Carlyle Secured Lending, Inc. (CGBD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el modelo estratégico de Carlyle asegurado Lending, Inc. (CGBD), una potencia de inversión dinámica que transforma los préstamos del mercado medio en un ecosistema financiero diseñado por precisión. Al navegar magistralmente de los paisajes de crédito complejos, CGBD elabora soluciones de préstamos innovadoras que unen a los inversores institucionales con oportunidades de préstamos garantizados de alto potencial, creando una propuesta de valor sólida que ofrece ingresos consistentes y gestión de riesgos disciplinados en diversos segmentos financieros.

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negocio: asociaciones clave

Empresas de capital privado y administradores de inversiones

A partir de 2024, Carlyle asegurado préstamos mantiene asociaciones estratégicas con las siguientes empresas de capital privado:

Empresa asociada	Detalles de la asociación	Valor de colaboración de inversión
El grupo Carlyle	Empresa matriz y socio de inversión principal	$ 1.2 mil millones en inversiones administradas
Apolo Global Management	Oportunidades de coinversión	$ 450 millones en inversiones de crédito conjunta

Instituciones y bancos financieros

Las asociaciones bancarias clave incluyen:

• JPMorgan Chase - Proveedor de facilidades de crédito
• Wells Fargo - Acuerdo de préstamo sindicado
• Goldman Sachs - Apoyo de los mercados de capital de deuda

Inversores institucionales y fondos de crédito

Inversor institucional	Tipo de inversión	Compromiso de capital
Roca negra	Fondo de préstamos directos	$ 750 millones
Vanguardia	Cartera de inversiones crediticias	$ 525 millones

Firmas de asesoramiento legal y de cumplimiento

Detalles de la asociación de cumplimiento:

• Skadden, Arps, Slate, Meagher & Flom LLP - Asesoramiento legal
• Deloitte - Consultoría de cumplimiento regulatorio
• PricewaterhouseCoopers - Servicios de informes financieros

Proveedores de servicios de tecnología y ciberseguridad

Socio tecnológico	Alcance del servicio	Valor anual del contrato
Palo Alto Networks	Infraestructura de ciberseguridad	$ 3.2 millones
Microsoft Azure	Computación en la nube y gestión de datos	$ 2.7 millones

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negocio: actividades clave

Préstamos asegurados del mercado medio

A partir del cuarto trimestre de 2023, Carlyle aseguró los préstamos se centra en préstamos directos a compañías de mercado medio con ingresos anuales entre $ 50 millones y $ 500 millones. Portafolio de inversión total: $ 1.07 mil millones.

Segmento de préstamos	Tamaño de cartera	Tamaño promedio del préstamo
Préstamos para personas mayores aseguradas	$ 712 millones	$ 24.3 millones
Deuda subordinada	$ 358 millones	$ 15.7 millones

Gestión de la cartera de crédito

Composición de cartera al 31 de diciembre de 2023:

• Número total de compañías de cartera: 42
• Rendimiento promedio ponderado: 12.4%
• Préstamos sin rendimiento: 1.2%

Originación de inversión y suscripción

Detección de inversiones y métricas de selección:

Criterios	Límite
Ebitda mínimo	$ 10 millones
Relación deuda/EBITDA	4.5x - 6.0x
Oportunidades de inversión anuales revisadas	350-400
Tasa de aceptación de inversión	3.5%

Evaluación y monitoreo de riesgos

Marco de gestión de riesgos:

• Proceso de revisión de cartera trimestral
• Monitoreo de calificación crediticia externa
• Seguimiento de cumplimiento del pacto

Estrategia de despliegue de capital e inversión

Desglose de asignación de inversiones:

Sector industrial	Porcentaje de cartera
Software & Tecnología	22%
Cuidado de la salud	18%
Servicios comerciales	16%
Industrial	14%
Otros sectores	30%

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, el equipo de gestión de inversiones de Carlyle aseguró los préstamos comprende 37 profesionales con un promedio de 15.6 años de experiencia directa de préstamos e inversión.

Composición del equipo	Número de profesionales	Experiencia promedio
Profesionales de inversión senior	12	18.3 años
Administradores de inversiones de nivel medio	15	12.7 años
Analistas de inversiones junior	10	5.2 años

Experiencia extensa de crédito y préstamo

Composición de cartera Al 31 de diciembre de 2023:

• Portafolio de inversión total: $ 1.2 mil millones
• Número de compañías de cartera: 74
• Tamaño promedio de la inversión: $ 16.2 millones

Capital financiero y fondos de inversión robustos

Métricas financieras	Cantidad
Activos totales	$ 1.47 mil millones
Patrimonio de los accionistas	$ 456.3 millones
Valor de activos netos (NAV)	$ 15.87 por acción

Infraestructura avanzada de gestión de riesgos

Métricas de gestión de riesgos:

• Relación de préstamos sin rendimiento: 2.3%
• Calificación de riesgo promedio ponderado: 3.6 (en una escala de 5 puntos)
• Reserva de pérdida de préstamos: $ 34.5 millones

Red de abastecimiento de ofertas propietarias

Canales de abastecimiento de ofertas	Número de conexiones
Relaciones directas de capital privado	127
Asociaciones del banco de inversiones	42
Asesores financieros independientes	93

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negocio: propuestas de valor

Oportunidades de préstamos asegurados de alto rendimiento

A partir del cuarto trimestre de 2023, CGBD informó una cartera de inversión total de $ 1.1 mil millones con un rendimiento promedio ponderado de 10.9%. La cartera consta de préstamos garantizados senior de primer nivel que representan el 87.5% de las inversiones totales.

