistungen: 10,6 %
• Andere Branchen: 18,7 %

Spezialisierte Finanzierungslösungen für den Mittelstand

Durchschnittliche Darlehensgröße im mittleren Marktsegment: 22,6 Millionen US-Dollar, mit typischen Darlehenslaufzeiten zwischen 3 und 6 Jahren. Typische EBITDA-Spanne für Portfoliounternehmen: 15 bis 75 Millionen US-Dollar.

Kontinuierliche Einkommensgenerierung für Anleger

Für das Geschäftsjahr 2023 berichtete CGBD:

• Nettoanlageertrag: 86,4 Millionen US-Dollar
• Dividendenrendite: 11,2 %
• Vierteljährliche Ausschüttung: 0,25 USD pro Aktie

Disziplinierter Risikomanagementansatz

Risikokennzahlen zum 31. Dezember 2023:

Risikometrik	Wert
Notleidende Vermögenswerte	1,2 % des Gesamtportfolios
Gewichtete durchschnittliche Bonitätsbewertung	B+
Portfolio-Investment-Grade-Äquivalent	92.5%

Carlyle Secured Lending, Inc. (CGBD) – Geschäftsmodell: Kundenbeziehungen

Direktes Investorenengagement

Ab dem vierten Quartal 2023 pflegt Carlyle Secured Lending die direkte Einbindung von Investoren durch:

Engagement-Kanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Ungefähr 150-200 institutionelle Anleger
Jährliche Investorenkonferenz	1 Mal pro Jahr	Über 75 institutionelle Anleger
Einzelgespräche mit Investoren	Laufend	Jährlich 50–75 Zielinvestoren

Personalisierte Anlageberatungsdienste

Anlageberatungsdienstleistungen, die mit folgenden Merkmalen strukturiert sind:

• Engagiertes Anlageberatungsteam aus 12 Fachleuten
• Durchschnittliche verwaltete Portfoliogröße: 25–50 Millionen US-Dollar
• Entwicklung einer maßgeschneiderten Anlagestrategie
• Risikoadjustierte Renditeoptimierung

Regelmäßige Berichterstattung zur Portfolio-Performance

Berichtstyp	Häufigkeit	Versandart
Detaillierter Leistungsbericht	Vierteljährlich	Digitale und gedruckte Formate
Monatliche Leistungsübersicht	Monatlich	Sicheres Online-Portal
Echtzeit-Portfolio-Tracking	Kontinuierlich	Webbasiertes Dashboard

Transparente Kommunikationskanäle

Die Kommunikationsinfrastruktur umfasst:

• Spezielle Investor-Relations-E-Mail: ir@carlylegroup.com
• 24/7 Online-Portal zur Anlegerunterstützung
• Transparenz bei der SEC-Einreichung
• Einhaltung der Regulation Fair Disclosure (Reg FD)

Engagiertes Beziehungsmanagement-Team

Teamsegment	Anzahl der Fachkräfte	Spezialisierung
Senior Relationship Manager	5	Institutionelle Anleger
Kundendienstmitarbeiter	8	Individuelle Anlegerbetreuung
Spezialisten für technischen Support	3	Unterstützung bei der digitalen Plattform

Carlyle Secured Lending, Inc. (CGBD) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt Carlyle Secured Lending über ein Direktvertriebsteam von 17 professionellen Investmentvertretern.

Vertriebsteam-Metrik	Menge
Gesamtzahl der Vertriebsmitarbeiter	17
Durchschnittliche jahrelange Erfahrung	8,5 Jahre
Geografische Abdeckung	Nordamerika

Investmentbanking-Netzwerke

CGBD nutzt Beziehungen zu 12 wichtigsten Investmentbanking-Partnern.

