Carlyle Secured Lending (CGBD)


Market Price (10/15/2026): $10.39 | Market Cap: $722.5 MilSector: Financials | Industry: Asset Management & Custody Banks

Carlyle Secured Lending (CGBD)


Market Price (10/15/2026): $10.39
Market Cap: $722.5 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 23%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 342%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 342%

Low stock price volatility
Vol 12M is 24%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.

Weak multi-year price returns
2Y Excs Rtn is -58%, 3Y Excs Rtn is -72%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 177%

Expensive valuation multiples
P/SPrice/Sales ratio is 15x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -39%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -14%, Rev Chg QQuarterly Revenue Change % is -83%

Key risks
CGBD key risks include [1] vulnerability to margin compression from rapid rate cuts due to its highly floating-rate loan portfolio and [2] persistent pressure on its declining Net Asset Value (NAV).

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 23%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 342%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 342%
2 Low stock price volatility
Vol 12M is 24%
3 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.
4 Weak multi-year price returns
2Y Excs Rtn is -58%, 3Y Excs Rtn is -72%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 177%
6 Expensive valuation multiples
P/SPrice/Sales ratio is 15x
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -39%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -14%, Rev Chg QQuarterly Revenue Change % is -83%
8 Key risks
CGBD key risks include [1] vulnerability to margin compression from rapid rate cuts due to its highly floating-rate loan portfolio and [2] persistent pressure on its declining Net Asset Value (NAV).

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

Carlyle Secured Lending (CGBD) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

1. Carlyle Secured Lending reported stronger-than-expected Net Investment Income for its fiscal second quarter ended June 30, 2026. The company announced Net Investment Income and Adjusted Net Investment Income of $0.35 per common share, surpassing the Zacks consensus estimate of $0.32 per share. This positive earnings surprise contributed to a 3.38% rise in the stock price on August 7, 2026, the first trading day after the announcement.

2. The company maintained a stable quarterly common dividend, signaling confidence in future earnings. Carlyle Secured Lending declared a third-quarter 2026 dividend of $0.35 per common share on July 29, 2026, payable on October 16, 2026, to shareholders of record on September 30, 2026. This consistent dividend, following a reset in fiscal Q1 2026 to align with portfolio earnings, reassured investors about the company's sustained income generation and full dividend coverage.

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Updated on 10/1/2026

Carlyle Secured Lending (CGBD) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

1. Carlyle Secured Lending reported stronger-than-expected Net Investment Income for its fiscal second quarter ended June 30, 2026. The company announced Net Investment Income and Adjusted Net Investment Income of $0.35 per common share, surpassing the Zacks consensus estimate of $0.32 per share. This positive earnings surprise contributed to a 3.38% rise in the stock price on August 7, 2026, the first trading day after the announcement.

2. The company maintained a stable quarterly common dividend, signaling confidence in future earnings. Carlyle Secured Lending declared a third-quarter 2026 dividend of $0.35 per common share on July 29, 2026, payable on October 16, 2026, to shareholders of record on September 30, 2026. This consistent dividend, following a reset in fiscal Q1 2026 to align with portfolio earnings, reassured investors about the company's sustained income generation and full dividend coverage.

3. Growth in investment portfolio and an optimistic outlook on lending conditions boosted investor sentiment. The total fair value of investments increased to $2.4 billion as of June 30, 2026, up from $2.3 billion at the end of fiscal Q1 2026. Management highlighted the continued ramp-up of its joint venture complex and noted an "increasingly attractive investment environment" with expanding spreads on new originations, which is expected to lead to improved yields and stronger earnings power.

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Stock Movement Drivers

Fundamental Drivers

The 1.8% change in CGBD stock from 6/30/2026 to 10/14/2026 was primarily driven by a 39.4% change in the company's P/E Multiple.
(LTM values as of)630202610142026Change
Stock Price ($)10.2010.381.8%
Change Contribution By: 
Total Revenues ($ Mil)6349-22.8%
Net Income Margin (%)82.0%76.0%-7.3%
P/E Multiple14.019.539.4%
Shares Outstanding (Mil)71702.0%
Cumulative Contribution1.8%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/14/2026
ReturnCorrelation
CGBD1.8% 
Market (SPY)3.1%35.9%
Sector (XLF)1.7%30.2%

