Carlyle Secured Lending, Inc. (CGBD) Balance Sheet
CGBD balance sheet, 2025
December 31, 2025 · U.S. dollars$2.79B assets = $1.62B liabilities + $1.17B equity
Both columns are drawn to the same scale: what CGBD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CGBD financial health
Descriptive bands, not a rating. Fiscal 2025.
CGBD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.49B2016 | $2.79B2025 | +7.2%/yr | |
| Total liabilities | $726.0M2016 | $1.62B2025 | +9.3%/yr | |
| Shareholders’ equity | $764.1M2016 | $1.17B2025 | +4.8%/yr | |
| Cash & short-term investments | $38.5M2016 | $45.0M2025 | +1.8%/yr | |
| Total debt | $692.7M2016 | $1.53B2025 | +9.2%/yr | |
| Net cash (debt) | −$654.2M2016 | −$1.49B2025 | −$833.1M | |
| Working capital | $1.9M2016 | −$40.0M2025 | −$41.9M | |
| Book value per share | $22.212016 | $16.912025 | −3.0%/yr | |
| Current ratio | 1.082016 | 0.532025 | −0.55 | |
| Debt / equity | 0.912016 | 1.312025 | +0.41 | |
| Shares outstanding | 34.4M2016 | 69.0M2025 | +8.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CGBD assets
CGBD liabilities and equity
CGBD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CGBD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $45.0M | $29.7M | $60.4M | $16.1M | $23.0M | $52.2M | $36.8M | $87.2M | $32.0M | $38.5M |
| Cash & equivalents | $45.0M | $29.7M | $60.4M | $16.1M | $23.0M | $52.2M | $36.8M | $87.2M | $32.0M | $38.5M |
| Short-term investments | — | −$1.9M | — | $902.7M | $927.0M | — | — | — | $131.5M | $95.1M |
| Receivables | $24.7M | $57.8M | $35.4M | $25.6M | $20.7M | $24.0M | $22.5M | $21.3M | $18.1M | $25.6M |
| Inventory | $0 | $0 | $0 | $32.1M | $115.4M | $1 | −$37.1M | $1 | −$2.06B | −$1 |
| Other current assets | $0 | $6.2M | $6.5M | $0 | $0 | $815,999 | $37.4M | $0 | $2.02B | $0 |
| Total current assets | $45.0M | $93.7M | $102.3M | $47.4M | $113.7M | $77.0M | $59.5M | $21.3M | $18.1M | $25.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.46B | $1.81B | $1.84B | $1.98B | $1.91B | $1.83B | $2.12B | $1.97B | $1.97B | $1.42B |
| Other non-current assets | $280.9M | $26.9M | $0 | $14.4M | $4.5M | $19.8M | $4.0M | $91.3M | $35.7M | $41.8M |
| Total assets | $2.79B | $1.93B | $1.94B | $2.04B | $2.03B | $1.92B | $2.19B | $2.08B | $2.02B | $1.49B |
| Liabilities | ||||||||||
| Accounts payable | $69.4M | $35.1M | $30.9M | $29.5M | $23.5M | $23.1M | $38.5M | $44.9M | $45.3M | $23.6M |
| Short-term debt | — | — | $980.2M | $1.08B | $446.8M | $983.9M | — | $446.0M | $271.1M | $270.8M |
| Deferred revenue | — | — | −$949.3M | −$1.05B | −$423.3M | −$960.8M | −$1.14B | — | — | — |
| Total current liabilities | $85.0M | $35.1M | $47.0M | $29.5M | $23.5M | $23.1M | $38.5M | $44.9M | $45.3M | $23.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $1.18B | $960.7M | $833.9M | $421.9M |
| Other long-term liabilities | $1.54B | $985.7M | $980.2M | $1.09B | $1.04B | $998.1M | $14.7M | $60.8M | $60.1M | $304.1M |
| Total liabilities | $1.62B | $1.02B | $1.03B | $1.12B | $1.08B | $1.02B | $1.23B | $1.02B | $894.1M | $726.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $718,000 | $509,000 | $508,000 | $511,000 | $532,000 | $553,000 | $578,000 | $622,000 | $622,000 | $417,000 |
| Retained earnings (deficit) | −$195.7M | −$158.0M | −$151.7M | −$153.7M | −$152.5M | −$229.0M | −$151.7M | −$110.1M | $2.5M | −$3.2M |