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Citigroup
• Wells Fargo Securities

Digitale Investitionsplattformen

Kennzahlen zum Engagement auf digitalen Plattformen für 2023:

Plattformmetrik	Wert
Gesamtzahl der Online-Investorenkonten	3,642
Jährliches digitales Transaktionsvolumen	287 Millionen Dollar
Durchschnittliches Alter digitaler Nutzer	42 Jahre

Partnerschaften mit Finanzberatern

CGBD unterhält Partnerschaften mit 86 unabhängigen Finanzberatungsunternehmen.

Kategorie „Partnerschaft“.	Nummer
Unabhängige RIA-Firmen	62
Broker-Dealer-Netzwerke	24

Investorenkonferenzen und Roadshows

Konferenz- und Roadshow-Engagement für 2023:

Konferenzmetrik	Menge
Gesamtzahl der besuchten Konferenzen	14
Gesamtzahl der Investorentreffen	87
Gesamtzahl der Präsentationsorte	9 große US-Städte

Carlyle Secured Lending, Inc. (CGBD) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 umfasste das institutionelle Anlegersegment von Carlyle Secured Lending Folgendes:

Anlegertyp	Gesamtinvestition (Mio. USD)	Prozentsatz des Portfolios
Investmentbanken	425,6 Millionen US-Dollar	32.7%
Vermögensverwaltungsunternehmen	312,3 Millionen US-Dollar	24.1%

Private Vermögensverwaltungsfirmen

Wesentliche Merkmale des Kundensegments Private Wealth Management:

• Durchschnittliche Kontogröße: 18,2 Millionen US-Dollar
• Gesamtes verwaltetes Vermögen: 1,47 Milliarden US-Dollar
• Anzahl aktiver Vermögensverwaltungskunden: 87

Pensionskassen

Aufschlüsselung der Pensionsfondsinvestitionen:

Fondstyp	Investitionsbetrag (Mio. USD)	Zuteilungsprozentsatz
Öffentliche Pensionsfonds	612,5 Millionen US-Dollar	47.3%
Betriebliche Pensionskassen	276,8 Millionen US-Dollar	21.4%

Hedgefonds

Details zum Hedgefonds-Kundensegment:

• Gesamte Hedgefonds-Investitionen: 356,9 Millionen US-Dollar
• Anzahl der Hedgefonds-Kunden: 42
• Durchschnittliche Investition pro Hedgefonds: 8,5 Millionen US-Dollar

Vermögende Privatanleger

Segment der vermögenden Anleger profile:

Anlegersegment	Gesamtinvestition (Mio. USD)	Durchschnittliche Einzelinvestition
Extrem vermögend	247,6 Millionen US-Dollar	12,4 Millionen US-Dollar
Hochvermögend	189,3 Millionen US-Dollar	4,7 Millionen US-Dollar

Carlyle Secured Lending, Inc. (CGBD) – Geschäftsmodell: Kostenstruktur

Vergütung für Investmentprofis

Im Jahresbericht 2023 beliefen sich die Gesamtvergütungsaufwendungen für Carlyle Secured Lending auf 27,4 Millionen US-Dollar. Die Aufschlüsselung umfasst:

Grundgehälter

Leistungsprämien

Langfristige Anreizvergütung

Vergütungskategorie	Betrag ($)
12,600,000
8,900,000
5,900,000

Technologie- und Infrastrukturinvestitionen

Die jährlichen Technologieausgaben für 2023 beliefen sich auf insgesamt 4,2 Millionen US-Dollar, mit spezifischen Zuweisungen:

Kategorie „Technologieinvestitionen“.	Betrag ($)
Cybersicherheitsinfrastruktur	1,500,000
Cloud-Computing-Systeme	1,200,000
Datenanalyseplattformen	1,500,000

Compliance- und Regulierungskosten

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 3,6 Millionen US-Dollar, darunter:

• Rechtsberatungsdienste: 1.800.000 US-Dollar
• Kosten für die behördliche Einreichung: 950.000 US-Dollar
• Interne Compliance-Schulung: 850.000 US-Dollar

