Carlyle Secured Lending, Inc. (CGBD) Cash Flow Statement
Where CGBD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$204.6M −296.2% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$204.6M −103.4% margin
- Returned to shareholders
- $117.9M
- Change in cash
- $19.9M cash at year-end $76.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CGBD operating cash flow, capex and free cash flow
CGBD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$314.6M2016 | −$204.6M2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | −$314.6M2016 | −$204.6M2025 | — | |
| Free cash flow margin | −358.7%2016 | −103.4%2025 | +255.3 pts | |
| Operating cash flow / net income | −4.512016 | −2.922025 | +1.58 | |
| Dividends paid | $61.2M2016 | $104.0M2025 | +6.1%/yr | |
| Share buybacks (net) | $02016 | $13.9M2025 | — | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CGBD cash flow by activity
CGBD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CGBD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $70.0M | $89.0M | $92.3M | $85.6M | $160.4M | $6.8M | $61.3M | $39.1M | $84.2M | $69.8M |
| Depreciation & amortization | $5.3M | $3.5M | $1.3M | $25.6M | $1.3M | $2.1M | $1.9M | $1.9M | $949,000 | $1.4M |
| Change in working capital | $16.5M | $8.8M | −$6.7M | $2.1M | −$259,000 | −$8.3M | −$5.2M | $1.0M | $1.6M | $2.0M |
| Other non-cash items | −$296.3M | $3.0M | $143.7M | −$98.8M | −$86.0M | $304.5M | −$149.9M | −$13.3M | −$472.4M | −$387.9M |
| Cash from operating activities | −$204.6M | $104.3M | $230.6M | $14.5M | $75.4M | $305.2M | −$91.9M | $28.8M | −$385.7M | −$314.6M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$334.6M | — | — | −$57.0M | $6.1M | $236.9M | −$175.3M | −$65.1M | −$467.5M | −$372.1M |
| Cash from investing activities | −$334.6M | — | — | −$57.0M | $6.1M | $236.9M | −$175.3M | −$65.1M | −$467.5M | −$372.1M |
| Financing activities | ||||||||||
| Dividends paid | −$104.0M | −$96.0M | −$93.0M | −$86.8M | −$83.7M | −$96.6M | −$107.1M | −$93.3M | −$76.0M | −$61.2M |
| Share repurchases & issuance (net) | −$13.9M | $0 | −$4.0M | −$28.5M | −$28.4M | −$27.3M | −$64.7M | −$4.9M | $357.4M | $185.5M |
| Net borrowing (repayment) | $349.6M | −$4.2M | −$98.6M | $39.5M | $61.7M | −$198.2M | $215.0M | $127.9M | $98.9M | $187.6M |
| Shares issued | $101,000 | $0 | $0 | $0 | $0 | $50.0M | $0 | $0 | $0 | $0 |
| Other financing | −$7.3M | −$8.0M | −$5.0M | −$1.3M | −$382,000 | −$1.5M | −$1.7M | −$3.4M | −$1.1M | −$643,000 |
| Cash from financing activities | $224.5M | −$108.1M | −$200.7M | −$77.1M | −$50.8M | −$273.5M | $41.5M | $26.4M | $379.2M | $311.3M |
| Summary | ||||||||||
| Net change in cash | $19.9M | −$3.9M | $29.9M | −$62.6M | $24.7M | $31.7M | −$50.4M | $55.1M | −$6.5M | −$3.3M |
| Cash at end of period | $76.5M | $56.6M | $60.4M | $30.5M | $93.1M | $68.4M | $36.8M | $87.2M | $32.0M | $38.5M |
| Free cash flow | −$204.6M | $104.3M | $230.6M | $14.5M | $75.4M | $305.2M | −$91.9M | $28.8M | −$385.7M | −$314.6M |
| Free cash flow margin | −103.4% | 62.2% | 133.5% | 10.5% | 44.4% | 1,782.8% | −130.9% | 33.6% | −348.3% | −358.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −2.92 | 1.17 | 2.50 | 0.17 | 0.47 | 44.69 | −1.50 | 0.74 | −4.58 | −4.51 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$60,000 | −$4.2M | $16.8M | $23.9M | $14.6M | $14.1M | $21.4M | $19.6M | $18.7M | $29.3M | $29.6M | $30.0M |
| Depreciation & amortization | — | $855,000 | $3.0M | $75,000 | $770,000 | $721,000 | $739,000 | $2.5M | $503,000 | $515,000 | $391,000 | $194,000 |
