Carlyle Secured Lending, Inc. (CGBD): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Carlyle Secured Lending, Inc. (CGBD), une puissance d'investissement dynamique qui transforme les prêts intermédiaires en un écosystème financier conçu par précision. En naviguant magistralement des paysages de crédit complexes, CGBD fabrique des solutions de prêt innovantes qui comblent les investisseurs institutionnels ayant des opportunités de prêt sécurisées à haut potentiel, créant une proposition de valeur robuste qui offre un revenu cohérent et une gestion des risques disciplinés dans divers segments financiers.

Carlyle Secured Lending, Inc. (CGBD) - Modèle d'entreprise: Partenariats clés

Sociétés de capital-investissement et gestionnaires de placements

En 2024, Carlyle Secured Lending conserve des partenariats stratégiques avec les sociétés de capital-investissement suivantes:

Entreprise partenaire	Détails du partenariat	Valeur de collaboration d'investissement
Le groupe Carlyle	Société mère et partenaire d'investissement principal	1,2 milliard de dollars d'investissements gérés
Gestion mondiale Apollo	Opportunités de co-investissement	450 millions de dollars en investissements de crédit conjoint

Institutions et banques financières

Les principaux partenariats bancaires comprennent:

• JPMorgan Chase - fournisseur de facilité de crédit
• Wells Fargo - Arrangement de prêt syndiqué
• Goldman Sachs - Support sur les marchés des capitaux de la dette

Investisseurs institutionnels et fonds de crédit

Investisseur institutionnel	Type d'investissement	Engagement en capital
Blackrock	Fonds de prêt direct	750 millions de dollars
Avant-garde	Portefeuille d'investissement de crédit	525 millions de dollars

Sociédes de conseil juridique et conformité

Détails du partenariat de conformité:

• Skadden, arps, ardoise, meagher & Flom LLP - Advisory juridique
• Deloitte - Conseil de conformité réglementaire
• PricewaterhouseCoopers - Services de rapports financiers

Fournisseurs de services de technologie et de cybersécurité

Partenaire technologique	Portée du service	Valeur du contrat annuel
Réseaux palo alto	Infrastructure de cybersécurité	3,2 millions de dollars
Microsoft Azure	Cloud Computing et gestion des données	2,7 millions de dollars

Carlyle Secured Lending, Inc. (CGBD) - Modèle d'entreprise: Activités clés

Prêts sécurisés sur le marché intermédiaire

Au quatrième trimestre 2023, Carlyle a obtenu des prêts se concentre sur les prêts directs aux sociétés du marché intermédiaire avec des revenus annuels entre 50 et 500 millions de dollars. Portefeuille d'investissement total: 1,07 milliard de dollars.

Segment de prêt	Taille de portefeuille	Taille moyenne du prêt
Prêts garantis supérieurs	712 millions de dollars	24,3 millions de dollars
Dette subordonnée	358 millions de dollars	15,7 millions de dollars

Gestion du portefeuille de crédit

Composition du portefeuille au 31 décembre 2023:

• Nombre total de sociétés de portefeuille: 42
• Rendement moyen pondéré: 12,4%
• Prêts non performants: 1,2%

Origination et souscription d'investissement

Métriques de dépistage des investissements et de sélection:

Critères	Seuil
EBITDA minimum	10 millions de dollars
Ratio dette / EBITDA	4.5x - 6.0x
Opportunités d'investissement annuelles examinées	350-400
Taux d'acceptation des investissements	3.5%

Évaluation et surveillance des risques

Cadre de gestion des risques:

• Processus de révision du portefeuille trimestre
• Surveillance de la cote de crédit externe
• Suivi de la conformité des alliances

Déploiement en capital et stratégie d'investissement

Répartition de l'allocation des investissements:

Secteur de l'industrie	Pourcentage de portefeuille
Logiciel & Technologie	22%
Soins de santé	18%
Services aux entreprises	16%
Industriel	14%
Autres secteurs	30%

Carlyle Secured Lending, Inc. (CGBD) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Depuis le quatrième trimestre 2023, l'équipe de gestion des investissements de Carlyle Secured comprend 37 professionnels avec une moyenne de 15,6 ans d'expérience en prêts directs et en investissement.

Composition de l'équipe	Nombre de professionnels	Expérience moyenne
Professionnels de l'investissement seniors	12	18,3 ans
Gestionnaires de placement de niveau intermédiaire	15	12,7 ans
Analystes d'investissement juniors	10	5,2 ans

Expertise en crédit et en prêts approfondis

Composition de portefeuille Au 31 décembre 2023:

• Portefeuille d'investissement total: 1,2 milliard de dollars
• Nombre de sociétés de portefeuille: 74
• Taille moyenne de l'investissement: 16,2 millions de dollars

Fonds de capital financier robustes et d'investissement

Métriques financières	Montant
Actif total	1,47 milliard de dollars
Capitaux propres des actionnaires	456,3 millions de dollars
Valeur net de l'actif (NAV)	15,87 $ par action

Infrastructure de gestion des risques avancée

Métriques de gestion des risques:

