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Carlyle Secured Lending
CGBD
#6873
Rank
HK$6.12 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
HK$89.06
Share price
-0.18%
Change (1 day)
-16.68%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Carlyle Secured Lending
  2. Quarterly Reports (10-Q)
  3. Submitted on 2022-11-08

Carlyle Secured Lending - 10-Q quarterly report FY


Text size:
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(Luxembourg) - Software2022-09-300001544206First Lien Debt, Barnes & Noble, Inc. - Retail2022-09-300001544206First Lien Debt, BLUECAT NETWORKS (USA) INC - High Tech Industries2022-09-300001544206First Lien Debt, BMS Holdings III Corp. - Construction & Building2022-09-300001544206First Lien Debt, Bubbles Bidco S.P.A. (Italy) - Consumer Goods: Non-Durable2022-09-30iso4217:GBP0001544206First Lien Debt, Bubbles Bidco S.P.A. (Italy) - Consumer Goods: Non-Durable 22022-09-300001544206First Lien Debt, Chartis Holding, LLC - Business Services2022-09-300001544206First Lien Debt, Chemical Computing Group ULC (Canada) - Software2022-09-300001544206First Lien Debt, CircusTrix Holdings, LLC - Leisure Products & Services2022-09-300001544206First Lien Debt, CircusTrix Holdings, LLC - Leisure Products & Services 22022-09-300001544206First Lien Debt, Comar Holding Company, LLC - Containers, Packaging & Glass2022-09-300001544206First Lien Debt, Cority Software Inc. (Canada) - Software2022-09-300001544206First Lien Debt, Cority Software Inc. (Canada) - Software 22022-09-300001544206First Lien Debt, DCA Investment Holding LLC - Healthcare & Pharmaceuticals2022-09-300001544206First Lien Debt, Denali Midco 2, LLC - Consumer Services2022-09-300001544206First Lien Debt, Dermatology Associates - Healthcare & Pharmaceuticals2022-09-300001544206First Lien Debt, Dermatology Associates - Healthcare & Pharmaceuticals 22022-09-300001544206First Lien Debt, DermaRite Industries, LLC - Healthcare & Pharmaceuticals2022-09-300001544206First Lien Debt, Diligent Corporation - Telecommunications2022-09-300001544206First Lien Debt, Dwyer Instruments, Inc. - Capital Equipment2022-09-300001544206First Lien Debt, Eliassen Group, LLC - Business Services2022-09-300001544206First Lien Debt, Ellkay, LLC - Healthcare & Pharmaceuticals2022-09-300001544206First Lien Debt, Emergency Communications Network, LLC - Telecommunications2022-09-300001544206First Lien Debt, EPS Nass Parent, Inc. - Utilities: Electric2022-09-300001544206First Lien Debt, EvolveIP, LLC - Telecommunications2022-09-300001544206First Lien Debt, Excel Fitness Holdings, Inc. - Leisure Products & Services2022-09-300001544206First Lien Debt, Excelitas Technologies Corp. - Capital Equipment2022-09-300001544206First Lien Debt, Excelitas Technologies Corp. - Capital Equipment 22022-09-30iso4217:EUR0001544206First Lien Debt, FPG Intermediate Holdco, LLC - Consumer Services2022-09-300001544206First Lien Debt, Frontline Technologies Holdings, LLC - Software2022-09-300001544206First Lien Debt, Greenhouse Software, Inc. - Software2022-09-300001544206First Lien Debt, Guidehouse LLP - Sovereign & Public Finance2022-09-300001544206First Lien Debt, Hadrian Acquisition Limited (United Kingdom) - Diversified Financial Services2022-09-300001544206First Lien Debt, Hadrian Acquisition Limited (United Kingdom) - Diversified Financial Services 22022-09-300001544206First Lien Debt, Harbour Benefit Holdings, Inc. - Business Services2022-09-300001544206First Lien Debt, Heartland Home Services, Inc - Consumer Services2022-09-300001544206First Lien Debt, Heartland Home Services, Inc - Consumer Services 22022-09-300001544206First Lien Debt, Hercules Borrower LLC - Environmental Industries2022-09-300001544206First Lien Debt, Higginbotham Insurance Agency, Inc. - Diversified Financial Services2022-09-300001544206First Lien Debt, Hoosier Intermediate, LLC - Healthcare & Pharmaceuticals2022-09-300001544206First Lien Debt, HS Spa Holdings Inc. - Consumer Services2022-09-300001544206First Lien Debt, iCIMS, Inc. - Software2022-09-300001544206First Lien Debt, Individual FoodService Holdings, LLC - Wholesale2022-09-300001544206First Lien Debt, Infront Luxembourg Finance S.À R.L. (Luxembourg) - Leisure Products & Services2022-09-300001544206First Lien, IQN First Lien Debt, Integrity Marketing Acquisition, LLC - Diversified Financial ServicesCorp.^, Business Services2022-09-300001544206First Lien Debt, IQN Holding Corp. - Business Services2022-09-300001544206First Lien Debt, Jeg's Automotive, LLC - Automotive2022-09-300001544206First Lien Debt, K2 Insurance Services, LLC - Diversified Financial Services2022-09-300001544206First Lien Debt, Kaseya, Inc. - High Tech Industries2022-09-300001544206First Lien Debt, Lifelong Learner Holdings, LLC - Business Services2022-09-300001544206First Lien Debt, LinQuest Corporation - Aerospace & Defense2022-09-300001544206First Lien Debt, Liqui-Box Holdings, Inc. - Containers, Packaging & Glass2022-09-300001544206First Lien Debt, LVF Holdings, Inc. - Beverage & Food2022-09-300001544206First Lien Debt, Material Holdings, LLC - Business Services2022-09-300001544206First Lien Debt, Maverick Acquisition, Inc. - Aerospace & Defense2022-09-300001544206First Lien Debt, Medical Manufacturing Technologies, LLC - Healthcare & Pharmaceuticals2022-09-300001544206First Lien Debt, MMIT Holdings, LLC - High Tech Industries2022-09-300001544206First Lien Debt, NEFCO Holding Comapny LLC - Construction & Building2022-09-300001544206First Lien Debt, NES Global Talent Finance US, LLC (United Kingdom) - Energy: Oil & Gas2022-09-300001544206First Lien Debt, NMI AcquisitionCo, Inc. - High Tech Industries2022-09-300001544206First Lien Debt, North Haven Fairway Buyer, LLC - Consumer Services2022-09-300001544206First Lien Debt, Oak Purchaser, Inc. - Business Services2022-09-300001544206First Lien Debt, Performance Health Holdings, Inc. - Healthcare & Pharmaceuticals2022-09-300001544206First Lien Debt, PF Atlantic Holdco 2, LLC - Leisure Products & Services2022-09-300001544206First Lien Debt, PF Growth Partners, LLC - Leisure Products & Services2022-09-300001544206First Lien Debt, Project CastFirst Lien Debt, PPT Management Holdings, LLC - Healthcare & Pharmaceuticalsle, Inc. - Capital Equipment2022-09-300001544206First Lien Debt, Project Castle, Inc. - Capital Equipment2022-09-300001544206First Lien Debt, Prophix Software Inc. (Canada) - Software2022-09-300001544206First Lien Debt, PXO Holdings I Corp. - Chemicals, Plastics & Rubber2022-09-300001544206First Lien Debt, Quantic Electronics, LLC - Aerospace & Defense2022-09-300001544206First Lien Debt, Quantic Electronics, LLC - Aerospace & Defense 22022-09-300001544206First Lien Debt, QW Holding Corporation - Environmental Industries2022-09-300001544206First Lien Debt, Regency Entertainment, Inc. - Media: Diversified & Production2022-09-300001544206First Lien Debt, Riveron Acquisition Holdings, Inc. - Diversified Financial Services2022-09-300001544206First Lien Debt, RSC Acquisition, Inc. - Diversified Financial Services2022-09-300001544206First Lien Debt, Sapphire Convention, Inc. - Telecommunications2022-09-300001544206First Lien Debt, Smarsh Inc. - Software2022-09-300001544206First Lien Debt, SPay, Inc. - Leisure Products & Services2022-09-300001544206First Lien Debt, Speedstar Holding, LLC - Automotive2022-09-300001544206First Lien Debt, Spotless Brands, LLC - Consumer Services2022-09-300001544206First Lien Debt, Tank Holding Corp. - Capital Equipment2022-09-300001544206First Lien Debt, TCFI Aevex LLC - Aerospace & Defense2022-09-300001544206First Lien Debt, The Carlstar Group LLC - Automotive2022-09-300001544206First Lien Debt, TIBCO Software Inc. - High Tech Industries2022-09-300001544206First Lien Debt, Trafigura Trading LLC - Metals & Mining2022-09-300001544206First Lien Debt, Tufin Software North America, Inc. - Software2022-09-300001544206First Lien Debt, Turbo Buyer, Inc. - Automotive2022-09-300001544206First Lien Debt, U.S. Legal Support, Inc. - Business Services2022-09-300001544206First Lien Debt, Unifrutti Financing PLC (Cyprus) - Beverage & Food2022-09-300001544206First Lien Debt, Unifrutti Financing PLC (Cyprus) - Beverage & Food22022-09-300001544206First Lien Debt, US INFRA SVCS Buyer, LLC - Environmental Industries2022-09-300001544206First Lien Debt, USALCO, LLC - Chemicals, Plastics & Rubber2022-09-300001544206First Lien Debt, USR Parent Inc. - Retail2022-09-300001544206First Lien Debt, Westfall Technik, Inc. - Chemicals, Plastics & Rubber2022-09-300001544206First Lien Debt, Westfall Technik, Inc. - Chemicals, Plastics & Rubber 22022-09-300001544206First Lien Debt, Wineshipping.com LLC - Beverage & Food22022-09-300001544206First Lien Debt, Yellowstone Buyer Acquisition, LLC - Consumer Goods: Durable2022-09-300001544206First Lien Debt, YLG Holdings, Inc. - Consumer Services2022-09-300001544206us-gaap-supplement:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesFirstLienMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesSecondLienMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206Second Lien, 11852604 Canada Inc. (Canada), Healthcare & Pharmaceuticals2022-09-300001544206Second Lien, AI Convoy S.A.R.L (United Kingdom), Aerospace & Defense2022-09-300001544206Second Lien, Aimbridge Acquisition Co., Inc., Hotel, Gaming & Leisure2022-09-300001544206Second Lien, AP Plastics Acquisition Holdings, LLC, Chemicals, Plastics & Rubber2022-09-300001544206Second Lien, AQA Acquisition Holdings, Inc., High Tech Industries2022-09-300001544206Second Lien, Blackbird Purchaser, Inc., Capital Equipment2022-09-300001544206Second Lien, Brave Parent Holdings, Inc., Software2022-09-300001544206Second Lien, Drilling Info Holdings, Inc, Energy: Oil & Gas2022-09-300001544206Second Lien, Jazz Acquisition, Inc., Aerospace & Defense2022-09-300001544206Second Lien, Outcomes Group Holdings, Inc., Business Services2022-09-300001544206Second Lien, PAI Holdco, Inc., Automotive2022-09-300001544206Second Lien, Peraton Corp., Aerospace & Defense2022-09-300001544206Second Lien, Quartz Holding Company, Software2022-09-300001544206Second Lien, Stonegate Pub Company Bidco Limited (United Kingdom), Beverage, Food & Tobacco2022-09-300001544206Second Lien, TruGreen Limited Partnership, Consumer Services2022-09-300001544206First Lien Debt, World 50, Inc. - Business Services2022-09-300001544206us-gaap-supplement:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesSecondLienMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercsl:InvestmentsAtFairValueMemberus-gaap:EquitySecuritiesMember2022-01-012022-09-300001544206Equity Investments, ANLG Holdings, LLC, Capital Equipment2022-09-300001544206Equity Investments, Appriss Health, LLC, 2022-09-300001544206Equity Investments, Atlas Ontario LP (Canada), Business Services2022-09-300001544206Equity Investments, Avenu Holdings, LLC, Sovereign & Public Finance2022-09-300001544206Equity Investments, Blackbird Holdco, Inc., Capital Equipment2022-09-300001544206Equity Investments, Buckeye Parent, LLC, Automotive2022-09-300001544206Equity Investments, Chartis Holding, LLC, Business Services2022-09-300001544206Equity Investments, CIP Revolution Holdings, LLC, Media: Advertising, Printing & Publishing2022-09-300001544206Equity Investments, Cority Software Inc. (Canada), Software2022-09-300001544206Equity Investments, Derm Growth Partners III, LLC, Healthcare & Pharmaceuticals2022-09-300001544206Equity Investments, Diligent Corporation, Telecommunications2022-09-300001544206Equity Investments, ECP Parent, LLC, Healthcare & Pharmaceuticals2022-09-300001544206Equity Investments, GB Vino Parent, L.P., Beverage, Food & Tobacco2022-09-300001544206Equity Investments, Integrity Marketing Group, LLC, Banking, Finance, Insurance & Real Estate2022-09-300001544206Equity Investments, K2 Insurance Services, LLC, Banking, Finance, Insurance & Real Estate2022-09-300001544206Equity Investments, Legacy.com, Inc., High Tech Industries2022-09-300001544206Equity Investments, NearU Holdings LLC - Consumer Services2022-09-300001544206Equity Investments, NEFCO Holding Comapny LLC - Construction & Building2022-09-300001544206Equity Investments, North Haven Goldfinch Topco, LLC - Containers, Packaging & Glass2022-09-300001544206Equity Investments, Pascal Ultimate Holdings, L.P - Capital Equipment2022-09-300001544206Equity Investments, Picard Parent, Inc. - High Tech Industries2022-09-300001544206Equity Investments, Profile Holdings I, LP - Chemicals, Plastics & Rubber2022-09-300001544206Equity Investments, Sinch AB (Sweden) - High Tech Industries2022-09-300001544206Equity Investments, Tailwind HMT Holdings Corp. - Energy: Oil & Gas2022-09-300001544206Equity Investments, Tank Holding Corp. - Capital Equipment2022-09-300001544206Equity Investments, Titan DI Preferred Holdings, Inc. - Energy: Oil & Gas2022-09-300001544206Equity Investments, Talon MidCo 1 Limited - Software2022-09-300001544206Equity Investments, Turbo Buyer, Inc. - Automotive2022-09-300001544206Equity Investments,U.S. Legal Support Investment Holdings, LLC - Business Services2022-09-300001544206Equity Investments, Unifrutti Financing PLC (Cyprus) - Beverage & Food2022-09-300001544206Equity Investments, Unifrutti Financing PLC (Cyprus) - Beverage & Food 22022-09-300001544206Equity Investments, W50 Parent LLC - Business Services2022-09-300001544206Equity Investments, Zenith American Holding, Inc., Business Services2022-09-300001544206us-gaap-supplement:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2022-09-300001544206us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206First Lien, Direct Travel, Inc., Hotel, Gaming & Leisure2022-09-300001544206First Lien, Direct Travel, Inc., Hotel, Gaming & Leisure 22022-09-300001544206csl:DebtSecuritiesFirstLienMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMembercsl:InvestmentsAtFairValueMemberus-gaap:EquitySecuritiesMember2022-01-012022-09-300001544206Equity Investments, Direct Travel, Inc., Hotel, Gaming & Leisure 22022-09-300001544206us-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2022-09-300001544206us-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:OtherThanSecuritiesInvestmentMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206Investment Funds, Middle Market Credit Fund II, LLC, Member's Interest, Investment Funds2022-09-300001544206Investment Funds, Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest, Investment Funds2022-09-300001544206Investment Funds, Middle Market Credit Fund, Mezzanine Loan, Investment Funds2022-09-300001544206us-gaap:OtherThanSecuritiesInvestmentMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001544206us-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001544206csl:A30DayLIBORMember2022-09-300001544206csl:A90DayLIBORMember2022-09-300001544206csl:A180DayLIBORMember2022-09-300001544206csl:A30DaySOFRMember2022-09-300001544206csl:A90DaySOFRMember2022-09-300001544206us-gaap:EquitySecuritiesMember2022-09-300001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest 2021-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest 2022-01-012022-09-300001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest 2022-09-300001544206Middle Market Credit Fund, Mezzanine Loan2021-12-310001544206Middle Market Credit Fund, Mezzanine Loan2022-01-012022-09-300001544206Middle Market Credit Fund, Mezzanine Loan2022-09-300001544206Middle Market Credit Fund II LLC, Member's Interest2021-12-310001544206Middle Market Credit Fund II LLC, Member's Interest2022-01-012022-09-300001544206Middle Market Credit Fund II LLC, Member's Interest2022-09-300001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-01-012022-09-300001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001544206SolAero Technologies Corp. (Priority Term Loan)2021-12-310001544206SolAero Technologies Corp. (Priority Term Loan)2022-01-012022-09-300001544206SolAero Technologies Corp. (Priority Term Loan)2022-09-300001544206SolAero Technologies Corp. (A1 Term Loan)2021-12-310001544206SolAero Technologies Corp. (A1 Term Loan)2022-01-012022-09-300001544206SolAero Technologies Corp. (A1 Term Loan)2022-09-300001544206SolAero Technologies Corp. (A2 Term Loan)2021-12-310001544206SolAero Technologies Corp. (A2 Term Loan)2022-01-012022-09-300001544206SolAero Technologies Corp. (A2 Term Loan)2022-09-300001544206Solaero Technology Corp. (Equity)2021-12-310001544206Solaero Technology Corp. (Equity)2022-01-012022-09-300001544206Solaero Technology Corp. (Equity)2022-09-300001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-01-012022-09-300001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001544206Direct Travel, Inc.2021-12-310001544206Direct Travel, Inc.2022-01-012022-09-300001544206Direct Travel, Inc.2022-09-300001544206Direct Travel, Inc. (2)2021-12-310001544206Direct Travel, Inc. (2)2022-01-012022-09-300001544206Direct Travel, Inc. (2)2022-09-300001544206Direct Travel, Inc. (Equity)2021-12-310001544206Direct Travel, Inc. (Equity)2022-01-012022-09-300001544206Direct Travel, Inc. (Equity)2022-09-300001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-01-012022-09-300001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001544206First and Second Lien Debt, ADPD Holdings, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, ADPD Holdings, LLC - Revolver2022-09-300001544206First and Second Lien Debt, ADPD Holdings, LLC - Delayed Draw 22022-09-300001544206First and Second Lien Debt, ADPD Holdings, LLC - Delayed Draw 32022-09-300001544206First and Second Lien Debt, Advanced Web Technologies Holding Company - Revolver2022-09-300001544206First and Second Lien Debt, Advanced Web Technologies Holding Company - Delayed Draw2022-09-300001544206First and Second Lien Debt, Airnov, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Alpine Acquisition Corp II - Revolver2022-09-300001544206First and Second Lien Debt, American Physician Partners, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Analogic Corporation - Revolver2022-09-300001544206First and Second Lien Debt, Applied Technical Services, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Appriss Health, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Apptio, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Ascend Buyer, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Associations, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Blackbird Purchaser, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, BlueCat Networks (USA) Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, BlueCat Networks (USA) Inc. - Delayed Draw 22022-09-300001544206First and Second Lien Debt, BMS Holdings III Corp. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Bubbles Bidco S.P.A. (Italy) - Delayed Draw2022-09-300001544206First and Second Lien Debt, Bubbles Bidco S.P.A. (Italy) - Revolver2022-09-300001544206First and Second Lien Debt, Chartis Holding, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Chemical Computing Group ULC (Canada) - Revolver2022-09-300001544206First and Second Lien Debt, Comar Holding Company, LLC, Revolver2022-09-300001544206First and Second Lien Debt, Cority Software Inc. (Canada), Revolver2022-09-300001544206First and Second Lien Debt, DCA Investment Holding LLC, Delayed Draw2022-09-300001544206First and Second Lien Debt, Denali Midco 2, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, Diligent Corporation - Revolver2022-09-300001544206First and Second Lien Debt, Direct Travel, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Dwyer Instruments, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Dwyer Instruments, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Eliassen Group, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, Ellkay, LLC - Revolver2022-09-300001544206First and Second Lien Debt, EPS Nass Parent, Inc., Revolver2022-09-300001544206First and Second Lien Debt, EPS Nass Parent, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, EvolveIP, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Excel Fitness Holdings, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Excelitas Technologies Corp. - Revolver2022-09-300001544206First and Second Lien Debt, Excelitas Technologies Corp. - Delayed Draw2022-09-300001544206First and Second Lien Debt, FPG Intermediate Holdco, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, Greenhouse Software, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Greenhouse Software, Inc. - Revolver 22022-09-300001544206First and Second Lien Debt, Hadrian Acquisition Limited (United Kingdom) - Delayed Draw2022-09-300001544206First and Second Lien Debt, Harbour Benefit Holdings, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Heartland Home Services, Inc - Delayed Draw2022-09-300001544206First and Second Lien Debt, Heartland Home Services, Inc - Revolver2022-09-300001544206First and Second Lien Debt, Hercules Borrower LLC - Revolver2022-09-300001544206First and Second Lien Debt, Hoosier Intermediate, LLC - Revolver2022-09-300001544206First and Second Lien Debt, HS Spa Holdings Inc. - Revolver2022-09-300001544206First and Second Lien Debt, iCIMS, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, iCIMS, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Individual FoodService Holdings, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Individual FoodService Holdings, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, IQN Holding Corp. - Delayed Draw2022-09-300001544206First and Second Lien Debt, IQN Holding Corp. - Revolver2022-09-300001544206First and Second Lien Debt, Jeg's Automotive, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Jeg's Automotive, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, K2 Insurance Services, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Kaseya, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Kaseya, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Lifelong Learner Holdings, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Liqui-Box Holdings, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, LVF Holdings, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, LVF Holdings, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Material Holdings, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, Material Holdings, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Maverick Acquisition, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Maverick Acquisition, Inc. - Delayed Draw 22022-09-300001544206First and Second Lien Debt, Medical Manufacturing Technologies, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Medical Manufacturing Technologies, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, MMIT Holdings, LLC - Revolver2022-09-300001544206First and Second Lien Debt, NEFCO Holding Comapny LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, NEFCO Holding Comapny LLC - Delayed Draw 22022-09-300001544206First and Second Lien Debt, NEFCO Holding Comapny LLC - Revolver2022-09-300001544206First and Second Lien Debt, NMI AcquisitionCo, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, North Haven Fairway Buyer, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, North Haven Fairway Buyer, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Oak Purchaser, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Oak Purchaser, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, PF Atlantic Holdco 2, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, PF Atlantic Holdco 2, LLC - Revolver2022-09-300001544206First and Second Lien Debt, PPT Management Holdings, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Prophix Software Inc. (Canada) - Revolver2022-09-300001544206First and Second Lien Debt, PXO Holdings I Corp. - Delayed Draw2022-09-300001544206First and Second Lien Debt, PXO Holdings I Corp. - Revolver2022-09-300001544206First and Second Lien Debt, Quantic Electronics, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Quantic Electronics, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, RSC Acquisition, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, RSC Acquisition, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Sapphire Convention, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Smarsh Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Smarsh Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Spotless Brands, LLC - Revolver2022-09-300001544206First and Second Lien Debt, Spotless Brands, LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, Spotless Brands, LLC - Delayed Draw 22022-09-300001544206First and Second Lien Debt, Tank Holding Corp. - Revolver2022-09-300001544206First and Second Lien Debt, TCFI Aevex LLC - Delayed Draw2022-09-300001544206First and Second Lien Debt, TCFI Aevex LLC - Delayed Draw 22022-09-300001544206First and Second Lien Debt, The Carlstar Group LLC - Revolver2022-09-300001544206First and Second Lien Debt, Trafigura Trading LLC - Revolver2022-09-300001544206First and Second Lien Debt, Tufin Software North America, Inc. - Revolver2022-09-300001544206First and Second Lien Debt, Tufin Software North America, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Turbo Buyer, Inc. - Delayed Draw2022-09-300001544206First and Second Lien Debt, Turbo Buyer, Inc., Revolver2022-09-300001544206First and Second Lien Debt, US Legal Support, Inc., Delayed Draw2022-09-300001544206First and Second Lien Debt, U.S. Legal Support, Inc., Revolver2022-09-300001544206First and Second Lien Debt, Wineshipping.com LLC, Delayed Draw2022-09-300001544206First and Second Lien Debt, Wineshipping.com LLC, Revolver2022-09-300001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMember2022-09-300001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2022-09-300001544206csl:DebtSecuritiesFirstLienMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:DebtSecuritiesSecondLienMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesSecondLienMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMemberus-gaap:EquitySecuritiesMember2022-01-012022-09-300001544206us-gaap:OtherThanSecuritiesInvestmentMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:OtherThanSecuritiesInvestmentMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206us-gaap:DebtSecuritiesMembercsl:FloatingRateMember2022-09-300001544206us-gaap:DebtSecuritiesMembercsl:InterestRateTypeConcentrationRiskMembercsl:FloatingRateMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206us-gaap:DebtSecuritiesMembercsl:FixedRateMember2022-09-300001544206us-gaap:DebtSecuritiesMembercsl:InterestRateTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:FixedRateMember2022-01-012022-09-300001544206us-gaap:DebtSecuritiesMember2022-09-300001544206us-gaap:DebtSecuritiesMembercsl:InterestRateTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206us-gaap-supplement:AerospaceSectorMember2022-09-300001544206csl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMemberus-gaap-supplement:AerospaceSectorMember2022-01-012022-09-300001544206us-gaap-supplement:AutomotiveSectorMember2022-09-300001544206us-gaap-supplement:AutomotiveSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:DiversifiedFinancialServicesMember2022-09-300001544206csl:DiversifiedFinancialServicesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206us-gaap-supplement:FoodAndBeverageSectorMember2022-09-300001544206us-gaap-supplement:FoodAndBeverageSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:BusinessServicesMember2022-09-300001544206csl:BusinessServicesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:CapitalEquipmentMember2022-09-300001544206csl:CapitalEquipmentMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:ChemicalsPlasticsAndRubberMember2022-09-300001544206csl:IndustryConcentrationRiskMembercsl:ChemicalsPlasticsAndRubberMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206us-gaap-supplement:ConstructionSectorMember2022-09-300001544206csl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMemberus-gaap-supplement:ConstructionSectorMember2022-01-012022-09-300001544206csl:ConsumerGoodsDurableMember2022-09-300001544206csl:ConsumerGoodsDurableMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:ConsumerGoodsNonDurableMember2022-09-300001544206csl:IndustryConcentrationRiskMembercsl:ConsumerGoodsNonDurableMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:ConsumerServicesMember2022-09-300001544206csl:IndustryConcentrationRiskMembercsl:ConsumerServicesMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206us-gaap-supplement:ContainerAndPackagingSectorMember2022-09-300001544206csl:IndustryConcentrationRiskMemberus-gaap-supplement:ContainerAndPackagingSectorMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:EnergySectorOilAndGasMember2022-09-300001544206csl:IndustryConcentrationRiskMembercsl:EnergySectorOilAndGasMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:EnvironmentalIndustriesMember2022-09-300001544206csl:EnvironmentalIndustriesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206us-gaap:HealthcareSectorMember2022-09-300001544206us-gaap:HealthcareSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206us-gaap:TechnologySectorMember2022-09-300001544206us-gaap:TechnologySectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:LeisureProductsServicesSectorMember2022-09-300001544206csl:LeisureProductsServicesSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2022-01-012022-09-300001544206csl:InvestmentFundsMember2022-09-300001544206csl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:InvestmentFundsMember2022-01-012022-09-300001544206csl:Medi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Lien, Advanced Web Technologies Holding Company, Containers, Packaging & Glass2021-12-310001544206First Lien, Airnov, Inc., Containers, Packaging & Glass2021-12-310001544206First Lien, Allied Universal Holdco LLC, Business Services2021-12-310001544206First Lien, American Physician Partners, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, Analogic Corporation, Capital Equipment2021-12-310001544206First Lien, Applied Technical Services, LLC, Business Services2021-12-310001544206First Lien, Appriss Health, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, Apptio, Inc., Software2021-12-310001544206First Lien, Ascend Buyer, LLC, Containers, Packaging & Glass2021-12-310001544206First Lien, Associations, Inc., Construction & Building2021-12-310001544206First Lien, Aurora Lux FinCo S.