Fundamental Drivers

The 1.2% change in CGBD stock from 3/31/2026 to 10/14/2026 was primarily driven by a 82.6% change in the company's P/E Multiple.
(LTM values as of)331202610142026Change
Stock Price ($)10.2510.381.2%
Change Contribution By: 
Total Revenues ($ Mil)8149-39.9%
Net Income Margin (%)86.4%76.0%-12.0%
P/E Multiple10.719.582.6%
Shares Outstanding (Mil)73704.8%
Cumulative Contribution1.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/14/2026
ReturnCorrelation
CGBD1.2% 
Market (SPY)18.6%27.8%
Sector (XLF)10.8%27.6%

Fundamental Drivers

The -5.2% change in CGBD stock from 9/30/2025 to 10/14/2026 was primarily driven by a -38.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510142026Change
Stock Price ($)10.9510.38-5.2%
Change Contribution By: 
Total Revenues ($ Mil)8049-38.9%
Net Income Margin (%)87.3%76.0%-13.0%
P/E Multiple11.519.570.3%
Shares Outstanding (Mil)73704.8%
Cumulative Contribution-5.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/14/2026
ReturnCorrelation
CGBD-5.2% 
Market (SPY)16.5%31.5%
Sector (XLF)2.4%38.5%

Fundamental Drivers

The 2.2% change in CGBD stock from 9/30/2023 to 10/14/2026 was primarily driven by a 213.8% change in the company's P/E Multiple.
(LTM values as of)930202310142026Change
Stock Price ($)10.1510.382.2%
Change Contribution By: 
Total Revenues ($ Mil)9149-46.4%
Net Income Margin (%)91.3%76.0%-16.7%
P/E Multiple6.219.5213.8%
Shares Outstanding (Mil)5170-27.0%
Cumulative Contribution2.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/14/2026
ReturnCorrelation
CGBD2.2% 
Market (SPY)86.2%43.6%
Sector (XLF)71.6%46.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CGBD Return49%18%18%33%-22%-7%102%
Peers Return28%-10%32%21%-7%-7%59%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
CGBD Win Rate75%75%67%83%58%40% 
Peers Win Rate80%45%72%72%48%38% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CGBD Max Drawdown-8%-19%-14%-12%-32%-17% 
Peers Max Drawdown-8%-25%-10%-11%-22%-18% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, OBDC, FSK, BXSL, GBDC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)

How Low Can It Go

EventCGBDS&P 500
2024 Yen Carry Trade Unwind
  % Loss-11.0%-7.8%
  % Gain to Breakeven12.4%8.5%
  Time to Breakeven64 days18 days
2023 SVB Regional Banking Crisis
  % Loss-11.9%-6.7%
  % Gain to Breakeven13.5%7.1%
  Time to Breakeven84 days31 days
2020 COVID-19 Crash
  % Loss-66.2%-33.7%
  % Gain to Breakeven195.7%50.9%
  Time to Breakeven316 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.8%-19.2%
  % Gain to Breakeven29.5%23.8%
  Time to Breakeven186 days105 days

Compare to ARCC, OBDC, FSK, BXSL, GBDC

In The Past

Carlyle Secured Lending's stock fell -11.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCGBDS&P 500
2020 COVID-19 Crash
  % Loss-66.2%-33.7%
  % Gain to Breakeven195.7%50.9%
  Time to Breakeven316 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.8%-19.2%
  % Gain to Breakeven29.5%23.8%
  Time to Breakeven186 days105 days

Compare to ARCC, OBDC, FSK, BXSL, GBDC

In The Past

Carlyle Secured Lending's stock fell -11.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 12.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Carlyle Secured Lending (CGBD)

Carlyle Secured Lending, Inc. (CGBD) operates as a Business Development Company (BDC) specializing in direct investing within the private market. Its core mission is to provide capital to middle-market companies, primarily through various forms of debt and equity investments, playing a crucial role in their growth and expansion.

The company's primary products are diverse debt instruments, including first lien debt, senior secured loans, second lien senior secured loans, unsecured debt, and mezzanine debt. CGBD also complements its debt financing with strategic investments in the equities of its portfolio companies. It specifically targets businesses with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) ranging from $25 million to $100 million.

