csl-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period to

Commission File No. 814-00995

Carlyle Secured Lending, Inc.

(Exact name of Registrant as specified in its charter)


Maryland						80-0789789
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

One Vanderbilt Avenue, Suite 3400, New York, NY 10017						(212) 813-4900
(Address of principal executive office) (Zip Code)						(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, $0.01 par value	CGBD	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at May 8, 2026 was 69,497,128.

Table of Contents

CARLYLE SECURED LENDING, INC.

INDEX


PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three months ended M a rch 3 1 , 202 6 and 202 5 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three mont hs ended Ma rch 3 1 , 202 6 and 202 5 (unaudited)	6
	Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 6 and 202 5 (unaudited)	7
	Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025	9
	Notes to Consolidated Financial Statements (unaudited)	48
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	95
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	116
Item 4.	Controls and Procedures	117
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	118
Item 1A.	Risk Factors	118
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	118
Item 3.	Defaults Upon Senior Securities	118
Item 4.	Mine Safety Disclosures	118
Item 5.	Other Information	119
Item 6.	Exhibits	120
	Signatures	121

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CARLYLE SECURED LENDING, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(amounts in thousands, except share and per share data)


	March 31, 2026		December 31, 2025
ASSETS	(unaudited)
Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $2,057,575 and $2,202,028, respectively)	$	2,029,229	$	2,197,244
Investments—non-controlled/affiliated, at fair value (amortized cost of $118,302 and $96,367, respectively)	124,893		103,064
Investments—controlled/affiliated, at fair value (amortized cost of $130,501 and $171,001, respectively)	122,983		163,614
Total investments, at fair value (amortized cost of $2,306,378 and $2,469,396, respectively)	2,277,105		2,463,922
Cash, cash equivalents and restricted cash	97,241		76,493
Receivable for investments sold	152,912		214,757
Interest and dividend receivable	20,780		24,678
Derivative assets, at fair value (Note 8)	—		298
Prepaid expenses and other assets	9,575		10,019
Total assets	$	2,557,613	$	2,790,167
LIABILITIES
Debt and secured borrowings (Note 9)	$	1,379,555	$	1,531,210
Payable for investments purchased	—		21,547
Interest and credit facility fees payable (Note 9)	9,985		19,092
Dividend payable (Note 11)	28,108		28,723
Base management and incentive fees payable (Note 4)	14,124		14,360
Administrative service fees payable (Note 4)	1,738		1,261
Derivative liabilities, at fair value (Note 8)	5,033		1,436
Other accrued expenses and liabilities	2,509		5,150
Total liabilities	1,441,052		1,622,779
Commitments and contingencies (Notes 10 and 14)
NET ASSETS

Common stock, $0.01 par value; 198,000,000 shares authorized; 70,270,936 and 71,807,190 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	703		718
Paid-in capital in excess of par value	1,345,512		1,363,998
Offering costs	(1,633)		(1,633)
Total distributable earnings (loss)	(228,021)		(195,695)
Total net assets	$	1,116,561	$	1,167,388
NET ASSETS PER COMMON SHARE	$	15.89	$	16.26

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

CARLYLE SECURED LENDING, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except share and per share data) (unaudited)


	Three Months Ended March 31,
		2026		2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	48,491	$	41,139
PIK income		5,207		4,867
Other income		2,593		949
Total investment income from non-controlled/non-affiliated investments		56,291		46,955
From non-controlled/affiliated investments:
Interest income		642		841
PIK income		1,274		512
Dividend income		302		—
Other income		2		2
Total investment income from non-controlled/affiliated investments		2,220		1,355
From controlled/affiliated investments:
Interest income		568		—
Dividend income		5,000		6,554

Total investment income from controlled/affiliated investments		5,568		6,554
Total investment income		64,079		54,864
Expenses:
Base management fees (Note 4)		8,786		7,609
Incentive fees (Note 4)		5,348		4,400
Professional fees		1,097		715
Administrative service fees (Note 4)		482		406
Interest expense and credit facility fees (Note 9)		21,770		18,603
Directors’ fees and expenses		187		148
Other general and administrative		764		678
Total expenses		38,434		32,559
Net investment income (loss) before taxes		25,645		22,305
Excise tax expense		441		676
Net investment income (loss)		25,204		21,629
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments		(9,482)		(7,027)

Controlled/affiliated investments		—		(14,502)
Net realized currency gain (loss) on non-investment assets and liabilities		(136)		(596)
Net realized gain (loss) on forward currency contracts		—		2,784
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments		(23,562)		(596)
Non-controlled/affiliated investments		(106)		1,539
Controlled/affiliated investments		(131)		15,354
Net change in unrealized currency gain (loss) on non-investment assets and liabilities		3,995		(1,339)
Net change in unrealized gain (loss) on forward currency contracts		—		(3,192)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts		(29,422)		(7,575)

Table of Contents


	Three Months Ended March 31,
		2026		2025
Net increase (decrease) in net assets resulting from operations		(4,218)		14,054
Preferred stock dividend		—		826
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders		$	(4,218)	$	13,228
Basic and diluted earnings per common share (Note 11)
Basic		$	(0.06)	$	0.25
Diluted		$	(0.06)	$	0.25
Weighted average shares of common stock outstanding (Note 11)
Basic		70,907,909		51,923,228
Diluted		70,907,909		57,339,759

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

CARLYLE SECURED LENDING, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(amounts in thousands) (unaudited)


	Three Months Ended March 31,
		2026		2025
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		$	25,204	$	21,629
Net realized gain (loss) on investments, non-investment assets and liabilities, and forward currency contracts		(9,618)		(19,341)
Net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts		(19,804)		11,766
Net increase (decrease) in net assets resulting from operations		(4,218)		14,054
Capital transactions:

Common stock issued, net of offering and underwriting costs		—		101
Preferred Stock Exchange		—		(50,000)
Common Stock issued - Preferred Stock Exchange		—		50,000
Common stock issued - CSL III Merger		—		315,838
Reinvestment of dividends		—		949
Repurchase of common stock		(18,501)		—
Dividends declared on preferred and common stock (Note 11)		(28,108)		(23,757)
Net increase (decrease) in net assets resulting from capital transactions		(46,609)		293,131
Net increase (decrease) in net assets		(50,827)		307,185
Net assets at beginning of period		1,167,388		905,204
Net assets at end of period		$	1,116,561	$	1,212,389

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

CARLYLE SECURED LENDING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands) (unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(4,218)	$	14,054
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred financing costs and debt issuance costs	855		721
Net accretion of discount on investments	(2,513)		(2,968)
Paid-in-kind interest	(7,092)		(5,674)
Net realized (gain) loss on investments	9,482		21,529
Net realized currency (gain) loss on non-investment assets and liabilities	136		596

Net change in unrealized (appreciation) depreciation on investments	23,799		(16,297)
Net change in unrealized currency (gain) loss on non-investment assets and liabilities	(3,995)		1,339
Net change in unrealized (gain) loss on forward currency contracts	—		3,192
Net change in unrealized (gain) loss on interest rate swaps	(3,864)		5,007
Cost of investments purchased and change in payable for investments purchased	(240,926)		(316,353)
Proceeds from sales and repayments of investments and change in receivable for investments sold	444,368		395,235
Cash acquired in CSL III Merger(1)	—		37,751
Cash acquired in Credit Fund II Purchase(2)	—		6
Changes in operating assets:
Interest and dividend receivable	3,898		17,928
Prepaid expenses and other assets	505		115
Changes in operating liabilities:

Interest and credit facility fees payable	(9,107)		(1,458)
Base management and incentive fees payable	(236)		84
Administrative service fees payable	477		41
Other accrued expenses and liabilities	820		(9,047)
Net cash provided by (used in) operating activities	212,389		145,801
Cash flows from financing activities:


Repurchase of common stock	(18,501)		—
Borrowings on Credit Facilities	154,651		288,932
Repayments of Credit Facilities	(299,000)		(215,500)




Deferred financing costs and debt issuance costs paid	(68)		(2,241)
Proceeds from issuance of common stock from at the market offering, net of offering and underwriting costs	—		101
Dividends paid in cash	(28,723)		(22,785)
Net cash provided by (used in) financing activities	(191,641)		48,507
Net increase (decrease) in cash, cash equivalents and restricted cash	$	20,748	$	194,308
Cash, cash equivalents and restricted cash, beginning of period	76,493		56,575
Cash, cash equivalents and restricted cash, end of period	$	97,241	$	250,883

Table of Contents


	Three Months Ended March 31,
	2026		2025
Supplemental disclosures:
Interest and credit facility fees paid during the period	$	30,810	$	21,735
Taxes, including excise tax, paid during the period	$	2,086	$	2,723
Dividends declared on preferred and common stock during the period	$	28,108	$	23,757
Dividends reinvested during the period	$	—	$	949

Supplemental disclosures of non-cash financing activities:
Common stock issued in Preferred Stock Exchange	$	—	$	50,000
Acquisition of CSL III(1)
Non-cash assets acquired:
Investments, at fair value	$	—	$	483,736
Interest receivable	—		7,909
Other assets	—		9,907
Total non-cash assets acquired	$	—	$	501,552
Liabilities assumed:
Debt	$	—	$	206,000
Interest payable	—		2,666
Incentive fee payable	—		1,413
Derivative liabilities, at fair value	—		812
Other liabilities	—		12,839
Total liabilities assumed	$	—	$	223,730
Issuance of common stock pursuant to CSL III Merger	$	—	$	315,838
Merger costs capitalized into purchase price	$	—	$	1,650

Acquisition of Credit Fund II(2)
Non-cash assets acquired:
Investments, at fair value	$	—	$	191,097
Interest receivable	—		2,737
Total non-cash assets acquired	$	—	$	193,834
Liabilities assumed:
Other liabilities	$	—	$	227
Total liabilities assumed:	$	—	$	227
Consolidation of investments in Credit Fund II	$	—	$	193,614
Transaction costs capitalized into purchase price	$	—	$	103

(1)Refer to Note 16, Merger with CSL III, to these unaudited consolidated financial statements for details of the CSL III Merger.

(2)Refer to Note 6, Middle Market Credit Fund II, to these unaudited consolidated financial statements for details of the Credit Fund II Purchase.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (80.2% of fair value)
1251 Insurance Distribution Platform Payco, LP	(a)(b)	(2)(3)(15)	Diversified Financial Services	SOFR	4.50%	8.20%	3/31/2025	3/31/2031	$	21,667	$	21,470	$	21,494	1.93	%
AAH Topco., LLC	(a)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.67%	3/31/2025	12/31/2027	3,639		3,573		3,600		0.32
AArete Investment, LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.95%	6/5/2025	6/5/2031	3,296		3,231		3,264		0.29
Addev Group (France)	(a)	(2)(7)(15)	Aerospace & Defense	EURIBOR	5.75%	7.88%	10/28/2025	10/28/2032	€	37	39		39		0.00
Addev Group (France)	(a)	(2)(7)	Aerospace & Defense	SOFR	5.75%	9.43%	10/28/2025	10/28/2032	258		253		253		0.02
ADPD Holdings, LLC	(a)(c)	(2)(3)(11)	Consumer Services	SOFR	1.00%, 5.00% PIK	9.78%	8/16/2022	8/16/2028	21,465		20,727		18,605		1.67
Advanced Web Technologies Holding Company	(a)(b)	(2)(3)(15)	Containers, Packaging & Glass	SOFR	4.25%, 2.25% PIK	10.25%	12/17/2020	12/17/2027	15,742		15,664		15,565		1.39
AGS Health BCP LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.17%	7/31/2025	7/31/2032	—		(10)		(17)		0.00
AI Grace AUS Bidco Pty LTD (Australia)	(b)(c)	(2)(3)(7)	Consumer Goods: Non-Durable	SOFR	5.25%	8.92%	12/5/2023	12/5/2029	4,571		4,510		4,468		0.40
Allied Benefit Systems Intermediate LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.70%	10/31/2023	10/31/2030	14,130		14,151		14,048		1.26
Alpine Acquisition Corp II	(a)	(2)(3)(15)	Transportation: Cargo	SOFR	4.75%	8.43%	1/14/2026	1/31/2031	—		—		—		—
Alpine Acquisition Corp II	(a)	(2)(3)	Transportation: Cargo	SOFR	5.00%	8.67%	1/14/2026	1/31/2031	2,036		2,036		2,036		0.18
Alpine Acquisition Corp II	(a)	(2)(3)	Transportation: Cargo	SOFR	5.25%	8.92%	1/14/2026	1/31/2031	2,614		2,614		2,614		0.23
AmpersCap LLC	(a)	(2)(3)(7)(15)	Diversified Financial Services	SOFR	5.25%	8.95%	12/17/2024	12/17/2032	10,341		10,176		10,182		0.91
AP Plastics Acquisition Holdings, LLC	(a)	(2)(3)(15)	Chemicals, Plastics & Rubber	SOFR	4.75%	8.42%	3/28/2025	8/10/2030	9,428		9,392		9,418		0.84
Apex Companies Holdings, LLC	(a)(b)(c)	(2)(3)(15)	Environmental Industries	SOFR	5.00%	8.67%	1/31/2023	1/31/2028	22,792		22,685		22,607		2.02
Artifact Bidco, Inc.	(a)	(2)(3)(15)	Software	SOFR	4.15%	7.85%	7/26/2024	7/26/2031	1,409		1,398		1,409		0.13
Ascend Buyer, LLC	(a)(b)(c) (d)	(2)(3)(15)	Containers, Packaging & Glass	SOFR	5.25%	8.95%	9/30/2021	9/30/2028	28,790		28,805		28,676		2.57
Associations, Inc.	(a)(b)	(2)(3)(11)(15)	Construction & Building	SOFR	6.50%	10.16%	5/3/2024	7/2/2028	20,086		20,123		20,086		1.80
Athlete Buyer, LLC	(a)(b)(c)	(2)(3)(11)(15)	Construction & Building	SOFR	6.00%	9.70%	3/29/2024	4/26/2029	14,688		14,494		12,366		1.11
Atlas US Finco, Inc.	(a)(b)	(2)(3)(7)(15)	High Tech Industries	SOFR	4.75%	8.42%	12/15/2022	12/12/2029	5,207		5,129		5,229		0.47
Auditboard, Inc.	(a)(c)	(2)(3)(15)	Software	SOFR	4.50%	8.20%	7/12/2024	7/12/2031	13,286		13,183		13,067		1.17
Auditboard, Inc.	(a)	(2)(3)	Software	SOFR	4.50%	8.20%	12/10/2025	7/12/2031	3,143		3,120		3,097		0.28
Azurite Intermediate Holdings, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	6.00%	9.67%	3/19/2024	3/19/2031	15,428		15,263		15,509		1.39
Bamboo Health Holdings, LLC	(a)(b)(d)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.42%	5/6/2021	5/6/2028	28,361		28,219		28,340		2.54

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Barnes & Noble, Inc.	(a)(b)	(2)(3)(10)(11)	Retail	SOFR	7.16%	10.83%	5/7/2025	5/7/2030	$	16,006	$	15,692	$	15,520	1.39	%
Bayside OPCP, LLC	(a)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	7.00%	10.68%	5/31/2023	5/31/2026	351		351		351		0.03
Bayside OPCP, LLC	(a)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	7.25%	10.95%	5/31/2023	5/31/2026	4,850		4,850		4,850		0.43
Bayside OPCP, LLC	(a)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	7.25%	10.95%	5/31/2023	5/31/2026	13,712		13,712		13,712		1.23
BCTO Bobsled Purchaser, Inc.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.45%	1/16/2026	1/16/2033	3,309		3,274		3,278		0.29
Bianalisi S.p.A. (Italy)	(a)	(2)(7)	Healthcare & Pharmaceuticals	EURIBOR	6.00%	8.12%	2/26/2025	2/26/2032	€	17,373	18,629		19,679		1.76
Big Bus Tours Group Limited (United Kingdom)	(a)(c)	(2)(7)	Leisure Products & Services	EURIBOR	4.10%, 5.50% PIK	11.63%	6/4/2024	6/4/2031	€	6,863	7,299		7,477		0.67
Big Bus Tours Group Limited (United Kingdom)	(a)(c)	(2)(7)	Leisure Products & Services	EURIBOR	4.10%, 5.50% PIK	11.63%	7/17/2025	6/4/2031	€	469	545		511		0.05
Big Bus Tours Group Limited (United Kingdom)	(a)(c)	(2)(7)(15)	Leisure Products & Services	SOFR	4.10%, 5.50% PIK	13.27%	6/4/2024	6/4/2031	613		583		531		0.05
Big Bus Tours Group Limited (United Kingdom)	(b)(c)	(2)(7)	Leisure Products & Services	SOFR	4.10%, 5.50% PIK	13.27%	6/4/2024	6/4/2031	11,098		10,847		10,405		0.93
Bingo Group Buyer, Inc.	(a)(b)(c)	(2)(3)(15)	Environmental Industries	SOFR	4.75%	8.45%	7/10/2024	7/10/2031	8,969		8,882		8,857		0.79
Birsa S.p.A. (Italy)	(a)	(2)(7)	Healthcare & Pharmaceuticals	EURIBOR	5.50%	7.60%	7/2/2024	6/30/2031	€	10,310	11,062		11,679		1.05
Bitnova Midco S.p.A. (Italy)	(a)	(2)(7)	High Tech Industries	EURIBOR	5.50%	7.63%	2/19/2026	2/19/2033	€	6,521	7,523		7,387		0.66
Bitnova Midco S.p.A. (Italy)	(a)	(2)(7)(15)	High Tech Industries	EURIBOR	5.50%	7.58%	2/19/2026	2/19/2033	€	—	(41)		(41)		0.00
BlueCat Networks, Inc. (Canada)	(a)(b)(c)	(2)(3)(7)	High Tech Industries	SOFR	5.50%	9.17%	8/8/2022	8/8/2028	19,294		19,156		19,022		1.70
BMS Holdings III Corp.	(b)(d)	(2)(3)(11)	Construction & Building	SOFR	5.50%	9.20%	9/30/2019	9/30/2026	7,807		7,762		7,283		0.65
Businessolver.com, Inc.	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.20%	12/3/2025	12/3/2032	—		(19)		(64)		(0.01)
Celerion Buyer, Inc.	(a)(b)(c)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.69%	11/3/2022	11/3/2029	22,108		22,020		22,023		1.97
CircusTrix Holdings, LLC	(a)(b)	(2)(3)(15)	Leisure Products & Services	SOFR	6.75%	10.42%	7/18/2023	7/14/2028	14,338		14,147		14,120		1.26
Cliffwater LLC	(a)	(2)(3)(7)(15)	Diversified Financial Services	SOFR	4.75%	8.43%	4/22/2025	4/22/2032	11,295		11,164		11,180		1.00
CoreWeave Compute Acquisition Co. II, LLC	(a)	(2)(3)	High Tech Industries	SOFR	9.62%	13.31%	7/30/2023	7/30/2028	2,027		2,023		2,047		0.18
CoreWeave Compute Acquisition Co. IV, LLC	(a)	(2)	High Tech Industries	SOFR	6.00%	9.67%	5/22/2024	5/22/2029	23,289		23,048		23,058		2.07
Cority Software Inc. (Canada)	(a)	(2)(3)(7)(15)	Software	SOFR	4.50%	8.17%	10/31/2025	10/31/2032	—		(18)		(48)		0.00
Cornerstone Building Brands, Inc.	(a)(c)	(2)(3)	Construction & Building	SOFR	5.63%	9.30%	1/29/2025	8/1/2028	7,856		7,550		4,203		0.38

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Cornerstone Building Brands, Inc.	(a)	(2)(3)	Construction & Building	SOFR	4.50%	8.17%	2/18/2025	5/15/2031	$	3,120	$	2,853	$	1,482	0.13	%
Coupa Holdings, LLC	(a)(b)	(2)(3)(15)	Software	SOFR	5.25%	8.92%	2/27/2023	2/28/2030	10,609		10,480		10,609		0.95
CST Holding Company	(a)(c)	(2)(3)(11)(15)	Consumer Goods: Non-Durable	SOFR	5.00%	8.67%	11/1/2022	11/1/2028	282		277		282		0.03
Dance Midco S.a.r.l. (United Kingdom)	(a)(c)	(2)(7)(15)	Media: Diversified & Production	EURIBOR	5.00%	7.03%	10/25/2024	10/25/2031	€	12,339	13,225		14,064		1.26
DCA Investment Holding LLC	(a)	(2)(3)(8)	Healthcare & Pharmaceuticals	SOFR	6.41%	10.09%	3/11/2021	4/3/2028	13,993		13,917		12,223		1.09
Deerfield Dakota Holding, LLC	(a)	(2)(3)	Diversified Financial Services	SOFR	3.00%, 2.75% PIK	9.45%	9/12/2025	9/12/2032	25,988		25,751		25,489		2.28
Deerfield Dakota Holding, LLC	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	5.25%	8.95%	9/12/2025	9/12/2032	855		815		773		0.07
Denali Intermediate Holdings, Inc.	(a)	(2)(3)(15)	Media: Broadcasting & Subscription	SOFR	5.50%	9.18%	8/26/2025	8/26/2032	—		(13)		(12)		0.00
Denali Midco 2, LLC	(a)(b)(c)	(2)(3)	Consumer Services	SOFR	5.25%	8.92%	9/15/2022	12/22/2028	16,881		16,777		16,788		1.50
Diligent Corporation	(a)(b)	(2)(3)(15)	Telecommunications	SOFR	5.00%	8.67%	8/4/2020	8/4/2030	8,021		8,076		7,745		0.69
Divisions Holding Corporation	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.20%	4/17/2025	4/17/2032	—		(19)		(1)		0.00
Dwyer Instruments, Inc.	(a)(b)(c)	(2)(3)(15)	Capital Equipment	SOFR	4.75%	8.45%	7/21/2021	7/21/2029	26,710		26,651		26,711		2.39
Einstein Parent, Inc.	(a)(c)	(2)(3)(15)	Software	SOFR	5.25%	8.92%	1/22/2025	1/22/2031	30,371		29,706		28,909		2.59
Eliassen Group, LLC	(a)(b)(c)	(2)(3)	Business Services	SOFR	5.75%	9.45%	4/14/2022	4/14/2028	10,684		10,597		10,376		0.93
Ellkay, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	3.25%, 3.50% PIK	10.60%	5/14/2025	9/14/2030	35,255		34,939		34,448		3.09
Embark Intermediate Holdings, LLC	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.17%	9/2/2025	9/2/2032	2,006		1,969		1,969		0.18
Enkindle Limited (United Kingdom)	(a)	(2)(3)(7)(15)	Diversified Financial Services	SONIA	3.75%, 3.50% PIK	10.98%	4/16/2025	4/16/2031	£	1,570	1,892		1,979		0.18
Enkindle Limited (United Kingdom)	(a)	(2)(3)(7)(10)	Diversified Financial Services	SONIA	3.85%, 4.21% PIK	11.79%	4/16/2025	4/16/2031	£	4,174	5,379		5,373		0.48
Enverus, Inc.	(a)	(2)(3)(15)	Energy: Oil & Gas	SOFR	4.50%	8.20%	12/18/2025	12/18/2032	1,903		1,883		1,847		0.17
Espresso Bidco Inc.	(a)	(2)(3)(15)	Software	SOFR	2.63%, 3.13% PIK	9.46%	3/25/2025	3/25/2032	27,381		27,008		26,964		2.41
Essential Services Holding Corporation	(a)(c)	(2)(3)	Consumer Services	SOFR	2.75%, 2.75% PIK	9.17%	6/17/2024	6/17/2031	1,517		1,512		1,506		0.13
Essential Services Holding Corporation	(a)(c)	(2)(3)(15)	Consumer Services	SOFR	5.00%	8.66%	6/17/2024	6/17/2031	74		73		71		0.01
Ethos Bidco, Ltd. (United Kingdom)	(a)	(2)(7)	Healthcare & Pharmaceuticals	SONIA	5.25%	8.98%	3/12/2026	3/12/2033	£	7,033	9,248		9,170		0.82
Excel Fitness Holdings, Inc.	(a)(c)	(2)(3)(15)	Leisure Products & Services	SOFR	4.75%	8.42%	4/29/2022	4/29/2030	1,113		1,104		1,104		0.10
Excel Fitness Holdings, Inc.	(a)(b)(c)	(2)(3)(15)	Leisure Products & Services	SOFR	4.75%	8.45%	5/13/2024	4/29/2030	13,342		13,261		13,240		1.19

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Excelitas Technologies Corp.	(a)(c)	(2)(3)	Capital Equipment	EURIBOR	5.25%	7.16%	8/12/2022	8/12/2029	€	3,365	$	3,564	$	3,886	0.35	%
Excelitas Technologies Corp.	(a)(b)(c)	(2)(3)(15)	Capital Equipment	SOFR	5.25%	8.92%	8/12/2022	8/12/2029	10,556		10,516		10,548		0.94
Flexera Software LLC	(a)	(2)(3)	Software	EURIBOR	4.50%	6.45%	8/15/2025	8/15/2032	€	1,968	2,298		2,201		0.20
Flexera Software LLC	(a)	(2)(3)(15)	Software	SOFR	4.50%	8.15%	8/15/2025	8/15/2032	8,408		8,387		8,115		0.73
FPG Intermediate Holdco, LLC	(a)	(2)(3)(15)	Consumer Services	SOFR	5.00% (100% PIK)	8.68%	7/25/2025	6/30/2029	44		42		44		0.00
FPG Intermediate Holdco, LLC	(a)	(2)(3)	Consumer Services	SOFR	5.00% (100% PIK)	8.70%	7/25/2025	6/30/2029	92		92		92		0.01
Fullsteam Operations LLC	(a)	(2)(3)(15)	High Tech Industries	SOFR	5.25%	8.89%	8/8/2025	8/8/2031	6,531		6,445		6,385		0.57
Generator US Buyer, Inc.	(a)(c)	(2)(3)(7)	Energy: Electricity	SOFR	4.50%	8.20%	10/1/2024	7/22/2030	2,266		2,242		2,237		0.20
GI DI Emerald Intermediate Limited (United Kingdom)	(a)	(2)(3)(7)(15)	Business Services	SOFR	4.75%	8.39%	2/12/2026	2/12/2033	—		(84)		(76)		(0.01)
Goose Borrower, L.P.	(a)	(2)(3)(15)	Software	SOFR	4.75%	8.41%	2/3/2026	3/2/2033	15,737		15,553		15,552		1.39
Greenhouse Software, Inc.	(a)(b)	(2)(3)(15)	Software	SOFR	5.75%	9.45%	3/1/2021	9/1/2028	32,796		32,434		32,589		2.92
GS AcquisitionCo, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	5.25%	8.95%	3/26/2024	5/25/2028	5,570		5,593		5,412		0.48
Guidehouse LLP	(a)(c)	(2)(3)	Sovereign & Public Finance	SOFR	4.75%	8.42%	9/30/2022	12/16/2030	6,147		6,182		6,112		0.55
Gymspa (France)	(a)	(2)(7)(15)	Leisure Products & Services	EURIBOR	6.00%, 2.00% PIK	9.98%	5/14/2025	5/14/2031	€	9,781	10,617		11,246		1.01
Hadrian Acquisition Limited (United Kingdom)	(a)	(2)(3)(7)(10)	Diversified Financial Services	SONIA	5.14%, 3.14% PIK	12.01%	2/28/2022	2/28/2029	£	22,912	30,103		30,326		2.72
Heartland Home Services, Inc.	(a)(b)	(2)(3)(11)	Consumer Services	SOFR	5.75%	9.45%	2/10/2022	12/15/2026	9,990		9,973		9,787		0.88
Heartland Home Services, Inc.	(a)	(2)(3)(11)	Consumer Services	SOFR	6.00%	9.70%	12/15/2020	12/15/2026	6,952		6,941		6,821		0.61
Heartland Home Services, Inc.	(a)	(2)(3)(11)(15)	Consumer Services	SOFR	6.75%	10.45%	12/15/2020	12/15/2026	561		560		549		0.05
Hercules Borrower LLC	(a)(b)	(2)(3)(11)(15)	Environmental Industries	SOFR	4.75%	8.45%	12/14/2020	12/14/2028	17,714		17,573		17,713		1.59
Higginbotham Insurance Agency, Inc.	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	4.50%	8.17%	12/11/2025	6/11/2031	—		(98)		(91)		(0.01)
Holding Argon (France)	(a)	(2)(7)	Business Services	SOFR	5.75%	9.42%	1/16/2026	4/16/2032	445		445		434		0.04
Holding Argon (France)	(a)	(2)(7)(15)	Business Services	EURIBOR	5.75%	8.29%	1/16/2026	4/16/2032	€	1,405	1,585		1,489		0.13
Holding Argon (France)	(a)	(2)(7)	Business Services	EURIBOR	5.75%	7.77%	4/16/2025	4/16/2032	€	13,142	14,566		14,658		1.31
Hoosier Intermediate, LLC	(a)(b)(d)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.65%	11/15/2021	11/15/2028	15,824		15,727		15,824		1.42
Horizon Avionics Buyer, LLC	(a)	(2)(3)(15)	Aerospace & Defense	SOFR	4.75%	8.45%	10/25/2025	3/28/2032	941		875		887		0.08
HS Spa Holdings Inc.	(a)(c)(d)	(2)(3)(15)	Consumer Services	SOFR	5.25%	8.92%	6/2/2022	6/2/2029	9,640		9,676		9,531		0.85
HS Spa Holdings Inc.	(a)	(2)(3)	Consumer Services	SOFR	5.25%	8.92%	3/12/2024	6/2/2029	748		744		740		0.07
Hyphen Solutions, LLC	(a)	(2)(3)(15)	Construction & Building	SOFR	4.50%	8.17%	8/6/2025	8/6/2032	—		(9)		(30)		0.00
Icefall Parent, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	4.50%	8.20%	1/26/2024	1/26/2030	10,088		9,968		10,070		0.90

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
iCIMS, Inc.	(a)(b)	(2)(3)(15)	Software	SOFR	5.75%	9.42%	8/18/2022	8/18/2028	$	27,816	$	27,609	$	26,922	2.41	%
IEM New Sub 2, LLC	(a)	(2)(3)(15)	Energy: Electricity	SOFR	4.75%	8.37%	12/3/2025	12/3/2031	—		(18)		(16)		0.00
IG Investments Holdings, LLC	(a)(c)	(2)(3)(15)	Business Services	SOFR	5.00%	8.67%	11/1/2024	9/22/2028	4,387		4,394		4,387		0.39
Infront Luxembourg Finance S.À R.L. (Luxembourg)	(a)	(2)(7)	Leisure Products & Services	EURIBOR	4.50%, 5.50% PIK	12.01%	5/28/2021	5/28/2027	€	8,718	10,472		10,077		0.90
IQN Holding Corp.	(a)(c)	(2)(3)(15)	Business Services	SOFR	2.63%, 3.13% PIK	9.46%	5/2/2022	5/2/2029	11,873		11,837		11,639		1.04
Iron Infinity Buyer Sub, Inc.	(a)	(2)(3)(15)	Utilities: Oil & Gas	SOFR	4.75%	8.45%	10/16/2025	10/16/2032	14,908		14,838		14,531		1.30
Jawbreaker Parent, Inc.	(a)	(2)(3)(15)	Software	SOFR	4.75%	8.45%	1/30/2026	1/30/2033	4,649		4,564		4,562		0.41
Jeg's Automotive, LLC	(a)	(2)(3)(8)	Auto Aftermarket & Services	SOFR	2.90%, 6.00% PIK	12.58%	12/22/2021	12/31/2029	7,168		6,242		7,168		0.64
Jeg's Automotive, LLC	(a)	(2)(3)(8)	Auto Aftermarket & Services	SOFR	1.00% , 6.00% PIK	10.68%	12/22/2021	12/31/2029	1,190		1,042		1,189		0.11
Kona Buyer, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.18%	6/27/2025	7/23/2031	532		520		527		0.05
LDS Intermediate Holdings, L.L.C.	(a)(c)	(2)(3)(15)	Transportation: Cargo	SOFR	5.00%	8.67%	2/7/2025	2/7/2032	7,066		6,881		6,894		0.62
Leo BuyerCo, LLC	(a)	(2)(3)(15)	Capital Equipment	SOFR	4.75%	8.43%	11/25/2025	11/25/2032	9,142		9,002		9,015		0.81
Lifelong Learner Holdings, LLC	(a)	(2)(3)(11)(15)	Business Services	SOFR	1.00%, 6.75% PIK	11.42%	10/18/2019	4/12/2027	4,465		4,459		3,828		0.34
Material Holdings, LLC	(a)(d)	(2)(3)(11)	Business Services	SOFR	4.62%, 1.38% PIK	9.70%	8/19/2021	8/19/2027	14,294		14,296		9,583		0.86
Material Holdings, LLC	(a)(d)	(2)(3)(8)(11)	Business Services	SOFR	6.00% (100% PIK)	9.68%	8/19/2021	8/19/2027	3,943		1,103		—		—
Material Holdings, LLC	(a)(d)	(2)(3)(11)(15)	Business Services	SOFR	6.00% (100% PIK)	9.70%	6/25/2025	8/19/2027	822		822		822		0.07
Matterhorn Finco, Inc.	(a)	(2)(3)(15)	Software	SOFR	5.50%	9.20%	3/5/2026	3/5/2033	18,056		17,849		17,847		1.60
McQueen Bidco PTY LTD. (Australia)	(a)	(2)(3)(7)(15)	Auto Aftermarket & Services	SOFR	4.50%	8.20%	11/20/2025	11/28/2032	—		(20)		(5)		0.00
Merative L.P.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.20%	9/30/2025	9/30/2032	41,074		40,838		41,319		3.70
Mindbody, Inc.	(a)	(2)(3)(15)	Leisure Products & Services	SOFR	6.00%	9.70%	3/30/2026	3/30/2033	21,475		21,113		21,113		1.89
Modernizing Medicine, Inc.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	2.50%, 2.25% PIK	8.45%	4/30/2025	4/30/2032	11,992		11,878		11,884		1.06
Monarch Buyer, Inc.	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.17%	6/2/2025	6/2/2032	4,459		4,308		4,288		0.38
More Cowbell II, LLC	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	4.50%	7.98%	9/3/2025	9/1/2030	—		—		—		—
NFO Orange Buyer, LLC	(a)	(2)(3)(15)	Construction & Building	SOFR	4.50%	8.20%	1/13/2026	1/13/2033	1,276		1,263		1,263		0.11
NMI AcquisitionCo, Inc.	(a)(b)(d)	(2)(3)(11)(15)	High Tech Industries	SOFR	4.50%	8.17%	9/6/2017	9/6/2028	46,866		46,859		46,601		4.17

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
North Haven Fairway Buyer, LLC	(a)(b)(c)	(2)(3)(15)	Consumer Services	SOFR	5.00%	8.68%	5/17/2022	5/17/2028	$	29,682	$	29,512	$	29,506	2.64	%
Nuzoa Bidco, S.L.U. (Spain)	(a)	(2)(7)(15)	Healthcare & Pharmaceuticals	EURIBOR	5.50%	7.63%	6/24/2025	6/24/2032	€	6,657	7,538		7,510		0.67
Oak Purchaser, Inc.	(a)(b)(c)	(2)(3)(15)	Business Services	SOFR	5.50%	9.24%	4/28/2022	5/31/2028	14,317		14,224		14,159		1.27
Oak Purchaser, Inc.	(a)(c)	(2)(3)(15)	Business Services	SOFR	5.50%	9.23%	2/1/2024	5/31/2028	5,055		4,990		4,917		0.44
OEConnection, LLC	(a)	(2)(3)(15)	Auto Aftermarket & Services	SOFR	4.50%	8.17%	12/23/2025	12/23/2032	1,137		1,128		1,129		0.10
OEI, Inc.	(a)	(2)(3)(15)	Construction & Building	SOFR	4.50%	8.21%	12/29/2025	12/29/2032	2,278		2,186		2,195		0.20
Optimizely North America Inc.	(a)	(2)(3)	High Tech Industries	EURIBOR	5.25%	7.16%	10/30/2024	10/30/2031	€	2,400	2,578		2,694		0.24
Optimizely North America Inc.	(a)(b)	(2)(3)(15)	High Tech Industries	SOFR	5.00%	8.67%	10/30/2024	10/30/2031	7,104		7,048		6,863		0.62
Optimizely North America Inc.	(a)	(2)(3)	High Tech Industries	SONIA	5.50%	9.23%	10/30/2024	10/30/2031	£	960	1,234		1,236		0.11
Orthrus Limited (United Kingdom)	(a)(c)	(2)(7)	Diversified Financial Services	EURIBOR	3.50%, 2.75% PIK	8.29%	12/4/2024	12/4/2031	€	1,868	1,982		2,138		0.19
Orthrus Limited (United Kingdom)	(a)(c)	(2)(3)(7)	Diversified Financial Services	SOFR	3.50%, 2.75% PIK	9.91%	12/4/2024	12/4/2031	4,936		4,884		4,886		0.44
Orthrus Limited (United Kingdom)	(a)(c)	(2)(7)(15)	Diversified Financial Services	SONIA	3.50%, 2.75% PIK	9.98%	12/4/2024	12/4/2031	£	2,091	2,674		2,734		0.24
Orthrus Limited (United Kingdom)	(a)(c)	(2)(3)(7)	Diversified Financial Services	SOFR	3.50%, 2.75% PIK	9.91%	7/24/2025	12/4/2031	714		714		707		0.06
PAM Bidco Limited (United Kingdom)	(a)(c)	(7)(15)	Utilities: Water	FIXED	10.75%	10.75%	10/29/2024	10/29/2031	£	80	101		102		0.01
PAM Bidco Limited (United Kingdom)	(a)(c)	(2)(7)(15)	Utilities: Water	SONIA	7.30%	11.24%	10/29/2024	10/29/2031	£	6,721	8,545		8,731		0.78
PDI TA Holdings, Inc	(a)(c)	(2)(3)(15)	Software	SOFR	3.50%, 2.50% PIK	9.67%	2/1/2024	2/1/2031	16,913		16,955		16,251		1.46
PPV Intermediate Holdings, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.25%	8.92%	8/7/2024	8/31/2029	5,091		5,037		4,843		0.44
PPV Intermediate Holdings, LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.75%	9.42%	8/7/2024	8/31/2029	15,872		15,831		15,872		1.42
PPV Intermediate Holdings, LLC	(a)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	6.00%	9.67%	8/7/2024	8/31/2029	206		206		205		0.02
Project Castle, Inc.	(b)(c)	(2)(3)	Capital Equipment	SOFR	5.50%	9.36%	6/24/2022	6/1/2029	8,203		7,666		4,375		0.39
Prophix Software Inc. (Canada)	(a)	(2)(3)(7)(15)	Software	SOFR	6.00%	9.69%	2/1/2021	2/1/2027	1,350		1,346		1,342		0.12
Prophix Software Inc. (Canada)	(a)(b)	(2)(3)(7)(15)	Software	SOFR	6.00%	9.67%	11/21/2023	2/1/2027	17,995		17,933		17,919		1.61
Propio LS, LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.45%	5/12/2025	5/12/2030	12,108		12,003		11,867		1.06
PROS Parent, Inc.	(a)	(2)(3)(15)	Transportation: Consumer	SOFR	4.75%	8.42%	12/9/2025	12/9/2032	10,488		10,456		10,457		0.94
PXO Holdings I Corp.	(a)(b)(d)	(2)(3)(15)	Chemicals, Plastics & Rubber	SOFR	5.50%	9.19%	3/8/2022	3/8/2028	22,910		22,780		22,429		2.01