Á.R.L. (Luxembourg), Software2021-12-310001544206First Lien, Avenu Holdings, LLC, Sovereign & Public Finance2021-12-310001544206First Lien, Barnes & Noble, Inc., Retail2021-12-310001544206First Lien, BlueCat Networks, Inc. (Canada), High Tech Industries2021-12-310001544206First Lien, BMS Holdings III Corp., Construction & Building2021-12-310001544206First Lien, Bubbles Bidco S.P.A. (Italy), Consumer Goods: Non-Durable2021-12-310001544206First Lien, Bubbles Bidco S.P.A. (Italy), Consumer Goods: Non-Durable 22021-12-310001544206First Lien, Captive Resources Midco, LLC, Banking, Finance, Insurance & Real Estate2021-12-310001544206First Lien, Chartis Holding, LLC, Business Services2021-12-310001544206First Lien, Chemical Computing Group ULC (Canada), Software2021-12-310001544206First Lien, Chudy Group, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, CircusTrix Holdings, LLC, Hotel, Gaming & Leisure2021-12-310001544206First Lien, CircusTrix Holdings, LLC, Hotel, Gaming & Leisure 22021-12-310001544206First Lien, Cobblestone Intermediate Holdco LLC, Consumer Services2021-12-310001544206First Lien, Comar Holding Company, LLC, Containers, Packaging & Glass2021-12-310001544206First Lien, Cority Software Inc. (Canada), Software2021-12-310001544206First Lien, Cority Software Inc. (Canada), Software 22021-12-310001544206First Lien, DCA Investment Holding, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, Derm Growth Partners III, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, DermaRite Industries, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, Designer Brands Inc., Retail2021-12-310001544206First Lien, Diligent Corporation, Telecommunications2021-12-310001544206First Lien, DTI Holdco, Inc., High Tech Industries2021-12-310001544206First Lien, Dwyer Instruments, Inc, Capital Equipment2021-12-310001544206First Lien, Ellkay, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, Emergency Communications Network, LLC, Telecommunications2021-12-310001544206First Lien, EPS Nass Parent, Inc., Utilities: Electric2021-12-310001544206First Lien, Ethos Veterinary Health LLC, Consumer Services2021-12-310001544206First Lien, EvolveIP, LLC, Telecommunications2021-12-310001544206First Lien, Frontline Technologies Holdings, LLC, Software2021-12-310001544206First Lien, Greenhouse Software, Inc., Software2021-12-310001544206First Lien, Harbour Benefit Holdings, Inc., Business Services2021-12-310001544206First Lien, Heartland Home Services, Inc, Consumer Services2021-12-310001544206First Lien, Hercules Borrower LLC, Environmental Industries2021-12-310001544206First Lien, Higginbotham Insurance Agency, Inc, Banking, Finance, Insurance & Real Estate2021-12-310001544206First Lien, Hoosier Intermediate, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, iCIMS, Inc., Software2021-12-310001544206First Lien, Individual FoodService Holdings, LLC, Wholesale2021-12-310001544206First Lien, Infront Luxembourg Finance S.À R.L. (Luxembourg), Hotel, Gaming & Leisure2021-12-310001544206First Lien, Integrity Marketing Acquisition, LLC, Banking, Finance, Insurance & Real Estate2021-12-310001544206First Lien, Integrity Marketing Acquisition, LLC, Banking, Finance, Insurance & Real Estate 22021-12-310001544206First Lien, Jeg's Automotive, LLC, Automotive2021-12-310001544206First Lien, K2 Insurance Services, LLC, Banking, Finance, Insurance & Real Estate2021-12-310001544206First Lien, Kaseya, Inc., High Tech Industries2021-12-310001544206First Lien, Lifelong Learner Holdings, LLC, Business Services2021-12-310001544206First Lien, LinQuest Corporation, Aerospace & Defense2021-12-310001544206First Lien, Liqui-Box Holdings, Inc., Containers, Packaging & Glass2021-12-310001544206First Lien, LVF Holdings, Inc., Beverage, Food & Tobacco2021-12-310001544206First Lien, Material Holdings, LLC, Business Services2021-12-310001544206First Lien, Maverick Acquisition, Inc., Aerospace & Defense2021-12-310001544206First Lien, Medical Manufacturing Technologies, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, MMIT Holdings, LLC, High Tech Industries2021-12-310001544206First Lien, National Technical Systems, Inc, Aerospace & Defense2021-12-310001544206First Lien, NES Global Talent Finance US, LLC (United Kingdom), Energy: Oil & Gas2021-12-310001544206First Lien, NMI AcquisitionCo, Inc., High Tech Industries2021-12-310001544206First Lien, Performance Health Holdings, Inc, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, PF Atlantic Holdco 2, LLC, Hotel, Gaming & Leisure2021-12-310001544206First Lien, PF Growth Partners, LLC, Hotel, Gaming & Leisure2021-12-310001544206First Lien, PPT Management Holdings, LLC, Healthcare & Pharmaceuticals2021-12-310001544206First Lien, Product Quest Manufacturing, LLC, Containers, Packaging & Glass2021-12-310001544206First Lien, Prophix Software Inc. (Canada), Software2021-12-310001544206First Lien, Quantic Electronics, LLC, Aerospace & Defense2021-12-310001544206First Lien, Quantic Electronics, LLC, Aerospace & Defense 22021-12-310001544206First Lien, QW Holding Corporation, Environmental Industries2021-12-310001544206First Lien, Redwood Services Group, LLC, High Tech Industries2021-12-310001544206First Lien, Regency Entertainment, Inc., Media: Diversified & Production2021-12-310001544206First Lien, Riveron Acquisition Holdings, Inc, Banking, Finance, Insurance & Real Estate2021-12-310001544206First Lien, RSC Acquisition, Inc., Banking, Finance, Insurance & Real Estate2021-12-310001544206First Lien, Sapphire Convention, Inc., Telecommunications2021-12-310001544206First Lien, SPay, Inc., Hotel, Gaming & Leisure2021-12-310001544206First Lien, Speedstar Holding, LLC, Automotive2021-12-310001544206First Lien, Superior Health Linens, LLC, Business Services2021-12-310001544206First Lien, TCFI Aevex LLC, Aerospace & Defense2021-12-310001544206First Lien, The Leaders Romans Bidco Limited (United Kingdom) Term Loan B, Banking, Finance, Insurance & Real Estate2021-12-310001544206First Lien, The Leaders Romans Bidco Limited (United Kingdom) Term Loan C, Banking, Finance, Insurance & Real Estate2021-12-310001544206First Lien, Trafigura Trading LLC, Metals & Mining2021-12-310001544206First Lien, Turbo Buyer, Inc., Automotive2021-12-310001544206First Lien, Unifrutti Financing PLC (Cyprus), Beverage, Food & Tobacco2021-12-310001544206First Lien, Unifrutti Financing PLC (Cyprus), Beverage, Food & Tobacco 22021-12-310001544206First Lien, US INFRA SVCS Buyer, LLC, Environmental Industries2021-12-310001544206First Lien, USALCO, LLC, Chemicals, Plastics & Rubber2021-12-310001544206First Lien, USLS Acquisition, Inc., Business Services2021-12-310001544206First Lien, Westfall Technik, Inc., Chemicals, Plastics & Rubber2021-12-310001544206First Lien, Westfall Technik, Inc., Chemicals, Plastics & Rubber 22021-12-310001544206First Lien, Wineshipping.com LLC, Beverage, Food & Tobacco2021-12-310001544206First Lien, Yellowstone Buyer Acquisition, LLC, Consumer Goods: Durable2021-12-310001544206First Lien, YLG Holdings, Inc., Consumer Services2021-12-310001544206us-gaap-supplement:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesFirstLienMember2021-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesSecondLienMembercsl:InvestmentsAtFairValueMember2021-01-012021-12-310001544206Second Lien, 11852604 Canada Inc. (Canada), Healthcare & Pharmaceuticals2021-12-310001544206Second Lien, AI Convoy S.A.R.L (United Kingdom), Aerospace & Defense2021-12-310001544206Second Lien, Aimbridge Acquisition Co., Inc., Hotel, Gaming & Leisure2021-12-310001544206Second Lien, AP Plastics Acquisition Holdings, LLC, Chemicals, Plastics & Rubber2021-12-310001544206Second Lien, AQA Acquisition Holdings, Inc., High Tech Industries2021-12-310001544206Second Lien, Blackbird Purchaser, Inc., Capital Equipment2021-12-310001544206Second Lien, Brave Parent Holdings, Inc., Software2021-12-310001544206Second Lien, Drilling Info Holdings, Inc., Energy: Oil & Gas2021-12-310001544206Second Lien, Jazz Acquisition, Inc., Aerospace & Defense2021-12-310001544206Second Lien, Outcomes Group Holdings, Inc., Business Services2021-12-310001544206Second Lien, PAI Holdco, Inc., Automotive2021-12-310001544206Second Lien, Peraton Corp., Aerospace & Defense2021-12-310001544206Second Lien, Quartz Holding Company, Software2021-12-310001544206Second Lien, Stonegate Pub Company Bidco Limited (United Kingdom), Beverage, Food & Tobacco2021-12-310001544206Second Lien, Tank Holding Corp., Capital Equipment2021-12-310001544206Second Lien, TruGreen Limited Partnership, Consumer Service2021-12-310001544206Second Lien, Watchfire Enterprises, Inc., Media: Advertising, Printing & Publishing2021-12-310001544206Second Lien, World 50, Inc., Business Services2021-12-310001544206Second Lien, WP CPP Holdings, LLC, Aerospace & Defense2021-12-310001544206us-gaap-supplement:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesSecondLienMember2021-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercsl:InvestmentsAtFairValueMemberus-gaap:EquitySecuritiesMember2021-01-012021-12-310001544206Equity Investments, ANLG Holdings, LLC, Capital Equipment2021-12-310001544206Equity Investments, Appriss Health, LLC, Healthcare & Pharmaceuticals2021-12-310001544206Equity Investments, Atlas Ontario LP (Canada), Business Services2021-12-310001544206Equity Investments, Avenu Holdings, LLC, Sovereign & Public Finance2021-12-310001544206Equity Investments, Blackbird Holdco, Inc, Capital Equipment2021-12-310001544206Equity Investments, Buckeye Parent, LLC, Automotive2021-12-310001544206Equity Investments, Chartis Holding, LLC, Business Services2021-12-310001544206Equity Investments, CIP Revolution Holdings, LLC, Media: Advertising, Printing & Publishing2021-12-310001544206Equity Investments, Cority Software Inc. (Canada), Software2021-12-310001544206Equity Investments, Derm Growth Partners III, LLC, Healthcare & Pharmaceuticals2021-12-310001544206Equity Investments, Diligent Corporation, Telecommunications2021-12-310001544206Equity Investments, ECP Parent, LLC, Healthcare & Pharmaceuticals2021-12-310001544206Equity Investments, GB Vino Parent, L.P., Beverage, Food & Tobacco2021-12-310001544206Equity Investments, Integrity Marketing Group, LLC, Banking, Finance, Insurance & Real Estate2021-12-310001544206Equity Investments, K2 Insurance Services, LLC, Banking, Finance, Insurance & Real Estate2021-12-310001544206Equity Investments, Legacy.com, Inc., High Tech Industries2021-12-310001544206Equity Investments, Mailgun Technologies, Inc., High Tech Industries2021-12-310001544206Equity Investments, North Haven Goldfinch Topco, LLC, Containers, Packaging & Glass2021-12-310001544206Equity Investments, Pascal Ultimate Holdings, L.P, Capital Equipment2021-12-310001544206Equity Investments, Tailwind HMT Holdings Corp., Energy: Oil & Gas2021-12-310001544206Equity Investments, Tank Holding Corp., Capital Equipment2021-12-310001544206Equity Investments, Titan DI Preferred Holdings, Inc., Energy: Oil & Gas2021-12-310001544206Equity Investments, Turbo Buyer, Inc., Automotive2021-12-310001544206Equity Investments, Unifrutti Financing PLC (Cyprus), Beverage, Food & Tobacco2021-12-310001544206Equity Investments, Unifrutti Financing PLC (Cyprus), Beverage, Food & Tobacco 22021-12-310001544206Equity Investments, USLS Acquisition, Inc., Business Services2021-12-310001544206Equity Investments, W50 Parent LLC, Business Services2021-12-310001544206Equity Investments, Zenith American Holding, Inc., Business Services2021-12-310001544206us-gaap-supplement:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2021-12-310001544206us-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMembercsl:InvestmentsAtFairValueMember2021-01-012021-12-310001544206First Lien, Direct Travel, Inc., Hotel, Gaming & Leisure2021-12-310001544206First Lien, Direct Travel, Inc., Hotel, Gaming & Leisure 22021-12-310001544206csl:DebtSecuritiesFirstLienMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMembercsl:InvestmentsAtFairValueMemberus-gaap:EquitySecuritiesMember2021-01-012021-12-310001544206Equity Investments, Direct Travel, Inc., Hotel, Gaming & Leisure 22021-12-310001544206us-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2021-12-310001544206us-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMembercsl:InvestmentsAtFairValueMember2021-01-012021-12-310001544206First Lien, SolAero Technologies Corp. (A1 Term Loan), Hotel, Gaming & Leisure2021-12-310001544206First Lien, SolAero Technologies Corp. (A2 Term Loan), Telecommunications2021-12-310001544206First Lien, SolAero Technologies Corp. (Priority Facilities), Telecommunications2021-12-310001544206csl:DebtSecuritiesFirstLienMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMembercsl:InvestmentsAtFairValueMemberus-gaap:EquitySecuritiesMember2021-01-012021-12-310001544206Equity Investments, SolAero Technologies Corp., Telecommunications2021-12-310001544206us-gaap-supplement:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2021-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:OtherThanSecuritiesInvestmentMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMembercsl:InvestmentsAtFairValueMember2021-01-012021-12-310001544206Investment Funds, Middle Market Credit Fund II, LLC, Member's Interest, Telecommunications2021-12-310001544206Investment Funds, Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest, Investment Funds2021-12-310001544206Investment Funds, Middle Market Credit Fund, Mezzanine Loan, Investment Funds2021-12-310001544206us-gaap:OtherThanSecuritiesInvestmentMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001544206us-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001544206csl:A30DayLIBORMember2021-12-310001544206csl:A90DayLIBORMember2021-12-310001544206csl:A180DayLIBORMember2021-12-310001544206us-gaap:EquitySecuritiesMember2021-12-310001544206Middle Market Credit Fund, LLC, Mezzanine Loan2020-12-310001544206Middle Market Credit Fund, LLC, Mezzanine Loan2021-01-012021-12-310001544206Middle Market Credit Fund, LLC, Mezzanine Loan2021-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest 2020-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest 2021-01-012021-12-310001544206Middle Market Credit Fund II LLC, Member's Interest2020-12-310001544206Middle Market Credit Fund II LLC, Member's Interest2021-01-012021-12-310001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2020-12-310001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-01-012021-12-310001544206SolAero Technologies Corp. (Priority Term Loan)2020-12-310001544206SolAero Technologies Corp. (Priority Term Loan)2021-01-012021-12-310001544206SolAero Technologies Corp. (A1 Term Loan)2020-12-310001544206SolAero Technologies Corp. (A1 Term Loan)2021-01-012021-12-310001544206SolAero Technologies Corp. (A2 Term Loan)2020-12-310001544206SolAero Technologies Corp. (A2 Term Loan)2021-01-012021-12-310001544206Solaero Technology Corp. (Equity)2020-12-310001544206Solaero Technology Corp. (Equity)2021-01-012021-12-310001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2020-12-310001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-01-012021-12-310001544206Direct Travel, Inc.2020-12-310001544206Direct Travel, Inc.2021-01-012021-12-310001544206Direct Travel, Inc. (2)2020-12-310001544206Direct Travel, Inc. (2)2021-01-012021-12-310001544206Direct Travel, Inc. (Equity)2020-12-310001544206Direct Travel, Inc. (Equity)2021-01-012021-12-310001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2020-12-310001544206csl:SolaeroTechnologyCorpMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2021-01-012021-12-310001544206First and Second Lien Debt, Advanced Web Technologies Holding Company, Delayed Draw2021-12-310001544206First and Second Lien Debt, Advanced Web Technologies Holding Company, Delayed Draw 22021-12-310001544206First and Second Lien Debt, Advanced Web Technologies Holding Company, Revolver2021-12-310001544206First and Second Lien Debt, Airnov, Inc., Revolver2021-12-310001544206First and Second Lien Debt, American Physician Partners, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Analogic Corporation, Revolver2021-12-310001544206First and Second Lien Debt, Applied Technical Services, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Appriss Health, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Apptio, Inc., Revolver2021-12-310001544206First and Second Lien Debt, Ascend Buyer, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Associations, Inc., Revolver2021-12-310001544206First and Second Lien Debt, Blackbird Purchaser, Inc., Delayed Draw2021-12-310001544206First and Second Lien Debt, BMS Holdings III Corp., Delayed Draw2021-12-310001544206First and Second Lien Debt, Bubbles Bidco S.P.A. (Italy), Delayed Draw2021-12-310001544206First and Second Lien Debt, Bubbles Bidco S.P.A. (Italy), Revolver2021-12-310001544206First and Second Lien Debt, Captive Resources Midco, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Chartis Holding, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Chemical Computing Group ULC (Canada), Revolver2021-12-310001544206First and Second Lien Debt, Chudy Group, LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, Chudy Group, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Comar Holding Company, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Cority Software Inc. (Canada), Revolver2021-12-310001544206First and Second Lien Debt, DCA Investment Holding LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, DermaRite Industries, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Diligent Corporation, Delayed Draw2021-12-310001544206First and Second Lien Debt, Diligent Corporation, Revolver2021-12-310001544206First and Second Lien Debt, Direct Travel, Inc., Delayed Draw2021-12-310001544206First and Second Lien Debt, Dwyer Instruments, Inc, Delayed Draw2021-12-310001544206First and Second Lien Debt, Dwyer Instruments, Inc, Revolver2021-12-310001544206First and Second Lien Debt, Ellkay, LLC, Revolver2021-12-310001544206First and Second Lien Debt, EPS Nass Parent, Inc., Delayed Draw2021-12-310001544206First and Second Lien Debt, EPS Nass Parent, Inc., Revolver2021-12-310001544206First and Second Lien Debt, EvolveIP, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Greenhouse Software, Inc., Revolver2021-12-310001544206First and Second Lien Debt, Harbour Benefit Holdings, Inc., Revolver2021-12-310001544206First and Second Lien Debt, Heartland Home Services, Inc, Delayed Draw2021-12-310001544206First and Second Lien Debt, Heartland Home Services, Inc, Revolver2021-12-310001544206First and Second Lien Debt, Hercules Borrower LLC, Revolver2021-12-310001544206First and Second Lien Debt, Hoosier Intermediate, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Individual FoodService Holdings, LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, Individual FoodService Holdings, LLC, Delayed Draw 22021-12-310001544206First and Second Lien Debt, Individual FoodService Holdings, LLC, Delayed Draw 32021-12-310001544206First and Second Lien Debt, Individual FoodService Holdings, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Integrity Marketing Acquisition, LLC, Delayed Draw IQN Holding Corp., Delayed Draw IQN Holding Corp., Revolver2021-12-310001544206First and Second Lien Debt, Jeg's Automotive, LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, Jeg's Automotive, LLC, Revolver2021-12-310001544206First and Second Lien Debt, K2 Insurance Services, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Kaseya, Inc., Delayed Draw2021-12-310001544206First and Second Lien Debt, Kaseya, Inc., Revolver2021-12-310001544206First and Second Lien Debt, Lifelong Learner Holdings, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Liqui-Box Holdings, Inc., Revolver2021-12-310001544206First and Second Lien Debt, LVF Holdings, Inc., Delayed Draw2021-12-310001544206First and Second Lien Debt, LVF Holdings, Inc., Revolver2021-12-310001544206First and Second Lien Debt, Material Holdings, LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, Material Holdings, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Maverick Acquisition, Inc., Delayed Draw2021-12-310001544206First and Second Lien Debt, Maverick Acquisition, Inc., Delayed Draw 22021-12-310001544206First and Second Lien Debt, Medical Manufacturing Technologies, LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, Medical Manufacturing Technologies, LLC, Revolver2021-12-310001544206First and Second Lien Debt, MMIT Holdings, LLC, Revolver2021-12-310001544206First and Second Lien Debt, National Technical Systems, Inc., Revolver2021-12-310001544206First and Second Lien Debt, NMI AcquisitionCo, Inc., Revolver2021-12-310001544206First and Second Lien Debt, PF Atlantic HoldCo 2, LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, PF Atlantic HoldCo 2, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Prophix Software Inc. (Canada), Revolver2021-12-310001544206First and Second Lien Debt, Quantic Electronics, LLC, Revolver2021-12-310001544206First and Second Lien Debt, Quantic Electronics, LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, Quantic Electronics, LLC, Revolver 22021-12-310001544206First and Second Lien Debt, RSC Acquisition, Inc., Delayed Draw2021-12-310001544206First and Second Lien Debt, RSC Acquisition, Inc., Revolver2021-12-310001544206First and Second Lien Debt, Sapphire Convention, Inc., Revolver2021-12-310001544206First and Second Lien Debt, SolAero Technologies Corp. (Priority Facilities), Revolver2021-12-310001544206First and Second Lien Debt, SolAero Technologies Corp. (Priority Facilities), Revolver 22021-12-310001544206First and Second Lien Debt, Speedstar Holding, LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, Superior Health Linens, LLC, Revolver2021-12-310001544206First and Second Lien Debt, TCFI Aevex LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, TCFI Aevex LLC, Delayed Draw 22021-12-310001544206First and Second Lien Debt, The Leaders Romans Bidco Limited (United Kingdom), Delayed Draw2021-12-310001544206First and Second Lien Debt, Trafigura Trading LLC, Revolver2021-12-310001544206First and Second Lien Debt, Turbo Buyer, Inc., Revolver2021-12-310001544206First and Second Lien Debt, US INFRA SVCS Buyer, LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, US INFRA SVCS Buyer, LLC, Revolver2021-12-310001544206First and Second Lien Debt, USLS Acquisition, Inc., Revolver2021-12-310001544206First and Second Lien Debt, Wineshipping.com LLC, Delayed Draw2021-12-310001544206First and Second Lien Debt, Wineshipping.com LLC, 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(Canada) - Software2022-09-300001544206Credit Fund II - First Lien Debt - Dwyer Instruments, Inc. - Capital Equipment2022-09-300001544206Credit Fund II - First Lien Debt - EvolveIP, LLC - Telecommunications2022-09-300001544206Credit Fund II - First Lien Debt - Harbour Benefit Holdings, Inc. - Business Services2022-09-300001544206Credit Fund II - First Lien Debt - Hoosier Intermediate, LLC - Healthcare & Pharmaceuticals2022-09-300001544206Credit Fund II - First Lien Debt - Integrity Marketing Acquisition, LLC - Diversified Financial Services2022-09-300001544206Credit Fund II - First Lien Debt - Integrity Marketing Acquisition, LLC - Diversified Financial Services 22022-09-300001544206Credit Fund II - First Lien Debt - K2 Insurance Services, LLC - Diversified Financial Services2022-09-300001544206Credit Fund II - First Lien Debt - Material Holdings, LLC - Business Services2022-09-300001544206Credit Fund II - First Lien Debt - Maverick Acquisition, Inc. - Aerospace & Defense2022-09-300001544206Credit Fund II - First Lien Debt - NMI AcquisitionCo, Inc. - High Tech Industries2022-09-300001544206Credit Fund II - First Lien Debt - PF Atlantic Holdco 2, LLC - Leisure Products & Services2022-09-300001544206Credit Fund II - First Lien Debt - QW Holding Corporation - Environmental Industries2022-09-300001544206Credit Fund II - First Lien Debt - Riveron Acquisition Holdings, Inc. - Diversified Financial Services2022-09-300001544206Credit Fund II - First Lien Debt - RSC Acquisition, Inc. - Diversified Financial Services2022-09-300001544206Credit Fund II - First Lien Debt - TCFI Aevex LLC - Aerospace & Defense2022-09-300001544206Credit Fund II - First Lien Debt - Turbo Buyer, Inc. - Automotive2022-09-300001544206Credit Fund II - First Lien Debt - U.S. Legal Support, Inc. - Business Services2022-09-300001544206Credit Fund II - First Lien Debt - US INFRA SVCS Buyer, LLC - Environmental Industries2022-09-300001544206Credit Fund II - First Lien Debt - Westfall Technik, Inc. - Chemicals, Plastics & Rubber2022-09-300001544206Credit Fund II - First Lien Debt - Wineshipping.com LLC - Beverage & Food2022-09-300001544206csl:DebtSecuritiesFirstLienMembercsl:MiddleMarketCreditFundIILLCMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:SecondLienDebtMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundIILLCMember2022-01-012022-09-300001544206Credit Fund II - Second Lien Debt - AI Convoy S.A.R.L (United Kingdom) - Aerospace & Defense2022-09-300001544206Credit Fund II - Second Lien Debt - AP Plastics Acquisition Holdings, LLC - Chemicals, Plastics & Rubber2022-09-300001544206Credit Fund II - Second Lien Debt - AQA Acquisition Holdings, Inc. - High Tech Industries2022-09-300001544206Credit Fund II - Second Lien Debt - Quartz Holding Company - Software2022-09-300001544206Credit Fund II - Second Lien Debt - World 50, Inc. - Business Services2022-09-300001544206csl:SecondLienDebtMembercsl:MiddleMarketCreditFundIILLCMember2022-09-300001544206us-gaap:GeographicConcentrationRiskMembercountry:CAcsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundIILLCMember2022-01-012022-09-300001544206us-gaap:GeographicConcentrationRiskMembercountry:LUcsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundIILLCMember2022-01-012022-09-300001544206country:GBus-gaap:GeographicConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundIILLCMember2022-01-012022-09-300001544206us-gaap:GeographicConcentrationRiskMembercountry:UScsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundIILLCMember2022-01-012022-09-300001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMembercsl:MiddleMarketCreditFundIILLCMember2022-09-300001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMembercsl:MiddleMarketCreditFundIILLCMember2022-09-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundIILLCMember2021-01-012021-12-310001544206Credit Fund II - First Lien Debt - Airnov, Inc. - Containers, Packaging & Glass2021-12-310001544206Credit Fund II - First Lien Debt - American Physician Partners, LLC - Healthcare & Pharmaceuticals2021-12-310001544206Credit Fund II - First Lien Debt - Appriss Health, LLC - Healthcare & Pharmaceuticals2021-12-310001544206Credit Fund II - First Lien Debt - Apptio, Inc. - Software2021-12-310001544206Credit Fund II - First Lien Debt - Aurora Lux FinCo S.Á.R.L. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
oTRANSITION 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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, $0.01 par valueCGBDThe 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 o
Non-accelerated filer 
o
  Smaller reporting company o
Emerging growth company 
o
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 November 7, 2022 was 51,363,799.


