CGBD on Nasdaq
Carlyle Secured Lending, Inc.
In its 2026 annual report the company says: “Carlyle Secured Lending, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act” or the “1940 Act”).”5 It is headquartered in Timonium, United States.2 Its shares trade on Nasdaq under the symbol CGBD.2
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Last updated Oct 21, 2026.
Overview
- TickerCGBD on Nasdaq2
- HeadquartersTimonium, United States2
- Incorporated inMD3
- Business addressOne Vanderbilt Avenue, Suite 3400, New York, Ny 100173
- Filer categoryLarge accelerated filer3
- Legal formStock Corporation2
- LEI5493003POT0JT6WD1D832
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressc/o The Corporation Trust Incorporated, 21093 Timonium, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D145118932
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Carlyle Secured Lending, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act” or the “1940 Act”). For U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Code. We were formed in February 2012, commenced investment operations in May 2013 and began trading on the Nasdaq Global Select Market, under the symbol “CGBD,” upon completion of our initial public offering in June 2017. Our principal executive offices are located at One Vanderbilt Avenue, Suite 3400, New York, New York 10017.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 5 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| PIK income | $23.1M | $21.4M | $20.5M | ||
| Other income | $5.3M | $4.7M | $5.0M | ||
| Total investment income | $255.6M | $232.6M | $241.6M | ||
| Base management fees (Note 4) | $34.6M | $26.9M | $28.5M | ||
| Incentive fees (Note 4) | $21.1M | $21.6M | $22.6M | ||
| Professional fees | $3.8M | $3.0M | $2.7M | ||
| Administrative service fees (Note 4) | $1.8M | $1.6M | $1.3M | ||
| Interest expense and credit facility fees (Note 9) | $88.1M | $68.5M | $71.7M | ||
| Directors fees and expenses | $735.0K | $601.0K | $444.0K | ||
| Other general and administrative | $2.8M | $2.3M | $2.0M | ||
| Total expenses | $152.9M | $124.6M | $129.2M | ||
| Net investment income (loss) before taxes | $102.7M | $108.0M | $112.4M | ||
| Excise tax expense | $1.9M | $2.7M | $2.4M | ||
| Net investment income (loss) | $100.7M | $105.3M | $110.0M | ||
| Net realized gain (loss) on investments | -$58.1M | -$38.3M | -$21.2M | ||
| Net realized currency gain (loss) on non-investment assets and liabilities | -$815.0K | -$1.4M | $385.0K | ||
| Net realized gain (loss) on forward currency contracts | $313.0K | $0 | $0 | ||
| Net change in unrealized appreciation (depreciation) on investments | $39.2M | $18.3M | $7.1M | ||
| Net change in unrealized currency gain (loss) on non-investment assets and liabilities | -$9.7M | $3.4M | -$3.9M | ||
| Net change in unrealized gain (loss) on forward currency contracts | -$1.7M | $1.7M | $0 | ||
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts | -$30.8M | -$16.3M | -$17.7M | ||
| Net increase (decrease) in net assets resulting from operations | $70.0M | $89.0M | $92.3M | ||
| Preferred stock dividend | $826.0K | $3.5M | $3.5M | ||
| Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders | $69.1M | $85.5M | $88.8M | ||
| Basic (in dollars per share) | $1.02 | $1.68 | $1.75 | ||
| Diluted (in dollars per share) | $1.01 | $1.58 | $1.64 | ||
| Basic (in shares) | 67.7M shares | 50.8M shares | 50.8M shares | 52.1M shares | 54.2M shares |
| Diluted (in shares) | 69.0M shares | 56.5M shares | 56.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 12 quarters (quarterly), latest first.9
| Period ending | 2025-12-31 | 2025-03-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Investments, at fair value | $2.5B | $1.8B | |||
| Cash, cash equivalents and restricted cash | $76.5M | $56.6M | $60.4M | $30.5M | |
| Receivable for investments sold | $214.8M | $25.4M | |||
| Interest and dividend receivable | $24.7M | $32.4M | |||
| Derivative assets, at fair value (Note 8) | $298.0K | $1.9M | |||
| Prepaid expenses and other assets | $10.0M | $6.2M | |||
