Carlyle Secured Lending Inc

Carlyle Secured Lending, Inc. (NASDAQ: CGBD) is an externally managed specialty finance company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. It lends primarily to U.S. middle-market companies, most of them backed by private equity sponsors.

Its investment objective is to generate current income and capital appreciation, mainly through debt investments. As of September 30, 2026:
- The portfolio had a fair value of about $2.3 billion across 180 portfolio companies and 273 investments.
- By fair value, the portfolio was roughly 82% first lien debt, 3% second lien debt, 5% equity and 10% investment funds.
- Senior secured exposure was 96% and floating-rate exposure was 99.5%.
- Median portfolio company EBITDA was $97 million.
- The largest industry exposures were healthcare and pharmaceuticals, diversified financial services, software and business services.

CGBD also earns dividend income from two joint ventures:
- Middle Market Credit Fund, a 50%-owned vehicle with a $1.2 billion first lien portfolio.
- Structured Credit Partners, a CLO-focused vehicle with a $2.1 billion portfolio in which CGBD has 45% economic ownership.
Neither vehicle charges management or incentive fees.

CGBD is managed by Carlyle Global Credit Investment Management L.L.C., a subsidiary of The Carlyle Group, which had $479 billion of assets under management. It draws on Carlyle's Direct Lending platform, which targets core and upper middle-market companies with EBITDA of $25 million or more. Since beginning operations in May 2013, CGBD has invested about $11.2 billion. It funds itself through a credit facility, a CLO (2015-1N), and senior notes due 2030 and 2031. Updated Nov 5, 2026