Carlyle Secured Lending Inc (NASDAQ: CGBD) is a business development company (BDC) that generates current income by assembling a portfolio of secured debt investments in U.S. middle market companies. Revenue comes primarily from interest income on directly originated loans, including first lien senior secured, first lien/last out, unitranche, and second lien senior secured loans made to private equity-backed middle market companies with approximately $25 million or greater of EBITDA. CGBD is externally managed by an affiliate of The Carlyle Group Inc. (NASDAQ: CG), whose Global Credit segment held $211 billion in AUM as of December 31, 2025. The investment adviser earns a base management fee calculated on gross assets and an incentive fee with two components: 17.5% of pre-incentive fee net investment income above a quarterly hurdle rate, and 17.5% of cumulative realized capital gains at year end. The portfolio is supplemented with minority allocations to unsecured debt, subordinated debt, equities, and structured products. CGBD is incorporated in Maryland and formerly operated as TCG BDC, Inc.

Revenue model

Interest income on directly originated secured loans to U.S. middle market companies, supplemented by dividend income and other fees. The external investment adviser receives a base management fee on gross assets and a two-part incentive fee: 17.5% of pre-incentive fee net investment income above a quarterly hurdle rate, and 17.5% of cumulative net realized capital gains annually.

Products and services

First lien senior secured loans, first lien/last out loans, unitranche loans, second lien senior secured loans, unsecured debt, subordinated debt, equity co-investments, structured products. Loans are directly originated to private equity-backed U.S. middle market companies.

Customers and end markets

U.S. middle market companies, generally private equity-backed, with approximately $25 million or greater in EBITDA. Borrowers are primarily private companies controlled by financial sponsors.

Value-chain role

Direct lender and credit investor; externally managed BDC providing private credit capital to sponsor-backed middle market borrowers. Carlyle's Global Credit platform, with more than 205 investment professionals, sources and underwrites investments.

Geographic exposure

United States (primary focus on U.S. middle market companies, per 10-K filed 2026-02-24).

Source: SEC 10-K, filed 2026-02-24

Industry: UNKNOWN Peers: Associated Capital Group Inc Diamond Hill Investment Group LLC BlackRock TCP Capital Corp Blackstone Inc Acadian Asset Management Inc Crescent Capital BDC Inc WisdomTree Inc Sculptor Capital Management, Inc. PennantPark Floating Rate Capital Ltd Pzena Investment Management, Inc.