CGBD serves a broad spectrum of industries, focusing on sectors such as healthcare and pharmaceutical, aerospace and defense, high-tech industries, business services, software, and beverage, food and tobacco. Its investment scope also includes hotel gaming and leisure, banking, finance, insurance, and real estate. The fund's geographical reach for investments extends across the United States of America, Luxembourg, the Cayman Islands, Cyprus, and the United Kingdom.

AI Analysis | Feedback

Here are a few analogies to describe Carlyle Secured Lending (CGBD):

  • It's like Goldman Sachs' or Blackstone's private credit division, but solely focused on lending secured debt to middle-market businesses.

  • Think of it as a private equity firm (like KKR), but instead of buying companies, it primarily lends them money (mostly secured debt).

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  • First Lien Debt / Senior Secured Loans: These are loans that have the highest claim on a company's assets and are typically the safest form of debt for lenders.
  • Second Lien Senior Secured Loans: These loans are secured by a company's assets but are subordinate to first lien debt in claim priority.
  • Unsecured Debt: This refers to loans that are not backed by specific collateral, relying instead on the borrower's creditworthiness.
  • Mezzanine Debt: This is a hybrid form of financing that combines elements of both debt and equity, often featuring embedded equity instruments.
  • Investments in Equities: This involves purchasing ownership stakes in companies, typically for capital appreciation or dividend income.

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Carlyle Secured Lending, Inc. (CGBD) is a business development company (BDC) that specializes in providing debt and equity financing to other companies. Therefore, its "customers" are the companies in which it invests or lends money.

Based on the provided information, CGBD's customers are:

  • Middle-market companies with EBITDA between $25 million and $100 million.
  • These companies operate across various sectors, including healthcare and pharmaceutical, aerospace and defense, high tech industries, business services, software, beverage food and tobacco, hotel gaming and leisure, banking finance insurance, and real estate.
  • Geographically, these customer companies are located across the United States of America, Luxembourg, Cayman Islands, Cyprus, and the United Kingdom.

The specific names of the individual customer companies (portfolio companies) that Carlyle Secured Lending invests in or lends to are not provided in the background description.

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Alex Chi
Chief Executive Officer and Interested Director

Alex Chi was appointed Chief Executive Officer and a Class II Director of Carlyle Secured Lending, Inc. on February 18, 2026. He joined Carlyle in January 2026 and also serves as the Deputy Chief Investment Officer of Carlyle Global Credit and Head of Direct Lending. Mr. Chi brings over 30 years of experience from Goldman Sachs, where he spent six years in Goldman Sachs Asset Management as Co-Head of Private Credit in the Americas and as Co-Chief Executive Officer and Co-President of the firm's business development companies from August 2022 to August 2025. Prior to that, he spent 25 years in Goldman Sachs' Investment Banking Division.

Thomas Hennigan
President, Chief Financial Officer, Chief Risk Officer and Interested Director

Thomas Hennigan was appointed President of Carlyle Secured Lending, Inc. on February 18, 2026, while continuing his roles as Chief Financial Officer, Chief Risk Officer, and a director. He has served as Chief Financial Officer since March 2018 and Chief Risk Officer since 2016. Mr. Hennigan is also a Managing Director at Carlyle and has been a Class II Director on CGBD's board since April 2025. He also serves on the board of Carlyle Credit Solutions, Inc. and previously held CFO and CRO roles for Carlyle Secured Lending III until its merger into CGBD in March 2025.

Michael Hadley
Chief Investment Officer, Vice President and Head of Underwriting

Michael Hadley serves as Chief Investment Officer, Vice President, and Head of Underwriting at Carlyle Secured Lending, Inc. He was elected as an officer of the company on April 11, 2022.

Joshua Lefkowitz
Chief Compliance Officer and Secretary

Joshua Lefkowitz holds the positions of Chief Compliance Officer and Secretary at Carlyle Secured Lending, Inc.

Frank Taylor
Treasurer

Frank Taylor was appointed as the Treasurer of Carlyle Secured Lending, Inc. on February 18, 2026.

AI Analysis | Feedback

The key risks to Carlyle Secured Lending (CGBD) primarily stem from its business model as a business development company (BDC) specializing in lending to middle-market companies, making it susceptible to credit quality fluctuations, interest rate movements, and the sustainability of its dividend payouts.