| Change in working capital | $7.3M | −$3.6M | $13.7M | −$4.0M | −$3.7M | $10.4M | $7.9M | $1.3M | $3.4M | −$3.8M | $3.2M | −$7.7M |
| Other non-cash items | $15.0M | $219.4M | −$2.6M | $13.8M | −$242.6M | $120.6M | −$11.6M | −$2.5M | $48.8M | −$10.7M | $22.6M | $34.7M |
| Cash from operating activities | $22.3M | $212.4M | $31.0M | $33.8M | −$230.9M | $145.8M | $18.4M | $20.9M | $71.5M | $15.3M | $55.8M | $57.2M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $51.4M | $203.4M | −$184.2M | $20.1M | −$249.3M | $78.9M | −$129.5M | $42.0M | $50.2M | $65.7M | $30.5M | $45.1M |
| Cash from investing activities | $51.4M | $203.4M | −$184.2M | $20.1M | −$249.3M | $78.9M | −$129.5M | $42.0M | $50.2M | $65.7M | $30.5M | $45.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$28.1M | −$28.7M | −$29.2M | −$29.2M | −$22.9M | −$22.8M | −$23.7M | −$23.8M | −$25.3M | −$23.2M | −$23.2M | −$23.2M |
| Share repurchases & issuance (net) | −$12.5M | −$18.5M | −$13.9M | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net borrowing (repayment) | −$81.4M | −$144.3M | $227.4M | −$1.3M | $50.0M | $73.4M | $128.9M | −$60.9M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $101,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$68,000 | −$6.9M | −$267,000 | $2.2M | −$2.2M | −$6.1M | −$1.8M | −$23.9M | −$48.3M | −$27.4M | −$32.9M |
| Cash from financing activities | −$122.0M | −$191.6M | $177.5M | −$30.8M | $29.3M | $48.5M | $99.0M | −$86.4M | −$49.2M | −$71.5M | −$50.6M | −$56.2M |
| Summary | ||||||||||||
| Net change in cash | −$48.4M | $20.7M | $24.2M | $3.0M | −$201.7M | $194.3M | −$12.1M | −$23.6M | $22.3M | $9.5M | $5.2M | $1.1M |
| Cash at end of period | $48.9M | $97.2M | $76.5M | $52.3M | $49.2M | $250.9M | $56.6M | $68.7M | $92.2M | $69.9M | $60.4M | $55.2M |
| Free cash flow | $22.3M | $212.4M | $31.0M | $33.8M | −$230.9M | $145.8M | $18.4M | $20.9M | $71.5M | $15.3M | $55.8M | $57.2M |
| Free cash flow margin | 36.9% | 389.0% | 41.5% | 69.3% | −591.2% | 413.3% | 45.1% | 53.7% | 188.5% | 30.6% | 111.3% | 112.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | 1.84 | 1.41 | −15.78 | 10.37 | 0.86 | 1.07 | 3.81 | 0.52 | 1.89 | 1.91 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CGBD cash generation
In fiscal 2025 (ended December 31, 2025), Carlyle Secured Lending generated -$204.6 million of cash from operations (down 296.2%) and spent $0 on capital expenditures, leaving free cash flow of -$204.6 million, −103.4% of revenue. It returned $117.9 million to shareholders through dividends ($104.0 million) and net share buybacks ($13.9 million). Cash and equivalents rose by $19.9 million over the year.
Related: CGBD income statement, CGBD balance sheet, CGBD dividend history. See the CGBD stock overview for the latest quote and news.
CGBD cash flow FAQ
What is Carlyle Secured Lending's free cash flow?
Carlyle Secured Lending's free cash flow was -$204.6 million in fiscal 2025: -$204.6 million of operating cash flow minus $0 of capital expenditures It was $104.3 million a year earlier..
How much cash does Carlyle Secured Lending generate from operations?
Carlyle Secured Lending generated -$204.6 million of cash from operating activities in fiscal 2025, −2.92 times its net income of $70.0 million.
How much stock does Carlyle Secured Lending buy back?
Carlyle Secured Lending spent $13.9 million on net share repurchases in fiscal 2025.
How much does Carlyle Secured Lending pay in dividends?
Carlyle Secured Lending paid $104.0 million in dividends in fiscal 2025.