Carlyle Secured Lending, Inc. (CGBD): Marketing Mix Analysis [Dec-2025 Updated]

You're looking at Carlyle Secured Lending, Inc. (CGBD) and wondering if this Business Development Company (BDC) is still the income machine it appears to be, especially with a share price near $12.17 in November 2025 implying a massive 12.8% annualized dividend yield. Honestly, mapping the four Ps for a direct lender isn't about physical widgets; it's about credit quality and distribution stability supporting that price. We see their core product is senior secured debt, but the real question is how their Place-trading on NASDAQ-and Promotion-management commentary-support that yield when the Net Asset Value per share is sitting at $16.36. You need to see the full breakdown below to know if that income stream is truly locked in. That's the whole game.

Carlyle Secured Lending, Inc. (CGBD) - Marketing Mix: Product

You're looking at the core offering from Carlyle Secured Lending, Inc., which is fundamentally a credit investment vehicle. The product is not a physical good; it's access to specialized, income-generating debt assets. Specifically, Carlyle Secured Lending, Inc. offers directly originated, senior secured loans to middle-market companies. This direct origination process means they are often the lead lender, which helps in structuring and securing the investment upfront.

The structure of the portfolio reflects a highly defensive posture, prioritizing asset seniority. As of the third quarter of 2025, the portfolio is heavily weighted toward 86% first-lien debt exposure, meaning these loans sit at the top of the capital structure for repayment priority. This focus on the most secure layer of debt is a defining characteristic of the product's risk profile. Furthermore, the portfolio is almost entirely floating-rate, with 99.5% floating rate exposure, which helps insulate income streams against rising base rates.

The scale of the product offering, the total investment portfolio, reached a fair value of $2.4 billion as of Q3 2025. This deployment is targeted at a specific segment of the market, focusing on companies with a median EBITDA of roughly $98 million. This focus on the middle market, often backed by private equity sponsors, defines the target customer for this credit product.

The core product is designed to be a stable, income-generating credit investment vehicle for its investors. The quality of the underlying assets, as measured by non-accruals, stood at 1.6% of total investments at cost as of Q3 2025, indicating a relatively clean credit book despite market pressures. The investment objective centers on generating current income and capital appreciation primarily through these debt investments.

Here are the key statistical details defining the product as of late 2025:

• Total investment portfolio fair value: $2.4 billion as of Q3 2025.
• First-lien debt exposure: 86% of the portfolio.
• Floating rate exposure: 99.5%.
• Median portfolio company EBITDA: Approximately $98 million.
• Non-accruals (at cost): 1.6% of total investments.

You can see a breakdown of the portfolio's structure in the table below:

The product is further characterized by its focus on specific industries, which management views as resilient. The industry diversification shows significant concentration in software at 28% and healthcare & pharmaceuticals at 17% of the portfolio. This concentration is a deliberate feature, aiming to align the credit risk with sectors expected to maintain stability. Finance is a detail that matters. Finance: draft 13-week cash view by Friday.

Carlyle Secured Lending, Inc. (CGBD) - Marketing Mix: Place

You're looking at how Carlyle Secured Lending, Inc. (CGBD) makes its product-financing solutions-available to its target market. For a Business Development Company (BDC), Place is fundamentally about its structure, the channels for investor access, and the geographic/market focus of its investment origination.

Carlyle Secured Lending, Inc. operates as a publicly traded Business Development Company (BDC) structure, which is a key element of its distribution model, allowing it to raise capital from a broad investor base. This structure subjects the company to regulation under the Investment Company Act of 1940. Shares of Carlyle Secured Lending, Inc. are listed and trade on the NASDAQ under the ticker symbol CGBD. Access for investors, whether individual or institutional, is facilitated through standard brokerage accounts and investment platforms, which is the primary distribution channel for its equity product.

The operational backbone for Carlyle Secured Lending, Inc.'s investment deployment is its external management arrangement. It is externally managed by Carlyle Global Credit Investment Management L.L.C., which is an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc. As of June 30, 2025, The Carlyle Group managed approximately $465 billion of assets across its segments, providing significant scale and origination reach to Carlyle Secured Lending, Inc.

The core of Carlyle Secured Lending, Inc.'s 'Place' strategy in terms of deployment is its focus on the United States middle-market. The company provides directly originated financing solutions with a specific emphasis on senior secured lending to these middle-market companies. This focus defines the specific segment of the market where its product is distributed.

Here are some key figures reflecting the scale and activity of this deployment 'Place' as of late 2025, based on the third-quarter results ending September 30, 2025:

The company actively manages its capital structure to support its deployment capabilities, which is a critical part of its distribution strategy. For instance, in the third quarter of 2025, Carlyle Secured Lending, Inc. issued $300 million of 5.750% unsecured notes due 2031 and announced the intent to redeem $85 million of outstanding 8.20% Notes due 2028 effective December 1, 2025. Furthermore, total commitments under its senior secured Credit Facility were $960 million as of July 10, 2025.

The scale of the combined entity following its merger with Carlyle Secured Lending III in March 2025 is also relevant to its market presence:

• Assets of the combined company exceeded $2.8 billion based on March 25, 2025, financial data.
• Total liquidity as of June 30, 2025, was $613.1 million in cash and undrawn debt capacity.
• Non-accrual investments represented 1.6% of the portfolio based on fair value as of September 30, 2025.

