CGBD

stressed

Carlyle Secured Lending

Valuation

Price$13.95

NAV / Share$16.63

NAV Discount-16.1%

Portfolio FV$2.2B

Credit Quality

PIK %7.5%

Non-Accrual %2.2%

NII Covers DivYES

Income

Dividend Yield11.5%

SponsorCarlyle Group

Top Sectors

SoftwareHealthcareBusiness Services

Analysis

Formerly TCG BDC. Merged with Carlyle Secured Lending III (CSL III) in 2025, adding portfolio complexity. 16% NAV discount despite Carlyle brand. PIK at 7.5% and trending up. Non-accruals at 2.2% — two healthcare names struggling. Carlyle's $426B platform provides origination scale but external management creates fee drag. Middle-market focus ($25-100M EBITDA).

Sponsor

Carlyle Group$435B AUM