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
QBS Parent, Inc.	(a)	(2)(3)(15)	Energy: Oil & Gas	SOFR	4.50%	8.20%	11/7/2024	6/3/2032	$	791	$	740	$	673	0.06	%
Radwell Parent, LLC	(a)(b)(d)	(2)(3)(15)	Wholesale	SOFR	5.50%	9.20%	12/1/2022	4/1/2029	20,579		20,325		20,472		1.83
Rialto Management Group, LLC	(a)(b)(c)	(2)(3)(7)(15)	Diversified Financial Services	SOFR	4.75%	8.42%	12/5/2024	12/5/2030	14,993		14,872		14,961		1.34
Rotation Buyer, LLC	(a)(c)	(2)(3)(15)	Capital Equipment	SOFR	4.75%	8.45%	12/27/2024	12/27/2031	4,643		4,591		4,510		0.40
Saguaro Buyer, LLC	(a)	(2)(3)(15)	Leisure Products & Services	SOFR	4.50%	8.20%	7/3/2025	7/3/2032	5,361		5,292		5,286		0.47
SCHP Purchaser, INC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.17%	10/24/2025	10/24/2032	—		(29)		(26)		0.00
SCP Eye Care HoldCo, LLC	(a)(b)(c)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	5.50%	9.17%	10/7/2022	10/7/2029	11,089		11,120		11,089		0.99
Seahawk Bidco, LLC	(a)(b)(c)	(2)(3)(15)	Consumer Services	SOFR	4.75%	8.43%	12/19/2024	12/19/2031	12,793		12,671		12,691		1.14
Secretariat Advisors LLC	(a)	(2)(15)	Construction & Building	SOFR	4.00%	7.70%	2/28/2025	3/1/2032	—		(9)		(43)		0.00
SIG Parent Holdings, LLC	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	5.00%	8.67%	2/25/2026	8/21/2031	3,931		3,762		3,760		0.34
Sigma Irish Acquico Limited (Ireland)	(a)	(2)(7)	Diversified Financial Services	EURIBOR	5.25%	7.38%	3/19/2025	3/19/2032	€	6,766	7,306		7,704		0.69
Sigma Irish Acquico Limited (Ireland)	(a)	(2)(7)(15)	Diversified Financial Services	SOFR	5.25%	8.88%	3/19/2025	3/19/2032	—		(33)		(34)		0.00
SitusAMC Holdings Corporation	(a)(b)	(2)(3)	Diversified Financial Services	SOFR	5.50%	9.20%	5/14/2025	5/14/2031	27,554		27,432		27,192		2.44
Smarsh Inc.	(a)(b)	(2)(3)(15)	Software	SOFR	4.75%	8.45%	2/18/2022	2/18/2029	9,014		8,916		8,921		0.80
Specialty Pharma III, Inc.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.43%	12/23/2025	12/23/2032	15,750		15,665		15,683		1.40
Speedstar Holding LLC	(a)(b)	(2)(3)(15)	Auto Aftermarket & Services	SOFR	6.00%	9.65%	7/2/2024	7/22/2027	17,943		17,827		16,973		1.52
Spotless Brands, LLC	(a)	(2)(3)	Consumer Services	SOFR	5.50%	9.17%	8/30/2024	7/25/2028	9,000		8,944		9,017		0.81
Spotless Brands, LLC	(a)(b)(c) (d)	(2)(3)(15)	Consumer Services	SOFR	5.75%	9.45%	6/21/2022	7/25/2028	46,516		46,252		46,757		4.19
Summit Bidco, Inc. (Canada)	(a)	(2)(3)(7)(15)	Diversified Financial Services	CORRA	4.75%	7.01%	10/1/2025	10/1/2032	C$	556	392		394		0.04
Tank Holding Corp.	(a)(b)(d)	(2)(3)(11)(15)	Capital Equipment	SOFR	5.75%	9.42%	3/31/2022	3/31/2028	24,677		24,514		21,764		1.95
Tank Holding Corp.	(a)	(2)(3)(11)	Capital Equipment	SOFR	6.00%	9.67%	9/26/2024	3/31/2028	3,512		3,491		3,132		0.28
TCFI Aevex LLC	(b)(d)	(2)(3)(11)	Aerospace & Defense	SOFR	6.00%	9.67%	3/18/2020	3/18/2028	12,307		12,307		12,307		1.10
The Chartis Group, LLC	(a)(c)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.95%	9/17/2024	9/17/2031	793		744		864		0.08
Total Power Limited (Canada)	(a)(c)	(2)(3)(7)(15)	Energy: Electricity	CORRA	4.50%	6.89%	7/22/2024	7/22/2030	C$	13,570	9,593		9,603		0.86
Trintech, Inc.	(a)	(2)(3)(15)	Software	SOFR	4.75%	8.42%	1/29/2026	1/29/2033	7,049		6,928		6,859		0.61
Tufin Software North America, Inc.	(a)(b)(c)	(2)(3)(11)(15)	Software	SOFR	4.93%	8.60%	8/17/2022	8/17/2028	38,458		38,154		38,327		3.43

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
U.S. Legal Support, Inc.	(a)(b)(d)	(2)(3)(11)(15)	Business Services	SOFR	5.50%	9.17%	11/30/2018	5/31/2026	$	22,998	$	22,993	$	22,904	2.05	%
UFT Buyer LLC	(a)	(2)(3)(15)	Environmental Industries	SOFR	2.25%, 2.75% PIK	8.70%	12/4/2025	12/4/2032	1,015		1,001		1,002		0.09
US INFRA SVCS Buyer, LLC	(a)(d)	(2)(3)(11)(15)	Environmental Industries	SOFR	1.00%, 5.75% PIK	10.42%	4/13/2020	4/13/2027	10,878		10,734		8,163		0.73
USR Parent Inc.	(a)(b)(c)	(2)(3)(10)	Retail	SOFR	7.60%	11.27%	4/22/2022	4/25/2027	4,137		4,121		4,097		0.37
Vensure Employer Services, Inc.	(a)(b)(c)	(2)(3)(15)	Business Services	SOFR	5.00%	8.69%	9/27/2024	9/27/2031	33,326		33,100		32,792		2.94
Victors Purchaser, LLC	(a)	(2)(3)(15)	High Tech Industries	SOFR	4.50%	8.20%	12/23/2025	12/23/2032	—		(18)		(6)		0.00
Vienna Bidco Limited (United Kingdom)	(a)	(2)(3)(7)	Healthcare & Pharmaceuticals	SONIA	5.65%	9.38%	8/20/2025	8/20/2030	£	7,264	9,523		9,374		0.84
VRC Companies, LLC	(a)	(2)(3)(11)(15)	Business Services	SOFR	5.25%	8.92%	7/29/2025	6/29/2027	—		(2)		(4)		0.00
Whitney Merger Sub, Inc.	(a)(b)	(2)(3)(15)	Leisure Products & Services	SOFR	4.75%	8.45%	7/3/2025	7/3/2032	24,205		23,938		23,641		2.12
Wineshipping.com LLC	(a)(d)	(2)(3)(11)(15)	Beverage & Food	SOFR	6.25% (100% PIK)	9.95%	10/29/2021	12/29/2028	18,136		17,050		11,748		1.05
World 50, Inc.	(a)(b)	(2)(3)(15)	Business Services	SOFR	4.50%	8.17%	3/22/2024	3/22/2030	18,757		18,474		18,719		1.68
Yellowstone Buyer Acquisition, LLC	(a)	(2)(3)(11)	Consumer Goods: Durable	SOFR	5.75%	9.42%	9/13/2021	9/13/2027	432		429		399		0.04
YLG Holdings, Inc.	(a)(b)	(2)(3)(15)	Consumer Services	SOFR	4.75%	8.41%	9/30/2020	12/23/2030	6,458		6,441		6,458		0.58



First Lien Debt Total											$	1,861,410	$	1,827,763	163.70	%
Second Lien Debt (3.4% of fair value)
AQA Acquisition Holdings, Inc.	(a)(b)(d)	(2)(3)	High Tech Industries	SOFR	6.25%	9.92%	3/3/2021	3/3/2029	$	40,000	$	39,587	$	33,365	2.99	%
Associations, Inc.	(a)	(9)	Construction & Building	FIXED	14.25% (100% PIK)	14.25%	5/3/2024	5/3/2030	7,118		7,117		7,118		0.64
Associations, Inc.	(a)	(9)	Construction & Building	FIXED	14.25% (100% PIK)	14.25%	5/3/2024	5/3/2030	2,718		2,718		2,726		0.24
Bayside OPCP, LLC	(a)	(2)(3)(9)(11)	Healthcare & Pharmaceuticals	SOFR	10.00% (100% PIK)	13.70%	5/31/2023	5/31/2026	6,765		6,698		6,765		0.61
Denali Midco 2, LLC	(a)		Consumer Services	FIXED	13.00% (100% PIK)	13.00%	10/4/2024	12/22/2029	3,115		3,081		3,070		0.27
FPG Intermediate Holdco, LLC	(a)	(2)(3)(8)	Consumer Services	SOFR	5.00%	8.68%	7/25/2025	6/30/2029	37		35		37		0.00
PAI Holdco, Inc.	(a)	(2)(3)	Auto Aftermarket & Services	SOFR	5.50%, 2.00% PIK	11.17%	10/28/2020	10/28/2028	15,071		14,907		13,219		1.18
TruGreen Limited Partnership	(a)(b)	(2)(3)(11)	Consumer Services	SOFR	8.50%	12.17%	11/16/2020	11/2/2028	13,000		12,888		12,025		1.08




Second Lien Debt Total											$	87,031	$	78,325	7.01	%

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Common and Preferred Equity Investments (5.4% of fair value)
48Forty TopCo LLC	(a)	(6)(12)	Transportation: Cargo		1/14/2026	1	$	6,511	$	5,636	0.51	%
48Forty TopCo LLC	(a)	(6)(12)	Transportation: Cargo		1/14/2026	1	—		—		—
Aimbridge Acquisition Co., Inc.	(a)	(6)(12)	Leisure Products & Services		3/11/2025	23	1,142		1,133		0.10
Ampersand Partners Feeder AIV LP	(a)	(6)(7)(12)	Diversified Financial Services		7/9/2025	170	3,530		3,592		0.32
ANLG Holdings, LLC	(a)	(6)(12)	Capital Equipment		6/22/2018	592	592		1,118		0.10
Atlas Ontario LP (Canada)	(a)	(6)(7)(12)	Business Services		4/7/2021	5,114	5,114		10,227		0.92
Bayside HoldCo, LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		5/31/2023	6	—		9,824		0.88
Blackbird Holdco, Inc.	(a)	(6)	Capital Equipment	12.50% (100% PIK)	12/14/2021	17	16,453		16,464		1.47
Buckeye Group Holdings, L.P.	(a)	(6)(8)	Auto Aftermarket & Services	10.68% (100% PIK)	12/31/2024	5,118	1,521		—		—
Buckeye Group Holdings, L.P.	(a)	(6)(12)	Auto Aftermarket & Services		12/31/2024	9,417	—		—		—
Buckeye Group Holdings, L.P.	(a)	(6)(12)	Auto Aftermarket & Services		12/31/2024	5,118	—		—		—
CIP Revolution Holdings, LLC	(a)	(6)(12)	Media: Advertising, Printing & Publishing		8/19/2016	318	318		241		0.02
Comar Aggregator Co, LLC	(a)(d)	(6)(12)	Containers, Packaging & Glass		10/31/2025	21	10,674		10,617		0.95
Cority Software Inc. (Canada)	(a)	(6)(7)(12)	Software		7/2/2019	250	250		958		0.09
Diligent Corporation	(a)	(6)	Telecommunications	10.50% (100% PIK)	4/5/2021	17	16,783		16,155		1.45
ECP Parent, LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		3/29/2018	268	—		22		0.00
EvolveIP, LLC	(a)(d)	(6)(12)	Telecommunications		10/30/2024	107	215		381		0.03
FPG Intermediate Holdco, LLC	(a)	(6)(12)	Consumer Services		7/25/2025	1	48		43		0.00
FS NU Investors, LP	(a)	(6)	Consumer Services	20.00% (100% PIK)	8/9/2024	3	219		—		—
GB Vino Parent, L.P.	(a)	(6)(12)	Beverage & Food		10/29/2021	4	275		—		—
HIG Intermediate, Inc.	(a)	(6)	Diversified Financial Services	10.50%	12/10/2024	2	1,508		1,510		0.14
Integrity Marketing Group, LLC	(a)	(6)	Diversified Financial Services	10.50% (100% PIK)	12/21/2021	23,450	23,458		23,049		2.06
Navacord Intermediate Holdings Inc. (Canada)	(a)	(6)(7)	Diversified Financial Services	11.00% (100% PIK)	2/2/2026	14	10,357		10,135		0.91
NearU Holdings LLC	(a)	(6)(12)	Consumer Services		8/16/2022	30	2,598		—		—
Pascal Ultimate Holdings, L.P	(a)	(6)(12)	Capital Equipment		7/21/2021	36	346		948		0.08
Profile Holdings I, LP	(a)	(6)(12)	Chemicals, Plastics & Rubber		3/8/2022	5	523		353		0.03
Project Carbo S.a.r.l. (Luxembourg)	(a)	(6)(7)	High Tech Industries	14.30% (100% PIK)	1/27/2025	0	2,255		2,444		0.22
Sinch AB (Sweden)	(a)	(6)(7)(12)	High Tech Industries		3/26/2019	106	1,168		276		0.02
Summit K2 Midco, Inc.	(a)	(6)(12)	Diversified Financial Services		4/27/2023	212	164		303		0.03
Talon MidCo 1 Limited	(a)	(6)(12)	Software		8/17/2022	1,154	1,718		2,539		0.23

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Tank Holding Corp.	(a)	(6)(12)	Capital Equipment		3/26/2019	850	$	—	$	2,416	0.22	%
TW LRW Holdings, LLC	(a)(b)(d)	(6)(12)	Business Services		6/14/2024	4	—		—		—
TW Material Holdings LP	(a)(b)(d)	(6)(12)	Business Services		3/6/2026	14	—		—		—
TW Material Holdings LP	(a)(b)(d)	(6)(12)	Business Services		3/6/2026	3	—		—		—
TW Material Holdings LP	(a)(b)(d)	(6)(12)	Business Services		3/6/2026	2	—		—		—
U.S. Legal Support Investment Holdings, LLC	(a)	(6)(12)	Business Services		11/30/2018	640	642		990		0.09
Zenith American Holding, Inc.	(a)	(6)(12)	Business Services		12/13/2017	1,564	752		1,767		0.16
Equity Investments Total							$	109,134	$	123,141	11.03	%
Total investments—non-controlled/non-affiliated							$	2,057,575	$	2,029,229	181.74	%


Investments—non-controlled/affiliated		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (3.2% of fair value)
Align Precision Group, LLC	(a)	(2)(3)(14)	Aerospace & Defense	SOFR	6.75% (100% PIK)	10.45%	7/3/2025	7/3/2030	$	20,835	$	20,835	$	20,835	1.87	%
Align Precision Group, LLC	(a)	(2)(3)(14)(15)	Aerospace & Defense	SOFR	6.75% (100% PIK)	10.45%	7/3/2025	7/3/2030	3,828		3,760		3,828		0.35
SPF Borrower, LLC	(a)(b)	(2)(3)(11)(14)(15)	Healthcare & Pharmaceuticals	SOFR	4.25%, 2.00% PIK	9.95%	2/1/2024	2/1/2028	31,528		31,528		31,528		2.82
SPF Borrower, LLC	(a)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	9.50% (100% PIK)	13.20%	2/1/2024	2/1/2028	15,677		15,677		15,677		1.40

First Lien Debt Total											$	71,800	$	71,868	6.44	%


Investments—non-controlled/affiliated		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (1.5% of fair value)
Align Precision Group, LLC	(a)	(6)(12)(14)	Aerospace & Defense		7/3/2025	10	$	5,875	$	5,386	0.48	%
SPF HoldCo LLC	(a)	(6)(12)(14)	Healthcare & Pharmaceuticals		2/1/2024	15,440	20,828		27,840		2.49
Equity Investments Total							$	26,703	$	33,226	2.97	%

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/affiliated		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Investment Funds (0.9% of fair value)
Structured Credit Partners JV, LLC, Class A	(a)	(7)(12)(14)	Investment Funds				2/11/2026	$	1	$	1	$	1	0.00%
Structured Credit Partners JV, LLC, Class B	(a)	(7)(14)	Investment Funds	FIXED	10.74%	10.74%	2/11/2026	19,798		19,798		19,798		1.77%
Structured Credit Partners JV, LLC, Class C	(a)	(7)(12)(14)	Investment Funds				2/11/2026	—		—		—		—
Investment Funds Total										$	19,799	$	19,799	1.77	%
Total investments—non-controlled/affiliated										$	118,302	$	124,893	11.18	%


Investments—controlled/affiliated		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par Amount/ LLC Interest		Cost		Fair Value (5)		% of Net Assets

Investment Funds (5.4% of fair value)
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest	(a)	(7)(13)	Investment Funds	FIXED	15.33%	15.33%	2/29/2016	12/31/2030	$	130,500	$	130,501	$	122,983	11.01	%
Middle Market Credit Fund, LLC, Mezzanine Loan	(a)	(2)(7)(9)(13)	Investment Funds	SOFR	6.50%	10.18%	6/30/2016	5/21/2028	—		—		—		—
Investment Funds Total											$	130,501	$	122,983	11.01	%
Total investments—controlled/affiliated											$	130,501	$	122,983	11.01	%
Total investments											$	2,306,378	$	2,277,105	203.93	%


Derivative Instrument**	Counterparty	Company Pays	Company Receives	Maturity Date	Notional Amount		Fair Value(5)		Change in Unrealized Appreciation / (Depreciation)		Upfront Payments / Receipts

Interest Rate Swap	JP Morgan Chase Bank N.A.	SOFR + 3.235%(e)	6.75%	February 18, 2030	$	300,000	$	(1,693)	$	(1,991)	$	—
Interest Rate Swap	JP Morgan Chase Bank N.A.	SOFR + 2.312%(f)	5.75%	February 15, 2031	300,000		(3,340)		(1,904)		—
Total					$	600,000	$	(5,033)	$	(3,895)	$	—

(a) Denotes that all or a portion of the assets are owned by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”). The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 9, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (the “2015-1 Issuer”).

(b) Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, the 2015-1 Issuer, and secure the notes issued in connection with a term debt securitization most recently issued on July 2, 2024 (see Note 9, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company.

(c) Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, Carlyle Secured Lending III SPV, L.L.C (the “CSL III SPV”). Accordingly, such assets are not available to creditors of the Company and 2015-1 Issuer.

(d) Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, Middle Market Credit Fund II, LLC (“Credit Fund II”). Substantially all of the assets of Credit Fund II have been pledged as collateral under the Credit Facility. Accordingly, such assets are not available to creditors of the 2015-1 Issuer.

(e) Commencing on the effective date of August 18, 2025, the interest rate paid by the Company for each interest period is calculated on the basis of a compounded average daily SOFR rate plus 3.235%. The interest rate swap settles semi-annually on each of February 18 and August 18. Refer to Note 8, Derivative Instruments, to these unaudited consolidated financial statements for further details.

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)

(f) The interest rate paid by the Company for each interest period is calculated on the basis of a compounded average daily SOFR rate plus 2.312%. The interest rate swap settles semi-annually on each of February 15 and August 15. Refer to Note 8, Derivative Instruments, to these unaudited consolidated financial statements for further details.

* Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Canadian Dollar (“C$”), Euro (“€”) or British Pound (“£”).

** Refer to Note 8, Derivative Instruments, to these unaudited consolidated financial statements for further information.

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2026, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2026, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. As of March 31, 2026, the reference rates for variable rate loans were the 30-day SOFR at 3.66%, the 90-day SOFR at 3.68%, the 180-day SOFR at 3.70%, the daily SONIA at 3.73%, the 30-day EURIBOR at 1.89%, the 90-day EURIBOR at 2.08%, the 180-day EURIBOR at 2.48%, and the 30-day CORRA at 2.27%.

(3)Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.

(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.

(5)Fair value is determined in good faith by or under the direction of the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment funds was determined using significant unobservable inputs.

(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $156,367, or 14.00% of the Company’s net assets.

(7)The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

(8)Represents an investment on non-accrual status as of March 31, 2026.

(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.

(10)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders, which has been included in the spread of each applicable investment. Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments.

(11)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

(12)Represents a non-income producing security as of March 31, 2026.

(13)Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, to these unaudited consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the three months ended March 31, 2026, were as follows:


Investments—controlled/affiliated	Fair Value as of December 31, 2025		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of March 31, 2026		Dividend and Interest Income
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest	$	123,114	$	—	$	—	$	—	$	(131)	$	122,983	$	5,000
Middle Market Credit Fund, LLC, Mezzanine Loan	40,500		—		(40,500)		—		—		—		568


Total investments—controlled/affiliated	$	163,614	$	—	$	(40,500)	$	—	$	(131)	$	122,983	$	5,568

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)

(14)Under the Investment Company Act, the Company is deemed an “affiliated person” of the portfolio companies because the Company owns 5% or more of the portfolio company’s outstanding voting securities. See Note 7, Structured Credit Partners JV, LLC, to these unaudited consolidated financial statements for more details. Transactions related to the portfolio companies during the three months ended March 31, 2026 were as follows:


Investments—non-controlled/affiliated	Fair Value as of December 31, 2025		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of March 31, 2026		Interest, Dividend and PIK Income
Align Precision Group, LLC	$	20,306	$	529	$	—	$	—	$	—	$	20,835	$	529
Align Precision Group, LLC	2,886		945		—		—		(3)		3,828		92
Align Precision Group, LLC (Equity)	5,452		—		—		—		(66)		5,386		—
SPF Borrower, LLC	31,372		156		—		—		—		31,528		507
SPF Borrower, LLC	15,171		506		—		—		—		15,677		790
SPF HoldCo, LLC (Equity)	27,877		—		—		—		(37)		27,840		—
Structured Credit Partners JV, LLC	—		1		—		—		—		1		—
Structured Credit Partners JV, LLC	—		19,798		—		—		—		19,798		302

Total investments—non-controlled/affiliated	$	103,064	$	21,935	$	—	$	—	$	(106)	$	124,893	$	2,220

(15)As of March 31, 2026, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value on the accompanying Consolidated Statements of Assets and Liabilities:


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
1251 Insurance Distribution Platform Payco, LP	Revolver	0.50%	$	1,272	$	(10)
AAH Topco., LLC	Delayed Draw	1.00	4,197		(21)
AArete Investment, LLC	Delayed Draw	1.00	1,628		(9)
AArete Investment, LLC	Revolver	0.50	651		(4)
Addev Group (France)	Delayed Draw	1.50	€	148	(3)
Advanced Web Technologies Holding Company	Revolver	0.50	1,406		(14)
AGS Health BCP LLC	Delayed Draw	1.00	3,152		(13)
AGS Health BCP LLC	Revolver	0.50	1,120		(4)
Align Precision Group, LLC	Delayed Draw	1.00	258		—
Allied Benefit Systems Intermediate LLC	Delayed Draw	1.00	743		(4)
Alpine Acquisition Corp II	Delayed Draw	0.50	196		—
Alpine Acquisition Corp II	Revolver	0.50	784		—
AmpersCap LLC	Delayed Draw	1.00	8,570		(73)
AP Plastics Acquisition Holdings, LLC	Delayed Draw	1.00	892		(1)
AP Plastics Acquisition Holdings, LLC	Revolver	0.50	339		—
Apex Companies Holdings, LLC	Delayed Draw	1.00	6,532		(40)
Artifact Bidco, Inc.	Delayed Draw	0.50	345		—

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
Artifact Bidco, Inc.	Revolver	0.25%	$	246	$	—
Ascend Buyer, LLC	Revolver	0.50	2,199		(8)
Associations, Inc.	Delayed Draw	—	791		—
Associations, Inc.	Revolver	0.50	1,221		—
Athlete Buyer, LLC	Revolver	0.50	307		(47)
Atlas US Finco, Inc.	Revolver	0.50	2,594		8
Auditboard, Inc.	Revolver	0.50	1,714		(24)
Azurite Intermediate Holdings, Inc.	Revolver	0.50	875		4
Bamboo Health Holdings, LLC	Revolver	0.50	4,542		(3)
Bayside OPCP, LLC	Revolver	0.50	1,623		—
BCTO Bobsled Purchaser, Inc.	Delayed Draw	0.50	1,103		(7)
BCTO Bobsled Purchaser, Inc.	Revolver	0.50	331		(2)
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50	700		(44)
Bingo Group Buyer, Inc.	Delayed Draw	0.75	4,040		(33)
Bingo Group Buyer, Inc.	Revolver	0.50	636		(5)
Bitnova Midco S.p.A. (Italy)	Delayed Draw	1.25	€	1,787	(41)
Businessolver.com, Inc.	Delayed Draw	1.00	2,825		(44)
Businessolver.com, Inc.	Revolver	0.50	1,258		(20)
Celerion Buyer, Inc.	Revolver	0.50	499		(2)
CircusTrix Holdings, LLC	Revolver	0.50	323		(5)
Cliffwater LLC	Revolver	0.38	3,465		(27)
Cority Software Inc. (Canada)	Revolver	0.38	4,025		(48)
Coupa Holdings, LLC	Delayed Draw	1.00	964		—
Coupa Holdings, LLC	Revolver	0.50	738		—
CST Holding Company	Revolver	0.50	658		—
Dance Midco S.a.r.l. (United Kingdom)	Delayed Draw	1.00	€	1,323	(19)
Deerfield Dakota Holding, LLC	Revolver	0.50	3,419		(66)
Denali Intermediate Holdings, Inc.	Revolver	0.50	1,437		(12)
Diligent Corporation	Delayed Draw	1.00	1,158		(33)
Diligent Corporation	Revolver	0.50	602		(17)
Divisions Holding Corporation	Revolver	0.50	2,400		(1)
Dwyer Instruments, Inc.	Revolver	0.50	2,244		—
Einstein Parent, Inc.	Revolver	0.50	3,142		(137)
Ellkay, LLC	Revolver	0.50	2,460		(53)
Embark Intermediate Holdings, LLC	Delayed Draw	1.00	1,587		(15)
Embark Intermediate Holdings, LLC	Revolver	0.50	365		(3)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
Enkindle Limited (United Kingdom)	Delayed Draw	1.00%	£	923	$	(37)
Enverus, Inc.	Delayed Draw	1.00	2,718		(27)
Enverus, Inc.	Revolver	0.50	1,130		(11)
Espresso Bidco Inc.	Delayed Draw	1.00	474		(6)
Espresso Bidco Inc.	Revolver	0.50	2,616		(36)
Essential Services Holding Corporation	Delayed Draw	1.00	297		(2)
Essential Services Holding Corporation	Revolver	0.50	112		(1)
Excel Fitness Holdings, Inc.	Delayed Draw	1.00	2,642		(17)
Excel Fitness Holdings, Inc.	Revolver	0.50	371		(2)
Excelitas Technologies Corp.	Delayed Draw	1.00	565		—
Excelitas Technologies Corp.	Revolver	0.38	2,069		(1)
Flexera Software LLC	Revolver	0.25	607		(20)
FPG Intermediate Holdco, LLC	Delayed Draw	—	23		0
Fullsteam Operations LLC	Delayed Draw	1.00	2,177		(34)
Fullsteam Operations LLC	Revolver	0.50	726		(11)
GI DI Emerald Intermediate Limited (United Kingdom)	Delayed Draw	0.50	5,085		(51)
GI DI Emerald Intermediate Limited (United Kingdom)	Revolver	0.50	2,543		(25)
Goose Borrower, L.P.	Revolver	0.50	2,792		(28)
Greenhouse Software, Inc.	Revolver	0.50	2,204		(13)
GS AcquisitionCo, Inc.	Delayed Draw	0.50	1,127		(26)
GS AcquisitionCo, Inc.	Revolver	0.50	123		(3)
Gymspa (France)	Delayed Draw	1.80	€	554	(3)
Heartland Home Services, Inc.	Revolver	0.50	75		(1)
Hercules Borrower LLC	Revolver	0.38	2,160		—
Higginbotham Insurance Agency, Inc.	Delayed Draw	0.50	20,825		(91)
Holding Argon (France)	Delayed Draw	1.00	€	3,268	(94)
Hoosier Intermediate, LLC	Revolver	0.38	2,401		—
Horizon Avionics Buyer, LLC	Delayed Draw	1.00	9,222		(36)
Horizon Avionics Buyer, LLC	Revolver	0.50	3,670		(14)
HS Spa Holdings Inc.	Revolver	0.50	875		(9)
Hyphen Solutions, LLC	Delayed Draw	1.00	1,256		(19)
Hyphen Solutions, LLC	Revolver	0.50	754		(11)
Icefall Parent, Inc.	Revolver	0.25	992		(2)
iCIMS, Inc.	Revolver	0.50	2,092		(63)
IEM New Sub 2, LLC	Delayed Draw	1.00	3,842		(16)
IG Investments Holdings, LLC	Revolver	0.50	350		—

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
IQN Holding Corp.	Revolver	0.38%	$	407	$	(8)
Iron Infinity Buyer Sub, Inc.	Delayed Draw	0.50	10,231		(131)
Iron Infinity Buyer Sub, Inc.	Revolver	0.50	4,214		(54)
Jawbreaker Parent, Inc.	Delayed Draw	—	3,119		(31)
Jawbreaker Parent, Inc.	Revolver	0.50	896		(9)
Kona Buyer, LLC	Delayed Draw	0.50	425		(2)
Kona Buyer, LLC	Revolver	0.50	43		—
LDS Intermediate Holdings, L.L.C.	Delayed Draw	1.00	7,844		(72)
LDS Intermediate Holdings, L.L.C.	Revolver	0.50	3,809		(35)
Leo BuyerCo, LLC	Delayed Draw	1.00	3,429		(30)
Leo BuyerCo, LLC	Revolver	0.50	2,171		(19)
Lifelong Learner Holdings, LLC	Revolver	0.50	9		(1)
Material Holdings, LLC	Delayed Draw	—	1,096		—
Material Holdings, LLC	Revolver	—	192		—
Matterhorn Finco, Inc.	Revolver	0.25	2,778		(28)
McQueen Bidco PTY LTD. (Australia)	Revolver	0.50	4,111		(5)
Merative L.P.	Delayed Draw	0.50	4,706		23
Merative L.P.	Revolver	0.50	4,118		20
Mindbody, Inc.	Revolver	0.50	2,684		(40)
Modernizing Medicine, Inc.	Revolver	0.50	1,099		(9)
Monarch Buyer, Inc.	Delayed Draw	0.50	8,897		(90)
Monarch Buyer, Inc.	Revolver	0.38	3,655		(37)
More Cowbell II, LLC	Delayed Draw	0.50	1,483		—
More Cowbell II, LLC	Revolver	0.50	2,966		—
NFO Orange Buyer, LLC	Delayed Draw	—	176		(1)
NFO Orange Buyer, LLC	Revolver	0.50	1,810		(7)
NMI AcquisitionCo, Inc.	Revolver	0.50	1,280		(7)
North Haven Fairway Buyer, LLC	Revolver	0.50	2,246		(12)
Nuzoa Bidco, S.L.U. (Spain)	Delayed Draw	1.25	€	2,401	(49)
Oak Purchaser, Inc.	Delayed Draw	0.50	2,618		(47)
Oak Purchaser, Inc.	Revolver	0.50	1,621		(16)
OEConnection, LLC	Delayed Draw	0.50	667		(3)
OEConnection, LLC	Revolver	0.50	176		(1)
OEI, Inc.	Delayed Draw	0.50	10,651		(67)
OEI, Inc.	Revolver	0.50	414		(3)
Optimizely North America Inc.	Revolver	0.50	1,091		(32)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
Orthrus Limited (United Kingdom)	Delayed Draw	1.00%	£	421	$	(6)
PAM Bidco Limited (United Kingdom)	Delayed Draw	2.19	£	1,649	(33)
PDI TA Holdings, Inc	Revolver	0.50	80		(3)
PPV Intermediate Holdings, LLC	Delayed Draw	1.00	7,901		(151)
PPV Intermediate Holdings, LLC	Revolver	0.50	826		—
Prophix Software Inc. (Canada)	Delayed Draw	—	519		(2)
Prophix Software Inc. (Canada)	Revolver	0.50	643		(3)
Propio LS, LLC	Revolver	0.50	182		(4)
PROS Parent, Inc.	Revolver	0.38	2,665		(6)
PXO Holdings I Corp.	Revolver	0.50	848		(17)
QBS Parent, Inc.	Delayed Draw	0.50	8,275		(74)
QBS Parent, Inc.	Revolver	0.50	4,120		(37)
Radwell Parent, LLC	Revolver	0.38	1,872		(9)
Rialto Management Group, LLC	Revolver	0.38	1,506		(3)
Rotation Buyer, LLC	Delayed Draw	1.00	2,369		(39)
Rotation Buyer, LLC	Revolver	0.50	1,193		(19)
Saguaro Buyer, LLC	Delayed Draw	1.00	1,548		(15)
Saguaro Buyer, LLC	Revolver	0.50	574		(6)
SCHP Purchaser, INC	Revolver	0.50	3,100		(26)
SCP Eye Care HoldCo, LLC	Revolver	0.50	861		—
Seahawk Bidco, LLC	Delayed Draw	1.00	287		(1)
Seahawk Bidco, LLC	Delayed Draw	0.50	10,665		(45)
Seahawk Bidco, LLC	Revolver	0.50	595		(2)
Secretariat Advisors LLC	Delayed Draw	4.00	2,151		(43)
SIG Parent Holdings, LLC	Delayed Draw	0.75	15,217		(133)
SIG Parent Holdings, LLC	Revolver	0.38	459		(4)
Sigma Irish Acquico Limited (Ireland)	Delayed Draw	0.50	1,930		(34)
Smarsh Inc.	Delayed Draw	1.00	1,451		(12)
Smarsh Inc.	Revolver	0.50	963		(8)
Specialty Pharma III, Inc.	Revolver	0.50	1,750		(7)
Speedstar Holding LLC	Delayed Draw	1.00	1,789		(88)
SPF Borrower, LLC	Revolver	0.50	1,544		—
Spotless Brands, LLC	Revolver	0.50	1,553		8
Summit Bidco, Inc. (Canada)	Delayed Draw	0.50	C$	189	(1)
Summit Bidco, Inc. (Canada)	Revolver	0.50	C$	96	(1)
Tank Holding Corp.	Revolver	0.38	1,655		(183)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
The Chartis Group, LLC	Delayed Draw	1.00%	$	3,983	$	40
The Chartis Group, LLC	Revolver	0.50	2,390		24
Total Power Limited (Canada)	Delayed Draw	1.00	C$	1,237	(11)
Total Power Limited (Canada)	Revolver	0.50	C$	1,667	(15)
Trintech, Inc.	Delayed Draw	0.75	1,175		(25)
Trintech, Inc.	Revolver	0.50	881		(18)
Tufin Software North America, Inc.	Revolver	0.50	3,738		(12)
U.S. Legal Support, Inc.	Revolver	0.50	1,061		(4)
UFT Buyer LLC	Delayed Draw	0.50	310		(3)
UFT Buyer LLC	Revolver	0.50	123		(1)
US INFRA SVCS Buyer, LLC	Revolver	0.50	175		(43)
Vensure Employer Services, Inc.	Delayed Draw	—	5,601		(77)
Victors Purchaser, LLC	Delayed Draw	0.50	1,330		(2)
Victors Purchaser, LLC	Revolver	0.50	2,529		(4)
VRC Companies, LLC	Revolver	0.50	833		(4)
Whitney Merger Sub, Inc.	Revolver	0.50	4,895		(95)
Wineshipping.com LLC	Delayed Draw	—	1,171		(383)
Wineshipping.com LLC	Revolver	0.50	238		(78)
World 50, Inc.	Revolver	0.50	860		(2)
YLG Holdings, Inc.	Delayed Draw	1.00	454		—
YLG Holdings, Inc.	Revolver	0.50	503		—

Total unfunded commitments			$	395,176	$	(4,133)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)

The type of investments as of March 31, 2026 consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value
First Lien Debt	$	1,933,210	$	1,899,631	83.4	%
Second Lien Debt	87,031		78,325		3.4
Equity Investments	135,837		156,367		6.9
Investment Funds	150,300		142,782		6.3
Total	$	2,306,378	$	2,277,105	100.0	%

The rate type of debt investments as of March 31, 2026 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	2,007,224	$	1,964,940	99.3	%
Fixed Rate	13,017		13,016		0.7
Total	$	2,020,241	$	1,977,956	100.0	%

The industry composition of investments as of March 31, 2026 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	43,944	$	43,535	1.9	%
Auto Aftermarket & Services	42,647		39,673		1.7
Beverage & Food	17,325		11,748		0.5
Business Services	170,546		169,803		7.4
Capital Equipment	107,386		104,887		4.6
Chemicals, Plastics & Rubber	32,695		32,200		1.3
Construction & Building	66,048		58,649		2.6
Consumer Goods: Durable	429		399		0.0
Consumer Goods: Non-Durable	4,787		4,750		0.2
Consumer Services	189,806		184,138		8.1
Containers, Packaging & Glass	55,143		54,858		2.4
Diversified Financial Services	209,654		209,736		9.2
Energy: Electricity	11,817		11,824		0.5
Energy: Oil & Gas	2,623		2,520		0.1
Environmental Industries	60,875		58,342		2.6
Healthcare & Pharmaceuticals	402,498		419,139		18.4
High Tech Industries	163,994		156,560		6.9
Investment Funds	150,300		142,782		6.3
Leisure Products & Services	120,360		119,884		5.3
Media: Advertising, Printing & Publishing	318		241		0.0
Media: Broadcasting & Subscription	(13)		(12)		0.0

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2026

(amounts in thousands) (unaudited)


Industry	Amortized Cost		Fair Value		% of Fair Value
Media: Diversified & Production	$	13,225	$	14,064	0.6	%

Retail	19,813		19,617		0.9
Software	316,595		315,902		13.9
Sovereign & Public Finance	6,182		6,112		0.3
Telecommunications	25,074		24,281		1.1
Transportation: Cargo	18,042		17,180		0.8

Transportation: Consumer	10,456		10,457		0.5
Utilities: Oil & Gas	14,838		14,531		0.6
Utilities: Water	8,646		8,833		0.4
Wholesale	20,325		20,472		0.9
Total	$	2,306,378	$	2,277,105	100.0	%

The geographical composition of investments as of March 31, 2026 was as follows:


Geography	Amortized Cost		Fair Value		% of Fair Value
Australia	$	4,490	$	4,463	0.2	%
Canada	64,123		69,552		3.2

France	27,505		28,119		1.2
Ireland	7,273		7,670		0.3
Italy	37,173		38,704		1.7
Luxembourg	12,727		12,521		0.5

Spain	7,538		7,510		0.3
Sweden	1,168		276		0.0
United Kingdom	107,460		108,432		4.8
United States	2,036,921		1,999,858		87.8
Total	$	2,306,378	$	2,277,105	100.0	%

The accompanying notes are an integral part of these unaudited consolidated financial statements.