  1. Credit Risk and Economic Downturns: Carlyle Secured Lending's core business involves providing debt and equity financing to middle-market companies, which are often considered higher risk than larger, more established corporations. Consequently, the company is highly exposed to the credit risk of its portfolio companies. During economic downturns or periods of financial stress, these smaller businesses are more vulnerable to default on their loans or even go out of business, leading to potential credit losses and impairment of CGBD's investments. The presence of "covenant-lite" loan structures in the broader BDC market can further exacerbate this risk by reducing early warning signs of borrower distress. Any materialization of significant credit losses could directly impact CGBD's profitability and its net asset value (NAV) per share.

  2. Interest Rate Risk: As a financial institution that uses borrowed money to fund its lending activities, Carlyle Secured Lending is sensitive to changes in interest rates. While many of its loans to portfolio companies are floating-rate, a mismatch with its own fixed-rate liabilities could compress profit margins if interest rates rise rapidly. Conversely, in a declining interest rate environment, the net investment income (NII) of CGBD can shrink, potentially impacting its ability to cover dividend payments, especially given that a large portion of its portfolio consists of floating-rate loans. Lower investment yields due to reduced base rates and tighter spreads on new originations have already been noted as factors impacting CGBD's NII.

  3. Dividend Sustainability and Net Asset Value (NAV) Erosion: The attractiveness of BDCs like Carlyle Secured Lending often lies in their high dividend yields. However, the sustainability of these dividends is a key risk. If the company pays out more in dividends than it earns in net investment income, or if it incurs losses on its loan portfolio, it can lead to the erosion of its Net Asset Value (NAV) per share. For instance, CGBD's declared dividend of $0.40 per share for Q1 2026 exceeded its GAAP NII of $0.33 per share in Q4 2025, suggesting that the dividend may rely on spillover income or consume capital. A persistent dividend payout exceeding earnings is unsustainable without NAV erosion, which can undermine long-term shareholder returns despite an attractive yield. Declines in NAV per share are considered a significant "watch trigger" for the company.

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Carlyle Secured Lending, Inc. (CGBD) specializes in providing flexible financing solutions, including various forms of secured and unsecured debt, mezzanine debt, and equity investments, primarily to middle-market companies. These activities fall under the broader categories of private credit and direct lending. Carlyle Secured Lending targets companies with EBITDA between $25 million and $100 million in regions such as the United States, Luxembourg, Cayman Islands, Cyprus, and the United Kingdom.

The addressable markets for Carlyle Secured Lending's main products and services, focusing on the middle-market segment, are substantial in both the United States and Europe.

  • United States Market:
    • The U.S. private credit market is estimated to be approximately $1.3 trillion as of February 2026, having expanded to $1.6 trillion by 2024 and nearly $1.7 trillion as of 2023. Projections indicate significant growth, with the market expected to reach $3 trillion by 2028 (a 70% growth). Some analyses suggest the broader addressable market for private credit in the U.S. could exceed $30 trillion.
    • Direct lending, a core strategy for Carlyle Secured Lending, constitutes a substantial portion of the private credit market, representing about 46% of the asset class globally. The U.S. middle-market direct lending loans alone were estimated at $1.0 trillion as of March 31, 2022. The U.S. direct lending market has been rapidly growing, tripling in size between 2010 and 2024, to an estimated $1.5 trillion, and is expected to reach nearly $2 trillion by the end of the decade.
    • The U.S. corporate middle market, comprising nearly 200,000 individual businesses with annual revenues typically ranging from $10 million to $1 billion (with EBITDA ranging from approximately $15 million to $100 million), represents over one-third of the private sector GDP and employs around 50 million people. These companies generate $15 trillion in revenue.
  • European Market:
    • Europe's private credit industry controls more than €1.7 trillion (approximately $1.85 trillion USD) in assets as of January 2026. Other estimates place the European private credit assets at around $500 billion (as of September 2025) or between $500 billion and $1 trillion for the direct lending market (as of June 2025). The European private credit market has shown significant growth, with assets under management (AUM) increasing from $93 billion in 2013 to $505 billion by 2023.
    • Direct lending in the European middle market is surging, with its share of financing for middle-market buyouts more than doubling from 27% in 2020 to 56% in 2023. Approximately 50% of all middle-market transactions in Europe are financed by private credit, indicating significant growth potential relative to the U.S.
    • The European middle market is broadly defined to include companies with EBITDA between €10 million and €100 million. This segment is a significant driver of the European economy, with over 25,000 companies in Europe having an EBITDA between €15 million and €75 million.