• Ratio de prêts non performants: 2,3%
• Évaluation du risque moyen pondéré: 3,6 (sur une échelle de 5 points)
• Réserve de perte de prêt: 34,5 millions de dollars

Réseau de recherche de transactions propriétaires

Transactions des canaux d'approvisionnement	Nombre de connexions
Relations directes sur le capital-investissement	127
Partenariats de banque d'investissement	42
Conseillers financiers indépendants	93

Carlyle Secured Lending, Inc. (CGBD) - Modèle d'entreprise: propositions de valeur

Opportunités de prêt sécurisées à haut rendement

Au quatrième trimestre 2023, CGBD a déclaré un portefeuille d'investissement total de 1,1 milliard de dollars avec un rendement moyen pondéré de 10,9%. Le portefeuille est composé de prêts garantis de premier rang des premiers-principaux représentant 87,5% du total des investissements.

Type d'investissement	Pourcentage	Rendement
Proisseurs de premier rang assuré	87.5%	10.9%
Prêts de deuxième rang	7.2%	11.5%
Équité / dette subordonnée	5.3%	12.3%

Portefeuille d'investissement de crédit diversifié

Le portefeuille d'investissement de CGBD s'étend sur plusieurs industries avec une diversification stratégique:

• Logiciel & Technologie: 22,5%
• Soins de santé: 18,3%
• Services d'entreprise: 15,7%
• Fabrication: 14,2%
• Services à la consommation: 10,6%
• Autres industries: 18,7%

Solutions de financement spécialisées sur le marché intermédiaire

Taille moyenne des prêts sur le marché intermédiaire: 22,6 millions de dollars, avec des conditions de prêt typiques allant de 3 à 6 ans. Gamme d'EBITDA typique pour les sociétés de portefeuille: 15 à 75 millions de dollars.

Génération de revenus constante pour les investisseurs

Pour l'exercice 2023, CGBD a rapporté:

• Revenu de placement net: 86,4 millions de dollars
• Rendement des dividendes: 11,2%
• Distribution trimestrielle: 0,25 $ par action

Approche de gestion des risques disciplinée

Mesures à risque au 31 décembre 2023:

Métrique à risque	Valeur
Actifs non performants	1,2% du portefeuille total
Cote de crédit moyen pondérée	B +
Portfolio Investment Grade Equivalent	92.5%

Carlyle Secured Lending, Inc. (CGBD) - Modèle d'entreprise: relations avec les clients

Engagement direct des investisseurs

Depuis le quatrième trimestre 2023, Carlyle garantit les prêts maintient l'engagement direct des investisseurs à travers:

Canal de fiançailles	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Environ 150-200 investisseurs institutionnels
Conférence annuelle sur les investisseurs	1 fois par an	Plus de 75 investisseurs institutionnels
Réunions d'investisseurs en tête-à-tête	En cours	50-75 investisseurs ciblés par an

Services de conseil en investissement personnalisés

Services de conseil en investissement structurés avec les caractéristiques suivantes:

• Équipe de conseil en investissement dédiée de 12 professionnels
• Taille moyenne du portefeuille sous gestion: 25 à 50 millions de dollars
• Développement de stratégie d'investissement personnalisé
• Optimisation de retour ajustée au risque

Rapports de performance de portefeuille réguliers

Type de rapport	Fréquence	Méthode de livraison
Rapport de performance détaillé	Trimestriel	Formats numériques et imprimés
Résumé des performances mensuelles	Mensuel	Portail en ligne sécurisé
Suivi du portefeuille en temps réel	Continu	Tableau de bord en ligne

Canaux de communication transparents

L'infrastructure de communication comprend:

• Relations des investisseurs dédiés Courriel: ir@carlylegroup.com
• Portail de support des investisseurs en ligne 24/7 24/7
• Transparence du dépôt de la SEC
• Conformité à la divulgation équitable du réglementation (Reg FD)

Équipe de gestion des relations dédiée

Segment d'équipe	Nombre de professionnels	Spécialisation
Sentiels de relations	5	Investisseurs institutionnels
Représentants du service à la clientèle	8	Support individuel des investisseurs
Spécialistes du support technique	3	Assistance à la plate-forme numérique

Carlyle Secured Lending, Inc. (CGBD) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Carlyle garanti les prêts maintient une équipe de vente directe de 17 représentants de investissements professionnels.

Métrique de l'équipe de vente	Quantité
Représentants des ventes totales	17
Des années moyennes d'expérience	8,5 ans
Couverture géographique	Amérique du Nord

Réseaux de banque d'investissement

CGBD exploite les relations avec 12 partenaires de banque d'investissement primaires.

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Citigroup
• Titres de Wells Fargo

Plates-formes d'investissement numériques

Métriques d'engagement de la plate-forme numérique pour 2023:

Métrique de la plate-forme	Valeur
Comptes totaux d'investisseurs en ligne	3,642
Volume annuel de transaction numérique	287 millions de dollars
Âge de l'utilisateur numérique moyen	42 ans

Partenariats de conseillers financiers

CGBD maintient des partenariats avec 86 cabinets de conseil financier indépendants.

