Carlyle Secured Lending, Inc.

Carlyle Secured Lending, Inc. is a closed-end, externally managed business development company that provides secured financing to U.S. middle market companies. Its core mandate is to generate current income, with some capital appreciation, by originating first lien, unitranche, and second lien loans, mainly to sponsor-backed borrowers. The company is advised by an affiliate of Carlyle and benefits from the broader Carlyle Global Credit platform, which gives it access to origination, underwriting, and structuring resources across private credit markets. It has operated as a BDC since 2013 and trades on Nasdaq under the ticker CGBD.

— Carlyle Secured Lending, Inc.
%
Middle Market Senior Loans70% Core secured lending to U.S. middle market borrowers, including first lien and unitranche structures.
Second Lien and Junior Debt15% Higher-yielding secured and subordinated credit positions used to enhance portfolio income.
Opportunistic Credit and Structured Investments10% Selective investments in unsecured debt, structured products, and other complementary credit assets.
Equity-Linked Investments5% Minority equity or equity-like positions that may accompany lending transactions.

The company lends primarily to U.S. middle market businesses, typically companies with about $25 million to $100...

  • Private equity-sponsored middle market borrowersprimary

    Sponsor-backed U.S. companies that borrow for buyouts, refinancings, and growth initiatives using secured loans.

  • U.S. middle market companiesprimary

    Businesses with roughly $25 million to $100 million of EBITDA that need private credit rather than syndicated public debt.

  • Borrowers needing structured capital solutionssecondary

    Companies that require a mix of first lien, unitranche, second lien, or subordinated debt to complete a financing package.

  • Opportunistic credit investors/portfolio exposuresemerging

    Smaller allocations to higher-yielding or structured investments used to diversify income and risk.

Carlyle Secured Lending is overwhelmingly U.S.-focused, with its core lending strategy centered on private U.S...

  • •Primary exposure is the United States through middle market lending
  • •Headquartered in New York, which anchors management and operations
  • •Borrowers are mainly U.S. private companies backed by financial sponsors
  • •Global Carlyle resources support origination, but portfolio geography is domestic
  • •U.S. interest rates and credit conditions directly affect portfolio yields and risk

The company’s strategy is to originate secured debt directly and focus on higher-quality senior lending to...

01
Expand direct origination in middle market secured lendingshort-term

Direct sourcing improves control over underwriting, pricing, and portfolio composition.

02
Preserve credit quality through disciplined underwritingshort-term

The business depends on avoiding losses in below-investment-grade loans while generating current income.

03
Leverage Carlyle platform breadth for differentiated financing solutionsmedium-term

Access to broader credit capabilities helps win deals and structure one-stop capital solutions.

The company is exposed to credit losses because it lends to below-investment-grade middle market borrowers, many of...

high

Credit deterioration in middle market loan portfolio

The company lends primarily to leveraged, below-investment-grade borrowers, so borrower stress can lead to non-accruals and realized losses.

Scope
Core lending portfolio
Materiality
high
high

Leverage and asset coverage constraints

BDC rules limit borrowing capacity and require minimum asset coverage, which can constrain balance sheet flexibility in stressed markets.

Scope
Corporate structure and financing
Materiality
high
high

RIC qualification and tax status

Failure to maintain RIC status would subject the company to corporate-level income tax and reduce distributable income.

Scope
Tax structure
Materiality
high
medium

Conflicts of interest within Carlyle platform

Opportunity allocation across Carlyle funds and information barriers can affect deal flow and reputation.

Scope
Origination and governance
Materiality
medium
medium

Cybersecurity and systems disruption

The business depends on information systems for underwriting, monitoring, and portfolio management.

Scope
Operations
Materiality
medium
Fair value measurement of portfolio investments
Can materially change NAV and reported earnings
Interest income recognition and non-accruals
Affects net investment income and quarterly comparability
Acquisition accounting for portfolio transactions
Can temporarily lift or reduce reported net investment income
BDC leverage and asset coverage disclosures
Affects risk assessment and capital structure analysis

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: 28/04/2026