Tipo de inversión	Porcentaje	Producir
Préstamos asegurados para personas mayores de primer nivel	87.5%	10.9%
Préstamos de segundo lien	7.2%	11.5%
Equidad/deuda subordinada	5.3%	12.3%

Cartera de inversión crediticia diversificada

La cartera de inversiones de CGBD abarca múltiples industrias con diversificación estratégica:

• Software & Tecnología: 22.5%
• Atención médica: 18.3%
• Servicios comerciales: 15.7%
• Fabricación: 14.2%
• Servicios al consumidor: 10.6%
• Otras industrias: 18.7%

Soluciones de financiamiento de mercado medio especializados

Tamaño promedio del préstamo del mercado medio: $ 22.6 millones, con términos de préstamos típicos que van desde 3 a 6 años. Rango típico de EBITDA para compañías de cartera: $ 15 millones a $ 75 millones.

Generación de ingresos consistente para inversores

Para el año fiscal 2023, CGBD informó:

• Ingresos de inversión netos: $ 86.4 millones
• Rendimiento de dividendos: 11.2%
• Distribución trimestral: $ 0.25 por acción

Enfoque disciplinado de gestión de riesgos

Métricas de riesgo al 31 de diciembre de 2023:

Métrico de riesgo	Valor
Activos sin rendimiento	1.2% de la cartera total
Calificación crediticia promedio ponderada	B+
Equivalente de grado de inversión de cartera	92.5%

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negocio: Relaciones con los clientes

Compromiso directo de los inversores

A partir del cuarto trimestre de 2023, Carlyle asegurado los préstamos mantiene la participación directa de los inversores a través de:

Canal de compromiso	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	Aproximadamente 150-200 inversores institucionales
Conferencia anual de inversores	1 vez por año	Más de 75 inversores institucionales
Reuniones de inversores individuales	En curso	50-75 inversores dirigidos anualmente

Servicios de asesoramiento de inversiones personalizados

Servicios de asesoramiento de inversiones estructurados con las siguientes características:

• Equipo de asesoramiento de inversiones dedicado de 12 profesionales
• Tamaño promedio de la cartera bajo administración: $ 25-50 millones
• Desarrollo de estrategia de inversión personalizada
• Optimización de retorno ajustada por el riesgo

Informes regulares de rendimiento de la cartera

Tipo de informes	Frecuencia	Método de entrega
Informe de rendimiento detallado	Trimestral	Formatos digitales e impresos
Resumen de rendimiento mensual	Mensual	Portal seguro en línea
Seguimiento de cartera en tiempo real	Continuo	Tablero basado en la web

Canales de comunicación transparentes

La infraestructura de comunicación incluye:

• Relaciones de inversores dedicadas Correo electrónico: ir@carlylegroup.com
• Portal de soporte de inversores en línea 24/7
• SEC que presenta transparencia
• Cumplimiento de la divulgación de la Regulación Justa (Reg FD)

Equipo dedicado de gestión de relaciones

Segmento de equipo	Número de profesionales	Especialización
Gerentes de relaciones senior	5	Inversores institucionales
Representantes de servicio al cliente	8	Apoyo al inversor individual
Especialistas en soporte técnico	3	Asistencia de plataforma digital

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Carlyle aseguró los préstamos mantiene un equipo de ventas directo de 17 representantes de inversión profesional.

Métrica del equipo de ventas	Cantidad
Representantes de ventas totales	17
Años promedio de experiencia	8.5 años
Cobertura geográfica	América del norte

Redes de banca de inversión

CGBD aprovecha las relaciones con 12 socios de banca de inversión primaria.

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

Plataformas de inversión digital

Métricas de participación de la plataforma digital para 2023:

Métrica de plataforma	Valor
Cuentas de inversores en línea totales	3,642
Volumen anual de transacción digital	$ 287 millones
Edad de usuario digital promedio	42 años

Asociaciones de asesores financieros

CGBD mantiene asociaciones con 86 firmas de asesoramiento financiero independiente.