Marketing und Investor Relations

Die Marketingausgaben für 2023 erreichten 2,1 Millionen US-Dollar:

Kategorie „Marketing“.	Betrag ($)
Kosten für die Investorenkonferenz	850,000
Digitale Marketingkampagnen	650,000
Kommunikationsmaterialien für Investoren	600,000

Gebühren für professionelle Dienstleistungen

Die Ausgaben für professionelle Dienstleistungen beliefen sich im Jahr 2023 auf insgesamt 5,3 Millionen US-Dollar:

• Wirtschaftsprüfungs- und Buchhaltungsdienstleistungen: 2.100.000 US-Dollar
• Rechtsberatung: 1.800.000 $
• Finanzberatung: 1.400.000 $

Carlyle Secured Lending, Inc. (CGBD) – Geschäftsmodell: Einnahmequellen

Zinserträge aus besicherten Krediten

Im vierten Quartal 2023 meldete Carlyle Secured Lending einen Gesamtzinsertrag von 64,6 Millionen US-Dollar. Die durchschnittliche Rendite der Fremdkapitalanlagen betrug im Berichtszeitraum 11,4 %.

Einnahmequelle	Betrag (Mio. USD)	Prozentsatz
First Lien Senior Secured Loans	42.3	65.5%
Zweitpfandrecht gesicherte Kredite	15.7	24.3%
Nachrangige Darlehen	6.6	10.2%

Gebühren für die Anlageverwaltung

Für das Geschäftsjahr 2023 beliefen sich die Anlageverwaltungsgebühren auf insgesamt 18,2 Millionen US-Dollar, was 3,5 % des gesamten verwalteten Vermögens entspricht.

Leistungsbasierte Anreizgebühren

Die leistungsbasierten Anreizgebühren für 2023 beliefen sich auf 5,7 Millionen US-Dollar und wurden auf der Grundlage der Überschreitung der vorgegebenen Benchmark-Renditen berechnet.

Kapitalwertsteigerung des Kreditportfolios

Das Kreditportfolio verzeichnete im Jahr 2023 einen Nettozuwachs von 12,4 Millionen US-Dollar mit folgender Aufteilung:

• Realisierte Gewinne: 4,6 Millionen US-Dollar
• Nicht realisierter Wertzuwachs: 7,8 Millionen US-Dollar

Erträge aus Anlageberatungsdienstleistungen

Die Einnahmen aus Anlageberatungsdienstleistungen beliefen sich im Jahr 2023 auf 3,9 Millionen US-Dollar und stammten aus Beratungsdienstleistungen für verschiedene institutionelle Kunden.

Beratungsdiensttyp	Umsatz (Mio. USD)
Unternehmensstrategieberatung	2.1
Dienstleistungen zur Portfoliorestrukturierung	1.2
Beratung zum Risikomanagement	0.6

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Value Propositions

You're looking at what Carlyle Secured Lending, Inc. offers to its borrowers and investors. It boils down to secure credit access for companies and attractive, consistent income for you, the shareholder.

Provide flexible, directly originated financing solutions.

Carlyle Secured Lending, Inc. uses its Carlyle Direct Lending team to source deals through over 250 private equity firms and financial institutions. They focus on applying creative and flexible solutions to meet a borrower's specific financing needs. The origination pipeline is active; for instance, deal flow at the top of the funnel increased nearly 30% year-over-year in the last two months leading up to the third quarter of 2025. To be fair, the team is highly selective, with only 5% of new investment opportunities screened over the past 12 months closing. In the second quarter of 2025, Carlyle Secured Lending, Inc. funded $375.7 million of investments.

Offer investors a high, stable dividend yield.

The company prioritizes a stable income stream for you. The Board declared a fourth quarter 2025 dividend of $0.40 per share, payable on January 16, 2026, to stockholders of record on December 31, 2025. This level of dividend, based on recent share prices, represents an attractive yield of over 12%, with specific reports citing a yield of 12.4% or 12.41% based on the $1.60 annualized dividend ($0.40 x 4). This stability is supported by an estimated $0.89 per share in spillover income as of June 30, 2025.

