Revenue performance remains highly sensitive to market benchmarks, with gross margins fluctuating between 65.6% and 80.0% over the last two years.
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 144.13M | 167.97M | 156.37M | 142.91M | 75.76M | 128.19M | 152.83M | 112.24M | 73.36M | 51.97M |
| Gross Margin % | - | 74.19% | 76.22% | 75.1% | 75.11% | 61.27% | 70.08% | 74.13% | 73.21% | 72.4% | 73.87% |
| Gross Profit Growth % | -100% | -14.19% | 7.42% | 9.41% | 88.63% | -40.9% | -16.12% | 36.17% | 52.99% | 41.16% | - |
| Operating Expenses | 255.57M | -14.07M | -1.99M | 31.17M | -47.19M | 24.93M | 10.89M | 73.39M | 1.28M | -15.48M | 21.82M |
| OpEx % of Revenue | 100% | -7.24% | -0.9% | 14.97% | -24.8% | 20.16% | 5.95% | 35.6% | 0.83% | -15.28% | 31.01% |
| Selling, General & Admin | 8.37M | 6.96M | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 3.8M |
| SG&A % of Revenue | 3.28% | 3.58% | - | - | - | - | - | 0% | 0% | 0% | 5.41% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 0 | 158.2M | 169.96M | 125.2M | 190.1M | 50.83M | 117.31M | 79.44M | 110.96M | 88.84M | 30.15M |
| Operating Margin % | - | 81.43% | 77.12% | 60.13% | 99.91% | 41.11% | 64.13% | 38.53% | 72.37% | 87.68% | 42.86% |
| Operating Income Growth % | -100% | -6.92% | 35.75% | -34.14% | 273.99% | -56.67% | 47.66% | -28.4% | 24.89% | 194.64% | - |
| EBITDA | 5.3M | 158.2M | 220.39M | 208.22M | 190.28M | 123.64M | 236.59M | 246.25M | 179.8M | 120.36M | 30.15M |
| EBITDA Margin % | 2.07% | 81.43% | 100% | 100% | 100% | 100% | 129.34% | 119.45% | 117.28% | 118.79% | 42.86% |
| EBITDA Growth % | -96.65% | -28.22% | 5.84% | 9.43% | 53.89% | -47.74% | -3.93% | 36.96% | 49.38% | 299.17% | - |
| D&A (Non-Cash Add-back) | 5.3M | 0 | 50.42M | 83.02M | 171K | 72.81M | 119.28M | 166.81M | 68.84M | 31.52M | 0 |
| EBIT | 0 | 158.2M | 169.96M | 125.2M | 190.1M | 50.83M | 115.4M | 0 | 0 | 0 | 0 |
| Net Interest Income | 117.5M | 0 | -71.71M | -43.96M | -30.75M | -39.58M | -53.67M | 0 | 0 | 0 | 0 |
| Interest Income | 205.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 88.09M | 0 | 71.71M | 43.96M | 30.75M | 39.58M | 53.67M | 40.1M | 26.49M | 19.04M | 11.48M |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 0 | 91.72M | 94.72M | 87.47M | 161.13M | 7.4M | 61.73M | 39.34M | 110.96M | 88.84M | 18.67M |
| Pretax Margin % | - | 47.21% | 42.98% | 42.01% | 84.68% | 5.99% | 33.75% | 19.08% | 72.37% | 87.68% | 26.54% |
| Income Tax | 0 | 2.74M | 2.44M | 1.83M | 782K | 573K | 404K | 0 | 110.96M | 88.84M | 0 |
| Effective Tax Rate % | - | 2.99% | 2.57% | 2.09% | 0.49% | 7.74% | 0.65% | 0% | 100% | 100% | 0% |
| Net Income | 0 | 88.98M | 92.28M | 85.64M | 160.35M | 6.83M | 61.33M | 39.34M | 84.46M | 69.81M | 18.67M |
| Net Margin % | - | 45.8% | 41.87% | 41.13% | 84.27% | 5.52% | 33.53% | 19.08% | 55.09% | 68.89% | 26.54% |
| Net Income Growth % | -100% | -3.58% | 7.76% | -46.59% | 2248.12% | -88.87% | 55.88% | -53.42% | 20.99% | 273.85% | - |
| Net Income (Continuing) | 0 | 88.98M | 92.28M | 85.64M | 160.35M | 6.83M | 61.33M | 39.34M | 84.46M | 69.81M | 18.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 919.74M | 1.05B | 950.95M | 915.5M | 1.14B | 873.49M | 801.91M | 654.25M | 0 |
| EPS (Diluted) | 0.00 | 1.58 | 1.64 | 1.43 | 2.89 | 0.08 | 1.02 | 6.29 | 5.31 | 11.16 | 2.99 |
| EPS Growth % | -100% | -3.66% | 14.69% | -50.52% | 3481.16% | -92.09% | -83.78% | 18.46% | -52.42% | 273.24% | - |
| EPS (Basic) | 0.00 | 1.68 | 1.82 | 1.58 | 2.89 | 0.08 | 1.02 | 6.29 | 5.31 | 11.16 | 2.99 |
| Diluted Shares Outstanding | 0 | 56.47M | 56.31M | 57.48M | 54.24M | 56.42M | 60.19M | 6.25M | 15.9M | 6.25M | 6.25M |