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (80.8% of fair value)
1251 Insurance Distribution Platform Payco, LP	(a)(b)	(2)(3)(15)	Diversified Financial Services	SOFR	4.50%	8.18%	3/31/2025	3/31/2031	$	20,145	$	19,938	$	19,912	1.70	%
AAH Topco., LLC	(a)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.72%	3/31/2025	12/31/2027	2,242		2,173		2,200		0.19
AArete Investment, LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.92%	6/5/2025	6/5/2031	3,304		3,238		3,274		0.28
Addev Group (France)	(a)	(2)(7)(15)	Chemicals, Plastics & Rubber	EURIBOR	5.75%	7.77%	10/28/2025	10/28/2032	€	259	293		295		0.03
ADPD Holdings, LLC	(a)(c)	(2)(3)(11)	Consumer Services	SOFR	6.00%	9.80%	8/16/2022	8/16/2028	21,287		20,487		19,104		1.64
Advanced Web Technologies Holding Company	(a)(b)	(2)(3)(15)	Containers, Packaging & Glass	SOFR	4.25%, 2.25% PIK	10.33%	12/17/2020	12/17/2027	15,693		15,584		15,488		1.33
AGS Health BCP LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.32%	7/31/2025	7/31/2032	—		(11)		15		0.00
AI Grace AUS Bidco Pty LTD (Australia)	(b)(c)	(2)(3)(7)	Consumer Goods: Non-Durable	SOFR	5.25%	9.01%	12/5/2023	12/5/2029	4,571		4,507		4,537		0.39
Allied Benefit Systems Intermediate LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.73%	10/31/2023	10/31/2030	36,631		36,571		36,401		3.12
Alpine Acquisition Corp II	(a)(c)(d)	(2)(3)(8)(15)	Transportation: Cargo	SOFR	6.00%	9.65%	4/19/2022	11/30/2029	23,667		19,680		10,301		0.88
AmpersCap LLC	(a)	(2)(3)(7)(15)	Diversified Financial Services	SOFR	5.25%	8.92%	12/17/2024	12/17/2032	8,852		8,681		8,664		0.74
AP Plastics Acquisition Holdings, LLC	(a)	(2)(3)(15)	Chemicals, Plastics & Rubber	SOFR	4.75%	8.58%	3/28/2025	8/10/2030	9,452		9,413		9,440		0.81
Apex Companies Holdings, LLC	(a)(b)(c)	(2)(3)(15)	Environmental Industries	SOFR	5.00%	8.82%	1/31/2023	1/31/2028	19,448		19,328		19,259		1.65
Applied Technical Services, LLC	(a)(b)	(2)(3)(15)	Business Services	SOFR	5.25%	8.92%	4/8/2025	4/8/2031	18,329		18,117		18,137		1.55
Artifact Bidco, Inc.	(a)	(2)(3)(15)	Software	SOFR	4.15%	7.82%	7/26/2024	7/26/2031	1,409		1,397		1,409		0.12
Ascend Buyer, LLC	(a)(b)(c) (d)	(2)(3)(15)	Containers, Packaging & Glass	SOFR	5.25%	8.92%	9/30/2021	9/30/2028	28,863		28,880		28,783		2.47
Associations, Inc.	(a)(b)	(2)(3)(11)(15)	Construction & Building	SOFR	6.50%	10.40%	5/3/2024	7/2/2028	20,060		20,102		20,171		1.73
Athlete Buyer, LLC	(a)(b)(c)	(2)(3)(11)(15)	Construction & Building	SOFR	6.00%	9.67%	3/29/2024	4/26/2029	14,724		14,516		12,931		1.11
Atlas US Finco, Inc.	(a)(b)	(2)(3)(7)(15)	High Tech Industries	SOFR	4.75%	8.61%	12/15/2022	12/12/2029	5,220		5,138		5,225		0.45
Auditboard, Inc.	(a)(c)	(2)(3)(15)	Software	SOFR	4.50%	8.19%	7/12/2024	7/12/2031	13,286		13,179		13,272		1.14
Auditboard, Inc.	(a)	(2)(3)	Software	SOFR	4.50%	8.24%	12/10/2025	7/12/2031	3,143		3,119		3,141		0.27
Azurite Intermediate Holdings, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	6.00%	9.72%	3/19/2024	3/19/2031	7,870		7,898		7,914		0.68
Bamboo Health Holdings, LLC	(a)(b)(d)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.47%	5/6/2021	5/6/2028	28,361		28,187		28,526		2.44
Barnes & Noble, Inc.	(a)(b)	(2)(3)(10)(11)	Retail	SOFR	7.16%	10.88%	5/7/2025	5/7/2030	16,216		15,884		16,011		1.37

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Bayside OPCP, LLC	(a)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	7.00%	10.65%	5/31/2023	5/31/2026	$	—	$	—	$	—	—%
Bayside OPCP, LLC	(a)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	7.25%	10.92%	5/31/2023	5/31/2026	4,862		4,862		4,862		0.42
Bayside OPCP, LLC	(a)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	7.25%	10.92%	5/31/2023	5/31/2026	13,743		13,743		13,743		1.18
Bianalisi S.p.A. (Italy)	(a)	(2)(7)(15)	Healthcare & Pharmaceuticals	EURIBOR	6.00%	8.02%	2/26/2025	2/26/2032	€	15,524	16,437		17,837		1.53
Big Bus Tours Group Limited (United Kingdom)	(a)(c)	(2)(7)	Leisure Products & Services	EURIBOR	8.10%, 0.50% PIK	10.67%	6/4/2024	6/4/2031	€	6,778	7,190		7,746		0.66
Big Bus Tours Group Limited (United Kingdom)	(a)(c)	(2)(7)	Leisure Products & Services	EURIBOR	8.10%, 0.50% PIK	10.67%	7/17/2025	6/4/2031	€	464	538		530		0.04
Big Bus Tours Group Limited (United Kingdom)	(a)(c)	(2)(7)(15)	Leisure Products & Services	SOFR	8.10%, 0.50% PIK	12.44%	6/4/2024	6/4/2031	605		574		569		0.05
Big Bus Tours Group Limited (United Kingdom)	(b)(c)	(2)(7)	Leisure Products & Services	SOFR	8.10%, 0.50% PIK	12.44%	6/4/2024	6/4/2031	10,960		10,700		10,658		0.91
Bingo Group Buyer, Inc.	(a)(b)(c)	(2)(3)(15)	Environmental Industries	SOFR	4.75%	8.48%	7/10/2024	7/10/2031	8,990		8,900		8,872		0.76
Birsa S.p.A. (Italy)	(a)	(2)(7)(15)	Healthcare & Pharmaceuticals	EURIBOR	5.25%	7.27%	7/2/2024	6/30/2031	€	8,882	9,399		10,257		0.88
BlueCat Networks, Inc. (Canada)	(a)(b)(c)	(2)(3)(7)	High Tech Industries	SOFR	5.75%	9.48%	8/8/2022	8/8/2028	19,344		19,189		18,913		1.62
BMS Holdings III Corp.	(b)(d)	(2)(3)(11)	Construction & Building	SOFR	5.50%	9.17%	9/30/2019	9/30/2026	7,828		7,760		7,317		0.63
Businessolver.com, Inc.	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.17%	12/3/2025	12/3/2032	—		(20)		(20)		0.00
Celerion Buyer, Inc.	(a)(b)(c)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.89%	11/3/2022	11/3/2029	22,165		22,072		22,051		1.89
CircusTrix Holdings, LLC	(a)(b)	(2)(3)(15)	Leisure Products & Services	SOFR	6.75%	10.47%	7/18/2023	7/14/2028	14,213		14,003		14,128		1.21
Cliffwater LLC	(a)	(2)(3)(7)(15)	Diversified Financial Services	SOFR	4.75%	8.72%	4/22/2025	4/22/2032	11,324		11,187		11,313		0.97
CoreWeave Compute Acquisition Co. II, LLC	(a)	(2)(3)	High Tech Industries	SOFR	9.62%	13.41%	7/30/2023	7/30/2028	2,189		2,184		2,211		0.19
CoreWeave Compute Acquisition Co. IV, LLC	(a)	(2)	High Tech Industries	SOFR	6.00%	9.83%	5/22/2024	5/22/2029	26,511		26,221		26,181		2.24
Cority Software Inc. (Canada)	(a)	(2)(3)(7)(15)	Software	SOFR	4.50%	8.34%	10/31/2025	10/31/2032	34,617		34,428		34,424		2.95
Cornerstone Building Brands, Inc.	(a)(c)	(2)(3)	Construction & Building	SOFR	5.63%	9.38%	1/29/2025	8/1/2028	7,876		7,541		6,183		0.53
Cornerstone Building Brands, Inc.	(a)	(2)(3)	Construction & Building	SOFR	4.50%	8.25%	2/18/2025	5/15/2031	3,128		2,851		2,200		0.19
Coupa Holdings, LLC	(a)(b)	(2)(3)(15)	Software	SOFR	5.25%	9.34%	2/27/2023	2/28/2030	10,635		10,500		10,698		0.92
CST Holding Company	(a)(c)	(2)(3)(11)(15)	Consumer Goods: Non-Durable	SOFR	5.00%	8.72%	11/1/2022	11/1/2028	—		(6)		5		0.00

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Dance Midco S.a.r.l. (United Kingdom)	(a)(c)	(2)(7)(15)	Media: Diversified & Production	EURIBOR	5.00%	7.06%	10/25/2024	10/25/2031	€	11,625	$	12,388	$	13,500	1.16	%
DCA Investment Holding LLC	(a)	(2)(3)(8)	Healthcare & Pharmaceuticals	SOFR	6.41%	10.06%	3/11/2021	4/3/2028	13,993		13,916		12,255		1.05
Deerfield Dakota Holding, LLC	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	3.00%, 2.75% PIK	9.42%	9/12/2025	9/12/2032	25,963		25,675		25,658		2.20
Denali Intermediate Holdings, Inc.	(a)	(2)(3)(15)	Media: Broadcasting & Subscription	SOFR	5.50%	9.23%	8/26/2025	8/26/2032	—		(14)		(14)		0.00
Denali Midco 2, LLC	(a)(b)(c)	(2)(3)	Consumer Services	SOFR	5.25%	8.97%	9/15/2022	12/22/2028	16,881		16,764		16,782		1.44
Diligent Corporation	(a)(b)	(2)(3)(15)	Telecommunications	SOFR	5.00%	8.82%	8/4/2020	8/4/2030	8,032		8,090		7,886		0.68
Divisions Holding Corporation	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.17%	4/17/2025	4/17/2032	—		(21)		16		0.00
Dwyer Instruments, Inc.	(a)(b)(c) (d)	(2)(3)(15)	Capital Equipment	SOFR	4.75%	8.43%	7/21/2021	7/21/2029	26,426		26,360		26,426		2.26
Einstein Parent, Inc.	(a)(c)	(2)(3)(15)	Software	SOFR	6.50%	10.36%	1/22/2025	1/22/2031	30,371		29,678		30,019		2.57
Eliassen Group, LLC	(a)(b)(c)	(2)(3)	Business Services	SOFR	5.75%	9.42%	4/14/2022	4/14/2028	10,712		10,615		10,439		0.89
Ellkay, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	3.25%, 3.50% PIK	10.60%	5/14/2025	9/14/2030	34,933		34,601		34,678		2.97
Embark Intermediate Holdings, LLC	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.22%	9/2/2025	9/2/2032	1,995		1,957		1,956		0.17
Enkindle Limited (United Kingdom)	(a)	(2)(3)(7)(15)	Diversified Financial Services	SONIA	3.75%, 3.50% PIK	11.22%	4/16/2025	4/16/2031	£	1,556	1,871		2,023		0.17
Enkindle Limited (United Kingdom)	(a)	(2)(3)(7)(10)	Diversified Financial Services	SONIA	3.88%, 4.43% PIK	12.28%	4/16/2025	4/16/2031	£	4,128	5,312		5,453		0.47
Enverus, Inc.	(a)	(2)(3)(15)	Energy: Oil & Gas	SOFR	4.50%	8.19%	12/18/2025	12/18/2032	—		(15)		(16)		0.00
Espresso Bidco Inc.	(a)	(2)(3)(15)	Software	SOFR	2.63%, 3.13% PIK	9.42%	3/25/2025	3/25/2032	21,780		21,394		21,740		1.86
Essential Services Holding Corporation	(a)(c)	(2)(3)(15)	Consumer Services	SOFR	5.00%	8.88%	6/17/2024	6/17/2031	1,591		1,585		1,585		0.14
Excel Fitness Holdings, Inc.	(a)(c)	(2)(3)(15)	Leisure Products & Services	SOFR	4.75%	8.48%	4/29/2022	4/29/2030	816		806		810		0.07
Excel Fitness Holdings, Inc.	(a)(b)(c)	(2)(3)(15)	Leisure Products & Services	SOFR	4.75%	8.42%	5/13/2024	4/29/2030	13,375		13,290		13,308		1.14
Excelitas Technologies Corp.	(a)(c)	(2)(3)	Capital Equipment	EURIBOR	5.25%	7.15%	8/12/2022	8/12/2029	€	3,372	3,572		3,964		0.34
Excelitas Technologies Corp.	(a)(b)(c)	(2)(3)(15)	Capital Equipment	SOFR	5.25%	8.97%	8/12/2022	8/12/2029	10,556		10,514		10,556		0.90
Flexera Software LLC	(a)	(2)(3)	Software	EURIBOR	4.50%	6.68%	8/15/2025	8/15/2032	€	1,968	2,298		2,307		0.20
Flexera Software LLC	(a)	(2)(3)(15)	Software	SOFR	4.50%	8.60%	8/15/2025	8/15/2032	8,408		8,387		8,385		0.72
FPG Intermediate Holdco, LLC	(a)	(2)(3)(15)	Consumer Services	SOFR	5.00%	8.75%	7/25/2025	6/30/2029	43		42		43		0.00
FPG Intermediate Holdco, LLC	(a)	(2)(3)	Consumer Services	SOFR	5.00%	8.70%	7/25/2025	6/30/2029	90		90		90		0.01
Fullsteam Operations LLC	(a)	(2)(3)(15)	High Tech Industries	SOFR	5.25%	9.11%	8/8/2025	8/8/2031	6,531		6,442		6,437		0.55
Galileo Parent, Inc.	(a)(b)(c)	(2)(3)(15)	Telecommunications	SOFR	5.75%	9.42%	11/26/2024	5/3/2030	35,067		35,044		35,250		3.02

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Generator US Buyer, Inc.	(a)(c)	(2)(3)(7)	Energy: Electricity	SOFR	4.50%	8.17%	10/1/2024	7/22/2030	$	2,271	$	2,246	$	2,254	0.19	%
Greenhouse Software, Inc.	(a)(b)	(2)(3)(15)	Software	SOFR	5.75%	9.42%	3/1/2021	9/1/2028	32,796		32,401		32,796		2.81
GS AcquisitionCo, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	5.25%	8.92%	3/26/2024	5/25/2028	5,545		5,571		5,545		0.47
Guidehouse LLP	(a)(c)	(2)(3)	Sovereign & Public Finance	SOFR	4.75%	8.47%	9/30/2022	12/16/2030	6,162		6,199		6,146		0.53
Gymspa (France)	(a)	(2)(7)(15)	Leisure Products & Services	EURIBOR	6.00%, 2.00% PIK	10.05%	5/14/2025	5/14/2031	€	9,781	10,606		11,343		0.97
Hadrian Acquisition Limited (United Kingdom)	(a)	(2)(3)(7)	Diversified Financial Services	SONIA	5.15%, 3.15% PIK	12.19%	2/28/2022	2/28/2029	£	22,745	29,852		30,735		2.63
Heartland Home Services, Inc.	(a)(b)	(2)(3)(11)	Consumer Services	SOFR	5.75%	9.42%	2/10/2022	12/15/2026	10,016		9,993		9,768		0.84
Heartland Home Services, Inc.	(a)	(2)(3)(11)(15)	Consumer Services	SOFR	6.00%	9.67%	12/15/2020	12/15/2026	7,246		7,230		7,073		0.61
Hercules Borrower LLC	(a)(b)	(2)(3)(11)(15)	Environmental Industries	SOFR	4.75%	8.42%	12/14/2020	12/14/2028	17,759		17,612		17,769		1.52
Higginbotham Insurance Agency, Inc.	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	4.50%	8.22%	12/11/2025	6/11/2031	—		(103)		(104)		(0.01)
Hyphen Solutions, LLC	(a)	(2)(3)(15)	Construction & Building	SOFR	4.50%	8.22%	8/6/2025	8/6/2032	—		(10)		(11)		0.00
Holding Argon (France)	(a)	(2)(7)(15)	Business Services	EURIBOR	5.75%	7.75%	4/16/2025	4/16/2032	€	14,102	15,605		16,144		1.38
Hoosier Intermediate, LLC	(a)(b)(d)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.85%	11/15/2021	11/15/2028	15,865		15,759		15,865		1.36
Horizon Avionics Buyer, LLC	(a)	(2)(3)(15)	Aerospace & Defense	SOFR	4.75%	8.42%	10/25/2025	3/28/2032	812		744		742		0.06
HS Spa Holdings Inc.	(a)(c)(d)	(2)(3)(15)	Consumer Services	SOFR	5.25%	9.07%	6/2/2022	6/2/2029	9,464		9,502		9,345		0.80
HS Spa Holdings Inc.	(a)	(2)(3)	Consumer Services	SOFR	5.25%	9.09%	3/12/2024	6/2/2029	750		746		742		0.06
Icefall Parent, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	4.50%	8.17%	1/26/2024	1/26/2030	10,088		9,960		10,088		0.86
IEM New Sub 2, LLC	(a)	(2)(3)(15)	Energy: Electricity	SOFR	4.75%	8.27%	12/3/2025	12/3/2031	—		(19)		(19)		0.00
iCIMS, Inc.	(a)(b)	(2)(3)(15)	Software	SOFR	5.75%	9.61%	8/18/2022	8/18/2028	28,278		28,052		27,740		2.38
IG Investments Holdings, LLC	(a)(c)	(2)(3)(15)	Business Services	SOFR	5.00%	8.84%	11/1/2024	9/22/2028	4,398		4,405		4,398		0.38
Infront Luxembourg Finance S.À R.L. (Luxembourg)	(a)	(2)(7)	Leisure Products & Services	EURIBOR	10.00%	12.07%	5/28/2021	5/28/2027	€	8,599	10,316		10,105		0.87
IQN Holding Corp.	(a)(c)	(2)(3)(15)	Business Services	SOFR	2.63%, 3.13% PIK	9.42%	5/2/2022	5/2/2029	11,876		11,838		11,827		1.01
Iron Infinity Buyer Sub, Inc.	(a)	(2)(3)(15)	Utilities: Oil & Gas	SOFR	4.75%	8.42%	10/16/2025	10/16/2032	14,908		14,836		14,828		1.27
Jeg's Automotive, LLC	(a)	(2)(3)(8)	Auto Aftermarket & Services	SOFR	7.00% (100% PIK)	10.65%	12/22/2021	12/31/2029	1,133		1,042		1,133		0.10
Jeg's Automotive, LLC	(a)	(2)(3)(8)	Auto Aftermarket & Services	SOFR	8.90% (100% PIK)	12.55%	12/22/2021	12/31/2029	6,816		6,263		6,816		0.58
Kona Buyer, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.15%	6/27/2025	7/23/2031	—		(96)		71		0.01
LDS Intermediate Holdings, L.L.C.	(a)(c)	(2)(3)(15)	Transportation: Cargo	SOFR	5.00%	8.72%	2/7/2025	2/7/2032	7,084		6,892		7,024		0.60

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Leo BuyerCo, LLC	(a)	(2)(3)(15)	Capital Equipment	SOFR	4.75%	8.42%	11/25/2025	11/25/2032	$	8,571	$	8,426	$	8,425	0.72	%
Lifelong Learner Holdings, LLC	(a)	(2)(3)(11)(15)	Business Services	SOFR	1.00%, 7.75% PIK	12.59%	10/18/2019	3/31/2027	4,393		4,384		3,873		0.33
Material Holdings, LLC	(a)(d)	(2)(3)(11)	Business Services	SOFR	4.62%, 1.38% PIK	9.67%	8/19/2021	8/19/2027	14,582		14,584		11,245		0.96
Material Holdings, LLC	(a)(d)	(2)(3)(8)(11)	Business Services	SOFR	6.00% (100% PIK)	9.65%	8/19/2021	8/19/2027	3,655		909		—		—
Material Holdings, LLC	(a)(d)	(2)(3)(11)(15)	Business Services	SOFR	6.00% (100% PIK)	9.67%	6/25/2025	8/19/2027	499		499		499		0.04
McQueen Bidco PTY LTD. (Australia)	(a)	(2)(3)(7)(15)	Auto Aftermarket & Services	SOFR	4.50%	8.17%	11/20/2025	11/28/2032	—		(21)		(21)		0.00
Medical Manufacturing Technologies, LLC	(a)(b)(c) (d)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.75%	9.44%	12/23/2021	12/23/2027	42,561		42,177		42,552		3.65
Merative L.P.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.17%	9/30/2025	9/30/2032	41,176		40,933		41,176		3.53
Modernizing Medicine, Inc.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	2.50%, 2.25% PIK	8.92%	4/30/2025	4/30/2032	11,925		11,807		11,941		1.02
Monarch Buyer, Inc.	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.32%	6/2/2025	6/2/2032	3,796		3,638		3,621		0.31
More Cowbell II, LLC	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	4.50%	8.24%	9/3/2025	9/1/2030	—		—		(1)		0.00
NEFCO Holding Company LLC	(a)(b)(c)	(2)(3)(15)	Construction & Building	SOFR	5.00%	8.97%	8/5/2022	8/5/2028	25,660		25,541		25,660		2.20
NMI AcquisitionCo, Inc.	(a)(b)(d)	(2)(3)(11)(15)	High Tech Industries	SOFR	4.50%	8.22%	9/6/2017	9/6/2028	46,994		46,986		46,936		4.02
North Haven Fairway Buyer, LLC	(a)(b)(c)	(2)(3)(15)	Consumer Services	SOFR	5.00%	8.77%	5/17/2022	5/17/2028	30,819		30,631		30,578		2.62
Nuzoa Bidco, S.L.U. (Spain)	(a)	(2)(7)(15)	Healthcare & Pharmaceuticals	EURIBOR	5.50%	8.02%	6/24/2025	6/24/2032	€	6,657	7,531		7,663		0.66
Oak Purchaser, Inc.	(a)(b)(c)	(2)(3)(15)	Business Services	SOFR	5.50%	9.35%	4/28/2022	5/31/2028	17,391		17,238		17,341		1.48
Oak Purchaser, Inc.	(a)(c)	(2)(3)	Business Services	SOFR	5.50%	9.37%	2/1/2024	5/31/2028	1,981		1,959		1,960		0.17
OEConnection, LLC	(a)	(2)(3)(15)	Auto Aftermarket & Services	SOFR	4.50%	8.23%	12/23/2025	12/23/2032	1,137		1,128		1,127		0.10
OEI, Inc.	(a)	(2)(3)(15)	Construction & Building	SOFR	4.50%	8.19%	12/29/2025	12/29/2032	23,432		23,144		23,144		1.98
Optimizely North America Inc.	(a)	(2)(3)	High Tech Industries	EURIBOR	5.25%	7.15%	10/30/2024	10/30/2031	€	2,406	2,584		2,782		0.24
Optimizely North America Inc.	(a)(b)	(2)(3)(15)	High Tech Industries	SOFR	5.00%	8.72%	10/30/2024	10/30/2031	7,122		7,064		6,988		0.60
Optimizely North America Inc.	(a)	(2)(3)	High Tech Industries	SONIA	5.50%	9.22%	10/30/2024	10/30/2031	£	962	1,236		1,278		0.11
Orthrus Limited (United Kingdom)	(a)(c)	(2)(7)	Diversified Financial Services	EURIBOR	3.50%, 2.75% PIK	8.28%	12/4/2024	12/4/2031	€	1,855	1,966		2,159		0.18
Orthrus Limited (United Kingdom)	(a)(c)	(2)(3)(7)	Diversified Financial Services	SOFR	3.50%, 2.75% PIK	10.02%	12/4/2024	12/4/2031	4,902		4,849		4,853		0.42
Orthrus Limited (United Kingdom)	(a)(c)	(2)(7)(15)	Diversified Financial Services	SONIA	3.50%, 2.75% PIK	10.22%	12/4/2024	12/4/2031	£	2,077	2,655		2,766		0.24

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Orthrus Limited (United Kingdom)	(a)(c)	(2)(3)(7)	Diversified Financial Services	SOFR	3.50%, 2.75% PIK	10.15%	7/24/2025	12/4/2031	$	708	$	708	$	701	0.06	%
PAM Bidco Limited (United Kingdom)	(a)(c)	(7)(15)	Utilities: Water	FIXED	10.75%	10.75%	10/29/2024	10/29/2031	£	78	99		104		0.01
PAM Bidco Limited (United Kingdom)	(a)(c)	(2)(7)(15)	Utilities: Water	SONIA	7.30%	11.26%	10/29/2024	10/29/2031	£	6,619	8,399		8,782		0.75
PDI TA Holdings, Inc	(a)(c)	(2)(3)(15)	Software	SOFR	5.50%	9.34%	2/1/2024	2/1/2031	16,714		16,758		16,242		1.39
PF Atlantic Holdco 2, LLC	(a)(b)(d)	(2)(3)(11)(15)	Leisure Products & Services	SOFR	5.50%	9.23%	11/12/2021	11/12/2027	20,996		20,901		20,996		1.80
PF Atlantic Holdco 2, LLC	(c)	(2)(3)(11)(15)	Leisure Products & Services	SOFR	6.00%	9.86%	3/27/2025	11/12/2027	1,366		1,380		1,366		0.12
PPV Intermediate Holdings, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.25%	9.07%	8/7/2024	8/31/2029	5,104		5,046		5,104		0.44
PPV Intermediate Holdings, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.75%	9.82%	8/7/2024	8/31/2029	15,581		15,539		15,539		1.33
PPV Intermediate Holdings, LLC	(a)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	6.00%	9.57%	8/7/2024	8/31/2029	207		206		206		0.02
Project Castle, Inc.	(b)(c)	(2)(3)	Capital Equipment	SOFR	5.50%	9.36%	6/24/2022	6/1/2029	8,224		7,652		5,294		0.45
Prophix Software Inc. (Canada)	(a)	(2)(3)(7)(15)	Software	SOFR	6.00%	9.80%	2/1/2021	2/1/2027	1,350		1,345		1,347		0.11
Prophix Software Inc. (Canada)	(a)(b)	(2)(3)(7)(15)	Software	SOFR	6.00%	9.72%	11/21/2023	2/1/2027	17,834		17,754		17,804		1.52
Propio LS, LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.46%	5/12/2025	5/12/2030	12,138		12,028		12,070		1.03
PROS Parent, Inc.	(a)	(2)(3)(15)	Transportation: Consumer	SOFR	4.75%	8.49%	12/9/2025	12/9/2032	22,988		22,924		22,923		1.96
PXO Holdings I Corp.	(a)(b)(d)	(2)(3)(15)	Chemicals, Plastics & Rubber	SOFR	5.50%	9.20%	3/8/2022	3/8/2028	22,836		22,689		22,457		1.92
QBS Parent, Inc.	(a)	(2)(3)(15)	Energy: Oil & Gas	SOFR	4.50%	8.17%	11/7/2024	6/3/2032	1,168		1,116		1,251		0.11
Radwell Parent, LLC	(a)(b)(d)	(2)(3)(15)	Wholesale	SOFR	5.50%	9.17%	12/1/2022	4/1/2029	20,469		20,194		20,469		1.75
Rialto Management Group, LLC	(a)(b)(c)	(2)(3)(7)(15)	Diversified Financial Services	SOFR	5.00%	8.72%	12/5/2024	12/5/2030	14,993		14,866		15,003		1.29
Rotation Buyer, LLC	(a)(c)	(2)(3)(15)	Capital Equipment	SOFR	4.75%	8.43%	12/27/2024	12/27/2031	4,780		4,726		4,708		0.40
Saguaro Buyer, LLC	(a)	(2)(3)(15)	Leisure Products & Services	SOFR	4.50%	8.23%	7/3/2025	7/3/2032	5,025		4,955		5,010		0.43
SCHP Purchaser, INC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.37%	10/24/2025	10/24/2032	—		(30)		(30)		0.00
SCP Eye Care HoldCo, LLC	(a)(b)(c)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	5.50%	9.23%	10/7/2022	10/7/2029	10,755		10,787		10,755		0.92
Seahawk Bidco, LLC	(a)(b)(c)	(2)(3)(15)	Consumer Services	SOFR	4.75%	8.47%	12/19/2024	12/19/2031	24,628		24,372		24,752		2.12
Secretariat Advisors LLC	(a)	(2)(15)	Construction & Building	SOFR	4.00%	7.67%	2/28/2025	3/1/2032	—		(10)		—		—
Sigma Irish Acquico Limited (Ireland)	(a)	(2)(7)	Diversified Financial Services	EURIBOR	5.25%	7.27%	3/19/2025	3/19/2032	€	6,766	7,302		7,852		0.67

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Sigma Irish Acquico Limited (Ireland)	(a)	(2)(7)(15)	Diversified Financial Services	SOFR	5.25%	8.91%	3/19/2025	3/19/2032	$	—	$	(34)	$	(24)	0.00%
SitusAMC Holdings Corporation	(a)(b)	(2)(3)	Diversified Financial Services	SOFR	5.50%	9.17%	5/14/2025	5/14/2031	27,623		27,496		27,419		2.35
Smarsh Inc.	(a)(b)	(2)(3)(15)	Software	SOFR	4.75%	8.42%	2/18/2022	2/18/2029	9,044		8,939		9,045		0.77
Summit Bidco, Inc. (Canada)	(a)	(2)(3)(7)(15)	Diversified Financial Services	CORRA	4.75%	7.21%	10/1/2025	10/1/2032	C$	556	393		399		0.03
Specialty Pharma III, Inc.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.40%	12/23/2025	12/23/2032	15,500		15,413		15,413		1.32
Speedstar Holding LLC	(a)(b)	(2)(3)(15)	Auto Aftermarket & Services	SOFR	6.00%	9.84%	7/2/2024	7/22/2027	17,988		17,850		17,222		1.48
Spotless Brands, LLC	(a)	(2)(3)	Consumer Services	SOFR	5.50%	9.36%	8/30/2024	7/25/2028	9,022		8,961		9,066		0.78
Spotless Brands, LLC	(a)(b)(c) (d)	(2)(3)(15)	Consumer Services	SOFR	5.75%	9.62%	6/21/2022	7/25/2028	46,947		46,657		47,187		4.04
UFT Buyer LLC	(a)	(2)(3)(15)	Environmental Industries	SOFR	4.50%	8.27%	12/4/2025	12/4/2032	956		943		942		0.08
Tank Holding Corp.	(a)(b)(d)	(2)(3)(11)(15)	Capital Equipment	SOFR	5.75%	9.47%	3/31/2022	3/31/2028	24,731		24,549		22,455		1.92
Tank Holding Corp.	(a)	(2)(3)(11)	Capital Equipment	SOFR	6.00%	9.72%	9/26/2024	3/31/2028	3,522		3,498		3,217		0.28
TCFI Aevex LLC	(b)(d)	(2)(3)(11)	Aerospace & Defense	SOFR	6.00%	9.72%	3/18/2020	3/18/2028	12,339		12,331		12,038		1.03
The Chartis Group, LLC	(a)(c)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.95%	9/17/2024	9/17/2031	795		744		866		0.07
Total Power Limited (Canada)	(a)(c)	(2)(3)(7)(15)	Energy: Electricity	CORRA	4.50%	6.76%	7/22/2024	7/22/2030	C$	13,604	9,611		9,814		0.84
Tufin Software North America, Inc.	(a)(b)(c)	(2)(3)(11)(15)	Software	SOFR	4.93%	8.65%	8/17/2022	8/17/2028	38,555		38,224		38,387		3.29
Turbo Buyer, Inc.	(a)(d)	(2)(3)(15)	Auto Aftermarket & Services	SOFR	6.00%	9.62%	12/2/2019	6/1/2026	13,442		13,357		13,442		1.15
U.S. Legal Support, Inc.	(a)(b)(d)	(2)(3)(11)(15)	Business Services	SOFR	5.50%	9.22%	11/30/2018	5/31/2026	23,338		23,327		23,254		1.99
US INFRA SVCS Buyer, LLC	(a)(d)	(2)(3)(11)	Environmental Industries	SOFR	2.50%, 4.75% PIK	11.13%	4/13/2020	4/13/2027	11,384		11,195		9,112		0.78
USR Parent Inc.	(a)(b)(c)	(2)(3)(10)	Retail	SOFR	7.60%	11.32%	4/22/2022	4/25/2027	4,320		4,298		4,288		0.37
Vensure Employer Services, Inc.	(a)(b)(c)	(2)(15)	Business Services	SOFR	5.00%	8.70%	9/27/2024	9/27/2031	31,037		30,879		30,726		2.63
Victors Purchaser, LLC	(a)	(2)(3)(15)	High Tech Industries	SOFR	4.50%	8.19%	12/23/2025	12/23/2032	216		196		204		0.02
Vienna Bidco Limited (United Kingdom)	(a)	(2)(3)(7)	Healthcare & Pharmaceuticals	SONIA	5.65%	9.62%	8/20/2025	8/20/2030	£	7,264	9,513		9,571		0.82
VRC Companies, LLC	(a)	(2)(3)(11)(15)	Business Services	SOFR	5.25%	9.09%	7/29/2025	6/29/2027	—		(2)		—		—
Whitney Merger Sub, Inc.	(a)	(2)(3)(15)	Leisure Products & Services	SOFR	4.75%	8.42%	7/3/2025	7/3/2032	24,266		23,990		23,976		2.05
Wineshipping.com LLC	(a)(d)	(2)(3)(11)(15)	Beverage & Food	SOFR	6.25% (100% PIK)	9.92%	10/29/2021	12/29/2028	17,691		16,448		12,342		1.06
World 50, Inc.	(a)(b)	(2)(3)(15)	Business Services	SOFR	4.50%	8.70%	3/22/2024	3/22/2030	18,805		18,507		18,823		1.61

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Yellowstone Buyer Acquisition, LLC	(a)	(2)(3)(11)	Consumer Goods: Durable	SOFR	5.75%	9.62%	9/13/2021	9/13/2027	$	433	$	430	$	397	0.03	%
YLG Holdings, Inc.	(a)(b)	(2)(3)(15)	Consumer Services	SOFR	4.75%	8.72%	9/30/2020	12/23/2030	6,474		6,456		6,494		0.56
First Lien Debt Total											$	2,012,358	$	1,992,112	170.65	%
Second Lien Debt (3.9% of fair value)
11852604 Canada Inc. (Canada)	(a)	(2)(3)(7)	Healthcare & Pharmaceuticals	SOFR	9.50% (100% PIK)	13.32%	9/30/2021	9/30/2028	$	11,701	$	11,629	$	11,702	1.00	%
AQA Acquisition Holdings, Inc.	(a)(b)(d)	(2)(3)	High Tech Industries	SOFR	6.25%	10.09%	3/3/2021	3/3/2029	40,000		39,557		39,151		3.36
Associations, Inc.	(a)	(9)	Construction & Building	FIXED	14.25% (100% PIK)	14.25%	5/3/2024	5/3/2030	9,498		9,496		9,525		0.82
Bayside OPCP, LLC	(a)	(2)(3)(9)(11)	Healthcare & Pharmaceuticals	SOFR	10.00% (100% PIK)	13.67%	5/31/2023	5/31/2026	6,538		6,371		6,539		0.56
Denali Midco 2, LLC	(a)	(3)	Consumer Services	FIXED	13.00% (100% PIK)	13.00%	10/4/2024	12/22/2029	3,016		2,980		2,970		0.25
FPG Intermediate Holdco, LLC	(a)	(2)(3)(8)	Consumer Services	SOFR	5.00%	8.65%	7/25/2025	6/30/2029	36		35		36		0.00
PAI Holdco, Inc.	(a)	(2)(3)	Auto Aftermarket & Services	SOFR	5.50%, 2.00% PIK	11.32%	10/28/2020	10/28/2028	14,995		14,818		13,223		1.13
TruGreen Limited Partnership	(a)(b)	(2)(3)(11)	Consumer Services	SOFR	8.50%	12.34%	11/16/2020	11/2/2028	13,000		12,879		11,984		1.03
Second Lien Debt Total											$	97,765	$	95,130	8.15	%


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Common and Preferred Equity Investments (4.5% of fair value)
48forty Intermediate Holdings, Inc.	(a)(b)(c)	(6)(12)	Transportation: Cargo		11/5/2024	3	$	—	$	—	—	%
Aimbridge Acquisition Co., Inc.	(a)	(6)(12)	Leisure Products & Services		3/11/2025	23	1,142		1,135		0.10
Ampersand Partners Feeder AIV LP	(a)	(6)(7)(12)	Diversified Financial Services		7/9/2025	170	3,530		3,592		0.31
ANLG Holdings, LLC	(a)	(6)(12)	Capital Equipment		6/22/2018	592	592		1,133		0.10
Atlas Ontario LP (Canada)	(a)	(6)(7)(12)	Business Services		4/7/2021	5,114	5,114		9,818		0.84
Bayside HoldCo, LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		5/31/2023	6	—		9,768		0.84
Blackbird Holdco, Inc.	(a)	(6)	Capital Equipment	12.50% (100% PIK)	12/14/2021	16	15,938		15,915		1.36
Buckeye Group Holdings, L.P.	(a)	(6)(8)	Auto Aftermarket & Services	10.65% (100% PIK)	12/31/2024	5,118	1,521		—		—
Buckeye Group Holdings, L.P.	(a)	(6)(12)	Auto Aftermarket & Services		12/31/2024	9,417	—		—		—
Buckeye Group Holdings, L.P.	(a)	(6)(12)	Auto Aftermarket & Services		12/31/2024	5,118	—		—		—
CIP Revolution Holdings, LLC	(a)	(6)(12)	Media: Advertising, Printing & Publishing		8/19/2016	318	318		241		0.02
Comar Aggregator Co, LLC	(a)(d)	(6)(12)	Containers, Packaging & Glass		10/31/2025	21	10,674		11,247		0.96
Cority Software Inc. (Canada)	(a)	(6)(7)(12)	Software		7/2/2019	250	250		1,075		0.09

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Diligent Corporation	(a)	(6)	Telecommunications	10.50% (100% PIK)	4/5/2021	16	$	15,937	$	15,937	1.37	%
ECP Parent, LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		3/29/2018	268	—		16		0.00
EvolveIP, LLC	(a)(d)	(6)(12)	Telecommunications		10/30/2024	107	215		383		0.03
FPG Intermediate Holdco, LLC	(a)	(6)(12)	Consumer Services		7/25/2025	1	48		43		0.00
FS NU Investors, LP	(a)	(6)	Consumer Services	20.00% (100% PIK)	8/9/2024	2	209		253		0.02
GB Vino Parent, L.P.	(a)	(6)(12)	Beverage & Food		10/29/2021	4	274		—		—
HIG Intermediate, Inc.	(a)	(6)	Diversified Financial Services	10.50%	12/10/2024	2	1,508		1,509		0.13
Integrity Marketing Group, LLC	(a)	(6)	Diversified Financial Services	10.50% (100% PIK)	12/21/2021	22,850	22,859		22,397		1.92
NearU Holdings LLC	(a)	(6)(12)	Consumer Services		8/16/2022	30	2,598		472		0.04
NEFCO Holding Company LLC	(a)	(6)	Construction & Building	8.00%	8/5/2022	1	761		761		0.07
Pascal Ultimate Holdings, L.P	(a)	(6)(12)	Capital Equipment		7/21/2021	36	346		915		0.08
Profile Holdings I, LP	(a)	(6)(12)	Chemicals, Plastics & Rubber		3/8/2022	5	523		390		0.03
Project Carbo S.a.r.l. (Luxemburg)	(a)	(6)(7)	High Tech Industries	14.30% (100% PIK)	1/27/2025	—	2,172		2,409		0.21
Sinch AB (Sweden)	(a)	(6)(7)(12)	High Tech Industries		3/26/2019	106	1,168		363		0.03
Summit K2 Midco, Inc.	(a)	(6)(12)	Diversified Financial Services		4/27/2023	212	164		313		0.03
Talon MidCo 1 Limited	(a)	(6)(12)	Software		8/17/2022	1,154	1,718		2,626		0.22
Tank Holding Corp.	(a)	(6)(12)	Capital Equipment		3/26/2019	850	—		2,599		0.22
Turbo Buyer, Inc.	(a)	(6)(12)	Auto Aftermarket & Services		12/2/2019	1,925	933		1,685		0.15
TW LRW Holdings, LLC	(a)(b)(d)	(6)(12)	Business Services		6/14/2024	—	—		—		—
U.S. Legal Support Investment Holdings, LLC	(a)	(6)(12)	Business Services		11/30/2018	640	641		983		0.08
Zenith American Holding, Inc.	(a)	(6)(12)	Business Services		12/13/2017	1,564	752		2,024		0.17
Equity Investments Total							$	91,905	$	110,002	9.42	%
Total investments—non-controlled/non-affiliated							$	2,202,028	$	2,197,244	188.22	%

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/affiliated		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (2.8% of fair value)
Align Precision Group, LLC	(a)	(2)(3)(14)	Aerospace & Defense	SOFR	6.75% (100% PIK)	10.75%	7/3/2025	7/3/2030	$	20,306	$	20,306	$	20,306	1.74	%
Align Precision Group, LLC	(a)	(2)(3)(14)(15)	Aerospace & Defense	SOFR	6.75% (100% PIK)	10.42%	7/3/2025	7/3/2030	2,886		2,815		2,886		0.24
SPF Borrower, LLC	(a)(b)	(2)(3)(11)(14)(15)	Healthcare & Pharmaceuticals	SOFR	6.25%	9.92%	2/1/2024	2/1/2028	31,372		31,372		31,372		2.69
SPF Borrower, LLC	(a)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	9.50%	13.17%	2/1/2024	2/1/2028	15,171		15,171		15,171		1.30
First Lien Debt Total											$	69,664	$	69,735	5.97	%


Investments—non-controlled/affiliated		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (1.4% of fair value)
Align Precision Group, LLC	(a)	(6)(12)(14)	Aerospace & Defense		7/3/2025	10	$	5,875	$	5,452	0.47	%
SPF HoldCo LLC	(a)	(6)(12)(14)	Healthcare & Pharmaceuticals		2/1/2024	15,440	20,828		27,877		2.39
Equity Investments Total							$	26,703	$	33,329	2.86	%
Total investments—non-controlled/affiliated							$	96,367	$	103,064	8.83	%


Investments—controlled/affiliated		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par Amount/ LLC Interest		Cost		Fair Value (5)		% of Net Assets
Investment Funds (6.6% of fair value)
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest	(a)	(7)(13)	Investment Funds	FIXED	15.33%	15.33%	2/29/2016	12/31/2030	$	130,500	$	130,501	$	123,114	10.55	%
Middle Market Credit Fund, LLC, Mezzanine Loan	(a)	(2)(7)(9)(13)	Investment Funds	SOFR	5.50%	9.15%	6/30/2016	5/21/2028	40,500		40,500		40,500		3.47
Investment Funds Total											$	171,001	$	163,614	14.02	%
Total investments—controlled/affiliated											$	171,001	$	163,614	14.02	%
Total investments											$	2,469,396	$	2,463,922	211.07	%

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Derivative Instrument**	Counterparty	Company Pays	Company Receives	Maturity Date	Notional Amount		Fair Value(5)		Change in Unrealized Appreciation / (Depreciation)		Upfront Payments / Receipts
Interest Rate Swap	JP Morgan Chase Bank N.A.	SOFR + 3.235%(e)	6.75%	February 18, 2030	$	300,000	$	298	$	7,173	$	—
Interest Rate Swap	JP Morgan Chase Bank N.A.	SOFR + 2.312%(f)	5.75%	February 15, 2031	300,000		(1,436)		(1,436)		—
Total					$	600,000	$	(1,138)	$	5,737	$	—

(b) Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, the 2015-1 Issuer, and secure the notes issued in connection with a term debt securitization most recently issued on July 2, 2024. (see Note 9, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company.

(d) Denotes that all or a portion of the assets are owned by the Company’s wholly owned subsidiary, Middle Market Credit Fund II, LLC (“Credit Fund II”). Substantially all of the assets of Credit Fund II have been pledged as collateral under the Credit Facility. Accordingly, such assets are not available to creditors of the 2015-1 Issuer.

* Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Canadian Dollar (“C$”), Euro (“€”) or British Pound (“£”).

** Refer to Note 8, Derivative Instruments, to these unaudited consolidated financial statements for further information.

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR”), or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. As of December 31, 2025, the reference rates for variable rate loans were the 30-day SOFR at 3.69%, the 90-day SOFR at 3.65%, the 180-day SOFR at 3.57%, the daily SONIA at 3.73%, the 30-day EURIBOR at 1.94%, the 90-day EURIBOR at 2.03%, the 180-day EURIBOR at 2.11%, and the 30-day CORRA at 2.30%.

(3)Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.

(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $143,331, or 12.28% of the Company’s net assets.

(8)Represents an investment on non-accrual status as of December 31, 2025.

(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.

(11)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)

(12)Represents a non-income producing security as of December 31, 2025.