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Carlyle Secured Lending, Inc. (CGBD) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

  1. Formation and Ramp-up of New Joint Ventures: The company recently announced the formation of a new joint venture, Structured Credit Partners (SCP), which is expected to significantly enhance diversification and portfolio yield. This new venture is projected to be highly accretive to return on equity and manage approximately $6 billion to $7 billion in assets, thereby boosting future earnings as it scales up. Management explicitly anticipates an increase in earnings after the first half of 2026 as the portfolios of both existing and new joint ventures are ramped up.
  2. Increased M&A Activity and Origination Capabilities: Carlyle Secured Lending expects 2026 to be an active year for mergers and acquisitions, which is projected to lead to increased deal flow and investment opportunities. The company achieved record origination volumes in 2025, deploying over $1.2 billion, a direct result of enhanced origination capabilities and leveraging the Carlyle platform. This robust origination engine is expected to continue contributing to portfolio growth.
  3. Strategic Focus on High-Performing and Resilient Sectors: CGBD maintains a disciplined investment strategy with a continued focus on sectors such as software, healthcare and pharmaceutical, aerospace and defense, and high-tech industries. The company highlights its strong track record in the software sector, having originated over $6 billion in commitments with zero defaults over the last five years, indicating a strategy to capitalize on resilient industries. This targeted approach aims to generate stable and growing interest income.
  4. Leveraging the Broader Carlyle Platform: A consistent driver of growth is CGBD's ability to harness the full power and scale of The Carlyle Group's platform. This includes leveraging Carlyle's extensive deal-sourcing capabilities and deep industry expertise to identify and execute strategic investment opportunities. This platform advantage is expected to continue supporting the growth of its global credit business and direct lending initiatives.
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Share Repurchases

  • Carlyle Secured Lending authorized an upsized $300 million share repurchase program in February 2026.
  • In the fourth quarter of 2025, the company repurchased $14 million of its shares at an average discount of nearly 23%, which resulted in an accretion of $0.06 to NAV per share.
  • Quarterly share buybacks over the last few years include $13.88 million as of December 31, 2025, $7.34 million as of December 31, 2022, and $7.94 million as of December 31, 2021.

Share Issuance

  • On March 27, 2025, in connection with the merger with Carlyle Secured Lending III (CSL III), CSL III shareholders received an aggregate of 18,935,108 shares of CGBD common stock.
  • Prior to the CSL III merger, Carlyle Investment Management L.L.C. exchanged its CGBD convertible preferred stock for 3,004,808 shares of CGBD common stock.

Outbound Investments

  • CGBD achieved a record year of originations in 2025, deploying over $1.2 billion in investments.
  • In the fourth quarter of 2025, the company funded over $400 million in investments, resulting in net investment activity of $193 million after repayments.
  • Carlyle Secured Lending launched a new joint venture, Structured Credit Partners (SCP), in Q4 2025, committing $150 million to this vehicle.

