CGBD

MKT CAP:$837M

Carlyle Secured Lending, Inc.

Market Cap

$837M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$11.91-$0.64 (-5.10%)

Apr 20, 2026

Company Details

TCG BDC, Inc. is business development company specializing in first lien debt, senior secured loans, second lien senior secured loan unsecured debt, mezzanine debt and investments in equities. It specializes in directly investing. It specia...

CEO

Alex Chi

IPO Date

Jun 14, 2017

Website

www.tcgbdc.com

Key Metrics TTM

Revenue

$164M

-7.5% YoY

Net Income

$74M

EPS (Diluted)

$1.16

Free Cash Flow

-$53M

Revenue / Share

$2.25

Gross Margin

51.3%

Operating Margin

46.2%

Net Margin

45.1%

FCF Margin

-32.3%

P/S

5.1x

P/E

11.3x

Earnings Reports

Q4 2025

May 5, 2026

PENDING

Q3 2025

Nov 4, 2025

$49M+25.2%EPS $0.33

Q2 2025

Aug 5, 2025

$39M+3.0%EPS $0.20

Q1 2025

May 6, 2025

$35M-29.5%EPS $0.25

FY 2024

Feb 25, 2025

$168M-2.9%EPS $1.58

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$44M	$36M	$34M
Q1 22	$40M	$33M	$31M
Q2 22	$16M	$7M	$5M
Q3 22	$52M	$41M	$38M
Q4 22	$30M	$16M	$13M
Q1 23	$47M	$30M	$29M
Q2 23	$25M	$7M	$5M
Q3 23	$51M	$33M	$31M
Q4 23	$50M	$30M	$30M
Q1 24	$50M	$32M	$30M
Q2 24	$38M	$21M	$20M
Q3 24	$39M	$22M	$20M
Q4 24	$41M	$24M	$22M
Q1 25	$35M	$17M	$15M
Q2 25	$39M	$17M	$15M
Q3 25	$49M	$27M	$24M

Valuation

Quarter	P/S	P/E
Q4 21	4.2x	5.2x
Q1 22	4.3x	5.4x
Q2 22	5.3x	7.2x
Q3 22	5.5x	7.8x
Q4 22	6.0x	9.8x
Q1 23	5.8x	10.1x
Q2 23	5.4x	10.1x
Q3 23	5.5x	11.1x
Q4 23	4.8x	9.1x
Q1 24	4.8x	8.9x
Q2 24	4.4x	7.8x
Q3 24	4.7x	8.6x
Q4 24	5.0x	9.4x
Q1 25	5.5x	11.4x
Q2 25	5.4x	12.0x
Q3 25	5.1x	11.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$94M	$94M
Q1 22	$14M	$14M
Q2 22	-$89M	-$89M
Q3 22	$72M	$72M
Q4 22	-$20M	-$20M
Q1 23	$26M	$26M
Q2 23	$92M	$92M
Q3 23	$57M	$57M
Q4 23	$56M	$56M
Q1 24	$15M	$15M
Q2 24	$71M	$71M
Q3 24	$21M	$21M
Q4 24	$18M	$18M
Q1 25	$146M	$146M
Q2 25	-$231M	-$231M
Q3 25	$14M	$14M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-9.4%	-6.7%
Q1 22	-10.3%	+4.1%
Q2 22	-69.9%	+15.7%
Q3 22	-9.5%	+41.6%
Q4 22	-30.5%	+81.9%
Q1 23	+16.6%	+98.5%
Q2 23	+57.2%	+77.7%
Q3 23	-2.6%	+44.1%
Q4 23	+65.2%	+18.1%
Q1 24	+6.3%	+7.5%
Q2 24	+52.8%	-6.4%
Q3 24	-23.2%	-6.5%
Q4 24	-18.7%	-4.5%
Q1 25	-29.5%	+2.9%
Q2 25	+3.0%	+32.1%
Q3 25	+25.2%	+31.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$2M
Q1 22	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$2M
Q1 23	$1M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$48M	$0	$48M
Q2 22	$15M	$0	$15M
Q3 22	$39M	$0	$39M
Q4 22	$16M	$0	$16M
Q1 23	$23M	$0	$23M
Q2 23	$38M	$0	$38M
Q3 23	$20M	$0	$20M
Q4 23	$23M	$0	$23M
Q1 24	$29M	$0	$29M
Q2 24	$29M	$0	$29M
Q3 24	$26M	$0	$26M
Q4 24	$30M	$0	$30M
Q1 25	$146M	$0	$146M
Q2 25	$29M	$0	$29M
Q3 25	$52M	$0	$52M
Q4 25	$76M	$0	$76M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	60M	+0.5%	+5.5%
Q1 22	58M	-2.2%	-3.5%
Q2 22	52M	-9.9%	-12.3%
Q3 22	57M	+9.1%	-3.5%
Q4 22	60M	+4.1%	0.0%
Q1 23	56M	-5.4%	-3.3%
Q2 23	51M	-9.8%	-3.1%
Q3 23	56M	+10.2%	-2.1%
Q4 23	56M	+0.7%	-5.3%
Q1 24	56M	-0.1%	+0.1%
Q2 24	56M	+0.1%	+11.0%
Q3 24	56M	+0.1%	+0.8%
Q4 24	56M	0.0%	+0.2%
Q1 25	57M	+1.6%	+1.8%
Q2 25	73M	+27.1%	+29.3%
Q3 25	73M	0.0%	+29.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$23.9K	2K
Q1 22	$22.1K	2K
Q2 22	$8.7K	2K
Q3 22	$28.6K	2K
Q4 22	$16.6K	2K
Q1 23	$25.8K	2K
Q2 23	$13.6K	2K
Q3 23	$27.8K	2K
Q4 23	$22.8K	2K
Q1 24	$22.8K	2K
Q2 24	$17.2K	2K
Q3 24	$17.7K	2K
Q4 24	$17.7K	2K
Q1 25	$15.3K	2K
Q2 25	$17.0K	2K
Q3 25	$21.2K	2K

Revenue / Employee