Carlyle Secured Lending
Provides secured debt financing to sponsor-backed U.S. middle-market companies.
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Profile
Provides secured debt financing to sponsor-backed U.S. middle-market companies, with current income as its principal objective. An external Carlyle adviser manages the BDC’s investments and day-to-day investment work.
Builds a portfolio of primarily secured debt investments in sponsor-backed U.S. middle-market companies, seeking current income and, to a lesser extent, capital appreciation. Its core focus is direct lending, with complementary strategies drawn from Carlyle Global Credit capabilities.
The externally managed BDC relies on Carlyle Global Credit Investment Management to originate and manage investments, while its administrator and Carlyle Employee Co. supply finance, operations, legal, compliance and administrative support. The board retains ultimate authority and supervises the adviser. It is a closed-end, non-diversified management investment company that has elected regulated investment company treatment for U.S. tax purposes.
Company facts
Categories
Key statistics
Year to date −6.0% · Average volume (30d) 607.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 13, 2026 | Wells Fargo | Reiterate | Overweight | $15 | $12 | |
| Oct 7, 2025 | Raymond James | Target | $15 | |||
| Oct 1, 2025 | JP Morgan | Upgrade | Underweight | Neutral | ||
| Jul 25, 2025 | Wells Fargo | Upgrade | Equal Weight | Overweight | $16 | $15 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.32 | $0.35 | +10.9% | $59.4M | $62.1M | +4.5% | +3.38% |
| May 11, 2026Q1 FY26 | $0.35 | $0.36 | +2.9% | $65.8M | $64.1M | −2.6% | −1.14% |
| Feb 24, 2026Q4 FY25 | $0.38 | $0.33 | −13.2% | $66.6M | $66.9M | +0.4% | −0.70% |
| Nov 4, 2025Q3 FY25 | $0.39 | $0.38 | −2.6% | $67.3M | $48.8M | −27.4% | −2.73% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $35.3M | $39.1M | $48.8M | $74.6M | $54.6M | $60.3M | |
| Gross profit | $16.7M | $17.3M | $26.5M | $79.7M | $40.0M | $45.9M | |
| Operating income | $14.7M | $15.0M | $24.4M | $44.1M | $14.1M | $19.9M | |
| Net income | $14.1M | $14.6M | $23.9M | $17.4M | −$4.2M | −$60.0K | |
| Diluted EPS | $0.25 | $0.20 | $0.33 | $0.24 | −$0.06 | −$0.00 | |
| Gross margin | 47.3% | 44.4% | 54.3% | 106.8% | 73.2% | 76.1% | |
| Operating margin | 41.8% | 38.4% | 50.0% | 59.1% | 25.9% | 33.0% |
Fiscal years (4-quarter sums)FY21 $198.7M · FY22 $138.6M · FY23 $172.8M · FY24 $167.8M · FY25 $197.8M
Balance sheet, Jun 30, 2026Cash & short-term investments $25.9M · Total debt $1.30B · Total assets $2.44B · Shareholders' equity $1.08B
Dividends
Last cut to $0.35 from $0.40 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 16 | $0.35 | cut from $0.40 |
| Mar 31, 2026 | Mar 31 | Apr 16 | $0.40 | |
| Dec 31, 2025 | Dec 31 | Jan 16 | $0.40 | |
| Sep 30, 2025 | Sep 30 | Oct 17 | $0.40 | |
| Jun 30, 2025 | Jun 30 | Jul 17 | $0.40 | |
| Mar 24, 2025 | Mar 24 | Apr 17 | $0.50 | special dividend |
| Dec 31, 2024 | Dec 31 | Jan 17 | $0.45 | special dividend |
| Sep 30, 2024 | Sep 30 | Oct 17 | $0.47 | special dividend |
Ownership
Shares outstanding 69.50M · Float 68.97M · 99.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Creative Planning | 3.23M | 4.65% | 13F | May 12, 2026 |
| Morgan Stanley | 2.63M | 3.79% | 13F | May 15, 2026 |
| Choreo, LLC | 1.39M | 2.00% | 13F | May 13, 2026 |
| Van Eck Associates Corp | 1.31M | 1.89% | 13F | May 15, 2026 |
| Invesco Ltd. | 1.31M | 1.89% | 13F | May 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 12, 2026 | John G. Nestor | director | −16,812 | $11.20 |
| Jun 1, 2026 | John G. Nestor | director | −1,617 | $10.97 |
| May 15, 2026 | John G. Nestor | director | −6,055 | $11.22 |
| Mar 20, 2026 | Francis Taylor | officer: Treasurer | +232 | $11.22 |
| Mar 9, 2026 | Alex Chi | director, officer: CEO | +9,000 | $10.79 |
Peers
- Ares Capital
Large-scale direct lender in senior-secured middle-market credit
- Blue Owl Capital
Direct lender to U.S. middle-market companies with senior loans
- Golub Capital BDC
First-lien lender to private-equity-sponsored middle-market companies
- FS KKR Capital
Customized credit provider for private U.S. middle-market companies
- Bain Capital Specialty Finance
Middle-market lender focused on senior direct lending
- Sixth Street Specialty Lending
Flexible, fully committed financier of U.S. middle-market companies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Carlyle Secured Lending | $11.78 | −0.17% | $818.7M | 23.1 | 8.5 | 3.4 | −3.7% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Bain Capital Specialty Finance | $11.93 | 0.00% | $773.9M | 12.0 | 8.3 | 4.0 | −15.4% |
| Sixth Street Specialty Lending | $18.74 | −0.11% | $1.78B | 19.7 | 10.5 | 5.2 | −13.0% |
| Median | 19.7 | 9.5 | 4.4 | −13.6% |