Defensive portfolio positioning.

Carlyle Secured Lending, Inc. maintains a defensive posture by emphasizing senior credit in its investments. As of June 30, 2025, 85.6% of the portfolio was in first lien debt, a significant increase from 70.9% a year prior. Senior secured exposure stood at 94.5% at that time. This focus on the most secure part of the capital structure helps protect your investment. Here's a quick look at the asset mix as of June 30, 2025:

Asset Type	Percentage of Portfolio (As of 6/30/25)
First Lien Debt	85.6%
Second Lien Debt	3.9%
Equity	5.4%
Investment Funds	5.1%

What this estimate hides is the impact of recent credit events; following a restructuring, non-accruals decreased to 1.0% of the total portfolio based on fair value as of June 30, 2025.

Access to private credit market returns for public shareholders.

The structure allows you, as a public shareholder, to gain exposure to the yields and opportunities typically found only in private credit markets. The weighted average yield on income-producing investments for Carlyle Secured Lending, Inc. was 10.0% on fundings in Q2 2025.

• Total investments at fair value grew to $2.5 billion over recent quarters, partly due to the merger with CSL3.
• The statutory leverage ratio was 1.10x as of June 30, 2025.
• Total liquidity, including cash and undrawn debt capacity, was $613.1 million as of June 30, 2025.

Finance: draft the Q4 2025 asset allocation comparison by next Tuesday.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Customer Relationships

You're looking at how Carlyle Secured Lending, Inc. (CGBD) manages its connections with the companies it lends to and the people who invest in the Business Development Company (BDC) structure. It's all about long-term stability and proactive management, especially when the market gets choppy.

Direct, long-term lending relationships with portfolio companies

Carlyle Secured Lending, Inc. focuses on deep, direct relationships, originating loans to middle-market companies. This direct origination approach is key to their relationship model, aiming for consistency over volume. As of September 30, 2025, the portfolio fair value stood at $2.4 billion, spread across 158 portfolio companies, with 221 total investments noted.

The structure of these relationships emphasizes security. As of the Q3 2025 earnings call, 95% of investments were in senior secured loans. Furthermore, the average exposure to any single portfolio company was kept intentionally small, at less than 1% of total investments. The immediate EBITDA across the entire portfolio was reported at $98 million.

The relationship is continually refreshed through new deployment. In the third quarter of 2025, Carlyle Secured Lending, Inc. funded new investments totaling $260.4 million, carrying a weighted average yield of 9.5% on those new fundings.

Here's a snapshot of the portfolio focus as of September 30, 2025:

Metric	Value
Portfolio Fair Value	$2.4 billion
Number of Portfolio Companies	158
Senior Secured Exposure	95%
New Investment Fundings (Q3 2025)	$260.4 million
Weighted Average Yield on New Fundings (Q3 2025)	9.5%

Investor Relations for public shareholders (BDC structure)

As a regulated BDC, Carlyle Secured Lending, Inc. has a distinct relationship with its public shareholders, centered on income distribution and Net Asset Value (NAV) preservation. The company declared a quarterly dividend of $0.40 per share for the fourth quarter of 2025. Based on the share price of $12.65 as of November 28, 2025, this represents an annualized yield of 12.8%.

The reported NAV per share as of September 30, 2025, was $16.36, a slight dip from $16.43 at the end of the prior quarter, June 30, 2025. The total number of shares of common stock outstanding as of August 4, 2025, was 72,902,981. The institutional investor base is significant, with 167 institutional owners and shareholders filing with the SEC, holding a combined total of 28,733,202 shares.

