Carlyle Secured Lending, Inc.

NASDAQ

CGBD

Stock

Yield per half year: -24.62%
Dividend yield: 6.07%
Sector: Financials

Reporting Carlyle Secured Lending, Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Capitalization, bln $			1.14	1.06	0.8553	0.5399	0.7926	0.8202	0.8194		0.7685	0.7655	-0.85
Revenue, bln $		0.0713	0.0862	0.0478	0.0702	0.0171	0.1699	0.1622	0.2416	0.0993	0.0993	0.1380	42.16
Net profit, bln $		0.0698	0.0842	0.0391	0.0613	0.0068	0.1604	0.0856	0.0923	0.089	0.089	0.0868	67.25
EV, bln $			2.22	1.67	1.96	1.49	1.79	1.91	1.8	1	1	1.60	-7.67
EBIT, bln $	-0.0018	-0.0014	-0.0017	0.0391	0.0613	0.1555	-0.0088	0.0668	0.1841		0.1195	0.0918	24.60
EBITDA, bln $		0.0863	0.109	0.0771	0.1123	0.0432	0.19	0.1498	0.17	0.1582	0.1582	0.1422	29.64
OIBDA $						0.0101	0.3606	0.1956	0.2618	0.1609	0.1609	0.1978	73.96
Book value, bln $		0.7641	1.13	-0.1101	-0.1517	-0.229	-0.1525	0.9174	0.9128	0.9052	0.9052	0.4708	-231.64
FCF, bln $		-0.3146	-0.3857	0.0288	-0.0919	0.3052	0.0754	0.0145	0.2306	0.1043	0.1043	0.1460	-19.32
Operating Cash Flow, bln $		-0.3146	-0.3857	0.0288	-0.0919	0.3052	0.0754	0.0145	0.2306	0.1043	0.1043	0.1460	-19.32
Operating profit, bln $		-0.0014	-0.0017	-0.0084	0.1123	0.0432	-0.0088	0.1314	0.1841	0.0917	0.0917	0.0883	16.25
Operating expenses, bln $		0.0014	0.0017	0.0084	0.0085	0.0097	0.0088	0.0066	-0.002	0.0076	0.0076	0.0061	-4.76

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Capitalization, bln $	0.8088	0.8245	0.8244	0.7356	0.7759	0.7951	0.8286	0.7065	0.8384	0.8196					0.7976	0.61
Revenue, bln $					0.0546	0.0556	0.0303	0.0075	0.051	0.0629	0.0428	0.0625	0.0445	0.0445	0.0514	-6.69
Net profit, bln $					0.0378	0.0125	0.028	0.0047	0.03	0.0296	0.0293	0.0187	0.0196	0.0214	0.0237	-6.28
EV, bln $					1.73	0.8459	1.84	1.74	1.82	1.8	1.78	1.84	1.74	1	1.63	-11.09
EBIT, bln $					-0.0023	0.0552	0.0897	0.0052	0.0741	0.0993	0.0944	0.0809	0.0407	0.0355	0.0702	-18.59
EBITDA, bln $					0.0498	0.062	0.0453	0.0054	0.028	0.0515	0.0472	0.0365	0.039	0.0403	0.0429	-4.79
OIBDA $										0.0733	0.0652	0.0542	0.0601	0.0405	0.0587	-11.19
Book value, bln $					-0.1446	-0.0461	0.9182	0.8997	0.9064	0.9144	0.9185	0.9125	0.9066	0.9052	0.9114	-0.20
FCF, bln $					0.0177	0.0212	0.0256	0.092	0.0572	0.0253	0.0153	0.0213	0.0629	-0.1111	0.0027	-234.44
Operating Cash Flow, bln $					0.0722	-0.02	0.0256	0.092	0.0572	0.0253	0.0153	0.0213	0.0209	-0.1111	-0.0057	-234.44
Operating profit, bln $					0.0177	0.0212	0.0453	0.0054	0.028	0.0515	0.0472	0.0365	0.0407	0.0215	0.0395	-16.03
Operating expenses, bln $					0.0023	0.0692	0.0018	0.0021	0.0016	-0.002	-0.0177	0.0016	0.0016	0.0021	-0.0029	-200.98

