Carlyle Secured Lending, Inc. (CGBD): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Carlyle Secured Lending, Inc. (CGBD), uma potência dinâmica de investimento que transforma empréstimos do mercado médio em um ecossistema financeiro de engenharia de precisão. Ao navegar magistralmente paisagens complexas de crédito, a CGBD cria soluções inovadoras de empréstimos que preenchem investidores institucionais com oportunidades de empréstimos garantidos de alto potencial, criando uma proposta de valor robusta que oferece renda consistente e gerenciamento de riscos disciplinado em diversos segmentos financeiros.

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negócios: Parcerias -chave

Empresas de private equity e gerentes de investimento

A partir de 2024, a Carlyle garantida empréstimos mantém parcerias estratégicas com as seguintes empresas de private equity:

Empresa parceira	Detalhes da parceria	Valor de colaboração de investimentos
O grupo Carlyle	Empresa -mãe e parceiro de investimento primário	US $ 1,2 bilhão em investimentos gerenciados
Apollo Global Management	Oportunidades de co-investimento	US $ 450 milhões em investimentos em crédito conjunto

Instituições financeiras e bancos

As principais parcerias bancárias incluem:

• JPMorgan Chase - Provedor de Fácio de Crédito
• Wells Fargo - Acordo de Empréstimo Sonndicado
• Goldman Sachs - suporte do mercado de capitais de dívida

Investidores institucionais e fundos de crédito

Investidor institucional	Tipo de investimento	Compromisso de capital
BlackRock	Fundo de empréstimo direto	US $ 750 milhões
Vanguarda	Portfólio de investimentos em crédito	US $ 525 milhões

Empresas de consultoria legal e de conformidade

Detalhes da parceria de conformidade:

• Skadden, Arps, Slate, Meagher & FLOM LLP - Consultoria jurídica
• Deloitte - Consultoria de conformidade regulatória
• PricewaterhouseCoopers - Serviços de relatórios financeiros

Provedores de serviços de tecnologia e segurança cibernética

Parceiro de tecnologia	Escopo de serviço	Valor anual do contrato
Redes Palo Alto	Infraestrutura de segurança cibernética	US $ 3,2 milhões
Microsoft Azure	Computação em nuvem e gerenciamento de dados	US $ 2,7 milhões

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negócios: Atividades -chave

Empréstimo garantido pelo mercado intermediário

A partir do quarto trimestre de 2023, a Carlyle garantiu empréstimos concentra-se em empréstimos diretos para empresas de mercado intermediário com receita anual entre US $ 50 milhões e US $ 500 milhões. Portfólio total de investimentos: US $ 1,07 bilhão.

Segmento de empréstimo	Tamanho do portfólio	Tamanho médio do empréstimo
Empréstimos garantidos sênior	US $ 712 milhões	US $ 24,3 milhões
Dívida subordinada	US $ 358 milhões	US $ 15,7 milhões

Gerenciamento de portfólio de crédito

Composição do portfólio em 31 de dezembro de 2023:

• Número total de empresas de portfólio: 42
• Rendimento médio ponderado: 12,4%
• Empréstimos não-desempenho: 1,2%

Originação e subscrição de investimento

Métricas de triagem e seleção de investimento:

Critérios	Limite
EBITDA mínimo	US $ 10 milhões
Razão de dívida/EBITDA	4.5x - 6.0x
Oportunidades anuais de investimento revisadas	350-400
Taxa de aceitação de investimento	3.5%

Avaliação e monitoramento de risco

Estrutura de gerenciamento de riscos:

• Processo trimestral de revisão de portfólio
• Monitoramento de classificação de crédito externo
• Rastreamento de conformidade da Aliança

Estratégia de implantação e investimento de capital

Redução de alocação de investimentos:

Setor da indústria	Porcentagem de portfólio
Software & Tecnologia	22%
Assistência médica	18%
Serviços de negócios	16%
Industrial	14%
Outros setores	30%

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre de 2023, a equipe de gerenciamento de investimentos da Carlyle garantiu a Lending, compreende 37 profissionais com uma média de 15,6 anos de experiência direta em empréstimos e investimentos.

Composição da equipe	Número de profissionais	Experiência média
Profissionais de investimento seniores	12	18,3 anos
Gerentes de investimento de nível médio	15	12,7 anos
Analistas de investimento júnior	10	5,2 anos

Extensa experiência em crédito e empréstimo

Composição do portfólio em 31 de dezembro de 2023:

• Portfólio de investimento total: US $ 1,2 bilhão
• Número de empresas de portfólio: 74
• Tamanho médio do investimento: US $ 16,2 milhões

Capital financeiro robusto e fundos de investimento

Métricas financeiras	Quantia
Total de ativos	US $ 1,47 bilhão
Equidade dos acionistas	US $ 456,3 milhões
Valor líquido do ativo (NAV)	US $ 15,87 por ação

Infraestrutura avançada de gerenciamento de riscos

Métricas de gerenciamento de riscos:

• Razão de empréstimos sem desempenho: 2,3%
• Classificação de risco médio ponderado: 3,6 (em uma escala de 5 pontos)
• Reserva de perda de empréstimo: US $ 34,5 milhões

Rede de fornecimento de acordos proprietários

Canais de fornecimento de negócios	Número de conexões
Relacionamentos diretos de private equity	127
Parcerias do Banco de Investimento	42
Consultores financeiros independentes	93

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negócios: proposições de valor

Oportunidades de empréstimo garantidas de alto rendimento

A partir do quarto trimestre de 2023, o CGBD relatou um portfólio total de investimentos de US $ 1,1 bilhão com um rendimento médio ponderado de 10,9%. O portfólio consiste em empréstimos garantidos de primeira linha que representam 87,5% do total de investimentos.

Tipo de investimento	Percentagem	Colheita
Empréstimos garantidos sênior do First Lien	87.5%	10.9%
Empréstimos de segundo Lien	7.2%	11.5%
Equidade/dívida subordinada	5.3%	12.3%

Portfólio de investimentos de crédito diversificado

O portfólio de investimentos da CGBD abrange vários setores com diversificação estratégica:

• Software & Tecnologia: 22,5%
• Saúde: 18,3%
• Serviços de negócios: 15,7%
• Fabricação: 14,2%
• Serviços de consumo: 10,6%
• Outras indústrias: 18,7%

Soluções especializadas de financiamento do mercado médio

Tamanho médio do empréstimo do mercado intermediário: US $ 22,6 milhões, com termos típicos de empréstimos que variam de 3-6 anos. Faixa típica de EBITDA para empresas de portfólio: US $ 15 milhões a US $ 75 milhões.

Geração de renda consistente para investidores

Para o ano fiscal de 2023, o CGBD informou:

• Receita líquida de investimento: US $ 86,4 milhões
• Rendimento de dividendos: 11,2%
• Distribuição trimestral: US $ 0,25 por ação

Abordagem disciplinada de gerenciamento de riscos

Métricas de risco em 31 de dezembro de 2023:

Métrica de risco	Valor
Ativos não-desempenho	1,2% do portfólio total
Classificação de crédito médio ponderada	B+
Portfolio Investment Grade equivalente	92.5%

Carlyle Secured Lending, Inc. (CGBD) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto dos investidores

A partir do quarto trimestre 2023, os empréstimos garantidos por Carlyle mantêm o envolvimento direto dos investidores por meio de:

Canal de engajamento	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	Aproximadamente 150-200 investidores institucionais
Conferência Anual de Investidores	1 tempo por ano	Mais de 75 investidores institucionais
Reuniões individuais de investidores	Em andamento	50-75 investidores direcionados anualmente

Serviços de consultoria de investimento personalizados

Serviços de consultoria de investimentos estruturados com as seguintes características:

• Equipe de consultoria de investimento dedicada de 12 profissionais
• Tamanho médio do portfólio sob gerenciamento: US $ 25-50 milhões
• Desenvolvimento de estratégia de investimento personalizado
• Otimização de retorno ajustada ao risco

Relatórios regulares de desempenho do portfólio

Tipo de relatório	Freqüência	Método de entrega
Relatório de desempenho detalhado	Trimestral	Formatos digitais e impressos
Resumo do desempenho mensal	Mensal	Portal online seguro
Rastreamento de portfólio em tempo real	Contínuo	Painel baseado na Web

Canais de comunicação transparentes

A infraestrutura de comunicação inclui:

• Relações com investidores dedicados E -mail: ir@carlylegroup.com
• Portal de suporte a investidores on -line 24/7
• Sec Arquivando transparência
• Conformidade com a divulgação da Feira de Regulamento (Reg FD)

Equipe dedicada de gerenciamento de relacionamento

Segmento de equipe	Número de profissionais	Especialização
Gerentes de relacionamento seniores	5	Investidores institucionais
Representantes de atendimento ao cliente	8	Apoio individual do investidor
Especialistas em suporte técnico	3	Assistência da plataforma digital

Carlyle Secured Lending, Inc. (CGBD) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, a Carlyle garantiu empréstimos mantém uma equipe de vendas direta de 17 representantes de investimentos profissionais.

Métrica da equipe de vendas	Quantidade
Total de representantes de vendas	17
Anos médios de experiência	8,5 anos
Cobertura geográfica	América do Norte

Redes bancárias de investimento

O CGBD aproveita o relacionamento com 12 parceiros bancários de investimentos primários.

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

Plataformas de investimento digital

Métricas de engajamento da plataforma digital para 2023:

Métrica da plataforma	Valor
Total de contas de investidores online	3,642
Volume anual de transação digital	US $ 287 milhões
Idade média do usuário digital	42 anos

Parcerias do Consultor Financeiro

O CGBD mantém parcerias com 86 empresas de consultoria financeira independentes.