| Total assets | $2.8B | $1.9B | |||
| Debt and secured borrowings (Note 9) | $1.5B | $960.9M | |||
| Payable for investments purchased | $21.5M | $1.4M | |||
| Interest and credit facility fees payable (Note 9) | $19.1M | $10.9M | |||
| Dividend payable (Note 11) | $28.7M | $22.9M | |||
| Base management and incentive fees payable (Note 4) | $14.4M | $11.9M | |||
| Administrative service fees payable (Note 4) | $1.3M | $885.0K | |||
| Derivative liabilities, at fair value (Note 8) | $1.4M | $6.9M | |||
| Other accrued expenses and liabilities | $5.2M | $5.1M | |||
| Total liabilities | $1.6B | $1.0B | |||
| Cumulative convertible preferred stock, $0.01 par value; 0 and 2,000,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $0 | $50.0M | |||
| Common stock, $0.01 par value; 198,000,000 shares authorized; 71,807,190 and 50,906,262 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $718.0K | $509.0K | |||
| Paid-in capital in excess of par value | $1.4B | $1.0B | |||
| Offering costs | -$1.6M | -$1.6M | |||
| Total distributable earnings (loss) | -$195.7M | -$158.0M | |||
| Total net assets | $1.2B | $905.2M | $912.8M | $917.4M | |
| NET ASSETS PER COMMON SHARE (in dollars per share) | $16.26 | $16.64 | $16.80 | $16.99 | $16.99 |
| Investments, amortized cost | $2.5B | $1.8B | |||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |||
| Preferred stock, issued (in shares) | 0 shares | 2.0M shares | |||
| Preferred stock, outstanding (in shares) | 0 shares | 2.0M shares | 2.0M shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |||
| Common stock, authorized (in shares) | 198.0M shares | 198.0M shares | |||
| Common stock, issued (in shares) | 71.8M shares | 50.9M shares | |||
| Common stock, outstanding (in shares) | 71.8M shares | 50.9M shares | 50.8M shares | 51.1M shares |
| Period ending | 2025-12-31 | 2025-03-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments, at fair value | $2.5B | $1.8B | ||||||||||
| Cash, cash equivalents and restricted cash | $76.5M | $56.6M | $60.4M | $30.5M | ||||||||
| Receivable for investments sold | $214.8M | $25.4M | ||||||||||
| Interest and dividend receivable | $24.7M | $32.4M | ||||||||||
| Derivative assets, at fair value (Note 8) | $298.0K | $1.9M | ||||||||||
| Prepaid expenses and other assets | $10.0M | $6.2M | ||||||||||
| Total assets | $2.8B | $1.9B | ||||||||||
| Debt and secured borrowings (Note 9) | $1.5B | $960.9M | ||||||||||
| Payable for investments purchased | $21.5M | $1.4M | ||||||||||
| Interest and credit facility fees payable (Note 9) | $19.1M | $10.9M | ||||||||||
| Dividend payable (Note 11) | $28.7M | $22.9M | ||||||||||
| Base management and incentive fees payable (Note 4) | $14.4M | $11.9M | ||||||||||
| Administrative service fees payable (Note 4) | $1.3M | $885.0K | ||||||||||
| Derivative liabilities, at fair value (Note 8) | $1.4M | $6.9M | ||||||||||
| Other accrued expenses and liabilities | $5.2M | $5.1M | ||||||||||
| Total liabilities | $1.6B | $1.0B | ||||||||||
| Cumulative convertible preferred stock, $0.01 par value; 0 and 2,000,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $0 | $50.0M | ||||||||||
| Common stock, $0.01 par value; 198,000,000 shares authorized; 71,807,190 and 50,906,262 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $718.0K | $509.0K | ||||||||||
| Paid-in capital in excess of par value | $1.4B | $1.0B | ||||||||||
| Offering costs | -$1.6M | -$1.6M | ||||||||||
| Total distributable earnings (loss) | -$195.7M | -$158.0M | ||||||||||
| Total net assets | $1.2B | $905.2M | $912.8M | $917.4M | ||||||||
| NET ASSETS PER COMMON SHARE (in dollars per share) | $16.26 | $16.64 | $16.80 | $16.99 | $16.99 | $16.91 | $15.39 | $16.56 | $17.09 | $18.12 | $18.32 | $18.14 |
| Investments, amortized cost | $2.5B | $1.8B | ||||||||||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||||||||||
| Preferred stock, issued (in shares) | 0 shares | 2.0M shares | ||||||||||
| Preferred stock, outstanding (in shares) | 0 shares | 2.0M shares | 2.0M shares | |||||||||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||||||||||