	Average for 5 quarters	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Cash, bln $			0.0385	0.032	0.0872	0.0368	0.0684	0.0931	0.0161	0.0604	0.0566	0.0566	0.0589	-3.72
Short-Term Investments $			0.0951	0.1315				0.927	0.9027		0.0019	0.0019	0.4116	-54.28
Long-Term Investments $	0.6987	1.05	1.42	1.97	1.97	2.12	1.83	1.91	1.98	1.84			1.94	-2.79
Accounts Receivable $			0.0256	0.0181	0.0213	0.0225	0.024	0.0207	0.0256	0.0354	0.0578	0.0578	0.0327	19.22
Total Current Assets $			0.0256	0.0181	0.0213	0.0592	0.0924	0.1137	0.9308	0.1023	0.1144	0.1144	0.2707	4.36
Net assets, bln $					1.06	0.9565	0.9014	0.9488	0.9174	0.9182		0.9308	0.9285	-0.81
Assets, bln $			1.49	2.02	2.08	2.19	1.92	2.03	2.04	1.94	1.93	1.93	1.97	0.10
Short-Term Debt $	0.3084	0.273	0.2708	0.2711	0.446		0.2539	0.6364	1.08	0.9802		0.9802	0.6793	17.06
Long-Term Debt $	0.3084	0.2343	0.4219	0.8339	0.9607	1.18							0.7262	38.17
Liabilities, bln $			0.726	0.8941	1.02	1.23	1.02	1.08	1.12	1.03	1.02	1.02	1.05	0.00
Net debt, bln $			0.6542	0.8019	0.8735	1.14	0.9155	0.9509	1.06	0.9197	-0.0297	-0.0297	0.7633	-150.38
Debt, bln $		0.5073	0.6927	1.1	0.9607	1.18	0.9839	1.04	1.08	0.9802		0.9802	1.05	-3.64
Interest Income $		0.0169	0.1027	0.1458	0.1831	0.1982	0.1499	0.1348	0.1688	0.1985			0.1700	0.03
Interest Expense, bln $			0.0165	0.0245	0.0378	0.0506	0.0358	0.0288	0.044	0.0717	0.0685	0.0685	0.0498	13.86
Net interest income, bln $			0.0862	0.1213	0.1831	0.1982	0.1499	0.1348	0.1688	0.1985		0.1985	0.1700	0.03
Amortization, bln $		0.0301	0.0877	0.1107	0.0856	-0.1617	0.0021	0.1987	0.083	-0.0142		0.0504	0.0216	-38.52
Cost of production, bln $			0.0484	0.0698	0.0961	0.1106	0.0479	0.0474	0.0519	0.0342	-0.1333	-0.1333	0.0096	-222.72
Inventory $						0.0609	0	0.1154	0.0321				0.0695	-19.22