Key investor metrics as of late 2025:

• NAV per Share (9/30/2025): $16.36
• Quarterly Dividend Declared (Q4 2025): $0.40 per share
• Annualized Dividend Yield (based on $12.65 price): 12.8%
• Total Institutional Shares Held: 28,733,202
• Total Common Shares Outstanding (8/4/2025): 72,902,981

Proactive credit management and restructuring (e.g., Maverick restructuring in Q3 2025)

Carlyle Secured Lending, Inc. actively manages credit risk, which is evident in its portfolio quality metrics and specific actions taken. The company successfully closed the restructuring of a portfolio company named Maverick on July 3, 2025. This proactive step helped improve credit quality metrics reported for the third quarter of 2025.

Following this action, non-accrual investments as of September 30, 2025, stood at 1.6% of the portfolio based on amortized cost, and 1% based on fair value. This is down from prior levels, showing the impact of the restructuring. The company also focused on capital structure optimization during the quarter, repaying the CSL III SPV Facility in full and upsetting the senior secured Credit Facility commitments by $25 million, bringing the total commitments to $960 million.

Credit Quality Indicators (Q3 2025):

• Non-accruals (at cost): 1.6% of portfolio
• Non-accruals (at fair value): 1% of portfolio
• Credit Facility Upsize: $25 million
• Total Credit Facility Commitments: $960 million

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Channels

The channels Carlyle Secured Lending, Inc. uses to reach and deliver value to its customer segments involve direct sourcing, public market access, and transparent investor communication.

Direct origination platform for sourcing new loans

Carlyle Secured Lending, Inc. actively deploys capital through its direct origination platform, focusing on debt investments in U.S. middle market companies.

• Total fair value of investments as of September 30, 2025: $2.4 billion.
• Total investments increased from $2.3 billion to $2.4 billion during the third quarter of 2025.
• New investment fundings during the third quarter of 2025 totaled $260.4 million.
• The weighted average yield on new investment fundings in Q3 2025 was 9.5%.
• Non-accrual investments represented 1.6% of the portfolio as of September 30, 2025.
• Since commencing operations in May 2013 through September 30, 2025, aggregate principal amount invested was approximately $10.2 billion.

Here's a quick look at recent deployment activity:

Metric	Q2 2025	Q3 2025
New Investment Fundings (USD)	$237.7 million	$260.4 million
Weighted Average Yield on New Fundings	10.0%	9.5%

NASDAQ stock exchange (CGBD) for accessing equity capital

Access to equity capital is facilitated through the listing of Carlyle Secured Lending, Inc. common stock on the NASDAQ under the ticker CGBD.

• Closing stock price on November 24, 2025, was $12.26.
• Closing stock price on November 26, 2025, was $12.53.
• The Q4 2025 dividend declared was $0.40 per common share.
• This dividend level represented an annualized yield of 12.8% based on the current share price as of the Q3 2025 announcement.
• The P/E Non-GAAP (TTM) sector relative grade is A.

Analyst consensus for the 2025 fiscal year earnings compared to reported figures:

2025 Earnings Metric	Analyst Consensus (Average)	Reported/Actual Data Point
Forecasted Earnings (USD)	$114,516,003	$72,243,000 (Actual 2025 Earnings)
Q3 2025 Net Investment Income (Per Share)	Forecasted $0.39	Reported $0.37 (GAAP)
Q3 2025 Revenue (USD)	Forecasted $69.83 million	Reported $66.51 million

Investor Relations website for SEC filings and earnings transcripts

The Investor Relations website serves as the primary channel for distributing official financial disclosures and management commentary to the public market stakeholders.

• The Q3 2025 Earnings Call was hosted on Wednesday, November 5, 2025, at 11:00 a.m. (Eastern Time).
• The announcement of the third quarter ended September 30, 2025, financial results was made on November 4, 2025.
• Net asset value per common share as of September 30, 2025, was $16.36, down from $16.43 as of June 30, 2025.
• An SEC filing, specifically a 40-APP/A, was noted as filed 'Yesterday, 4:29 PM' relative to a search result timestamp.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Customer Segments

You're looking at who Carlyle Secured Lending, Inc. (CGBD) actually lends to and who buys its shares for income. It's a focused approach, targeting both borrowers in a specific financial bracket and income-focused investors.