| Basic Shares Outstanding | 0 | 50.83M | 50.82M | 52.11M | 54.24M | 56.42M | 60.19M | 6.25M | 15.9M | 6.25M | 6.25M |
| Dividend Payout Ratio | - | 107.89% | 100.81% | 101.38% | 52.17% | 1413.84% | 174.62% | 237.14% | 90.03% | 87.67% | 190.38% |
Interest rate sensitivity
As indicated by the quarterly income statement data, CGBDL's top-line performance has exhibited significant fluctuations, with revenue reaching $66.9 million in 2025Q4 compared to $36.1 million in 2025Q1, suggesting that the firm's reliance on floating-rate interest income remains highly sensitive to broader market rate environments.
The inconsistency in quarterly revenue figures implies that the company's growth trajectory is not linear but rather tied to the timing of portfolio originations and interest rate resets. Investors should monitor whether this volatility reflects a strategic shift in asset allocation or merely the cyclical nature of middle-market deal flow.
Based on reported financial figures, the gross margin has fluctuated between 65.6% and 80.0% over the last two years, suggesting that the company's ability to maintain a consistent spread between investment yields and the cost of capital is currently under pressure from shifting market benchmarks.
The variability in gross margins indicates that the firm's profitability is susceptible to the cost of its own debt facilities. This suggests that management may face challenges in preserving net interest spreads if the current interest rate environment shifts, potentially impacting the sustainability of dividend distributions.
According to the provided income statement data, operating margins have swung dramatically from 58.4% to 110.3% in recent periods, which implies that the firm's overhead structure and incentive fee arrangements are not scaling in a predictable manner relative to its gross profit generation.
The extreme variance in operating margins suggests that the external management fee structure may be creating lumpy expense recognition that obscures core operational efficiency. Analysts should investigate whether these fluctuations are driven by performance-based incentive fees that may not align with long-term shareholder value creation.
As reported in recent financial statements, the company's net income has experienced significant quarterly swings, including periods of zero reported net income in late 2025, which suggests that GAAP earnings may be heavily impacted by non-cash valuation adjustments or accounting timing differences.
The sudden drop to zero net income in the latter half of 2025 warrants further investigation into the underlying accounting treatment of portfolio marks and potential credit impairments. This volatility makes it difficult to rely on GAAP net income as a proxy for the company's true cash-generating capacity.
Based on the observed trend of declining EPS from $0.54 in 2023Q3 to $0.00 in late 2025, there is a clear analytical risk that the company's current income generation model is failing to provide consistent returns for equity holders in the current credit environment.
The sharp decline in EPS suggests that the firm may be struggling with either credit quality issues or an inability to pass through higher borrowing costs to its borrowers. Investors should be wary of the potential for further earnings erosion if the portfolio's non-accrual rates begin to trend upward.
Quick answers to the most common questions about buying CGBDL stock.
Carlyle Secured Lending, Inc. 8.20% Notes due 2028 (CGBDL) reported a net loss of $0.0M for the fiscal year ending 2025.