(13)Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC and Note 6, Middle Market Credit Fund II, LLC, to these unaudited consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2025, were as follows:


Investments—controlled/affiliated	Fair Value as of December 31, 2024		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2025		Dividend and Interest Income
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest	$	182,636	$	—	$	(62,500)	$	—	$	2,978	$	123,114	$	20,500
Middle Market Credit Fund, LLC, Mezzanine Loan	—		40,500		—		—		—		40,500		110
Middle Market Credit Fund II, LLC, Member's Interest	63,997		149,404		(212,998)		(14,502)		14,099		—		1,054
Total investments—controlled/affiliated	$	246,633	$	189,904	$	(275,498)	$	(14,502)	$	17,077	$	163,614	$	21,664

(14)Under the Investment Company Act, the Company is deemed an “affiliated person” of the portfolio companies because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the portfolio companies during the year ended December 31, 2025 were as follows:


Investments—non-controlled/affiliated	Fair Value as of December 31, 2024		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2025		Interest and PIK Income
Align Precision Group, LLC	$	—	$	20,306	$	—	$	—	$	—	$	20,306	$	1,073
Align Precision Group, LLC	—		2,818		(3)		—		71		2,886		169
Align Precision Group, LLC (Equity)	—		5,875		—		—		(423)		5,452		—
SPF Borrower, LLC	31,372		—		—		—		—		31,372		3,379
SPF Borrower, LLC	14,659		512		—		—		—		15,171		2,117
SPF HoldCo, LLC (Equity)	25,830		—		—		—		2,047		27,877		—
Total investments—non-controlled/affiliated	$	71,861	$	29,511	$	(3)	$	—	$	1,695	$	103,064	$	6,738

(15)As of December 31, 2025, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value on the accompanying Consolidated Statements of Assets and Liabilities:


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
1251 Insurance Distribution Platform Payco, LP	Revolver	0.50%	$	2,843	$	(29)
AAH Topco., LLC	Delayed Draw	1.00	5,599		(30)
AArete Investment, LLC	Delayed Draw	1.00	1,628		(9)
AArete Investment, LLC	Revolver	0.50	651		(4)
Addev Group (France)	Delayed Draw	1.50	€	148	(3)
Advanced Web Technologies Holding Company	Delayed Draw	1.00	1,707		(19)
Advanced Web Technologies Holding Company	Revolver	0.50	1,406		(15)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
AGS Health BCP LLC	Delayed Draw	1.00%	$	3,152	$	11
AGS Health BCP LLC	Revolver	0.50	1,119		4
Align Precision Group, LLC	Delayed Draw	1.00	1,122		—
Allied Benefit Systems Intermediate LLC	Delayed Draw	1.00	3,278		(19)
Alpine Acquisition Corp II	Revolver	0.50	1,042		(564)
AmpersCap LLC	Delayed Draw	1.00	10,082		(100)
AP Plastics Acquisition Holdings, LLC	Delayed Draw	1.00	892		(1)
AP Plastics Acquisition Holdings, LLC	Revolver	0.50	339		—
Apex Companies Holdings, LLC	Delayed Draw	1.00	9,917		(65)
Applied Technical Services, LLC	Delayed Draw	2.00	495		(4)
Applied Technical Services, LLC	Delayed Draw	1.00	1,649		(13)
Applied Technical Services, LLC	Revolver	0.50	3,034		(25)
Artifact Bidco, Inc.	Delayed Draw	0.50	345		—
Artifact Bidco, Inc.	Revolver	0.25	246		—
Ascend Buyer, LLC	Revolver	0.50	2,199		(6)
Associations, Inc.	Delayed Draw	—	867		4
Associations, Inc.	Revolver	0.50	1,221		6
Athlete Buyer, LLC	Revolver	0.50	307		(37)
Atlas US Finco, Inc.	Revolver	0.50	2,594		2
Auditboard, Inc.	Revolver	0.50	1,714		(2)
Azurite Intermediate Holdings, Inc.	Revolver	0.50	874		4
Bamboo Health Holdings, LLC	Revolver	0.50	4,542		23
Bayside OPCP, LLC	Revolver	0.50	1,974		—
Bianalisi S.p.A. (Italy)	Delayed Draw	1.25	€	1,848	(43)
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50	700		(19)
Bingo Group Buyer, Inc.	Delayed Draw	0.75	4,040		(35)
Bingo Group Buyer, Inc.	Revolver	0.50	636		(5)
Birsa S.p.A. (Italy)	Delayed Draw	1.25	€	1,428	(25)
Businessolver.com, Inc.	Delayed Draw	—	2,825		(14)
Businessolver.com, Inc.	Revolver	0.50	1,258		(6)
Celerion Buyer, Inc.	Revolver	0.50	499		(2)
CircusTrix Holdings, LLC	Revolver	0.50	484		(3)
Cliffwater LLC	Revolver	0.38	3,465		(3)
Cority Software Inc. (Canada)	Revolver	0.38	4,025		(20)
Coupa Holdings, LLC	Delayed Draw	1.00	964		5
Coupa Holdings, LLC	Revolver	0.50	738		4

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
CST Holding Company	Revolver	0.50%	$	940	$	5
Dance Midco S.a.r.l. (United Kingdom)	Delayed Draw	1.00	€	2,036	(24)
Deerfield Dakota Holding, LLC	Revolver	0.50	4,273		(43)
Denali Intermediate Holdings, Inc.	Revolver	0.50	1,437		(14)
Diligent Corporation	Delayed Draw	1.00	1,158		(17)
Diligent Corporation	Revolver	0.50	591		(9)
Divisions Holding Corporation	Revolver	0.50	2,400		16
Dwyer Instruments, Inc.	Revolver	0.50	2,593		—
Einstein Parent, Inc.	Revolver	0.50	3,142		(33)
Ellkay, LLC	Revolver	0.50	2,460		(17)
Embark Intermediate Holdings, LLC	Delayed Draw	1.00	1,587		(16)
Embark Intermediate Holdings, LLC	Revolver	0.50	381		(4)
Enkindle Limited (United Kingdom)	Delayed Draw	1.00	£	923	(28)
Enverus, Inc.	Delayed Draw	1.00	3,013		(11)
Enverus, Inc.	Revolver	0.50	1,130		(4)
Espresso Bidco Inc.	Delayed Draw	0.50	5,887		(8)
Espresso Bidco Inc.	Revolver	0.50	2,616		(3)
Essential Services Holding Corporation	Delayed Draw	1.00	297		(1)
Essential Services Holding Corporation	Revolver	0.50	112		—
Excel Fitness Holdings, Inc.	Delayed Draw	1.00	2,642		(11)
Excel Fitness Holdings, Inc.	Revolver	0.50	668		(3)
Excelitas Technologies Corp.	Delayed Draw	1.00	565		—
Excelitas Technologies Corp.	Revolver	0.38	2,069		—
Flexera Software LLC	Revolver	0.25	607		(2)
FPG Intermediate Holdco, LLC	Delayed Draw	—	24		0
Fullsteam Operations LLC	Delayed Draw	1.00	2,177		(22)
Fullsteam Operations LLC	Revolver	0.50	726		(7)
Galileo Parent, Inc.	Revolver	0.50	1,732		9
Greenhouse Software, Inc.	Revolver	0.50	2,204		—
GS AcquisitionCo, Inc.	Delayed Draw	0.50	1,127		—
GS AcquisitionCo, Inc.	Delayed Draw	1.00	116		—
GS AcquisitionCo, Inc.	Revolver	0.50	162		—
Gymspa (France)	Delayed Draw	1.80	€	554	(8)
Heartland Home Services, Inc.	Revolver	0.50	343		(8)
Hercules Borrower LLC	Revolver	0.38	2,160		1
Higginbotham Insurance Agency, Inc.	Delayed Draw	0.50	20,825		(104)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
Holding Argon (France)	Delayed Draw	1.00%	€	4,094	$	(96)
Hoosier Intermediate, LLC	Revolver	0.38	2,401		—
Horizon Avionics Buyer, LLC	Delayed Draw	—	9,222		(46)
Horizon Avionics Buyer, LLC	Revolver	0.50	3,800		(19)
HS Spa Holdings Inc.	Revolver	0.50	1,058		(12)
Hyphen Solutions, LLC	Delayed Draw	1.00	1,256		(7)
Hyphen Solutions, LLC	Revolver	0.50	754		(4)
Icefall Parent, Inc.	Revolver	0.25	992		0
iCIMS, Inc.	Revolver	0.50	1,630		(29)
IEM New Sub 2, LLC	Delayed Draw	—	3,842		(19)
IG Investments Holdings, LLC	Revolver	0.50	350		—
IQN Holding Corp.	Revolver	0.38	342		(1)
Iron Infinity Buyer Sub, Inc.	Delayed Draw	—	10,232		(28)
Iron Infinity Buyer Sub, Inc.	Revolver	0.50	4,213		(10)
Kona Buyer, LLC	Delayed Draw	0.50	20,324		67
Kona Buyer, LLC	Revolver	0.50	902		3
LDS Intermediate Holdings, L.L.C.	Delayed Draw	1.00	7,844		(25)
LDS Intermediate Holdings, L.L.C.	Revolver	0.50	3,809		(12)
Leo BuyerCo, LLC	Delayed Draw	—	3,429		(34)
Leo BuyerCo, LLC	Revolver	0.50	2,743		(27)
Lifelong Learner Holdings, LLC	Revolver	0.50	17		(2)
Material Holdings, LLC	Delayed Draw	—	1,420		—
Material Holdings, LLC	Revolver	—	192		—
McQueen Bidco PTY LTD. (Australia)	Revolver	0.50	4,111		(21)
Medical Manufacturing Technologies, LLC	Revolver	0.50	3,000		(1)
Merative L.P.	Delayed Draw	0.50	4,706		—
Merative L.P.	Revolver	0.50	4,118		—
Modernizing Medicine, Inc.	Revolver	0.50	1,099		1
Monarch Buyer, Inc.	Delayed Draw	0.50	8,897		(91)
Monarch Buyer, Inc.	Revolver	0.38	4,328		(44)
More Cowbell II, LLC	Delayed Draw	0.50	1,483		—
More Cowbell II, LLC	Revolver	0.50	2,966		(1)
NEFCO Holding Company LLC	Revolver	0.50	3,107		—
NMI AcquisitionCo, Inc.	Revolver	0.50	1,281		(2)
North Haven Fairway Buyer, LLC	Revolver	0.50	1,180		(9)
Nuzoa Bidco, S.L.U. (Spain)	Delayed Draw	1.25	€	2,401	(42)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
Oak Purchaser, Inc.	Delayed Draw	0.50%	$	2,618	$	(6)
Oak Purchaser, Inc.	Revolver	0.50	1,621		(4)
OEConnection, LLC	Delayed Draw	0.50	667		(3)
OEConnection, LLC	Revolver	0.50	176		(1)
OEI, Inc.	Delayed Draw	0.50	10,651		(80)
OEI, Inc.	Revolver	0.50	4,260		(32)
Optimizely North America Inc.	Revolver	0.50	1,091		(18)
Orthrus Limited (United Kingdom)	Delayed Draw	0.50	£	421	(6)
PAM Bidco Limited (United Kingdom)	Delayed Draw	2.19	£	1,752	(29)
PDI TA Holdings, Inc	Revolver	0.50	319		(9)
PF Atlantic Holdco 2, LLC	Delayed Draw	1.00	2,137		—
PF Atlantic Holdco 2, LLC	Revolver	0.50	2,759		—
PPV Intermediate Holdings, LLC	Delayed Draw	1.00	7,901		—
PPV Intermediate Holdings, LLC	Revolver	0.50	1,155		(3)
Prophix Software Inc. (Canada)	Delayed Draw	—	680		(1)
Prophix Software Inc. (Canada)	Revolver	0.50	643		(1)
Propio LS, LLC	Revolver	0.50	182		(1)
PROS Parent, Inc.	Revolver	0.38	2,665		(7)
PXO Holdings I Corp.	Revolver	0.50	980		(16)
QBS Parent, Inc.	Delayed Draw	—	8,275		52
QBS Parent, Inc.	Revolver	0.50	3,745		24
Radwell Parent, LLC	Revolver	0.38	2,035		0
Rialto Management Group, LLC	Revolver	0.38	1,506		1
Rotation Buyer, LLC	Delayed Draw	1.00	2,369		(21)
Rotation Buyer, LLC	Revolver	0.50	1,066		(9)
Saguaro Buyer, LLC	Delayed Draw	1.00	1,893		(4)
Saguaro Buyer, LLC	Revolver	0.50	574		(1)
SCHP Purchaser, INC	Revolver	0.50	3,100		(30)
SCP Eye Care HoldCo, LLC	Delayed Draw	1.00	75		—
SCP Eye Care HoldCo, LLC	Revolver	0.50	1,148		—
Seahawk Bidco, LLC	Delayed Draw	1.00	1,320		3
Seahawk Bidco, LLC	Delayed Draw	0.50	21,591		54
Seahawk Bidco, LLC	Revolver	0.50	1,866		5
Secretariat Advisors LLC	Delayed Draw	4.00	2,151		—
Sigma Irish Acquico Limited (Ireland)	Delayed Draw	0.50	1,930		(24)
Smarsh Inc.	Delayed Draw	1.00	1,633		—

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
Smarsh Inc.	Revolver	0.50%	$	751	$	—
Specialty Pharma III, Inc.	Revolver	0.50	2,000		(10)
Speedstar Holding LLC	Delayed Draw	1.00	1,789		(69)
SPF Borrower, LLC	Revolver	0.50	1,544		—
Spotless Brands, LLC	Revolver	0.50	1,242		6
Summit Bidco, Inc. (Canada)	Delayed Draw	0.50	C$	189	(1)
Summit Bidco, Inc. (Canada)	Revolver	0.50	C$	96	(1)
Tank Holding Corp.	Revolver	0.38	1,655		(143)
The Chartis Group, LLC	Delayed Draw	1.00	3,983		40
The Chartis Group, LLC	Revolver	0.50	2,390		24
Total Power Limited (Canada)	Delayed Draw	1.00	C$	1,237	(7)
Total Power Limited (Canada)	Revolver	0.50	C$	1,667	(10)
Tufin Software North America, Inc.	Revolver	0.50	3,738		(15)
Turbo Buyer, Inc.	Revolver	0.50	312		—
U.S. Legal Support, Inc.	Revolver	0.50	775		(3)
UFT Buyer LLC	Delayed Draw	0.50	351		(4)
UFT Buyer LLC	Revolver	0.50	132		(1)
Vensure Employer Services, Inc.	Delayed Draw	0.50	497		(5)
Victors Purchaser, LLC	Delayed Draw	—	1,330		(4)
Victors Purchaser, LLC	Revolver	0.50	2,313		(7)
VRC Companies, LLC	Revolver	0.50	833		—
Whitney Merger Sub, Inc.	Revolver	0.50	4,895		(49)
Wineshipping.com LLC	Delayed Draw	—	1,384		(384)
Wineshipping.com LLC	Revolver	0.50	213		(59)
World 50, Inc.	Revolver	0.50	860		1
YLG Holdings, Inc.	Delayed Draw	1.00	454		1
YLG Holdings, Inc.	Revolver	0.50	503		1
Total unfunded commitments			$	431,606	$	(2,800)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)

The type of investments as of December 31, 2025 consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value


First Lien Debt	$	2,082,022	$	2,061,847	83.7	%
Second Lien Debt	97,765		95,130		3.9
Equity Investments	118,608		143,331		5.8
Investment Funds	171,001		163,614		6.6
Total	$	2,469,396	$	2,463,922	100.0	%

The rate type of debt investments as of December 31, 2025 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	2,207,712	$	2,184,878	99.4	%
Fixed Rate	12,575		12,599		0.6
Total	$	2,220,287	$	2,197,477	100.0	%

The industry composition of investments as of December 31, 2025 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	42,071	$	41,424	1.7	%
Auto Aftermarket & Services	56,891		54,627		2.2
Beverage & Food	16,722		12,342		0.5
Business Services	184,925		187,064		7.6
Capital Equipment	106,173		105,607		4.3
Chemicals, Plastics & Rubber	32,918		32,582		1.3
Construction & Building	111,692		107,881		4.4
Consumer Goods: Durable	430		397		0.0
Consumer Goods: Non-Durable	4,501		4,542		0.2
Consumer Services	202,265		198,367		8.1
Containers, Packaging & Glass	55,138		55,518		2.3
Diversified Financial Services	190,675		192,592		7.8
Energy: Electricity	11,838		12,049		0.5
Energy: Oil & Gas	1,101		1,235		0.1
Environmental Industries	57,978		55,954		2.3
Healthcare & Pharmaceuticals	457,916		477,306		19.4
High Tech Industries	160,137		159,078		6.5
Investment Funds	171,001		163,614		6.6
Leisure Products & Services	120,391		121,680		4.9
Media: Advertising, Printing & Publishing	318		241		0.0

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


Industry	Amortized Cost		Fair Value		% of Fair Value
Media: Broadcasting & Subscription	$	(14)	$	(14)	0.0	%
Media: Diversified & Production	12,388		13,500		0.5
Retail	20,182		20,299		0.8
Software	293,250		296,004		12.0
Sovereign & Public Finance	6,199		6,146		0.2
Telecommunications	59,286		59,456		2.4
Transportation: Cargo	26,572		17,325		0.7
Transportation: Consumer	22,924		22,923		0.9

Utilities: Oil & Gas	14,836		14,828		0.6
Utilities: Water	8,498		8,886		0.4
Wholesale	20,194		20,469		0.8

Total	$	2,469,396	$	2,463,922	100.0	%

The geographical composition of investments as of December 31, 2025 was as follows:


Geography	Amortized Cost		Fair Value		% of Fair Value
Australia	$	4,486	$	4,516	0.2	%
Canada	99,713		105,296		4.3
France	26,504		27,782		1.1
Ireland	7,268		7,828		0.3
Italy	25,836		28,094		1.1
Luxembourg	12,488		12,514		0.5
Spain	7,531		7,663		0.3
Sweden	1,168		363		0.0
United Kingdom	96,614		100,150		4.1
United States	2,187,788		2,169,716		88.1
Total	$	2,469,396	$	2,463,922	100.0	%

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Conten t s

CARLYLE SECURED LENDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

As of March 31, 2026

(amounts in thousands, except share and per share data, unless otherwise indicated)

1. ORGANIZATION

Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “CGBD” or the “Company”) is a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In addition, the Company has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments in U.S. middle market companies. The Company's core investment strategy focuses on lending to U.S. middle market companies, which the Company defines as companies with approximately $25.0 million or greater of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. This core strategy is opportunistically supplemented with differentiated and complementary lending and investing strategies, which take advantage of the broad capabilities of Carlyle’s Global Credit platform while offering risk-diversifying portfolio benefits. The Company seeks to achieve its objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans (collectively, “Middle Market Senior Loans”), with a minority of its assets invested in higher yielding investments (which may include unsecured debt, subordinated debt and investments in equities and structured products). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.

The Company invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if it was rated. These securities, which are often referred to as “junk,” have predominately speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.

On May 2, 2013, the Company completed its initial closing of capital commitments (the “Initial Closing”) and subsequently commenced substantial investment operations. Effective March 15, 2017, the Company changed its name from “Carlyle GMS Finance, Inc.” to “TCG BDC, Inc.” On June 19, 2017, the Company closed its initial public offering, issuing 9,454,200 shares of its common stock (including shares issued pursuant to the exercise of the underwriters’ over-allotment option on July 5, 2017) at a public offering price of $18.50 per share. Net of underwriting costs, the Company received cash proceeds of $169,488. Shares of common stock of the Company began trading on the Nasdaq Global Select Market under the symbol “CGBD” on June 14, 2017. Effective April 12, 2022, the Company changed its name from “TCG BDC, Inc.” to “Carlyle Secured Lending, Inc.”

The Company is externally managed by its investment adviser, Carlyle Global Credit Investment Management L.L.C. (the “Investment Adviser”), a wholly owned subsidiary of The Carlyle Group Inc. and an investment adviser registered under the Investment Advisers Act of 1940, as amended. Carlyle Global Credit Administration L.L.C. (the “Administrator”) provides the administrative services necessary for the Company to operate. Both the Investment Adviser and the Administrator are wholly owned subsidiaries of Carlyle Investment Management L.L.C. (“CIM”), a wholly owned subsidiary of The Carlyle Group Inc. “Carlyle” refers to The Carlyle Group Inc. and its affiliates and its consolidated subsidiaries (other than portfolio companies of its affiliated funds), a global investment firm publicly traded on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “CG”. Refer to the sec.gov website for further information on Carlyle.

TCG BDC SPV LLC (“SPV”) is a Delaware limited liability company that was formed on January 3, 2013. Prior to the termination of its senior secured credit facility on December 11, 2020, SPV invested in first and second lien senior secured loans. SPV is a wholly owned subsidiary of the Company and is consolidated in these unaudited consolidated financial statements commencing from the date of its formation.

On June 26, 2015, the Company completed a $400,000 term debt securitization (the “2015-1 Debt Securitization”). The notes offered in the 2015-1 Debt Securitization (the “2015-1 Notes”) were issued by Carlyle Direct Lending CLO 2015-1R LLC (the “2015-1 Issuer”), a wholly owned and consolidated subsidiary of the Company. On August 30, 2018, the 2015-1 Issuer refinanced the 2015-1 Debt Securitization (the “2015-1 Debt Securitization Refinancing”) by redeeming in full the

Table of Conten t s

2015-1 Notes and issuing $449,000 in new notes (the “2015-1R Notes”). The 2015-1R Notes were secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans. On July 2, 2024, the 2015-1 Issuer completed a refinancing of the 2015-1R Notes (the “2015-1R Refinancing”) by redeeming in full the 2015-1R Notes and issuing $410,000 in new notes and loans (the “2015-1N Debt” and together with the 2015-1R Notes, the “Securitizations"), which was inclusive of $30,000 in Class C-R Notes retained by the Company as of both July 2, 2024 and March 31, 2026. The Class C-R Notes are eliminated in consolidation. Refer to Note 9, Borrowings, to these unaudited consolidated financial statements for details. The 2015-1 Issuer is consolidated in these unaudited consolidated financial statements commencing from the date of its formation.

On February 29, 2016, the Company and Credit Partners USA LLC (“Credit Partners”) entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Middle Market Credit Fund, LLC (“Credit Fund”). Credit Fund primarily invests in first lien loans of middle market companies. Credit Fund is managed by a six-member board of managers, on which the Company and Credit Partners each have equal representation. The Company and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $250,000 each as of March 31, 2026, increased from $175,000 each on February 11, 2026. Refer to Note 5, Middle Market Credit Fund, LLC, to these unaudited consolidated financial statements for details.

On November 3, 2020, the Company and Cliffwater Corporate Lending Fund (“CCLF”), an investment vehicle managed by Cliffwater LLC, entered into a limited liability company agreement to co-manage Middle Market Credit Fund II, LLC (together with its wholly owned subsidiary Middle Market Credit Fund II SPV, LLC, “Credit Fund II”). Prior to the completion of the Credit Fund II Purchase (as defined below), Credit Fund II was managed by a four-member board of managers, on which the Company and CCLF each had equal representation, and the Company and CCLF held approximately 84.13% and 15.87% economic ownership of Credit Fund II, respectively.

On February 10, 2025, the Company and CCLF entered into an amendment to the Credit Fund II limited liability company agreement (as so amended, the “Amended Credit Fund II LLCA”). Pursuant to the terms of the Amended Credit Fund II LLCA, Credit Fund II distributed $2,667 to CCLF, and the Company contributed $140,000 in cash to Credit Fund II. Such distributions and contributions were accounted for as a reduction in CCLF's membership interest based on the net asset value of Credit Fund II as of December 31, 2024. On February 11, 2025, the Company entered into a membership interest purchase agreement to purchase CCLF's remaining membership interest for cash at the net asset value thereof as of December 31, 2024 (the “Credit Fund II Purchase”), after which Credit Fund II became a wholly owned subsidiary of the Company and in connection therewith the CCLF board members resigned. See Note 6, Middle Market Credit Fund II, LLC, to these unaudited consolidated financial statements for details. Credit Fund II invests in senior secured loans of middle market companies.

On May 5, 2020, the Company issued and sold 2,000,000 shares of cumulative convertible preferred stock, par value $0.01 per share (the “Preferred Stock”), to an affiliate of Carlyle in a private placement at a price of $25 per share. On March 27, 2025, in connection with the CSL III Merger (as defined below), the Company entered into a preferred stock exchange agreement (the “ Preferred Stock Exchange Agreement”) with CIM, the holder of record of shares of the Preferred Stock. Pursuant to the Preferred Stock Exchange Agreement, CIM surrendered all 2,000,000 outstanding shares of Preferred Stock in exchange for a number of shares of the Company’s common stock equal to the aggregate liquidation preference of the Preferred Stock divided by the net asset value per share of the Company as of March 25, 2025 (the “Preferred Stock Exchange”). Immediately prior to the Preferred Stock Exchange, the Company paid all accrued and unpaid dividends on the Preferred Stock. Following the Preferred Stock Exchange, the Preferred Stock was cancelled and is no longer outstanding. See Note 11, Net Assets, to these unaudited consolidated financial statements for additional information regarding the Preferred Stock and the Preferred Stock Exchange.

On March 27, 2025, the Company completed its acquisition of Carlyle Secured Lending III (“CSL III”), a Maryland corporation, pursuant to the Agreement and Plan of Merger (as amended the “Merger Agreement”), dated as of August 2, 2024, by and among the Company, CSL III, Blue Fox Merger Sub Inc., a Maryland corporation and wholly owned subsidiary of the Company (“Merger Sub”), and, solely for the limited purposes set forth therein, CSL III Advisor, LLC, a Delaware limited liability company and investment adviser to CSL III (“CSL III Advisor”), and the Investment Adviser (together with CSL III Advisor, the “Advisors”), pursuant to which, Merger Sub first merged with and into CSL III, with CSL III continuing as the surviving company and as a wholly owned subsidiary of the Company (the “Merger”) and immediately thereafter, CSL III merged with and into the Company, with the Company continuing as the surviving company (together with the Merger, the “CSL III Merger”). Commencing on the completion of the CSL III Merger, all activity is consolidated in these unaudited consolidated financial statements. Refer to Note 16, Merger with CSL III, to these unaudited consolidated financial statements for additional information regarding the CSL III Merger.

Table of Conten t s

Carlyle Secured Lending III SPV, L.L.C. (the “CSL III SPV”) is a Delaware limited liability company formed on August 31, 2022, that became a wholly owned and consolidated subsidiary of the Company as a result of the CSL III Merger. CSL III SPV invests in first and second lien senior secured loans and is consolidated in these unaudited consolidated financial statements commencing on the completion of the CSL III Merger.

On December 23, 2025, the Company and Carlyle Credit Solutions, Inc. (“CARS”), an affiliated BDC of the Company, together with certain affiliates of Sixth Street Partners, LLC, Sixth Street Lending Partners and Sixth Street Specialty Lending, Inc. (together, “Sixth Street”) (collectively with the Company and CARS, the “SCP Members”), entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Structured Credit Partners JV, LLC (“Structured Credit Partners”). The SCP Members each hold 25% voting interests through non-economic Class A membership interests. Each Carlyle SCP Member’s initial capital commitment to Structured Credit Partners is up to $150,000, if and when requested, and the total initial capital commitments of all SCP Members to Structured Credit Partners are up to $600,000, if and when requested. Each SCP Member has equal representation on the board of managers of Structured Credit Partners. Refer to Note 7, Structured Credit Partners JV, LLC, to these unaudited consolidated financial statements for additional information regarding Structured Credit Partners.

As a BDC, the Company is required to comply with certain regulatory requirements. As part of these requirements, the Company must not acquire any assets other than “qualifying assets” specified in the Investment Company Act unless, at the time the acquisition is made, at least 70% of its total assets are qualifying assets (with certain limited exceptions).

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. Pursuant to this election, the Company generally does not have to pay corporate level taxes on any income that it distributes to stockholders, provided that the Company satisfies those requirements.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, the SPV, the 2015-1 Issuer, the CSL III SPV, and the Credit Fund II. All significant intercompany balances and transactions have been eliminated. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value.

The unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of unaudited consolidated financial statements for the interim periods presented have been included. These adjustments are of a normal, recurring nature. This Form 10-Q should be read in conjunction with the Company's annual report on Form 10-K for the year ended December 31, 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results to be expected for the full year.

Certain prior period disclosures within the Consolidated Statement of Cash flows have been amended to conform to the current period presentation.

Use of Estimates

The preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on base management and incentive fees involve a higher degree of judgment and complexity and these

Table of Conten t s

assumptions and estimates may be significant to the unaudited consolidated financial statements. Actual results could differ from these estimates and such differences could be material.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment at the time of exit using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3, Fair Value Measurements, to these unaudited consolidated financial statements for further information about fair value measurements.

Derivative Instruments

The Company follows the guidance in Topic 815, Derivatives and Hedging (“ASC 815”), when accounting for derivative instruments. The Company recognizes all derivative instruments at fair value as either assets or liabilities in its unaudited consolidated financial statements. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

The Company has in the past and may in the future use forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Until the contracts are closed, fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as net change in unrealized gain (loss) on forward currency contracts within the Consolidated Statements of Operations. When the contracts are closed, realized gains (losses) are recorded as realized gain (loss) on forward currency contracts within the Consolidated Statements of Operations. The forward currency contracts are recorded at fair value on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. The change in fair value of the forward currency contracts is reflected as net change in unrealized (gain) loss on forward currency contracts within the Consolidated Statements of Cash Flows. Refer to Note 8, Derivative Instruments, to these unaudited consolidated financial statements for further information.

The Company uses interest rate swaps to hedge some of the Company's fixed rate debt. The Company designated the interest rate swaps as the hedging instrument in an effective hedge accounting relationship and therefore the periodic payments and receipts are recognized as components of interest expense and credit facility fees within the accompanying Consolidated Statements of Operations. Depending on the nature of the balance at the end of the period, the fair value of the interest rate swap is either an asset and included in derivative assets, at fair value on the accompanying Consolidated Statements of Assets and Liabilities or a liability and included in derivative liabilities, at fair value on accompanying Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. The change in fair value of the interest rate swap is reflected as net change in unrealized gain (loss) on interest rate swaps within the Consolidated Statements of Cash Flows.

Any amounts held by the Company in a separate account to cover collateral obligations to the counterparty under the terms of the ISDA Master Agreement (as defined in Note 8, Derivative Instruments, to these unaudited consolidated financial statements) and interest rate swap agreements are included in cash, cash equivalents, and restricted cash on the accompanying Consolidated Statements of Assets and Liabilities. Any amounts paid to and held by the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in prepaid expenses and other assets on the accompanying Consolidated Statements of Assets and Liabilities. Any amounts paid from the counterparty due to market value fluctuations to cover collateral under the terms of the interest rate swap agreement are included in other accrued expenses and liabilities on accompanying Consolidated Statements of Assets and Liabilities.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. Treasury notes) with original maturities of three months or less. Cash equivalents are carried at amortized cost, which approximates fair value. The Company’s cash, cash equivalents and restricted cash are held with two large financial

Table of Conten t s

institutions and cash held at each financial institution may, at times, exceed the Federal Deposit Insurance Corporation insured limit. As of March 31, 2026 and December 31, 2025, the Company held restricted cash balances of $28,780 and $31,474, respectively. Restricted cash balances represent amounts that are collected and held by trustees appointed by the Company for payment of interest expense and principal on the outstanding borrowings and reinvestment into new assets. Restricted cash balances also include amounts held by the Company in a separate account to cover collateral obligations under the terms of any interest rate swap agreements. The amounts are held by the trustees as custodians of the assets securing certain of the Company’s financing transactions. As of March 31, 2026 and December 31, 2025, there was no restricted cash denominated in foreign currencies. As of March 31, 2026 and December 31, 2025, the cost of foreign currencies was $2,789 and $3,453, respectively. As of March 31, 2026 and December 31, 2025, the fair value of foreign currencies was $2,779 and $3,467, respectively.

Revenue Recognition

Interest from Investments

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any.

The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK income represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. As of March 31, 2026 and December 31, 2025, the fair value of the loans in the portfolio with PIK provisions was $390,789 and $305,090, respectively, which represents approximately 17.2% and 12.4%, respectively, of total investments at fair value. For the three months ended March 31, 2026 and 2025, the Company earned $6,481 and $5,379 in PIK income, respectively.

Dividend Income

Dividend income from the investment funds, Credit Fund and Credit Fund II, Structured Credit Partners, and other investments funds, if any, is recorded on the record date for the investment fund to the extent that such amounts are payable by the investment funds and are expected to be collected.

Other Income

Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee. The unamortized amount, if any, is included in prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. For the three months ended March 31, 2026 and 2025, the Company earned $2,595 and $951, respectively, in other income, primarily from amendment fees, prepayment fees and unused commitment fees.

Non-Accrual Income

Loans are generally placed on non-accrual status when principal or interest payments are past due or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are current or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in management’s judgment, are likely to remain current. Management may determine not to place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2026 and December 31, 2025, the fair value of investments on non-accrual status was $20,617 and $30,541, respectively. The remaining income producing investments were performing and current on their interest payments as of March 31, 2026 and December 31, 2025 and for the periods then ended.

Credit Facilities, Senior Notes, and Debt Securitization – Related Costs, Expenses and Deferred Financing Costs

The Credit Facilities, the 2015-1N Debt, and the Senior Notes, each as defined within Note 9, Borrowings, to these unaudited consolidated financial statements, are recorded at carrying value, which approximates fair value. Interest expense and

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unused commitment fees on the Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.

Deferred financing costs include capitalized expenses related to the closing or amendments of the Credit Facilities. Amortization of deferred financing costs for the Credit Facilities is computed on the straight-line basis over the respective term of each Credit Facility. The unamortized balance of such costs is included in prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.

Debt issuance costs include capitalized expenses including structuring and arrangement fees related to the offering of the 2015-1N Debt and Senior Notes. Amortization of debt issuance costs for the notes is computed on the effective yield method over the term of the notes. The unamortized balance of such costs is presented as a direct deduction to the carrying amount of the notes in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Refer to Note 9, Borrowings, to these unaudited consolidated financial statements for additional information regarding the Company’s financing activity.

Asset Acquisition

The CSL III Merger and Credit Fund II Purchase were accounted for under the asset acquisition method of accounting in accordance with ASC 805 – Business Combinations – Related Issues (“ASC Topic 805”), also referred to as “purchase accounting.” Under the asset acquisition method of accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the assets’ carrying amounts on the acquiring entity’s books.

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example, cash), and does not give rise to goodwill. To the extent that the consideration paid to the CSL III shareholders or the members of acquired entities exceeded the relative fair values of the net identifiable assets acquired, other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets, which are investments in loans, equity securities and forward currency contracts. Immediately following the completion of the CSL III Merger and the Credit Fund II Purchase, the Company recorded the acquired assets at their respective fair values and, as a result, the purchase premium or discount allocated to the cost basis of the assets acquired was immediately recognized as unrealized depreciation or appreciation on the Company’s Consolidated Statement of Operations. The purchase premium or discount allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation/appreciation on the loans acquired through their ultimate disposition. Net increase (decrease) to investment income from the amortization of purchase premiums and discounts relating to asset acquisitions for the three months ended March 31, 2026 was $(178). The purchase premium or discount allocated to investments in equity securities and forward currency contracts will not amortize through interest income and, assuming no subsequent change to the fair value of such equity securities and disposition at fair value, the Company will recognize a realized loss or a reduction in realized gains with a corresponding reversal of the unrealized depreciation or appreciation upon disposition of the CSL III equity securities and forward currency contracts acquired.

Income Taxes

For federal income tax purposes, the Company has elected to be treated as a RIC under the Code, and intends to make the required distributions to its stockholders as specified therein. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

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In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three months ended March 31, 2026 and 2025, the Company incurred $441 and $676 in excise tax expense, respectively.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its unaudited consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. The SPV, CSL III SPV, Credit Fund II and the 2015-1 Issuer are disregarded entities for tax purposes and are consolidated with the tax return of the Company. All penalties and interest associated with income taxes, if any, are included in income tax expense.

Dividends and Distributions to Common Stockholders

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its common stockholders. Dividends and distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board of Directors each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, are generally distributed at least annually, although the Company may decide to retain such capital gains for investment.

Prior to July 5, 2017, the Company had an “opt in” dividend reinvestment plan. Effective on July 5, 2017, the Company converted the “opt in” dividend reinvestment plan to an “opt out” dividend reinvestment plan that provides for reinvestment of dividends and other distributions on behalf of the common stockholders, other than those common stockholders who have “opted out” of the plan. As a result of adopting the plan, if the Board of Directors authorizes, and the Company declares, a cash dividend or distribution, the common stockholders who have not elected to “opt out” of the dividend reinvestment plan will have their cash dividends or distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash. Each registered stockholder may elect to have such stockholder’s dividends and distributions distributed in cash rather than participate in the plan. For any registered stockholder that does not so elect, distributions on such stockholder’s shares will be reinvested by State Street Bank and Trust Company, the Company’s plan administrator, in additional shares. The number of shares to be issued to the stockholder will be determined based on the total dollar amount of the cash distribution payable, net of applicable withholding taxes. The Company intends to use primarily newly issued shares to implement the plan so long as the market value per share is equal to or greater than the net asset value per share on the relevant valuation date. If the market value per share is less than the net asset value per share on the relevant valuation date, the plan administrator would implement the plan through the purchase of common stock on behalf of participants in the open market, unless the Company instructs the plan administrator otherwise.

Functional Currency

The functional currency of the Company is the U.S. Dollar. Investments are generally made in the local currency of the country in which the investments are domiciled and are translated into U.S. Dollars with foreign currency translation gains or losses recorded within net change in unrealized appreciation (depreciation) on investments in the accompanying Consolidated Statements of Operations. Foreign currency translation gains and losses on non-investment assets and liabilities are separately reflected in the accompanying Consolidated Statements of Operations.

Earnings Per Common Share

The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

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Recent Accounting Standards Updates

In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expense for public entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. In January 2025, the FASB issued ASU 2025-01, which revises the effective date of ASU 2024-03. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance.

In November 2024, the FASB issued ASU 2024-04, which amends ASC 470-20 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. The amendments are effective for fiscal years and interim periods within fiscal years beginning after December 15, 2025. The Company notes this guidance does not have a material impact on its unaudited consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, which is intended to better align hedge accounting with entities’ risk management activities. The amendments expand and clarify hedge accounting guidance for certain financial and nonfinancial risk components and align the recognition and presentation of the effects of hedging instruments and hedged items in the financial statements. The amendments are effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. The Company does not expect this guidance to have a material impact on its unaudited consolidated financial statements.

3. FAIR VALUE MEASUREMENTS

The Company applies fair value accounting in accordance with the terms of FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the amount that would be exchanged to sell an asset or transfer a liability in an orderly transfer between market participants at the measurement date. Effective September 8, 2022, the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act, determines in good faith the fair value of the Company’s investment portfolio for which market quotations are not readily available. The Investment Adviser values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Investment Adviser may also obtain quotes with respect to certain of its investments, such as its securities/instruments traded in active markets and its liquid securities/instruments that are not traded in active markets, from pricing services, brokers, or counterparties (i.e., “consensus pricing”). When doing so, the Investment Adviser determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. The Investment Adviser may use the quote obtained or alternative pricing sources may be utilized including valuation techniques typically utilized for illiquid securities/instruments.

Securities/instruments that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Investment Adviser, does not represent fair value shall each be valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment and include comparable public market valuations, comparable precedent transaction valuations and/or discounted cash flow analyses. The process generally used to determine the applicable value is as follows: (i) the value of each portfolio company or investment is initially reviewed by the investment professionals responsible for such portfolio company or investment and, for non-traded investments, a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs is used to determine a preliminary value, which is also reviewed alongside consensus pricing, where available; (ii) preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of personnel of the Investment Adviser; and (iii) the Investment Adviser engages a third-party valuation firm to provide positive assurance on portions of the Middle Market Senior Loans and equity investments portfolio each quarter (such that each non-traded investment other than Credit Fund and Structured Credit Partners is reviewed by a third-party valuation firm at least once on a rolling twelve month basis) including a review of management’s preliminary valuation and conclusion on fair value.

All factors that might materially impact the value of an investment are considered, including, but not limited to the assessment of the following factors, as relevant:

•the nature and realizable value of any collateral;

•call features, put features and other relevant terms of debt;

•the portfolio company’s leverage and ability to make payments;

•the portfolio company’s public or private credit rating;

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•the portfolio company’s actual and expected earnings and discounted cash flow;

•prevailing interest rates and spreads for similar securities and expected volatility in future interest rates;

•the markets in which the portfolio company does business and recent economic and/or market events; and

•comparisons to comparable transactions and publicly traded securities.

Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date, which in many cases may reflect a lag in information.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the unaudited consolidated financial statements as of March 31, 2026 and audited consolidated financial statements as of December 31, 2025.

U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

Investments measured and reported at fair value are classified and disclosed based on the observability of inputs used in determination of fair values, as follows:

•Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. Financial instruments in this category generally include unrestricted securities, including equities and derivatives, listed in active markets. The Investment Adviser does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

•Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. Financial instruments in this category generally include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

•Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments in this category generally include investments in privately-held entities, structured credit investments, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Investment Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Investments in Credit Fund and Structured Credit Partners are valued based on the legal form of investment. Investments structured through LLC membership interests may be valued using either the practical expedient (net asset value method) or a discounted cash flow method, as determined appropriate by the Investment Adviser. For those structured through subordinated notes, a discounted cash flow method is used.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026, there were transfers of 276 out of Level 3 and no transfers into Level 3. For the three months ended March 31, 2025, there were no transfers between levels.

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The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	1,899,631	$	1,899,631
Second Lien Debt	—		—		78,325		78,325
Equity Investments	276		—		156,091		156,367
Investment Funds	—		—		142,782		142,782


Total Investments	$	276	$	—	$	2,276,829	$	2,277,105


Derivative assets(1)	—		—		—		—
Liabilities
Derivative liabilities(1)	—		(5,033)		—		(5,033)
Total							$	2,272,072


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	2,061,847	$	2,061,847
Second Lien Debt	—		—		95,130		95,130
Equity Investments	—		—		143,331		143,331
Investment Funds	—		—		163,614		163,614


Total Investments	$	—	$	—	$	2,463,922	$	2,463,922


Derivative assets(1)	—		298		—		298
Liabilities
Derivative liabilities(1)	—		(1,436)		—		(1,436)
Total							$	2,462,784

(1)As of March 31, 2026 and December 31, 2025, derivative assets and liabilities consisted of interest rate swaps.