Peer Outperformance in Asset Management & Custody Banks

CGBD has outperformed 69% of its 81 Asset Management & Custody Banks peers over 5Y. Asset Management & Custody Banks ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that CGBD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
60%
of 101 industry peers · -2.0% return
3Y
42%
of 92 industry peers · 4.8% return
5Y
69%
of 81 industry peers · 38.4% return
No Asset Management & Custody Banks peer with a comparable growth profile has beaten CGBD by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is CGBD's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 20.1%65.2%115.7% SPNT 172% · RNR 142% · RGA 141%
Diversified Banks 12 30.2%130.5%97.2% CM 142% · JPM 133% · RY 125%
Investment Banking & Brokerage 13 -5.0%100.3%93.3% IBKR 406% · SNEX 198% · HOOD 173%
Life & Health Insurance 20 12.8%52.5%84.5% JXN 486% · UNM 296% · MFC 178%
Multi-Sector Holdings 4 4.8%53.2%72.5% BRK-B 87% · VOYA 58% · JEF 36%
Property & Casualty Insurance 42 9.0%72.5%63.4% PGR 174% · TRV 162% · WRB 146%
Multi-line Insurance 9 7.3%64.8%57.9% GNW 105% · L 96% · AIZ 84%
Regional Banks 263 28.1%91.6%50.7% CBC 219% · FCNCA 153% · FBP 139%
Financial Exchanges & Data 15 3.5%44.0%30.2% VIRT 162% · CBOE 150% · CME 68%
Consumer Finance 30 6.4%86.2%24.2% ENVA 391% · EZPW 303% · FCFS 177%
Diversified Financial Services 4 -6.2%18.6%10.8% FRHC 174% · EQH 89%
Insurance Brokers 15 -20.9%-2.3%7.7% LIFE 317% · ARX 88% · AJG 55%
Asset Management & Custody Banks ← 82 -11.0%16.6%6.9% WT 330% · AAMI 255% · SII 255%
Commercial & Residential Mortgage Finance 13 -58.4%15.9%-7.6% FNMA 384% · FMCC 341% · ACT 171%
Specialized Finance 3 11.8%35.4%-13.5% CACC -13% · HASI -17%
Mortgage REITs 33 -18.1%-5.3%-32.9% RITM 25% · DX 18% · AGNC 7%
Transaction & Payment Processing Services 17 2.4%-2.8%-43.2% V 85% · MA 82% · CPAY 55%
Diversified Capital Markets 20 -50.0%16.7%-62.3% LPLA 100% · TW 35% · RIOT -35%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CGBDARCCOBDCFSKBXSLGBDCMedian
NameCarlyle .Ares Cap.Blue Owl.FS KKR C.Blacksto.Golub Ca. 
Mkt Price10.3918.5810.1110.5523.7812.0711.31
Mkt Cap0.713.35.03.05.53.14.1
Rev LTM491,174375-307341203272
Op Inc LTM-------
FCF LTM167-6802,2071,923148920543
FCF 3Y Avg100-1,2131,3361,297-798316208
CFO LTM167-6802,2071,923148920543
CFO 3Y Avg100-1,2131,3361,297-798316208

Growth & Margins

CGBDARCCOBDCFSKBXSLGBDCMedian
NameCarlyle .Ares Cap.Blue Owl.FS KKR C.Blacksto.Golub Ca. 
Rev Chg LTM-38.9%-24.5%-49.6%-201.0%-48.4%-48.2%-48.3%
Rev Chg 3Y Avg-13.9%16.6%-23.2%-46.3%-3.3%16.4%-8.6%
Rev Chg Q-82.8%-46.2%-43.9%82.6%-84.3%-31.9%-45.1%
QoQ Delta Rev Chg LTM-22.8%-13.8%-15.7%33.1%-29.6%-13.0%-14.7%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM342.0%-57.9%588.7%-43.3%452.2%342.0%
CFO/Rev 3Y Avg133.4%-77.1%277.0%--106.9%175.2%133.4%
FCF/Rev LTM342.0%-57.9%588.7%-43.3%452.2%342.0%
FCF/Rev 3Y Avg133.4%-77.1%277.0%--106.9%175.2%133.4%

Valuation

CGBDARCCOBDCFSKBXSLGBDCMedian
NameCarlyle .Ares Cap.Blue Owl.FS KKR C.Blacksto.Golub Ca. 
Mkt Cap0.713.35.03.05.53.14.1
P/S14.811.413.4-16.215.514.8
P/Op Inc-------
P/EBIT-------
P/E19.513.917.3-7.918.918.317.8
P/CFO4.3-19.62.31.537.43.42.8
Total Yield21.1%17.1%20.9%11.8%17.7%15.5%17.4%
Dividend Yield16.0%10.0%15.1%24.5%12.4%10.0%13.7%
FCF Yield 3Y Avg12.9%-9.0%22.2%34.1%-13.7%10.7%11.8%
D/E1.81.21.62.21.41.41.5
Net D/E1.81.21.52.21.31.41.5