| Accumulated other comprehensive income | — | −$1.6M | −$508,000 | −$1.6M | −$1.6M | −$1.6M | −$1.6M | −$110.0M | −$45.0M | $764.2M |
| Total shareholders' equity | $1.17B | $905.2M | $912.8M | $917.4M | $948.8M | $901.4M | $956.5M | $1.06B | $1.13B | $764.1M |
| Key figures | ||||||||||
| Total debt | $1.53B | $967.6M | $980.2M | $1.08B | $1.04B | $983.9M | $1.18B | $1.41B | $1.10B | $692.7M |
| Net cash (debt) | −$1.49B | −$938.0M | −$919.7M | −$1.06B | −$1.02B | −$931.7M | −$1.14B | −$1.32B | −$1.07B | −$654.2M |
| Working capital | −$40.0M | $58.6M | $55.4M | $17.9M | $90.3M | $53.9M | $21.0M | −$23.5M | −$27.2M | $1.9M |
| Tangible book value | $1.17B | $905.2M | $912.8M | $917.4M | $948.8M | $901.4M | $956.5M | $1.06B | $1.13B | $764.1M |
| Book value per share | $16.91 | $16.03 | $16.21 | $15.96 | $15.94 | $15.98 | $15.89 | $17.00 | $21.27 | $22.21 |
| Shares outstanding | 69.0M | 56.5M | 56.3M | 57.5M | 59.5M | 56.4M | 60.2M | 62.5M | 53.0M | 34.4M |
| Current ratio | 0.53 | 2.67 | 2.18 | 1.61 | 4.84 | 3.33 | 1.55 | 0.48 | 0.40 | 1.08 |
| Quick ratio | 0.82 | 2.49 | 2.04 | 1.41 | 1.86 | 3.29 | 1.54 | 2.42 | 1.11 | 2.71 |
| Debt / equity | 1.31 | 1.07 | 1.07 | 1.17 | 1.10 | 1.09 | 1.23 | 1.32 | 0.98 | 0.91 |
| Equity / assets | 41.8% | 47.0% | 47.0% | 44.9% | 46.7% | 46.9% | 43.7% | 51.0% | 55.8% | 51.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $25.9M | $97.2M | $45.0M | $25.8M | $28.7M | $146.5M | $29.7M | $26.2M | $28.8M | $29.3M | $22.6M | $19.7M |
| Cash & equivalents | $25.9M | $97.2M | $45.0M | $25.8M | $28.7M | $146.5M | $29.7M | $26.2M | $28.8M | $29.3M | $22.6M | $19.7M |
| Short-term investments | — | — | — | — | $105.6M | — | — | — | — | — | — | $35.5M |
| Receivables | $24.6M | $20.8M | $241.1M | $72.6M | $180.2M | $25.8M | $57.8M | $31.7M | $42.0M | $34.0M | $33.8M | $33.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $102.0M | $0 | $1 | $0 | $90.4M |
| Other current assets | $0 | $0 | $0 | $0 | $9.5M | $11.2M | $6.2M | $0 | $6.3M | $6.3M | $5.5M | $0 |
| Total current assets | $25.9M | $68.5M | $45.0M | $35.3M | $218.4M | $183.5M | $93.7M | $64.9M | $77.2M | $69.5M | $61.8M | $60.8M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.36B | $2.28B | $2.46B | $2.42B | $2.34B | $2.25B | $1.81B | $1.71B | $1.73B | $1.78B | $1.84B | $1.86B |
| Other non-current assets | $57.0M | $212.0M | $280.9M | $99.1M | $20.5M | $104.4M | $26.9M | $42.5M | $63.4M | $40.7M | $38.9M | $35.5M |
| Total assets | $2.44B | $2.56B | $2.79B | $2.56B | $2.57B | $2.53B | $1.93B | $1.82B | $1.87B | $1.90B | $1.94B | $1.96B |
| Liabilities | ||||||||||||
| Accounts payable | $43.8M | $38.1M | $69.4M | $41.0M | $47.3M | $51.4M | $35.1M | $44.1M | $33.9M | $32.4M | $30.9M | $29.7M |
| Short-term debt | — | — | — | — | — | — | — | $190.0M | $190.0M | $190.0M | $190.0M | — |
| Deferred revenue | — | — | — | — | — | — | — | — | −$223.9M | — | — | — |
| Total current liabilities | $58.2M | $54.0M | $85.0M | $56.6M | $47.3M | $51.4M | $35.1M | $44.1M | $33.9M | $32.4M | $30.9M | $29.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.31B | $1.39B | $1.54B | $1.31B | $1.33B | $1.27B | $985.7M | $866.2M | $921.9M | $945.9M | $998.9M | $1.02B |
| Total liabilities | $1.36B | $1.44B | $1.62B | $1.37B | $1.38B | $1.32B | $1.02B | $910.3M | $955.8M | $978.3M | $1.03B | $1.05B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $692,000 | $703,000 | $718,000 | $729,000 | $729,000 | $729,000 | $509,000 | $508,000 | $508,000 | $508,000 | $508,000 | $508,000 |