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The changes in the Company’s investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments still held are as follows:


	Financial Assets
	Three Months Ended March 31, 2026
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	2,061,847	$	95,130	$	143,331	$	163,614	$	2,463,922
Purchases	198,327		1,065		18,909		19,799		238,100
Sales	(162,853)		(15)		(1,991)		—		(164,859)
Paydowns	(177,088)		(11,702)		—		(40,500)		(229,290)
Accretion of discount	2,271		228		14		—		2,513
Net realized gains (losses)	(9,469)		(310)		297		—		(9,482)
Net change in unrealized appreciation (depreciation)	(13,404)		(6,071)		(4,193)		(131)		(23,799)
Transfers Out of Level 3	—		—		(276)		—		(276)
Balance, end of period	$	1,899,631	$	78,325	$	156,091	$	142,782	$	2,276,829
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(21,344)	$	(5,998)	$	(3,441)	$	(131)	$	(30,914)


	Financial Assets
	Three Months Ended March 31, 2025
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	1,323,697	$	116,467	$	116,746	$	182,636	$	1,739,546
Purchases	171,923		989		3,598		—		176,510
Transfer In - CSL III Merger	479,124		4,117		2,432		—		485,673
Transfer In - Credit Fund II Purchase	181,645		9,493		63		—		191,201
Sales	(88,285)		(1,137)		(6,415)		(62,500)		(158,337)
Paydowns	(187,006)		(100)		—		—		(187,106)
Accretion of discount	2,749		160		59		—		2,968
Net realized gains (losses)	925		(7,974)		22		—		(7,027)
Net change in unrealized appreciation (depreciation)	(11,681)		7,614		5,010		1,255		2,198
Balance, end of period	$	1,873,091	$	129,629	$	121,515	$	121,391	$	2,245,626
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations	$	(13,947)	$	(386)	$	4,886	$	1,255	$	(8,192)

The Company generally uses the following framework when determining the fair value of investments that are categorized as Level 3:

Investments in debt securities are initially evaluated to determine whether the enterprise value of the portfolio company is greater than the applicable debt. The enterprise value of the portfolio company is estimated using a market approach and an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Investment Adviser carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. The income approach typically uses a discounted cash flow analysis of the portfolio company.

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Investments in debt securities that do not have sufficient coverage through the enterprise value analysis are valued based on an expected probability of default and discount recovery analysis.

Investments in debt securities with sufficient coverage through the enterprise value analysis are generally valued using a discounted cash flow analysis of the underlying security. Projected cash flows in the discounted cash flow typically represent the relevant security’s contractual interest, fees and principal payments plus the assumption of full principal recovery at the security’s expected maturity date. The discount rate to be used is determined using an average of two market-based methodologies. Investments in debt securities may also be valued using consensus pricing on indicative quotes, which includes quotes from pricing services, brokers, or counterparties as well as recent transaction prices.

Investments in equities are generally valued using a market approach and/or an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The income approach typically uses a discounted cash flow analysis of the portfolio company.

Investments in Credit Fund’s mezzanine loan are valued using collateral analysis with the expected recovery rate of principal and interest. Investments in Credit Fund’s subordinated loan and member’s interest are valued using discounted cash flow analysis with the expected discount rate, default rate and recovery rate of principal and interest. The investments in Structured Credit Partners Class A and Class B are valued using consensus pricing on indicative quotes, which includes recent transaction prices.

The following tables summarize the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of March 31, 2026 and December 31, 2025:


	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	March 31, 2026				Low		High
Investments in First Lien Debt	$	1,706,571	Discounted Cash Flow	Discount Rate	7.44	%	23.66	%	9.98	%
	114,186		Consensus Pricing	Indicative Quotes	47.50	%	99.12	%	92.53	%
	78,874		Income Approach	Discount Rate	9.86	%	13.79	%	11.31	%
			Market Approach	Comparable Multiple	9.50x		10.92x		10.12x
Total First Lien Debt	1,899,631
Investments in Second Lien Debt	59,498		Discounted Cash Flow	Discount Rate	14.29	%	18.57	%	17.75	%
	12,025		Consensus Pricing	Indicative Quotes	92.50	%	92.50	%	92.50	%
	6,802		Income Approach	Discount Rate	9.98	%	13.36	%	10.00	%
Total Second Lien Debt	78,325
Investments in Equity	59,622		Income Approach	Discount Rate	12.06	%	16.41	%	13.16	%
	10,456		Consensus Pricing	Indicative Quotes	98.25%		98.25%		95.65%
	86,013		Market Approach	Comparable Multiple	3.00x		19.00x		10.26x
Total Equity Investments	156,091

Investments in Investment Funds	122,983		Discounted Cash Flow	Discount Rate	12.50	%	12.50	%	12.50	%
			Discounted Cash Flow	Default Rate	2.00	%	2.00	%	2.00	%
			Discounted Cash Flow	Recovery Rate	60.00	%	60.00	%	60.00	%
	19,799		Consensus Pricing	Indicative Quotes	100.00	%	100.00	%	100.00	%
Total Investments in Investment Funds	142,782
Total Level 3 Investments	$	2,276,829

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	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	December 31, 2025				Low		High
Investments in First Lien Debt	$	1,818,450	Discounted Cash Flow	Discount Rate	5.54	%	23.90	%	9.33	%
	159,132		Consensus Pricing	Indicative Quotes	64.38	%	100.00	%	95.82	%
	84,265		Income Approach	Discount Rate	9.96	%	14.55	%	11.57	%
			Market Approach	Comparable Multiple	8.50x		11.50x		9.57x
Total First Lien Debt	2,061,847
Investments in Second Lien Debt	76,571		Discounted Cash Flow	Discount Rate	10.89	%	17.22	%	13.00	%
	11,984		Consensus Pricing	Indicative Quotes	92.19	%	92.19	%	92.19	%
	6,575		Income Approach	Discount Rate	9.96	%	13.35	%	9.97	%
Total Second Lien Debt	95,130
Investments in Equity	56,658		Income Approach	Discount Rate	9.75	%	16.16	%	12.37	%
	86,673		Market Approach	Comparable Multiple	3.00x		21.25x		10.84x
Total Equity Investments	143,331
Investments in Investment Funds
Mezzanine Loan	40,500		Consensus Pricing	Indicative Quotes	100.00	%	100.00	%	100.00	%
Subordinated Loan and Member's Interest	123,114		Discounted Cash Flow	Discount Rate	11.75	%	11.75	%	11.75	%
			Discounted Cash Flow	Default Rate	2.00	%	2.00	%	2.00	%
			Discounted Cash Flow	Recovery Rate	60.00	%	60.00	%	60.00	%
Total Investments in Investment Funds	163,614
Total Level 3 Investments	$	2,463,922

The significant unobservable inputs used in the fair value measurement of the Company’s investments in first and second lien debt securities are discount rates, indicative quotes and comparable EBITDA multiples. The significant unobservable inputs used in the fair value measurement of the Company’s investments in equities are discount rates and comparable EBITDA multiples. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in indicative quotes or comparable EBITDA multiples in isolation would result in a significantly lower fair value measurement.

The significant unobservable input used in the fair value measurement of the Company’s investment in the mezzanine loan of Credit Fund is the recovery rate of principal and interest. A significant decrease in the recovery rate would result in a significantly lower fair value measurement.

The significant unobservable inputs used in the fair value measurement of the Company’s investments in the subordinated loan and member’s interest of Credit Fund are the discount rate, default rate and recovery rate. The significant unobservable inputs used in the fair value measurement of the Company’s investments in the member’s interest of Structured Credit Partners are indicative quotes. Significant increases in the discount rate or default rate in isolation would result in a significantly lower fair value measurement. A significant decrease in the recovery rate in isolation would result in a significantly lower fair value measurement.

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Financial instruments disclosed but not carried at fair value

The following table presents the principal amount and fair value of the Credit Facility, the Senior Notes, and the 2015-1N Debt as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
Secured borrowings	$	415,319	$	415,319	$	563,660	$	563,660

2030 Notes	300,000		301,709		300,000		299,749
2031 Notes	300,000		303,340		300,000		301,436






2015-1N Aaa/AAA Class A-1-1-A Notes	240,000		240,054		240,000		240,118
2015-1N Aaa/AAA Class A-L Loans	50,000		50,011		50,000		50,025
2015-1N Aaa/AAA Class A-1-2-B Notes	20,000		19,971		20,000		20,001
2015-1N AA Class A-2-RR Notes	30,000		29,789		30,000		29,858
2015-1N A Class B-R Notes	40,000		39,700		40,000		39,799

Total	$	1,395,319	$	1,399,893	$	1,543,660	$	1,544,646

The carrying values of the secured borrowings generally approximate their respective fair values due to their variable interest rates. Secured borrowings are categorized as Level 3 within the hierarchy.

The carrying values of the Senior Notes approximate their respective fair values due to their inclusion of the effective portion of the fair value of the interest rate swap, as further discussed in Note 8, Derivative Instruments, to these unaudited consolidated financial statements. The Senior Notes are categorized as Level 3 within the hierarchy.

The carrying value of the 2015-1N Debt approximates their fair value. The 2015-1N Debt is categorized as Level 3 within the hierarchy and is valued generally using market quotation(s) received from broker/dealer(s), which are significant unobservable inputs.

The carrying value of other financial assets and liabilities approximates their fair value based on the short-term nature of these items.

4. RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On April 3, 2013, the Company’s Board of Directors, including a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act (the “Independent Directors”), approved an investment advisory agreement (the “Original Investment Advisory Agreement”) between the Company and the Investment Adviser in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, Section 15(c) of the Investment Company Act. The Original Investment Advisory Agreement was amended on September 15, 2017, August 6, 2018, and February 20, 2025 after receipt of requisite Board and stockholders' approvals, as applicable (as amended, the “Investment Advisory Agreement”).

Unless terminated earlier, the Investment Advisory Agreement renews automatically for successive annual periods, provided that such continuance is specifically approved at least annually by the vote of the Board of Directors and by the vote of a majority of the Independent Directors. On April 29, 2026, the Company’s Board of Directors, including a majority of the Independent Directors, approved at an in-person meeting the continuance of the Company’s Investment Advisory Agreement with the Adviser for an additional one year term. The Investment Advisory Agreement will automatically terminate in the event of an assignment and may be terminated by either party without penalty upon at least 60 days’ written notice to the other party. Subject to the overall supervision of the Board of Directors, the Adviser provides investment advisory services to the Company. For providing these services, the Adviser receives fees from the Company consisting of two components—a base management fee and an incentive fee.

The base management fee is calculated at an annual rate of 1.50% of the average value of the Company’s gross assets at the end of the two most recently completed fiscal quarters; provided, however, the base management fee is calculated at an annual rate of 1.00% of the Company’s gross assets as of the end of the two most recently completed calendar quarters that

Table of Conten t s

exceeds the product of (A) 200% and (B) the average value of the Company’s net asset value at the end of the two most recently completed calendar quarters. “Gross assets” is determined on a consolidated basis in accordance with U.S. GAAP, includes assets acquired through the incurrence of debt (see Note 9, Borrowings, to these unaudited consolidated financial statements), and excludes cash and any temporary investments in cash equivalents. For purposes of this calculation, cash and cash equivalents includes U.S. government securities and other high quality investment grade debt investments that mature in 12 months or less from the date of investment. The base management fee is payable quarterly in arrears, will be appropriately adjusted for any share issuances or repurchases during such the applicable fiscal quarters, and will be appropriately pro-rated for any partial month or quarter.

The incentive fee has two parts. The first part is calculated and payable quarterly in arrears based on the pre-incentive fee net investment income for the immediately preceding calendar quarter. The second part is determined and payable in arrears based on capital gains as of the end of each calendar year.

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the operating expenses accrued for the quarter (including the base management fee, expenses payable under the administration agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature, accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Under the Third Amended and Restated Investment Advisory Agreement, dated February 20, 2025, the calculation of “Pre-Incentive Fee Net Investment Income” was amended to exclude any amortization or accretion of purchase premiums or purchase discounts to interest income resulting solely from merger-related or acquisition-related accounting adjustments in connection with the assets acquired in the CSL III Merger, Credit Fund II Purchase, or in any similar asset acquisition transaction, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related or acquisition-related accounting adjustments, in the aggregate, would result in an increase in Pre-Incentive Fee Net Investment Income.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, has been compared to a “hurdle rate” of 1.50% per quarter (6.00% annualized) or a “catch-up rate” of 1.82% per quarter (7.28% annualized), as applicable.

Pursuant to the Investment Advisory Agreement, the Company pays its Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:

•no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which its pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%;

•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.82% in any calendar quarter (7.28% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.82%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.82% in any calendar quarter; and

•17.5% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.82% in any calendar quarter (7.28% annualized) will be payable to the Investment Adviser. This reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all pre-incentive fee net investment income thereafter is allocated to the Investment Adviser.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 17.5% of realized capital gains, if any, on a cumulative basis from inception through the date of determination, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid capital gain incentive fees, provided that, the incentive fee determined at the end of the first calendar year of operations may be calculated for a period of shorter than twelve calendar months to take into account any realized capital gains computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation.

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Under the Third Amended and Restated Investment Advisory Agreement, the calculation of cumulative aggregate realized capital gains, cumulative aggregate realized capital losses, and aggregate unrealized capital depreciation also excludes any amounts that result solely from merger-related or acquisition-related accounting adjustments in connection with assets acquired in the CSL III Merger and Credit Fund II Purchase or any similar asset acquisition transaction, including any premium or discount paid for the acquisition of such assets, solely to the extent that inclusion of such adjustments would, in the aggregate, result in an increase in the second part of the incentive fees.

Below is a summary of the base management fees and incentive fees incurred during the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
		2026		2025
Base management fees		$	8,786	$	7,609
Incentive fees		5,348		4,400
Total base management fees and incentive fees		$	14,134	$	12,009

Accrued capital gains incentive fees are based upon the cumulative net realized and unrealized appreciation (depreciation) from inception. Accordingly, the accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. For the three months ended March 31, 2026 and 2025, there were no accrued or realized capital gains incentive fees.

As of March 31, 2026 and December 31, 2025, $14,124 and $14,360, respectively, was included in base management and incentive fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

On April 3, 2013, the Investment Adviser entered into a personnel agreement with The Carlyle Group Employee Co., L.L.C. (“Carlyle Employee Co.”), an affiliate of the Investment Adviser, pursuant to which Carlyle Employee Co. provides the Investment Adviser with access to investment professionals.

Administration Agreement

On April 3, 2013, the Company’s Board of Directors approved the Administration Agreement (the “Administration Agreement”) between the Company and the Administrator. Unless terminated earlier, the Administration Agreement will renew automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Directors or by a majority vote of the outstanding voting securities of the Company and (ii) the vote of a majority of the Company’s Independent Directors. The Administration Agreement may not be assigned by a party without the consent of the other party and may be terminated by either party without penalty upon at least 60 days’ written notice to the other party. On April 29, 2026, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of the Administration Agreement for a one year period.

Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements equal to an amount that reimburses the Administrator for its costs and expenses and the Company’s allocable portion of overhead incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to or compensatory distributions received by the Company’s officers (including the Chief Financial Officer and Chief Compliance Officer) and respective staff who provide services to the Company, operations staff who provide services to the Company, and any internal audit staff, to the extent internal audit performs a role in the Company’s internal control assessment under the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”). Reimbursement under the Administration Agreement occurs quarterly in arrears.

For the three months ended March 31, 2026 and 2025, the Company incurred $482 and $406, respectively, in fees under the Administration Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, $1,738 and $1,261, respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

Sub-Administration Agreements

On April 3, 2013, the Administrator entered into a sub-administration agreement with Carlyle Employee Co. (the “Carlyle Sub-Administration Agreement”). Pursuant to the Carlyle Sub-Administration Agreement, Carlyle Employee Co. provides the Administrator with access to personnel.

Table of Conten t s

On April 3, 2013, the Administrator entered into a sub-administration agreement with State Street Bank and Trust Company (“State Street” and, such agreement, the “State Street Sub-Administration Agreement” and, together with the Carlyle Sub-Administration Agreement, the “Sub-Administration Agreements”). Unless terminated earlier, the State Street Sub-Administration Agreement renews automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Directors or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the Company’s Independent Directors. On April 29, 2026, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of each Sub-Administration Agreement for a one year period. The State Street Sub-Administration Agreement may be terminated upon at least 60 days’ written notice and without penalty by the vote of a majority of the outstanding securities of the Company, or by the vote of the Board of Directors or by either party to the State Street Sub-Administration Agreement.

For the three months ended March 31, 2026 and 2025, the Company incurred $206 and $182, respectively, in fees under the State Street Sub-Administration Agreement. These fees are included in other general and administrative expenses in the accompanying Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, $406 and $333, respectively, was unpaid and included in other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities.

License Agreement

The Company has entered into a royalty free license agreement with CIM, which wholly owns the Investment Adviser and is a wholly owned subsidiary of Carlyle, pursuant to which CIM has granted the Company a non-exclusive, revocable and non-transferable license to use the name and mark “Carlyle.”

Board of Directors

The Company’s Board of Directors currently consists of seven members, four of whom are Independent Directors. The Board of Directors has established an Audit Committee, a Pricing Committee, a Nominating and Governance Committee, and a Compensation Committee. The members of Audit, Nominating and Governance and Compensation committees consist entirely of Independent Directors. In 2024, the Board of Directors established a Special Committee, consisting solely of Independent Directors, to evaluate the terms of the CSL III Merger. The Special Committee is no longer active. The Board of Directors may establish additional committees in the future. For the three months ended March 31, 2026 and 2025, the Company incurred $187 and $148, respectively, in fees and expenses associated with its directors' services on the Company's Board of Directors and its committees. These fees are included in directors’ fees and expenses in the accompanying Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, no fees or expenses associated with its directors were payable.

Transactions with Investment Funds

At times, the Company will engage in purchase and sale transactions with Credit Fund, as detailed below. See Note 5, Middle Market Credit Fund, LLC, to these unaudited consolidated financial statements for further information about Credit Fund.


	Three Months Ended March 31,
	2026		2025


Number of investments sold	9		7
Proceeds from investments	$	152,642	$	88,850
Realized gain (loss) from investments	$	(441)	$	763

Prior to the Credit Fund II Purchase in February 2025, the Company engaged in purchase and sale transactions with Credit Fund II. There were no purchase or sale transactions during the period from January 1, 2025 through the Credit Fund II Purchase date. See Note 6, Middle Market Credit Fund II, LLC, to these unaudited consolidated financial statements for further information about Credit Fund II.

Cumulative Convertible Preferred Stock

On May 5, 2020, the Company issued and sold 2,000,000 shares of the cumulative convertible preferred stock, par value $0.01 per share (the “Preferred Stock”), to an affiliate of Carlyle in a private placement at a price of $25 per share.

In connection with the completion of the CSL III Merger, on March 27, 2025, and in a transaction exempt from registration under the Securities Act, CIM exchanged all 2,000,000 outstanding shares of the Company’s Preferred Stock for 3,004,808 shares of the Company’s common stock based on the aggregate $50,000 liquidation preference of the Preferred Stock

Table of Conten t s

and the Company’s net asset value per share as of March 25, 2025, equal to $16.64. All accrued and unpaid dividends on the Preferred Stock were paid in cash immediately prior to the exchange. The Preferred Stock was cancelled upon exchange, and CIM now holds only the Company’s common stock. See Note 11, Net Assets, to these unaudited consolidated financial statements for further information about the Preferred Stock and Preferred Stock Exchange. For the period from January 1, 2025 to the Preferred Stock Exchange on March 27, 2025, the Company declared and paid dividends on the Preferred Stock of $826.

Transactions with Carlyle

On October 18, 2024, the Company paid an affiliate of Carlyle a fee for underwriting services rendered in connection with the issuance of the 2030 Notes, as defined in Note 9, Borrowings, to these unaudited consolidated financial statements, in the amount of 1.00% of the $9.0 million in aggregate principal of the notes underwritten by the affiliate. See Note 9, Borrowings, to these unaudited consolidated financial statements for further information about the 2028 Notes and the 2030 Notes.

CSL III Merger

Effective March 27, 2025, $1,413 of incentive fees were assumed by the Company upon completion of the merger. These incentive fees were accrued by CSL III prior to the completion of the CSL III Merger and were payable to CSL III Advisor under the investment advisory agreement between CSL III and CSL III Advisor. The incentive fees were paid subsequent to March 27, 2025. The investment advisory agreement between CSL III and CSL III Advisor was terminated upon completion of the CSL III Merger.

Effective March 27, 2025, $1,998 of reimbursable expenses were assumed by the Company upon completion of the merger. These reimbursable expenses were outstanding and payable by CSL III Advisor to CSL III under the expense support and conditional reimbursement agreement (the “CSL III Reimbursement Agreement”) and had been incurred prior to the completion of the CSL III Merger. These reimbursable expenses were subsequently received after March 27, 2025. The CSL III Reimbursement Agreement was terminated upon the completion of the CSL III Merger.

In connection with the completion of the CSL III Merger, the Investment Adviser and CSL III Advisor paid $5,000 in merger-related expenses on behalf of the Company and CSL III. All merger-related expenses incurred above $5,000 were borne by the Company and CSL III in accordance with the Merger Agreement.

5. MIDDLE MARKET CREDIT FUND, LLC

Overview

On February 29, 2016, the Company and Credit Partners entered into an amended and restated limited liability company agreement, which was most recently amended on February 11, 2026 to co-manage Credit Fund, a Delaware limited liability company that is not consolidated in the Company’s unaudited consolidated financial statements. Credit Fund primarily invests in first lien loans of middle market companies. Credit Fund is managed by a six-member board of managers, on which the Company and Credit Partners each have equal representation. Establishing a quorum for Credit Fund’s board of managers requires at least four members to be present at a meeting, including at least two of the Company’s representatives and two of Credit Partners’ representatives. The Company and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $250,000 each as of March 31, 2026, increased from $175,000 each on February 11, 2026. Funding of such commitments generally requires the approval of the board of Credit Fund, including the board members appointed by the Company. By virtue of its membership interest, the Company and Credit Partners each indirectly bear an allocable share of all expenses and other obligations of Credit Fund.

Together with Credit Partners, the Company co-invests through Credit Fund. Investment opportunities for Credit Fund are sourced primarily by the Company and its affiliates. Portfolio and investment decisions with respect to Credit Fund must be unanimously approved by a quorum of Credit Fund’s investment committee consisting of an equal number of representatives of the Company and Credit Partners. Therefore, although the Company owns more than 25% of the voting securities of Credit Fund, the Company does not believe that it has control over Credit Fund (other than for purposes of the Investment Company Act).

Middle Market Credit Fund SPV, LLC (the “Credit Fund Sub”), a Delaware limited liability company, was formed on April 5, 2016. Credit Fund Sub is a wholly owned subsidiary of Credit Fund and is consolidated in Credit Fund’s consolidated financial statements commencing from the date of its formation. Credit Fund Sub primarily invests in first lien loans of middle market companies. Credit Fund and its wholly owned subsidiary follow the same Internal Risk Rating System as the Company.

Table of Conten t s

Refer to “Debt” below in this Note 5 for discussions regarding the credit facility entered into and the notes issued by such wholly owned subsidiaries.

Credit Fund, the Company, and Credit Partners entered into an administration agreement with Carlyle Global Credit Administration L.L.C., the administrative agent of Credit Fund (in such capacity, the “Credit Fund Administrative Agent”), pursuant to which the Credit Fund Administrative Agent is delegated certain administrative and non-discretionary functions, is authorized to enter into sub-administration agreements at the expense of Credit Fund with the approval of the board of managers of Credit Fund, and is reimbursed by Credit Fund for its costs and expenses and Credit Fund’s allocable portion of overhead incurred by the Credit Fund Administrative Agent in performing its obligations thereunder.

Selected Financial Data

Since inception of Credit Fund and through March 31, 2026 and December 31, 2025, the Company and Credit Partners each made capital contributions of $1 in members’ equity and $216,000 in subordinated loans to Credit Fund. On March 24, 2025, the Company and Credit Partners each received an aggregate return of capital on subordinated loans of $62,500. Since inception, the Company and Credit Partners each have received an aggregate return of capital on subordinated loans of $85,500. Below is certain summarized consolidated financial information for Credit Fund as of March 31, 2026 and December 31, 2025.


	As of
	March 31, 2026		December 31, 2025
Selected Consolidated Balance Sheet Information:	(unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,034,469 and $970,522, respectively)	$	1,020,183	$	957,830
Cash, cash equivalents and restricted cash(1)	64,069		90,283
Other assets	12,192		17,302
Total assets	$	1,096,444	$	1,065,415
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings	$	728,224	$	589,000
Mezzanine loans(2)	—		40,500
Other liabilities	168,468		229,032
Subordinated loans and members’ equity(3)	199,752		206,883
Total liabilities and members’ equity	$	1,096,444	$	1,065,415

(1)As of March 31, 2026 and December 31, 2025, $61,931 and $88,417, respectively, of Credit Fund’s cash and cash equivalents was restricted.

(2)As of December 31, 2025, the fair value of the Company’s ownership interest in the mezzanine loan was $40,500. There was no ownership interest in the mezzanine loans as of March 31, 2026.

(3)As of March 31, 2026 and December 31, 2025, the fair value of the Company's ownership interest in the subordinated loans and members' equity was $122,983 and $123,114, respectively.


	Three Months Ended March 31,
		2026		2025
Selected Consolidated Statements of Operations Information:	(unaudited)
Total investment income		$	19,629	$	14,230
Expenses
Interest expense and credit facility fees		9,383		6,162
Other expenses		599		377
Total expenses		9,982		6,539
Net investment income (loss)		9,647		7,691
Net realized gain (loss) on investments		(5,162)		—
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(1,616)		(2,956)
Net increase (decrease) resulting from operations		$	2,869	$	4,735

Table of Conten t s

Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of March 31, 2026 and December 31, 2025:


	As of
	March 31, 2026			December 31, 2025
Senior secured loans(1)	$	1,039,554		$	978,828
Number of portfolio companies in Credit Fund	60			55
Average amount per portfolio company(1)	$	17,326		$	17,797
Number of loans on non-accrual status	1			2
Fair value of loans on non-accrual status	$	1,739		$	6,297
Percentage of loans at floating interest rates(2)(3)	100.0		%	100.0		%

Fair value of loans with PIK provisions	$	37,111		$	36,618
Percentage of portfolio with PIK provisions(3)	3.6		%	3.8		%

(1)At par/principal amount.

(2)Floating rate debt investments are generally subject to interest rate floors.

(3)Percentages based on fair value.

Table of Conten t s


Consolidated Schedule of Investments as of March 31, 2026
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (99.7% of fair value)
Accelya Lux FinCo S.Á.R.L. (Luxembourg)	(b)	(2)	Transportation: Consumer	SOFR	5.25%	8.95%	10/3/2032	$	24,938	$	24,604	$	22,787
AGS Health BCP LLC	(b)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.17%	7/31/2032	9,152		9,129		9,115
Allied Benefit Systems Intermediate LLC	(a)(b)	(2)(3)(9)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.70%	10/31/2030	22,409		22,281		22,272
Alpine Acquisition Corp II	(a)	(2)(3)(9)	Transportation: Cargo	SOFR	4.75%	8.43%	1/31/2031	—		—		—
Alpine Acquisition Corp II	(a)	(2)(3)	Transportation: Cargo	SOFR	5.00%	8.67%	1/31/2031	841		841		841
Alpine Acquisition Corp II	(a)	(2)(3)	Transportation: Cargo	SOFR	5.25%	8.92%	1/31/2031	1,079		1,079		1,079
AP Plastics Acquisition Holdings, LLC	(b)	(2)(3)	Chemicals, Plastics & Rubber	SOFR	4.75%	8.42%	8/10/2030	19,800		19,665		19,781
Apex Companies Holdings, LLC	(b)	(2)(3)	Environmental Industries	SOFR	5.00%	8.67%	1/31/2028	20,423		20,382		20,294
API Technologies Corp.	(b)	(2)(6)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	10.70%	5/9/2027	16,903		16,254		15,821
API Technologies Corp.	(b)	(2)(3)(6)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	10.70%	5/9/2027	1,493		1,276		1,510
Atlas US Finco, Inc.	(b)	(2)(3)	High Tech Industries	SOFR	4.75%	8.42%	12/12/2029	21,403		21,313		21,467
BMS Holdings III Corp.	(b)	(2)(3)(6)	Construction & Building	SOFR	5.50%	9.20%	9/30/2026	10,764		10,752		10,042
Businessolver.com, Inc.	(b)	(2)(3)	Business Services	SOFR	4.50%	8.20%	12/3/2032	18,867		18,776		18,570
Cliffwater LLC	(b)	(2)(3)	Diversified Financial Services	SOFR	4.75%	8.43%	4/22/2032	24,874		24,853		24,680
Cority Software Inc. (Canada)	(b)	(2)(3)	Software	SOFR	4.50%	8.17%	10/31/2032	34,617		34,202		34,205
CST Holding Company	(b)	(2)(3)(6)	Consumer Goods: Non-Durable	SOFR	5.00%	8.67%	11/1/2028	9,645		9,645		9,644
Deerfield Dakota Holding, LLC	(b)	(2)(3)	Diversified Financial Services	SOFR	3.00%, 2.75% PIK	9.45%	9/12/2032	20,217		19,973		19,780
Denali Intermediate Holdings, Inc.	(b)	(2)(3)	Media: Broadcasting & Subscription	SOFR	5.50%	9.18%	8/26/2032	14,336		14,200		14,216
Divisions Holding Corporation	(b)	(2)(3)	Business Services	SOFR	4.50%	8.20%	4/17/2032	27,462		27,225		27,448
Dwyer Instruments, Inc.	(b)	(2)(3)	Capital Equipment	SOFR	4.75%	8.45%	7/21/2029	16,324		16,205		16,324
Eliassen Group, LLC	(b)	(2)(3)	Business Services	SOFR	5.75%	9.45%	4/14/2028	18,744		18,646		18,203
Enverus, Inc.	(b)	(2)(3)	Energy: Oil & Gas	SOFR	4.50%	8.20%	12/18/2032	11,115		11,075		11,004
Finastra USA, Inc.	(b)	(2)	High Tech Industries	SOFR	4.00%	7.67%	9/17/2032	25,000		24,765		23,438
GI DI Emerald Intermediate Limited	(b)	(2)(3)	Business Services	EURIBOR	4.75%	6.73%	2/12/2033	€	5,440	6,203		6,225
GI DI Emerald Intermediate Limited	(b)	(2)(3)	Business Services	SOFR	4.75%	8.39%	2/12/2033	8,826		8,737		8,737
Heartland Home Services, Inc.	(b)	(2)(3)(6)	Consumer Services	SOFR	5.75%	9.45%	12/15/2026	7,005		6,988		6,863
Heartland Home Services, Inc.	(b)	(2)(3)(6)	Consumer Services	SOFR	6.00%	9.70%	12/15/2026	23,454		23,438		23,011
Heartland Home Services, Inc.	(a)	(2)(3)(6)(9)	Consumer Services	SOFR	6.75%	10.45%	12/15/2026	700		700		685
Higginbotham Insurance Agency, Inc.	(b)	(2)(3)	Diversified Financial Services	SOFR	4.50%	8.17%	6/11/2031	8,777		8,777		8,738
Horizon Avionics Buyer, LLC	(b)	(2)(3)	Aerospace & Defense	SOFR	4.75%	8.45%	3/28/2032	22,133		22,025		22,048
Hyphen Solutions, LLC	(b)	(2)(3)	Construction & Building	SOFR	4.50%	8.17%	8/6/2032	6,765		6,733		6,662
IEM New Sub 2, LLC	(b)	(2)(3)	Energy: Electricity	SOFR	4.75%	8.37%	12/3/2031	19,756		19,660		19,676

Table of Conten t s


Consolidated Schedule of Investments as of March 31, 2026
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Iron Infinity Buyer Sub, Inc.	(b)	(2)(3)	Utilities: Oil & Gas	SOFR	4.75%	8.45%	10/16/2032	$	20,000	$	19,952	$	19,743
KBP Investments, LLC	(b)	(2)(3)(6)	Beverage & Food	SOFR	5.50%	9.20%	5/25/2027	36,033		35,980		34,656
Kona Buyer, LLC	(a)(b)	(2)(3)(9)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.18%	7/23/2031	10,768		10,654		10,654
LDS Intermediate Holdings, L.L.C.	(b)	(2)(3)	Transportation: Cargo	SOFR	5.00%	8.67%	2/7/2032	25,454		25,283		25,220
McQueen Bidco PTY LTD. (Australia)	(b)	(2)(3)	Auto Aftermarket & Services	SOFR	4.50%	8.20%	11/28/2032	24,480		24,359		24,453
Monarch Buyer, Inc.	(b)	(2)(3)	Business Services	SOFR	4.50%	8.17%	6/2/2032	19,900		19,706		19,700
More Cowbell II, LLC	(b)	(2)(3)	Diversified Financial Services	SOFR	4.50%	7.98%	9/1/2030	21,304		21,304		21,304
NFO Orange Buyer, LLC	(a)(b)	(2)(3)(9)	Construction & Building	SOFR	4.50%	8.20%	1/13/2033	15,009		14,936		14,934
North Haven Fairway Buyer, LLC	(b)	(2)(3)(9)	Consumer Services	SOFR	5.00%	8.68%	5/17/2028	24,148		24,015		23,994
OEI, Inc.	(a)(b)	(2)(3)(9)	Construction & Building	SOFR	4.50%	8.21%	12/29/2032	21,154		20,999		20,997
Output Services Group, Inc.	(b)	(2)(3)(6)	Media: Advertising, Printing & Publishing	SOFR	6.25%	10.41%	11/30/2028	4,160		3,034		3,705
PROS Parent, Inc.	(b)	(2)(3)	Transportation: Consumer	SOFR	4.75%	8.42%	12/9/2032	12,500		12,472		12,470
Pushpay USA Inc.	(b)	(2)	Diversified Financial Services	SOFR	3.75%	7.45%	8/18/2031	23,424		23,446		23,307
QBS Parent, Inc.	(b)	(2)(3)	Energy: Oil & Gas	SOFR	4.50%	8.20%	6/3/2032	26,677		26,591		26,438
Radwell Parent, LLC	(b)	(2)(3)	Wholesale	SOFR	5.50%	9.20%	4/1/2029	13,500		13,442		13,436
Ranpak B.V. (Netherlands)	(b)	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.17%	12/19/2031	7,707		7,633		7,655
Ranpak Corp.	(b)	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.17%	12/19/2031	12,043		11,927		11,961
Rialto Management Group, LLC	(b)	(2)(3)	Diversified Financial Services	SOFR	4.75%	8.42%	12/5/2030	15,289		15,260		15,259
Rotation Buyer, LLC	(b)	(2)(3)	Capital Equipment	SOFR	4.75%	8.45%	12/27/2031	8,701		8,647		8,560
SCHP Purchaser, INC	(b)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.17%	10/24/2032	18,601		18,426		18,443
Seahawk Bidco, LLC	(a)(b)	(2)(3)(9)	Consumer Services	SOFR	4.75%	8.43%	12/19/2031	12,836		12,742		12,733
Secretariat Advisors LLC	(b)	(2)	Construction & Building	SOFR	4.00%	7.70%	3/1/2032	17,671		17,593		17,318
Sigma Irish Acquico Limited (Ireland)	(b)	(2)	Diversified Financial Services	SOFR	5.25%	8.88%	3/19/2032	10,222		10,042		10,043
Solarwinds Corporation	(b)	(2)	Software	SOFR	4.00%	7.67%	3/15/2032	2,880		2,757		2,433
Spotless Brands, LLC	(b)	(2)(3)	Consumer Services	SOFR	5.50%	9.17%	7/25/2028	10,728		10,654		10,749
Striper Buyer, LLC	(b)	(2)(3)	Containers, Packaging & Glass	SOFR	5.50%	9.17%	12/30/2026	14,213		14,191		12,659
Tank Holding Corp.	(b)	(2)(3)(6)	Capital Equipment	SOFR	5.75%	9.42%	3/31/2028	19,298		19,067		17,163
The Chartis Group, LLC	(b)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.95%	9/17/2031	15,420		15,312		15,574
Trintech, Inc.	(a)(b)	(2)(3)(9)	Software	SOFR	4.75%	8.42%	1/29/2033	9,677		9,417		9,416
U.S. TelePacific Holdings Corp.	(a)	(2)(3)(6)(7)	Telecommunications	SOFR	1.00%, 7.00% PIK	11.68%	5/2/2026	4,386		2,817		1,739
Victors Purchaser, LLC	(b)	(2)(3)	High Tech Industries	SOFR	4.50%	8.20%	12/23/2032	16,975		16,934		16,950
VRC Companies, LLC	(b)	(2)(3)(6)	Business Services	SOFR	5.25%	8.92%	6/29/2027	22,959		22,872		22,858
Whitney Merger Sub, Inc.	(b)	(2)(3)	Leisure Products & Services	SOFR	4.75%	8.45%	7/3/2032	9,975		9,880		9,782
Yellowstone Buyer Acquisition, LLC	(b)	(2)(3)(6)	Consumer Goods: Durable	SOFR	5.75%	9.42%	9/13/2027	38,200		37,976		35,276

























First Lien Debt Total										$	1,030,722	$	1,016,748

Table of Conten t s


Consolidated Schedule of Investments as of March 31, 2026
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount	Amortized Cost (4)		Fair Value (5)
Equity Investments (0.3% of fair value)
48Forty TopCo LLC	(a)	(8)	Transportation: Cargo					1	$	2,688	$	2,327
48Forty TopCo LLC	(a)	(8)	Transportation: Cargo					1	—		—
EvolveIP, LLC	(a)	(8)	Telecommunications					311	1,059		1,108
Output Services Group, Inc.	(a)	(8)	Media: Advertising, Printing & Publishing					205	—		—

Equity Investments Total									$	3,747	$	3,435
Total Investments									$	1,034,469	$	1,020,183

(a) Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility with the Company (the "Credit Fund Facility"). On February 25, 2026, Credit Fund also entered into a revolving credit facility (the "Credit Fund Subscription Facility"), pursuant to which the lenders have a first priority lien on the unfunded capital commitments, the collateral accounts and other related assets. Accordingly, such assets are not available to creditors of Credit Fund Sub.

(b) Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub 2025 Facility”). The lenders of the Credit Fund Sub 2025 Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund.

(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of March 31, 2026, the geographical composition of investments as a percentage of fair value was 2.4% in Australia, 1.0% in Ireland, 2.2% in Luxembourg, 0.8% in the Netherlands, 3.4% in Canada, 1.5% in United Kingdom and 88.7% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. As of March 31, 2026, the reference rates for Credit Fund’s variable rate loans were the 30-day EURIBOR at 1.89%, the 90-day EURIBOR at 2.08%, the 180-day EURIBOR at 2.48%, 30-day SOFR at 3.69%, the 90-day SOFR at 3.65% and the 180-day SOFR at 3.57%.

(3)Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.

(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these unaudited consolidated financial statements.

(6)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

(7)Represents an investment on non-accrual status as of March 31, 2026.

(8)Represents a non-income producing security as of March 31, 2026.