Carlyle Secured Lending, Inc.
INDEX
 
Part I.Financial Information
Item 1.Financial Statements
3
4
6
7
8
37
Item 2.
80
Item 3.
114
Item 4.
115
Part II.Other Information
Item 1.
116
Item 1A.
116
Item 2.
116
Item 3.
116
Item 4.
117
Item 5.
117
Item 6.
117
118
2



CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(dollar amounts in thousands, except per share data)
September 30, 2022December 31, 2021
ASSETS(unaudited) 
Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,696,613 and $1,631,067, respectively)
$1,642,494 $1,607,731 
Investments—non-controlled/affiliated, at fair value (amortized cost of $44,477 and $38,462, respectively)
41,863 30,286 
Investments—controlled/affiliated, at fair value (amortized cost of $271,097 and $288,024, respectively)
264,600 275,035 
Total investments, at fair value (amortized cost of $2,012,187 and $1,957,553, respectively)
1,948,957 1,913,052 
Cash, cash equivalents and restricted cash68,644 93,074 
Receivable for investment sold/repaid4,884 530 
Deferred financing costs3,558 3,066 
Interest receivable from non-controlled/non-affiliated investments14,311 11,011 
Interest receivable from non-controlled/affiliated investments624 611 
Interest and dividend receivable from controlled/affiliated investments9,393 8,522 
Prepaid expenses and other assets3,661 1,484 
Total assets$2,054,032 $2,031,350 
LIABILITIES
Secured borrowings (Note 7)$423,959 $407,655 
2015-1R Notes payable, net of unamortized debt issuance costs of $2,232 and $2,417, respectively (Note 8)
446,968 446,783 
Senior Notes, net of unamortized debt issuance costs of $312 and $416, respectively (Note 8)
189,688 189,584 
Payable for investments purchased13,872 323 
Interest and credit facility fees payable (Notes 7 and 8)5,240 2,467 
Dividend payable (Note 10)20,625 20,705 
Base management and incentive fees payable (Note 4)13,748 11,819 
Administrative service fees payable (Note 4)1,409 482 
Other accrued expenses and liabilities2,872 2,728 
Total liabilities1,118,381 1,082,546 
Commitments and contingencies (Notes 9 and 12)
EQUITY
NET ASSETS
Cumulative convertible preferred stock, $0.01 par value; 2,000,000 and 2,000,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
50,000 50,000 
Common stock, $0.01 par value; 198,000,000 shares authorized; 51,616,772 and 53,142,454 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
517 532 
Paid-in capital in excess of par value1,031,322 1,052,427 
Offering costs(1,633)(1,633)
Total distributable earnings (loss)(144,555)(152,522)
Total net assets$935,651 $948,804 
NET ASSETS PER COMMON SHARE$17.16 $16.91 
The accompanying notes are an integral part of these consolidated financial statements.
3

CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollar amounts in thousands, except per share data) (unaudited)
 For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Investment income:
From non-controlled/non-affiliated investments:
Interest income$36,245 $32,946 $97,986 $92,920 
PIK income4,337 2,441 11,786 6,884 
Other income2,971 750 6,565 4,618 
Total investment income from non-controlled/non-affiliated investments43,553 36,137 116,337 104,422 
From non-controlled/affiliated investments:
Interest income1,254 47 1,350 130 
PIK income6,809 — 6,809 — 
Other income3 2 7 8 
Total investment income from non-controlled/affiliated investments8,066 49 8,166 138 
From controlled/affiliated investments:
Interest income— 46 3,873 157 
Dividend income7,524 7,523 22,572 22,539 
Other income— 7 272 10 
Total investment income from controlled/affiliated investments7,524 7,576 26,717 22,706 
Total investment income59,143 43,762 151,220 127,266 
Expenses:
Base management fees (Note 4)7,262 7,233 21,425 21,024 
Incentive fees (Note 4)6,451 4,516 16,137 13,193 
Professional fees787 836 2,322 2,444 
Administrative service fees (Note 4)470 400 1,337 1,057 
Interest expense (Notes 7 and 8)11,491 7,519 27,172 21,549 
Credit facility fees (Note 7)446 435 1,551 1,459 
Directors’ fees and expenses173 154 519 420 
Other general and administrative461 420 1,237 1,292 
Total expenses27,541 21,513 71,700 62,438 
Net investment income (loss) before taxes31,602 22,249 79,520 64,828 
Excise tax expense449 163 978 426 
Net investment income (loss)31,153 22,086 78,542 64,402 
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments(4,508)7,565 (586)11,181 
Non-controlled/affiliated investments— — — 2 
Controlled/affiliated investments— — 1,971 — 
Currency gains (losses) on non-investment assets and liabilities(71)(9)(478)(147)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments1,899 4,574 (30,783)38,828 
Non-controlled/affiliated investments1,974 1,683 5,562 3,219 
Controlled/affiliated investments1,922 9,730 6,492 7,087 
Net change in unrealized currency gains (losses) on non-investment assets and liabilities5,461 1,991 12,458 1,820 
Net realized and unrealized gain (loss) on investments and non-investment assets and liabilities6,677 25,534 (5,364)61,990 
Net increase (decrease) in net assets resulting from operations37,830 47,620 73,178 126,392 
Preferred stock dividend875 875 2,625 2,625 
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$36,955 $46,745 $70,553 $123,767 
4
CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS(continued)
(dollar amounts in thousands, except per share data) (unaudited)
Basic and diluted earnings per common share (Note 10)
Basic$0.71 $0.87 $1.35 $2.27 
Diluted$0.66 $0.80 $1.27 $2.11 
Weighted-average shares of common stock outstanding (Note 10)
Basic51,863,022 53,955,338 52,388,355 54,506,760 
Diluted57,182,634 59,230,725 57,707,967 59,782,147 

The accompanying notes are an integral part of these consolidated financial statements.
5

CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(dollar amounts in thousands) (unaudited)
For the nine month periods ended
September 30, 2022September 30, 2021
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)$78,542 $64,402 
Net realized gain (loss)907 11,036 
Net change in unrealized appreciation (depreciation) on investments(18,729)49,134 
Net change in unrealized currency gains (losses) on non-investment assets and liabilities12,458 1,820 
Net increase (decrease) in net assets resulting from operations73,178 126,392 
Capital transactions:
Repurchase of common stock(21,120)(20,497)
Dividends declared on preferred and common stock (Note 10)(65,211)(62,864)
Net increase (decrease) in net assets resulting from capital share transactions(86,331)(83,361)
Net increase (decrease) in net assets(13,153)43,031 
Net Assets at beginning of period948,804 901,363 
Net Assets at end of period$935,651 $944,394 

The accompanying notes are an integral part of these consolidated financial statements.
6

CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in thousands) (unaudited)
 For the nine month periods ended
 September 30, 2022September 30, 2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$73,178 $126,392 
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 costs1,087 759 
Net accretion of discount on investments(7,934)(6,530)
Paid-in-kind interest(20,842)(6,958)
Net realized (gain) loss on investments(1,385)(11,183)
Net realized currency (gain) loss on non-investment assets and liabilities478 147 
Net change in unrealized (appreciation) depreciation on investments18,729 (49,134)
Net change in unrealized currency (gains) losses on non-investment assets and liabilities(12,458)(1,820)
Cost of investments purchased and change in payable for investments purchased(503,881)(628,333)
Proceeds from sales and repayments of investments and change in receivable for investments sold/repaid488,122 560,052 
Changes in operating assets:
Interest receivable(3,313)(864)
Dividend receivable(871)(1,386)
Prepaid expenses and other assets(2,177)(560)
Changes in operating liabilities:
Interest and credit facility fees payable2,773 606 
Base management and incentive fees payable1,929 203 
Administrative service fees payable927 576 
Other accrued expenses and liabilities144 (506)
Net cash provided by (used in) operating activities34,506 (18,539)
Cash flows from financing activities:
Repurchase of common stock(21,120)(20,497)
Borrowings on SPV Credit Facility and Credit Facility313,511 337,031 
Repayments of SPV Credit Facility and Credit Facility(284,746)(257,500)
Debt issuance costs paid(1,290)(382)
Dividends paid in cash(65,291)(62,368)
Net cash provided by (used in) financing activities(58,936)(3,716)
Net increase (decrease) in cash, cash equivalents and restricted cash(24,430)(22,255)
Cash, cash equivalents, and restricted cash, beginning of period93,074 68,419 
Cash, cash equivalents, and restricted cash, end of period$68,644 $46,164 
Supplemental disclosures:
Interest paid during the period$24,902 $21,750 
Taxes, including excise tax, paid during the period$774 $641 
Dividends declared on preferred stock and common stock during the period$65,211 $62,864 
The accompanying notes are an integral part of these consolidated financial statements.
7
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
First Lien Debt (66.0% of fair value)
ADPD Holdings, LLC^*(2)(3)(14)(15)Consumer ServicesSOFR
6.00%
8.69%8/16/20228/15/2028$9,937 $9,665 $9,661 1.03 %
Advanced Web Technologies Holding Company^*(2)(3)(14)Containers, Packaging & GlassLIBOR
6.00%
8.99%12/17/202012/17/20269,338 9,158 9,214 0.98 
Airnov, Inc.^*(2)(3)(14)Containers, Packaging & GlassLIBOR
5.00%
8.58%12/20/201912/19/20252,039 2,015 2,029 0.21 
Allied Universal Holdco LLC^(2)(3)Business ServicesLIBOR
4.25%
7.37%2/17/20217/10/2026494 496 433 0.05 
Alpine Acquisition Corp II^*(2)(3)(14)(15)Transportation: CargoSOFR
5.50%
8.42%4/19/202211/30/202620,054 19,668 19,292 2.06 
American Physician Partners, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
6.75%, 3.50% PIK
13.39%1/7/201910/21/202229,856 29,855 29,757 3.18 
Analogic Corporation^*(2)(3)(14)Capital EquipmentLIBOR
5.25%
8.07%6/22/20186/22/20242,459 2,443 2,395 0.25 
Applied Technical Services, LLC^(2)(3)(14)Business ServicesLIBOR
5.75%
9.50%12/29/202012/29/2026530 520 526 0.06 
Appriss Health, LLC^(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
7.25%
9.93%5/6/20215/6/202736,877 36,234 35,954 3.83 
Apptio, Inc.^(2)(3)(14)SoftwareLIBOR
6.00%
8.46%1/10/20191/10/20256,131 6,064 6,131 0.66 
Ascend Buyer, LLC^*(2)(3)(14)Containers, Packaging & GlassLIBOR
5.75%
9.42%9/30/20219/30/202812,700 12,458 12,469 1.33 
Associations, Inc.^(2)(3)(14)Construction & BuildingLIBOR
4.00%, 2.50% PIK
9.88%7/2/20217/2/202712,772 12,667 12,449 1.33 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^*(2)(3)(7)SoftwareLIBOR
6.00%
8.78%12/24/201912/24/202632,240 31,704 30,319 3.24 
Barnes & Noble, Inc.^(2)(3)(11)RetailLIBOR
6.50%
11.36%8/7/201912/20/202628,210 27,385 27,468 2.94 
BlueCat Networks (USA) Inc.^(2)(3)(14)High Tech IndustriesSOFR
5.75%
8.77%8/8/20228/8/20283,165 3,089 3,087 0.33 
BMS Holdings III Corp.^(2)(3)(14)Construction & BuildingLIBOR
5.50%
9.17%9/30/20199/30/2026— (153)(137)(0.02)
Bubbles Bidco S.P.A. (Italy)^(2)(3)(7)(14)Consumer Goods: Non-DurableLIBOR
9.25% (100% PIK)
10.42%10/20/202110/20/2028€4,700 5,315 4,451 0.48 
Bubbles Bidco S.P.A. (Italy)^(2)(3)(7)(14)Consumer Goods: Non-DurableLIBOR
6.25%
7.42%10/20/202110/20/2028€— — (91)(0.01)
Chartis Holding, LLC^*(2)(3)(14)Business ServicesLIBOR
5.25%
6.38%5/1/20195/1/2025688 680 684 0.07 
Chemical Computing Group ULC (Canada)^*(2)(3)(7)(14)SoftwareLIBOR
4.50%
7.64%8/30/20188/30/2024463 462 455 0.05 
CircusTrix Holdings, LLC^*(2)(3)Leisure Products & ServicesLIBOR
5.50%
8.62%2/2/20181/16/202410,579 10,563 10,454 1.12 
CircusTrix Holdings, LLC^(2)(3)Leisure Products & ServicesLIBOR
5.50%
8.62%1/8/20217/16/2023558 501 558 0.06 
Comar Holding Company, LLC^*(2)(3)(14)Containers, Packaging & GlassLIBOR
5.75%
9.39%6/18/20186/18/202426,239 26,032 24,978 2.67 
Cority Software Inc. (Canada)^*(2)(3)(7)(14)SoftwareSOFR
5.50%
7.78%7/2/20197/2/202610,435 10,283 10,317 1.09 
Cority Software Inc. (Canada)^(2)(3)(7)SoftwareSOFR
7.50%
9.78%9/3/20207/2/20261,864 1,825 1,855 0.20 
8
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
DCA Investment Holding LLC^*(2)(3)(14)Healthcare & PharmaceuticalsSOFR
6.00%
9.97%3/11/20214/3/2028$13,876 $13,715 $13,353 1.43 %
Denali Midco 2, LLC^(2)(3)(14)(15)Consumer ServicesSOFR
6.50%
9.45%9/15/202212/22/20277,143 6,845 6,843 0.73 
Dermatology Associates^(2)(3)(15)Healthcare & PharmaceuticalsSOFR
6.25% (100% PIK)
9.95%5/31/201612/31/202226,871 26,909 26,784 2.86 
Dermatology Associates^(2)(3)(8)(11)Healthcare & PharmaceuticalsSOFR
9.50% (100% PIK)
12.77%5/31/201612/31/202238,724 24,923 23,870 2.55 
DermaRite Industries, LLC^*(2)(3)(8)Healthcare & PharmaceuticalsLIBOR
7.00% (100% PIK)
8.00%3/3/20176/30/202320,766 20,775 13,534 1.45 
Diligent Corporation^(2)(3)(14)TelecommunicationsLIBOR
6.25%
9.11%8/4/20208/4/2025670 657 648 0.07 
Dwyer Instruments, Inc.^*(2)(3)(14)Capital EquipmentLIBOR
6.00%
9.38%7/21/20217/21/20273,860 3,784 3,789 0.40 
Eliassen Group, LLC^*(2)(3)(14)Business ServicesSOFR
5.75%
9.30%4/14/20224/14/20281,584 1,516 1,522 0.16 
Ellkay, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
6.25%
9.52%9/14/20219/14/202714,142 13,872 13,157 1.41 
Emergency Communications Network, LLC^*(2)(3)TelecommunicationsSOFR
2.50%, 5.25% PIK
10.33%6/1/20176/1/202426,200 26,162 22,474 2.39 
EPS Nass Parent, Inc.^(2)(3)(14)Utilities: ElectricLIBOR
5.75%
9.42%4/19/20214/19/2028914 898 888 0.09 
EvolveIP, LLC^*(2)(3)(14)(15)TelecommunicationsSOFR
5.50%
9.20%11/26/20196/7/20255,570 5,567 5,472 0.58 
Excel Fitness Holdings, Inc.^*(2)(3)(14)(15)Leisure Products & ServicesSOFR
5.25%
8.08%4/29/20224/29/20296,296 6,162 6,044 0.65 
Excelitas Technologies Corp.^(2)(3)(14)(15)Capital EquipmentSOFR
5.75%
8.58%8/12/20228/12/20293,117 3,048 3,047 0.33 
Excelitas Technologies Corp.^(2)(3)Capital EquipmentEURIBOR
5.75%
6.08%8/12/20228/12/2029€1,275 1,283 1,225 0.13 
FPG Intermediate Holdco, LLC^(2)(3)(14)(15)Consumer ServicesSOFR
6.50%
9.20%8/5/20223/5/2027428 343 341 0.04 
Frontline Technologies Holdings, LLC^*(2)(3)SoftwareLIBOR
5.75%
8.89%9/18/20179/18/20233,029 3,023 3,029 0.32 
Greenhouse Software, Inc.^(2)(3)(14)SoftwareSOFR
7.00%
9.95%3/1/20219/1/202832,796 32,040 31,815 3.40 
Guidehouse LLP^(2)(3)Sovereign & Public FinanceLIBOR
6.25%
9.37%9/30/202210/16/202880 78 78 0.01 
Hadrian Acquisition Limited (United Kingdom)^(2)(3)(7)Diversified Financial ServicesSONIA
5.26%, 3.47% PIK
10.92%2/28/20222/28/2029£14,550 18,934 15,800 1.69 
Hadrian Acquisition Limited (United Kingdom)^(2)(3)(7)(14)Diversified Financial ServicesSONIA
5.00%, 2.75% PIK
9.94%2/28/20222/28/2029£3,317 3,773 3,530 0.38 
Harbour Benefit Holdings, Inc.^*(2)(3)(14)Business ServicesLIBOR
5.25%
8.79%12/13/201712/13/20243,012 2,984 2,990 0.32 
Heartland Home Services, Inc^(2)(3)(14)Consumer ServicesLIBOR
5.75%
8.80%2/10/202212/15/20266,933 6,802 6,691 0.72 
Heartland Home Services, Inc^*(2)(3)(14)Consumer ServicesLIBOR
6.00%
9.12%12/15/202012/15/20267,207 7,140 7,146 0.76 
Hercules Borrower LLC^*(2)(3)(14)Environmental IndustriesLIBOR
6.50%
10.62%12/14/202012/14/202618,543 18,121 18,064 1.93 
Higginbotham Insurance Agency, Inc.^(2)(3)Diversified Financial ServicesLIBOR
5.25%
8.37%11/25/202011/25/2026441 426 433 0.05 
9
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
Hoosier Intermediate, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
5.50%
8.56%11/15/202111/15/2028$10,734 $10,514 $10,109 1.08 %
HS Spa Holdings Inc.^(2)(3)(14)Consumer ServicesSOFR
5.75%
7.51%6/2/20226/2/20298,627 8,437 8,348 0.89 
iCIMS, Inc.^(2)(3)(14)SoftwareSOFR
6.75%
9.48%8/18/20228/18/202825,540 25,058 24,932 2.66 
Individual FoodService Holdings, LLC^*(2)(3)(14)WholesaleLIBOR
6.25%
9.48%2/21/202011/22/202512,261 12,009 12,085 1.28 
Infront Luxembourg Finance S.À R.L. (Luxembourg)^(2)(3)(7)Leisure Products & ServicesLIBOR
9.00%
9.54%5/28/20215/28/2027€8,250 9,795 7,924 0.85 
Integrity Marketing Acquisition, LLC^(2)(3)Diversified Financial ServicesLIBOR
5.50%
8.00%12/3/20218/27/2025430 425 409 0.04 
IQN Holding Corp.^(2)(3)(14)Business ServicesSOFR
5.50%
8.41%5/2/20225/2/20296,783 6,708 6,733 0.72 
Jeg's Automotive, LLC^*(2)(3)(14)AutomotiveLIBOR
5.75%
9.34%12/22/202112/22/202719,992 19,550 19,195 2.05 
K2 Insurance Services, LLC^*(2)(3)(14)Diversified Financial ServicesLIBOR
5.00%
8.63%7/3/20197/1/20263,339 3,288 3,322 0.36 
Kaseya, Inc.^(2)(3)(14)High Tech IndustriesSOFR
5.75%
8.28%6/23/20226/23/202935,453 34,704 34,594 3.70 
Lifelong Learner Holdings, LLC^*(2)(3)(14)Business ServicesLIBOR
5.75%
8.56%10/18/201910/18/202626,025 25,700 24,563 2.63 
LinQuest Corporation*(2)(3)Aerospace & DefenseLIBOR
5.75%
9.10%7/28/20217/28/20289,900 9,729 9,219 0.99 
Liqui-Box Holdings, Inc.^(2)(3)(14)Containers, Packaging & GlassLIBOR
4.50%
8.76%6/3/20196/3/20242,086 2,076 1,919 0.21 
LVF Holdings, Inc.^*(2)(3)(14)Beverage & FoodLIBOR
6.25%
9.91%6/10/20216/10/202741,629 40,861 38,542 4.12 
Material Holdings, LLC^*(2)(3)(14)(15)Business ServicesSOFR
6.00%
9.64%8/19/20218/19/20278,101 7,957 7,667 0.82 
Maverick Acquisition, Inc.^*(2)(3)(14)Aerospace & DefenseLIBOR
6.25%
9.92%6/1/20216/1/202735,712 35,035 31,230 3.34 
Medical Manufacturing Technologies, LLC^*(2)(3)(14)(15)Healthcare & PharmaceuticalsSOFR
5.75%
9.40%12/23/202112/23/202722,689 22,135 22,076 2.36 
MMIT Holdings, LLC^*(2)(3)(14)High Tech IndustriesLIBOR
6.25%
9.92%9/15/20219/15/202711,053 10,851 11,005 1.18 
NEFCO Holding Company LLC^*(2)(3)(14)(15)Construction & BuildingSOFR
6.50%
9.22%8/5/20228/5/20285,525 5,384 5,383 0.58 
NES Global Talent Finance US, LLC (United Kingdom)^(2)(3)(7)Energy: Oil & GasLIBOR
5.50%
8.31%5/9/20185/11/20239,612 9,587 9,592 1.03 
NMI AcquisitionCo, Inc.^*(2)(3)(14)High Tech IndustriesLIBOR
5.75%
8.87%9/6/20179/6/202540,019 39,956 39,040 4.17 
North Haven Fairway Buyer, LLC^*(2)(3)(14)Consumer ServicesLIBOR
5.75%
8.65%5/17/20225/17/202821,320 20,863 20,825 2.23 
Oak Purchaser, Inc.^(2)(3)(14)Business ServicesSOFR
5.50%
9.48%4/28/20224/28/20285,851 5,777 5,810 0.62 
Performance Health Holdings, Inc.*(2)(3)Healthcare & PharmaceuticalsLIBOR
6.00%
9.75%7/12/20217/12/20276,444 6,337 6,377 0.68 
PF Atlantic Holdco 2, LLC^(2)(3)(14)Leisure Products & ServicesLIBOR
5.50%
8.77%11/12/202111/12/20272,106 1,857 1,856 0.20 
PF Growth Partners, LLC*(2)(3)Leisure Products & ServicesLIBOR
5.00%
7.71%7/1/20197/11/20257,977 7,916 7,900 0.84 
PPT Management Holdings, LLC^(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
8.50% (100.00% PIK)
12.25%12/15/201612/16/202228,665 28,656 22,762 2.43 
10
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
Project Castle, Inc.^(2)(3)Capital EquipmentSOFR
5.50%
9.05%6/24/20226/1/2029$7,500 $6,739 $6,319 0.68 %
Prophix Software Inc. (Canada)^(2)(3)(7)(14)SoftwareLIBOR
6.50%
9.31%2/1/20212/1/202610,963 10,760 11,014 1.18 
PXO Holdings I Corp.^*(2)(3)(14)(15)Chemicals, Plastics & RubberSOFR
5.25%
8.21%3/8/20223/8/202817,111 16,756 16,494 1.76 
Quantic Electronics, LLC^*(2)(3)(14)Aerospace & DefenseLIBOR
6.25%
9.91%11/19/202011/19/202615,067 14,815 14,481 1.55 
Quantic Electronics, LLC^*(2)(3)(14)Aerospace & DefenseLIBOR
6.25%
9.89%3/1/20213/1/20279,854 9,664 9,413 1.01 
QW Holding Corporation^*(2)(3)Environmental IndustriesLIBOR
5.50%
8.05%8/31/20168/31/202632,362 32,313 31,785 3.40 
Regency Entertainment, Inc.^(2)(3)Media: Diversified & ProductionLIBOR
6.75%
9.75%5/22/202010/22/202520,000 19,747 19,746 2.11 
Riveron Acquisition Holdings, Inc.*(2)(3)Diversified Financial ServicesLIBOR
5.75%
9.42%5/22/20195/22/20251,680 1,650 1,680 0.18 
RSC Acquisition, Inc.^(2)(3)(14)(15)Diversified Financial ServicesSOFR
5.50%
8.38%11/1/201911/1/202610,905 10,772 10,376 1.11 
Sapphire Convention, Inc.^*(2)(3)(14)TelecommunicationsLIBOR
6.25%
9.77%11/20/201811/20/202528,462 28,160 26,729 2.86 
Smarsh Inc.^(2)(3)(14)SoftwareSOFR
6.50%
10.05%2/18/20222/18/20296,530 6,372 6,109 0.65 
SPay, Inc.^*(2)(3)Leisure Products & ServicesLIBOR
5.75%, 3.50% PIK
12.34%6/15/20186/17/202424,252 24,117 21,683 2.32 
Speedstar Holding, LLC^*(2)(3)AutomotiveLIBOR
7.00%
10.07%1/22/20211/22/202726,763 26,353 26,697 2.85 
Spotless Brands, LLC^*(2)(3)(14)(15)Consumer ServicesSOFR
6.50%
9.09%6/21/20227/25/202831,468 30,793 30,465 3.26 
Tank Holding Corp.^*(2)(3)(14)(15)Capital EquipmentSOFR
5.75%
8.88%3/31/20223/31/202837,836 37,100 36,576 3.91 
TCFI Aevex LLC^*(2)(3)(14)Aerospace & DefenseLIBOR
6.00%
8.69%3/18/20203/18/202611,075 10,918 8,894 0.95 
The Carlstar Group LLC^*(2)(3)(14)(15)AutomotiveSOFR
6.50%
9.15%7/8/20227/8/202714,629 14,252 14,267 1.52 
TIBCO Software Inc.^(2)(3)High Tech IndustriesSOFR
4.50%
8.09%9/30/20223/31/202915,000 13,650 13,441 1.44 
Trafigura Trading LLC^(2)(3)(13)(14)(15)Metals & MiningSOFR
8.35%
12.11%7/26/202110/5/20226,871 6,765 6,796 0.73 
Tufin Software North America, Inc.^(2)(3)(14)(15)SoftwareSOFR
7.00%
10.06%8/17/20228/17/202826,851 26,297 26,282 2.81 
Turbo Buyer, Inc. ^(2)(3)(14)AutomotiveLIBOR
6.00%
8.88%12/2/201912/2/2025— (93)(117)(0.01)
U.S. Legal Support, Inc.^*(2)(3)(14)(15)Business ServicesSOFR
5.75%
9.29%11/30/201811/30/202415,557 15,385 15,244 1.63 
Unifrutti Financing PLC (Cyprus)^(7)Beverage & FoodFIXED
7.50%, 1.00% PIK
8.50%9/15/20199/15/2026€4,668 4,988 4,517 0.48 
Unifrutti Financing PLC (Cyprus)^(7)Beverage & FoodFIXED
11.00% (100% PIK)
11.00%10/22/20209/15/2026€821 928 835 0.09 
US INFRA SVCS Buyer, LLC^(2)(3)Environmental IndustriesLIBOR
6.50%, 0.25% PIK
8.78%4/13/20204/13/20269,078 8,965 8,622 0.92 
USALCO, LLC*(2)(3)Chemicals, Plastics & RubberLIBOR
6.00%
9.67%10/19/202110/19/2027993 975 954 0.10 
USR Parent Inc.^(2)(3)RetailSOFR
7.60%
10.11%4/22/20224/25/20274,333 4,293 4,148 0.44 
11
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value (5)
% of Net Assets
Westfall Technik, Inc.^*(2)(3)(15)Chemicals, Plastics & RubberSOFR
6.25%
9.80%9/13/20189/13/2024$21,549 $21,429 $21,116 2.26 %
Westfall Technik, Inc.^(2)(3)(15)Chemicals, Plastics & RubberSOFR
6.25%
9.80%7/1/20219/13/20244,970 4,888 4,870 0.52 
Wineshipping.com LLC^*(2)(3)(14)Beverage & FoodLIBOR
5.75%
7.63%10/29/202110/29/20274,598 4,464 4,215 0.45 
Yellowstone Buyer Acquisition, LLC^(2)(3)Consumer Goods: DurableLIBOR
5.75%
8.80%9/13/20219/13/2027446 438 427 0.05 
YLG Holdings, Inc.^(2)(3)Consumer ServicesLIBOR
5.00%
7.78%9/30/202011/1/20251,966 1,921 1,961 0.21 
First Lien Debt Total$1,336,448 $1,286,731 137.52 %
Second Lien Debt (13.5% of fair value)
11852604 Canada Inc. (Canada)^(2)(3)(7)Healthcare & PharmaceuticalsLIBOR
9.50% (100% PIK)
13.17%9/30/20219/30/2028$7,343 $7,201 $7,141 0.76 %
AI Convoy S.A.R.L (United Kingdom)^(2)(3)(7)Aerospace & DefenseLIBOR
8.25%
9.80%1/17/20201/17/202824,814 24,402 25,806 2.76 
Aimbridge Acquisition Co., Inc.^(2)(3)Leisure Products & ServicesLIBOR
7.50%
10.06%2/1/20192/1/20279,241 9,138 8,105 0.87 
AP Plastics Acquisition Holdings, LLC^(2)(3)Chemicals, Plastics & RubberLIBOR
7.50%
10.49%8/10/20218/10/202933,680 32,851 32,974 3.51 
AQA Acquisition Holdings, Inc.^*(2)(3)High Tech IndustriesLIBOR
7.50%
10.57%3/3/20213/3/202935,000 34,250 33,902 3.62 
Blackbird Purchaser, Inc.^(2)(3)(14)Capital EquipmentLIBOR
7.50%
10.62%12/14/20214/8/202713,791 13,470 13,108 1.40 
Brave Parent Holdings, Inc.^*(2)(3)SoftwareLIBOR
7.50%
10.62%10/3/20184/19/202618,197 17,958 17,704 1.89 
Drilling Info Holdings, Inc.^(2)(3)Energy: Oil & GasLIBOR
8.25%
11.37%2/11/20207/30/202618,600 18,266 18,693 1.99 
Jazz Acquisition, Inc.^(2)(3)Aerospace & DefenseLIBOR
8.00%
11.12%6/13/20196/18/202723,450 23,217 21,544 2.30 
Outcomes Group Holdings, Inc.^*(2)(3)Business ServicesLIBOR
7.50%
11.17%10/23/201810/26/20261,731 1,728 1,731 0.19 
PAI Holdco, Inc.^(2)(3)AutomotiveLIBOR
5.50%, 2.00% PIK
10.31%10/28/202010/28/202814,016 13,688 13,889 1.48 
Peraton Corp.^*(2)(3)Aerospace & DefenseLIBOR
7.75%
10.57%2/24/20212/1/202911,941 11,785 11,394 1.22 
Quartz Holding Company^*(2)(3)SoftwareLIBOR
8.00%
11.12%4/2/20194/2/20277,048 6,949 7,003 0.75 
Stonegate Pub Company Bidco Limited (United Kingdom)^(2)(3)(7)Beverage & FoodSONIA
8.50%
9.44%3/12/20203/12/2028£20,000 24,830 20,377 2.18 
TruGreen Limited Partnership^(2)(3)Consumer ServicesLIBOR
8.50%
11.62%11/16/202011/2/202813,000 12,785 12,117 1.30 
World 50, Inc.^(9)Business ServicesFIXED
11.50%
11.50%1/10/20201/9/202718,552 18,254 17,723 1.89 
Second Lien Debt Total$270,772 $263,211 28.13 %

12
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net Assets
Equity Investments (4.8% of fair value)
ANLG Holdings, LLC^(6)Capital Equipment6/22/2018592$592 $649 0.07 %
Appriss Health, LLC^(6)Healthcare & Pharmaceuticals5/6/202154,8614,8430.52 
Atlas Ontario LP (Canada)^(6)(7)Business Services4/7/20215,1145,1145,1140.55 
Avenu Holdings, LLC^(6)Sovereign & Public Finance9/28/20181721045480.06 
Blackbird Holdco, Inc.^(6)Capital Equipment12/14/20211110,436 10,476 1.12 
Buckeye Parent, LLC^(6)Automotive12/22/20218858858120.09 
Chartis Holding, LLC^(6)Business Services5/1/20194334336390.07 
CIP Revolution Holdings, LLC^(6)Media: Advertising, Printing & Publishing8/19/20163183181810.02 
Cority Software Inc. (Canada)^(6)(7)Software7/2/20192502506060.06 
Derm Growth Partners III, LLC ^(6)Healthcare & Pharmaceuticals5/31/20161,0001,000 — — 
Diligent Corporation^(6)Telecommunications4/5/20211211,46810,9001.15 
ECP Parent, LLC^(6)Healthcare & Pharmaceuticals3/29/2018268— 290 0.03 
GB Vino Parent, L.P.^(6)Beverage & Food10/29/202143512610.03 
Integrity Marketing Group, LLC^(6)Diversified Financial Services12/21/202116,24415,99316,0861.72 
K2 Insurance Services, LLC^(6)Diversified Financial Services7/3/2019433 306 903 0.10 
Legacy.com, Inc.^(6)High Tech Industries3/20/20171,5001,500 1,125 0.12 
NearU Holdings LLC^(6)Consumer Services8/16/2022252,4702,4700.26 
NEFCO Holding Company LLC^(6)Construction & Building8/5/20221615 615 0.07 
North Haven Goldfinch Topco, LLC^(6)Containers, Packaging & Glass6/18/20182,3152,3151,5230.16 
Pascal Ultimate Holdings, L.P^(6)Capital Equipment7/21/202136364 638 0.07 
Picard Parent, Inc.^(6)High Tech Industries9/30/202288,189 8,189 0.88 
Profile Holdings I, LP^(6)Chemicals, Plastics & Rubber3/8/20225523 523 0.06 
Sinch AB (Sweden)^(6)(7)High Tech Industries3/26/20191041,168 142 0.02 
Tailwind HMT Holdings Corp.^(6)Energy: Oil & Gas11/17/2017221,558 1,296 0.14 
Tank Holding Corp.^(6)Capital Equipment3/26/2019850— 2,595 0.28 
Titan DI Preferred Holdings, Inc.^(6)Energy: Oil & Gas2/11/202014,18313,948 13,8291.48 
Talon MidCo 1 Limited^(6)Software8/17/2022145,6311,456 1,4560.16 
Turbo Buyer, Inc.^(6)Automotive12/2/20191,9259332,4160.26 
U.S. Legal Support Investment Holdings, LLC^(6)Business Services11/30/20186416418410.09 
Unifrutti Financing PLC (Cyprus)^(6)(7)Beverage & Food10/22/202015186100.07 
Unifrutti Financing PLC (Cyprus)^(6)(7)Beverage & Food10/22/2020—1331750.02 
W50 Parent LLC^(6)Business Services1/10/20205001907330.08 
Zenith American Holding, Inc.^(6)Business Services12/13/20171,5647611,0680.11 
Equity Investments Total$89,393 $92,552 9.90 %
13
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net Assets
Total investments—non-controlled/non-affiliated$1,696,613 $1,642,494 175.55 %
Investments—non-controlled/affiliatedFootnotesIndustry
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 (2.1% of fair value)
Direct Travel, Inc.^*(2)(3)(12)Leisure Products & ServicesLIBOR
8.50%
12.17%10/14/201610/1/2023$43,520 $41,874 $39,132 4.18 %
Direct Travel, Inc.^(2)(3)(12)(14)Leisure Products & ServicesLIBOR
6.00%
8.34%10/1/202010/1/20232,7312,6032,7310.29 
First Lien Debt Total$44,477 $41,863 4.47 %
Investments—non-controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net 
Assets
Equity Investments (0.0% of fair value)
Direct Travel, Inc.^(6)(12)Leisure Products & Services10/1/202043 $— $— — %
Equity Investments Total$— $— — %
Total investments—non-controlled/affiliated$44,477 $41,863 4.47 %

Investments—controlled/affiliatedFootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar Amount/ LLC Interest **Cost
Fair
Value (5)
% of Net Assets
Investment Funds (13.6% of fair value)
Middle Market Credit Fund II, LLC, Member's Interest^(7)(10)Investment FundsN/A—%11/3/202012/31/2030$78,122 $78,096 $74,997 8.02 %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7)(10)Investment FundsN/A—%2/29/201612/31/2024193,000 193,001 189,603 20.27 
Middle Market Credit Fund, Mezzanine Loan(2)(3)(7)(9)(10)Investment FundsLIBOR
9.00%
12.14%6/30/20165/21/2023—— — — 
Investment Funds Total$271,097 $264,600 28.29 %
Total investments—controlled/affiliated$271,097 $264,600 28.29 %
Total Investments$2,012,187 $1,948,957 208.30 %

^ Denotes that all or a portion of the assets are owned by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” 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 7, Borrowings, to these consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”).
14
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
* 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 completed by the Company on June 26, 2015 (see Note 8, Notes Payable, to these consolidated financial statements). Accordingly, such assets are not available to the creditors of the Company.
** Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Euro (“€”) or British Pound (“£”).
(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 September 30, 2022, 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 September 30, 2022, 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 LIBOR (“L”), 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 September 30, 2022. As of September 30, 2022, the reference rates for our variable rate loans were the 30-day LIBOR at 3.14%, the 90-day LIBOR at 3.75%, the 180-day LIBOR at 4.23%, the 30-day SOFR at 3.04%, and the 90-day SOFR at 3.59%.
(3)Loan includes interest rate floor feature, which is generally 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 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 September 30, 2022, the aggregate fair value of these securities is $92,552, or 9.89% 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)Loan was on non-accrual status as of September 30, 2022.
(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(10)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 consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the nine month period ended September 30, 2022, were as follows:
Investments—controlled/affiliatedFair Value as of December 31, 2021Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of September 30, 2022Dividend and Interest Income
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest
$184,141 $— $— $— $5,462 $189,603 $15,000 
Middle Market Credit Fund, Mezzanine Loan— — — — — — — 
Middle Market Credit Fund II LLC, Member's Interest77,958 — — — (2,961)74,997 7,572 
Total investments—controlled/affiliated$262,099 $— $— $— $2,501 $264,600 $22,572 

15
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—controlled/affiliatedFair Value as of December 31, 2021Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of September 30, 2022Dividend and Interest Income
SolAero Technologies Corp. (Priority Term Loan)$2,251 $— $(2,251)$— $— $— $8 
SolAero Technologies Corp. (A1 Term Loan)2,850 — (3,166)— 316 — 1,031 
SolAero Technologies Corp. (A2 Term Loan)    7,835 — (8,707)— 872 — 2,834 
Solaero Technology Corp. (Equity)
— — (4,786)1,972 2,814 — — 
Total investments—controlled/affiliated$12,936 $— $(18,910)$1,972 $4,002 $— $3,873 

(11)     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. 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.
(12)    Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company's outstanding voting securities. Transactions related to the portfolio company during the nine month period ended September 30, 2022 were as follows:
Investments—non-controlled/affiliatedFair Value as of December 31, 2021Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of September 30, 2022Dividend and Interest Income
Direct Travel, Inc.$27,555 $7,193 $(1,177)$— $5,561 $39,132 $8,059 
Direct Travel, Inc.2,731 — — — — 2,731 100 
Direct Travel, Inc. (Equity)— — — — — — — 
Total investments—non-controlled/affiliated$30,286 $7,193 $(1,177)$— $5,561 $41,863 $8,159 



16
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
(13)The investment is secured by receivables purchased from the portfolio company, with an implied discount of 12.11%. The investment was made via a tranched participation arrangement between the purchaser of such receivables and the Company. The investment has a secondary priority behind the rights of such purchaser.
(14)As of September 30, 2022, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
ADPD Holdings, LLCDelayed Draw—%$1,083 $(22)
ADPD Holdings, LLCRevolver0.50621 (12)
ADPD Holdings, LLCDelayed Draw—299 (6)
ADPD Holdings, LLCDelayed Draw—1,951 (39)
Advanced Web Technologies Holding CompanyRevolver0.50854 (9)
Advanced Web Technologies Holding CompanyDelayed Draw1.001,602 (17)
Airnov, Inc.Revolver0.50688 (3)
Alpine Acquisition Corp IIRevolver0.501,034 (37)
American Physician Partners, LLCRevolver0.50550 (2)
Analogic CorporationRevolver0.5029 (1)
Applied Technical Services, LLCRevolver0.5042 — 
Appriss Health, LLCRevolver0.502,963 (69)
Apptio, Inc.Revolver0.501,420 — 
Ascend Buyer, LLCRevolver0.501,113 (19)
Associations, Inc.Revolver0.50723 (17)
Blackbird Purchaser, Inc.Delayed Draw1.004,597 (171)
BlueCat Networks (USA) Inc.Delayed Draw0.50240 (5)
BlueCat Networks (USA) Inc.Delayed Draw0.50446 (9)
BMS Holdings III Corp.Delayed Draw2.659,688 (137)
Bubbles Bidco S.P.A. (Italy)Delayed Draw2.80855 (4)
Bubbles Bidco S.P.A. (Italy)Revolver—526 (3)
Chartis Holding, LLCRevolver0.50217 (1)
Chemical Computing Group ULC (Canada)Revolver0.5029 — 
Comar Holding Company, LLCRevolver0.502,935 (127)
Cority Software Inc. (Canada)Revolver0.503,000 (26)
DCA Investment Holding LLCDelayed Draw1.00618 (22)
Denali Midco 2, LLCDelayed Draw1.002,857 (86)
Diligent CorporationRevolver0.5023 (1)
Direct Travel, Inc.Delayed Draw0.501,657 — 
Dwyer Instruments, Inc.Revolver0.50994 (14)
Dwyer Instruments, Inc.Delayed Draw1.00161 (2)
Eliassen Group, LLCDelayed Draw1.003,310 (42)
17
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Ellkay, LLCRevolver0.50%$1,786 $(110)
EPS Nass Parent, Inc.Revolver0.5040 (1)
EPS Nass Parent, Inc.Delayed Draw1.0037 (1)
EvolveIP, LLCRevolver0.50655 (10)
Excel Fitness Holdings, Inc.Revolver0.50828 (29)
Excelitas Technologies Corp.Revolver0.50217 (4)
Excelitas Technologies Corp.Delayed Draw—152 (3)
FPG Intermediate Holdco, LLCDelayed Draw1.003,973 (79)
Greenhouse Software, Inc.Revolver0.501,471 (41)
Greenhouse Software, Inc.Revolver0.50733 (21)
Hadrian Acquisition Limited (United Kingdom)Delayed Draw2.332,589 (57)
Harbour Benefit Holdings, Inc.Revolver0.503,180 (11)
Heartland Home Services, IncDelayed Draw0.758,098 (130)
Heartland Home Services, IncRevolver0.50619 (5)
Hercules Borrower LLCRevolver0.501,929 (45)
Hoosier Intermediate, LLCRevolver0.501,600 (81)
HS Spa Holdings Inc.Revolver0.501,235 (35)
iCIMS, Inc.Revolver0.502,432 (43)
iCIMS, Inc.Delayed Draw—6,784 (119)
Individual FoodService Holdings, LLCRevolver0.50739 (8)
Individual FoodService Holdings, LLCDelayed Draw1.003,290 (36)
IQN Holding Corp.Delayed Draw1.00753 (5)
IQN Holding Corp.Revolver0.50489 (3)
Jeg's Automotive, LLCRevolver0.50677 (22)
Jeg's Automotive, LLCDelayed Draw1.004,167 (134)
K2 Insurance Services, LLCRevolver0.501,120 (4)
Kaseya, Inc.Revolver0.502,054 (46)
Kaseya, Inc.Delayed Draw0.501,146 (25)
Lifelong Learner Holdings, LLCRevolver0.502 — 
Liqui-Box Holdings, Inc.Revolver0.50544 (35)
LVF Holdings, Inc.Revolver0.50759 (50)
LVF Holdings, Inc.Delayed Draw1.004,670 (306)
Material Holdings, LLCDelayed Draw—977 (44)
Material Holdings, LLCRevolver1.00499 (23)
Maverick Acquisition, Inc.Delayed Draw1.004,679 (503)
Maverick Acquisition, Inc.Delayed Draw1.001,290 (139)
18
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Medical Manufacturing Technologies, LLCRevolver0.50%$1,446 $(28)
Medical Manufacturing Technologies, LLCDelayed Draw1.007,107 (140)
MMIT Holdings, LLCRevolver0.50808 (3)
NEFCO Holding Company LLCDelayed Draw1.00380 (8)
NEFCO Holding Company LLCDelayed Draw1.00553 (11)
NEFCO Holding Company LLCRevolver0.50763 (15)
NMI AcquisitionCo, Inc.Revolver0.501,280 (30)
North Haven Fairway Buyer, LLCDelayed Draw0.50432 (9)
North Haven Fairway Buyer, LLCRevolver0.502,404 (49)
Oak Purchaser, Inc.Delayed Draw0.501,623 (8)
Oak Purchaser, Inc.Revolver0.50584 (3)
PF Atlantic Holdco 2, LLCDelayed Draw0.759,517 (165)
PF Atlantic Holdco 2, LLCRevolver0.502,759 (48)
PPT Management Holdings, LLCRevolver0.50587 — 
Prophix Software Inc. (Canada)Revolver0.501,993 8 
PXO Holdings I Corp.Delayed Draw1.00885 (28)
PXO Holdings I Corp.Revolver0.501,315 (42)
Quantic Electronics, LLCRevolver0.50829 (31)
Quantic Electronics, LLCDelayed Draw1.002,126 (78)
RSC Acquisition, Inc.Revolver0.50462 (20)
RSC Acquisition, Inc.Delayed Draw0.501,083 (46)
Sapphire Convention, Inc.Revolver0.503,849 (206)
Smarsh Inc.Revolver0.50408 (20)
Smarsh Inc.Delayed Draw1.001,633 (80)
Spotless Brands, LLCRevolver0.50303 (9)
Spotless Brands, LLCDelayed Draw1.002,214 (64)
Spotless Brands, LLCDelayed Draw1.00944 (27)
Tank Holding Corp.Revolver0.381,655 (53)
TCFI Aevex LLCDelayed Draw1.00214 (36)
TCFI Aevex LLCDelayed Draw1.001,835 (305)
The Carlstar Group LLCRevolver0.503,657 (72)
Trafigura Trading LLCRevolver0.503,127 (23)
Tufin Software North America, Inc.Revolver0.501,339 (27)
Tufin Software North America, Inc.Delayed Draw—304 (6)
Turbo Buyer, Inc. Delayed Draw1.004,681 (93)
Turbo Buyer, Inc. Revolver0.501,217 (24)
19
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
U.S. Legal Support, Inc.Delayed Draw0.50%$2,032 $(34)
U.S. Legal Support, Inc.Revolver0.501,061 (18)
Wineshipping.com LLCDelayed Draw1.001,609 (79)
Wineshipping.com LLCRevolver0.501,589 (78)
Total unfunded commitments$185,945 $(5,119)