| Common stock, authorized (in shares) | 198.0M shares | 198.0M shares | ||||||||||
| Common stock, issued (in shares) | 71.8M shares | 50.9M shares | ||||||||||
| Common stock, outstanding (in shares) | 71.8M shares | 50.9M shares | 50.8M shares | 51.1M shares | 53.1M shares | 55.3M shares | 57.8M shares | 62.2M shares | 62.2M shares | 41.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase (decrease) in net assets resulting from operations | $70.0M | $89.0M | $92.3M |
| Amortization of deferred financing costs and debt issuance costs | $5.3M | $3.5M | $1.3M |
| Net accretion of discount on investments | -$10.9M | -$11.0M | -$8.4M |
| Paid-in-kind interest | -$25.2M | -$22.9M | -$20.9M |
| Net realized (gain) loss on investments | $58.1M | $38.3M | $21.2M |
| Net realized currency (gain) loss on non-investment assets and liabilities | $815.0K | $1.4M | -$385.0K |
| Net change in unrealized (appreciation) depreciation on investments | -$39.2M | -$18.3M | -$7.1M |
| Net change in unrealized currency (gain) loss on non-investment assets and liabilities | $9.7M | -$3.4M | $3.9M |
| Cost of investments purchased and change in payable for investments purchased | -$1.3B | -$454.3M | -$207.2M |
| Proceeds from sales and repayments of investments and change in receivable for investments sold | $997.5M | $482.6M | $361.6M |
| Cash acquired in CSL III Merger | $37.8M | $0 | $0 |
| Cash acquired in Credit Fund II Purchase | $6.0K | $0 | $0 |
| Interest and dividend receivable | $18.4M | $1.3M | -$9.7M |
| Prepaid expenses and other assets | $2.3M | -$784.0K | $111.0K |
| Interest and credit facility fees payable | $5.6M | $2.3M | $1.8M |
| Base management and incentive fees payable | $1.0M | -$1.2M | $386.0K |
| Administrative service fees payable | $316.0K | -$2.1M | $1.3M |
| Other accrued expenses and liabilities | -$11.2M | $9.3M | -$595.0K |
| Net cash provided by (used in) operating activities | -$204.6M | $104.3M | $230.6M |
| Repurchase of common stock | -$13.9M | $0 | -$4.0M |
| Borrowings on Credit Facilities | $1.4B | $490.6M | $166.8M |
| Repayments of Credit Facilities | -$1.2B | -$535.5M | -$350.4M |
| Repayments of 2015-1R Notes | $0 | -$449.2M | $0 |
| Repayments of Senior Notes | -$85.0M | -$190.0M | $0 |
| Proceeds from issuance of 2015-1N Debt | $0 | $380.0M | $0 |
| Proceeds from issuance of Senior Notes | $300.0M | $300.0M | $85.0M |
| Deferred financing costs and debt issuance costs paid | -$7.3M | -$8.0M | -$5.0M |
| Proceeds from issuance of common stock from at the market offering, net of offering and underwriting costs | $101.0K | $0 | $0 |
| Dividends paid in cash | -$104.0M | -$96.0M | -$93.0M |
| Net cash provided by (used in) financing activities | $224.5M | -$108.1M | -$200.7M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $19.9M | -$3.9M | $29.9M |
| Interest and credit facility fees paid during the year | $77.3M | $63.6M | $68.4M |
| Taxes, including excise tax, paid during the year | $2.7M | $2.4M | $1.8M |
| Dividends declared on preferred and common stock during the year | $110.8M | $98.6M | $92.9M |
| Dividends reinvested during the year | $949.0K | $2.0M | $0 |
| Common stock issued in Preferred Stock Exchange | $50.0M | $0 | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
Carlyle Secured Lending, Inc. sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
- Carlyle Secured Lending, Inc. Timonium, Maryland, United States
- Carlyle Direct Lending CLO 2015-1R LLC Subsidiary · Delaware, United States
- Carlyle Secured Lending III SPV, L.L.C. Subsidiary · Delaware, United States
- Middle Market Credit Fund II SPV, LLC Subsidiary · Delaware, United States
- Middle Market Credit Fund II, LLC Subsidiary · Delaware, United States
- TCG BDC SPV LLC Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.
What it owns
What Carlyle Secured Lending, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Properties, in its own words
We maintain our principal executive office at One Vanderbilt Avenue, Suite 3400, New York, NY 10017. We do not own any real estate.