Categoría de asociación	Número
Firmas independientes de RIA	62
Redes de corredor de bolsa	24

Conferencias de inversores y roadshows

Conferencia y compromiso de Roadshow para 2023:

Métrico de conferencia	Cantidad
Conferencias totales a las que asistió	14
Reuniones totales de inversores	87
Ubicaciones de presentación total	9 principales ciudades estadounidenses

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Carlyle aseguró el segmento de inversionistas institucionales de Lending en compuesto:

Tipo de inversor	Inversión total ($ M)	Porcentaje de cartera
Bancos de inversión	$ 425.6 millones	32.7%
Empresas de gestión de activos	$ 312.3 millones	24.1%

Empresas privadas de gestión de patrimonio

Características clave del segmento de clientes de gestión de patrimonio privado:

• Tamaño promedio de la cuenta: $ 18.2 millones
• Activos totales bajo administración: $ 1.47 mil millones
• Número de clientes activos de gestión de patrimonio: 87

Fondos de pensiones

Desglose de inversión del fondo de pensiones:

Tipo de fondo	Monto de inversión ($ M)	Porcentaje de asignación
Fondos de pensiones públicas	$ 612.5 millones	47.3%
Fondos de pensiones corporativas	$ 276.8 millones	21.4%

Fondos de cobertura

Detalles del segmento de clientes del fondo de cobertura:

• Inversiones totales de fondos de cobertura: $ 356.9 millones
• Número de clientes de fondos de cobertura: 42
• Inversión promedio por fondo de cobertura: $ 8.5 millones

Inversores individuales de alto nivel de red

Segmento de inversores de alto nivel de red profile:

Segmento de inversores	Inversión total ($ M)	Inversión individual promedio
Ultra alto-patrimonio	$ 247.6 millones	$ 12.4 millones
De alto nivel	$ 189.3 millones	$ 4.7 millones

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negocio: Estructura de costos

Compensación por profesionales de inversión

A partir del informe anual de 2023, los gastos de compensación total para los préstamos garantizados por Carlyle fueron de $ 27.4 millones. El desglose incluye:

Salarios base

Bonos de rendimiento

Compensación de incentivos a largo plazo

Categoría de compensación	Monto ($)
12,600,000
8,900,000
5,900,000

Inversiones de tecnología e infraestructura

El gasto anual de tecnología para 2023 totalizaron $ 4.2 millones, con asignaciones específicas:

Categoría de inversión tecnológica	Monto ($)
Infraestructura de ciberseguridad	1,500,000
Sistemas de computación en la nube	1,200,000
Plataformas de análisis de datos	1,500,000

Cumplimiento y gastos regulatorios

Los costos de cumplimiento regulatorio para 2023 fueron de $ 3.6 millones, que incluyen:

• Servicios de asesoramiento legal: $ 1,800,000
• Gastos de presentación regulatoria: $ 950,000
• Capacitación de cumplimiento interno: $ 850,000

Relaciones de marketing y inversores

Los gastos de marketing para 2023 alcanzaron $ 2.1 millones:

Categoría de marketing	Monto ($)
Gastos de la conferencia de inversores	850,000
Campañas de marketing digital	650,000
Materiales de comunicación de inversores	600,000

Tarifas de servicio profesional

Los gastos de servicio profesional para 2023 totalizaron $ 5.3 millones:

• Servicios de auditoría y contabilidad: $ 2,100,000
• Consultoría legal: $ 1,800,000
• Aviso financiero: $ 1,400,000

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negocio: flujos de ingresos

Ingresos de intereses de préstamos garantizados

A partir del cuarto trimestre de 2023, Carlyle obtuvo préstamos informó ingresos por intereses totales de $ 64.6 millones. El rendimiento promedio de las inversiones de la deuda fue del 11,4% para el período.

Fuente de ingresos	Cantidad ($ m)	Porcentaje
Primer gravamen préstamos asegurados	42.3	65.5%
Segundo gravamen préstamos asegurados	15.7	24.3%
Préstamos subordinados	6.6	10.2%

Tarifas de gestión de inversiones

Para el año fiscal 2023, las tarifas de gestión de inversiones totalizaron $ 18.2 millones, lo que representa el 3.5% de los activos totales bajo administración.

Tarifas de incentivos basadas en el desempeño

Las tarifas de incentivos basadas en el rendimiento para 2023 fueron de $ 5.7 millones, calculadas en base a los rendimientos de referencia predeterminados.

Apreciación de capital de la cartera de préstamos

La cartera de préstamos experimentó una apreciación neta de $ 12.4 millones en 2023, con el siguiente desglose:

• Ganancias realizadas: $ 4.6 millones
• Apreciación no realizada: $ 7.8 millones

Ingresos del servicio de asesoramiento de inversiones

Los ingresos por servicios de asesoramiento de inversiones para 2023 ascendieron a $ 3.9 millones, derivados de servicios de asesoramiento a varios clientes institucionales.

Tipo de servicio de asesoramiento	Ingresos ($ M)
Aviso de estrategia corporativa	2.1
Servicios de reestructuración de cartera	1.2
Aviso de gestión de riesgos	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.