(9)As of March 31, 2026, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value on the accompanying Selected Consolidated Balance Sheet Information:


First Lien Debt – unfunded delayed draw and revolving term loans commitments	Type	Unused Fee	Par/ Principal Amount		Fair Value
Allied Benefit Systems Intermediate LLC	Delayed Draw	1.00%	$	2,535	$	(14)
Alpine Acquisition Corp II	Delayed Draw	0.50	81		0
Alpine Acquisition Corp II	Revolver	0.50	324		0
Heartland Home Services, Inc.	Revolver	0.50	94		(2)
Kona Buyer, LLC	Delayed Draw	0.50	8,598		(49)
Kona Buyer, LLC	Revolver	0.50	860		(5)
NFO Orange Buyer, LLC	Delayed Draw	—	3,216		(13)
North Haven Fairway Buyer, LLC	Delayed Draw	0.50	754		(4)
OEI, Inc.	Revolver	0.38	3,846		(24)
Seahawk Bidco, LLC	Delayed Draw	1.00	11,219		(47)

Table of Conten t s


First Lien Debt – unfunded delayed draw and revolving term loans commitments	Type	Unused Fee	Par/ Principal Amount		Fair Value
Seahawk Bidco, LLC	Revolver	0.50%	$	944	$	(4)
Trintech, Inc.	Delayed Draw	0.75	1,613		(34)
Trintech, Inc.	Revolver	0.50	1,210		(25)













Total unfunded commitments			$	35,294	$	(221)


Consolidated Schedule of Investments as of December 31, 2025
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (99.9% of fair value)
Accelya Lux FinCo S.Á.R.L. (Luxembourg)	+	(2)	Transportation: Consumer	SOFR	5.25%	8.92%	10/3/2032	$	25,000	$	24,658	$	24,781
AGS Health BCP LLC	+	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.32%	7/31/2032	9,152		9,129		9,185
Alpine Acquisition Corp II	+	(2)(3)(7)	Transportation: Cargo	SOFR	6.00%	9.65%	11/30/2029	10,134		9,738		4,652
AP Plastics Acquisition Holdings, LLC	+	(2)(3)	Chemicals, Plastics & Rubber	SOFR	4.75%	8.58%	8/10/2030	19,850		19,715		19,828
Apex Companies Holdings, LLC	+	(2)(3)	Environmental Industries	SOFR	5.00%	8.82%	1/31/2028	20,471		20,425		20,337
API Technologies Corp.	+	(2)(6)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	10.67%	5/9/2027	16,653		15,865		15,187
API Technologies Corp.	+	(2)(3)(6)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	10.67%	5/9/2027	1,471		1,204		1,471
Applied Technical Services, LLC	+	(2)(3)	Business Services	SOFR	5.25%	8.92%	4/8/2031	15,581		15,446		15,454
Atlas US Finco, Inc.	+	(2)(3)	High Tech Industries	SOFR	4.75%	8.61%	12/12/2029	21,457		21,361		21,473
BMS Holdings III Corp.	+	(2)(3)(6)	Construction & Building	SOFR	5.50%	9.17%	9/30/2026	10,792		10,774		10,087
Businessolver.com, Inc.	+	(2)(3)	Business Services	SOFR	4.50%	8.17%	12/3/2032	18,867		18,774		18,773
Cliffwater LLC	+	(2)(3)	Diversified Financial Services	SOFR	4.75%	8.72%	4/22/2032	24,937		24,915		24,919
CST Holding Company	+	(2)(3)(6)	Consumer Goods: Non-Durable	SOFR	5.00%	8.72%	11/1/2028	9,670		9,670		9,718
Deerfield Dakota Holding, LLC	+	(2)(3)	Diversified Financial Services	SOFR	3.00%, 2.75% PIK	9.42%	9/12/2032	20,168		19,970		19,960
Denali Intermediate Holdings, Inc.	+	(2)(3)	Media: Broadcasting & Subscription	SOFR	5.50%	9.23%	8/26/2032	14,372		14,232		14,231
Divisions Holding Corporation	+	(2)(3)	Business Services	SOFR	4.50%	8.17%	4/17/2032	27,531		27,286		27,715
Dwyer Instruments, Inc.	+	(2)(3)	Capital Equipment	SOFR	4.75%	8.43%	7/21/2029	16,366		16,238		16,366
Eliassen Group, LLC	+	(2)(3)	Business Services	SOFR	5.75%	9.42%	4/14/2028	18,793		18,683		18,313
Enverus, Inc.	^+	(2)(3)(9)	Energy: Oil & Gas	SOFR	4.50%	8.19%	12/18/2032	11,115		11,068		11,068
Finastra USA, Inc.	+	(2)	High Tech Industries	SOFR	4.00%	7.72%	9/17/2032	25,000		24,758		24,438
Heartland Home Services, Inc.	+	(2)(3)(6)	Consumer Services	SOFR	5.75%	9.42%	12/15/2026	7,023		7,001		6,850
Heartland Home Services, Inc.	^+	(2)(3)(6)(9)	Consumer Services	SOFR	6.00%	9.67%	12/15/2026	23,859		23,838		23,306
Higginbotham Insurance Agency, Inc.	+	(2)(3)	Diversified Financial Services	SOFR	4.50%	8.22%	6/11/2031	8,799		8,799		8,755
Horizon Avionics Buyer, LLC	+	(2)(3)	Aerospace & Defense	SOFR	4.75%	8.42%	3/28/2032	22,133		22,023		22,023
Hyphen Solutions, LLC	+	(2)(3)	Construction & Building	SOFR	4.50%	8.22%	8/6/2032	6,782		6,749		6,746
IEM New Sub 2, LLC	+	(2)(3)	Energy: Electricity	SOFR	4.75%	8.27%	12/3/2031	19,807		19,708		19,708
Iron Infinity Buyer Sub, Inc.	+	(2)(3)	Utilities: Oil & Gas	SOFR	4.75%	8.42%	10/16/2032	20,000		19,950		19,945
KBP Investments, LLC	+	(2)(3)(6)	Beverage & Food	SOFR	5.50%	9.19%	5/25/2027	36,917		36,853		35,311

Table of Conten t s


Consolidated Schedule of Investments as of December 31, 2025
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
LDS Intermediate Holdings, L.L.C.	+	(2)(3)	Transportation: Cargo	SOFR	5.00%	8.72%	2/7/2032	$	25,518	$	25,342	$	25,436
McQueen Bidco PTY LTD. (Australia)	+	(2)(3)	Auto Aftermarket & Services	SOFR	4.50%	8.17%	11/28/2032	24,480		24,358		24,358
Monarch Buyer, Inc.	+	(2)(3)	Business Services	SOFR	4.50%	8.32%	6/2/2032	19,950		19,751		19,745
More Cowbell II, LLC	+	(2)(3)	Diversified Financial Services	SOFR	4.50%	8.24%	9/1/2030	21,357		21,357		21,351
NEFCO Holding Company LLC	+	(2)(3)	Construction & Building	SOFR	5.00%	8.97%	8/5/2028	19,717		19,582		19,717
North Haven Fairway Buyer, LLC	^+	(2)(3)(9)	Consumer Services	SOFR	5.00%	8.77%	5/17/2028	22,627		22,497		22,439
Output Services Group, Inc.	+	(2)(3)(6)	Media: Advertising, Printing & Publishing	SOFR	6.25%	10.41%	11/30/2028	4,160		2,960		3,755
PF Atlantic Holdco 2, LLC	+	(2)(3)(6)	Leisure Products & Services	SOFR	5.50%	9.23%	11/12/2027	14,929		14,832		14,929
Pushpay USA Inc.	+	(2)	Diversified Financial Services	SOFR	3.75%	7.62%	8/18/2031	23,483		23,505		23,568
QBS Parent, Inc.	+	(2)(3)	Energy: Oil & Gas	SOFR	4.50%	8.17%	6/3/2032	26,744		26,656		26,913
Radwell Parent, LLC	+	(2)(3)	Wholesale	SOFR	5.50%	9.17%	4/1/2029	13,535		13,472		13,535
Ranpak B.V. (Netherlands)	+	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.22%	12/19/2031	7,727		7,650		7,727
Ranpak Corp.	+	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.22%	12/19/2031	12,073		11,953		12,073
Rialto Management Group, LLC	+	(2)(3)	Diversified Financial Services	SOFR	5.00%	8.72%	12/5/2030	15,289		15,259		15,298
Rotation Buyer, LLC	+	(2)(3)	Capital Equipment	SOFR	4.75%	8.43%	12/27/2031	8,723		8,667		8,647
SCHP Purchaser, INC	+	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.37%	10/24/2032	18,601		18,423		18,420
Secretariat Advisors LLC	+	(2)	Construction & Building	SOFR	4.00%	7.67%	3/1/2032	17,716		17,635		17,716
Sigma Irish Acquico Limited (Ireland)	+	(2)	Diversified Financial Services	SOFR	5.25%	8.91%	3/19/2032	10,222		10,036		10,094
Solarwinds Corporation	+	(2)	Software	SOFR	4.00%	7.70%	3/15/2032	2,887		2,761		2,880
Spotless Brands, LLC	+	(2)(3)	Consumer Services	SOFR	5.50%	9.36%	7/25/2028	10,756		10,674		10,808
Striper Buyer, LLC	+	(2)(3)	Containers, Packaging & Glass	SOFR	5.50%	9.22%	12/30/2026	14,250		14,221		12,812
Tank Holding Corp.	+	(2)(3)(6)	Capital Equipment	SOFR	5.75%	9.47%	3/31/2028	19,348		19,091		17,680
The Chartis Group, LLC	+	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.95%	9/17/2031	15,459		15,347		15,613
Turbo Buyer, Inc.	^+	(2)(3)(9)	Auto Aftermarket & Services	SOFR	6.00%	9.62%	6/1/2026	33,997		33,997		33,997
U.S. TelePacific Holdings Corp.	^	(2)(3)(6)(7)	Telecommunications	SOFR	1.00%, 7.00% PIK	11.65%	5/2/2026	4,286		2,817		1,645
Victors Purchaser, LLC	+	(2)(3)	High Tech Industries	SOFR	4.50%	8.19%	12/23/2032	16,975		16,933		16,925
VRC Companies, LLC	+	(2)(3)(6)	Business Services	SOFR	5.25%	9.09%	6/29/2027	23,019		22,916		23,012
Whitney Merger Sub, Inc.	+	(2)(3)	Leisure Products & Services	SOFR	4.75%	8.42%	7/3/2032	10,000		9,902		9,901
Yellowstone Buyer Acquisition, LLC	+	(2)(3)(6)	Consumer Goods: Durable	SOFR	5.75%	9.62%	9/13/2027	38,300		38,039		35,120
























First Lien Debt Total										$	969,463	$	956,714



Equity Investments (0.1% of fair value)
48forty Intermediate Holdings, Inc.	^	(8)	Transportation: Cargo					1		$	—	$	—
EvolveIP, LLC	^	(8)	Telecommunications					311		1,059		1,116
Output Services Group, Inc.	^	(8)	Media: Advertising, Printing & Publishing					205		—		—

Equity Investments Total										$	1,059	$	1,116
Total Investments										$	970,522	$	957,830

Table of Conten t s

^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility with the Company (the “Credit Fund Facility”). Accordingly, such assets are not available to creditors of Credit Fund Sub.

+ Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub 2025 Facility”). The lenders of the Credit Fund Sub 2025 Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund.

(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2025, the geographical composition of investments as a percentage of fair value was 2.5% in Australia, 1.1% in Ireland, 2.6% in Luxembourg, 0.8% in the Netherlands and 93.0% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. As of December 31, 2025, the reference rates for Credit Fund's variable rate loans were the 30-day SOFR at 3.69%, the 90-day SOFR at 3.65% and the 180-day SOFR at 3.57%.

(3)Loan includes interest rate floor feature, which ranges from 0.75% to 1.00%.

(6)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

(7)Represents an investment on non-accrual status as of December 31, 2025.

(8)Represents a non-income producing security as of December 31, 2025.

(9)As of December 31, 2025, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value on the accompanying Selected Consolidated Balance Sheet Information:


First Lien Debt—unfunded delayed draw and revolving term loans commitments	Type	Unused Fee	Par/ Principal Amount		Fair Value
Enverus, Inc.	Delayed Draw	1.00%	$	1,608	$	(6)
Heartland Home Services, Inc.	Revolver	0.50	428		(10)
North Haven Fairway Buyer, LLC	Delayed Draw	0.50	2,316		(17)
Turbo Buyer, Inc.	Revolver	0.50	233		0









Total unfunded commitments			$	4,585	$	(33)

Table of Conten t s

Debt

The Credit Fund and Credit Fund Sub are party to separate credit facilities, as described below. As of March 31, 2026 and December 31, 2025, Credit Fund and Credit Fund Sub were in compliance with all covenants and other requirements of their respective credit facility agreements. Below is a summary of each facility and their borrowing and repayment activity for the respective periods.

Credit Fund Facility. On June 24, 2016, Credit Fund closed on the Credit Fund Facility, which has been amended from time to time, most recently on February 24, 2026, pursuant to which Credit Fund may from time to time request mezzanine loans from the Company. The maximum principal amount of the Credit Fund Facility is $100,000, subject to availability under the Credit Fund Facility, which is based on certain advance rates multiplied by the value of Credit Fund’s portfolio investments net of certain other indebtedness that Credit Fund may incur in accordance with the terms of the Credit Fund Facility. Proceeds of the Credit Fund Facility may be used for general corporate purposes, including the funding of portfolio investments. Amounts drawn under the Credit Fund Facility bear interest at the greater of zero and SOFR plus an applicable spread of 6.50% (5.50% prior to the February 24, 2026 amendment) and such interest payments are made quarterly. The availability period under the Credit Fund Facility will terminate on May 21, 2028, (May 21, 2025 prior to the March 18, 2025 amendment), which is also its maturity date upon which Credit Fund is obligated to repay any outstanding borrowings.


	Three Months Ended March 31,
	2026		2025

Outstanding borrowings, beginning of period	$	40,500	$	—
Borrowings	—		—
Repayments	(40,500)		—
Outstanding borrowings, end of period	$	—	$	—

Credit Fund Sub 2016 Facility. On June 24, 2016, Credit Fund Sub entered into a revolving credit facility (the “Credit Fund Sub 2016 Facility”), which had been amended from time to time, most recently on November 4, 2024. The Credit Fund Sub 2016 Facility provided up to an amount equal to $465,000 ($640,000 prior to the May 29, 2024 amendment) in secured borrowings during the applicable revolving period (the borrowing base as calculated pursuant to the terms of the Credit Fund Sub 2016 Facility). The aggregate maximum credit commitment could have been increased up to an amount not to exceed $1,400,000, subject to certain restrictions and conditions set forth in the Credit Fund Sub 2016 Facility, including adequate collateral to support such borrowings. The Credit Fund Sub 2016 Facility had a revolving period through May 23, 2025 and a maturity date of May 23, 2026, which could have been extended by mutual agreement of the parties to the Credit Fund Sub 2016 Facility. Borrowings under the Credit Fund Sub 2016 Facility bore interest initially at the applicable commercial paper rate (if the lender was a conduit lender) or SOFR plus 2.30% (2.70% prior to the November 4, 2024). The Credit Fund Sub was also required to pay an unused commitment fee of between 0.00% to 1.75% (0.50% and 0.75% prior to the November 4, 2024 amendment) per year depending on the usage of the Credit Fund Sub 2016 Facility. Payments under the Credit Fund Sub 2016 Facility were made quarterly. Subject to certain exceptions, the Facility was secured by a first lien security interest in substantially all of the portfolio investments held by the Credit Fund Sub. The outstanding borrowings on the Credit Fund Sub 2016 Facility were repaid in full on March 20, 2025.


	Three Months Ended March 31,
	2026		2025

Outstanding borrowings, beginning of period	$	—	$	189,221
Borrowings	—		29,000
Repayments	—		(218,221)
Outstanding borrowings, end of period	$	—	$	—

Credit Fund Sub 2025 Facility. On March 20, 2025, Credit Fund Sub closed on the Credit Fund Sub 2025 Facility. On October 28, 2025, the Company increased the total commitments under the Credit Sub 2025 Facility by $200,000 pursuant to the terms of the agreement, resulting in total commitments increasing to $800,000 ($600,000 prior to the October 28, 2025 amendment). The aggregate commitment may be increased up to an amount not to exceed $800,000, subject to certain conditions as set forth in the Credit Fund Sub 2025 Facility. The Credit Fund Sub 2025 Facility has a revolving period through March 20, 2028 and maturity date of March 20, 2035. Borrowings under the Credit Fund Sub 2025 Facility bear interest at either a SOFR or Eurocurrency rate, with an applicable margin of 1.60%. In addition, Credit Fund Sub is required to pay an unused commitment fee of 0.50% depending on the usage of the Credit Fund Sub 2025 Facility. Payments under the Credit Fund Sub 2025 Facility are made quarterly. Subject to certain exceptions, the Credit Fund Sub 2025 Facility is secured by a

Table of Conten t s

first lien security interest in substantially all of the portfolio investments held by the Credit Fund Sub. On May 6, 2026, Credit Fund Sub entered into an amendment to the Credit Fund Sub 2025 Facility. As a result of this amendment, total commitments increased from $800,000 to $1,200,000 and applicable margin rate increased from 1.60% to 1.70%.


	Three Months Ended March 31,
	2026		2025

Outstanding borrowings, beginning of period	$	589,000	$	—
Borrowings	133,500		430,000
Repayments	(70,000)		—
Outstanding borrowings, end of period	$	652,500	$	430,000

Credit Fund Subscription Facility. On February 25, 2026, Credit Fund entered into a revolving credit facility (the “Credit Fund Subscription Facility”). The Credit Fund Subscription Facility provides for revolving borrowings and the issuance of letters of credit in an aggregate amount of up to $200,000, with an accordion feature allowing for increases up to $250,000, subject to certain conditions. Borrowings under the Credit Fund Subscription Facility bear interest at rates equal to SOFR plus 1.80%. The Credit Fund Subscription Facility also requires the payment of an unused commitment fee of 0.25% on undrawn amounts. The availability period extends through the maturity date of February 25, 2028, which may be extended once for up to 364 days at the election of Credit Fund, subject to certain conditions. The obligations under the Credit Fund Subscription Facility are secured by a first priority lien on the unfunded capital commitments of Credit Fund’s investors, the right to call capital from Credit Fund’s investors, the collateral accounts and other related assets.


	Three Months Ended March 31,
	2026		2025

Outstanding borrowings, beginning of period	$	—	$	—
Borrowings	75,724		—
Repayments	—		—
Outstanding borrowings, end of period	$	75,724	$	—

6. MIDDLE MARKET CREDIT FUND II, LLC

Overview

On November 3, 2020, the Company and CCLF entered into a limited liability company agreement to co-manage Credit Fund II, a Delaware limited liability company. Prior to the completion of the Credit Fund II Purchase, the Company and CCLF had approximately 84.13% and 15.87% economic ownership of Credit Fund II, respectively, and Credit Fund II was managed by a four-member board of managers, on which the Company and CCLF each had equal representation. Prior to the Credit Fund II Purchase, the Company’s membership interest in Credit Fund II was included within Investments–Controlled/Affiliated within the accompanying Consolidated Statements of Assets and Liabilities and Consolidated Schedules of Investments.

On February 10, 2025, the Company and CCLF entered into the Amended Credit Fund II LLCA. Pursuant to the terms of the Amended Credit Fund II LLCA, Credit Fund II distributed $2,667 to CCLF, and the Company contributed $140,000 in cash to Credit Fund II. Such distributions and contributions were accounted for as a reduction in CCLF's membership interest based on the net asset value of Credit Fund II as of December 31, 2024. On February 11, 2025, the Company completed the Credit Fund II Purchase, after which Credit Fund II became a wholly owned subsidiary of the Company and in connection therewith the CCLF board members resigned.

Middle Market Credit Fund II SPV, LLC (“Credit Fund II Sub”), a Delaware limited liability company, was formed on September 4, 2020. Credit Fund II Sub is a wholly owned subsidiary of Credit Fund II and is consolidated in Credit Fund II’s consolidated financial statements commencing from the date of its formation. Credit Fund II Sub primarily holds investments in first lien loans of middle market companies, which were pledged as security for the Credit Fund II Senior Notes.

On November 3, 2020, Credit Fund II Sub closed on the Credit Fund II Senior Notes (the “Credit Fund II Senior Notes”) with lenders, which has been amended from time to time, most recently on August 4, 2023. The Credit Fund II Senior Notes provided for secured borrowings totaling $157,500. On February 11, 2025, in connection with the Credit Fund II Purchase, Credit Fund II Sub repaid the remaining principal balance of the Credit Fund II Senior Notes in full.

Table of Conten t s

Credit Fund II, the Company and CCLF entered into an administration agreement with Carlyle Global Credit Administration L.L.C., the administrative agent of Credit Fund II (in such capacity, the “Credit Fund II Administrative Agent”), pursuant to which the Credit Fund II Administrative Agent is delegated certain administrative and non-discretionary functions, is authorized to enter into sub-administration agreements at the expense of Credit Fund II with the approval of the board of managers of Credit Fund II, and is reimbursed by Credit Fund II for its costs and expenses and Credit Fund II’s allocable portion of overhead incurred by the Credit Fund II Administrative Agent in performing its obligations thereunder. As of February 11, 2025, the Credit Fund II Administrative Agreement was effectively terminated.

7. STRUCTURED CREDIT PARTNERS JV, LLC

Overview

On December 23, 2025, the Company and CARS, an affiliated BDC of the Company, together with Sixth Street (collectively the “SCP Members”), entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Structured Credit Partners, a Delaware limited liability company that is not consolidated in the Company’s unaudited consolidated financial statements. Structured Credit Partners primarily invests in broadly syndicated loans and is co-managed by Carlyle and Sixth Street. The broadly syndicated loans are financed by financing subsidiaries that include warehouses and collateralized loan obligations. It is the intention of the SCP Members that Structured Credit Partners’ capital be allocated over time approximately equally among financing subsidiaries managed by affiliates of the Company and affiliates of Sixth Street.

Structured Credit Partners is managed by eight board members, with each SCP Member having equal representation. Establishing a quorum for Structured Credit Partners’ board of managers requires at least four members to be present, including at least one representative appointed by each SCP Member, and actions of the board generally require unanimous approval of all members present at a meeting at which a quorum is established. The SCP Members hold equal voting interests through non-economic Class A membership interests, and economic interests are held through Class B and Class C membership interests, with economic ownership determined based on funded capital contributions and capital commitments. Capital contributions are made pursuant to board-approved capital calls, and no SCP Member is required to fund capital in excess of its capital commitment. In accordance with their respective economic interests, the SCP Members indirectly bear their allocable share of all expenses and other obligations of Structured Credit Partners.

Together with the other SCP Members, the Company co-invests through Structured Credit Partners. Investment opportunities for Structured Credit Partners are sourced primarily by affiliates of the SCP Members. Portfolio and investment decisions with respect to Structured Credit Partners must be unanimously approved by a quorum of Structured Credit Partners’ investment committee consisting of an equal number of representatives appointed by the Carlyle-affiliated SCP Members and the Sixth Street-affiliated SCP Members. Therefore, because the Company does not own more than 25% of the voting interests of Structured Credit Partners, the Company does not believe that it has control over Structured Credit Partners for accounting purposes or for purposes of the Investment Company Act.

Structured Credit Partners entered into an administration agreement with Carlyle Global Credit Administration L.L.C., the administrative agent of Structured Credit Partners, pursuant to which the administrative agent is delegated certain administrative and non-discretionary functions, is authorized to enter into sub-administration agreements at the expense of Structured Credit Partners with board approval, and is reimbursed by Structured Credit Partners for its costs, expenses, and allocable overhead incurred in performing its obligations thereunder.

Economic interests are based on funded capital contributions and capital commitments through Class B and Class C membership. The Class A, Class B, and Class C memberships are as follows:


	Class A Capital Commitment		Class A Capital Called		Class B Capital Commitment		Class B Capital Called		Class C Capital Commitment		Class C Capital Called
Carlyle Secured Lending, Inc.	$	1	$	1	$	135,000	$	19,798	$	15,000	$	—
Carlyle Credit Solutions, Inc.	1		1		15,000		2,200		135,000		—
Sixth Street	2		2		150,000		21,998		150,000		—
Total	$	4	$	4	$	300,000	$	43,996	$	300,000	$	—

Table of Conten t s

As of March 31, 2026, Structured Credit Partners had three wholly owned subsidiaries. Carlyle US CLO 2026-A, Ltd., a Cayman Islands Corporation, was formed on December 23, 2025, Carlyle US CLO 2026-B, Ltd., a Cayman Islands Corporation, was formed on January 2, 2026 and Sixth Street SCP Warehouse 2, Ltd., a Cayman Islands Corporation, was formed on January 14, 2026. Each subsidiary primarily invests in broadly syndicated loans. As the subsidiaries are wholly owned subsidiaries, they are consolidated in Structured Credit Partners’ unaudited consolidated financial statements commencing from the date of their respective formation.

Below is certain summarized consolidated financial information for Structured Credit Partners as of March 31, 2026.


	As of
	March 31, 2026
Selected Consolidated Balance Sheet Information:	(unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,033,006)	$	1,028,239
Cash and cash equivalents(1)	12,389
Other assets	4,042
Total assets	$	1,044,670
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings	$	320,581
Dividend Payable	670
Accrued expenses and other liabilities	684,707
Total Members’ Equity(2)	38,712
Total liabilities and members’ equity	$	1,044,670

(1)As of March 31, 2026, none of Structured Credit Partners’ cash and cash equivalents was restricted.

(2)As of March 31, 2026, the fair value of the Company's ownership interest in the members' equity was $19,799.


	Three Months Ended March 31,
		2026
Selected Consolidated Statements of Operations Information:	(unaudited)
Total investment income		$	1,450
Expenses
Interest expense and credit facility fees		531
Other expenses		800
Total expenses		1,331
Net investment income (loss)		119
Net realized gain (loss) on investments		30
Net change in unrealized appreciation (depreciation) on investments		(4,767)
Net increase (decrease) resulting from operations		$	(4,618)

Below is a summary of Structured Credit Partners’ portfolio as of March 31, 2026:


	As of
	March 31, 2026
Senior secured loans(1)	$	1,044,693
Number of portfolio companies in Structured Credit Partners	334
Average amount per portfolio company(1)	$	3,128
Floating rate loans(2)	100.0		%

(1)At par/principal amount.

(2)Percent of total investments at fair value

Table of Conten t s

The industry and geography composition of investments as of March 31, 2026 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	40,712	$	40,659	3.9	%
Auto Aftermarket & Services	30,623		30,497		3.0
Beverage & Food	32,615		32,606		3.2
Business Services	130,746		130,199		12.6
Capital Equipment	59,961		59,813		5.8
Chemicals, Plastics & Rubber	21,009		20,809		2.0
Construction & Building	41,280		40,894		4.0
Consumer Goods: Durable	16,495		16,416		1.6
Consumer Goods: Non-durable	13,240		13,156		1.3
Consumer Services	84,546		84,303		8.2
Containers, Packaging & Glass	30,493		30,035		2.9
Diversified Financial Services	121,301		120,611		11.7
Energy: Electricity	5,451		5,436		0.5
Energy: Oil & Gas	15,418		15,414		1.5
Environmental Industries	8,720		8,742		0.9
Forest Products & Paper	5,386		5,130		0.5
Healthcare & Pharmaceuticals	60,156		60,096		5.8
High Tech Industries	72,970		72,589		7.1
Leisure Products & Services	66,587		66,372		6.5
Media: Advertising, Printing & Publishing	12,110		12,118		1.2
Media: Broadcasting & Subscription	2,723		2,717		0.3
Media: Diversified & Production	21,050		21,072		2.0
Metals & Mining	3,981		3,975		0.4
Retail	22,661		22,493		2.2
Telecommunications	10,481		10,454		1.0
Transportation: Cargo	5,198		5,184		0.5
Transportation: Consumer	19,309		19,194		1.9
Utilities: Electric	3,187		3,202		0.3
Utilities: Oil & Gas	1,954		1,948		0.2
Wholesale	72,643		72,105		7.0

Total	$	1,033,006	$	1,028,239	100.0	%


Geography	Amortized Cost		Fair Value		% of Fair Value
Australia	$	1,855	$	1,849	0.2	%
Bermuda	1,359		1,386		0.1
Canada	11,106		11,021		1.1
Denmark	589		587		0.1
Germany	15,050		15,048		1.4
Hong Kong	3,210		3,174		0.3
Luxembourg	19,525		19,446		1.9
Netherlands	13,418		13,314		1.3
United Kingdom	15,189		15,126		1.5
United States	951,705		947,288		92.1

Total	$	1,033,006	$	1,028,239	100.0	%

Table of Conten t s

Debt

Structured Credit Partners and its subsidiaries are party to separate credit facilities, as listed below. On a weighted average basis, the credit facilities bear interest at a spread of SOFR + 1.05%. As of March 31, 2026, Structured Credit Partners and its subsidiaries were in compliance with all covenants and other requirements of their respective credit facility agreements. Below is a summary of the borrowings and repayments under the credit facilities for the respective periods.


	Carlyle US CLO 2026-A, Ltd.		Carlyle US CLO 2026-B, Ltd.		Sixth Street SCP Warehouse 2, Ltd.		Total
Three Months Ended March 31, 2026
Outstanding borrowings, beginning of period	$	—	$	—	$	—	$	—
Borrowings	200,341		565		119,675		320,581
Repayments	—		—		—		—
Outstanding borrowings, end of period	$	200,341	$	565	$	119,675	$	320,581

8. DERIVATIVE INSTRUMENTS

The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures.

In order to better define its contractual rights and to secure rights that would help the Company mitigate its counterparty risk, with respect to forward currency contracts, the Company had previously entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with the derivative counterparty, Barclays Bank PLC (“Barclays”). Each ISDA Master Agreement was a bilateral agreement between the Company and Barclays that governs over the counter derivatives, including forward currency contracts, and contained, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreement with Barclays permitted a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of Barclays. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

On March 27, 2025, in connection with the CSL III Merger, the Company assumed the forward currency contracts held by CSL III under its ISDA Master Agreement with each of its derivative counterparties, Barclays and Macquarie Bank Limited (“Macquarie” and together with Barclays, the “Counterparties” and each a “Counterparty). All the forward currency contracts assumed from the CSL III Merger were closed on March 31, 2025. Refer to Note 16, Merger with CSL III, to these unaudited consolidated financial statements for additional information regarding the CSL III Merger.

In November 2023, in connection with the issuance of the 2028 Notes, the Company entered into a five-year interest rate swap agreement with Morgan Stanley Capital Services LLC (“Morgan Stanley”) to mitigate the exposure to adverse fluctuations in interest rates for a total notional amount of $85.0 million, maturing on December 1, 2028. Morgan Stanley had the ability to exercise an early termination commencing on December 1, 2025, subject to providing written notice thirty days prior. Under the interest rate swap agreement, the Company received a fixed interest of 8.20% and paid a floating rate based on the compounded average daily SOFR rate plus 3.139%. The Company designated this interest rate swap agreement as a hedging instrument to the 2028 Notes. In connection with the redemption of the 2028 Notes, Morgan Stanley elected to exercise the early termination right, and the interest rate swap agreement was terminated effective December 1, 2025.

In October 2024, in connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap agreement with JP Morgan Chase Bank N.A. (“JP Morgan”) to mitigate the exposure to adverse fluctuations in interest rates for a total notional amount of $300.0 million, maturing on February 18, 2030. Under the interest rate swap agreement, commencing on the effective date of August 18, 2025, the Company receives a fixed interest rate of 6.75% and pays a floating interest rate based on the compounded average daily SOFR plus 3.235%. The Company designated this interest rate swap agreement as a hedging instrument to the 2030 Notes.

In October 2025, in connection with the issuance of the 2031 Notes, the Company entered into an interest rate swap agreement with JP Morgan to mitigate the exposure to adverse fluctuations in interest rates for a total notional amount of $300.0 million, maturing on February 15, 2031. The interest rate swap agreement was executed on September 30, 2025 and became effective on October 7, 2025. Under the interest rate swap agreement, the Company receives a fixed interest rate of 5.75% and pays a floating interest rate based on the compounded average daily SOFR plus 2.312%. The Company designated this interest rate swap agreement as a hedging instrument to the 2031 Notes.

Table of Conten t s

Refer to Note 3, Fair Value Measurements, to these unaudited consolidated financial statements for details related to the fair value measurement of derivatives instruments and Note 9, Borrowings, to these unaudited consolidated financial statements for details related to the Company’s 2028 Notes.

The following table details our interest rate swap contracts outstanding as of March 31, 2026 and December 31, 2025.


As of March 31, 2026
Counterparty	Maturity Date	Notional Amount		Fair Value		Financial Statement Location of Net Amounts

JP Morgan Chase Bank N.A.	2/18/2030	$	300,000	$	(1,693)	Derivative liabilities, at fair value
JP Morgan Chase Bank N.A.	2/15/2031	$	300,000	$	(3,340)	Derivative liabilities, at fair value


As of December 31, 2025
Counterparty	Maturity Date	Notional Amount		Fair Value		Financial Statement Location of Net Amounts
JP Morgan Chase Bank N.A.	2/18/2030	$	300,000	$	298	Derivative assets, at fair value
JP Morgan Chase Bank N.A.	2/15/2031	$	300,000	$	(1,436)	Derivative liabilities, at fair value

As a result of the Company’s designation of an interest rate swap as a hedging instrument in a qualifying hedge accounting relationship, the Company is required to record the hedging instrument and the related hedged item at their respective fair values, with all associated changes in those fair values recorded in interest expense and credit facility fees. For the three months ended March 31, 2026 and 2025, the net increase (decrease) recorded in interest expense and credit facility fees was $342, and $(154), respectively.

The Company’s interest rate swaps and forward currency contracts are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported net in the accompanying Consolidated Statements of Assets and Liabilities.

The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of March 31, 2026 and December 31, 2025:


As of	Counterparty	Derivative Assets subject to Master Netting Agreement		Derivatives available for Offset		Non-cash Collateral Received		Cash Collateral Received		Net amount of Derivative Assets

March 31, 2026	JP Morgan Chase Bank N.A.	$	—	$	—	$	—	$	—	$	—
December 31, 2025	JP Morgan Chase Bank N.A.	298		(298)		—		—		—


As of	Counterparty	Derivative Liabilities subject to Master Netting Agreement		Derivatives available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net amount of Derivative Liabilities

March 31, 2026	JP Morgan Chase Bank N.A.	$	5,033	$	—	$	—	$	(5,033)	$	—
December 31, 2025	JP Morgan Chase Bank N.A.	1,436		(298)		—		(1,138)		—

9. BORROWINGS

The Company is a party to the Credit Facility, as described below. In accordance with the Investment Company Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, asset coverage was 180.0% and 175.6%, respectively, and the Company was in compliance with all covenants and other requirements of the respective agreements of the Credit Facility.

Table of Conten t s

The following table details the principal amount and carrying amount of the Company’s debt and secured borrowings as of March 31, 2026 and December 31, 2025.


	As of
	March 31, 2026		December 31, 2025
Credit Facility	$	415,319	$	563,660


2030 Notes	300,000		300,000
2031 Notes	300,000		300,000

2015-1N Debt	380,000		380,000
Total principal amount outstanding	1,395,319		1,543,660
Less: unamortized debt issuance costs	(10,716)		(11,266)
Effective interest rate swap hedge	(5,048)		(1,184)
Total carrying value	$	1,379,555	$	1,531,210

Credit Facility

On March 21, 2014, the Company entered into a senior secured revolving credit facility (as amended, the “Credit Facility”), which was most recently amended and restated on March 12, 2025, and may be further amended from time to time. The total commitments under the Credit Facility are $960,000 ($935,000 prior to the July 10, 2025 increase), subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of the Company’s portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that the Company may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased to $1,402,500 ($1,185,000 prior to the March 12, 2025 amendment), through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility includes a $75,000 ($50,000 prior to the March 12, 2025 amendment) limit for swingline loans and a $30,000 ($20,000 prior to the March 12, 2025 amendment) limit for letters of credit. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Credit Facility, including amounts drawn in respect of letters of credit, bear interest at either (i) a term benchmark rate of the Adjusted Term SOFR Rate, the Adjusted Euribor Rate, or the applicable Local Rate, as the case may be, or (ii) an Alternate Base Rate (which is the highest of (a) the Prime Rate, (b) the NYFRB Rate plus 0.50%, or (c) the Adjusted Term SOFR Rate for one month plus 1.00%) plus an applicable margin, each capitalized term as defined in the Credit Facility. The applicable margin for a term benchmark rate loan will be up to 1.875% and for an Alternate Base Rate loan will be up to 0.875%, in each case depending on the level of the gross borrowing base compared to the combined debt amount. The Company may elect either the term benchmark rate or the Alternative Base Rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The Company also pays a fee of 0.375% on unused amounts under the Credit Facility and, in respect of each unused letter of credit, a fee and interest rate equal to the then-applicable margin under the Credit Facility while the letter of credit is outstanding.

The availability period under the Credit Facility will terminate on March 12, 2029 (August 31, 2027 prior to the March 12, 2025 amendment). The maturity date for $825,000 of the $960,000 of commitments is March 12, 2030. On May 25, 2026, the availability period of the remaining $135,000 of commitments will terminate. For a one year period commencing at the end of each respective availability period, the Company will be obligated to make mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

Subject to certain exceptions, the Credit Facility is secured by a first lien security interest in substantially all of the portfolio investments held by the Company and Credit Fund II. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, stockholders’ equity and liquidity, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Credit Facility.

Table of Conten t s

Below is a summary of the borrowings and repayments under the Credit Facility for the three months ended March 31, 2026 and 2025, and the outstanding balances under the Credit Facility for the respective periods.


	Three Months Ended March 31,
		2026		2025
Outstanding borrowings, beginning of period		$	563,660	$	213,439
Borrowings		154,651		288,932
Repayments		(299,000)		(215,500)
Foreign currency translation		(3,992)		1,298
Outstanding borrowings, end of period		$	415,319	$	288,169

The Credit Facility consisted of the following as of March 31, 2026 and December 31, 2025:


	Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)
March 31, 2026	$	960,000	$	415,319	$	544,681	$	544,632
December 31, 2025	$	960,000	$	563,660	$	396,340	$	396,340

(1)The unused portion is the amount upon which commitment fees are based.

(2)The amount available is based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees of the Credit Facility were as follows:


	Three Months Ended March 31,
		2026			2025
Interest expense		$	5,368		$	4,494
Facility unused commitment fee		501			543
Amortization of deferred financing costs and debt issuance costs		283			221

Total interest expense and credit facility fees		$	6,152		$	5,258
Cash paid for interest expense and credit facility fees		$	6,355		$	4,544

Weighted average debt principal outstanding		$	425,994		$	292,057
Weighted average interest rate(1)		5.04		%	6.15		%

(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.

As of March 31, 2026 and December 31, 2025, the components of interest and credit facility fees payable of the Credit Facility were as follows:


	As of
	March 31, 2026			December 31, 2025
Interest expense payable	$	503		$	877
Unused commitment fees payable	444			558

Interest and credit facility fees payable	$	947		$	1,435

Weighted average interest rate	4.98		%	5.28		%

CSL III SPV Credit Facility

Effective March 27, 2025, as a result of the completion of the CSL III Merger, the Company succeeded to the obligations of CSL III under a senior secured revolving credit facility (as amended, the “CSL III SPV Credit Facility” and together with the Credit Facility, the “Credit Facilities”) previously entered into by CSL III SPV on September 30, 2022. The CSL III SPV Credit Facility was most recently amended on March 27, 2025. The CSL III SPV Credit Facility provided for secured borrowings of up to $250,000, subject to availability under the CSL III SPV Credit Facility and borrowing restrictions under the Investment Company Act. The CSL III SPV Credit Facility had a revolving period through September 30, 2025 and a

Table of Conten t s

stated maturity date of September 30, 2030, with a one-year extension option available at the election of CSL III SPV. Borrowings may have been made in U.S. Dollars and bore interest initially at a rate equal to three-month SOFR (or, if applicable, a base rate comprised of the prime rate or the federal funds rate plus 0.50%) plus 2.85%. The SPV also paid an unused commitment fee of 0.30% per annum on unused amounts under the CSL III SPV Credit Facility. Payments of interest and fees were made quarterly.

The CSL III SPV Credit Facility was secured by a first lien security interest on substantially all of the assets of CSL III SPV. The CSL III SPV Credit Facility included customary covenants, limitations on the incurrence of additional indebtedness and liens, and other maintenance requirements, as well as standard events of default for senior secured revolving credit facilities of this nature.

On October 2, 2025, all outstanding borrowings of the CSL III SPV Credit Facility were repaid in full. Upon such repayment, the CSL III SPV Credit Facility was terminated and all commitments and obligations of the lenders were cancelled.

Below is a summary of the borrowings and repayments under the CSL III SPV Credit Facility for the period from March 27, 2025 through March 31, 2025, and the outstanding balance under the CSL III SPV Credit Facility for the period.


	For the period from March 27, 2025 through March 31, 2025

Outstanding borrowings, beginning of period	$	—
CSL III Merger	206,000
Borrowings	—
Repayments	—

Outstanding borrowings, end of period	$	206,000

For the period from March 27, 2025 through March 31, 2025, the components of interest expense and credit facility fees of the CSL III SPV Credit Facility were as follows:


	For the period from March 27, 2025 through March 31, 2025

Interest expense	$	205
Facility unused commitment fee	2


Total interest expense and credit facility fees	$	207
Cash paid for interest expense and credit facility fees	$	—

Weighted average debt principal outstanding	$	206,000
Weighted average interest rate(1)	7.17		%

(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.

Senior Notes

On December 30, 2019, the Company closed a private offering of $115.0 million in aggregate principal amount of 4.75% senior unsecured notes due December 31, 2024 (the “2019 Notes”). Interest was payable quarterly, beginning March 31, 2020. On December 11, 2020, the Company issued an additional $75.0 million aggregate principal amount of 4.50% senior unsecured notes due December 31, 2024 (the “2020 Notes” and together with the 2019 Notes, the “2024 Notes”). Interest was payable quarterly, beginning December 31, 2020. The 2024 Notes were repaid in full at maturity on December 31, 2024.

On November 20, 2023, the Company completed a public offering of $85.0 million aggregate principal of its 8.20% senior unsecured notes due December 1, 2028 (the “2028 Notes”), pursuant to an indenture dated November 20, 2023 (the “CGBD Base Indenture”), as supplemented by a first supplemental indenture thereto, dated November 20, 2023 (together, the “2028 Notes Indenture”). The 2028 Notes previously traded on Nasdaq under the symbol CGBDL. On December 1, 2025, the Company redeemed the 2028 Notes at a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest otherwise payable for the then-current quarterly interest period accrued to, but excluding, December 1, 2025 (the “Redemption Date”). In connection with the redemption, the 2028 Notes were delisted from Nasdaq.

On October 18, 2024, the Company completed a public offering of $300.0 million aggregate principal of its 6.75% senior unsecured notes due February 18, 2030 (the “2030 Notes”), pursuant to the CGBD Base Indenture, as supplemented by a second supplemental indenture thereto, dated October 18, 2024 (together, the “2030 Notes Indenture”). The 2030 Notes may be

Table of Conten t s

redeemed in whole or in part at the Company’s option at any time or from time to time at a redemption price equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on January 18, 2030) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 45 basis points less (b) interest accrued to the date of redemption, or (2) 100% of the principal amount of the 2030 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after January 18, 2030, the Company may redeem the 2030 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding the redemption date.

On October 7, 2025, the Company completed a public offering of $300.0 million aggregate principal of its 5.75% senior unsecured notes due February 15, 2031 (the “2031 Notes” and together with the 2024 Notes, 2028 Notes, and 2030 Notes, the “Senior Notes”), pursuant to the CGBD Base Indenture, as supplemented by a third supplemental indenture thereto, dated October 7, 2025 (together, the “2031 Notes Indenture”). The 2031 Notes may be redeemed, in whole or in part, at the Company’s option at any time or from time to time, at a redemption price equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on January 15, 2031) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points, less (b) interest accrued to the date of redemption, or (2) 100% of the principal amount of the 2031 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after January 15, 2031, the Company may redeem the 2031 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date.