| Retained earnings (deficit) | −$252.3M | −$228.0M | −$195.7M | −$187.5M | −$182.2M | −$167.7M | −$158.0M | −$158.9M | −$153.7M | −$147.7M | −$151.7M | −$160.7M |
| Accumulated other comprehensive income | — | — | — | −$1.6M | — | — | −$1.6M | −$1.6M | −$1.6M | −$508,000 | −$508,000 | −$1.6M |
| Total shareholders' equity | $1.08B | $1.12B | $1.17B | $1.19B | $1.20B | $1.21B | $905.2M | $906.6M | $910.8M | $916.8M | $912.8M | $906.4M |
| Key figures | ||||||||||||
| Total debt | $1.30B | $1.38B | $1.53B | $1.31B | $1.31B | $1.25B | $967.6M | $847.4M | $906.3M | $930.1M | $979.2M | $1.00B |
| Net cash (debt) | −$1.28B | −$1.29B | −$1.49B | −$1.28B | −$1.28B | −$1.10B | −$938.0M | −$821.3M | −$877.5M | −$900.9M | −$956.6M | −$983.6M |
| Working capital | −$32.3M | $14.5M | −$40.0M | −$21.3M | $171.1M | $132.1M | $58.6M | $20.8M | $43.3M | $37.1M | $30.9M | $31.1M |
| Tangible book value | $1.08B | $1.12B | $1.17B | $1.19B | $1.20B | $1.21B | $905.2M | $906.6M | $910.8M | $916.8M | $912.8M | $906.4M |
| Book value per share | $15.23 | $15.75 | $15.96 | $16.36 | $16.43 | $21.14 | $16.04 | $16.06 | $16.16 | $16.28 | $16.20 | $16.19 |
| Shares outstanding | 70.9M | 70.9M | 73.2M | 72.9M | 72.9M | 57.3M | 56.4M | 56.4M | 56.4M | 56.3M | 56.4M | 56.0M |
| Current ratio | 0.45 | 1.27 | 0.53 | 0.62 | 4.62 | 3.57 | 2.67 | 1.47 | 2.28 | 2.15 | 2.00 | 2.05 |
| Quick ratio | 0.87 | 2.19 | 3.37 | 1.74 | 4.41 | 3.35 | 2.49 | 1.31 | 2.09 | 1.95 | 1.82 | 1.80 |
| Debt / equity | 1.21 | 1.24 | 1.31 | 1.10 | 1.09 | 1.03 | 1.07 | 0.93 | 1.00 | 1.01 | 1.07 | 1.11 |
| Equity / assets | 44.2% | 43.7% | 41.8% | 46.6% | 46.5% | 47.8% | 47.0% | 49.9% | 48.8% | 48.4% | 47.0% | 46.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
CGBD financial position
At the end of fiscal 2025 (December 31, 2025), Carlyle Secured Lending had total assets of $2.8 billion (up 44.9% from a year earlier), total liabilities of $1.6 billion and shareholders' equity of $1.2 billion. It held $45.0 million in cash and short-term investments against $1.5 billion of debt, net debt of $1.5 billion. Its current ratio was 0.53. In the latest quarter (ended June 30, 2026) total assets were $2.4 billion and equity $1.1 billion.
Related: CGBD income statement, CGBD cash flow statement, CGBD key metrics. See the CGBD stock overview for the latest quote and news.
CGBD balance sheet FAQ
What are Carlyle Secured Lending's total assets?
Carlyle Secured Lending reported total assets of $2.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.9 billion a year earlier.
How much debt does Carlyle Secured Lending have?
Carlyle Secured Lending had $1.5 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.31.
How much cash does Carlyle Secured Lending have?
Carlyle Secured Lending held $45.0 million in cash and short-term investments at the end of fiscal 2025; with $1.5 billion of debt that is net debt of $1.5 billion.
What is Carlyle Secured Lending's book value?
Carlyle Secured Lending's shareholders' equity (book value) was $1.2 billion at the end of fiscal 2025, or $16.91 per share.
What is Carlyle Secured Lending's current ratio?
Carlyle Secured Lending had current assets of $45.0 million and current liabilities of $85.0 million, a current ratio of 0.53 (current liabilities exceed current assets).