Forensic Analysis · General / Diversified · as of Nov 9, 2026
Carlyle Secured Lending, Inc. (CGBD)
A forensic read on Carlyle Secured Lending, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Not computable
Earnings quality
5
Forensic signals
6.8%
ROE
9.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Carlyle Secured Lending, Inc. earns a C (Mixed — selective) forensic quality grade. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.52×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.52× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+22.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +22.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $315.8M through acquisitions (shares issued for businesses); that purchase is investing and is excluded from this ratio. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 12% of net operating assets, against an accruals ratio of 22.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
+10.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +23% over the last 2 years to FY2025 (+10.7%/yr). The count is growing — 56.3M shares in FY2023, 69.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~10.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~18%.
OCF ($205M)
FY2025
Shareholder returns.Returned $118M to shareholders (buybacks + dividends) in FY2025, while operating cash flow itself was ($205M) — zero or negative. Capex isn't disclosed for FY2025, but free cash flow can't have been positive when operating cash flow already isn't, so the entire return is coming from debt or cash reserves, not cash the business generated.
-11%
FY2024→FY2025
Dividend — cut.The payout was CUT ~11% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$255.6M
Revenue Growth YoY+9.9%
Revenue CAGR (2yr)+2.8%
Net Margin27.4%
Return on Equity6.8%
Debt / Equity1.31x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Carlyle Secured Lending, Inc.'s actual 10-K/10-Q/8-K filings?