(15)Loans include a credit spread adjustment that ranges from 0.10% to 0.26%.
20
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
As of September 30, 2022, investments at fair value consisted of the following:
TypeAmortized CostFair Value% of Fair Value
First Lien Debt$1,380,925 $1,328,594 68.2 %
Second Lien Debt270,772 263,211 13.5 
Equity Investments89,393 92,552 4.7 
Investment Funds271,097 264,600 13.6 
Total$2,012,187 $1,948,957 100.0 %
The rate type of debt investments at fair value as of September 30, 2022 was as follows:
Rate TypeAmortized CostFair Value% of Fair Value of First and Second Lien Debt
Floating Rate$1,627,527 $1,568,730 98.6 %
Fixed Rate24,170 23,075 1.4 
Total$1,651,697 $1,591,805 100.0 %

The industry composition of investments at fair value as of September 30, 2022 was as follows:
IndustryAmortized CostFair Value% of Fair Value
Aerospace & Defense$139,565 $131,981 6.8 %
Automotive75,568 77,159 4.0 
Beverage & Food77,073 69,532 3.6 
Business Services94,844 94,021 4.8 
Capital Equipment79,259 80,817 4.1 
Chemicals, Plastics & Rubber77,422 76,931 4.0 
Construction & Building18,513 18,310 0.9 
Consumer Goods: Durable438 427 — 
Consumer Goods: Non-Durable5,315 4,360 0.2 
Consumer Services108,064 106,868 5.5 
Containers, Packaging & Glass54,054 52,132 2.8 
Diversified Financial Services55,567 52,539 2.7 
Energy: Oil & Gas43,359 43,410 2.2 
Environmental Industries59,399 58,471 3.0 
Healthcare & Pharmaceuticals246,987 230,007 11.8 
High Tech Industries147,357 144,525 7.4 
Investment Funds271,097 264,600 13.6 
Leisure Products & Services114,526 106,387 5.5 
Media: Advertising, Printing & Publishing318 181 — 
Media: Diversified & Production19,747 19,746 1.0 
Metals & Mining6,765 6,796 0.3 
21
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022
(dollar amounts in thousands) (unaudited)
IndustryAmortized CostFair Value% of Fair Value
Retail$31,678 $31,616 1.6 %
Software180,501 179,027 9.2 
Sovereign & Public Finance182 626 — 
Telecommunications72,014 66,223 3.4 
Transportation: Cargo19,668 19,292 1.0 
Utilities: Electric898 888 — 
Wholesale12,009 12,085 0.6 
$2,012,187 $1,948,957 100.0 %
The geographical composition of investments at fair value as of September 30, 2022 was as follows:
GeographyAmortized CostFair Value% of Fair Value
Canada$35,895 $36,502 1.9 %
Cyprus6,567 6,137 0.2 
Italy5,315 4,360 0.2 
Luxembourg41,499 38,243 2.0 
Sweden1,168 142 — 
United Kingdom81,526 75,105 3.9 
United States1,840,217 1,788,468 91.8 
Total$2,012,187 $1,948,957 100.0 %


The accompanying notes are an integral part of these consolidated financial statements.
22
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2021
(dollar amounts in thousands)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net
 Assets
First Lien Debt (62.1% of fair value)
Advanced Web Technologies Holding Company^*(2)(3)(14)Containers, Packaging & GlassLIBOR
5.75%
6.75%12/17/202012/17/2026$7,177 $6,970 $7,297 0.77 %
Airnov, Inc.^*(2)(3)(14)Containers, Packaging & GlassLIBOR
5.00%
6.00%12/20/201912/19/20251,862 1,833 1,862 0.20 
Allied Universal Holdco LLC^(2)(3)Business ServicesLIBOR
4.25%
4.46%2/17/20217/10/2026497 500 498 0.04 
American Physician Partners, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
6.75%, 1.50% PIK
9.25%1/7/20192/21/202227,908 27,886 27,908 2.94 
Analogic Corporation^*(2)(3)(14)Capital EquipmentLIBOR
5.25%
6.25%6/22/20186/22/20242,434 2,412 2,408 0.25 
Applied Technical Services, LLC^(2)(3)(14)Business ServicesLIBOR
5.75%
6.75%12/29/202012/29/2026536 525 536 0.06 
Appriss Health, LLC^(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
7.25%
8.25%5/6/20215/6/202743,247 42,406 43,295 4.56 
Apptio, Inc.^(2)(3)(14)SoftwareLIBOR
7.25%
8.25%1/10/20191/10/20256,131 6,044 6,130 0.65 
Ascend Buyer, LLC^(2)(3)(14)Containers, Packaging & GlassLIBOR
5.75%
6.50%9/30/20219/30/202812,838 12,569 12,618 1.33 
Associations, Inc.^(2)(3)(14)Construction & BuildingLIBOR
4.00%, 2.50% PIK
7.50%7/2/20217/2/202711,570 11,457 11,599 1.22 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^*(2)(3)(7)SoftwareLIBOR
6.00%
7.00%12/24/201912/24/202632,488 31,870 29,269 3.08 
Avenu Holdings, LLC*(2)(3)Sovereign & Public FinanceLIBOR
5.25%
6.25%9/28/20189/28/202413,545 13,451 13,545 1.43 
Barnes & Noble, Inc.^(2)(3)(11)RetailLIBOR
6.50%
7.50%8/7/201912/20/202628,932 27,926 28,146 2.97 
BlueCat Networks, Inc. (Canada)*(2)(3)(7)High Tech IndustriesLIBOR
6.25%
7.25%10/30/202010/30/202611,468 11,270 11,583 1.22 
BMS Holdings III Corp.^(2)(3)(14)Construction & BuildingLIBOR
5.50%
6.50%9/30/20199/30/2026— (180)(149)(0.02)
Bubbles Bidco S.P.A. (Italy)^(2)(3)(7)(14)Consumer Goods: Non-DurableLIBOR
9.25% (100% PIK)
9.25%10/20/202110/20/2028€4,700 5,312 5,167 0.54 
Bubbles Bidco S.P.A. (Italy)^(2)(3)(7)(14)Consumer Goods: Non-DurableLIBOR
6.25%
6.25%10/20/202110/20/2028€— (9)(9)— 
Captive Resources Midco, LLC^*(2)(3)(14)Banking, Finance, Insurance & Real EstateLIBOR
5.50%
6.25%6/30/20155/31/202710,223 10,104 10,152 1.07 
Chartis Holding, LLC^*(2)(3)(14)Business ServicesLIBOR
5.50%
6.50%5/1/20195/1/2025694 686 694 0.07 
Chemical Computing Group ULC (Canada)^*(2)(3)(7)(14)SoftwareLIBOR
4.50%
5.50%8/30/20188/30/2024466 465 464 0.05 
Chudy Group, LLC^(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
5.75%
6.75%6/30/20216/30/2027826 812 841 0.09 
CircusTrix Holdings, LLC^*(2)(3)Hotel, Gaming & LeisureLIBOR
5.50%, 2.50% PIK
9.00%2/2/20181/16/202410,544 10,523 9,415 0.99 
CircusTrix Holdings, LLC^(2)(3)Hotel, Gaming & LeisureLIBOR
5.50%, 2.50% PIK
9.00%1/8/20217/16/2023697 640 697 0.07 
Cobblestone Intermediate Holdco LLC^(2)(3)Consumer ServicesLIBOR
5.50%
6.25%1/29/20201/29/2026723 718 712 0.08 
23
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net
 Assets
Comar Holding Company, LLC^*(2)(3)(14)Containers, Packaging & GlassLIBOR
5.75%
6.75%6/18/20186/18/2024$26,443 $26,152 $25,855 2.73 %
Cority Software Inc. (Canada)^*(2)(3)(7)(14)SoftwareLIBOR
5.00%
6.00%7/2/20197/2/202610,515 10,334 10,510 1.11 
Cority Software Inc. (Canada)^(2)(3)(7)SoftwareLIBOR
7.00%
8.00%9/3/20207/2/20261,879 1,833 1,900 0.20 
DCA Investment Holding, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
6.25%
7.00%3/11/20213/12/202710,841 10,680 10,777 1.14 
Derm Growth Partners III, LLC^(2)(3)(8)Healthcare & PharmaceuticalsLIBOR
6.25%
7.25%5/31/20165/31/202255,808 50,996 37,471 3.95 
DermaRite Industries, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
7.00%
8.00%3/3/20173/3/202219,558 19,546 15,961 1.68 
Designer Brands Inc.^(2)(3)(7)RetailLIBOR
8.50%
9.75%8/7/20208/7/202517,046 16,718 16,846 1.78 
Diligent Corporation^(2)(3)(14)TelecommunicationsLIBOR
6.25%
7.25%8/4/20208/4/2025603 588 615 0.06 
DTI Holdco, Inc.^(2)(3)High Tech IndustriesLIBOR
4.75%
5.75%12/18/20189/30/20231,934 1,883 1,907 0.20 
Dwyer Instruments, Inc^*(2)(3)(14)Capital EquipmentLIBOR
5.50%
6.25%7/21/20217/21/20272,463 2,383 2,452 0.26 
Ellkay, LLC^(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
5.75%
6.75%9/14/20219/14/202714,249 13,943 13,923 1.47 
Emergency Communications Network, LLC^*(2)(3)TelecommunicationsLIBOR
2.625%, 5.125% PIK
8.75%6/1/20176/1/202325,261 25,201 21,814 2.30 
EPS Nass Parent, Inc.^(2)(3)(14)Utilities: ElectricLIBOR
5.75%
6.75%4/19/20214/19/2028887 869 878 0.09 
Ethos Veterinary Health LLC^(2)(3)Consumer ServicesLIBOR
4.75%
4.85%5/17/20195/15/20262,586 2,569 2,586 0.27 
EvolveIP, LLC^*(2)(3)(14)TelecommunicationsLIBOR
5.50%
6.50%11/26/20196/7/20255,468 5,461 5,436 0.57 
Frontline Technologies Holdings, LLC^*(2)(3)SoftwareLIBOR
5.25%
6.25%9/18/20179/18/20233,068 3,056 3,068 0.32 
Greenhouse Software, Inc.^(2)(3)(14)SoftwareLIBOR
6.50%
7.50%3/1/20213/1/202715,196 14,858 14,870 1.57 
Harbour Benefit Holdings, Inc.^*(2)(3)(14)Business ServicesLIBOR
5.25%
6.25%12/13/201712/13/20249,451 9,377 9,336 0.98 
Heartland Home Services, Inc^*(2)(3)(14)Consumer ServicesLIBOR
6.00%
7.00%12/15/202012/15/20267,314 7,169 7,371 0.78 
Hercules Borrower LLC^*(2)(3)(14)Environmental IndustriesLIBOR
6.50%
7.50%12/14/202012/14/202618,453 17,987 18,865 1.99 
Higginbotham Insurance Agency, Inc.^(2)(3)Banking, Finance, Insurance & Real EstateLIBOR
5.50%
6.25%11/25/202011/25/20264,978 4,916 4,978 0.52 
Hoosier Intermediate, LLC^*(2)(3)(14)Healthcare & PharmaceuticalsLIBOR
5.50%
6.50%11/15/202111/15/202816,479 16,108 16,101 1.70 
iCIMS, Inc.^(2)(3)SoftwareLIBOR
6.50%
7.50%9/12/20189/12/20241,671 1,652 1,670 0.18 
Individual FoodService Holdings, LLC^*(2)(3)(14)WholesaleLIBOR
6.25%
7.25%2/21/202011/22/20258,129 7,958 8,143 0.86 
Infront Luxembourg Finance S.À R.L. (Luxembourg)^(2)(3)(7)Hotel, Gaming & LeisureLIBOR
9.00%
9.00%5/28/20215/28/2027€8,250 9,777 9,134 0.96 
Integrity Marketing Acquisition, LLC*(2)(3)Banking, Finance, Insurance & Real EstateLIBOR
5.75%
6.75%1/15/20208/27/20254,920 4,864 4,896 0.52 
Integrity Marketing Acquisition, LLC^(2)(3)(14)Banking, Finance, Insurance & Real EstateLIBOR
5.50%
6.25%12/3/20218/27/2025— (75)(51)(0.01)
24
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net
 Assets
Jeg's Automotive, LLC^*(2)(3)(14)AutomotiveLIBOR
5.75%
6.75%12/22/202112/22/2027$30,000 $29,203 $29,200 3.08 %
K2 Insurance Services, LLC^*(2)(3)(14)Banking, Finance, Insurance & Real EstateLIBOR
5.00%
6.00%7/3/20197/1/20263,364 3,305 3,357 0.35 
Kaseya, Inc.^(2)(3)(14)High Tech IndustriesLIBOR
5.50%, 1.00% PIK
7.50%5/3/20195/3/202518,972 18,716 18,848 1.99 
Lifelong Learner Holdings, LLC^(2)(3)(14)Business ServicesLIBOR
5.75%
6.75%10/18/201910/18/202626,210 25,830 24,035 2.53 
LinQuest Corporation*(2)(3)Aerospace & DefenseLIBOR
5.75%
6.50%7/28/20217/28/20289,975 9,785 9,816 1.03 
Liqui-Box Holdings, Inc.^(2)(3)(14)Containers, Packaging & GlassLIBOR
4.50%
5.50%6/3/20196/3/20241,490 1,475 1,229 0.13 
LVF Holdings, Inc.^*(2)(3)(14)Beverage, Food & TobaccoLIBOR
6.25%
7.25%6/10/20216/10/202741,227 40,356 40,056 4.22 
Material Holdings, LLC^*(2)(3)(14)Business ServicesLIBOR
5.75%
6.50%8/19/20218/19/20276,906 6,741 6,800 0.72 
Maverick Acquisition, Inc.^*(2)(3)(14)Aerospace & DefenseLIBOR
6.00%
7.00%6/1/20216/1/202735,962 35,192 35,061 3.70 
Medical Manufacturing Technologies, LLC^(2)(3)(14)Healthcare & PharmaceuticalsSOFR
6.00%
7.00%12/23/202112/23/202721,280 20,654 20,652 2.18 
MMIT Holdings, LLC^(2)(3)(14)High Tech IndustriesLIBOR
6.25%
7.25%9/15/20219/15/202711,087 10,858 10,853 1.14 
National Technical Systems, Inc.^(2)(3)(14)Aerospace & DefenseLIBOR
5.50%
6.50%10/28/20206/12/20231,167 1,151 1,167 0.12 
NES Global Talent Finance US, LLC (United Kingdom)^(2)(3)(7)Energy: Oil & GasLIBOR
5.50%
6.50%5/9/20185/11/20239,688 9,634 9,424 0.99 
NMI AcquisitionCo, Inc.^*(2)(3)(14)High Tech IndustriesLIBOR
5.75%
6.50%9/6/20179/6/202540,335 40,206 39,822 4.20 
Performance Health Holdings, Inc.*(2)(3)Healthcare & PharmaceuticalsLIBOR
6.00%
7.00%7/12/20217/12/20277,182 7,048 7,083 0.75 
PF Atlantic Holdco 2, LLC^*(2)(3)(14)Hotel, Gaming & LeisureLIBOR
6.00%
7.00%11/12/202111/12/202727,723 26,941 26,923 2.84 
PF Growth Partners, LLC^*(2)(3)Hotel, Gaming & LeisureLIBOR
5.50%
6.50%7/1/20197/11/20258,039 7,962 7,922 0.83 
PPT Management Holdings, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR
6.00%, 2.00% PIK
9.00%12/15/201612/16/202228,366 28,326 24,166 2.55 
Product Quest Manufacturing, LLC^(2)(3)(8)Containers, Packaging & GlassLIBOR
6.75%
10.00%9/21/20173/31/2021840 840 840 0.09 
Prophix Software Inc. (Canada)^(2)(3)(7)(14)SoftwareLIBOR
6.50%
7.50%2/1/20212/1/202610,963 10,735 11,093 1.17 
Quantic Electronics, LLC^*(2)(3)(14)Aerospace & DefenseLIBOR
6.25%
7.25%11/19/202011/19/202614,625 14,333 14,418 1.52 
Quantic Electronics, LLC^*(2)(3)(14)Aerospace & DefenseLIBOR
6.25%
7.25%3/1/20213/1/20278,882 8,662 8,727 0.92 
QW Holding Corporation^*(2)(3)Environmental IndustriesLIBOR
6.25%
7.25%8/31/20168/31/202442,671 42,530 41,933 4.42 
Redwood Services Group, LLC^*(2)(3)High Tech IndustriesLIBOR
6.00%
7.00%11/13/20186/6/202430,885 30,562 30,884 3.26 
Regency Entertainment, Inc.^(2)(3)Media: Diversified & ProductionLIBOR
6.75%
7.75%5/22/202010/22/202520,000 19,700 19,666 2.07 
Riveron Acquisition Holdings, Inc.*(2)(3)Banking, Finance, Insurance & Real EstateLIBOR
5.75%
6.75%5/22/20195/22/202511,401 11,262 11,401 1.20 
25
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net
 Assets
RSC Acquisition, Inc.^(2)(3)(14)Banking, Finance, Insurance & Real EstateLIBOR
5.50%
6.25%11/1/201911/1/2026$8,533 $8,395 $8,577 0.90 %
Sapphire Convention, Inc.^*(2)(3)(14)TelecommunicationsLIBOR
6.25%
7.25%11/20/201811/20/202529,906 29,530 25,528 2.69 
SPay, Inc.^*(2)(3)(14)Hotel, Gaming & LeisureLIBOR
2.30%, 6.95% PIK
10.25%6/15/20186/17/202423,005 22,809 20,218 2.13 
Speedstar Holding, LLC^*(2)(3)(14)AutomotiveLIBOR
7.00%
8.00%1/22/20211/22/202727,225 26,686 27,535 2.90 
Superior Health Linens, LLC^*(2)(3)(14)Business ServicesLIBOR
6.50%
7.50%9/30/20163/31/202216,211 16,205 16,211 1.71 
TCFI Aevex LLC^*(2)(3)(14)Aerospace & DefenseLIBOR
6.00%
7.00%3/18/20203/18/202611,168 10,979 9,276 0.98 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan B^(2)(3)(7)Banking, Finance, Insurance & Real EstateSONIA
6.25%, 2.50% PIK
9.50%7/23/20196/30/2024£21,299 26,328 28,830 3.04 
The Leaders Romans Bidco Limited (United Kingdom) Term Loan C^(2)(3)(7)(14)Banking, Finance, Insurance & Real EstateSONIA
6.25%, 2.50% PIK
9.50%7/23/20196/30/2024£6,164 7,855 9,847 1.04 
Trafigura Trading LLC^(2)(3)(13)(14)Metals & MiningLIBOR
8.40%
8.75%7/26/20217/18/20222,236 2,237 2,086 0.22 
Turbo Buyer, Inc.^*(2)(3)(14)AutomotiveLIBOR
6.00%
7.00%12/2/201912/2/202520,377 20,002 19,945 2.10 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & TobaccoFIXED
7.50%, 1.00% PIK
8.50%9/15/20199/15/2026€4,621 4,917 5,353 0.56 
Unifrutti Financing PLC (Cyprus)^(7)Beverage, Food & TobaccoFIXED
11.00% (100% PIK)
11.00%10/22/20209/15/2026€756 858 887 0.09 
US INFRA SVCS Buyer, LLC^*(2)(3)(14)Environmental IndustriesLIBOR
6.50%
7.50%4/13/20204/13/20269,137 8,677 8,387 0.88 
USALCO, LLC*(2)(3)Chemicals, Plastics & RubberLIBOR
6.00%
7.00%10/19/202110/19/20271,000 981 981 0.10 
USLS Acquisition, Inc.^(2)(3)(14)Business ServicesLIBOR
5.50%
6.50%11/30/201811/30/202415,279 15,101 15,098 1.59 
Westfall Technik, Inc.^*(2)(3)Chemicals, Plastics & RubberLIBOR
5.75%
6.75%9/13/20189/13/202421,477 21,313 21,277 2.24 
Westfall Technik, Inc.^(2)(3)Chemicals, Plastics & RubberLIBOR
6.25%
7.25%7/1/20219/13/20244,958 4,865 4,929 0.52 
Wineshipping.com LLC^*(2)(3)(14)Beverage, Food & TobaccoLIBOR
5.75%
6.75%10/29/202110/29/202714,459 14,111 14,111 1.49 
Yellowstone Buyer Acquisition, LLC^(2)(3)Consumer Goods: DurableLIBOR
5.75%
6.75%9/13/20219/13/2027449 440 440 0.05 
YLG Holdings, Inc.^(2)(3)Consumer ServicesLIBOR
5.25%
6.25%9/30/202011/1/20251,980 1,930 1,980 0.21 
First Lien Debt Total$1,219,219 $1,188,862 125.30 %
Second Lien Debt (17.9% of fair value)
11852604 Canada Inc. (Canada)^(2)(3)(7)Healthcare & PharmaceuticalsLIBOR
9.50% (100% PIK)
10.50%9/30/20219/30/2028$6,590 $6,432 $6,425 0.68 %
AI Convoy S.A.R.L (United Kingdom)^(2)(3)(7)Aerospace & DefenseLIBOR
8.25%
9.25%1/17/20201/17/202824,814 24,359 25,744 2.71 
Aimbridge Acquisition Co., Inc.^(2)(3)Hotel, Gaming & LeisureLIBOR
7.50%
7.60%2/1/20192/1/20279,241 9,123 8,606 0.92 
26
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition DateMaturity DatePar/ Principal Amount **
Amortized Cost (4)
Fair Value(5)
% of Net
 Assets
AP Plastics Acquisition Holdings, LLC^(2)(3)Chemicals, Plastics & RubberLIBOR
7.50%
8.25%8/10/20218/10/2029$33,680 $32,786 $33,868 3.57 %
AQA Acquisition Holdings, Inc.^*(2)(3)High Tech IndustriesLIBOR
7.50%
8.00%3/3/20213/3/202935,000 34,190 35,027 3.69 
Blackbird Purchaser, Inc.^(2)(3)(14)Capital EquipmentLIBOR
7.50%
8.25%12/14/20214/8/202713,790 13,423 13,423 1.41 
Brave Parent Holdings, Inc.^*(2)(3)SoftwareLIBOR
7.50%
7.60%10/3/20184/19/202618,197 17,916 18,197 1.92 
Drilling Info Holdings, Inc.^(2)(3)Energy: Oil & GasLIBOR
8.25%
8.35%2/11/20207/30/202618,600 18,212 18,786 1.98 
Jazz Acquisition, Inc.^*(2)(3)Aerospace & DefenseLIBOR
8.00%
8.10%6/13/20196/18/202723,450 23,188 20,828 2.20 
Outcomes Group Holdings, Inc.^*(2)(3)Business ServicesLIBOR
7.50%
7.85%10/23/201810/26/20261,731 1,728 1,731 0.18 
PAI Holdco, Inc.^(2)(3)AutomotiveLIBOR
5.50%, 2.00% PIK
8.50%10/28/202010/28/202813,806 13,446 13,806 1.46 
Peraton Corp.^*(2)(3)Aerospace & DefenseLIBOR
7.75%
8.50%2/24/20212/1/202912,300 12,126 12,345 1.30 
Quartz Holding Company^(2)(3)SoftwareLIBOR
8.00%
8.10%4/2/20194/2/20277,048 6,945 7,048 0.74 
Stonegate Pub Company Bidco Limited (United Kingdom)^(2)(3)(7)Beverage, Food & TobaccoSONIA
8.50%
8.60%3/12/20203/12/2028£20,000 24,787 22,263 2.35 
Tank Holding Corp.^*(2)(3)Capital EquipmentLIBOR
8.25%
8.35%3/26/20193/26/202735,965 35,600 36,325 3.83 
TruGreen Limited Partnership^(2)(3)Consumer ServicesLIBOR
8.50%
9.25%11/16/202011/2/202813,000 12,769 13,260 1.40 
Watchfire Enterprises, Inc.^(2)(3)Media: Advertising, Printing & PublishingLIBOR
8.25%
9.25%10/2/201310/2/20247,000 7,000 7,000 0.74 
World 50, Inc.^(9)Business ServicesFIXED
11.50%
11.50%1/10/20201/9/202718,552 18,215 18,405 1.94 
WP CPP Holdings, LLC^(2)(3)Aerospace & DefenseLIBOR
7.75%
8.75%7/18/20194/30/202629,500 29,293 28,689 3.02 
Second Lien Debt Total$341,538 $341,776 36.02 %
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% 
of Net Assets
Equity Investments (4.0% of fair value)
ANLG Holdings, LLC^(6)Capital Equipment6/22/2018592 $592 $821 0.09 %
Appriss Health, LLC^(6)Healthcare & Pharmaceuticals5/6/20215 4,457 4,662 0.49 
Atlas Ontario LP (Canada)^(6)(7)Business Services4/7/20215,114 5,114 5,114 0.54 
Avenu Holdings, LLC^(6)Sovereign & Public Finance9/28/2018172 172 491 0.05 
Blackbird Holdco, Inc.^(6)Capital Equipment12/14/202110 9,461 9,461 1.00 
Buckeye Parent, LLC^(6)Automotive12/22/2021885 885 885 0.09 
Chartis Holding, LLC^(6)Business Services5/1/2019433 430 691 0.07 
CIP Revolution Holdings, LLC^(6)Media: Advertising, Printing & Publishing8/19/2016318 318 205 0.02 
Cority Software Inc. (Canada)^(6)Software7/2/2019250 250 454 0.05 
Derm Growth Partners III, LLC^(6)Healthcare & Pharmaceuticals5/31/20161,000 1,000 — — 
Diligent Corporation^(6)Telecommunications4/5/202111 10,269 10,256 1.08 
ECP Parent, LLC^(6)Healthcare & Pharmaceuticals3/29/2018268 — 290 0.03 
27
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% 
of Net Assets
GB Vino Parent, L.P.^(6)Beverage, Food & Tobacco10/29/20214 $351 $351 0.04 %
Integrity Marketing Group, LLC^(6)Banking, Finance, Insurance & Real Estate12/21/202115,039 14,739 14,738 1.55 
K2 Insurance Services, LLC^(6)Banking, Finance, Insurance & Real Estate7/3/2019433 306 652 0.07 
Legacy.com, Inc.^(6)High Tech Industries3/20/20171,500 1,500 1,178 0.12 
Mailgun Technologies, Inc.^(6)High Tech Industries3/26/2019104 — 1,328 0.14 
North Haven Goldfinch Topco, LLC^(6)Containers, Packaging & Glass6/18/20182,315 2,315 2,412 0.25 
Pascal Ultimate Holdings, L.P^(6)Capital Equipment7/21/202136 364 364 0.04 
Tailwind HMT Holdings Corp.^(6)Energy: Oil & Gas11/17/201722 1,558 1,719 0.18 
Tank Holding Corp.^(6)Capital Equipment3/26/2019850 482 1,261 0.13 
Titan DI Preferred Holdings, Inc.^(6)Energy: Oil & Gas2/11/202012,843 12,587 12,971 1.37 
Turbo Buyer, Inc.^(6)Automotive12/2/20191,925 933 2,773 0.29 
Unifrutti Financing PLC (Cyprus)^(6)Beverage, Food & Tobacco10/22/2020— 481 648 0.07 
Unifrutti Financing PLC (Cyprus)^(6)Beverage, Food & Tobacco10/22/20201 133 209 0.02 
USLS Acquisition, Inc.^(6)Business Services11/30/2018641 641 940 0.10 
W50 Parent LLC^(6)Business Services1/10/2020500 190 763 0.08 
Zenith American Holding, Inc.^(6)Business Services12/13/20171,564 782 1,456 0.15 
Equity Investments Total$70,310 $77,093 8.13 %
Total investments—non-controlled/non-affiliated$1,631,067 $1,607,731 169.45 %
Investments—non-controlled/affiliatedFootnotesIndustry
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 (1.6% of fair value)
Direct Travel, Inc.^*(2)(3)(8)(12)Hotel, Gaming & LeisureLIBOR
1.00% (7.50% PIK)
9.50%10/14/201610/1/2023$36,711 $35,859 $27,555 2.9 %
Direct Travel, Inc.^(2)(3)(12)(14)Hotel, Gaming & LeisureLIBOR
6.00%
7.00%10/1/202010/1/20232,731 2,603 2,731 0.29 
First Lien Debt Total$38,462 $30,286 3.19 %
Investments—non-controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net 
Assets
Equity Investments (0.0% of fair value)
Direct Travel, Inc.^(6)(12)Hotel, Gaming & Leisure10/1/202043 $— $— — %
Equity Investments Total43$— $— — %
Total investments—non-controlled/affiliated$38,462 $30,286 3.19 %
28
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
Investments—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 (0.7% of fair value)
SolAero Technologies Corp. (A1 Term Loan)^(2)(3)(8)(10)TelecommunicationsLIBOR
8.00% (100% PIK)
9.00%4/12/201910/12/2022$3,166 $3,166 $2,850 0.30 %
SolAero Technologies Corp. (A2 Term Loan)^(2)(3)(8)(10)TelecommunicationsLIBOR
8.00% (100% PIK)
9.00%4/12/201910/12/20228,707 8,707 7,835 0.83 
SolAero Technologies Corp. (Priority Facilities)^(2)(3)(10)(14)TelecommunicationsLIBOR
6.00%
7.00%4/12/201910/12/20222,251 2,240 2,251 0.24 
First Lien Debt Total$14,113 $12,936 1.36 %
Investments—controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net 
Assets
Equity Investments (0.0% of fair value)
SolAero Technologies Corp. (Equity)^(6)(10)Telecommunications4/12/20193 $2,815 $— — %
Equity Investments Total$2,815 $— — %
Investments—controlled/affiliated
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition Date
Maturity Date
Par Amount/ LLC Interest
Cost
Fair Value(7)
% of Net 
Assets
Investment Funds (13.7% of fair value)
Middle Market Credit Fund II, LLC, Member's Interest^(7)(10)Investment FundsN/A—%11/3/202012/31/2030$78,122 $78,096 $77,958 8.22 %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7)(10)Investment FundsN/A—%2/29/201612/31/2024193,000 193,000 184,141 19.41 
Middle Market Credit Fund, Mezzanine Loan^(2)(7)(9)(10)Investment FundsLIBOR
9.00% (1.00% PIK)
9.210%6/30/20165/21/2022— — — — 
Investment Funds Total$271,096 $262,099 27.62 %
Total investments—controlled/affiliated$288,024 $275,035 29.00 %
Total investments$1,957,553 $1,913,052 201.63 %

