Insider Sale: Carlyle Secured Lending Director Disposes 13,238 Shares

Rhea-AI Filing Summary

Nestor John G., a director of Carlyle Secured Lending, Inc. (CGBD), reported the sale of 13,238 shares of the issuer's common stock on 08/18/2025 at a reported price of $13.49 per share. After the transaction the reporting person beneficially owned 14,593 shares. The Form 4 was filed as a single reporting person filing and signed by an attorney-in-fact on 08/21/2025. The reporting person's address is shown as Carlyle Global Credit Investment Management in New York and the relationship to the issuer is indicated as Director. No derivative transactions or further remarks are disclosed in the filing.

Positive

• Clear, complete disclosure of transaction date, price, shares sold, and post-transaction ownership
• Filed and signed (attorney-in-fact signature present) meeting Section 16 reporting requirements

Negative

• No explanation provided for the purpose of the sale (e.g., not identified as a Rule 10b5-1 plan)
• Insufficient contextual detail to assess whether sale is routine or linked to other corporate events

Insights

Securities Analyst

TL;DR: Director sold 13,238 shares at $13.49, retaining 14,593 shares; routine insider sale disclosed on Form 4.

The reported transaction is a straightforward open-market sale by a director, with clear quantities and price listed. There are no accompanying derivative transactions, stock option exercises, or explanatory remarks that would indicate a planned transfer or hedging arrangement under Rule 10b5-1. From a reporting and compliance standpoint the Form 4 contains the essential details: transaction date, price, shares sold, and post-transaction beneficial ownership. The filing does not provide context about the reason for the sale or whether it is part of a pre-established plan.

Corporate Governance Expert

TL;DR: Disclosure meets Section 16 requirements; transaction appears routine with no governance red flags in the filing.

The Form 4 identifies the reporting person as a director and provides the required information for a change in beneficial ownership. The signature by an attorney-in-fact is properly included. There are no indications of related-party transfers, corrective amendments, or omitted material disclosures within the text provided. Absent additional filings or context, the transaction recorded here represents a standard insider sale disclosure rather than a governance event materially affecting the company.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nestor John G.

(Last) (First) (Middle)

C/O CARLYLE GLOBAL CREDIT INVESTMENT

MANAGEMENT, ONE VANDERBILT AVE. STE 3400

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Carlyle Secured Lending, Inc. [ CGBD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/18/2025		S		13,238	D	$13.49	14,593	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Joshua Lefkowitz, attorney-in-fact	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 4 filed for CGBD disclose?

The Form 4 reports that director Nestor John G. sold 13,238 shares of Carlyle Secured Lending, Inc. at $13.49 per share on 08/18/2025, leaving 14,593 shares beneficially owned.

Who is the reporting person on the Form 4 for CGBD?

The reporting person is Nestor John G., listed as a Director and associated with Carlyle Global Credit Investment Management in New York.

Was the transaction part of a derivative exercise or a 10b5-1 plan?

No derivative transactions are reported in the filing, and the document does not indicate that the sale was made pursuant to a Rule 10b5-1 plan.

When was the Form 4 signed and by whom?

The Form 4 was signed by an attorney-in-fact, /s/ Joshua Lefkowitz, on 08/21/2025.

How many shares did the reporting person own after the sale?

After the reported sale, the reporting person beneficially owned 14,593 shares of CGBD common stock.