Carlyle Secured Lending (CGBD) Operating Expenses (2021 - 2026)
Carlyle Secured Lending's (CGBD) quarterly Operating Expenses came in at $38.4 million in Q1 2026, up 18.04% year-on-year from $32.6 million in Q1 2025, and down 9.64% quarter-over-quarter from $42.5 million in Q4 2025.
Carlyle Secured Lending (CGBD) Operating Expenses (2021 - 2026) Analysis & Trends
Carlyle Secured Lending has disclosed Operating Expenses across 6 years of filings, most recently posting $38.4 million for Q1 2026.
- Operating Expenses for Q1 2026 came in at $38.4 million, up 18.04% year-over-year; the trailing twelve-month figure through Mar 2026 was $158.8 million (up 27.61% YoY), and the FY2025 annual result was $152.9 million, up 22.73% from the prior year.
- Operating Expenses came in at $38.4 million for Q1 2026 at Carlyle Secured Lending, down from $42.5 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $42.5 million in Q4 2025 to a low of $21.6 million in Q1 2022.
- The 5-year median for Operating Expenses is $32.2 million (2023), against an average of $32.2 million.
- Across the five-year window, Operating Expenses soared 44.58% in 2023 and decreased 6.79% in 2024, its largest moves.
- Carlyle Secured Lending's Operating Expenses stood at $29.7 million in 2022, then climbed by 11.7% to $33.2 million in 2023, then dropped by 6.13% to $31.1 million in 2024, then jumped by 36.65% to $42.5 million in 2025, then retreated by 9.64% to $38.4 million in 2026.
- The last three Operating Expenses figures came in at $38.4 million (Q1 2026), $42.5 million (Q4 2025), and $39.2 million (Q3 2025), per Business Quant data.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 163.18 Bn | 153.56 Bn | - | 3.88 Bn |
| 2 | Blackstone | 96.85 Bn | 95.80 Bn | - | 2.26 Bn |
| 3 | Kkr | 86.45 Bn | 133.96 Bn | - | 3.87 Bn |
| 4 | Apollo Global Management | 82.30 Bn | 101.04 Bn | 5.04 Bn | 4.68 Bn |
| 5 | State Street | 46.95 Bn | 21.27 Bn | - | 2.81 Bn |
| 6 | Ameriprise Financial | 43.65 Bn | 43.52 Bn | 4.57 Bn | 3.67 Bn |
| 7 | Northern Trust | 31.92 Bn | 31.92 Bn | - | 1.51 Bn |
| 8 | Raymond James Financial | 30.62 Bn | 19.37 Bn | - | 3.12 Bn |
| 9 | Ares Management | 29.04 Bn | 32.41 Bn | - | 1.17 Bn |
| 10 | Carlyle Secured Lending | 775.73 Mn | 678.49 Mn | - | 38.43 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 38.43 Mn |
| Dec 31, 2025 | 42.54 Mn |
| Sep 30, 2025 | 39.17 Mn |
| Jun 30, 2025 | 38.65 Mn |
| Mar 31, 2025 | 32.56 Mn |
| Dec 31, 2024 | 31.13 Mn |
| Sep 30, 2024 | 30.33 Mn |
| Jun 30, 2024 | 30.41 Mn |
| Mar 31, 2024 | 32.73 Mn |
| Dec 31, 2023 | 33.16 Mn |
| Sep 30, 2023 | 32.54 Mn |
| Jun 30, 2023 | 32.24 Mn |
| Mar 31, 2023 | 31.28 Mn |
| Dec 31, 2022 | 29.69 Mn |
| Sep 30, 2022 | 27.54 Mn |
| Jun 30, 2022 | 22.52 Mn |
| Mar 31, 2022 | 21.64 Mn |
| Dec 31, 2021 | 21.17 Mn |
| Sep 30, 2021 | 21.51 Mn |