Item 2 of the 10-K filed Feb 24, 2026.5
Leadership
Who has led Carlyle Secured Lending, Inc., and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerAlex Chi Feb 26, 2026 to now12
- Chief executive officerJustin Plouffe Mar 6, 2024 to Feb 26, 202613
- Chief executive officerAren C. Leekong Jun 1, 2023 to Feb 12, 202414
- Chief executive officerLinda Pace Mar 4, 2020 to Apr 28, 202215
- PresidentThomas M. Hennigan Mar 5, 2026 to now16
- PresidentJustin Plouffe Mar 6, 2024 to Mar 5, 202613
- PresidentAren C. Leekong Jun 1, 2023 to Feb 12, 202414
- PresidentTaylor Boswell May 16, 2022 to May 16, 202217
- PresidentLinda Pace Jun 25, 2019 to Mar 9, 202118
- PresidentJeffrey Levin May 12, 2016 to Jun 13, 201719
- PresidentKenneth J. Kencel May 10, 2013 to Jan 14, 201420
- Chief financial officerThomas M. Hennigan Mar 23, 2018 to now21
- Chief financial officerVenugopal Rathi Apr 1, 2015 to May 22, 201722
- Chief financial officerOrit Mizrachi Oct 3, 2014 to Feb 13, 201523
- Chief financial officerKaren T. Vejseli Apr 12, 2013 to Apr 12, 201324
- Chief operating officerOrit Mizrachi May 19, 2014 to Jun 13, 201725
- Chief operating officerIan J. Sandler Apr 12, 2013 to Jan 14, 201426
Board members and other officers (28)
- CCO & SecretaryJoshua Lefkowitz Feb 12, 2024 to Feb 14, 202527
- PAONelson Joseph Mar 29, 2023 to now28
- VP and Head of Illiquid CreditAlexander Popov Apr 12, 2022 to now29
- VP & Head of Sponsor CoverageJonathan Pearl Apr 12, 2022 to May 18, 202230
- VP and Head of UnderwritingMichael Hadley Apr 12, 2022 to now31
- Treasurer & PAODesiree Annunziato Sep 22, 2022 to Sep 22, 202232
- Treasurer & PAOPeter Gaunt Apr 1, 2020 to Apr 1, 202033
- Chief Investment OfficerTaylor Boswell Aug 11, 2020 to Nov 12, 202034
- TreasurerMichele Reing Sep 25, 2019 to Sep 25, 201935
- CCO & SecretaryErik G. Barrios Mar 6, 2018 to Mar 6, 201836
- TreasurerVenugopal Rathi Dec 12, 2018 to Dec 12, 201837
- Chief Compliance Officer & SecMatthew C. Cottrell Apr 12, 2013 to Apr 12, 201338
- Board memberAlex Chi Feb 26, 2026 to now12
- Board memberThomas M. Hennigan Aug 21, 2025 to now39
- Board memberJustin Plouffe Mar 6, 2024 to now13
- Board memberTaylor Boswell May 16, 2022 to May 16, 202217
- Board memberAren C. Leekong Jun 21, 2021 to Feb 12, 202440
- Board memberLinda Pace Mar 4, 2020 to now15
- Board memberMark David Jenkins Apr 27, 2020 to now41
- Board memberLeslie E. Bradford Oct 27, 2017 to Mar 12, 202142
- Board memberEliot P.s. Merrill Apr 12, 2013 to May 26, 201743
- Board memberJohn G. Nestor Apr 12, 2013 to now44
- Board memberKenneth J. Kencel Apr 12, 2013 to Feb 13, 201545
- Board memberMichael A. Petrick Apr 12, 2013 to Apr 26, 201646
- Board memberMichael L. Rankowitz Apr 12, 2013 to Apr 12, 201347
- Board memberNigel T. Andrews Apr 12, 2013 to now48
- Board memberWilliam Peter Hendry Apr 12, 2013 to Apr 12, 201349
- General counselIan J. Sandler Apr 12, 2013 to Jan 14, 201426
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Carlyle Direct Lending CLO 2015-1R LLC Delaware4
- Carlyle Secured Lending III SPV, L.L.C. Delaware4
- Middle Market Credit Fund II SPV, LLC Delaware4
- Middle Market Credit Fund II, LLC Delaware4
- TCG BDC SPV LLC Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Aug 6, 20268-K Results of operations; Regulation FD disclosure50
- Jul 15, 20268-K Regulation FD disclosure51
- Jun 11, 20268-K Shareholder vote52
- Jun 11, 20268-K Shareholder vote53
- May 11, 20268-K Results of operations; Regulation FD disclosure54
- Apr 15, 20268-K Regulation FD disclosure55
- Feb 26, 2026New chief executive Alex Chi becomes CEO12
- Feb 24, 20268-K Results of operations; Regulation FD disclosure56
