Nelson Joseph
About Nelson Joseph
Nelson Joseph is Carlyle Secured Lending, Inc.’s Principal Accounting Officer (PAO) and Treasurer, appointed PAO in March 2023 and Treasurer in February 2024; he is the Company’s PAO for SEC reporting purposes. He was PAO and Treasurer of Carlyle Secured Lending III until its merger into CGBD in March 2025, and currently serves as PAO and Treasurer of Carlyle Credit Solutions (CARS); he is a Principal at Carlyle. Mr. Joseph holds a BS in Business Management – Accounting from Binghamton University and is a Certified Public Accountant; prior roles include Finance Director at Apollo Global Management focusing on traded and non-traded BDCs, and Manager in PwC’s Wealth and Asset Management practice across BDCs, hedge funds, and private equity funds. Birth year: 1979. No executive-specific TSR, revenue growth, or EBITDA growth metrics tied to his evaluation are disclosed; as a BDC, CGBD officers are employees of the Adviser/Administrator rather than the Company, and do not receive direct compensation from CGBD.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Carlyle Secured Lending, Inc. (CGBD) | Principal Accounting Officer | Since Mar 2023 | Company PAO for SEC reporting; signatory on multiple 8-Ks/indentures, central to accounting controls and disclosures. |
| Carlyle Secured Lending, Inc. (CGBD) | Treasurer | Since Feb 2024 | Treasury oversight; cross-entity coordination across Fund Complex. |
| Carlyle Credit Solutions (CARS) | Principal Accounting Officer & Treasurer | Since Feb 2024 (current) | Oversight of accounting/treasury at affiliated BDC. |
| Carlyle Secured Lending III (CSL III) | Principal Accounting Officer | Mar 2023–Mar 2025 | PAO until CSL III merged into CGBD (Mar 2025). |
| Carlyle Secured Lending III (CSL III) | Treasurer | Feb 2024–Mar 2025 | Treasurer until CSL III merger into CGBD. |
| The Carlyle Group | Principal (Credit) | Not disclosed | Senior role within Carlyle’s Direct Lending business. |
| Apollo Global Management | Finance Director | Not disclosed | Led financial operations for traded and non-traded BDCs managed by Apollo affiliates. |
| PricewaterhouseCoopers LLP | Manager, Wealth & Asset Management | Not disclosed | Worked on BDCs, hedge funds, and private equity funds; broad accounting/regulatory experience. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apollo Global Management | Finance Director | Not disclosed | Ran financial operations of BDCs (traded/non-traded), relevant to valuation, reporting, and treasury in BDC context. |
| PwC (Wealth & Asset Management Practice) | Manager | Not disclosed | Served clients across BDCs, hedge funds, and PE; deep exposure to accounting, financial reporting, valuation, tax, and regulatory. |
Fixed Compensation
- CGBD states none of its officers receive direct compensation from the Company; officers are employees of the Adviser/Administrator. CGBD reimburses the Administrator for its allocable portion of compensation paid to or compensatory distributions received by the CFO and CCO and for any personnel provided for CGBD’s use; 10-K risk factor disclosures further note reimbursements include the Principal Accounting Officer. Accordingly, base salary, bonus, and equity award details for Mr. Joseph are not disclosed in CGBD’s proxy.
Performance Compensation
- CGBD adopted a Nasdaq Section 10D-compliant incentive compensation recoupment (clawback) policy applicable to executive officers (defined to include the principal accounting officer). The policy requires recovery of erroneously awarded incentive compensation following an accounting restatement; “financial reporting measures” include those used in financial statements and derived measures such as stock price and TSR. The lookback covers the prior three completed fiscal years; recovery can be sourced from direct repayment, cancellation/offset of awards, forfeiture of deferred compensation, or other lawful means. Specific performance metric weightings, targets, and payouts for Mr. Joseph are not disclosed by CGBD.
Equity Ownership & Alignment
- Trading and hedging policy: CGBD’s insider trading policy prohibits short-term trading, arbitrage trading, short sales, and use of derivatives (puts, calls, options, swaps, collars, exchange funds), and restricts margin activity absent cash arrangements to cover margin calls—promoting long-term alignment and discouraging hedging. Pledging is not explicitly addressed in disclosed materials.
Ownership (beneficial) – multi-year view:
| As-of Record Date | Shares Beneficially Owned | Percent of Common | Source |
|---|---|---|---|
| 2024 (Record Date in 2024 DEF 14A) | None | — | 2024 DEF 14A “Security Ownership” |
| 2025 (Record Date in 2025 DEF 14A) | None | — | 2025 DEF 14A “Security Ownership” |
Notes:
- Beneficial ownership percentages and detailed holdings for Mr. Joseph are “None” in both 2024 and 2025 disclosures; he does not appear to hold CGBD common shares directly as of those record dates.
- Company-wide table context indicates group ownership and director holdings but no reported ownership for Mr. Joseph in either year.
Employment Terms
- Appointment and tenure: PAO since March 2023; Treasurer since February 2024; continues to serve in these roles.
- Officer election/term: Officers are elected by the Board and serve until earlier death, resignation, termination, or until a successor is duly elected and qualified.
- Employment contract, severance, change-of-control terms for Mr. Joseph: Not disclosed at the Company level (officers employed by Adviser/Administrator). No executive-specific severance multiples or change-of-control provisions are disclosed in CGBD proxy/10-K for Mr. Joseph.
- Clawback: As above, Company-level clawback applies to executive officers including the principal accounting officer.
- Proxy authority: Mr. Joseph is named as a proxy for the shareholder meeting (with Joshua Lefkowitz).
Investment Implications
- Alignment: Zero reported beneficial ownership across 2024 and 2025 record dates suggests limited “skin-in-the-game” at the CGBD entity level; however, as a Carlyle Principal, alignment may be driven by broader Carlyle incentives not disclosed by CGBD. The Company’s trading policy reduces hedging/misalignment risk through strict prohibitions on short-term trading and derivatives.
- Pay-for-performance transparency: Because officers don’t receive direct compensation from CGBD, detailed pay mix, metrics, and vesting schedules are not disclosed in Company filings—limiting visibility into incentive alignment and potential insider selling pressure at the issuer level.
- Governance and controls: Mr. Joseph’s PAO role and frequent signatory on financing/indenture-related 8-Ks underscore central responsibility for financial reporting and controls; Company-level clawback coverage enhances accountability tied to restatements across financial reporting measures (including TSR).
- Retention: As a Carlyle Principal with cross-entity responsibilities (CGBD, CARS, previously CSL III), retention risk may be influenced by broader Carlyle platform mobility and compensation—details not disclosed by CGBD.
- Red flags: No disclosures of pledging, related-party arrangements specific to Mr. Joseph, or legal proceedings; the Company articulates conflicts inherent in Adviser/Administrator fee structures and reimbursement of officer compensation, which the Board monitors.
Data gaps: Base salary, bonus/target payout, RSU/PSU/option grants, vesting schedules, severance/change-of-control economics, and insider Form 4 activity for Mr. Joseph are not disclosed in CGBD filings; analysis reflects Company-level policies and reported ownership.
; 2024 DEF 14A (Apr 26/29, 2024) – officer bios, ownership, compensation structure ; 2024 and 2025 10-K – reimbursement/compensation structure and clawback policy ; 8-Ks showing Mr. Joseph’s signatory role .]