	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Cash, bln $																0.0686	0.0305	0.0235	0.0378	0.0197	0.0604	0.0699	0.0922	0.0687	0.0297	0.0642	-13.24
Short-Term Investments $	0.1362	0.1516	0.0265										0.927		0.2374	0.2387	0.9027	0.0194	1.9	0.0355						0.6193	-31.69
Long-Term Investments $												1.95	1.91	1.87	1.89	1.95	1.98	1.97	1.9	1.86	1.84					1.91	-1.46
Accounts Receivable $																0.0292	0.0256	0.0331	0.0261	0.0335	0.0338	0.0356	0.042	0.0305	0.0578	0.0399	11.33
Total Current Assets $																0.0292	0.9308	0.069	0.0639	0.0888	0.1007	0.1039	0.1406	0.0992	0.0875	0.1064	-2.77
Net assets, bln $														0.9505	0.9265	0.9357	0.9174	0.9182								0.9297	-0.69
Assets, bln $																2.05	0.9404	2.06	1.98	1.96	1.94	1.9	1.87	1.82	1.93	1.89	-0.10
Short-Term Debt $										0.4466	0.4467	0.4467	0.4468	0.4468	0.4469	0.447						0.19	0.19	0.19		0.2928	-15.72
Long-Term Debt $			1	0.9607	1.11	1.1	1.2	1.18	1.26							0.6367		1.09	1.04							1.04	-2.49
Liabilities, bln $																1.12	1.12	1.14	1.08	1.05	1.03	0.9783	0.9558	0.9103	1.02	0.9789	-0.19
Net debt, bln $																1.02	-0.028	1.07	0.9994	0.9836	0.9197	0.8603	0.8139	0.7798	-0.0297	0.6688	-150.33
Debt, bln $															1.08	1.06	1.08	1.09	1.04	1	0.9802	0.9302	0.9061	0.8485		0.9330	-3.23
Interest Income $												0.0355	0.0347	0.0377	0.0354	0.0375	0.047	0.0491	0.0509	0.0515	0.0521					0.0501	2.08
Interest Expense, bln $																0.0115	0.0168	0.0168	0.0173	0.0182	0.0183	0.0179	0.0166	0.0169	0.0171	0.0174	-1.35
Net interest income, bln $													0.0274	0.0377	0.0354	0.0375	0.047	0.0491	0.0509	0.0515	0.0521	0.0519				0.0511	1.12
Amortization, bln $																0.0521	0.0069	-0.0444	0.000122	-0.0462	-0.0479	-0.0471	-0.0445	-0.0017	0.0048	-0.0273	-163.12
Cost of production, bln $																0.0142	0.013	0.0127	0.0132	0.013	0.0135	0.0133	0.0125	0.000551	0.0209	0.0122	9.13
Inventory $															0	0.0605	0.0321	0.0707	0.0819	0.0904		0		0.102		0.0754	26.01

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS		1.77	0.6255	1.02	0.121	2.69	1.49	1.64	1.58		1.58	1.50	67.18
Share price		18.42	17.03	14.55	9.57	13.31	14.31	14.96	17.93	13.9	13.9	14.88	0.87
Number of shares, mln	34.4	62.14	62.53	60.19	56.42	59.53	57.48	56.31	56.47		56.47	57.24	0.02
FCF/share	-9.14	-6.21	0.4605	-1.53	5.41	1.27	0.2525	4.1	1.85		1.85	2.58	-19.31

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS					0.71	0.23	0.4972	0.0928	0.5355	0.5251	0.5195	0.3326	0.3474	0.3784			0.4206	-6.34
Share price			14.17	14.03	13.57	13.36	14.72	13.91	14.97	14.54					16.84	13.9	14.83	-0.01
Number of shares, mln	59.23	59.53	58.19	52.42	57.18	59.53	56.29	50.79	55.99	56.36							55.79	-1.09
FCF/share					1.26	-0.3359	0.454	1.81	1.02	0.4495	0.2716	0.378	1.11	-1.97			0.0478	-234.38

Efficiency

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %			9.14	7.47	3.57	6.07	0.7352	17.33	9.18	10.08	9.79		9.79	-47.34	9.42	67.83
ROA, %			4.68	4.17	1.91	2.87	0.3323	8.11	4.21	4.63	4.6		4.6	10.67	4.38	69.14
ROIC, %	1.83	5.03	8.99	7.18	5.36	7.4	4.8	12.4	8.96	9.95				6.57	8.70	6.10
ROS, %				97.68	81.87	87.38	39.9	94.39	52.81	38.19	89.63	89.63	89.63	26.44	72.93	-1.03
ROCE, %			-0.189	-0.1542	1.92	2.85	8.18	-0.4359	3.32	9.71		13.21	13.21	-61.28	6.80	10.06
EBIT margin						87.96	43.24	94.85	41.2	76.2		120.41	120.41	33.41	75.18	22.73
EBITDA margin				126.42	161.47	160.03	252.51	111.82	92.4	70.34	159.35	159.35	159.35	37.49	118.65	7.34
Net margin			97.97	97.68	81.87	87.38	39.9	94.39	52.81	38.19	89.63		89.63	26.43	62.98	17.57
Operational efficiency, %				-2.02	-17.65	87.96	43.24	94.85	81.05	76.2	92.39	92.39	92.39	31.91	87.38	-0.52
FCF yield, %				-33.69	2.71	-10.74	56.52	9.52	1.77	9.3					13.27	-197.16