- Feb 23, 20268-K Executive or director change; Other events57
- Feb 13, 20268-K Regulation FD disclosure58
- Jan 27, 20268-K Regulation FD disclosure59
- Nov 4, 20258-K Results of operations; Regulation FD disclosure60
- Oct 31, 20258-K Regulation FD disclosure; Other events61
- Mar 6, 2024New chief executive Justin Plouffe becomes CEO13
- Jun 1, 2023New chief executive Aren C. Leekong becomes CEO14
- Mar 4, 2020New chief executive Linda Pace becomes CEO15
- Aug 2, 2012Founded Carlyle Secured Lending, Inc. is founded2
Calendar
Coming up
- Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.38 a share, on Nov 4, 2025.62
When it reported results
- Aug 6, 2026Reported quarterly or annual results50
- May 11, 2026Reported quarterly or annual results54
- Feb 24, 2026Reported quarterly or annual results56
- Nov 4, 2025Reported quarterly or annual results60
- Aug 5, 2025Reported quarterly or annual results63
- May 6, 2025Reported quarterly or annual results64
- Feb 25, 2025Reported quarterly or annual results65
- Nov 5, 2024Reported quarterly or annual results66
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
254 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 76 major events, 68 insider forms, 89 other. The latest 20:
- Aug 17, 20264 EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Jul 15, 20268-K EDGAR
- Jun 11, 20268-K EDGAR
- Jun 11, 20268-K EDGAR
- Jun 2, 202640-17G EDGAR
- Jun 2, 20264 EDGAR
- May 20, 20264 EDGAR
- May 11, 202610-Q EDGAR
- May 11, 20268-K EDGAR
- Apr 30, 2026DEFA14A EDGAR
- Apr 30, 2026DEF 14A EDGAR
- Apr 30, 2026DEFA14A EDGAR
- Apr 30, 2026DEF 14A EDGAR
- Apr 15, 2026PRE 14A EDGAR
- Apr 15, 20268-K EDGAR
- Mar 23, 20264 EDGAR
- Mar 18, 20263 EDGAR
- Mar 10, 20264 EDGAR
The 254 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
41 open-market trades by officers, directors and large owners since October 2021: 32 buys and 9 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Nestor John G.Director | Sale | 16,812 | $11.20 | $188.2K | Form 4 |
| Jun 1, 2026 | Nestor John G.Director | Sale | 1,617 | $10.97 | $17.7K | Form 4 |
| May 15, 2026 | Nestor John G.Director | Sale | 6,055 | $11.22 | $67.9K | Form 4 |
| Mar 20, 2026 | Taylor FrancisTreasurer | Buy | 232 | $11.22 | $2.6K | Form 4 |
| Mar 9, 2026 | Chi AlexCEO | Buy | 9,000 | $10.79 | $97.1K | Form 4 |
| Mar 6, 2026 | Nestor John G.Director | Sale | 4,401 | $11.29 | $49.7K | Form 4 |
| Mar 4, 2026 | Hennigan Thomas MCFO and President | Buy | 4,430 | $11.26 | $49.9K | Form 4 |
| Nov 14, 2025 | Nestor John G.Director | Sale | 7,085 | $11.87 | $84.1K | Form 4 |
| Nov 13, 2025 | Hennigan Thomas MCFO and President | Buy | 8,400 | $12.04 | $101.1K | Form 4 |
| Nov 10, 2025 | Joseph NelsonPAO | Buy | 1,500 | $11.84 | $17.8K | Form 4 |
| Aug 20, 2025 | Hennigan Thomas MCFO and President | Buy | 7,285 | $13.75 | $100.2K | Form 4 |
| Aug 18, 2025 | Nestor John G.Director | Sale | 13,238 | $13.49 | $178.6K | Form 4 |
| Nov 22, 2024 | Jenkins Mark DavidDirector | Buy | 3,801 | $16.79 | $63.8K | Form 4 |
| Nov 12, 2024 | Jenkins Mark DavidDirector | Buy | 35,000 | $16.64 | $582.4K | Form 4 |
| Nov 11, 2024 | Jenkins Mark DavidDirector | Buy | 30,000 | $16.50 | $495.0K | Form 4 |
| Aug 29, 2024 | Jenkins Mark DavidDirector | Buy | 3,800 | $16.83 | $64.0K | Form 4 |
| Aug 28, 2024 | Jenkins Mark DavidDirector | Buy | 1,000 | $16.74 | $16.7K | Form 4 |
| Jul 25, 2024 | Hennigan Thomas MCFO and President | Sale | 3,550 | $18.10 | $64.3K | Form 4 |
| Aug 30, 2023 | Popov AlexanderVP and Head of Illiquid Credit | Buy | 5,000 | $14.78 | $73.9K | Form 4 |
| Jun 9, 2023 | LeeKong Aren C.CEO and President | Buy | 3,394 | $14.74 | $50.0K | Form 4 |
