Carlyle Secured Lending (CGBD) is a Business Development Company (BDC) that lends to U.S. middle market companies — primarily private equity-backed businesses with EBITDA in the $25M–$100M range. CGBD focuses on directly originating senior secured, first lien floating-rate loans to support LBOs, acquisitions, and recapitalizations, rather than buying loans in secondary markets. As of December 31, 2025, CGBD held roughly $2.5B in investments across 165 portfolio companies, with about 84% in first lien debt. CGBD is externally managed by an affiliate of Carlyle, which brings a large sponsor relationship network and sector expertise to sourcing deals. CGBD earns interest income on its loan portfolio, augmented by origination fees and OID accretion. Since nearly all debt investments carry floating rates tied to SOFR, earnings are directly sensitive to interest rate moves. CGBD uses leverage — targeting roughly 1x debt-to-equity — to amplify returns on its equity base. CGBD also generates income through two joint ventures: MMCF, a 50/50 JV with a Canadian pension fund focused on senior secured middle market loans, and a newer JV with Sixth Street targeting broadly syndicated loans. CGBD is structured as a RIC, avoiding corporate taxes by distributing at least 90% of taxable income as dividends. Growth levers include organic origination, JV expansion, and mergers with affiliated Carlyle BDCs — CGBD completed one such merger in March 2025, adding roughly $490M in assets.