Returns

CGBDARCCOBDCFSKBXSLGBDCMedian
NameCarlyle .Ares Cap.Blue Owl.FS KKR C.Blacksto.Golub Ca. 
1M Rtn-5.6%-3.8%-6.1%-8.9%-0.4%-3.2%-4.7%
3M Rtn1.2%0.6%-6.1%0.6%4.3%-6.4%0.6%
6M Rtn-5.8%2.9%-7.8%2.5%2.3%-5.4%-1.5%
12M Rtn-4.0%3.0%-11.2%-17.3%2.0%-4.5%-4.2%
3Y Rtn3.9%29.4%6.1%-13.9%23.4%18.2%12.1%
1M Excs Rtn-9.3%-7.0%-8.9%-11.6%-3.9%-5.8%-8.0%
3M Excs Rtn-3.4%-4.5%-10.5%-5.0%-2.2%-10.7%-4.8%
6M Excs Rtn-17.0%-8.2%-19.0%-8.7%-8.9%-16.6%-12.7%
12M Excs Rtn-20.2%-12.0%-25.9%-32.6%-13.6%-20.0%-20.1%
3Y Excs Rtn-71.7%-51.7%-73.8%-93.8%-55.1%-61.9%-66.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment225216224189245
Total225216224189245


Price Behavior

Price Behavior
Market Price$10.38 
Market Cap ($ Bil)0.7 
First Trading Date06/14/2017 
Distance from 52W High-11.2% 
   50 Days200 Days
DMA Price$10.89$10.59
DMA Trendupindeterminate
Distance from DMA-4.7%-2.0%
 3M1YR
Volatility23.4%23.8%
Downside Capture90.1771.37
Upside Capture81.3356.00
Correlation (S&P 500)43.9%30.6%
CGBD Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.031.270.940.580.610.63
Up Beta0.801.270.340.400.410.61
Down Beta1.541.961.970.610.710.73
Up Capture72%147%98%52%46%22%
Bmk +ve Days6162766132424
Stock +ve Days8202959119382
Down Capture161%73%84%78%79%85%
Bmk -ve Days16263760120328
Stock -ve Days13203364128344

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CGBD
CGBD-2.9%23.8%-0.19-
Sector ETF (XLF)4.8%14.6%0.0938.3%
Equity (SPY)17.1%12.7%0.9630.2%
Gold (GLD)-0.6%29.4%-0.021.7%
Commodities (DBC)49.3%20.7%1.82-14.8%
Real Estate (VNQ)5.7%13.7%0.1525.9%
Bitcoin (BTCUSD)-27.9%43.7%-0.6316.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CGBD
CGBD7.0%22.0%0.24-
Sector ETF (XLF)8.9%18.3%0.3548.6%
Equity (SPY)13.6%17.1%0.6045.7%
Gold (GLD)17.9%18.9%0.767.2%
Commodities (DBC)10.0%19.5%0.3912.0%
Real Estate (VNQ)1.2%18.8%-0.0542.0%
Bitcoin (BTCUSD)8.5%51.8%0.3418.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CGBD
CGBD6.1%34.4%0.27-
Sector ETF (XLF)13.0%22.1%0.5346.2%
Equity (SPY)15.4%17.9%0.7340.5%
Gold (GLD)12.0%16.4%0.601.9%
Commodities (DBC)8.2%18.1%0.3717.8%
Real Estate (VNQ)4.8%20.7%0.1941.9%
Bitcoin (BTCUSD)63.5%66.2%1.0314.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity3.5 Mil
Short Interest: % Change Since 915202616.7%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest8.9 days
Basic Shares Quantity69.5 Mil
Short % of Basic Shares5.0%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20263.4%6.7%9.7%
5/11/2026-1.2%-2.8%-6.4%
2/24/2026-0.7%-2.9%-1.4%
11/4/2025-2.7%-3.3%4.0%
8/5/2025-1.0%1.0%0.5%
5/6/2025-4.2%-0.4%-2.4%
2/25/20251.9%-1.2%-1.3%
11/5/2024-2.3%-2.5%3.8%
...
SUMMARY STATS   
# Positive141217
# Negative10127
Median Positive2.8%5.4%4.8%
Median Negative-2.2%-2.6%-2.4%
Max Positive9.8%18.8%36.4%
Max Negative-4.2%-3.9%-11.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20263.4%6.7%9.7%
5/11/2026-1.2%-2.8%-6.4%
2/24/2026-0.7%-2.9%-1.4%
11/4/2025-2.7%-3.3%4.0%
8/5/2025-1.0%1.0%0.5%
5/6/2025-4.2%-0.4%-2.4%
2/25/20251.9%-1.2%-1.3%
11/5/2024-2.3%-2.5%3.8%
8/5/2024-3.7%-3.0%1.0%
5/7/20240.6%3.1%2.8%
2/26/20245.7%5.9%7.0%
11/7/2023-0.3%2.2%6.3%
8/8/2023-2.1%-3.5%-5.5%
5/9/20230.8%-2.4%9.6%
2/27/2023-3.2%-0.8%-11.2%
11/8/20226.6%11.9%10.4%
8/9/20222.3%5.0%2.0%
5/3/20223.7%0.9%0.6%
2/22/20221.8%2.8%5.3%
11/2/20211.1%-0.1%-1.3%
8/3/20213.3%5.8%4.8%
5/4/20210.1%-3.9%0.7%
2/23/20215.8%7.5%11.6%
11/4/20209.8%18.8%36.4%
SUMMARY STATS   
# Positive141217
# Negative10127
Median Positive2.8%5.4%4.8%
Median Negative-2.2%-2.6%-2.4%
Max Positive9.8%18.8%36.4%
Max Negative-4.2%-3.9%-11.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/11/202610-Q
12/31/202502/24/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/25/202510-K
09/30/202411/05/202410-Q
06/30/202408/05/202410-Q
03/31/202405/07/202410-Q
12/31/202302/26/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/27/202310-K
09/30/202211/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/11/202610-Q
12/31/202502/24/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/25/202510-K
09/30/202411/05/202410-Q
06/30/202408/05/202410-Q
03/31/202405/07/202410-Q
12/31/202302/26/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/27/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/03/202210-Q
12/31/202102/22/202210-K
09/30/202111/02/202110-Q
06/30/202108/03/202110-Q
03/31/202105/04/202110-Q
12/31/202002/23/202110-K
09/30/202011/04/202010-Q
06/30/202008/05/202010-Q
03/31/202005/05/202010-Q
12/31/201902/25/202010-K
09/30/201911/05/201910-Q

