Carlyle Secured Lending, Inc. (CGBD) 10-Year Financial Performance & Capital Metrics

CGBD • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutTCG 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 specializes in middle market. It targets healthcare and pharmaceutical, aerospace and defense, high tech industries, business services, software, beverage food and tobacco, hotel gamming and leisure, banking finance insurance and in real estate sector. The fund seeks to invest across United States of America, Luxembourg, Cayman Islands, Cyprus, and United Kingdom. It invests in companies with EBITDA between $25 million and $100 million.Show more

Net Interest Income $103M -21.8%
Total Revenue $168M -23.9%
Net Income $89M -3.6%
Return on Equity 9.79% -2.9%
Net Interest Margin 5.35% -21.1%
Efficiency Ratio 4.51% +598.5%
ROA 4.6% -0.7%
Equity / Assets 47%
Book Value per Share 16.03 -1.1%
Tangible BV/Share 16.03 -1.1%
Debt/Equity 1.07 -0.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 5.4%
✓Efficient operations: 4.5% efficiency ratio
✓Well capitalized: 47.0% equity/assets
✓Trading at only 0.8x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y28.01%

5Y6.79%

3Y-5.49%

TTM-

Profit (Net Income) CAGR

10Y31.83%

5Y7.73%

3Y-17.83%

TTM-23.94%

EPS CAGR

10Y24.97%

5Y9.15%

3Y-16.25%

TTM-32.95%

ROCE

10Y Avg4.39%

5Y Avg5.3%

3Y Avg5.96%

Latest4.84%

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	58.77M	86.2M	121.27M	145.34M	147.63M	114.1M	104.03M	124.86M	131.81M	103.1M
NII Growth %	1.02%	0.47%	0.41%	0.2%	0.02%	-0.23%	-0.09%	0.2%	0.06%	-0.22%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	68.36M	102.66M	145.78M	183.14M	198.22M	149.92M	134.78M	168.82M	203.52M	171.58M
Interest Expense	9.58M	16.46M	24.51M	37.8M	50.59M	35.82M	30.75M	43.96M	71.71M	68.48M
Loan Loss Provision	0	0	0	0	0	0	0	0	-19.29M	0
Non-Interest Income+	-38.26M	-14.95M	-35.06M	-97.56M	-77.44M	-96.98M	63.94M	-30.19M	16.87M	-3.82M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	30.1M	87.72M	110.71M	85.58M	120.78M	52.94M	198.72M	138.63M	220.39M	167.76M
Revenue Growth %	1.12%	1.91%	0.26%	-0.23%	0.41%	-0.56%	2.75%	-0.3%	0.59%	-0.24%
Non-Interest Expense	1.84M	1.37M	1.74M	8.43M	8.45M	9.71M	6.83M	7.21M	-1.99M	7.56M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	18.67M	69.89M	84.46M	39.34M	61.73M	7.4M	161.13M	87.47M	169.96M	91.72M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	2.33%	2.74%	0.21%	-0.53%	0.57%	-0.88%	20.77%	-0.46%	0.94%	-0.46%
Pretax Income+	18.67M	69.89M	84.46M	39.34M	61.73M	7.4M	161.13M	87.47M	94.72M	91.72M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	76K	264K	230K	404K	573K	782K	1.83M	2.44M	2.74M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	18.67M	69.81M	84.2M	39.12M	61.33M	6.83M	160.35M	85.64M	92.28M	88.98M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	2.33%	2.74%	0.21%	-0.54%	0.57%	-0.89%	22.48%	-0.47%	0.08%	-0.04%
Net Income (Continuing)	18.67M	69.81M	84.2M	39.12M	61.33M	6.83M	160.35M	85.64M	92.28M	88.98M
EPS (Diluted)+	0.56	2.03	1.59	0.63	1.02	0.08	2.69	1.49	1.64	1.58