^ Denotes that all or a portion of the assets are owned by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” 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 7, Borrowings, to these consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”).
* 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 completed by the Company on June 26, 2015 (see Note 8, Notes Payable, to these consolidated financial statements). Accordingly, such assets are not available to the creditors of the Company.
** Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Euro (“€”) or British Pound (“£”)
29
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
(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, 2021, 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, 2021, 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 LIBOR (“L”) 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, 2021. As of December 31, 2021, the reference rates for our variable rate loans were the 30-day LIBOR at 0.10%, the 90-day LIBOR at 0.22% and the 180-day LIBOR at 0.33%.
(3)Loan includes interest rate floor feature, which is generally 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 Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these 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 fund 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, unless otherwise noted. As of December 31, 2021, the aggregate fair value of these securities is $77,093, or 8.13% 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)Loan was on non-accrual status as of December 31, 2021.
(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(10)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 Notes 5, Middle Market Credit Fund, LLC and 6, Middle Market Credit Fund II, LLC, to these consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2021, were as follows:
Investments—controlled/affiliatedFair Value as of December 31, 2020Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of December 31, 2021Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan
$— $— $— $— $— $— $— 
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest
205,891 — (23,000)— 1,250 184,141 20,000 
Middle Market Credit Fund II, LLC, Member’s Interest77,395 — — — 563 77,958 10,063 
Total investments—controlled/affiliated$283,286 $— $(23,000)$— $1,813 $262,099 $30,063 
Investments—controlled/affiliatedFair Value as of December 31, 2020Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of December 31, 2021Dividend and Interest Income
SolAero Technologies Corp. (Priority Term Loan)2,460 — (189)— (20)2,251 185 
SolAero Technologies Corp. (A1 Term Loan)1,214 — — — 1,636 2,850 — 
SolAero Technologies Corp. (A2 Term Loan)3,338 — — — 4,497 7,835 — 
Solaero Technology Corp. (Equity)
— — — — — — — 
Total investments—controlled/affiliated$7,012 $— $(189)$— $6,113 $12,936 $185 

30
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
(11)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. 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.
(12)Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the portfolio company during the year ended December 31, 2021 were as follows:
Investments—non-controlled/affiliatedFair Value as of December 31, 2020Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of December 31, 2021Dividend and Interest Income
Direct Travel, Inc.$24,949 $— $(484)$3 $3,087 $27,555 $— 
Direct Travel, Inc.1,231 1,372 — — 128 2,731 173 
Direct Travel, Inc. (Equity)— — — — — — — 
Total investments—non-controlled/affiliated$26,180 $1,372 $(484)$3 $3,215 $30,286 $173 

(13)The investment is secured by receivables purchased from the portfolio company, with an implied discount of 8.75%. The investment was made via a tranched participation arrangement between the purchaser of such receivables and the Company. The investment has a secondary priority behind the rights of such purchaser.
(14)As of December 31, 2021, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
Advanced Web Technologies Holding CompanyDelayed Draw1.00%$2,723 $27 
Advanced Web Technologies Holding CompanyDelayed Draw1.001,051 11 
Advanced Web Technologies Holding CompanyRevolver0.50906 9 
Airnov, Inc.Revolver0.50875 — 
American Physician Partners, LLCRevolver0.50550 — 
Analogic CorporationRevolver0.5072 (1)
Applied Technical Services, LLCRevolver0.5040 — 
Appriss Health, LLCRevolver0.502,963 3 
Apptio, Inc.Revolver0.501,420 — 
Ascend Buyer, LLCRevolver0.501,070 (17)
Associations, Inc.Revolver0.50723 2 
Blackbird Purchaser, Inc.Delayed Draw1.004,597 (92)
BMS Holdings III Corp.Delayed Draw1.009,688 (149)
Bubbles Bidco S.P.A. (Italy)Delayed Draw2.80€873 (30)
Bubbles Bidco S.P.A. (Italy)Delayed Draw—€537 (9)
Captive Resources Midco, LLCRevolver0.502,143 (12)
Chartis Holding, LLCRevolver0.50217 — 
Chemical Computing Group ULC (Canada)Revolver0.5029 — 
Chudy Group, LLCDelayed Draw1.00138 2 
Chudy Group, LLCRevolver0.5034 1 
Comar Holding Company, LLCRevolver0.502,935 (59)
31
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Cority Software Inc. (Canada)Revolver0.50%$3,000 $(1)
DCA Investment Holding, LLCDelayed Draw1.001,495 (8)
DermaRite Industries, LLCRevolver0.50579 (103)
Diligent CorporationDelayed Draw1.00110 2 
Diligent CorporationRevolver0.5047 1 
Direct Travel, Inc.Delayed Draw0.501,657 — 
Dwyer Instruments, IncDelayed Draw1.001,003 (3)
Dwyer Instruments, IncRevolver0.50411 (1)
Ellkay, LLCRevolver0.501,786 (36)
EPS Nass Parent, Inc.Delayed Draw1.0085 (1)
EPS Nass Parent, Inc.Revolver0.5025 — 
EvolveIP, LLCRevolver0.50798 (4)
Greenhouse Software, Inc.Revolver0.501,471 (29)
Harbour Benefit Holdings, Inc.Revolver0.502,120 (21)
Heartland Home Services, IncDelayed Draw1.006,902 27 
Heartland Home Services, IncRevolver0.50598 2 
Hercules Borrower LLCRevolver0.502,160 43 
Hoosier Intermediate, LLCRevolver0.502,400 (48)
Individual FoodService Holdings, LLCDelayed Draw1.0048 — 
Individual Foodservice Holdings, LLCDelayed Draw1.00890 3 
Individual FoodService Holdings, LLCDelayed Draw1.00188 — 
Individual FoodService Holdings, LLCRevolver0.50706 — 
Integrity Marketing Acquisition, LLCDelayed Draw—5,000 (51)
Jeg's Automotive, LLCDelayed Draw1.006,667 (133)
Jeg's Automotive, LLCRevolver0.503,333 (67)
K2 Insurance Services, LLCRevolver0.501,120 (2)
Kaseya, Inc.Delayed Draw1.00585 (3)
Kaseya, Inc.Revolver0.501,543 (9)
Lifelong Learner Holdings, LLCRevolver0.502 — 
Liqui-Box Holdings, Inc.Revolver0.501,140 (113)
LVF Holdings, Inc.Delayed Draw1.004,670 (116)
LVF Holdings, Inc.Revolver0.501,459 (36)
Material Holdings, LLCDelayed Draw—1,916 (21)
Material Holdings, LLCRevolver1.00806 (9)
Maverick Acquisition, Inc.Delayed Draw1.004,679 (101)
Maverick Acquisition, Inc.Delayed Draw1.001,290 (28)
Medical Manufacturing Technologies, LLCDelayed Draw1.008,264 (165)
32
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Medical Manufacturing Technologies, LLCRevolver0.50%$1,859 $(37)
MMIT Holdings, LLCRevolver0.50857 (17)
National Technical Systems, Inc.Revolver0.50835 — 
NMI AcquisitionCo, Inc.Revolver0.501,280 (16)
PF Atlantic HoldCo 2, LLCDelayed Draw0.759,517 (190)
PF Atlantic HoldCo 2, LLCRevolver0.502,759 (55)
Prophix Software Inc. (Canada)Revolver0.501,993 20 
Quantic Electronics, LLCRevolver0.50557 (7)
Quantic Electronics, LLCDelayed Draw1.003,164 (41)
Quantic Electronics, LLCRevolver0.50824 (11)
RSC Acquisition, Inc.Delayed Draw0.502,435 9 
RSC Acquisition, Inc.Revolver0.50215 1 
Sapphire Convention, Inc.Revolver0.502,561 (345)
SolAero Technologies Corp. (Priority Facilities)Revolver0.50984 — 
SolAero Technologies Corp. (Priority Facilities)Revolver0.501,084 — 
Speedstar Holding, LLCDelayed Draw1.003,775 38 
Superior Health Linens, LLCRevolver0.50417 — 
TCFI Aevex LLCDelayed Draw1.001,835 (263)
TCFI Aevex LLCDelayed Draw1.00214 (31)
The Leaders Romans Bidco Limited (United Kingdom)Delayed Draw1.60£1,902 399 
Trafigura Trading LLCRevolver0.507,762 (133)
Turbo Buyer, Inc.Revolver0.501,217 (24)
US INFRA SVCS Buyer, LLCDelayed Draw1.0022,234 (527)
US INFRA SVCS Buyer, LLCRevolver0.50263 (6)
USLS Acquisition, Inc.Revolver0.501,135 (12)
Wineshipping.com LLCDelayed Draw1.001,986 (39)
Wineshipping.com LLCRevolver0.501,430 (28)
33
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Total unfunded commitments$180,498 $(2,660)


As of December 31, 2021, investments at fair value consisted of the following:
TypeAmortized CostFair Value% of Fair Value
First Lien Debt$1,271,794 $1,232,084 64.4 %
Second Lien Debt341,538 341,776 17.9 
Equity Investments73,125 77,093 4.0 
Investment Funds271,096 262,099 13.7 
Total$1,957,553 $1,913,052 100.0 %
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CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)
The rate type of debt investments at fair value as of December 31, 2021 was as follows:
Rate TypeAmortized CostFair Value% of Fair Value of First and Second Lien Debt
Floating Rate$1,589,342 $1,549,215 98.4 %
Fixed Rate23,990 24,645 1.6 
Total$1,613,332 $1,573,860 100.0 %

The industry composition of investments at fair value as of December 31, 2021 was as follows:
IndustryAmortized CostFair Value% of Fair Value
Aerospace & Defense$169,068 $166,071 8.7 %
Automotive91,155 94,144 4.9 
Beverage & Food91,999 97,377 5.1 
Business Services85,994 83,878 4.4 
Capital Equipment102,065 102,308 5.4 
Chemicals, Plastics & Rubber64,717 66,515 3.5 
Construction & Building59,945 61,055 3.2 
Consumer Goods: Durable11,277 11,450 0.6 
Consumer Goods: Non-Durable440 440 — 
Consumer Services5,303 5,158 0.3 
Containers, Packaging & Glass25,155 25,909 1.4 
Diversified Financial Services52,154 52,113 2.7 
Energy: Oil & Gas41,991 42,900 2.2 
Environmental Industries69,194 69,185 3.6 
Healthcare & Pharmaceuticals250,294 229,555 12.0 
High Tech Industries149,185 151,430 7.9 
Investment Funds126,237 113,201 5.9 
Leisure Products & Services271,096 262,099 13.7 
Media: Advertising, Printing & Publishing7,318 7,205 0.4 
Media: Diversified & Production19,700 19,666 1.0 
Metals & Mining2,237 2,086 0.1 
Retail44,644 44,992 2.4 
Software105,958 104,673 5.5 
Sovereign & Public Finance13,623 14,036 0.7 
Telecommunications87,977 76,585 4.0 
Utilities: Electric869 878 — 
Wholesale7,958 8,143 0.4 
Total$1,957,553 $1,913,052 100.0 %
35
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of December 31, 2021
(dollar amounts in thousands)

The geographical composition of investments at fair value as of December 31, 2021 was as follows:
GeographyAmortized CostFair Value% of Fair Value
Canada$46,433 $47,543 2.5 %
Cyprus6,389 7,097 0.4 
Italy5,303 5,158 0.3 
Luxembourg41,647 38,403 2.0 
United Kingdom92,963 96,108 5.0 
United States1,764,818 1,718,743 89.8 
Total$1,957,553 $1,913,052 100.0 %


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

36


CARLYLE SECURED LENDING, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
As of September 30, 2022
(dollar amounts in thousands, except per share data)
1. ORGANIZATION
Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” 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 is managed by its investment adviser, Carlyle Global Credit Investment Management L.L.C. (“CGCIM” or “Investment Adviser”), a wholly owned subsidiary of The Carlyle Group Inc. 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 secured debt investments in U.S. middle market companies. The Company's core investment strategy focuses on lending to U.S. middle market companies supported by financial sponsors, which the Company defines as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), which the Company believes is a useful proxy for cash flow. This core strategy is supplemented with complementary specialty lending and opportunistic 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 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 the balance of its assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities). 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. Depending on market conditions, the Company expects that between 70% and 80% of the value of its assets will be invested in Middle Market Senior Loans. The Company expects that the composition of its portfolio will change over time given the Investment Adviser’s view on, among other things, the economic and credit environment (including with respect to interest rates) in which the Company is operating.
The Company invests primarily in loans to middle market companies whose debt, if rated, is rated below investment grade, and, if not rated, would likely be rated below investment grade if it were rated (that is, below BBB- or Baa3, which is often referred to as “junk”). Exposure to below investment grade instruments involves certain risks, including speculation with respect to the borrower’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.”
Until December 31, 2017, the Company was an “emerging growth company,” as that term is used in the Jumpstart Our Business Startups Act of 2012. As of June 30, 2017, the market value of the common stock held by non-affiliates exceeded $700,000. Accordingly, the Company ceased to be an emerging growth company as of December 31, 2017.
The Company is externally managed by the Investment Adviser, an investment adviser registered under the Investment Advisers Act of 1940 (“Advisers Act”), 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 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 alternative asset manager publicly traded on the Nasdaq Global Select Market under the symbol “CG”. Refer to the sec.gov website for further information on Carlyle.
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TCG BDC SPV LLC (the “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, the SPV invested in first and second lien senior secured loans. The SPV is a wholly owned subsidiary of the Company and is consolidated in these consolidated financial statements commencing from the date of its formation, January 3, 2013. Effective March 15, 2017, the SPV changed its name from “Carlyle GMS Finance SPV LLC” to “TCG BDC SPV LLC”.
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 (formerly known as Carlyle GMS Finance MM CLO 2015-1 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 2015-1 Notes and issuing new notes (the “2015-1R Notes”). The 2015-1R Notes are secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans. Refer to Note 8, Notes Payable, for details. The 2015-1 Issuer is consolidated in these consolidated financial statements commencing from the date of its formation, May 8, 2015.
On February 29, 2016, the Company and Credit Partners USA LLC (“Credit Partners”) entered into an amended and restated limited liability company agreement, which was subsequently amended on June 24, 2016, February 22, 2021 and May 16, 2022 (as amended, the “Limited Liability Company Agreement”) 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. Refer to Note 5, Middle Market Credit Fund, LLC, for details.
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. See Note 10, Net Assets, for further information about the Preferred Stock.
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 (“Credit Fund II”). Credit Fund II invests in senior secured loans of middle market companies. Credit Fund II is managed by a four-member board of managers, on which the Company and CCLF each have equal representation. The Company and CCLF have approximately 84.13% and 15.87% economic ownership of Credit Fund II, respectively. The Company contributed certain senior secured debt investments with an aggregate principal balance of approximately $250 million to Credit Fund II in exchange for its 84.13% economic interest and gross cash proceeds of approximately $170 million. See Note 6, Middle Market Credit Fund II, LLC, to these consolidated financial statements for details.
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 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 consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, the SPV and the 2015-1 Issuer. 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.
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The interim 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 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, 2021. The results of operations for the three and nine month periods ended September 30, 2022 are not necessarily indicative of the operating results to be expected for the full year.
Use of Estimates
The preparation of 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 assumptions and estimates may be significant to the 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 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 for further information about fair value measurements.
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 institutions and cash held in such financial institutions may, at times, exceed the Federal Deposit Insurance Corporation insured limit. As of September 30, 2022 and December 31, 2021, the Company had restricted cash balances of $29,643 and $70,081, respectively, which represent amounts that are collected by trustees who have been appointed as custodians of the assets securing certain of the Company's financing transactions, and held for payment of interest expense and principal on the outstanding borrowings, or reinvestment into new assets.
Revenue Recognition
Interest from Investments and Realized Gain/Loss on 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. At time of exit, the realized gain or loss on an investment is the difference between the amortized cost at time of exit and the cash received at exit using the specific identification method.
The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK 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 September 30, 2022 and December 31, 2021, the fair value of the loans in the portfolio with PIK provisions was $194,694 and $243,220, respectively, which represents approximately 10.0% and 12.7% of total investments at fair value, respectively. For the three month and nine month periods ended September 30, 2022, the Company earned $11,146 and $18,595 in PIK income, respectively. For the three month and nine month periods ended
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September 30, 2021, the Company earned $2,441 and $6,884 in PIK income, respectively. Prior to September 30, 2022, PIK income was included in interest income in the accompanying Consolidated Statements of Operations. Prior periods have been conformed to the current presentation.
Dividend Income
Dividend income from the investment funds, Credit Fund and Credit Fund II, 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 other assets in the accompanying Consolidated Statements of Assets and Liabilities.     
Non-Accrual Income
Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more 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 paid current and, in management’s judgment, are likely to remain current. Management may not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2022 and December 31, 2021, the fair value of the loans in the portfolio on non-accrual status was $37,404 and $76,551, respectively. The remaining first and second lien debt investments were performing and current on their interest payments as of September 30, 2022 and December 31, 2021.
The Credit Facility, Senior Notes, and 2015-1R Notes – Related Costs, Expenses and Deferred Financing Costs
The Company entered into a senior secured revolving credit facility (as amended, the “Credit Facility”). Interest expense and unused commitment fees on the Credit Facility are recorded on an accrual basis. Unused commitment fees are included in credit facility fees in the accompanying Consolidated Statements of Operations.
On December 30, 2019, the Company closed a private offering of $115.0 million in aggregate principal amount of 4.750% Senior Unsecured Notes due December 31, 2024 (the “2019 Notes”). On December 11, 2020, the Company issued $75.0 million in aggregate principal amount of 4.500% Senior Unsecured Notes due December 31, 2024 (the “2020 Notes”, and together with the 2019 Notes, the “Senior Notes”). The Credit Facility, the 2015-1R Notes and the Senior Notes are recorded at carrying value, which approximates fair value.
Deferred financing costs include capitalized expenses related to the closing or amendments of the Credit Facility. Amortization of deferred financing costs for the Credit Facility is computed on the straight-line basis over its term. The unamortized balance of such costs is included in deferred financing costs in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in 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 2015-1R Notes 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 in the accompanying Consolidated Statements of Operations.
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
40

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, although 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.
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. The Company intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. The SPV 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. For the three month and nine month periods ended September 30, 2022, the Company incurred $449 and $978 in excise tax expense, respectively. For the three month and nine month periods ended September 30, 2021, the Company incurred $163 and $426 in excise tax expense, respectively.
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 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 Translations

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.