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 DividendsReported 0.35 0 Same NewActual: 0.35 for Q2 2026


Prior: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 DividendsReported 0.35 -12.5% Lower NewActual: 0.4 for Q1 2026

Q4 2025 Earnings Reported 2/24/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 DividendsReported 0.4 0 Same NewActual: 0.4 for Q4 2025

Q3 2025 Earnings Reported 11/4/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 DividendsReported 0.4 0.0% Same NewActual: 0.4 for Q3 2025

Insider Activity

Updated 6/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Nestor, John G DirectSell602202610.971,61717,74130,140Form
2Nestor, John G DirectSell520202611.223,45038,70948,965Form
3Nestor, John G trust (#3)Sell520202611.211,72019,29090,886Form
4Nestor, John G trust (#2)Sell520202611.228859,93051,954Form
5Taylor, FrancisTreasurerDirectBuy323202611.222322,6034,948Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Nestor, John G DirectSell602202610.971,61717,74130,140Form
2Nestor, John G DirectSell520202611.223,45038,70948,965Form
3Nestor, John G trust (#3)Sell520202611.211,72019,29090,886Form
4Nestor, John G trust (#2)Sell520202611.228859,93051,954Form
5Taylor, FrancisTreasurerDirectBuy323202611.222322,6034,948Form
6Nestor, John G trust (#3)Sell309202611.293,50039,527110,945Form
7Nestor, John G trust (#2)Sell309202611.2890110,16362,215Form
8Hennigan, Thomas MCFO and PresidentDirectBuy305202611.264,43049,8821,140,915Form
9Nestor, John G DirectSell1201202511.877,08584,09989,120Form
10Hennigan, Thomas MCFODirectBuy1117202512.048,400101,1361,166,611Form
11Joseph, NelsonPAODirectBuy1112202511.841,50017,76017,760Form
12Hennigan, Thomas MCFODirectBuy821202513.757,285100,1691,216,801Form
13Nestor, John G DirectSell821202513.4913,238178,581196,860Form

Investor Activity (13F)

Updated Oct 15, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Muzinich & Co., Inc.$8.1 Mil2.8%38Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Muzinich & Co., Inc.$8.1 Mil2.8%38Hold13F
Core Cache Last Updated: 10/14/2026