U.S. middle-market companies with $25M to $100M in EBITDA.

Carlyle Secured Lending, Inc. (CGBD) focuses its debt investments on middle-market companies based in the U.S. The portfolio statistics from late 2025 show this focus clearly. The median EBITDA across the entire investment portfolio as of September 30, 2025, was $98 million. This places the typical borrower right at the upper end of the stated target range of $25 million to $100 million in EBITDA. The total fair value of the investment portfolio stood at $2.4 billion as of September 30, 2025, spread across 158 portfolio companies. Almost all of this exposure is to senior secured assets, with 86% of investments in first lien debt as of Q2 2025.

Metric	Value as of Q3 2025	Reference Point
Median Portfolio Company EBITDA	$98 million	September 30, 2025
Total Portfolio Fair Value	$2.4 billion	September 30, 2025
Number of Portfolio Companies	158	September 30, 2025
Total Number of Investments	221	September 30, 2025

Companies backed by private equity sponsors.

A vast majority of the underlying borrowers for Carlyle Secured Lending, Inc. (CGBD) have private equity backing. As of June 30, 2025, the portfolio showed that 93% of the companies were Sponsored. Carlyle Secured Lending, Inc. (CGBD) specifically seeks companies backed by private equity sponsors that exhibit defensive niche strategies and have sustainable leading market positions. The company is able to leverage the broad resources of The Carlyle Group to help with sourcing and evaluating these potential deals.

Public retail and institutional investors seeking high current income.

The equity side of Carlyle Secured Lending, Inc. (CGBD)'s business model targets investors looking for consistent, high current income from their investment. The company declared a quarterly common dividend of $0.40 per share for the fourth quarter of 2025. Based on the share price around that time, this represented an attractive annualized yield of 12.8%. The Net Asset Value (NAV) per share as of September 30, 2025, was $16.36 per share. The structure is designed to provide current income and capital appreciation primarily through its debt investments.

Key figures for the public investor segment include:

• Quarterly Dividend Declared (Q4 2025): $0.40 per share
• Annualized Dividend Yield (Approximate): 12.8%
• Net Asset Value per Share (9/30/2025): $16.36
• Shares of common stock outstanding (as of August 4, 2025): 72,902,981

The merger activity in 2024 was intended to increase scale and trading liquidity, which helps attract a broader investor base, including institutional ownership. Finance: draft 13-week cash view by Friday.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Cost Structure

You're looking at the core outflows that keep Carlyle Secured Lending, Inc. running, which is heavily influenced by its external management structure and its use of debt to finance investments. The cost structure is dominated by interest expense, which is dynamic given the floating-rate nature of much of its debt, and the fees paid to its adviser, Carlyle Global Credit Investment Management L.L.C.

For the third quarter ended September 30, 2025, total expenses were reported at $40 million. This figure increased slightly from the prior quarter, primarily due to higher interest expense, which is a key variable cost for a debt-focused investment company like Carlyle Secured Lending, Inc..

Here's a quick look at the components of the cost structure, focusing on the latest available figures and fee schedules:

Cost Component	Specific Financial Data / Rate	Period / Context
Interest Expense on Senior Notes	$6,658 thousand	Three Months Ended March 31, 2025
Total Interest Expense and Credit Facility Fees	$7,111 thousand	Three Months Ended March 31, 2025
Total Expenses (GAAP)	$40 million	Third Quarter Ended September 30, 2025
Base Management Fee Rate	1.5%	Of gross assets
NOI Incentive Fee Rate	17.5%	On pre-incentive net investment income (NII)
Annual Hurdle Rate for Incentive Fee	7.28%	Used for NOI Incentive Fee calculation

Management and incentive fees paid to the external adviser are a direct function of asset levels and investment performance. For instance, incentive fees paid to the CSL III Advisor, which were assumed by Carlyle Secured Lending, Inc. upon merger completion, totaled $1,413 thousand during the three months ended June 30, 2025. The base management fee increase is driven by higher average gross assets, as seen in Q1 2025 following the Credit Fund II purchase and the CSL III Merger.