EPS Growth %	2.29%	2.63%	-0.22%	-0.6%	0.62%	-0.92%	32.33%	-0.45%	0.1%	-0.04%
EPS (Basic)	0.56	2.03	1.59	0.63	1.02	0.08	2.89	1.58	1.75	1.68
Diluted Shares Outstanding	33.17M	34.4M	53M	62.53M	60.19M	56.42M	59.53M	57.48M	56.31M	56.47M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	41.84M	38.49M	32.04M	87.19M	36.75M	52.23M	22.99M	16.09M	60.45M	29.67M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	1.05B	1.42B	1.97B	1.97B	0	0	1.91B	0	1.84B	1.86M
Investments Growth %	0.51%	0.35%	0.38%	0%	-1%	-	-	-1%	-	-1%
Long-Term Investments	1.05B	1.42B	1.97B	1.97B	0	0	1.91B	0	1.84B	1.86M
Accounts Receivables	0	0	0	0	1000K	1000K	0	1000K	0	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	53.72M	-1.42B	-1.97B	-1.97B	2.13B	1.85B	-2.03B	1.99B	0	1.83B
Total Current Assets	5.27M	25.56M	18.11M	21.32M	59.54M	77.05M	113.75M	47.41M	102.33M	93.68M
Total Non-Current Assets	1.11B	1.49B	2.02B	2.08B	2.13B	1.85B	1.91B	1.99B	1.84B	1.83B
Total Assets+	1.11B	1.49B	2.02B	2.08B	2.19B	1.92B	2.03B	2.04B	1.94B	1.93B
Asset Growth %	0.54%	0.35%	0.36%	0.03%	0.05%	-0.12%	0.06%	0.01%	-0.05%	-0.01%
Return on Assets (ROA)	0.02%	0.05%	0.05%	0.02%	0.03%	0%	0.08%	0.04%	0.05%	0.05%
Accounts Payable	20.86M	23.62M	45.3M	44.87M	38.52M	23.14M	23.5M	29.48M	30.91M	35.11M
Total Debt+	507.31M	692.73M	833.95M	960.68M	1.18B	983.92M	1.04B	1.08B	980.18M	967.65M
Net Debt	465.48M	654.25M	801.91M	873.49M	1.14B	931.69M	1.02B	1.06B	919.74M	937.98M
Long-Term Debt	0	692.73M	833.95M	960.68M	1.18B	983.92M	1.04B	1.08B	980.18M	967.65M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	-692.73M	-833.95M	-960.68M	14.71M	14.19M	-1.04B	17.6M	0	18.03M
Total Current Liabilities	20.86M	23.62M	45.3M	44.87M	38.52M	23.14M	23.5M	29.48M	46.97M	35.11M
Total Non-Current Liabilities	534.66M	726.02M	894.08M	1.02B	1.19B	998.11M	1.04B	1.09B	980.18M	985.67M
Total Liabilities	534.66M	726.02M	894.08M	1.02B	1.23B	1.02B	1.08B	1.12B	1.03B	1.02B
Total Equity+	571.73M	1.42B	1.93B	1.94B	956.47M	901.36M	948.8M	917.42M	912.81M	905.2M
Equity Growth %	0.69%	1.48%	0.36%	0%	-0.51%	-0.06%	0.05%	-0.03%	-0.01%	-0.01%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.04%	0.07%	0.05%	0.02%	0.04%	0.01%	0.17%	0.09%	0.1%	0.1%
Book Value per Share	17.23	41.23	36.40	30.97	15.89	15.98	15.94	15.96	16.21	16.03
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	315K	417K	622K	622K	578K	553K	532K	511K	508K	509K
Additional Paid-in Capital	613.94M	799.58M	1.17B	1.17B	1.11B	1.08B	1.05B	1.02B	1.02B	1.01B
Retained Earnings	-12.99M	-3.21M	2.52M	-110.11M	-151.71M	-228.99M	-152.52M	-153.68M	-151.74M	-157.98M
Accumulated OCI	-74K	764.21M	1.13B	1.06B	0	0	-1.63M	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	74K	0	0	0	0	50M	50M	50M	50M	50M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-389.94M	-314.61M	-385.65M	28.8M	-91.89M	305.16M	69.37M	71.47M	230.61M	104.27M
Operating CF Growth %	0.08%	0.19%	-0.23%	1.07%	-4.19%	4.32%	-0.77%	0.03%	2.23%	-0.55%
Net Income	18.67M	69.81M	84.2M	39.12M	61.33M	6.83M	160.35M	85.64M	92.28M	88.98M
Depreciation & Amortization	1.05M	1.42M	949K	1.9M	1.86M	2.13M	0	0	0	3.49M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-411.33M	-387.86M	-472.4M	-13.26M	-149.87M	304.51M	-90.72M	-16.23M	145.01M	2.98M