	2019Q2	2019Q3	2020Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %								4.02	4.01	3.01	0.5239	3.28	3.25	3.22	2.06	2.15	2.34			-47.34	2.60	-6.36
ROA, %								1.85	2.51	1.37	0.2377	1.52	1.52	1.52	0.9958	1.06	1.14			10.67	1.25	-5.59
ROIC, %	1.26	0.689	-3.56					2.91			1.44	2.79	2.79	2.84	2.42	2.47				6.57	2.66	-2.41
ROS, %										92.35	62.96	58.76	47.05	68.34	30.01	44.08	47.99	89.63	89.63	26.44	60.27	24.46
ROCE, %										4.44	0.5825	3.75	5.08	5.06	4.41	2.33	2.03	13.21	13.21	-61.28	7.04	24.54
EBIT margin												145.29	157.93	220.41	129.56	91.51	79.84	120.41	120.41	33.41	108.35	-1.45
EBITDA margin										149.45	71.64	54.79	81.83	110.32	58.37	87.61	90.53	159.35	159.35	37.49	111.04	22.25
Net margin								93.14	48.07	92.35	62.96	58.76	47.05	68.34	30.01	44.08	47.99			26.43	47.49	0.40
Operational efficiency, %										149.45	71.64	54.79	81.83	110.32	58.37	91.51	48.4	92.39	92.39	31.91	76.61	9.62
FCF yield, %				-6.01	11.4	6.16	-12.03	9.31	-2.51	3.08	13.02	6.83	3.09								4.70	-204.25

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	13.6	20.37	13.43	84.77	5.21	9.9	9.5	11.59		11.59	25.86	24.19	-32.83
P/BV	1.02	0.7493	0.8609	0.6422	0.8809	0.9242	0.9605	1.14		1.14	-12.42	0.9096	12.16
P/S	13.28	16.68	11.73	33.82	4.92	5.23	3.63	10.39		10.39	6.65	11.60	-21.03
P/FCF	-2.97	36.96	-9.31	1.77	10.51	56.52	53	10.08	7.37	7.37	19.35	27.50	-6.85
E/P	0.0735	0.0368	0.0717	0.0126	0.2023	0.1044	0.1126	0.1201	0.1158	0.1158	0.05	0.1310	-10.56
EV/EBIT			31.82	201.89	10.97	28.57	9.76	15.03	8.38	8.38	20.36	14.54	-5.24
EV/EBITDA	20.35	21.65	17.49	34.57	9.41	12.74	10.57	6.33		6.33	17.58	14.72	-28.79
EV/S	25.73	49.9	27.99	87.3	10.41	11.77	7.44	10.09	10.09	10.09	6.87	9.96	-0.62
EV/FCF	-5.75	82.79	-21.38	4.9	23.44	131.54	7.79	9.6	9.6	9.6	24.70	36.39	-16.35
Debt/EBITDA	10.14	12.45	10.49	22.76	5.5	7.19	5.77	5.77	6.2	6.2	1.93	6.09	2.42
Netdebt/Ebitda	7.36	11.32	18.48	96.02	2.64	7.08	5.41	-0.1876	-0.1876	-0.1876	0.97	2.95	-158.93
Debt/Ratio	0.5467	0.6748	0.5384	0.5118	0.514	0.5276	0.5046	0.5042	0.5089	0.5089	0.40	0.5119	-0.20
Debt/Equity	0.9802	1.32	1.23	1.09	1.1	1.17	1.07	1.05	1.13	1.13	-1.48	1.10	0.54
Debt/Net Income	13.12	35.96	19.2	144.08	6.51	12.58	10.62	10.62	11.02	11.02	3.28	10.27	11.10
PEG									-26.32	-26.32	2.52	-26.3200	0.00
Beta							0.5984	0.7328	-0.469	-0.469	0.34	0.2874	-192.20
Altman Index							1.24	1.37	-18.21	-18.21	42.85	-5.2000	-344.89