41

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.
Recent Accounting Standards Updates
In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements. The Company does not expect this guidance to impact its 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 members of the Investment Adviser; (iii) the Board of Directors 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 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; (iv) if applicable, prior to September 8, 2022, the Audit Committee of the Board of Directors (the “Audit Committee”) reviewed the assessments of the Investment Adviser and the third-party valuation firm; and (v) if applicable, prior to September 8, 2022, the Board of Directors discussed the valuation recommendations of the Audit Committee and determined the fair value of each investment in the portfolio in good faith based on the input of the Investment Adviser and, where applicable, the third-party valuation firm.
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:
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•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;
•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 certificate 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 consolidated financial statements as of September 30, 2022 and December 31, 2021.
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 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, collateralized loan obligations, 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 Credit Fund II are valued based on the legal form of investment. For those structured through LLC membership interest, the practical expedient, or net asset value method, is used. For those structured through subordinated notes, a discounted cash flow method is used.
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Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three month and nine month periods ended September 30, 2022 and 2021, there were no transfers between levels.
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 September 30, 2022 and December 31, 2021:
 September 30, 2022
 Level 1Level 2Level 3Total
Assets
First Lien Debt$— $— $1,328,594 $1,328,594 
Second Lien Debt— — 263,211 263,211 
Equity Investments— — 92,552 92,552 
Investment Funds
Mezzanine Loan— — — — 
Subordinated Loan and Member's Interest— — 189,603 189,603 
Total$— $— $1,873,960 $1,873,960 
Investments measured at net asset value (1)
74,997 
Total$1,948,957 
 December 31, 2021
 Level 1Level 2Level 3Total
Assets
First Lien Debt$— $— $1,232,084 $1,232,084 
Second Lien Debt— — 341,776 341,776 
Equity Investments— — 77,093 77,093 
Investment Funds
Mezzanine Loan— — — — 
Subordinated Loan and Member's Interest— — 184,141 184,141 
Total$— $— $1,835,094 $1,835,094 
Investments measured at net asset value (1)
77,958 
Total$1,913,052 
(1) Amount represents the Company's investment in Credit Fund II. The Company, as a practical expedient, estimates the fair value of this investment using the net asset value of the Company's member's interest in Credit Fund II. As such, the fair value of the Company's investment in Credit Fund II has not been categorized within the fair value hierarchy.
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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
 For the three month period ended September 30, 2022
 First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,257,282 $290,683 $78,633 $186,767 $1,813,365 
Purchases212,886 285 14,623 — 227,794 
Sales(79,406)(19,690)— — (99,096)
Paydowns(66,139)(7,000)— — (73,139)
Accretion of discount2,615 171 49 — 2,835 
Net realized gains (losses)151 (4,659)— — (4,508)
Net change in unrealized appreciation (depreciation)1,205 3,421 (753)2,836 6,709 
Balance, end of period$1,328,594 $263,211 $92,552 $189,603 $1,873,960 
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$780 $(834)$(753)$2,836 $2,029 
Financial Assets
 For the nine month period ended September 30, 2022
 First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,232,084 $341,776 $77,093 $184,141 $1,835,094 
Purchases518,528 966 18,297 — 537,791 
Sales(177,776)(23,703)(5,034)— (206,513)
Paydowns(241,555)(43,325)(1,083)— (285,963)
Accretion of discount6,833 912 189 — 7,934 
Net realized gains (losses)3,102 (5,615)3,898 — 1,385 
Net change in unrealized appreciation (depreciation)(12,622)(7,800)(808)5,462 (15,768)
Balance, end of period$1,328,594 $263,211 $92,552 $189,603 $1,873,960 
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$(8,132)$(7,679)$(2,295)$5,462 $(12,644)
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Financial Assets
 For the three month period ended September 30, 2021
 First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,246,018 $313,130 $53,379 $181,343 $1,793,870 
Purchases213,790 57,365 1,490 — 272,645 
Sales(122,671)(3,038)(8,942)— (134,651)
Paydowns(72,567)(15,130)(436)— (88,133)
Accretion of discount1,987 502 12 — 2,501 
Net realized gains (losses)590 (12)6,987 — 7,565 
Net change in unrealized appreciation (depreciation)8,406 (247)175 7,932 16,266 
Balance, end of period$1,275,553 $352,570 $52,665 $189,275 $1,870,063 
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$8,359 $(207)$2,046 $7,932 $18,130 
Financial Assets
 For the nine month period ended September 30, 2021
 First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,224,063 $284,523 $33,877 $205,891 $1,748,354 
Purchases492,348 120,678 21,523 — 634,549 
Sales(277,066)(7,913)(14,151)— (299,130)
Paydowns(198,882)(57,526)(436)(23,000)(279,844)
Accretion of discount5,360 1,146 24 — 6,530 
Net realized gains (losses)2,218 (28)8,993 — 11,183 
Net change in unrealized appreciation (depreciation)27,512 11,690 2,835 6,384 48,421 
Balance, end of period$1,275,553 $352,570 $52,665 $189,275 $1,870,063 
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations$24,914 $11,847 $4,553 $6,384 $47,698 
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.
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 following tables summarize the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of September 30, 2022 and December 31, 2021:
 Fair Value as of September 30, 2022Valuation TechniquesSignificant Unobservable InputsRange 
 LowHighWeighted Average
Investments in First Lien Debt$1,151,132 Discounted Cash FlowDiscount Rate4.82 %17.13 %8.67 %
111,546 Consensus PricingIndicative Quotes97.00 100.00 98.27 
65,916 Income ApproachDiscount Rate11.85 %15.31 %13.91 %
Market ApproachComparable Multiple9.17x9.34x9.24x
Total First Lien Debt1,328,594 
Investments in Second Lien Debt263,211 Discounted Cash FlowDiscount Rate9.05 %13.25 %9.86 %
Total Second Lien Debt263,211 
Investments in Equity92,552 Income ApproachDiscount Rate7.22 %11.85 %8.76 %
Market ApproachComparable Multiple9.07x18.47x10.85x
Total Equity Investments92,552 
Investments in Investment Fund
Subordinated Loan and
Member's Interest		189,603 Discounted Cash FlowDiscount Rate10.00 %10.00 %10.00 %
Discounted Cash FlowDefault Rate3.00 %3.00 %3.00 %
Discounted Cash FlowRecovery Rate65.00 %65.00 %65.00 %
Total Investments in Investment Fund189,603 
Total Level 3 Investments$1,873,960 
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 Fair Value as of December 31, 2021Valuation TechniquesSignificant Unobservable InputsRange 
 LowHighWeighted Average
Investments in First Lien Debt$981,627 Discounted Cash FlowDiscount Rate3.90 %14.21 %7.70 %
185,432 Consensus PricingIndicative Quotes90.00 100.00 97.69 
65,025 Income ApproachDiscount Rate11.55 %13.18 %12.24 %
Market ApproachComparable Multiple6.68x8.16x7.53x
Total First Lien Debt1,232,084 
Investments in Second Lien Debt299,664 Discounted Cash FlowDiscount Rate7.11 %15.83 %9.46 %
42,112 Consensus PricingIndicative Quotes97.25 98.00 97.49 
Total Second Lien Debt341,776 
Investments in Equity77,093 Income ApproachDiscount Rate7.22 %11.55 %8.38 %
Market ApproachComparable Multiple8.16x16.43x11.26x
Total Equity Investments77,093 
Investment in Investment Fund
Subordinated Loan and Member's Interest184,141 Discounted Cash FlowDiscount Rate8.50 %8.50 %8.50 %
Discounted Cash FlowDefault Rate3.00 %3.00 %3.00 %
Discounted Cash FlowRecovery Rate65.00 %65.00 %65.00 %
Total Investments in Investment Fund184,141 
Total Level 3 Investments$1,835,094 
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. 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 may result in a significantly lower fair value measurement.
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 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. 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.
Financial instruments disclosed but not carried at fair value
The following table presents the carrying value and fair value of the Company’s secured borrowings and senior unsecured notes disclosed but not carried at fair value as of September 30, 2022 and December 31, 2021:
 September 30, 2022December 31, 2021
 Carrying ValueFair ValueCarrying ValueFair Value
Secured borrowings$423,959 $423,959 $407,655 $407,655 
2019 Notes115,000 105,191 115,000 117,300 
2020 Notes75,000 69,012 75,000 75,530 
Total$613,959 $598,162 $597,655 $600,485 
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.
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The carrying values of the Senior Notes approximate their respective fair values. The Senior Notes are categorized as Level 3 within the hierarchy and are valued generally using discounted cash flow analysis. The significant unobservable inputs used in the fair value measurement of the Company’s Senior Notes are discount rates. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement.
The following table represents the carrying values (before debt issuance costs) and fair values of the Company’s 2015-1R Notes disclosed but not carried at fair value as of September 30, 2022 and December 31, 2021:
 September 30, 2022December 31, 2021
Carrying ValueFair ValueCarrying ValueFair Value
Aaa/AAA Class A-1-1-R Notes$234,800 $227,592 $234,800 $234,941 
Aaa/AAA Class A-1-2-R Notes50,000 48,710 50,000 50,075 
Aaa/AAA Class A-1-3-R Notes25,000 23,595 25,000 24,680 
AA Class A-2-R Notes66,000 63,327 66,000 66,003 
A Class B Notes46,400 45,296 46,400 46,430 
BBB- Class C Notes27,000 26,123 27,000 26,714 
Total$449,200 $434,643 $449,200 $448,843 
The fair value determination of the Company’s notes payable was based on the market quotation(s) received from broker/dealer(s). These fair value measurements were based on significant inputs not observable and thus represent Level 3 measurements as defined in the accounting guidance for fair value measurement.
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 and August 6, 2018 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 May 9, 2022, 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 has been calculated and payable quarterly in arrears at an annual rate of 1.50% of the average value of the gross assets at the end of the two most recently completed fiscal quarters; provided, however, effective July 1, 2018, the base management fee is calculated at an annual rate of 1.00% of the average value of the gross assets as of the end of the two most recently completed calendar quarters that 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. The base management fee will be appropriately adjusted for any share issuances or repurchases during such fiscal quarter and the base management fees for any partial month or quarter will be pro-rated. The Company’s gross assets exclude any cash and cash equivalents and include assets acquired through the incurrence of debt from the use of leverage. For purposes of this calculation, cash and cash equivalents include any temporary investments in cash-equivalents, U.S. government securities and other high quality investment grade debt investments that mature in 12 months or less from the date of investment.
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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.
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% 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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Below is a summary of the base management fees and incentive fees incurred during the three month and nine month periods ended September 30, 2022 and 2021.
For the three month periods endedFor the nine month periods ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Base management fees$7,262 $7,233 $21,425 $21,024 
Incentive fees on pre-incentive fee net investment income6,451 4,516 16,137 13,193 
Realized capital gains incentive fees— — — — 
Accrued capital gains incentive fees— — — — 
Total capital gains incentive fees— — — — 
Total incentive fees6,451 4,516 16,137 13,193 
Total base management fees and incentive fees$13,713 $11,749 $37,562 $34,217 
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.
As of September 30, 2022 and December 31, 2021, $13,748 and $11,819, 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. 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, Chief Compliance Officer, and Treasurer) 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 Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”), internal control assessment. Reimbursement under the Administration Agreement occurs quarterly in arrears.
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. On May 9, 2022, 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. 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.
For the three month periods ended September 30, 2022 and 2021, the Company incurred $470 and $400, respectively, in fees under the Administration Agreement. For the nine month periods ended September 30, 2022 and 2021, the Company incurred $1,337 and $1,057, respectively, in fees under the Administration Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of September 30, 2022 and December 31, 2021, $1,409 and $482, respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities.
51

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.
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 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 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 May 9, 2022, the Company's Board of Directors, including a majority of the Independent Directors, approved the continuance of the State Street 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 month periods ended September 30, 2022 and 2021, the Company incurred $271 and $169, respectively, in fees under the State Street Sub-Administration Agreement. For the nine month periods ended September 30, 2022 and 2021, the Company incurred $620 and $504, 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 September 30, 2022 and December 31, 2021, $887 and $682, 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 our 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 each of which consist entirely of the Company’s Independent Directors. The Board of Directors may establish additional committees in the future. For the three month periods ended September 30, 2022 and 2021, the Company incurred $173 and $154, respectively, in fees and expenses associated with its Independent Directors' services on the Company's Board of Directors and its committees. For the nine month periods ended September 30, 2022 and 2021, the Company incurred $519 and $420, respectively, in fees and expenses associated with its Independent Directors' services on the Company's Board of Directors and its committees. As of September 30, 2022 and December 31, 2021, $1 and $142, respectively, in fees or expenses associated with its Independent Directors were payable, and included in other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities.
Transactions with Investment Funds
For the three and nine month periods ended September 30, 2022, the Company sold 3 and 6 investments, respectively, to Credit Fund for proceeds of $31,014 and $84,534, respectively, and realized gain (loss) of $121 and $48, respectively. For the three and nine month periods ended September 30, 2021, the Company sold 5 and 8 investments, respectively, to Credit Fund for proceeds of $67,519 and $118,204, respectively, and realized gain (loss) of $388 and $1,075, respectively. See Note 5, Middle Market Credit Fund, LLC, for further information about Credit Fund.
For the three and nine month periods ended September 30, 2022, the Company sold 5 and 9 investments, respectively, to Credit Fund II for proceeds of $27,429 and $59,222, respectively, and realized gain (loss) of $(421) and $(842), respectively. For the three and nine month periods ended September 30, 2021, the Company sold 5 and 10 investments, respectively, to Credit Fund II for proceeds of $20,923 and $40,687, respectively, and realized gain (loss) of $155 and $237, respectively. See Note 6, Middle Market Credit Fund II, LLC, for further information about Credit Fund II.
52

Cumulative Convertible Preferred Stock
On May 5, 2020, the Company issued and sold 2,000,000 shares of the Preferred Stock to an affiliate of Carlyle in a private placement at a price of $25 per share. For the three and nine month periods ended September 30, 2022, the Company declared and paid dividends on the Preferred Stock of $875 and $2,625, respectively. For the three and nine month periods ended September 30, 2021, the Company declared and paid dividends on the Preferred Stock of $875 and $2,625. See Note 10, Net Assets, for further information about the Preferred Stock.
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 subsequently amended and restated on June 24, 2016, February 22, 2021 and May 16, 2022 (as amended, the “Limited Liability Company Agreement”) to co-manage Credit Fund, a Delaware limited liability company that is not consolidated in the Company’s 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. 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”), MMCF CLO 2019-2, LLC (the “2019-2 Issuer”) and MMCF Warehouse II, LLC (the “Credit Fund Warehouse II”), each a Delaware limited liability company, were formed on April 5, 2016, November 26, 2018 and August 16, 2019, respectively. Credit Fund Sub, the 2019-2 Issuer, and Credit Fund Warehouse II are wholly owned subsidiaries of Credit Fund and are consolidated in Credit Fund’s consolidated financial statements commencing from the date of their respective formations. In August 2021, the 2019-2 Notes, as defined below, were redeemed and repaid in full. Credit Fund Sub and Credit Fund Warehouse II primarily invest in first lien loans of middle market companies. Credit Fund and its wholly owned subsidiaries follow the same Internal Risk Rating System as the Company. Refer to “Debt” below for discussions regarding the credit facilities 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.
53

Selected Financial Data
Since inception of Credit Fund and through September 30, 2022 and December 31, 2021, the Company and Credit Partners each made capital contributions of $1 and $1 in members’ equity, respectively, and $216,000 and $216,000 in subordinated loans, respectively, to Credit Fund. On May 25, 2021, the Company and Credit Partners received an aggregate return of capital on the subordinated loans of $46,000, of which the Company received $23,000. Below is certain summarized consolidated financial information for Credit Fund as of September 30, 2022 and December 31, 2021.
As of
September 30, 2022December 31, 2021
 (unaudited) 
Selected Consolidated Balance Sheet Information
ASSETS
Investments, at fair value (amortized cost of $941,134 and $940,092, respectively)
$896,207 $926,959 
Cash, cash equivalents and restricted cash (1)
24,991 54,041 
Other assets8,340 7,698 
Total assets$929,538 $988,698 
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings$571,621 $600,651 
Other liabilities21,122 19,828 
Subordinated loans and members’ equity (2)
336,795 368,219 
Liabilities and members’ equity$929,538 $988,698 
(1) As of September 30, 2022 and December 31, 2021, $10,950 and $10,816, respectively, of Credit Fund's cash and cash equivalents was restricted.
(2) As of September 30, 2022 and December 31, 2021, the fair value of Company's ownership interest in the subordinated loans and members’ equity was $189,603 and $184,141, respectively.

For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
 (unaudited)(unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income$18,563 $17,124 $48,049 $50,951 
Expenses
Interest and credit facility expenses6,858 6,701 15,983 17,437 
Other expenses410 510 1,507 1,532 
Total expenses7,268 7,211 17,490 18,969 
Net investment income (loss)11,295 9,913 30,559 31,982 
Net realized gain (loss) on investments(189)220 (189)(1,473)
Net change in unrealized appreciation (depreciation) on investments(4,757)1,500 (31,795)15,693 
Net increase (decrease) resulting from operations$6,349 $11,633 $(1,425)$46,202 
54

Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of September 30, 2022 and December 31, 2021:
As of
September 30, 2022December 31, 2021
Senior secured loans (1)
$942,952 $942,930 
Weighted average yields of senior secured loans based on amortized cost (2)
8.59 %6.04 %
Weighted average yields of senior secured loans based on fair value (2)
8.96 %6.09 %
Number of portfolio companies in Credit Fund44 45 
Average amount per portfolio company (1)
$21,431 $20,954 
Number of loans on non-accrual status— — 
Fair value of loans on non-accrual status$— $— 
Percentage of portfolio at floating interest rates (3)(4)
100.0 %100.0 %
Percentage of portfolio at fixed interest rates (4)
— %— %
Fair value of loans with PIK provisions$16,302 $— 
Percentage of portfolio with PIK provisions (4)
1.8 %— %
(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 September 30, 2022 and December 31, 2021. Weighted average yield on debt and income producing securities 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 on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities 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 on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. 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.
55

Consolidated Schedule of Investments as of September 30, 2022
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (100.0% of fair value)
ACR Group Borrower, LLC^+(2)(3)(7)Aerospace & DefenseLIBOR
4.50%
8.12%3/31/2028$37,278 $36,780 $36,368 
Acrisure, LLC+(2)(3)Diversified Financial ServicesLIBOR
3.50%
6.62%2/13/202725,182 25,162 23,294 
Analogic Corporation^+(2)(3)(7)Capital EquipmentLIBOR
5.25%
8.07%6/22/202420,161 20,150 19,630 
Anchor Packaging, Inc.+(2)(3)Containers, Packaging & GlassLIBOR
4.00%
7.12%7/18/202624,284 24,210 23,464 
API Technologies Corp.+(2)(3)Aerospace & DefenseLIBOR
4.25%
7.92%5/9/202614,512 14,471 13,227 
Aptean, Inc.+(2)(3)SoftwareLIBOR
4.25%
7.32%4/23/202612,062 12,026 11,459 
Avalign Technologies, Inc.+(2)(3)Healthcare & PharmaceuticalsLIBOR
4.50%
7.62%12/22/202514,331 14,259 14,003 
BMS Holdings III Corp.+(2)(3)Construction & BuildingLIBOR
5.50%
9.17%9/30/202611,160 11,073 11,002 
Chartis Holding, LLC^+(2)(3)(7)Business ServicesLIBOR
5.25%
6.38%5/1/20256,911 6,911 6,862 
Chemical Computing Group ULC (Canada)^+(2)(3)(7)SoftwareLIBOR
4.50%
7.64%8/30/202413,805 13,563 13,576 
Diligent Corporation^+(2)(3)(7)TelecommunicationsLIBOR
6.25%
9.11%8/4/202510,044 9,855 9,715 
Divisions Holding Corporation+(2)(3)Business ServicesLIBOR
4.75%
7.87%5/27/202824,750 24,543 23,667 
DTI Holdco, Inc.+(2)(3)High Tech IndustriesSOFR
4.75%
7.33%4/26/202930,000 29,429 28,450 
Eliassen Group, LLC+(2)(3)Business ServicesSOFR
5.75%
9.30%4/14/202819,424 19,187 19,178 
EPS Nass Parent, Inc.^+(2)(3)(7)Utilities: ElectricLIBOR
5.75%
9.42%4/19/202833,810 33,208 32,851 
EvolveIP, LLC^+(2)(3)(6)(7)TelecommunicationsSOFR
5.50%
9.20%6/7/202540,494 40,460 39,816 
Exactech, Inc.+(2)(3)Healthcare & PharmaceuticalsLIBOR
3.75%
6.87%2/14/202521,138 21,071 18,882 
Frontline Technologies Holdings, LLC+(2)(3)SoftwareLIBOR
5.75%
8.89%9/18/202314,552 14,277 14,552 
GSM Acquisition Corp.^+(2)(3)(6)(7)Leisure Products & ServicesSOFR
5.00%
8.73%11/16/202630,207 29,944 28,849 
Heartland Home Services, Inc+(2)(3)Consumer ServicesLIBOR
5.75%
8.80%12/15/20267,260 7,171 7,143 
Heartland Home Services, Inc+(2)(3)(7)Consumer ServicesLIBOR
6.00%
9.12%12/15/202624,317 24,233 24,121 
Higginbotham Insurance Agency, Inc.+(2)(3)Diversified Financial ServicesLIBOR
5.25%
8.37%11/25/20264,500 4,438 4,417 
HMT Holding Inc.^+(2)(3)(6)(7)Energy: Oil & GasSOFR
6.25%
9.27%11/17/202532,232 32,086 30,289 
Integrity Marketing Acquisition, LLC^+(2)(3)Diversified Financial ServicesLIBOR
5.50%
8.00%8/27/202544,004 43,572 41,830 
Jensen Hughes, Inc.^+(2)(3)(7)Utilities: ElectricLIBOR
4.50%
7.29%3/22/202434,127 34,097 33,105 
K2 Insurance Services, LLC^+(2)(3)(7)Diversified Financial ServicesLIBOR
5.00%
8.63%7/1/202612,831 12,832 12,780 
KAMC Holdings, Inc.+(2)(3)Energy: ElectricityLIBOR
4.00%
7.07%8/14/202613,580 13,540 10,983 
KBP Investments, LLC+(2)(3)(7)Beverage & FoodLIBOR
5.50%
8.40%5/25/202737,173 36,966 34,700 
Odyssey Logistics & Technology Corp.^+(2)(3)Transportation: CargoLIBOR
4.00%
6.81%10/12/20249,530 9,512 9,196 
Output Services Group
+
(2)(3)Media: Advertising, Printing & PublishingSOFR
5.25%, 1.50% PIK
9.80%6/27/202619,168 19,145 13,519 
PF Atlantic Holdco 2, LLC+(2)(3)Leisure Products & ServicesLIBOR
5.50%
8.77%11/12/202715,435 15,196 15,167 
Premise Health Holding Corp.+(2)(3)Healthcare & PharmaceuticalsLIBOR
3.75%
7.92%7/10/202513,341 13,312 13,244 
56