The 2030 Notes and 2031 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The following table details the Company’s Senior Notes as of March 31, 2026 and December 31, 2025:


	As of
	March 31, 2026		December 31, 2025


2030 Notes	$	300,000	$	300,000
2031 Notes	300,000		300,000
Total principal amount	600,000		600,000
Less: unamortized debt issuance costs	(8,737)		(9,240)
Effective interest rate swap hedge	(5,048)		(1,184)
Total carrying value	$	586,215	$	589,576

For the three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees on the Senior Notes were as follows:


	Three Months Ended March 31,
		2026			2025
Interest expense(1)		$	9,704		$	6,658
Amortization of deferred financing costs and debt issuance costs		503			453
Total interest expense and credit facility fees		$	10,207		$	7,111
Cash paid for interest expense and credit facility fees		$	18,781		$	8,359

Weighted average debt principal outstanding		$	600,000		$	385,000
Weighted average interest rate(1)(2)		6.47		%	6.92		%

(1)Inclusive of net interest expense related to interest rate swaps, as applicable.

(2)Excludes amortization of deferred financing costs and debt issuance costs.

Table of Conten t s

As of March 31, 2026 and December 31, 2025, $4,537 and $12,847, respectively, of interest expense related to the Senior Notes was included in interest and credit facility fees payable. As of March 31, 2026 and December 31, 2025, the weighted average interest rates were 6.44% and 6.84%, respectively, inclusive of the effect of the interest rate swaps.

The 2030 Notes Indenture and 2031 Notes Indenture each contain certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC; to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, and subject to certain other exceptions. These covenants are subject to important limitations and exceptions that are described in the 2030 Notes Indenture and 2031 Notes Indenture. None of the 2030 Notes Indenture or the 2031 Notes Indenture limits the amount of debt (including secured debt) that may be issued by us or our subsidiaries under the indenture or otherwise. As of March 31, 2026 and December 31, 2025, the Company was in compliance with these terms and conditions.

Securitizations

On June 26, 2015, the Company completed the 2015-1 Debt Securitization. The 2015-1 Notes were issued by the 2015-1 Issuer, a wholly owned and consolidated subsidiary of the Company. The 2015-1 Debt Securitization was executed through a private placement of the 2015-1 Notes, consisting of $273,000 in notes that were issued at par and were scheduled to mature on July 15, 2027. The Company received 100% of the $125,900 in nominal value of the non-interest bearing preferred interests issued by the 2015-1 Issuer (the “2015-1 Issuer Preferred Interests”) on the closing date of the 2015-1 Debt Securitization in exchange for the Company’s contribution to the 2015-1 Issuer of the initial closing date loan portfolio. In connection with the contribution, the Company made customary representations, warranties and covenants to the 2015-1 Issuer in the purchase agreement.

On August 30, 2018, the Company and the 2015-1 Issuer closed the 2015-1 Debt Securitization Refinancing. On the closing date of the 2015-1 Debt Securitization Refinancing, the 2015-1 Issuer, refinanced the 2015-1 Notes with the 2015-1R Notes, reduced the 2015-1 Issuer Preferred Interests by approximately $21,375 to approximately $104,525 and extended the reinvestment period end date and maturity date applicable to the 2015-1 Issuer to October 15, 2023 and October 15, 2031, respectively.

Following the 2015-1 Debt Securitization Refinancing, the Company retained the 2015-1 Issuer Preferred Interests. The 2015-1R Notes in the 2015-1 Debt Securitization Refinancing were issued by the 2015-1 Issuer and were secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans.

On June 30, 2023, the 2015-1R Notes were amended to transition the benchmark rate to the Term SOFR Rate plus a Term SOFR adjustment (LIBOR prior to the 2015-1R Effective Date, as defined). The amendment was effective at the commencement of the next succeeding interest accrual period following the date of the amendment (the “2015-1R Effective Date”).

On July 2, 2024, the Company and the 2015-1 Issuer completed the 2015-1R Refinancing, which resulted in the issuance of a $410,000 collateralized notes and loan obligation. On the closing date of the 2015-1R Refinancing, the 2015-1 Issuer refinanced the 2015-1R Notes with the 2015-1N Debt, issued additional 2015-1 Issuer Preferred Interests to the Company in the aggregate notional amount of $13,500, thereby increasing the 2015-1 Issuer Preferred Interest held by the Company to $118,054 and extended the reinvestment period end date and maturity date applicable to the 2015-1 Issuer to July 15, 2028 and July 1, 2036, respectively. As of March 31, 2026, the Company retained the $30,000 Class C-R Notes, which are eliminated in consolidation.

Table of Conten t s

The following table summarizes the terms of the 2015-1N Debt and the principal amount and carrying value as of March 31, 2026 and December 31, 2025:


				As of
2015-1N Debt Tranche (1)	Credit Rating	Reference Rate	Spread	March 31, 2026		December 31, 2025
Class A-1-1-A Notes	AAA	SOFR	1.80%	$	240,000	$	240,000
Class A-L Loans	AAA	SOFR	1.80%	50,000		50,000
Class A-1-2-B Notes	AAA	SOFR	2.00%	20,000		20,000
Class A-2-RR Notes	AA	SOFR	2.15%	30,000		30,000
Class B-R Notes	Single A	SOFR	2.75%	40,000		40,000

Total Principal Amount Outstanding				380,000		380,000
Less: unamortized debt issuance costs				(1,979)		(2,026)
Total Carrying Value				$	378,021	$	377,974

(1)Excludes $30 million of Class C-R notes, which are rated BBB-, accrue interest at SOFR plus spread of 3.75%, and are retained by the Company.

The Company contributed the loans that comprised the initial closing date loan portfolio (including the loans distributed to the Company from the SPV) to the 2015-1 Issuer pursuant to a contribution agreement. Future loan transfers from the Company to the 2015-1 Issuer will be made pursuant to a sale agreement and are subject to the approval of the Company’s Board of Directors. Assets of the 2015-1 Issuer are not available to the creditors of the SPV or the Company. In connection with the issuance and sale of the 2015-1R Notes and 2015-1N Debt, the Company made customary representations, warranties and covenants in the purchase agreement.

During the reinvestment period, pursuant to the indenture governing the 2015-1R Notes and 2015-1N Debt, all principal collections received on the underlying collateral may be used by the 2015-1 Issuer to purchase new collateral under the direction of Investment Adviser in its capacity as collateral manager under a collateral management agreement (the “Collateral Management Agreement”) of the 2015-1 Issuer and in accordance with the Company’s investment strategy.

Pursuant to the Collateral Management Agreement, the 2015-1 Issuer pays management fees (comprised of base management fees, subordinated management fees and incentive management fees) to the Investment Adviser for rendering collateral management services. As per the Collateral Management Agreement, for the period the Company retains all of the 2015-1 Issuer Preferred Interests, the Investment Adviser does not earn management fees for providing such collateral management services. The Company currently retains all of the 2015-1 Issuer Preferred Interests, thus the Investment Adviser did not earn any management fees from the 2015-1 Issuer for the three months ended March 31, 2026 and 2025. Any such waived fees may not be recaptured by the Investment Adviser.

Pursuant to an undertaking by the Company in connection with the 2015-1 Debt Securitization Refinancing, the Company has agreed to hold on an ongoing basis the 2015-1 Issuer Preferred Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate outstanding amount of all collateral obligations by the 2015-1 Issuer for so long as any securities of the 2015-1 Issuer remain outstanding. As of March 31, 2026, the Company was in compliance with its undertaking.

As of March 31, 2026, the 2015-1N Debt was secured by 66 investments with a total fair value of approximately $471,155, including $1,396 of net purchases that were unsettled as of March 31, 2026, and cash of $23,190. The pool of investments in the securitization must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture governing the 2015-1N Debt.

Table of Conten t s

For the three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees on the Securitizations were as follows:


	Three Months Ended March 31,
		2026			2025
Interest expense		$	5,364		$	5,980
Amortization of deferred financing costs and debt issuance costs		47			47
Total interest expense and credit facility fees		$	5,411		$	6,027
Cash paid for interest expense and credit facility fees		$	5,674		$	8,832

Weighted average debt principal outstanding		$	380,000		$	380,000
Weighted average interest rate(1)		5.65		%	6.34		%

(1)Includes amortization of deferred financing costs and debt issuance costs.

As of March 31, 2026 and December 31, 2025, $4,501 and $4,810, respectively, of interest expense related to securitizations was included in interest and credit facility fees payable. As of March 31, 2026 and December 31, 2025, the weighted average interest rates were 5.61% and 5.84%, respectively, based on benchmark rates.

10. COMMITMENTS AND CONTINGENCIES

The following table summarizes the Company’s significant contractual payment obligations as of March 31, 2026 and December 31, 2025:


	As of
Payment Due by Period	March 31, 2026		December 31, 2025
Less than one year	$	—	$	—
1-3 years	54,592		75,327
3-5 years	960,727		788,333
More than 5 years	380,000		680,000
Total	$	1,395,319	$	1,543,660

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the unaudited consolidated financial statements as of March 31, 2026 and audited consolidated financial statements as of December 31, 2025 for any such exposure.

The Company has in the past, currently is and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments. The Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of the indicated dates:


	Par/Principal Amount as of
	March 31, 2026		December 31, 2025
Unfunded delayed draw commitments	$	229,347	$	256,926
Unfunded revolving loan commitments	165,829		174,680
Total unfunded commitments	$	395,176	$	431,606

11. NET ASSETS

The Company has the authority to issue 198,000,000 shares of common stock, par value $0.01 per share, of which 70,270,936 and 71,807,190 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.

Cumulative Convertible Preferred Stock

On May 5, 2020, the Company issued and sold 2,000,000 shares of Preferred Stock to an affiliate of Carlyle in a private placement at a price of $25 per share. The Preferred Stock had a liquidation preference equal to $25 per share (the “Liquidation Preference”) plus any accumulated but unpaid dividends up to but excluding the date of distribution. Dividends were payable on a quarterly basis in an initial amount equal to 7.00% per annum of the Liquidation Preference per share, payable in cash, or at the Company’s option, 9.00% per annum of the Liquidation Preference payable in additional shares of Preferred Stock.

In connection with the completion of the CSL III Merger on March 27, 2025, and in a transaction exempt from registration under the Securities Act, CIM exchanged all 2,000,000 shares of the Company’s Preferred Stock for 3,004,808 shares of the Company’s common stock based on the aggregate $50,000 Liquidation Preference of the Preferred Stock and the Company’s net asset value per share as of March 25, 2025, equal to $16.64. Following the completion of the Preferred Stock Exchange and the issuance of the related common shares, the Preferred Stock was cancelled, ceased to be outstanding, and no longer exists. Thereafter, CIM, the former holder of Preferred Stock, holds only the Company’s common stock.

In connection with the completion of the CSL III Merger on March 27, 2025, CIM, as the holder of record of the Preferred Stock, entered into a Lock-Up Agreement with the Company (the “Lock-Up Agreement”) and an amended and restated registration rights agreement (the “Registration Rights Agreement”). The Lock-Up Agreement restricts CIM from transferring, assigning, pledging, or otherwise disposing of or encumbering any of the Company’s common stock received in the Preferred Stock Exchange during the applicable lock-up periods, unless such transfer is approved by the Company’s Board of Directors and is in compliance with applicable securities and other laws.

Under the terms of the Lock-Up Agreement, the restricted period commenced on March 27, 2025 and (i) ended on March 22, 2026 for one-third of the shares of the Company’s common stock issued to CIM as a result of the Preferred Stock Exchange, (ii) will end on September 18, 2026 for one-third of the shares of the Company’s common stock issued to CIM as a result of the Preferred Stock Exchange and (iii) will end on March 17, 2027 for one-third of the shares of Company’s common stock issued to CIM as a result of the Preferred Stock Exchange.

The following table summarizes the Company’s dividends declared on the Preferred Stock during the three most recent fiscal years, prior to the Preferred Stock Exchange. Unless otherwise noted, dividends were declared and paid, or are payable, in cash.


Date Declared	Record Date	Payment Date	Per Share Amount






















2024
March 26, 2024	March 29, 2024	March 29, 2024	$	0.438
June 25, 2024	June 28, 2024	June 28, 2024	0.438
September 26, 2024	September 30, 2024	September 30, 2024	0.438
December 11, 2024	December 31, 2024	December 31, 2024	0.438
Total			$	1.752
2025
March 12, 2025	March 26, 2025	March 27, 2025	$	0.413
Total			$	0.413

Share Issuances

CSL III Merger

On March 27, 2025, the Company completed its previously announced merger with CSL III. Pursuant to the terms of the CSL III Merger, the Company issued an aggregate of 18,935,108 shares of its common stock to former CSL III shareholders. Refer to Note 16, Merger with CSL III, to these unaudited consolidated financial statements for additional information regarding the CSL III Merger.

In connection with the completion of the CSL III Merger, and in a transaction exempt from registration under the Securities Act, CIM exchanged all 2,000,000 shares of the Company’s Preferred Stock for 3,004,808 shares of the Company’s common stock.

Dividend Reinvestment

No shares were issued under the dividend reinvestment plan during the three months ended March 31, 2026.

The following table summarizes the shares of the Company’s common stock issued under the dividend reinvestment plan during the three months ended March 31, 2025:


	Shares Issued	Total Consideration














Three Months Ended March 31, 2025
January 17, 2025	50,728	$	949

Total	50,728	$	949

At-The-Market (“ATM”) Program

On March 28, 2025, the Company entered into an equity distribution agreement with Oppenheimer & Co. Inc., B. Riley Securities, Inc., Citizens JMP Securities, LLC, Keefe, Bruyette & Woods, Inc., and Raymond James & Associates, Inc. (collectively, the “Placement Agents”). The agreement provides for the offer and sale of up to $150,000 in aggregate offering amount of the Company’s common stock from time to time through an ATM offering, as defined in Rule 415 under the Securities Act of 1933. The minimum price per share on any day at which common stock may be sold under the ATM program will not be below the then-current net asset value per share.

No shares were issued under the ATM program during the three months ended March 31, 2026.

The following table summarizes the shares of the Company’s common stock issued under the ATM offering during the three months ended March 31, 2025:


	Shares Issued	Gross Proceeds		Net Proceeds(1)









Three Months Ended March 31, 2025
March 28, 2025	6,075	$	102	$	101

Total	6,075	$	102	$	101

(1)Represents the proceeds received after deducting the Placement Agents’ commissions and offering related expenses.

Company Stock Repurchase Program

On October 29, 2025, the Company's Board of Directors approved the continuation of the Company's stock repurchase program (the “Stock Repurchase Program”) until November 5, 2026, or until the approved dollar amount has been used to repurchase shares of common stock. On February 18, 2026, the Company’s Board of Directors approved a $100 million increase in the authorized amount available for repurchases under the Stock Repurchase Program to up to $300 million. This program may be suspended, extended, modified or discontinued by the Company at any time, subject to applicable law. Pursuant to this authorization, the Company has adopted a 10b5-1 plan (the “Company 10b5-1 Plan”). The Company 10b5-1 Plan provides that purchases will be conducted on the open market in accordance with Rule 10b5-1 and 10b-18 under the Exchange Act and will otherwise be subject to applicable law, which may prohibit purchases under certain circumstances. The amount of purchases made under the Company 10b5-1 Plan or otherwise and how much will be purchased at any time is uncertain, dependent on prevailing market prices and trading volumes, all of which the Company cannot predict.

The Company's Stock Repurchase Program was originally approved by the Company's Board of Directors on November 5, 2018 and announced on November 6, 2018. Since the inception of the Company’s Stock Repurchase Program through March 31, 2026, the Company has repurchased 14,405,763 shares of the Company's common stock at an average cost of $13.20 per share, or $190,112 in the aggregate, resulting in accretion to NAV per common share of $0.82.

For the three months ended March 31, 2026 the Company repurchased and extinguished 1,536,254 shares for $18,501. For the three months ended March 31, 2025, there were no share repurchases.

Changes in Net Assets

The following table summarizes capital activity during the three months ended March 31, 2026:


	Common Stock		Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
		Shares													Amount
Balance, January 1, 2026		71,807,190	$	718	$	1,363,998	$	(1,633)	$	49,923	$	(232,362)	$	(13,256)		$	1,167,388
Repurchase of common stock		(1,536,254)	(15)		(18,486)		—		—		—		—			(18,501)





Net investment income (loss)		—	—		—		—		25,204		—		—			25,204
Net realized gain (loss)		—	—		—		—		—		(9,618)		—			(9,618)
Net change in unrealized appreciation (depreciation)		—	—		—		—		—		—		(19,804)			(19,804)
Dividends declared on common stock		—	—		—		—		(28,108)		—		—			(28,108)

Balance, March 31, 2026		70,270,936	$	703	$	1,345,512	$	(1,633)	$	47,019	$	(241,980)	$	(33,060)		$	1,116,561

The following table summarizes capital activity during the three months ended March 31, 2025:


	Preferred Stock			Common Stock			Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
	Shares	Amount		Shares	Amount
Balance, January 1, 2025	2,000,000	$	50,000	50,906,262	$	509	$	1,014,308	$	(1,633)	$	68,440	$	(185,346)	$	(41,074)	$	905,204

Common stock issued, net of offering and underwriting costs	—	—		6,075	0		101		—		—		—		—		101
Common stock issued - CSL III Merger	—	—		18,935,108	189		315,649		—		—		—		—		315,838
Common stock issued - Preferred Stock Exchange	(2,000,000)	(50,000)		3,004,808	30		49,970		—		—		—		—		—
Dividend reinvestment	—	—		50,728	1		948		—		—		—		—		949
Net investment income (loss)	—	—		—	—		—		—		21,629		—		—		21,629
Net realized gain (loss)	—	—		—	—		—		—		—		(19,341)		—		(19,341)
Net change in unrealized appreciation (depreciation)	—	—		—	—		—		—		—		—		11,766		11,766
Dividends declared on common stock and preferred stock	—	—		—	—		—		—		(23,757)		—		—		(23,757)

Balance, March 31, 2025	—	$	—	72,902,981	$	729	$	1,380,976	$	(1,633)	$	66,312	$	(204,687)	$	(29,308)	$	1,212,389

Earnings Per Share

The Company calculates earnings per share in accordance with ASC 260. Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations, less preferred dividends, by the weighted average number of common shares outstanding for the period. Diluted earnings per share gives effect to all dilutive potential common

shares outstanding using the if-converted method for the convertible Preferred Stock. Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive.

Basic and diluted earnings per common share were as follows:


	Three Months Ended March 31,
	2026				2025
	Basic		Diluted		Basic		Diluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	(4,218)	$	(4,218)	$	13,228	$	14,054
Weighted average common shares outstanding	70,907,909		70,907,909		51,923,228		57,339,759
Basic and diluted earnings per share	$	(0.06)	$	(0.06)	$	0.25	$	0.25

The following table summarizes updates to the Company’s dividend policy as of March 31, 2026.


Record Date	Base Dividend Per Share
September 30, 2020	$	0.32
September 30, 2022	$	0.34
December 30, 2022	$	0.36
March 31, 2023	$	0.37
March 29, 2024	$	0.40
June 30, 2026	$	0.35

The following table summarizes the Company’s dividends declared on its common stock during the two most recent fiscal years and the current fiscal year to date:


Date Declared	Record Date	Payment Date	Per Common Share Amount




































February 20, 2024	March 29, 2024	April 17, 2024	$	0.40
February 20, 2024	March 29, 2024	April 17, 2024	$	0.08	(1)
May 2, 2024	June 28, 2024	July 17, 2024	$	0.40
May 2, 2024	June 28, 2024	July 17, 2024	$	0.07	(1)
August 1, 2024	September 30, 2024	October 17, 2024	$	0.40
August 1, 2024	September 30, 2024	October 17, 2024	$	0.07	(1)
November 4, 2024	December 31, 2024	January 17, 2025	$	0.40
November 4, 2024	December 31, 2024	January 17, 2025	$	0.05	(1)
February 18, 2025	March 24, 2025	April 17, 2025	$	0.40
February 18, 2025	March 24, 2025	April 17, 2025	$	0.05	(1)
April 29, 2025	June 30, 2025	July 17, 2025	$	0.40
July 29, 2025	September 30, 2025	October 17, 2025	$	0.40
October 29, 2025	December 31, 2025	January 16, 2026	$	0.40
February 18, 2026	March 31, 2026	April 16, 2026	$	0.40

(1)Represents a special/supplemental dividend.

12. CONSOLIDATED FINANCIAL HIGHLIGHTS

The following is a schedule of consolidated financial highlights for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Per Common Share Data:
Net asset value per common share, beginning of period	$	16.26	$	16.80
Net investment income (loss)(1)	0.36		0.40
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	(0.42)		(0.15)
Net increase (decrease) in net assets resulting from operations	(0.06)		0.25
Dividends declared(2)	(0.40)		(0.45)
Accretion due to issuance of common stock(3)	—		0.03
Accretion due to share repurchases	0.09		—

Net asset value per common share, end of period	$	15.89	$	16.63
Market price per common share, end of period	$	10.94	$	16.18
Number of common shares outstanding, end of period	70,270,936		72,902,981
Total return based on net asset value(4)	0.76%		1.40%
Total return based on market price(5)	(9.69)%		(7.56)%
Net assets attributable to Common Stockholders, end of period	$	1,116,561	$	1,212,389
Ratio to average net assets attributable to Common Stockholders(6):
Expenses before incentive fees	2.94%		2.79%
Expenses after incentive fees	3.40%		3.21%

Net investment income (loss)	2.21%		2.09%
Interest expense and credit facility fees	1.91%		1.80%
Ratios/Supplemental Data:
Asset coverage, end of period	180.02%		196.28%
Portfolio turnover	9.94%		16.45%
Weighted-average common shares outstanding	70,907,909		51,923,228

(1)Net investment income (loss) per common share was calculated as net investment income (loss) less the preferred dividend for the period divided by the weighted average number of common shares outstanding for the period.

(2)Dividends declared per common share was calculated as the sum of dividends on common stock declared during the period divided by the number of common shares outstanding at each respective quarter-end date (refer to Note 11, Net Assets, to these unaudited consolidated financial statements).

(3)Represents accretion from shares issued upon completion of the CSL III Merger, dividend reinvestment plan and the ATM program, net of underwriting and issuance costs incurred in the ATM program.

(4)Total return based on net asset value (not annualized) is based on the change in net asset value per common share during the period plus the declared dividends on common stock, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the period.

(5)Total return based on market value (not annualized) is calculated as the change in market value per common share during the period plus the declared dividends on common stock, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning market price for the period.

(6)These ratios to average net assets attributable to Common Stockholders have not been annualized.

13. SEGMENT REPORTING

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments in U.S. middle market companies. The chief operating decision maker (“CODM”) is the Company’s chief financial officer. The CODM assesses the performance of the Company and makes operating decisions on a consolidated basis, primarily based on the Company’s net increase in net assets resulting from operations (“net income”). The CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders, implementing investment policy decisions, strategic initiatives, and managing and assessing the Company’s portfolio. The CODM assesses performance for the segment and determines how to allocate resources based on net income. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the

accompanying Consolidated Statements of Assets and Liabilities as Total Assets and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

14. LITIGATION

The Company may become party to certain lawsuits in the ordinary course of business. The Company does not believe that the outcome of current matters, if any, will materially impact the Company or its unaudited consolidated financial statements. As of March 31, 2026 and December 31, 2025, the Company was not subject to any material legal proceedings, nor, to the Company’s knowledge, is any material legal proceeding threatened against the Company.

In addition, portfolio investments of the Company could be the subject of litigation or regulatory investigations in the ordinary course of business. The Company does not believe that the outcome of any current contingent liabilities of its portfolio investments, if any, will materially affect the Company or these unaudited consolidated financial statements.

15. TAX

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of March 31, 2026 and December 31, 2025.

In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. The Company’s federal tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they are filed.

The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. The estimated tax character of the dividends declared on preferred and common stock for the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
	2026		2025
Ordinary income	$	28,108	$	23,757
Tax return of capital	$	—	$	—

16. MERGER WITH CSL III

On March 27, 2025, the Company completed its previously announced merger with CSL III. In accordance with the terms of the Merger Agreement, at the effective time of the CSL III Merger, each outstanding common share of beneficial interest, $0.001 par value per share, of CSL III was converted into the right to receive 1.2137 shares of the Company’s common stock and, if applicable, cash (without interest) in lieu of fractional shares of the Company’s common stock. As a result of the CSL III Merger, the Company issued an aggregate of 18,935,108 shares of its common stock to former CSL III shareholders.

The CSL III Merger was accounted for in accordance with the asset acquisition method of accounting as detailed in ASC Topic 805. The fair value of the merger consideration paid and transaction costs incurred to complete the CSL III Merger were allocated to the assets acquired and liabilities assumed, based on their relative fair values as of the acquisition date, and did not give rise to goodwill. The excess of merger consideration paid over the fair value of net assets acquired is considered the purchase premium. Immediately following the acquisition of CSL III, the Company recorded the acquired assets at their respective fair values. As a result, the purchase premium allocated to the cost basis of the CSL III assets acquired was immediately recognized as unrealized depreciation on the Company’s Consolidated Statement of Operations. The purchase premium allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation upon ultimate disposition of those loans. The purchase premium allocated to investments in equity securities and forward currency contracts will not amortize through interest income and, assuming no subsequent change to the fair value of such equity securities and disposition at fair value, the Company will recognize a realized loss or a reduction in realized gains with a corresponding reversal of the unrealized depreciation upon disposition of the CSL III equity securities and forward currency contracts acquired.

The CSL III Merger was considered a tax-free reorganization, and the Company has elected to carry forward the historical cost basis of the CSL III investments for tax purposes.

The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the CSL III Merger:


Common stock issued by the Company(1)	$	315,838
Cash paid in lieu of fractional shares	4
Transaction costs	1,650
Total purchase price	$	317,492
Assets acquired:
Investments, at fair value	$	483,736
Cash and cash equivalents(2)	37,751
Interest receivable	7,909
Other assets	9,907
Total assets acquired	$	539,303
Liabilities assumed:
Debt	$	206,000
Derivative liabilities, at fair value	812
Other liabilities(3)	16,918
Total liabilities assumed	$	223,730
Net assets acquired	$	315,573
Total purchase premium	$	1,919

(1)Based on a market price at closing of $16.68 per share and 18,935,108 shares of common stock issued by the Company in conjunction with the CSL III Merger to former CSL III shareholders.

(2)Includes all unrestricted and restricted cash and cash equivalents acquired at closing.

(3)Includes accrued expenses, incentive fees, and other liabilities assumed as part of the merger.

Below is a summary of the outstanding forward currency contracts assumed as of March 27, 2025. All the forward currency contracts assumed from the CSL III Merger were closed on March 31, 2025.


Counterparty	Notional Amount to be Purchased		Notional Amount to be Sold		Unrealized Appreciation (Depreciation)
Macquarie Bank Limited	$	3,081	€	2,827	$	(14)
Macquarie Bank Limited	$	3,678	C$	4,967	90

Barclays Bank PLC	$	21,877	€	20,525	(601)
Barclays Bank PLC	$	6,781	£	5,485	(288)
Barclays Bank PLC	€	18	$	19	1
					$	(812)

17. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the unaudited consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the unaudited consolidated financial statements were issued, except as disclosed below and elsewhere in these unaudited consolidated financial statements.

On April 29, 2026, the Board of Directors declared a base quarterly common stock dividend of $0.35 per share, which is payable on July 16, 2026 to common stockholders of record on June 30, 2026.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except share and per share data, unless otherwise indicated)

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

We have included or incorporated by reference in this Form 10-Q, and from time to time our management may make, “forward-looking statements”. These forward-looking statements are not historical facts, but instead relate to future events or the future performance or financial condition of Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” or the “Company”). These statements are based on current expectations, estimates and projections about us, our current or prospective portfolio investments, our industry, our beliefs, and our assumptions. The forward-looking statements contained in this Form 10-Q and the documents incorporated by reference herein involve a number of risks and uncertainties, including statements concerning:

•our, or our portfolio companies’, future business, operations, operating results or prospects, including our and their ability to achieve our respective objectives;

•the return or impact of current and future investments;

•the general economy and its impact on the industries in which we invest;

•the impact of any protracted decline in the liquidity of credit markets on our business;

•the impact of fluctuations in interest rates on our business;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•the impact of supply chain constraints on our portfolio companies and the global economy, including, in particular, as a result of the military conflict in Iran;

•the level of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•the impact on our business of changes in laws, policies or regulations (including the interpretation thereof) affecting our operations or the operations of our portfolio companies, including those caused by tariffs and trade disputes with other countries;

•our ability to recover unrealized losses;

•market conditions and our ability to access alternative debt markets and additional debt and equity capital;

•our contractual arrangements and relationships with third parties;

•uncertainty surrounding the financial stability of the United States, Europe and China, including a possible shutdown of the U.S. federal government;

•uncertainty surrounding Russia’s military invasion of Ukraine and the impact of geopolitical tensions in other regions such as the Middle East, the status of tariffs and developing tensions between China and the United States;

•competition with other entities and our affiliates for investment opportunities;

•the speculative and illiquid nature of our investments;

•the use of borrowed money to finance a portion of our investments;

•our expected financings and investments;

•the adequacy of our cash resources and working capital;

•the timing, form and amount of any dividend distributions;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability to consummate acquisitions;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•the ability of Carlyle Global Credit Investment Management L.L.C., the investment adviser (the “Investment Adviser”), to locate suitable investments for us and to monitor and administer our investments;

•currency fluctuations and the adverse effect such fluctuations could have on the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•the ability of The Carlyle Group Employee Co., L.L.C. to attract and retain highly talented professionals that can provide services to the investment adviser and administrator;

•our ability to maintain our status as a business development company (“BDC”); and

•our intent to satisfy the requirements of a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”);

•the expected synergies and savings associated with the CSL III Merger (as defined below);

•the ability to realize the benefits of the CSL III Merger;

•the combined company’s plans, expectations, objectives and intentions, as a result of the CSL III Merger.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” “plans,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking information for any reason, including the factors set forth in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2025 (or “2025 Form 10-K”).

We have based the forward-looking statements included in this Form 10-Q on information available to us on the date of this Form 10-Q, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including our annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part I, Item 1 of this Form 10-Q “Financial Statements.” This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in “Risk Factors” in Part I, Item 1A of our 2025 Form 10-K. Our actual results could differ materially from those anticipated by such forward-looking statements due to factors discussed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this Form 10-Q.

Overview

Carlyle Secured Lending, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act and have operated our business as a BDC since we began our investment activities. For U.S. federal income tax purposes, we have elected to be treated as a registered investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”). We were formed in February 2012, commenced investment operations in May 2013 and began trading on the Nasdaq Global Select Market, under the symbol “CGBD,” upon completion of our initial public offering in June 2017. Our principal executive offices are located at One Vanderbilt Avenue, Suite 3400, New York, New York 10017.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments in U.S. middle market companies. Our core investment strategy focuses on lending to U.S. middle market companies, which we define as companies with approximately $25.0 million or greater of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. This core strategy is opportunistically supplemented with differentiated and complementary lending and investing strategies, which take advantage of the broad capabilities of Carlyle's Global Credit platform while offering risk-diversifying portfolio benefits. We seek to achieve our investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans (collectively, “Middle Market Senior Loans”), with a minority of our assets invested in higher yielding investments (which may include unsecured debt, subordinated debt and investments in equities and structured products). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.

We invest primarily in loans to middle market companies whose debt is rated below investment grade, or would likely be rated below investment grade if it was rated. These securities, which are often referred to as “junk,” have predominately speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.

We are externally managed by the Investment Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Advisers Act”) and a subsidiary of Carlyle. We benefit from the Investment Adviser’s investment team of over 210 investment professionals with deep knowledge and expertise across multiple asset classes who are supported by a team of finance, operations and administrative professionals currently employed by Carlyle Employee Co., a wholly owned subsidiary of Carlyle. In conducting our investment activities, we believe that we benefit from the significant scale, relationships and resources of Carlyle, including the Investment Adviser and its affiliates.

First Quarter 2026 Highlights

Quarterly Results

•Net investment income was $25.2 million or $0.36 per common share.

•Adjusted for purchase accounting adjustments, the adjusted net investment income per common share (a non-GAAP financial measure) was $0.36. Refer to the Adjusted Net Investment Income and Adjusted Net Income discussion within this section for further details.

•For the first quarter, dividends declared on common shares were $28.1 million, or $0.40 per share.

•Net investment income for the three months ended March 31, 2026 increased from the comparable period in the prior year primarily driven by a higher average outstanding investment balance due to net origination activity over the last twelve months, including assets acquired in the CSL III Merger and the Credit Fund II Purchase in the first quarter of 2025. This was partially offset by lower yields on investments.

•The NAV per common share decreased to $15.89 as of March 31, 2026 from $16.26 as of December 31, 2025.

Portfolio and Investment Activity

•As of March 31, 2026, we held 248 investments across 171 portfolio companies and 31 industries for a total fair value of $2.3 billion.

•During the three months ended March 31, 2026, our investment balance decreased from $2.5 billion to $2.3 billion primarily due to sales to Credit Fund.

•As of March 31, 2026, non-accrual investments represented 1.0% and 0.9% of our portfolio based on cost and fair value, respectively.

Liquidity and Capital Activity

•On February 11, 2026, we, together with Credit Partners, entered into a second amendment to the Sixth Amended and Restated Limited Liability Company Agreement of Credit Fund. As a result of the amendment, each member’s capital commitment increased to $250.0 million.

•On February 18, 2026, our Board of Directors approved a $100.0 million increase in the authorized amount available for repurchases under the Stock Repurchase Program to up to $300.0 million.

•Total liquidity as of March 31, 2026 was $641.9 million in cash and unused debt capacity.

•During the three months ended March 31, 2026, we repurchased 1,536,254 shares of our common stock for an aggregate purchase price of approximately $18.5 million, resulting in accretion to NAV per common share of approximately $0.09.

Recent Developments

•On April 29, 2026, we declared common stock dividends of $0.35 per share to be paid on July 16, 2026.

•From April 1, 2026 through May 8, 2026, we repurchased 773,808 shares of our common stock for an aggregate purchase price of approximately $8.8 million resulting in $0.09 per common share of NAV accretion.

Key Components of Our Results of Operations

As a BDC, we believe that the key components of our results of operations for our business are earnings per share, dividends declared, net investment income and net asset value per common share. For the three months ended March 31, 2026, we recorded basic earnings per common share of $(0.06), declared a dividend of $0.40 per common share and earned $0.36 of net investment income per common share.

The following table sets forth the calculation of basic and diluted earnings per share (dollar amounts in thousands, except share and per share data):


		Three Months Ended
	March 31, 2026			December 31, 2025
		Basic		Diluted		Basic		Diluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders		$	(4,218)	$	(4,218)	$	17,385	$	17,385
Weighted-average common shares outstanding		70,907,909		70,907,909		72,617,834		72,617,834
Earnings per share - Basic and Diluted		$	(0.06)	$	(0.06)	$	0.24	$	0.24

For the three months ended March 31, 2026 and December 31, 2025, we declared dividends per common share of $0.40 in each period. As of March 31, 2026 and December 31, 2025, our NAV per share was $15.89 and $16.26, respectively.

Investment Income

We generate investment income primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends on direct equity investments, capital gains on the sales of loans and debt and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and generally bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. At times, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity reflects the proceeds of sales of securities. We may also generate investment income in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include: (i) investment advisory fees, including base management fees and incentive fees, to the Investment Adviser pursuant to the Investment Advisory Agreement; (ii) debt service and other costs of borrowings or other financing arrangements; (iii) costs and other expenses and our allocable portion of overhead incurred by our Administrator in performing its administrative obligations under the Administration Agreement; and (iv) other operating expenses summarized below:

•administration fees payable under our Administration Agreement and Sub-Administration Agreements, including related expenses;

•the costs of any offerings of our common stock and other securities, if any;

•calculating individual asset values and our net asset value (including the cost and expenses of any independent valuation firms);

•expenses, including travel expenses, incurred by the Investment Adviser, or members of the Investment Adviser team managing our investments, or payable to third parties, performing due diligence on prospective portfolio companies;

•the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

•amounts payable to third parties relating to, or associated with, making or holding investments;

•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

•transfer agent and custodial fees;

•commissions and other compensation payable to brokers or dealers;

•U.S. federal, state and local taxes;

•independent director fees and expenses;

•costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including federal and state registration and any applicable listing fees;

•the costs of any reports, proxy statements or other notices to our stockholders and the costs of any stockholders’ meetings;

•the costs of specialty and custom software for monitoring risk, compliance and overall portfolio;

•fidelity bond, liability insurance, and any other insurance premiums;

•indemnification payments;

•direct fees and expenses associated with independent audits, agency, consulting and legal costs; and

•all other expenses incurred by us or our Administrator in connection with administering our business, including our allocable share of certain officers and their staff compensation.

Net Investment Income

The following table summarizes our net investment income and net investment income per common share:


	Three Months Ended
	March 31, 2026		December 31, 2025
Total investment income	$	64,079	$	66,913
Total expenses (including excise tax expense)	38,875		42,885
Net investment income	$	25,204	$	24,028
Weighted-average common shares outstanding	70,907,909		72,617,834
Net investment income per common share	$	0.36	$	0.33

Adjusted Net Investment Income and Adjusted Net Income

On a supplemental basis, we are disclosing Adjusted Net Investment Income, Adjusted Net Investment Income Per Common Share, Adjusted Net Income and Adjusted Net Income Per Common Share each of which is calculated and presented on a basis other than in accordance with GAAP (“non-GAAP”). We use these non-GAAP financial measures internally to analyze and evaluate financial results and performance, and we believe these non-GAAP financial measures are useful to investors as an additional tool to evaluate our ongoing results and trends and to review our performance without giving effect to (i) the amortization/accretion resulting from the new cost basis of the investments acquired and accounted for under the acquisition method of accounting in accordance with ASC 805 and (ii) the one-time purchase or non-recurring investment income and expense events, including the effects on incentive fees. The presentation of these non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

We believe that excluding the financial impact of the purchase premium in the above non-GAAP financial measures is useful for investors as this is a non-cash expense/loss and is one method we use to measure our operations. In addition, we use the non-GAAP financial measures described above internally to analyze and evaluate financial results and performance and to compare our financial results with those of other business development companies that do not have similar financial impacts from asset acquisitions and have not had similar one-time or non-recurring events. We believe “Adjusted Net Investment Income”, “Adjusted Net Investment Income Per Common Share”, “Adjusted Net Income” and “Adjusted Net Income Per Common Share” are useful to investors as an additional tool to evaluate our ongoing results and trends without giving effect these considerations and these metrics are used to evaluate our economic earnings.

The following table summarizes our Adjusted Net Investment Income, Adjusted Net Investment Income Per Common Share, Adjusted Net Income, and Adjusted Net Income Per Common Share:


	Three Months Ended
	March 31, 2026			December 31, 2025
Net investment income	$	25,204		$	24,028
Acceleration of debt issuance costs, net of incentive fee impact (1)	—			1,691
Amortization of premium/discount on acquired assets(2)	178			107
Adjusted Net Investment Income	$	25,382		$	25,826

Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	(4,218)		$	17,385
Acceleration of debt issuance costs, net of incentive fee impact (1)	—			1,691
Amortization of premium/discount on acquired assets(2)	178			107
Reversal of unrealized appreciation from the amortization of premium/discount on acquired assets	(178)			(107)

Adjusted Net Income	$	(4,218)		$	19,076

Net Investment Income Per Share	$	0.36		$	0.33
Acceleration of debt issuance costs, net of incentive fee impact (1)	—			0.02
Amortization of premium/discount on acquired assets(2)	0.00			0.01
Adjusted Net Investment Income Per Common Share	$	0.36		$	0.36

Net Income Per Share	$	(0.06)		$	0.24
Acceleration of debt issuance costs, net of incentive fee impact (1)	—			0.02
Amortization of premium/discount on acquired assets(2)	0.00			0.01
Reversal of unrealized appreciation from the amortization of premium/discount on acquired assets	(0.00		)	(0.01)

Adjusted Net Income Per Common Share	$	(0.06)		$	0.26

Weighted-average common shares outstanding	70,907,909			72,617,834

(1)On December 1, 2025, the 2028 Notes were redeemed. In connection with the 2015-1R Refinancing and the redemption of the 2028 Notes, debt issuance costs were accelerated in accordance with GAAP for the three months ended December 31, 2025. Refer to Note 9, Borrowings, in the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the redemption of the 2028 Notes.

(2)This adjustment represents the difference between GAAP amortization under the asset acquisition method of accounting, in accordance with ASC 805 and management’s non-GAAP measure of amortization related to assets acquired in connection with the CSL III Merger on March 27, 2025, and the Credit Fund II Purchase on February 11, 2025. This adjustment reflects management’s view of the economic yield on the acquired assets and is consistent with the internal evaluation of performance.

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Portfolio and Investment Activity

Portfolio Overview

The following tables summarize certain characteristics of our investment portfolio as of March 31, 2026:


	First Lien Debt			Second Lien Debt			Equity Investments			Investment Funds			Total Investments
Count of investments	196			8			39			5			248
Investments, at amortized cost	$	1,933,210		$	87,031		$	135,837		$	150,300		$	2,306,378
Investments, at fair value	$	1,899,631		$	78,325		$	156,367		$	142,782		$	2,277,105
Percentage of total investments at fair value	83.4		%	3.4		%	6.9		%	6.3		%	100.0		%


	Weighted Average Yields at
	Amortized Cost		Fair Value
First Lien Debt(1)	9.5	%	9.7	%
Second Lien Debt(1)	12.2	%	13.6	%

Total Debt and Income Producing Investments(1)(2)	10.0	%	10.2	%

(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2026. Weighted average yield at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount (“OID”) and market discount earned, divided by (b) total fair value included in such securities. Weighted average yield at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned, divided by (b) total amortized cost included in such securities. Weighted average yields exclude investments on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above. Inclusive of all debt and income producing investments and investments on non-accrual status, the weighted average yield on amortized cost was 9.9% as of March 31, 2026.

(2)Weighted average yield for total debt and income producing investments includes Credit Fund and Structured Credit Partners as well as income producing equity investments.