	2020Q1	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E				6.7	7.69	9.67	10.11	11.15	9.43	9.73	9.54	9.84	11.57				25.86	10.02	4.18
P/BV				0.7584	0.9293	0.8448	0.8249	0.9192	0.9596	0.9985	1.13	1.06	1.14				-12.42	1.06	3.51
P/S				6.1	5.37	8.37	8.82	8.01	5.74	5.55	4.68	4.5	5.3				6.65	5.15	-1.58
P/FCF		16.23	-8.31	10.74	-39.77	32.42	7.68	14.65	32.35						7.37	7.37	19.35	13.88	-0.82
E/P		0.0362	0.0052	0.0476	0.0157	0.0338	0.0067	0.0358	0.0361						0.1158	0.1158	0.05	0.0620	76.82
EV/EBIT								24.5	18.09	18.83	22.76	42.69	28.18		8.38	8.38	20.36	22.08	-18.11
EV/EBITDA				12.11	5.18	10.82	324.73	12.92	21.52	20.8	11.29	9.98	6.14				17.58	13.95	-22.18
EV/S				44.82			232.64	35.6	28.58	41.51	29.49	39.06	22.49		10.09	10.09	6.87	22.24	-19.31
EV/FCF				25.21			18.93	31.74	70.94	116.15	86.44	27.63	-9.01		9.6	9.6	24.70	24.85	-35.57
Debt/EBITDA					17.36	24.13	193.4	35.88	19.04	19.69	24.85	21.77			6.2	6.2	1.93	15.74	-20.63
Netdebt/Ebitda						23.61	186.35	35.18	17.87	18.21	22.32	20.01	-0.7365		-0.1876	-0.1876	0.97	8.24	-138.45
Debt/Ratio	0.8037			0.5276			0.5231	0.5127	0.5042	0.4904	0.485	0.467			0.5089	0.5089	0.40	0.4920	0.74
Debt/Equity	2.14			1.16			1.15	1.11	1.07	1.01	0.993	0.9359			1.13	1.13	-1.48	1.04	2.27
Debt/Net Income	-14.11			29.32			220.07	33.46	33.12	31.79	48.34	43.27			11.02	11.02	3.28	29.09	-19.09
PEG															-26.32	-26.32	2.52	-26.3200	0.00
Beta														0.2098	-0.6681	-0.469	0.34	-0.3091	-230.75
Altman Index														1.37	-18.21	-18.21	42.85	-11.6833	-336.88

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln	0.0356	0.0612	0.0933	0.1071	0.0966	0.0837	0.0024	0.093	0.096			0.1275		0.0743	-0.12
Dividend			1.23	1.68	1.74	1.47	1.5	1.64	0.88	0.92	0.85	1.37		1.16	-10.74
Dividend yield, %			1.85	12.56	12.72	12.57	5.13	2.7	5.69	5.14	6.98	6.07	1.81	5.13	6.35
Dividends / profit, %		87.67	90.31	238.54	174.62	1413.84	52.17	101.38	100.81	107.89		107.89	56.58	355.22	-40.23
Dividend coverage ratio											0.6979	0.6979	32.92	0.6979	0.00

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Div. payout, bln					0.0217	0.0838	0.0233	0.0232	0.0232	0.0232	0.0232	0.0253	0.0238	0.0237				0.0238	0.43
Dividend	0.38	0.39	0.4	0.4	0.4	0.44	0.4301	0.4321	0.4342	0.4362								0.4345	-0.17
Dividend yield, %	2.78	2.82	2.82	2.85	2.95	3.29	2.92	3.11	2.9	3							1.81	3.04	-1.83
Dividends / profit, %					57.48	223.25	83.43	492.81	77.44	78.48	79.36	134.73	121.21	111.19			56.58	104.99	7.22
Dividend coverage ratio															0.6979	0.6979	32.92	0.6979	0.00

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