Carlyle Secured Lending Inc. (CGBD) — RQD Stock Rating Cockpit

The per the Roarable RQD rating, CGBD scores 38 out of 100, a D- grade labeled "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars are:

• Fundamental Cash Engine: 3 / 20 (ROIC 6%; FCF yield 0%). This is the weakest pillar relative to its weight and indicates limited cash generation per the rating inputs. For a prospective investor, the absence of a dividend yield and a 0% FCF yield means the return case rests almost entirely on price movement rather than cash returned to shareholders.
• Whale 13F Flow: 9 / 20 (institutional accumulation and options positioning). Institutional signals are modestly constructive but not strong. The source data does not itemize the underlying 13F positions, so the score cannot be traced to specific holders.
• Insider Conviction: 10 / 20 (SEC Form 4 and Congressional PTR cluster flow). Insider and congressional flow is middling; the source does not provide the individual transactions behind the score.
• Macro Regime Fit: 6 / 20 (Beta 1.0; sector sensitivity). A beta of 1.0 means the stock is expected to move in line with the market, offering no defensive cushion or amplification advantage on its own. The low score reflects sector sensitivity as stated in the rating.
• Forensic Balance Sheet: 10 / 20 (Altman Z 2.5; Piotroski F 1/9; Debt/Equity 0.5). The Piotroski F-Score of 1 out of 9 is a notable weakness, signaling weak fundamental quality across the nine tests, while the Altman Z of 2.5 and Debt/Equity of 0.5 are not, by themselves, flagged as distress in the source.

Taken together, the rating frames CGBD as a stock where valuation looks inexpensive on earnings multiples (P/E TTM 10.6; forward P/E 9.9) but where the cash engine, forensic quality, and macro fit all score poorly. The valuation tradeoff is therefore a cheap headline multiple paired with weak cash conversion. A prospective investor should weigh whether low earnings multiples reflect durable value or the low-quality signals the rating highlights.

Carlyle Secured Lending Inc. is a NASDAQ-listed issuer in the Financials sector, within the Finance: Consumer Services industry, per the profile. The source data does not describe its specific products, customer base, or revenue model. The profile identifies it as having a market capitalization of $0.7B.

Net income declined from $92.3M (FY 2023) to $89.0M (FY 2024) to $70.0M (FY 2025), while free cash flow moved from $230.6M to $104.3M to $-204.6M over the same span. Gross, operating, and net margins are each reported as 0% in the market data, and revenue and operating income are reported as $0.0M, so margin analysis is not supported by the source. ROIC is 6% per the market data. Per the RQD inputs, the Altman Z-Score is 2.5 and the Piotroski F-Score is 1 out of 9; the Debt/Equity ratio is 0.5. Cash and debt balances are not available in source data.

• Earnings scheduling (MARKET WIRE, YELLOW): Notice of the earnings release and call for the quarter ended September 30, 2026.
• Dividend coverage and NAV discount (RISK WATCH, RED): A Seeking Alpha item references dividend coverage restoration, Fed rate cuts, and a NAV discount.
• Analyst estimates (MARKET WIRE, YELLOW): A TradingView estimates item was published.
• Zacks rating upgrade (MARKET WIRE, YELLOW): MarketBeat reports a lift to Strong-Buy by Zacks Research.
• Price target (MARKET WIRE, YELLOW): MarketBeat reports an average price target of $11.25.
• Target cut (RISK WATCH, RED): Raymond James reportedly cut its target to USD 11.

The news flow is mixed: a Strong-Buy upgrade and a $11.25 average target sit alongside a RED-flagged Raymond James target cut and a RED-flagged dividend-coverage and NAV-discount risk item. The Butterfly Supply-Chain Graph reports no supply-chain links and no proprietary signals.

Analyst data and holder data are not available in source data for consensus ratings, price targets from the analyst feed, Form 4 insider trades, 13F whale positions, or Congressional trades. The news wire does report an average price target of $11.25 and a Raymond James target cut to USD 11, as noted above.

• What are the cash and debt balances, and what is the operating income, given that the financials report these as N/A or $0.0M?
• What drove the decline in free cash flow to $-204.6M in FY 2025, and is it recurring?
• What is the dividend coverage position referenced in the news, given the 0% dividend yield in the market data?
• Which insider, 13F, and congressional transactions underlie the pillar scores for whale flow and insider conviction?
• What is the specific NAV discount and how does it compare with the stock's current price of 10.81?