The geographical composition of investments at fair value as of March 31, 2026 were as follows:


	As of
Geography—% of Fair Value	March 31, 2026
Australia	0.2	%
Canada	3.2

France	1.2
Ireland	0.3
Italy	1.7
Luxembourg	0.5

Spain	0.3
Sweden	0.0
United Kingdom	4.8
United States	87.8
Total	100.0	%

The industry composition of investments at fair value as of March 31, 2026 were as follows:


	As of
Industry—% of Fair Value	March 31, 2026
Aerospace & Defense	1.9	%
Auto Aftermarket & Services	1.7
Beverage & Food	0.5
Business Services	7.4
Capital Equipment	4.6
Chemicals, Plastics & Rubber	1.3

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	As of
Industry—% of Fair Value	March 31, 2026
Construction & Building	2.6	%
Consumer Goods: Durable	0.0
Consumer Goods: Non-Durable	0.2
Consumer Services	8.1
Containers, Packaging & Glass	2.4
Diversified Financial Services	9.2
Energy: Electricity	0.5
Energy: Oil & Gas	0.1
Environmental Industries	2.6
Healthcare & Pharmaceuticals	18.4
High Tech Industries	6.9
Investment Funds	6.3
Leisure Products & Services	5.3
Media: Advertising, Printing & Publishing	0.0
Media: Broadcasting & Subscription	0.0
Media: Diversified & Production	0.6

Retail	0.9
Software	13.9
Sovereign & Public Finance	0.3
Telecommunications	1.1
Transportation: Cargo	0.8
Transportation: Consumer	0.5

Utilities: Oil & Gas	0.6
Utilities: Water	0.4
Wholesale	0.9
Total	100.0	%

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Our investment activity for the three months ended March 31, 2026 is presented below (information presented herein is at amortized cost unless otherwise indicated):


	Three Months Ended
	March 31, 2026
Investments:
Total investments, beginning of period	$	2,469,396
New investments purchased	238,100


Net accretion of discount on investments	2,513
Net realized gain (loss) on investments	(9,482)
Investments sold or repaid	(394,149)
Total Investments, end of period	$	2,306,378
Principal amount of investments funded:
First Lien Debt	$	197,847
Second Lien Debt	740
Equity Investments(1)	18,909
Investment Funds	19,799


Total	$	237,295
Principal amount of investments sold or repaid:
First Lien Debt	$	(355,563)
Second Lien Debt	(11,702)
Equity Investments(1)	(1,991)
Investment Funds	(40,500)
Total	$	(409,756)
Number of new investment commitments(2)(3)	14
Average new investment commitment amount	$	14,188

(1)Based on cost paid/proceeds received from equity activity.

(2)Represents commitments to a portfolio company as part of an individual transaction, excluding any investment fund activity.

(3)For the three months ended March 31, 2026, 100.0% of new funded debt investments were at floating interest rates.

See the Consolidated Schedules of Investments as of March 31, 2026 to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on these investments, including a list of companies and type and amount of investments.

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Portfolio Credit

As part of the monitoring process, the Investment Adviser has developed risk assessment policies pursuant to which it regularly assesses the risk profile of each of our first lien and second lien debt investments and rates each of them based on the following categories, which we refer to as “Internal Risk Ratings”. Key drivers of internal risk ratings include financial metrics, financial covenants, liquidity and enterprise value coverage. Pursuant to these risk policies, an Internal Risk Rating of 1 – 5, which are defined below, is assigned to each first lien and second lien debt investment in our portfolio.


Rating			Definition
1			Borrower is operating above expectations, and the trends and risk factors are generally favorable.

2			Borrower is operating generally as expected or at an acceptable level of performance. The level of risk to our initial cost basis is similar to the risk to our initial cost basis at the time of origination. This is the initial risk rating assigned to all new borrowers.

3			Borrower is operating below expectations and level of risk to our cost basis has increased since the time of origination. The borrower may be out of compliance with debt covenants. Payments are generally current although there may be higher risk of payment default.

4			Borrower is operating materially below expectations and the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due, but generally not by more than 120 days. It is anticipated that we may not recoup our initial cost basis and may realize a loss of our initial cost basis upon exit.

5			Borrower is operating substantially below expectations and the loan’s risk has increased substantially since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

The Investment Adviser monitors and, when appropriate, changes the risk ratings assigned to each first lien and second lien debt investment in our portfolio. The Investment Adviser reviews our investment ratings in connection with our quarterly valuation process. The below table summarizes the Internal Risk Ratings as of March 31, 2026 and December 31, 2025.


	March 31, 2026				December 31, 2025
	Fair Value		% of Fair Value		Fair Value		% of Fair Value
Internal Risk Rating 1	$	—	—	%	$	—	—	%
Internal Risk Rating 2	1,803,165		91.2		2,011,980		93.3
Internal Risk Rating 3	154,174		7.8		114,456		5.3
Internal Risk Rating 4	20,617		1.0		20,240		0.9
Internal Risk Rating 5	—		—		10,301		0.5
Total	$	1,977,956	100.0	%	$	2,156,977	100.0	%

As of March 31, 2026 and December 31, 2025, the weighted average Internal Risk Rating of our first lien and second lien debt investment portfolio was 2.1. As of March 31, 2026 and December 31, 2025, five and six of our first lien and second lien debt investments were assigned an Internal Risk Rating of 4 or 5, respectively.

The following table summarizes the fair value of our performing and non-accrual/non-performing investments as of March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
	Number of Investments	Fair Value		% of Fair Value		Number of Investments	Fair Value		% of Fair Value
Performing	242	$	2,256,488	99.1	%	222	$	2,433,381	98.8	%
Non-accrual(1)	6	20,617		0.9		7	30,541		1.2
Total	248	$	2,277,105	100.0	%	229	$	2,463,922	100.0	%

(1)For information regarding our non-accrual policy, see Note 2, Significant Accounting Policies, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.

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Portfolio Financing

Our primary sources of financing consist of secured debt, unsecured debt, and securitizations, which are presented on the Consolidated Statements of Assets and Liabilities as Debt and secured borrowings. Refer to Note 9, Borrowings, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information regarding our financing. The following table details those sources of financing:


	Outstanding Principal Balance as of
	March 31, 2026			December 31, 2025
Secured Debt
Credit Facility	$	415,319		$	563,660

Unsecured Debt


2030 Notes	300,000			300,000
2031 Notes	300,000			300,000
Securitizations

2015-1N Debt	380,000			380,000
Total	$	1,395,319		$	1,543,660
Weighted average interest rate	5.78		%	6.02		%

Credit Facilities

On March 21, 2014, we closed on a senior secured revolving credit facility (the “Credit Facility”), which was most recently amended and restated on March 12, 2025, and may be further amended from time to time. On July 10, 2025, we increased the total commitments under the Credit Facility by $25,000, resulting in total commitments increasing to $960,000 ($935,000 prior to the July 10, 2025 increase), pursuant to the terms of the agreement, subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of our portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that we may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased, subject to certain conditions, to $1,402,500 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility includes a $75,000 limit for swingline loans and a $30,000 limit for letters of credit. Subject to certain exceptions, the Credit Facility is secured by a first lien security interest in substantially all of the portfolio investments held by us and Credit Fund II. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, stockholders’ equity and liquidity, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature.

The Credit Facility consisted of the following as of March 31, 2026 and December 31, 2025:


	Total Facility		Borrowings Outstanding		Unused Portion(1)		Amount Available(2)		Weighted Average Interest Rate
March 31, 2026	$	960,000	$	415,319	$	544,681	$	544,632	4.98	%
December 31, 2025	$	960,000	$	563,660	$	396,340	$	396,340	5.28	%

(1)The unused portion is the amount upon which commitment fees are based.

(2)The amount available is based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

Effective March 27, 2025, as a result of the completion of the CSL III Merger, we succeeded to the obligations of CSL III under a senior secured revolving credit facility (as amended, the “CSL III SPV Credit Facility” and together with the Credit Facility, the “Credit Facilities”) previously entered into by CSL III SPV on September 30, 2022. On October 2, 2025, all outstanding borrowings of the CSL III SPV Credit Facility were repaid in full. Upon such repayment, the CSL III SPV Credit Facility was terminated and all commitments and obligations of the lenders were cancelled.

Unsecured Debt

On December 30, 2019, we closed a private offering of $115.0 million in aggregate principal amount of 4.75% senior unsecured notes due December 31, 2024 and on December 11, 2020, we issued an additional $75.0 million aggregate principal

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amount of 4.50% senior unsecured notes due December 31, 2024 (together the “2024 Notes”). The 2024 Notes were repaid in full at maturity on December 31, 2024.

On November 20, 2023, we completed a public offering of $85.0 million in aggregate principal of 8.20% senior unsecured notes due December 1, 2028 (the “2028 Notes”). On December 1, 2025, we redeemed the 2028 Notes at a redemption price equal to 100% of the principal amount redeemed, plus accrued and unpaid interest otherwise payable for the then-current quarterly interest period accrued to, but excluding, the December 1, 2025 (the “Redemption Date”). In connection with the redemption, the 2028 Notes were delisted from the Nasdaq Global Select Market (“Nasdaq”).

On October 18, 2024, we completed a public offering of $300.0 million aggregate principal of 6.75% senior unsecured notes due February 18, 2030 (the “2030 Notes”). We may redeem the 2030 Notes in whole or in part at our option at any time or from time to time at a redemption price equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on January 18, 2030) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 45 basis points less (b) interest accrued to the date of redemption, or (2) 100% of the principal amount of the 2030 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after January 18, 2030, we may redeem the 2030 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding the redemption date.

On October 7, 2025, we completed a public offering of $300.0 million aggregate principal of 5.75% senior unsecured notes due February 15, 2031 (the “2031 Notes” and together with the 2024 Notes, 2028 Notes, and 2030 Notes, the “Senior Notes”). We may redeem the 2031 Notes, in whole or in part at our option at any time or from time to time, at a redemption price equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on January 15, 2031) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points, less (b) interest accrued to the date of redemption, or (2) 100% of the principal amount of the 2031 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after January 15, 2031, we may redeem the 2031 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date.

The following table details the carrying value of our Senior Notes as of March 31, 2026 and December 31, 2025:


	As of
	March 31, 2026			December 31, 2025


2030 Notes	$	300,000		$	300,000
2031 Notes	300,000			300,000
Total principal amount	600,000			600,000
Less: unamortized debt issuance costs	(8,737)			(9,240)
Effective interest rate swap hedge	(5,048)			(1,184)
Total carrying value	$	586,215		$	589,576
Weighted average interest rate	6.44		%	6.84		%

In November 2023, in connection with the issuance of the 2028 Notes, we entered into a five-year interest rate swap agreement with Morgan Stanley Capital Services LLC (“Morgan Stanley”) to mitigate the exposure to adverse fluctuations in interest rates for a total notional amount of $85.0 million, maturing on December 1, 2028. Morgan Stanley had the ability to exercise an early termination commencing on December 1, 2025, subject to providing written notice thirty days prior. Under the interest rate swap agreement, we received a fixed interest of 8.20% and paid a floating rate based on the compounded average daily SOFR rate plus 3.139%. We designated this interest rate swap agreement as a hedging instrument to the 2028 Notes. In connection with the redemption of the 2028 Notes, Morgan Stanley elected to exercise the early termination right, and the interest rate swap agreement was terminated effective December 1, 2025.

In October 2024, in connection with the issuance of the 2030 Notes, we entered into an interest rate swap agreement with JP Morgan Chase Bank N.A. (“JP Morgan”) to mitigate the exposure to adverse fluctuations in interest rates for a total notional amount of $300.0 million, maturing on February 18, 2030. Under the interest rate agreement, commencing on the effective date of August 18, 2025, we receive a fixed interest rate of 6.75% and pay a floating interest rate based on the compounded average daily SOFR plus 3.235%. We designated this interest rate swap agreement as a hedging instrument to the 2030 Notes.

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In October 2025, in connection with the issuance of the 2031 Notes, we entered into an interest rate swap agreement with JP Morgan to mitigate the exposure to adverse fluctuations in interest rates for a total notional amount of $300.0 million, maturing on February 15, 2031. The interest rate swap agreement was executed on September 30, 2025 and became effective on October 7, 2025. Under the interest rate swap agreement, we receive a fixed interest rate of 5.75% and pay a floating interest rate based on the compounded average daily SOFR plus 2.312%. We designated this interest rate swap agreement as a hedging instrument to the 2031 Notes.

Securitizations

On June 26, 2015, we completed the 2015-1 Debt Securitization (as defined in Note 1, Organization, to these unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q), which was refinanced on August 30, 2018 (the “2015-1 Debt Securitization Refinancing”) by redeeming in full the previously issued securitized notes and issuing new notes (the “2015-1R Notes”). The 2015-1R Notes were issued by Carlyle Direct Lending CLO 2015-1R LLC (the “2015-1 Issuer”), a wholly owned and consolidated subsidiary of us. The 2015-1R Notes were secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans.

We received 100% of the $125,900 in nominal value of the non-interest bearing preferred interests issued by the 2015-1 Issuer (the “2015-1 Issuer Preferred Interests”) on the closing date of the 2015-1 Debt Securitization in exchange for our contribution to the 2015-1 Issuer of the initial closing date loan portfolio. Following the 2015-1 Debt Securitization Refinancing, the 2015-1 Issuer Preferred Interests were reduced by approximately $21,375 to approximately $104,525.

On July 2, 2024, we and the 2015-1 Issuer completed a refinancing of the 2015-1R Notes (the “2015-1R Refinancing”), which resulted in the issuance of a $410.0 million collateralized loan obligation (the “2015-1N Debt”). On the closing date of the 2015-1R Refinancing, the 2015-1 Issuer refinanced the 2015-1R Notes with the 2015-1N Debt, issued additional 2015-1 Issuer Preferred Interests to us in the aggregate notional amount of $13,500, thereby increasing the 2015-1 Issuer Preferred Interests held by us to $118,054 and extended the reinvestment period end date and maturity date applicable to the 2015-1 Issuer to July 15, 2028 and July 1, 2036, respectively.

Following the 2015-1R Refinancing, we retained the 2015-1 Issuer Preferred Interests. The 2015-1N Debt in the 2015-1R Refinancing was issued by the 2015-1 Issuer and is secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans. As of the closing date, we retained the $30.0 million Class C-R Notes. The following table summarizes the terms of the 2015-1N Debt tranches and their principal amount:


				As of
2015-1N Debt Tranche (1)	Credit Rating	Reference Rate	Spread	March 31, 2026			December 31, 2025
Class A-1-1-A Notes	AAA	SOFR	1.80%	$	240,000		$	240,000
Class A-L Loans	AAA	SOFR	1.80%	50,000			50,000
Class A-1-2-B Notes	AAA	SOFR	2.00%	20,000			20,000
Class A-2-RR Notes	AA	SOFR	2.15%	30,000			30,000
Class B-R Notes	Single A	SOFR	2.75%	40,000			40,000

Total Principal Amount Outstanding				380,000			380,000
Less: unamortized debt issuance costs				(1,979)			(2,026)
Total Carrying Value				$	378,021		$	377,974
Weighted average interest rate				5.61		%	5.84		%

(1)Excludes $30.0 million of Class C-R notes, which are rated BBB-, accrue interest at SOFR plus spread of 3.75%, and are retained by the Company.

Middle Market Credit Fund, LLC (“Credit Fund”)

On February 29, 2016, we and Credit Partners USA LLC (“Credit Partners”) entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Credit Fund, a Delaware limited liability company that is not consolidated in our unaudited consolidated financial statements. Credit Fund is managed by a six-member board of managers, on which we and Credit Partners each have equal representation. We and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $250,000 each as of March 31, 2026, which increased from $175,000 each as of February 11, 2026. Funding of such commitments generally requires the approval of the board of Credit Fund, including the board members appointed by us. By virtue of our respective

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membership interests, we and Credit Partners each indirectly bear an allocable share of all expenses and other obligations of Credit Fund.

Credit Fund primarily invests in first lien loans of middle market companies sourced primarily by us and our affiliates. Portfolio and investment decisions with respect to Credit Fund must be unanimously approved by a quorum of Credit Fund’s investment committee consisting of an equal number of representatives of us and Credit Partners. Therefore, although we own more than 25% of the voting securities of Credit Fund, we do not believe that we have control over Credit Fund (other than for purposes of the Investment Company Act). Middle Market Credit Fund SPV, LLC (“Credit Fund Sub”), a Delaware limited liability company is a wholly owned subsidiary of Credit Fund and is consolidated in Credit Fund’s consolidated financial statements.

Since inception of Credit Fund and through March 31, 2026, we and Credit Partners each made capital contributions of $1 in members’ equity and $216,000 in subordinated loans to Credit Fund. On March 24, 2025, we and Credit Partners each received an aggregate return of capital on subordinated loans of $62,500. Since inception, we and Credit Partners each have received an aggregate return of capital on subordinated loans of $85,500. The cost and fair value of our investment in Credit Fund were $130,501 and $122,983, respectively, as of March 31, 2026 and $171,001 and $163,614, respectively, as of December 31, 2025.

Our share of the dividends declared by Credit Fund was $5,000 for the three months ended March 31, 2026 and $5,000 for the three months ended December 31, 2025. As of both March 31, 2026 and December 31, 2025, our annualized dividend yield from Credit Fund was 15.3%. Below is a summary of Credit Fund’s portfolio as of March 31, 2026 and December 31, 2025:


	As of
	March 31, 2026			December 31, 2025
Senior secured loans(1)	$	1,039,554		$	978,828
Weighted average yields of senior secured loans based on amortized cost(2)	8.9		%	9.1		%
Weighted average yields of senior secured loans based on fair value(2)	9.0		%	9.1		%
Number of portfolio companies in Credit Fund	60			55
Average amount per portfolio company(1)	$	17,326		$	17,797
Number of loans on non-accrual status	1			2
Fair value of loans on non-accrual status	$	1,739		$	6,297
Percentage of loans at floating interest rates(3)(4)	100.0		%	100.0		%

Fair value of loans with PIK provisions	$	37,111		$	36,618
Percentage of portfolio with PIK provisions(4)	3.6		%	3.8		%

(1)At par/principal amount.

(2)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2026 and December 31, 2025. Weighted average yield on debt at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount (“OID”) and market discount earned, divided by (b) total fair value included in such securities. Weighted average yield on debt at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned, divided by (b) total amortized cost included in such securities. Weighted average yields exclude investments on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(3)Floating rate debt investments are generally subject to interest rate floors.

(4)Percentages based on fair value.

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Structured Credit Partners JV, LLC (“Structured Credit Partners”)

On December 23, 2025, we, together with CARS, an affiliated BDC, and Sixth Street (collectively, the “SCP Members”), entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Structured Credit Partners, a Delaware limited liability company that is not consolidated in our consolidated financial statements. Structured Credit Partners is managed by a board consisting of eight members, on which each Member has equal representation. The SCP Members each hold 25% voting interests through non-economic Class A membership interests. Economic interests are based on funded capital contributions and capital commitments through Class B and Class C membership as follows:


	Class A Capital Commitment		Class A Capital Called		Class B Capital Commitment		Class B Capital Called		Class C Capital Commitment		Class C Capital Called
Carlyle Secured Lending, Inc.	$	1	$	1	$	135,000	$	19,798	$	15,000	$	—
Carlyle Credit Solutions, Inc.	1		1		15,000		2,200		135,000		—
Sixth Street	2		2		150,000		21,998		150,000		—
Total	$	4	$	4	$	300,000	$	43,996	$	300,000	$	—

Funding of capital commitments generally requires board approval. In accordance with their respective economic interests, the SCP Members indirectly bear an allocable share of all expenses and other obligations of Structured Credit Partners.

Structured Credit Partners invests in the equity and debt of financing subsidiaries that act as warehouses for the acquisition of broadly syndicated loans and issue debt securities collateralized by such loans, with investment opportunities sourced primarily by affiliates of the SCP Members. Portfolio and investment decisions with respect to Structured Credit Partners must be unanimously approved by a quorum of Structured Credit Partners’ investment committee consisting of an equal number of representatives appointed by the Carlyle-affiliated SCP Members and the Sixth Street-affiliated SCP Members. Therefore, because we do not own more than 25% of the voting interests of Structured Credit Partners, we do not believe that we have control over Structured Credit Partners for accounting purposes or for purposes of the Investment Company Act.

Our share of the dividends declared by Structured Credit Partners was $302 for the three months ended March 31, 2026. As of March 31, 2026, our annualized dividend yield from Structured Credit Partners was 10.7%.

Below is a summary of Structured Credit Partners’ portfolio as of March 31, 2026:


	As of
	March 31, 2026
Senior secured loans(1)	$	1,044,693
Weighted average yield on senior secured loans based on amortized cost(2)	6.9		%
Weighted average yield on senior secured loans based on fair value(2)	7.0		%
Number of portfolio companies in Structured Credit Partners	334
Average amount per portfolio company	$	3,128
Floating rate loans(3)	100.0		%

(1)At par/principal amount.

(2)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2026. Weighted average yield on debt at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount (“OID”) and market discount earned, divided by (b) total fair value included in such securities. Weighted average yield on debt at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned, divided by (b) total amortized cost included in such securities. Weighted average yields exclude investments on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(3)Percent of total investments at fair value.

109

Consolidated Results of Operations

For the three months ended March 31, 2026 and December 31, 2025

The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, 2026 and December 31, 2025:


	Three Months Ended				Change
	March 31, 2026		December 31, 2025		$
Investment income:
Interest income	$	49,701	$	54,638	$	(4,937)
PIK income	6,481		6,083		398
Dividend income	5,302		5,000		302
Other income	2,595		1,192		1,403
Total investment income	64,079		66,913		(2,834)
Expenses:
Base management fees	8,786		9,231		(445)
Incentive fees	5,348		5,130		218
Professional fees	1,097		1,253		(156)
Administrative service fees	482		425		57
Interest expense and credit facility fees	21,770		25,450		(3,680)
Directors’ fees and expenses	187		208		(21)
Other general and administrative	764		838		(74)
Excise tax expense	441		350		91
Total expenses	38,875		42,885		(4,010)
Net investment income (loss)	25,204		24,028		1,176
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments	(9,482)		(19,777)		10,295
Net realized currency gain (loss) on non-investment assets and liabilities	(136)		(470)		334

Net change in unrealized appreciation (depreciation) on investments	(23,799)		14,087		(37,886)
Net change in unrealized currency gain (loss) on non-investment assets and liabilities	3,995		(483)		4,478

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities	(29,422)		(6,643)		(22,779)
Net increase (decrease) in net assets resulting from operations	$	(4,218)	$	17,385	$	(21,603)

Investment Income

The decrease in investment income for the three months ended March 31, 2026, as compared to the three months ended December 31, 2025, was primarily driven by a lower weighted average yield on the portfolio and a lower average outstanding principal balance. As of March 31, 2026, the size of our portfolio decreased to $2,306,378 from $2,469,396 as of December 31, 2025, at amortized cost. As of March 31, 2026 and December 31, 2025, the weighted average yield of our total debt and income producing investments was 10.0% and 10.1%, respectively, based on amortized cost.

Interest income and PIK income on our first and second lien debt investments are dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of March 31, 2026 and December 31, 2025, six and seven of our debt and preferred equity investments, respectively, were on non-accrual status. As of March 31, 2026 and December 31, 2025, non-accrual investments had a fair value of $20,617 and $30,541, which represented approximately 0.9% and 1.2% of total investments at fair value, respectively. The remaining income producing investments were performing and current on their interest payments as of March 31, 2026 and December 31, 2025.

110

The increase in other income for the three months ended March 31, 2026, compared to the three months ended December 31, 2025, was primarily driven by an increase in prepayment fees.

The increase in dividend income for the three months ended March 31, 2026, compared to the three months ended December 31, 2025 is due to dividends declared from Structured Credit Partners.

Expenses

The decrease in interest expense and credit facility fees was primarily driven by lower base rates and the acceleration of debt issuance cost during the three months ended December 31, 2025.

The decrease in base management fees was driven by lower average gross assets for the three months ended March 31, 2026 compared to the three months ended December 31, 2025.

The increase in incentive fees was driven by higher pre-incentive fee net investment income for the three months ended March 31, 2026 compared to the three months ended December 31, 2025.

For the three months ended March 31, 2026, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of March 31, 2026. The accrual for any capital gains incentive fee under accounting principles generally accepted in the United States (“U.S. GAAP”) in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. See Note 4, Related Party Transactions, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the incentive and base management fees.

Professional fees include legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of the Company. Administrative service fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the cost of certain of our executive officers and their respective staff. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.

Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation)

The amount of and number of investments with realized gain (loss) and change in unrealized appreciation (depreciation) for the three months ended March 31, 2026 and December 31, 2025 were as follows:


	Three Months Ended
	March 31, 2026		December 31, 2025
Realized gains on investments	$	667	$	424
Number of investments with realized gains	11		12
Realized losses on investments	$	(10,149)	$	(20,201)
Number of investments with realized losses	21		12
Change in unrealized appreciation on investments	$	12,446	$	30,489
Number of investments with unrealized appreciation	52		93
Change in unrealized depreciation on investments	$	(36,245)	$	(16,402)
Number of investments with unrealized depreciation	173		120

During the three months ended March 31, 2026, we recognized a net realized loss related to the restructuring of our investments in 48forty Intermediate Holdings, Inc. During the three months ended December 31, 2025, we recognized a realized net loss related to the sale of Comar Holding Company, LLC and the sale of our investment in iRobot Corporation.

The net change in unrealized appreciation (depreciation) is driven by changes in various inputs used in our valuation methodology, including, but not limited to, enterprise value multiples, borrower leverage ratios, borrower ratings, and the impact of exits.

111

For the three months ended March 31, 2026 and March 31, 2025

The following table sets forth information regarding our consolidated results of operations for the three months ended March 31, 2026 and March 31, 2025:


	Three Months Ended March 31,				Change
	2026		2025		$
Investment income:
Interest income	$	49,701	$	41,980	$	7,721
PIK income	6,481		5,379		1,102
Dividend income	5,302		6,554		(1,252)
Other income	2,595		951		1,644
Total investment income	64,079		54,864		9,215
Expenses:
Base management fees	8,786		7,609		1,177
Incentive fees	5,348		4,400		948
Professional fees	1,097		715		382
Administrative service fees	482		406		76
Interest expense and credit facility fees	21,770		18,603		3,167
Directors’ fees and expenses	187		148		39
Other general and administrative	764		678		86
Excise tax expense	441		676		(235)
Total expenses	38,875		33,235		5,640
Net investment income (loss)	25,204		21,629		3,575
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments	(9,482)		(21,529)		12,047
Net realized currency gain (loss) on non-investment assets and liabilities	(136)		(596)		460
Net realized gain (loss) on forward currency contracts	—		2,784		(2,784)
Net change in unrealized appreciation (depreciation) on investments	(23,799)		16,297		(40,096)
Net change in unrealized currency gain (loss) on non-investment assets and liabilities	3,995		(1,339)		5,334
Net change in unrealized gain (loss) on forward currency contracts	—		(3,192)		3,192
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	(29,422)		(7,575)		(21,847)
Net increase (decrease) in net assets resulting from operations	$	(4,218)	$	14,054	$	(18,272)

Investment Income

The increase in investment income for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily driven by a higher average outstanding investment balance due to net origination activity over the last twelve months, including assets acquired in the CSL III Merger and the Credit Fund II Purchase in the first quarter of 2025. This was partially offset by lower yields on investments. As of March 31, 2026, the size of our portfolio increased to $2,306,378 from $2,273,998 as of March 31, 2025, at amortized cost. As of March 31, 2026 and March 31, 2025, the weighted average yield of our total debt and income producing investments was 10.0% and 10.9%, respectively, based on amortized cost.

Interest income and PIK income on our first and second lien debt investments are dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of March 31, 2026 and March 31, 2025, six and five of our debt and preferred equity investments were on non-accrual status, respectively. Non-accrual investments had a fair value of $20,617 and $36,622, which represented approximately 0.9% and 1.6% of total investments at fair value as of March 31, 2026 and March 31, 2025, respectively. The remaining income producing investments were performing and current on their interest payments as of March 31, 2026 and March 31, 2025.

112

The decrease in dividend income for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily driven by a decrease in dividend income from Credit Fund II due to the Credit Fund II Purchase, partially offset by the dividend received from Structured Credit Partners.

The increase in other income for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily driven by an increase in prepayment fees.

Expenses

The increase in interest expense and credit facility fees for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily driven by a higher average principal balance during the three months ended March 31, 2026.

The increase in base management fees for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was driven by a higher average gross assets for the three months ended March 31, 2026.

The increase in incentive fees was driven by higher pre-incentive fee net investment income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

For the three months ended March 31, 2026, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of March 31, 2026. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. See Note 4, Related Party Transactions, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the incentive and base management fees.

Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation)

The amount of and number of investments with realized gain (loss) and change in unrealized appreciation (depreciation) for the three months ended March 31, 2026 and March 31, 2025 were as follows:


	Three Months Ended
	March 31, 2026		March 31, 2025
Realized gains on investments	$	667	$	944
Number of investments with realized gains	11		12
Realized losses on investments	$	(10,149)	$	(22,473)
Number of investments with realized losses	21		4
Change in unrealized appreciation on investments	$	12,446	$	37,184
Number of investments with unrealized appreciation	52		62
Change in unrealized depreciation on investments	$	(36,245)	$	(20,887)
Number of investments with unrealized depreciation	173		126

During the three months ended March 31, 2026, we recognized a net realized loss related to the restructuring of our investments in 48forty Intermediate Holdings, Inc. During the three months ended March 31, 2025, we recognized a realized loss related to the restructuring of our investment in Aimbridge Acquisition Co., Inc. and the consolidation of our investment in Credit Fund II as a result of Credit Fund II Purchase.

The net change in unrealized appreciation (depreciation) is driven by changes in various inputs used in our valuation methodology, including but not limited to enterprise value multiples, borrower leverage ratios, borrower ratings, and the impact of exits.

113

Financial Condition, Liquidity and Capital Resources

Capitalization

We have capitalized our business to date primarily through the issuance and sale of our common stock, asset-level financing, and the issuance of unsecured senior debt. As of March 31, 2026, we had $1,395,319 of outstanding consolidated indebtedness under the Credit Facility, the 2015-1N Debt, the 2030 Notes, and the 2031 Notes as previously discussed within Portfolio and Investment Activity - Portfolio Financing. As of March 31, 2026, we had $641,873 of liquidity that can be used to satisfy our short-term cash requirements and working capital for our business. Refer to Note 9, Borrowings, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information regarding our financing.

The following table presents our capitalization ratios:


	As of
	March 31, 2026	December 31, 2025
Debt to Equity	1.25x	1.32x
Net Financial Leverage (1)	1.06x	1.13x

(1) Net financial leverage adjusts for net working capital at period end, which was $214.5 million and $225.8 million as of March 31, 2026 and December 31, 2025, respectively.

Sources of Liquidity

Our primary sources of liquidity include cash and cash equivalents and available borrowings under our Credit Facility.


	As of
	March 31, 2026		December 31, 2025
Cash, cash equivalents and restricted cash	$	97,241	$	76,493
Available borrowings under Credit Facility	544,632		396,340
Total Liquidity	$	641,873	$	472,833

We generate cash from cash flows from operations, including investment sales and repayments, income earned on investments and cash equivalents, and through the net proceeds of offerings of our common stock sold through our at-the-market program. We may also fund a portion of our investments through borrowings under the Credit Facility, the issuance of debt, and through securitization of a portion of our existing investments. The primary use of existing funds and any funds raised in the future is expected to be for investments in portfolio companies, repayment of indebtedness, cash distributions to our stockholders, repurchases of our common stock and for other general corporate purposes. We believe our current cash position, available capacity on our Credit Facility, which is well in excess of our unfunded commitments, and net cash provided by operating activities will provide us with sufficient resources to meet our obligations and continue to support our investment objectives, including reserving for the capital needs which may arise at our portfolio companies.

Liquidity Needs

Our primary liquidity needs include our funding of new and existing portfolio investments, payment of operating expenses and interest and principal payments under the Credit Facility, the 2015-1N Debt, the 2030 Notes, and the 2031 Notes. From time to time, we may also repurchase our outstanding debt or shares of our common stock.

Contractual Obligations and Contingencies

In the ordinary course of our business, we enter into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made for any such exposure in the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.

114

We have in the past, currently are and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments. We had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of March 31, 2026 and December 31, 2025:


	Par/Principal Amount as of
	March 31, 2026		December 31, 2025
Unfunded delayed draw commitments	$	229,347	$	256,926
Unfunded revolving commitments	165,829		174,680
Total unfunded commitments	$	395,176	$	431,606

Pursuant to an undertaking by us in connection with the 2015-1 Debt Securitization, we agreed to hold on an ongoing basis the 2015-1 Issuer Preferred Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate outstanding amount of all collateral obligations by the 2015-1 Issuer for so long as any securities of the 2015-1 Issuer remains outstanding. As of March 31, 2026 and December 31, 2025, we were in compliance with this undertaking.

Cash Flows

The following table details the net change in our cash and cash equivalents:


	Three Months Ended
	March 31, 2026
Cash flows provided by (used in) operating activities	$	212,389

Cash flows provided by (used in) financing activities	(191,641)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	20,748

During the three months ended March 31, 2026, we paid $240,926 related to cost of investments purchased and received $444,368 in proceeds from sales and repayments on our investments. During the three months ended March 31, 2026, we had net repayments of $144,349 on our Credit Facility and paid $28,723 of dividends in cash.

Asset Coverage

In accordance with the Investment Company Act, a BDC is only allowed to borrow amounts such that its “asset coverage,” as defined in the Investment Company Act, satisfies the minimum asset coverage ratio specified in the Investment Company Act after such borrowing. “Asset coverage” generally refers to a company’s total assets, less all liabilities and indebtedness not represented by “senior securities,” as defined in the Investment Company Act, divided by total senior securities representing indebtedness and, if applicable, preferred stock. “Senior securities” for this purpose includes borrowings from banks or other lenders, debt securities and preferred stock.

Prior to March 23, 2018, BDCs were required to maintain a minimum asset coverage ratio of 200%. On March 23, 2018, an amendment to Section 61(a) of the Investment Company Act was signed into law to permit BDCs to reduce the minimum asset coverage ratio from 200% to 150%, so long as certain approval and disclosure requirements are satisfied. Under the 200% minimum asset coverage ratio, BDCs are permitted to borrow up to one dollar for investment purposes for every one dollar of investor equity, and under the 150% minimum asset coverage ratio, BDCs are permitted to borrow up to two dollars for investment purposes for every one dollar of investor equity. In other words, Section 61(a) of the Investment Company Act, as amended, permits BDCs to potentially increase their debt-to-equity ratio from a maximum of 1 to 1 to a maximum of 2 to 1.

On April 9, 2018 and June 6, 2018, the Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the Investment Company Act), and the stockholders of the Company, respectively, approved the application to the Company of the 150% minimum asset coverage ratio set forth in Section 61(a)(2) of the Investment Company Act, as amended. As a result, the minimum asset coverage ratio applicable to the Company was reduced from 200% to 150%, effective as of June 7, 2018.

As of March 31, 2026 and December 31, 2025, the Company had total senior securities of $1,395,319 and $1,543,660, respectively, consisting of secured borrowings under the Credit Facility, the 2030 Notes, the 2031 Notes, and the 2015-1N Debt, and had asset coverage ratios of 180.0% and 175.6%, respectively.

115

Critical Accounting Policies and Estimates

The preparation of our unaudited consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates and judgments are based on historical information, information currently available to us and on various other assumptions management believes to be reasonable under the circumstances. Actual results could vary from those estimates and we may change our estimates and assumptions in future evaluations. Changes in these estimates and assumptions may have a material effect on our results of operations and financial condition. There have been no material changes in the critical accounting estimates since those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in the valuations of our investment portfolio and interest rates.

Valuation Risk

Our investments generally do not have a readily available market price. The Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act, values our investments for which market quotations are not readily available in good faith at fair value in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. In addition, because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

Interest Rate Risk

As of March 31, 2026, on a fair value basis, approximately 99.3% of our debt investments bear interest at floating rates, which primarily are subject to interest rate floors. The Credit Facility and the 2015-1N Debt are also subject to floating interest rates and are primarily paid based on floating SOFR rates. The 2030 Notes and the 2031 Notes, each which bear fixed rates, were hedged through fixed to floating interest rate swaps, in order to align the interest rates of our liabilities in our investment portfolio.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our income in the future.

The following table estimates the potential changes in net cash flow generated from interest income, should interest rates increase or decrease by 100, 200 or 300 basis points. These hypothetical interest income calculations are based on a model of the settled debt investments in our portfolio, excluding structured finance obligations and our investments in Credit Fund and Structured Credit Partners, held as of March 31, 2026 and December 31, 2025, and are only adjusted for assumed changes in the underlying base interest rates and the impact of that change on interest income. Interest expense is calculated based on outstanding secured borrowings and notes payable as of March 31, 2026 and December 31, 2025 and based on the terms of our Credit Facility and notes payable. Interest expense on our Credit Facility and notes payable is calculated using the stated interest rate as of March 31, 2026 and December 31, 2025, adjusted for the hypothetical changes in rates, as shown below. We intend to continue to finance a portion of our investments with borrowings and the interest rates paid on our borrowings may significantly impact our net interest income.

We regularly measure exposure to interest rate risk. We assess interest rate risk and manage interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

116

Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025, the following table shows the annual impact on net investment income of base rate changes in interest rates for our settled debt investments (considering interest rate floors for variable rate instruments), excluding our investments in Credit Fund and Structured Credit Partners, and outstanding secured borrowings and notes payable assuming no changes in our investment and borrowing structure:


	As of March 31, 2026						As of December 31, 2025
Basis Point Change	Interest Income		Interest Expense		Net Investment Income		Interest Income		Interest Expense		Net Investment Income
Up 300 basis points	$	60,137	$	(41,860)	$	18,277	$	64,385	$	(46,310)	$	18,075

Up 200 basis points	$	40,091	$	(27,906)	$	12,185	$	42,923	$	(30,873)	$	12,050

Up 100 basis points	$	20,046	$	(13,953)	$	6,093	$	21,462	$	(15,437)	$	6,025


Down 100 basis points	$	(20,046)	$	13,953	$	(6,093)	$	(21,462)	$	15,437	$	(6,025)
Down 200 basis points	$	(39,988)	$	27,797	$	(12,191)	$	(42,809)	$	30,769	$	(12,040)

Down 300 basis points	$	(56,140)	$	40,234	$	(15,906)	$	(60,789)	$	44,940	$	(15,849)

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting during the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. The Company is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also Note 14, Litigation, to the unaudited consolidated financial statements in Part I, Item 1 of this Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth within this Form 10-Q, consideration should be given to the information disclosed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not sell any equity securities during the period covered in this report that were not registered under the Securities Act of 1933, as amended.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table provides information regarding purchases of our common stock made by or on behalf of the Company or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) during the three months ended March 31, 2026 for the periods indicated.


Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)(2)	Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2026 through January 31, 2026	654,273	$	12.65	654,273	$	120,111
February 1, 2026 through February 28, 2026	475,994	$	12.07	475,994	$	114,368
March 1, 2026 through March 31, 2026	405,987	$	11.04	405,987	$	109,888
Total	1,536,254			1,536,254

(1)On trade date basis.

(2)On October 29, 2025, the Company's Board of Directors approved the continuation of the Company's Stock Repurchase Program until November 5, 2026, or until the date the approved dollar amount has been used to repurchase shares. On February 18, 2026, the Company’s Board of Directors approved a $100 million increase in the authorized amount available for repurchases under the Stock Repurchase Program to up to $300 million. Pursuant to the program, the Company is authorized to repurchase up to $300 million in the aggregate of the Company’s outstanding stock in the open market and/or through privately negotiated transactions at prices not to exceed the Company’s net asset value per share as reported in its most recent financial statements, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, stock price, available cash, applicable legal and regulatory requirements and other factors, and may include purchases pursuant to Rule 10b5-1 of the Exchange Act. The program does not require the Company to repurchase any specific number of shares and there can be no assurance as to the amount of shares repurchased under the program. The program may be suspended, extended, modified or discontinued by the Company at any time, subject to applicable law. Pursuant to the authorization described above, the Company has adopted a 10b5-1 plan (the “Company 10b5-1 Plan”). The Company 10b5-1 Plan provides that purchases will be conducted on the open market in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act and will otherwise be subject to applicable law, which may prohibit purchases under certain circumstances. The amount of purchases made under the Company 10b5-1 Plan or otherwise and how much will be purchased at any time is uncertain, dependent on prevailing market prices and trading volumes, all of which we cannot predict. The Company's Stock Repurchase Program was originally approved by the Company's Board of Directors on November 5, 2018 and announced on November 6, 2018.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

118

Item 5. Other Information

During the three months ended March 31, 2026, no director or Section 16 officer of the Company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

119

Item 6. Exhibits


Exhibit No.						Description
10.1						Second Amendment to the Sixth Amended and Restated Limited Liability Company Agreement, dated as of February 11, 2026, between Carlyle Secured Lending, Inc. and Credit Partners USA LLC, as members (Incorporated by reference to Exhibit 10.24 to the Company’s Form 10-K filed by the Company on February 24, 2026)

10.2						Third Amendment to the Sixth Amended and Restated Limited Liability Company Agreement, dated as of February 24, 2026, between Carlyle Secured Lending, Inc. and Credit Partners USA LLC, as members*

31.1						Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.*

31.2						Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*

32.1						Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2						Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*

101.SCH						Inline XBRL Taxonomy Extension Schema Document*

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)*

* Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	CARLYLE SECURED LENDING, INC.

Dated: May 11, 2026	By	/s/ Thomas M. Hennigan
		Thomas M. Hennigan
		Director, President, Chief Financial Officer and Chief Risk Officer (Principal Financial Officer)

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