Carlyle Secured Lending (CGBD) Operating Expenses (2021 - 2026)
Carlyle Secured Lending (CGBD) posted Operating Expenses of $38.4 million for Q1 2026, down 9.64% sequentially from $42.5 million in Q4 2025, and up 18.04% YoY from $32.6 million in Q1 2025.
Carlyle Secured Lending (CGBD) Operating Expenses (2021 - 2026) Analysis & Trends
Carlyle Secured Lending has reported Operating Expenses for 6 years, with the latest figure at $38.4 million in Q1 2026.
- Quarterly Operating Expenses rose 18.04% year-over-year to $38.4 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $158.8 million (up 27.61% YoY) and the FY2025 annual result came in at $152.9 million, up 22.73% from the prior year.
- Operating Expenses retreated to $38.4 million in Q1 2026 per CGBD's latest filing, from $42.5 million in the prior quarter.
- Over five years, Operating Expenses peaked at $42.5 million in Q4 2025 and troughed at $21.6 million in Q1 2022.
- A 5-year average of $32.2 million and a median of $32.2 million in 2023 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2023 and 2024: Operating Expenses surged 44.58% in 2023, then dropped 6.79% in 2024.
- Over 5 years, Operating Expenses stood at $29.7 million in 2022, then increased by 11.7% to $33.2 million in 2023, then fell by 6.13% to $31.1 million in 2024, then soared by 36.65% to $42.5 million in 2025, then slipped by 9.64% to $38.4 million in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $38.4 million, $42.5 million, and $39.2 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 4.62 Bn |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 2.38 Bn |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 5.41 Bn |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | 14.94 Bn |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 659.00 Mn |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 8.74 Bn |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 2.66 Bn |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 3.50 Bn |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 1.64 Bn |
| 10 | Carlyle Secured Lending | 787.57 Mn | 738.71 Mn | - | 37.41 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 37.41 Mn |
| 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 |