CGBD
Carlyle Secured Lending, Inc.
Next earnings Aug 3, 2026 · consensus $0.34 EPS, $63.7M rev
Last earnings -1.2% on 2026-05-11
$10.81
▲ +2.66%$10.81▼ -10.34%
over 1Y
L $10.32EODHDH $12.86
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.7%
1W+0.7%
1M-0.6%
3M+2.2%
YTD-10.7%
1Y-10.3%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 14 analysts
Buy
Externally-managed BDC trading at ~65% of NAV with a fat yield, but NII is compressing and leverage is climbing post-merger.
Price $10.57 · current
The read
Middling fundamentals and a rich price (~29% above fair value) leave little margin of safety — a wait-and-see.
CGBD is a Carlyle-managed BDC whose investment case rests almost entirely on income, not growth. The numbers reflect a business in transition: total assets jumped 44.9% to $2.79B and long-term debt 59.3% to $1.53B in FY2025, driven by the CSL III merger and the Credit Fund II Purchase completed February 2025 — the MD&A confirms this is acquired balance-sheet, not organic origination. Liabilities/equity of 1.39x is within BDC norms but the trajectory is one-directional. Share count rose 38.7% to 70.7M as merger consideration, and that dilution shows up brutally in diluted EPS, which fell 36.1% to $1.01 even as net income fell only 21.4% to $70.0M.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $160M | $85.6M | $92.3M | $89.0M | $70.0M |
| Diluted EPS | $2.69 | $1.49 | $1.64 | $1.58 | $1.01 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield9.2%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt$1.53B
Net cash-$1.45B
Piotroski F-Score1/6
Capital returns
Buyback yield1.8%
Dividend yield (est.)13.6%
Shareholder yield15.4%
Shares Δ YoY+38.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-06-11
Second 5.07 filing covers shareholder vote results; routine governance disclosure
- 8-K Shareholder vote2026-06-11
Second 5.07 filing covers shareholder vote results; routine governance disclosure
- 8-K Earnings results2026-05-11
Q1 2026 results filed; post-merger portfolio scaled but NII pressure continues
- 10-Q Quarterly report2026-05-11
Q1 2026 results filed; post-merger portfolio scaled but NII pressure continues
- DEF 14A Proxy statement2026-04-30
Companion proxy materials filed for annual meeting; routine governance
- DEF 14A Proxy statement2026-04-30
Companion proxy materials filed for annual meeting; routine governance
- 8-K Reg FD disclosure2026-04-15
Reg FD investor materials posted; non-material disclosure update
- 8-K Earnings results2026-02-24
FY25 NII $1.48/sh, NAV slipped to $16.26; CSL III + Credit Fund II grew assets
- 10-K Annual report2026-02-24
FY25 NII $1.48/sh, NAV slipped to $16.26; CSL III + Credit Fund II grew assets
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-092026-06-11open ↗8-KPeriod ending 2026-06-092026-06-11open ↗4Period ending 2026-06-012026-06-02open ↗40-17GFiling2026-06-02open ↗4Period ending 2026-05-152026-05-20open ↗10-QPeriod ending 2026-03-312026-05-11open ↗8-KPeriod ending 2026-05-112026-05-11open ↗DEF 14APeriod ending 2026-04-302026-04-30open ↗DEFA14AFiling2026-04-30open ↗DEFA14AFiling2026-04-30open ↗DEF 14APeriod ending 2026-04-302026-04-30open ↗PRE 14APeriod ending 2026-04-152026-04-15open ↗
Frequently asked
- Is Carlyle Secured Lending, Inc. (CGBD) a buy?
- CGBD currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Externally-managed BDC trading at ~65% of NAV with a fat yield, but NII is compressing and leverage is climbing post-merger.
- What is CGBD's fair value?
- A Modified-Graham model based on CGBD's SEC fundamentals estimates a fair value of about $7.73. It is an estimate from reported earnings, not a price target.
- Is CGBD overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, CGBD currently appears overvalued relative to its SEC-grounded earnings power.
- What is Carlyle Secured Lending, Inc.'s quality score?
- CGBD scores 59.70588235294117/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001544206, latest 10-Q filed 2026-05-11) · EODHD · analysis by claude-code · as of 6/25/2026, 3:11:33 PM.
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