Working Capital Changes	1.67M	2.02M	1.6M	1.05M	-5.22M	-8.32M	-259K	2.06M	-6.68M	8.82M
Cash from Investing+	-425.15M	-372.06M	-467.55M	-65.09M	-175.29M	236.87M	6.06M	-56.96M	0	0
Purchase of Investments	-653.15M	-755.65M	-1.28B	-953.16M	-994.37M	-451.93M	-842.98M	-635.28M	-207.2M	-454.31M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	0	0	0	0	-154.38M	-28.33M
Cash from Financing+	423.03M	311.26M	379.2M	26.35M	41.46M	-273.49M	-50.78M	-77.08M	-200.67M	-108.14M
Dividends Paid	-35.55M	-61.2M	-76.05M	-93.3M	-107.1M	-96.55M	-83.66M	-86.82M	-93.02M	-96M
Share Repurchases	0	0	0	-4.87M	-64.72M	-27.25M	-28.44M	-28.46M	-3.99M	0
Stock Issued	262.35M	185.54M	357.43M	-15K	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K
Other Financing	-2.65M	-643K	-1.06M	-3.4M	-1.7M	0	0	0	-5.04M	-7.98M
Net Change in Cash+	33.08M	-3.35M	-6.45M	55.15M	-50.44M	31.67M	24.66M	-62.57M	29.94M	-3.87M
Exchange Rate Effect	1000K	1000K	1000K	1000K	1000K	-1000K	0	0	0	0
Cash at Beginning	8.75M	41.84M	38.49M	32.04M	87.19M	36.75M	68.42M	93.07M	30.51M	60.45M
Cash at End	41.84M	38.49M	32.04M	87.19M	36.75M	68.42M	93.07M	30.51M	60.45M	56.58M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-389.94M	-314.61M	-385.65M	28.8M	-91.89M	305.16M	69.37M	71.47M	230.61M	104.27M
FCF Growth %	0.08%	0.19%	-0.23%	1.07%	-4.19%	4.32%	-0.77%	0.03%	2.23%	-0.55%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.1%	7.02%	5.03%	2.02%	4.24%	0.74%	17.33%	9.18%	10.08%	9.79%
Return on Assets (ROA)	2.05%	5.38%	4.8%	1.91%	2.87%	0.33%	8.11%	4.21%	4.63%	4.6%
Net Interest Margin	5.31%	5.78%	6%	6.97%	6.75%	5.93%	5.12%	6.12%	6.79%	5.35%
Efficiency Ratio	6.12%	1.56%	1.57%	9.85%	7%	18.35%	3.44%	5.2%	-0.9%	4.51%
Equity / Assets	51.68%	95.18%	95.44%	92.9%	43.72%	46.88%	46.71%	44.93%	46.99%	47%
Book Value / Share	17.23	41.23	36.4	30.97	15.89	15.98	15.94	15.96	16.21	16.03
NII Growth	102.03%	46.66%	40.68%	19.85%	1.58%	-22.72%	-8.83%	20.03%	5.56%	-21.78%
Dividend Payout	190.38%	87.67%	90.31%	238.54%	174.62%	1413.84%	-	-	100.81%	1.45%

Frequently Asked Questions

Valuation & Price

Carlyle Secured Lending, Inc. (CGBD) has a price-to-earnings (P/E) ratio of 8.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Carlyle Secured Lending, Inc. (CGBD) saw revenue decline by 23.9% over the past year.

Yes, Carlyle Secured Lending, Inc. (CGBD) is profitable, generating $73.9M in net income for fiscal year 2024 (53.0% net margin).

Dividend & Returns

Yes, Carlyle Secured Lending, Inc. (CGBD) pays a dividend with a yield of 0.18%. This makes it attractive for income-focused investors.

Carlyle Secured Lending, Inc. (CGBD) has a return on equity (ROE) of 9.8%. This is below average, suggesting room for improvement.

Industry Metrics

Carlyle Secured Lending, Inc. (CGBD) has a net interest margin (NIM) of 5.4%. This indicates healthy earnings from lending activities.

Carlyle Secured Lending, Inc. (CGBD) has an efficiency ratio of 4.5%. This is excellent, indicating strong cost control.

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