The investment origination platform is designed to source deals directly within this specific market segment.

Carlyle Secured Lending, Inc. (CGBD) - Marketing Mix: Promotion

You're looking at how Carlyle Secured Lending, Inc. communicates its value proposition to the market, which is heavily weighted toward institutional transparency given its structure as a Business Development Company (BDC). The promotion here isn't about billboards; it's about detailed, timely disclosure to analysts and investors.

Quarterly Earnings Calls and Webcasts

Carlyle Secured Lending, Inc. maintains a consistent cadence of communication, ensuring analysts and investors have direct access to management commentary. For instance, the Third Quarter 2025 Earnings Call was scheduled for Wednesday, November 5, 2025, at $\mathbf{11:00}$ a.m. Eastern Time, following the earnings release on November 4, 2025. This call is made available via public webcast on the Carlyle Secured Lending website, and a replay is posted afterward.

Investor Relations Website and Disclosures

The Investor Relations section of the Carlyle Secured Lending website acts as the central repository for all promotional and transparency materials. You can find the latest filings, press releases, and presentations there. For the third quarter of 2025, for example, the Q3 2025 Earnings Presentation was $\mathbf{654.4}$ KB, and the corresponding Transcript was $\mathbf{271.4}$ KB. This material is key for anyone building a valuation model or assessing strategy.

Management Commentary on Performance and Strategy

Management commentary during these calls consistently emphasizes delivering stable income and consistent credit performance, which is the core promise of a senior secured lender. The Q3 2025 results provided concrete numbers supporting this narrative, even amidst market challenges.

Here's a quick look at the key financial metrics communicated for Q3 2025:

The commentary also highlighted that year-over-year deal flow at the top of the funnel increased nearly $\mathbf{30\%}$ over the last $\mathbf{2}$ months.

Public Announcements of Capital Structure Optimization

Actions taken to optimize the capital structure are publicly announced to signal risk reduction and enhance financial flexibility. These are critical promotional points for a credit-focused entity.

Key actions announced around the Q3 2025 period include:

• Announced plans to redeem $\mathbf{\$85}$ million of outstanding $\mathbf{8.20\%}$ 2028 Notes on December 1, 2025.
• Issued $\mathbf{\$300}$ million of $\mathbf{5.75\%}$ unsecured notes maturing in 2031.
• Repaid the CSL III SPV Facility in full.
• Upsized total commitments at the senior secured Credit Facility by $\mathbf{\$25}$ million to $\mathbf{\$960}$ million.

Analyst Coverage and Consensus Ratings

The market perception, as distilled by sell-side analysts, is a key promotional metric. As of late 2025, the consensus rating for Carlyle Secured Lending, Inc. leans toward a 'Hold.'

The latest analyst sentiment breakdown shows this:

The mean 12-month target price from analysts covering the stock is approximately $\mathbf{\$14.33}$ based on $\mathbf{7}$ firms, though another report cites a consensus price target of $\mathbf{\$14.36}$ based on $\mathbf{8}$ analysts. The lowest reported 12-month target price was $\mathbf{\$12.00}$.

Carlyle Secured Lending, Inc. (CGBD) - Marketing Mix: Price

Price, for Carlyle Secured Lending, Inc., centers on the distribution of investment income to shareholders, reflecting the current valuation and the underlying performance of the debt portfolio. This is where the market sets the cost of entry and the expected return for holding the common stock.

The declared distribution policy is a key component of the pricing strategy. For the fourth quarter of 2025, the Board of Directors declared a quarterly common dividend of $0.40 per common share. This distribution is payable on January 16, 2026, to stockholders of record on December 31, 2025.

To support this payout, the company maintains a cushion of retained earnings. Management currently estimates Carlyle Secured Lending, Inc. holds an estimated $0.86 per share of spillover income generated over the last five years, which serves to support the quarterly dividend.

The market's valuation of the underlying assets is reflected in the Net Asset Value (NAV). As of September 30, 2025, the Net Asset Value (NAV) per common share was $16.36.

The pricing structure for income generation is anchored by the portfolio's yield. The weighted average yield on income-producing investments was reported at a high of 10.6% as of the third quarter of 2025.

When you look at the stock price relative to the dividend, the implied yield becomes a primary driver for investor decisions. A share price of $12.17 in November 2025 implies an annualized dividend yield of 12.8%. This yield is a direct function of the market price you pay versus the expected annual cash return.

Here's a quick view of the key pricing and distribution metrics as of late 2025:

The relationship between the share price and NAV shows the stock was trading at a discount to its reported book value at that time. You can see the key figures that define the price component of the marketing mix:

• Net Asset Value (NAV) per share as of September 30, 2025: $16.36.
• Share price in November 2025: approximately $12.17.
• The implied annualized yield on that price: 12.8%.
• The current quarterly dividend rate: $0.40.
• The portfolio's underlying yield: 10.6%.

Finance: draft the comparison of the 10.6% portfolio yield versus the 12.8% implied stock yield by next Tuesday.