Categoria de parceria	Número
Empresas independentes da RIA	62
Redes de corretores	24

Conferências de investidores e roadshows

Conferência e engajamento de roadshow para 2023:

Métrica da conferência	Quantidade
As conferências totais compareceram	14
Total de reuniões de investidores	87
Locais totais de apresentação	9 principais cidades dos EUA

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

Investidores institucionais

A partir do quarto trimestre 2023, o segmento de investidores institucionais de Carlyle garantiu os empréstimos compreendidos:

Tipo de investidor	Investimento total ($ m)	Porcentagem de portfólio
Bancos de investimento	US $ 425,6 milhões	32.7%
Empresas de gerenciamento de ativos	US $ 312,3 milhões	24.1%

Empresas de gerenciamento de patrimônio privado

Principais características do segmento de clientes de gerenciamento de patrimônio privado:

• Tamanho médio da conta: US $ 18,2 milhões
• Total de ativos sob gestão: US $ 1,47 bilhão
• Número de clientes ativos de gerenciamento de patrimônio: 87

Fundos de pensão

Pension Fund Investment Breakdown:

Tipo de fundo	Valor do investimento ($ M)	Porcentagem de alocação
Fundos de pensão pública	US $ 612,5 milhões	47.3%
Fundos de pensão corporativa	US $ 276,8 milhões	21.4%

Fundos de hedge

Detalhes do segmento de clientes do fundo de hedge:

• Investimentos totais de fundos de hedge: US $ 356,9 milhões
• Número de clientes de fundos de hedge: 42
• Investimento médio por fundo de hedge: US $ 8,5 milhões

Investidores individuais de alta rede

Segmento de investidores de alta rede profile:

Segmento de investidores	Investimento total ($ m)	Investimento individual médio
Ultra de alta rede	US $ 247,6 milhões	US $ 12,4 milhões
Alta rede	US $ 189,3 milhões	US $ 4,7 milhões

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negócios: estrutura de custos

Compensação para profissionais de investimento

A partir de 2023, o relatório anual, as despesas totais de compensação para empréstimos garantidos por Carlyle foram de US $ 27,4 milhões. O colapso inclui:

Salários da base

Bônus de desempenho

Compensação de incentivo de longo prazo

Categoria de compensação	Valor ($)
12,600,000
8,900,000
5,900,000

Investimentos de tecnologia e infraestrutura

As despesas com tecnologia anual para 2023 totalizaram US $ 4,2 milhões, com alocações específicas:

Categoria de investimento em tecnologia	Valor ($)
Infraestrutura de segurança cibernética	1,500,000
Sistemas de computação em nuvem	1,200,000
Plataformas de análise de dados	1,500,000

Conformidade e despesas regulatórias

Os custos de conformidade regulatórios para 2023 foram de US $ 3,6 milhões, incluindo:

• Serviços de Consultoria Jurídica: US $ 1.800.000
• Despesas de arquivamento regulatório: US $ 950.000
• Treinamento de conformidade interna: US $ 850.000

Relações de marketing e investidores

As despesas de marketing para 2023 atingiram US $ 2,1 milhões:

Categoria de marketing	Valor ($)
Despesas da conferência de investidores	850,000
Campanhas de marketing digital	650,000
Materiais de comunicação dos investidores	600,000

Taxas de serviço profissional

As despesas de serviço profissional de 2023 totalizaram US $ 5,3 milhões:

• Serviços de auditoria e contabilidade: US $ 2.100.000
• Consultoria legal: US $ 1.800.000
• Aviso financeiro: US $ 1.400.000

Carlyle Secured Lending, Inc. (CGBD) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos garantidos

A partir do quarto trimestre de 2023, a Carlyle garantiu empréstimos relatados receita total de juros de US $ 64,6 milhões. O rendimento médio nos investimentos em dívida foi de 11,4% no período.

Fonte de receita	Valor ($ m)	Percentagem
Primeira garantia empréstimos garantidos sênior	42.3	65.5%
Segundo empréstimos garantidos por garantia	15.7	24.3%
Empréstimos subordinados	6.6	10.2%

Taxas de gerenciamento de investimentos

Para o ano fiscal de 2023, as taxas de gerenciamento de investimentos totalizaram US $ 18,2 milhões, representando 3,5% do total de ativos sob gestão.

Taxas de incentivo baseadas em desempenho

As taxas de incentivo baseadas em desempenho para 2023 foram de US $ 5,7 milhões, calculadas com base no excedente de retornos de referência predeterminados.

Apreciação de capital da carteira de empréstimos

A carteira de empréstimos sofreu uma apreciação líquida de US $ 12,4 milhões em 2023, com a seguinte quebra:

• Ganhos realizados: US $ 4,6 milhões
• Apreciação não realizada: US $ 7,8 milhões

Receitas de serviço de consultoria de investimento

As receitas de serviços de consultoria em investimentos em 2023 totalizaram US $ 3,9 milhões, derivados de serviços consultivos para vários clientes institucionais.

Tipo de serviço de consultoria	Receita ($ m)
Aviso de estratégia corporativa	2.1
Serviços de reestruturação do portfólio	1.2
Advogado de gerenciamento de riscos	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.