The interest expense on borrowed funds is a major driver of total costs. Carlyle Secured Lending, Inc. executed a significant capital structure optimization in late 2025 by pricing $300 million in aggregate principal amount of 5.750% unsecured notes due 2031. This move was part of a strategy that also included repaying the CSL III SPV Facility in full post-Q3 2025. The stated goal of these capital structure optimizations is to lower the weighted average cost of borrowing by 10 basis points.

General and administrative operating expenses cover the overhead of running the business, which is largely allocated by the adviser. These costs include specific items like:

• Professional fees, covering legal, audit, and valuation costs.
• Administrative service fees for overhead allocated from the Administrator.
• Insurance, filing, research, and subscription costs.

Specific figures for 'Other expenses,' which encompasses many G&A items, showed $2,325 thousand in one reported period and $2,094 thousand in another, based on the total expense comparison.

Costs associated with capital structure optimizations involve transaction expenses and the impact of refinancing. The company announced plans to redeem $85 million of its outstanding 8.20% 2028 Notes on December 1, 2025. Furthermore, in connection with the CSL III Merger, Carlyle covered $5,000 thousand in merger-related expenses on behalf of the Company.

Finance: draft Q4 2025 projected expense breakdown by Friday.

Carlyle Secured Lending, Inc. (CGBD) - Canvas Business Model: Revenue Streams

Carlyle Secured Lending, Inc. generates the bulk of its revenue from the interest earned on its investment portfolio, which is heavily weighted toward debt instruments. You should know that the primary source is interest income from debt investments, which are predominantly floating rate, meaning the income stream adjusts with benchmark rates. As of September 30, 2025, the total fair value of these investments stood at approximately $2.4 billion across 158 portfolio companies. New investment fundings during that third quarter carried a weighted average yield of 9.5%.

The overall top-line performance for the most recent reported period reflects this focus. Carlyle Secured Lending, Inc. reported total investment income of $66.51 million for Q3 2025. This figure is very near the $67 million mark you mentioned, which might be a rounded figure or reflective of the Q2 2025 total investment income of $67.281 million found in earlier reports. The net investment income (NII) for Q3 2025 was reported as $0.37 per common share on a GAAP basis, or $0.38 per common share after adjusting for asset acquisition accounting.

Here are some key financial figures from the Q3 2025 period to give you a clear picture of the scale:

Metric	Amount (Q3 2025)
Total Investment Income	$66.51 million
Net Investment Income (GAAP EPS)	$0.37 per share
Adjusted Net Investment Income (EPS)	$0.38 per share
Total Portfolio Fair Value	$2.4 billion
New Investment Fundings (Q3 2025)	$260.4 million

The revenue streams are structured around these core activities, though specific dollar breakdowns for every component in Q3 2025 aren't always itemized in the top-line summaries. Still, we know the components are:

• Interest income from debt investments (primarily floating rate).
• Total investment income of $66.51 million for Q3 2025.
• Dividend and interest income from the MMCF joint venture.
• Fee income from origination and prepayment activity.

To be defintely clear, Carlyle Secured Lending, Inc. also collects income from fees. While specific Q3 2025 fee income is not explicitly separated from the total investment income in the latest summaries, fee income from origination and prepayment activity is a recognized part of the revenue mix for a business development company like this. Also, income from the MMCF joint venture contributes to the overall investment income, as evidenced by the fact that $48 million of investments were sold to the joint venture during the quarter, which implies an ongoing income relationship.

Finance: draft a reconciliation of Q3 2025 Total Investment Income to the sum of interest, fee, and JV income by next Tuesday.