Catégorie de partenariat	Nombre
Entreprises de RIA indépendantes	62
Réseaux de courtiers	24

Conférences des investisseurs et tas de routes

Conférence et engagement de roadshow pour 2023:

Métrique de la conférence	Quantité
Les conférences totales ont assisté	14
Total des réunions des investisseurs	87
Emplacements de présentation totaux	9 villes américaines majeures

Carlyle Secured Lending, Inc. (CGBD) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Carlyle a sécurisé le segment des investisseurs institutionnels de Lending comprenait:

Type d'investisseur	Investissement total ($ m)	Pourcentage de portefeuille
Banques d'investissement	425,6 millions de dollars	32.7%
Sociétés de gestion des actifs	312,3 millions de dollars	24.1%

Sociétés de gestion de patrimoine privées

Caractéristiques clés du segment de clientèle privé de patrimoine:

• Taille moyenne du compte: 18,2 millions de dollars
• Total des actifs sous gestion: 1,47 milliard de dollars
• Nombre de clients de gestion de patrimoine actifs: 87

Fonds de pension

Répartition des investissements des fonds de pension:

Type de fonds	Montant d'investissement ($ m)	Pourcentage d'allocation
Fonds de pension publique	612,5 millions de dollars	47.3%
Fonds de retraite d'entreprise	276,8 millions de dollars	21.4%

Hedge funds

Détails du segment de la clientèle des fonds de couverture:

• Investissements totaux de fonds spéculatifs: 356,9 millions de dollars
• Nombre de clients de fonds spéculatifs: 42
• Investissement moyen par hedge fund: 8,5 millions de dollars

Investisseurs individuels à haute nette

Segment des investisseurs à haute nette profile:

Segment des investisseurs	Investissement total ($ m)	Investissement individuel moyen
Ultra-netteur	247,6 millions de dollars	12,4 millions de dollars
Netteur élevée	189,3 millions de dollars	4,7 millions de dollars

Carlyle Secured Lending, Inc. (CGBD) - Modèle d'entreprise: Structure des coûts

Compensation pour les professionnels de l'investissement

À partir du rapport annuel en 2023, les frais de rémunération totale pour les prêts garantis de Carlyle étaient de 27,4 millions de dollars. La panne comprend:

Salaires de base

Bonus de performance

Compensation d'incitation à long terme

Catégorie de compensation	Montant ($)
12,600,000
8,900,000
5,900,000

Investissements technologiques et infrastructures

Les dépenses technologiques annuelles pour 2023 ont totalisé 4,2 millions de dollars, avec des allocations spécifiques:

Catégorie d'investissement technologique	Montant ($)
Infrastructure de cybersécurité	1,500,000
Systèmes de cloud computing	1,200,000
Plateformes d'analyse de données	1,500,000

Compliance et dépenses réglementaires

Les coûts de conformité réglementaire pour 2023 étaient de 3,6 millions de dollars, notamment:

• Services de conseil juridique: 1 800 000 $
• Dépenses de dépôt réglementaire: 950 000 $
• Formation en conformité interne: 850 000 $

MARKETING ET RELATIONS D'INVESTISSEMENT

Les dépenses de marketing pour 2023 ont atteint 2,1 millions de dollars:

Catégorie marketing	Montant ($)
Dépenses de la conférence des investisseurs	850,000
Campagnes de marketing numérique	650,000
Matériel de communication des investisseurs	600,000

Frais de service professionnels

Les dépenses de service professionnel pour 2023 ont totalisé 5,3 millions de dollars:

• Services d'audit et de comptabilité: 2 100 000 $
• Conseil juridique: 1 800 000 $
• Conseil financier: 1 400 000 $

Carlyle Secured Lending, Inc. (CGBD) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts garantis

Au quatrième trimestre 2023, Carlyle a obtenu des prêts a déclaré un revenu total d'intérêts de 64,6 millions de dollars. Le rendement moyen sur les investissements en dette était de 11,4% pour la période.

Source de revenus	Montant ($ m)	Pourcentage
Les prêts assurés du premier privilège	42.3	65.5%
Le deuxième privilège a obtenu des prêts	15.7	24.3%
Prêts subordonnés	6.6	10.2%

Frais de gestion des investissements

Pour l'exercice 2023, les frais de gestion des investissements ont totalisé 18,2 millions de dollars, ce qui représente 3,5% du total des actifs sous gestion.

Frais d'incitation basés sur la performance

Les frais d'incitation basés sur la performance pour 2023 étaient de 5,7 millions de dollars, calculés sur la base des rendements de référence prédéterminés.

Appréciation du capital du portefeuille de prêts

Le portefeuille de prêts a connu une appréciation nette de 12,4 millions de dollars en 2023, avec la ventilation suivante:

• Gains réalisés: 4,6 millions de dollars
• Appréciation non réalisée: 7,8 millions de dollars

Revenus des services de conseil en placement

Les revenus des services de conseil en placement pour 2023 s'élevaient à 3,9 millions de dollars, dérivés des services consultatifs à divers clients institutionnels.

Type de service consultatif	Revenus ($ m)
Conseil de stratégie d'entreprise	2.1
Services de restructuration de portefeuille	1.2
Avis de gestion des risques	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.