All 41 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Creative Planning | 3,086,927 | $32.5M | 0.0% | −145,059 |
| Morgan Stanley | 2,799,104 | $29.5M | 0.0% | +164,323 |
| Van Eck Associates Corp | 1,748,836 | $18.4M | 0.0% | +436,365 |
| UBS Group AG | 1,395,189 | $14.7M | 0.0% | +158,636 |
| Choreo, LLC | 1,361,251 | $14.3M | 0.2% | −26,973 |
| Invesco Ltd. | 1,184,888 | $12.5M | 0.0% | −125,935 |
| Lalia Capital, LLC | 927,333 | $9.8M | 4.7% | New |
| Russell Investments Group, Ltd. | 870,513 | $9.2M | 0.0% | +283,330 |
| Muzinich & Co., Inc. | 741,278 | $7.8M | 2.7% | +3,534 |
| North Ground Capital | 616,000 | $6.5M | 7.8% | +228,482 |
| Legal & General Group Plc | 577,568 | $6.1M | 0.0% | +25,986 |
| Mariner, LLC | 563,240 | $6.0M | 0.0% | +14,715 |
| Caz Investments LP | 524,665 | $5.5M | 1.8% | +504,665 |
| Sumitomo Mitsui Trust Group, Inc. | 519,735 | $5.5M | 0.0% | No change |
| Diameter Capital Partners LP | 508,387 | $5.4M | 0.7% | New |
| Ares Management LLC | 472,187 | $5.0M | 0.2% | +232,187 |
| Arax Advisory Partners | 465,613 | $4.9M | 0.0% | +275,273 |
| Two Sigma Investments, LP | 448,847 | $4.7M | 0.0% | −182,071 |
| Rockefeller Capital Management L.P. | 444,533 | $4.7M | 0.0% | −3,105 |
| Novare Capital Management LLC | 287,445 | $3.0M | 0.2% | +36,050 |
| Bank Of America Corp /de/ | 280,420 | $3.0M | 0.0% | +29,531 |
| BlackRock, Inc. | 276,868 | $2.9M | 0.0% | −6,612 |
| Toronto Dominion Bank | 263,276 | $2.8M | 0.0% | −186,724 |
| WCG Wealth Advisors LLC | 229,477 | $2.4M | 0.1% | +42,786 |
| Callodine Capital Management, LP | 225,000 | $2.4M | 0.2% | New |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Carlyle Secured Lending, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARCarlyle Secured Lending, Inc.1
- CIK0001544206
- Employer ID (EIN)80-07897895
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inMaryland5
- Fiscal year endsDecember 311
- Business addressOne Vanderbilt Avenue, Suite 3400, New York, NY 100171
- Phone(212) 813-49001
- Shares outstanding68,804,581 as of Aug 5, 202611
- Public float$947.2M as of Jun 30, 20255
- AuditorErnst & Young LLP, New York, New York PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceFeb 11, 20131
- Filings679 in all: 8-K (177), 4 (176), 10-Q (41), 3 (35), DEFA14A (31), DEF 14A (21), 40-APP/A (19), 5 (18)1
All 51 form types
CORRESP (16), 40-17G (15), 10-K (13), SC 13G/A (13), 497AD (11), PRE 14A (9), SC 13G (7), 40-APP (6), D/A (6), N-2/A (5), 424B2 (4), 425 (4), APP NTC (4), N-2 (4), 10-K/A (3), 424B3 (3), APP ORDR (3), EFFECT (3), FWP (3), 424B5 (2), 8-A12B (2), 8-K/A (2), DRS/A (2), N-14 8C/A (2), 10-12G (1), 10-12G/A (1), 25-NSE (1), 305B2 (1), 4/A (1), 40-17G/A (1), 497 (1), CERT (1), CERTNAS (1), D (1), DRS (1), IRANNOTICE (1), N-14 8C (1), N-23C-2 (1), N-2ASR (1), N-54A (1), N-6F (1), NO ACT (1), SC 13D (1)
- Latest filingsAnnual report (10-K) Feb 24, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Apr 30, 2026
Latest 8-K (8-K) Aug 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.01 per share | CGBD | The Nasdaq Global Select Market |
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks Carlyle Secured Lending, Inc. names in Item 1A of its 10-K filed Feb 24, 2026: 73 risks under these headings, as written.5
- Risks Related to Our Business and Structure
- Risks Related to Our Investments
- Risks Related to an Investment in Our Securities
- We are currently operating in a period of capital markets disruption and economic uncertainty, and capital markets may experience periods of disruption and instability in the future. These market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which have had and may continue to have a negative impact on our business and operations.
- Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.
- Economic recessions or downturns could impair our portfolio companies and harm our operating results.
- We are dependent upon the Investment Adviser for our future success.
- There are significant potential conflicts of interest, including the management of other investment funds and accounts by the Investment Adviser, which could impact our investment returns and the holders of our common stock.
- Our financial condition, results of operations and ability to achieve our investment objective depend on our ability to source investments, access financing and manage future growth effectively.
- We may need to raise additional capital to grow because we must distribute most of our income.
- Any failure on our part to maintain our status as a BDC or RIC would reduce our operating flexibility, may hinder our achievement of our investment objective, may limit our investment choices and may subject us to greater regulation.
- Regulations governing our operation as a BDC affect our ability to, and the way in which we will, raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.
The other 64 risks
- The NAV per share of our common stock may be diluted if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock.
- We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
- Our indebtedness could adversely affect our business, financial conditions or results of operations.
- Changes in interest rates have affected, and may in the future affect, our cost of capital, reduce the ability of our portfolio companies to service their debt obligations and decrease our net investment income.
- We may experience fluctuations in our quarterly results.
- We may be obligated to pay the Investment Adviser incentive compensation even if we incur a loss.
- Our fee structure may induce the Investment Adviser to pursue speculative investments and incur leverage, and investors may bear the cost of multiple levels of fees and expenses.
- We will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC for U.S. federal income tax purposes under Subchapter M of the Code.
- A portion of our income and fees may not be qualifying income for purposes of the income source requirement.
- If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, certain U.S. stockholders will be treated as having received a dividend from us in the amount of such U.S. stockholders’ allocable share of the management and incentive fees paid to the Investment Adviser and certain of our other expenses.
- If we fail to maintain the adequacy of our internal controls over financial reporting, we may not be able to accurately report our financial results, which may adversely affect investor confidence in us and, as a result, the value of the securities we issue.
- Certain investors are limited in their ability to make significant investments in us.
- Our Board of Directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners.
- Provisions of the MGCL and of our Charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
- Our Board of Directors may change our investment objective, operating policies and strategies without prior notice and without stockholder approval.
- We are highly dependent on information systems, and systems failures could significantly disrupt our business.
- Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies by causing a disruption to our operations, a compromise or corruption of confidential information and/or damage to business relationships, or those of our portfolio companies, all of which could negatively impact our business, results of operations or financial condition.
- Use of artificial intelligence technology by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.
- Changes in laws or regulations governing our business or the businesses of our portfolio companies, changes in the interpretation thereof or newly enacted laws or regulations, and any failure by us or our portfolio companies to comply with these laws or regulations may adversely affect our business and the businesses of our portfolio companies.
- Our ability to continue to operate depends on the services provided by the Investment Adviser, Administrator and sub-administrators. Each is able to resign upon 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
- The Investment Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Investment Adviser against certain liabilities, which may lead the Investment Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
- We are subject to certain risks as a result of our direct interest in the 2015-1 Issuer Preferred Interests.
- The 2015-1 Issuer Preferred Interests are subordinated obligations and therefore we may not receive cash from the 2015-1 Issuer.
- The interests of holders of the 2015-1N Debt issued by the 2015-1 Issuer may not be aligned with our interests.
- The 2015-1 Issuer may fail to meet certain asset coverage tests.
- We may be required to assume liabilities of the 2015-1 Issuer and are indirectly liable for certain representations and warranties in connection with the 2015-1R Refinancing.
- Our investments are risky and speculative.
- Our portfolio securities are generally illiquid and typically do not have a readily available market price and, in such a case, we will value these securities at fair value as determined in good faith under procedures adopted by our Board of Directors or its designee, which valuation is inherently subjective and may not reflect what we may actually realize from the sale of the investment.
- We operate in a highly competitive market for investment opportunities, and compete with investment vehicles sponsored or advised by our affiliates.
- Our portfolio companies may be highly leveraged.
- Our portfolio companies may incur debt that ranks equally with, or senior to, some of our investments in such companies and if there is a default, we may experience a loss on our investment.
- Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
- Declines in the prices of corporate debt securities and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.
- To the extent we make investments in restructurings and reorganizations they may be subject to greater regulatory and legal risks than other traditional direct investments in portfolio companies.
- The financial projections of our portfolio companies could prove inaccurate.
- The due diligence investigation that the Investment Adviser carries out with respect to an investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity.
- Our portfolio companies prepay loans from time to time, which may have the effect of reducing our investment income if the returned capital cannot be invested in transactions with equal or greater yields.
- We invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.
- Our ability to enter into transactions with Carlyle and our other affiliates is restricted.
- Our failure to make follow-on investments in our portfolio companies could impair the value of our investments.
- The disposition of our investments may result in contingent liabilities.
- Because we generally do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
- Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
- We may expose ourselves to risks if we engage in hedging transactions.
- There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.
- Our investments may be affected by force majeure events.
- Tariffs may adversely affect us or our portfolio companies.
- The market price of our securities may fluctuate significantly.
- Our shares of common stock have traded at a discount to NAV and may do so again, which could limit our ability to raise additional equity capital.
- in the future. These market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which have had and may continue to have a negative impact on our business and operations.”
- Holders of any preferred stock we may issue may have the right to elect members of the board of directors and class voting rights on certain matters.
- Purchases of our common stock under our stock repurchase program, including the Company 10b5-1 Plan, may have resulted in the price of our common stock being higher than the price that otherwise might have existed in the open market.
- Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
- Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.
- If current economic and market conditions continue to contribute to capital market disruption and instability, there is a risk that our stockholders may not receive distributions or that our distributions may not grow over time and a portion of our distributions to our stockholders may be a return of capital for U.S. federal income tax purposes.
- Our stockholders may receive shares of our common stock as dividends, which could result in adverse tax consequences to them.
- Non-U.S. stockholders may be subject to withholding of U.S. federal income tax on dividends we pay.
- We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash representing such income.
- We cannot assure that an active trading market for the 2030 Notes or 2031 Notes will develop or be maintained.
- The indenture under which the 2030 Notes and 2031 Notes were issued contain limited protection for holders of the 2030 Notes and 2031 Notes, respectively.
- The 2030 Notes and 2031 Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have incurred and may incur in the future and rank pari passu with, or equal to, all outstanding and future unsecured indebtedness issued by us, including our general liabilities, including liabilities of our subsidiaries.
- If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2030 Notes or the 2031 Notes.
- We may not be able to repurchase the 2030 Notes or 2031 Notes upon a Change of Control Repurchase Event.
- We may choose to redeem the 2030 Notes and 2031 Notes when prevailing interest rates are relatively low.
Legal proceedings
The Company may become party to certain lawsuits in the ordinary course of business. The Company is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also Note 14, Litigation, to the consolidated financial statements included in Part II, Item 8 of this Form 10-K.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 12SEC EDGARAlex Chi, Chief executive officer
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- 14
- 15SEC EDGARLinda Pace, Chief executive officer
- 16SEC EDGARThomas M. Hennigan, President
- 17SEC EDGARTaylor Boswell, President
- 18SEC EDGARLinda Pace, President
- 19SEC EDGARJeffrey Levin, President
- 20SEC EDGARKenneth J. Kencel, President
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- 27SEC EDGARJoshua Lefkowitz, CCO & Secretary
- 28SEC EDGARNelson Joseph, PAO
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- 32SEC EDGARDesiree Annunziato, Treasurer & PAO
- 33SEC EDGARPeter Gaunt, Treasurer & PAO
- 34
- 35SEC EDGARMichele Reing, Treasurer
- 36SEC EDGARErik G. Barrios, CCO & Secretary
- 37SEC EDGARVenugopal Rathi, Treasurer
- 38
- 39SEC EDGARThomas M. Hennigan, Board member
- 40SEC EDGARAren C. Leekong, Board member
- 41SEC EDGARMark David Jenkins, Board member
- 42SEC EDGARLeslie E. Bradford, Board member
- 43SEC EDGAREliot P.s. Merrill, Board member
- 44SEC EDGARJohn G. Nestor, Board member
- 45SEC EDGARKenneth J. Kencel, Board member
- 46SEC EDGARMichael A. Petrick, Board member
- 47SEC EDGARMichael L. Rankowitz, Board member
- 48SEC EDGARNigel T. Andrews, Board member
- 49SEC EDGARWilliam Peter Hendry, Board member
- 50
- 51SEC EDGARRegulation FD disclosure
- 52SEC EDGARShareholder vote
- 53SEC EDGARShareholder vote
- 54
- 55SEC EDGARRegulation FD disclosure
- 56
- 57
- 58SEC EDGARRegulation FD disclosure
- 59SEC EDGARRegulation FD disclosure
- 60
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- 62NasdaqNasdaq calendar
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