Consolidated Schedule of Investments as of September 30, 2022
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
QW Holding Corporation^+(2)(3)(7)Environmental IndustriesLIBOR
5.50%
8.05%8/31/2026$21,630 $21,483 $21,147 
Radiology Partners, Inc.+(2)(3)Healthcare & PharmaceuticalsLIBOR
4.25%
7.32%7/9/202527,686 27,619 24,173 
RevSpring Inc.+(2)(3)Media: Advertising, Printing & PublishingLIBOR
4.00%
7.67%10/11/202528,924 28,803 27,694 
Riveron Acquisition Holdings, Inc.+(2)(3)Diversified Financial ServicesLIBOR
5.75%
9.42%5/22/202511,314 11,314 11,314 
Striper Buyer, LLC+(2)(3)Containers, Packaging & GlassLIBOR
5.50%
8.62%12/30/202614,738 14,625 14,715 
Turbo Buyer, Inc. +(2)(3)(7)AutomotiveLIBOR
6.00%
8.88%12/2/202534,339 34,115 33,641 
U.S. TelePacific Holdings Corp.+(2)(3)(6)TelecommunicationsSOFR
1.00%, 7.25% PIK
11.32%5/2/20266,957 6,944 2,783 
USALCO, LLC+(2)(3)Chemicals, Plastics & RubberLIBOR
6.00%
9.67%10/19/202714,883 14,625 14,300 
VRC Companies, LLC^+(2)(3)(7)Business ServicesLIBOR
5.50%
9.25%6/29/202728,965 28,599 28,093 
Welocalize, Inc.^+(2)(3)(7)Business ServicesLIBOR
4.75%
7.87%12/23/202433,885 33,617 32,764 
WRE Holding Corp.^+(2)(3)(6)(7)Environmental IndustriesSOFR
5.25%
8.79%1/3/20258,428 8,426 8,268 
Yellowstone Buyer Acquisition, LLC+(2)(3)Consumer Goods: DurableLIBOR
5.75%
8.80%9/13/202739,600 38,921 37,976 
First Lien Debt Total$935,770 $896,207 
Equity Investments (—% of fair value)
DBI Holding, LLC^Transportation: Cargo2,961 $— $— 
DBI Holding, LLC^Transportation: Cargo13,996 5,364 — 
Equity Investments Total$5,364 $— 
Total Investments$941,134 $896,207 

^ 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 Facility”). The lenders of the Credit Fund Sub 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 September 30, 2022, the geographical composition of investments as a percentage of fair value was 1.5% in Canada and 98.5% 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 LIBOR, 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, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2022. As of September 30, 2022, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 3.14%, the 90-day LIBOR at 3.75%, the 180-day LIBOR at 4.23%, the 30-day SOFR at 3.04%, and the 90-day SOFR at 3.59%.
(3)Loan includes interest rate floor feature, which is generally 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 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 consolidated financial statements.
57

(6)Loans include a credit spread adjustment that ranges from 0.10% to 0.43%.
(7)As of September 30, 2022, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
First Lien Debt – unfunded delayed draw and revolving term loans commitmentsTypeUnused FeePar/ Principal AmountFair Value
ACR Group Borrower, LLCRevolver0.38%$4,289 $(94)
Analogic CorporationRevolver0.50339 (9)
Chartis Holding, LLCRevolver0.502,183 (12)
Chemical Computing Group ULC (Canada)Revolver0.50873 (14)
Diligent CorporationRevolver0.50351 (11)
EPS Nass Parent, Inc.Delayed Draw0.501,488 (39)
EPS Nass Parent, Inc.Revolver1.001,380 (36)
EvolveIP, LLCRevolver0.502,757 (43)
GSM Acquisition Corp.Delayed Draw1.00825 (36)
Heartland Home Services, IncRevolver0.50771 (6)
HMT Holding Inc.Revolver0.506,173 (312)
Jensen Hughes, Inc.Revolver0.502,000 (57)
K2 Insurance Services, LLCRevolver0.501,170 (4)
KBP Investments, LLCDelayed Draw1.002,598 (162)
QW Holding CorporationRevolver0.505,498 (98)
Turbo Buyer, Inc.Revolver0.50933 (18)
VRC Companies, LLCRevolver0.50708 (21)
Welocalize, Inc.Revolver0.503,375 (96)
Welocalize, Inc.Revolver0.502,250 (64)
WRE Holding Corp.Revolver0.50849 (15)
Total unfunded commitments$40,810 $(1,147)




58



Consolidated Schedule of Investments as of December 31, 2021
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (100.0% of fair value)
ACR Group Borrower, LLC^+(2)(3)(6)Aerospace & DefenseLIBOR4.25%5.50%3/31/2028$34,477 $33,913 $34,477 
Acrisure, LLC+#(2)(3)Banking, Finance, Insurance & Real EstateLIBOR3.50%3.78%2/13/202725,376 25,353 25,203 
Acrisure, LLC+(2)(3)Banking, Finance, Insurance & Real EstateLIBOR4.25%4.75%2/13/20276,700 6,650 6,687 
Analogic Corporation^+(2)(3)(6)Capital EquipmentLIBOR5.25%6.25%6/22/202419,796 19,781 19,587 
Anchor Packaging, Inc.+#(2)(3)Containers, Packaging & GlassLIBOR4.00%4.10%7/18/202624,472 24,385 24,215 
API Technologies Corp.+#(2)(3)Aerospace & DefenseLIBOR4.25%4.35%5/9/202614,625 14,575 14,251 
Aptean, Inc.+#(2)(3)SoftwareLIBOR4.25%4.35%4/23/202612,157 12,113 12,087 
Avalign Technologies, Inc.+#(2)(3)Healthcare & PharmaceuticalsLIBOR4.50%4.63%12/22/202514,443 14,354 14,320 
Avenu Holdings, LLC+(2)(3)Sovereign & Public FinanceLIBOR5.25%6.25%9/28/202423,350 23,350 23,350 
BMS Holdings III Corp.+(2)(3)Construction & BuildingLIBOR5.50%6.50%9/30/202611,244 11,143 11,071 
Chartis Holding, LLC+(2)(3)(6)Business ServicesLIBOR5.50%6.50%5/1/20256,964 6,964 6,964 
Chemical Computing Group ULC (Canada)^+(2)(3)(6)SoftwareLIBOR4.50%5.50%8/30/202413,912 13,480 13,845 
Chudy Group, LLC^+(2)(3)(6)Healthcare & PharmaceuticalsLIBOR5.75%6.75%6/30/202733,021 32,465 33,657 
Diligent Corporation^+(2)(3)(6)TelecommunicationsLIBOR6.25%7.25%8/4/20259,049 8,816 9,228 
Divisions Holding Corporation+#(2)(3)Business ServicesLIBOR4.75%5.50%5/27/202824,938 24,706 24,953 
DTI Holdco, Inc.+(2)(3)High Tech IndustriesLIBOR4.75%5.75%9/30/202318,495 18,442 18,237 
Eliassen Group, LLC+(2)(3)Business ServicesLIBOR4.50%4.60%11/5/202415,159 15,103 15,152 
EPS Nass Parent, Inc.^+(2)(3)(6)Utilities: ElectricLIBOR5.75%6.75%4/19/202832,846 32,169 32,507 
EvolveIP, LLC^+(2)(3)(6)TelecommunicationsLIBOR5.50%6.50%6/7/202540,196 40,126 39,973 
Exactech, Inc.+#(2)(3)Healthcare & PharmaceuticalsLIBOR3.75%4.75%2/14/202521,307 21,221 21,073 
Excel Fitness Holdings, Inc.+#(2)(3)Hotel, Gaming & LeisureLIBOR5.25%6.25%10/7/202524,500 24,336 24,500 
Frontline Technologies Holdings, LLC+(2)(3)SoftwareLIBOR5.25%6.25%9/18/202314,736 14,269 14,736 
GSM Acquisition Corp.^+(2)(3)(6)Hotel, Gaming & LeisureLIBOR5.00%6.00%11/16/202625,623 25,331 25,396 
Heartland Home Services, Inc+(2)(3)(6)Consumer ServicesLIBOR6.00%7.00%12/15/202617,664 17,664 17,735 
HMT Holding Inc.^+(2)(3)(6)Energy: Oil & GasLIBOR5.75%6.75%11/17/202332,484 32,245 31,086 
Integrity Marketing Acquisition, LLC^+(2)(3)(6)Banking, Finance, Insurance & Real EstateLIBOR5.50%6.25%8/27/202532,853 32,309 32,403 
Jensen Hughes, Inc.+(2)(3)(6)Utilities: ElectricLIBOR4.50%5.50%3/22/202434,392 34,347 33,395 
K2 Insurance Services, LLC+(2)(3)(6)Banking, Finance, Insurance & Real EstateLIBOR5.00%6.00%7/1/202612,929 12,929 12,906 
KAMC Holdings, Inc.+#(2)(3)Energy: ElectricityLIBOR4.00%4.18%8/14/202613,685 13,638 11,450 
KBP Investments, LLC+(2)(3)(6)Beverage, Food & TobaccoLIBOR5.00%5.75%5/25/202736,973 36,599 36,570 
59

Consolidated Schedule of Investments as of December 31, 2021
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Odyssey Logistics & Technology Corp.+#(2)(3)Transportation: CargoLIBOR4.00%5.00%10/12/2024$9,605 $9,580 $9,509 
Output Services Group^+(2)(3)Media: Advertising, Printing & PublishingLIBOR4.50%5.50%3/27/202419,222 19,194 16,467 
Premise Health Holding Corp.+#(2)(3)Healthcare & PharmaceuticalsLIBOR3.50%3.72%7/10/202513,445 13,409 13,419 
Q Holding Company+#(2)(3)AutomotiveLIBOR5.00%6.00%12/31/202321,515 21,421 21,098 
QW Holding Corporation^+(2)(3)(6)Environmental IndustriesLIBOR6.25%7.25%8/31/202414,116 13,887 13,645 
Radiology Partners, Inc.+#(2)(3)Healthcare & PharmaceuticalsLIBOR4.25%4.36%7/9/202527,686 27,603 27,245 
RevSpring Inc.+#(2)(3)Media: Advertising, Printing & PublishingLIBOR4.25%4.47%10/11/202529,149 29,001 29,067 
Striper Buyer, LLC+(2)(3)Containers, Packaging & GlassLIBOR5.50%6.25%12/30/202614,850 14,720 14,850 
Turbo Buyer, Inc.+(2)(3)(6)AutomotiveLIBOR6.00%7.00%12/2/202513,960 13,960 13,661 
U.S. TelePacific Holdings Corp.+(2)(3)TelecommunicationsLIBOR5.50%6.50%5/2/20236,660 6,643 4,995 
USALCO, LLC+(2)(3)Chemicals, Plastics & RubberLIBOR6.00%7.00%10/19/202714,995 14,704 14,704 
VRC Companies, LLC^+(2)(3)(6)Business ServicesLIBOR5.50%6.25%6/29/202726,520 26,103 26,162 
Welocalize, Inc.+(2)(3)(6)Business ServicesLIBOR4.75%5.75%12/23/202434,201 33,868 33,444 
WRE Holding Corp.^+(2)(3)(6)Environmental IndustriesSOFR5.50%6.50%1/3/20258,740 8,724 8,584 
Yellowstone Buyer Acquisition, LLC+(2)(3)Consumer Goods: DurableLIBOR5.75%6.75%9/13/202739,900 39,135 39,095 
First Lien Debt Total$934,728 $926,959 
Equity Investments (0.0% of fair value)
DBI Holding, LLC^Transportation: Cargo2,961 $— $— 
DBI Holding, LLC^Transportation: Cargo13,996 5,364 — 
Equity Investments Total$5,364 $— 
Total Investments$940,092 $926,959 
^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility (the “Credit Fund Facility”). Accordingly, such assets are not available to creditors of Credit Fund Sub or Credit Fund Warehouse II.
+ 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 Facility”). The lenders of the Credit Fund Sub 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 or Credit Fund Warehouse II.
# Denotes that all or a portion of the assets are owned by the Credit Fund Warehouse II. Credit Fund Warehouse II has entered into a revolving credit facility (the “Credit Fund Warehouse II Facility”). The lenders of the Credit Fund Warehouse II Facility have a first lien security interest in substantially all of the assets of the Credit Fund Warehouse II. Accordingly, such assets are not available to creditors of Credit Fund or Credit Fund Sub.

(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2021, the geographical composition of investments as a percentage of fair value was 1.5% in Canada and 98.5% 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 LIBOR 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, 2021. As of December 31, 2021, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 0.10%, the 90-day LIBOR at 0.22% and the 180-day LIBOR at 0.33%.
(3)Loan includes interest rate floor feature, which is generally 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 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 consolidated financial statements.
60

(6)As of December 31, 2021, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
First Lien Debt—unfunded delayed draw and revolving term loans commitmentsTypeUnused FeePar/ Principal AmountFair Value
ACR Group Borrower, LLCRevolver0.38 %$7,350 $— 
Analogic CorporationRevolver0.50 847 (9)
Chartis Holding, LLCRevolver0.50 2,183 — 
Chemical Computing Group ULC (Canada)Revolver0.50 873 (4)
Chudy Group, LLCDelayed Draw1.00 5,517 88 
Chudy Group, LLCRevolver0.50 1,379 22 
Diligent CorporationDelayed Draw1.00 1,653 26 
Diligent CorporationRevolver0.50 703 11 
EPS Nass Parent, Inc.Delayed Draw1.00 3,136 (29)
EPS Nass Parent, Inc.Revolver0.50 941 (9)
EvolveIP, LLCRevolver0.50 3,360 (17)
GSM Acquisition Corp.Delayed Draw1.00 4,313 (33)
Heartland Home Services, IncRevolver0.50 746 3 
HMT Holding Inc.Revolver0.50 6,173 (223)
Integrity Marketing Acquisition, LLCDelayed Draw— 7,000 (71)
Integrity Marketing Acquisition, LLCDelayed Draw1.00 4,453 (45)
Jensen Hughes, Inc.Revolver0.50 2,000 (55)
K2 Insurance Services, LLCRevolver0.50 1,170 (2)
KBP Investments, LLCDelayed Draw1.00 503 (5)
KBP Investments, LLCDelayed Draw1.00 2,415 (24)
QW Holding CorporationDelayed Draw1.00 9,338 (162)
QW Holding CorporationRevolver0.50 3,794 (66)
Turbo Buyer, Inc.Revolver0.50 933 (19)
VRC Companies, LLCDelayed Draw0.75 2,521 (30)
VRC Companies, LLCRevolver0.50 833 (10)
Welocalize, Inc.Revolver0.50 3,375 (64)
Welocalize, Inc.Revolver0.50 2,250 (43)
WRE Holding Corp.Revolver0.50 624 (10)
Total unfunded commitments$80,383 $(780)
Debt
The Credit Fund, Credit Fund Sub and Credit Fund Warehouse II are party to separate credit facilities as described below. As of September 30, 2022 and December 31, 2021, Credit Fund, Credit Fund Sub and Credit Fund Warehouse II were in compliance with all covenants and other requirements of their respective credit facility agreements. Below is a summary of the borrowings and repayments under the credit facilities for the three month and nine month periods ended September 30, 2022 and 2021, and the outstanding balances under the credit facilities for the respective periods.
Credit Fund
Facility		Credit Fund Sub
Facility		Credit Fund Warehouse II Facility
202220212022202120222021
Three Month Periods Ended September 30,
Outstanding Borrowing, beginning of period$— $— $532,621 $515,121 $— $82,163 
Borrowings— — 51,000 167,500 — 44,250 
Repayments— — (12,000)(52,000)— — 
Outstanding Borrowing, end of period$— $— $571,621 $630,621 $— $126,413 
Nine Month Periods Ended September 30,
Outstanding Borrowing, beginning of period$— $— $514,621 $420,859 $86,030 $93,402 
Borrowings— — 138,000 393,000 — 52,250 
Repayments— — (81,000)(183,238)(86,030)(19,239)
Outstanding Borrowing, end of period$— $— $571,621 $630,621 $— $126,413 
61

Credit Fund Facility. On June 24, 2016, Credit Fund entered into the Credit Fund Facility with the Company, which was subsequently amended on June 5, 2017, October 2, 2017, November 3, 2017, June 22, 2018, June 29, 2018, February 21, 2019, March 20, 2020, February 22, 2021 and May 19, 2022, 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 $175,000. The maturity date of the Credit Fund Facility is May 21, 2023. Amounts borrowed under the Credit Fund Facility bear interest at a rate of LIBOR plus 9.00%.
Credit Fund Sub Facility. On June 24, 2016, Credit Fund Sub closed on the Credit Fund Sub Facility with lenders, which was subsequently amended on May 31, 2017, October 27, 2017, August 24, 2018, December 12, 2019, March 11, 2020, May 3, 2021 and May 3, 2022. The Credit Fund Sub Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $640,000. The facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund Sub. The maturity date of the Credit Fund Sub Facility is May 22, 2025. Amounts borrowed under the Credit Fund Sub Facility bear interest at a rate of SOFR plus 2.35%.
Credit Fund Warehouse II Facility. On August 16, 2019, Credit Fund Warehouse II closed on a revolving credit facility (the “Credit Fund Warehouse II Facility”) with lenders. The Credit Fund Warehouse II Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $150,000. The Credit Fund Warehouse II Facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund Warehouse II Facility. The maturity date of the Credit Fund Warehouse II Facility was August 16, 2022 and Credit Fund Warehouse II repaid all outstanding amounts on June 28, 2022. Amounts borrowed under the Credit Fund Warehouse II Facility during the first 12 months bore interest at a rate of LIBOR plus 1.05%, and amounts borrowed in the second 12 months bore interest at LIBOR plus 1.15%. Other amounts borrowed under the Credit Fund Warehouse II Facility bore interest at a rate of LIBOR plus 1.50%.
2019-2 Notes
On May 21, 2019, Credit Fund completed the 2019-2 Debt Securitization. The notes offered in the 2019-2 Debt Securitization (the “2019-2 Notes”) were issued by the 2019-2 Issuer, a wholly owned and consolidated subsidiary of Credit Fund, and were secured by a diversified portfolio of the 2019-2 Issuer consisting primarily of first and second lien senior secured loans. The 2019-2 Debt Securitization was executed through a private placement of the 2019-2 Notes, consisting of:
•$233,000 of Aaa/AAA Class A-1 Notes, which bore interest at the three-month LIBOR plus 1.50%;
•$48,000 of Aa2/AA Class A-2 Notes, which bore interest at the three-month LIBOR plus 2.40%;
•$23,000 of A2/A Class B Notes, which bore interest at the three-month LIBOR plus 3.45%;
•$27,000 of Baa2/BBB- Class C Notes which bore interest at the three-month LIBOR plus 4.55%; and
•$21,000 of Ba2/BB- Class D Notes which bore interest at the three-month LIBOR plus 8.03%.
The 2019-2 Notes were scheduled to mature on April 15, 2029. Credit Fund received 100% of the preferred interests issued by the 2019-2 Issuer (the “2019-2 Issuer Preferred Interests”) on the closing date of the 2019-2 Debt Securitization in exchange for Credit Fund’s contribution to the 2019-2 Issuer of the initial closing date loan portfolio. The 2019-2 Issuer Preferred Interests did not bear interest and had a nominal value of $48,300 at closing.
The 2019-2 Notes were fully redeemed during the year ended December 31, 2021. As of the redemption date, the 2019-2 Issuer was in compliance with all covenants and other requirements of the indenture.
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 that is not consolidated in the Company's consolidated financial statements. Credit Fund II primarily invests in senior secured loans of middle market companies. Credit Fund II is managed by a four-member board, on which the Company and CCLF have equal representation. Establishing a quorum for Credit Fund II's board requires at least one of the Company's representatives and one of CCLF's representatives. The Company and CCLF have 84.13% and 15.87% economic ownership of Credit Fund II, respectively. By virtue of its membership interest, each of the Company and CCLF indirectly bears an allocable share of all expenses and other obligations of Credit Fund II.
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Credit Fund II's initial portfolio consisted of 45 senior secured loans of middle market companies with an aggregate principal balance of approximately $250 million. Credit Fund II's initial portfolio was funded on November 3, 2020 with existing senior secured debt investments contributed by the Company and as part of the transaction, the Company determined that the contribution met the requirements under ASC 860, Transfers and Servicing.
Credit Fund II is expected to make only limited new investments in senior secured loans of middle market companies. Portfolio and investment decisions with respect to Credit Fund II must be unanimously approved by a quorum of Credit Fund II’s board members consisting of at least one of the Company's representatives and one of CCLF's representatives. Therefore, although the Company owns more than 25% of the voting securities of Credit Fund II, the Company does not believe that it has control over Credit Fund II (other than for purposes of the Investment Company Act).
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 are pledged as security for the Credit Fund II Senior Notes (see below).
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.
Credit Fund II Senior Notes
On November 3, 2020 and as amended on December 29, 2021 and June 30, 2022, Credit Fund II Sub closed on the Credit Fund II Senior Notes (the “Credit Fund II Senior Notes”) with lenders. The Credit Fund II Senior Notes provides for secured borrowings totaling $157,500 with two tranches, A-1 and A-2 outstanding. The facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund II Sub. The maturity date of the Credit Fund II Senior Notes Sub Facility is November 3, 2030. Amounts issued for the Class A-1 notes totaled $147,500 and bear interest at a rate of Term SOFR plus 2.85% (LIBOR plus 2.70% prior to the June 30, 2022 amendment), and amounts issued for the Class A-2 notes totaled $10,000 and bear interest at Term SOFR plus 3.35% (LIBOR plus 3.20% prior to the June 30, 2022 amendment). The A-1 Notes were rated AAA, and the A-2 Notes were rated AA by DBRS Morningstar. The terms of the Credit Fund II Senior Notes provide that as loans pay down, up to $100,000 is available from principal proceeds for reinvestment ($50,000 prior to the June 30, 2022 amendment), and then the investment principal proceeds are used to directly pay down the principal balance on the Credit Fund II Senior Notes. As of September 30, 2022 and December 31, 2021, Credit Fund II Sub was in compliance with all covenants and other requirements of its respective credit agreements.
Selected Financial Data
Since inception of Credit Fund II and through September 30, 2022, the Company and CCLF made capital contributions of $78,096 and $12,709 in members’ equity, respectively, to Credit Fund II. Below is certain summarized consolidated information for Credit Fund II as of September 30, 2022 and December 31, 2021.
As of
September 30, 2022December 31, 2021
ASSETS
Investments, at fair value (amortized cost of $241,485 and $238,615, respectively)
$238,651 $239,289 
Cash and cash equivalents(1)
10,514 10,092 
Other assets4,125 5,606 
Total assets$253,290 $254,987 
LIABILITIES AND MEMBERS’ EQUITY
Notes payable, net of unamortized debt issuance costs of $746 and $802, respectively
$156,754 $156,698 
Other liabilities7,350 5,557 
Total members' equity (2)
89,186 92,732 
Total liabilities and members’ equity$253,290 $254,987 
(1) As of September 30, 2022 and December 31, 2021, all of Credit Fund II's cash and cash equivalents was restricted.
63

(2) As of September 30, 2022 and December 31, 2021, the fair value of Company's ownership interest in the members' equity was $74,997 and $77,958, respectively.
For the three month period endedFor the nine month period ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
 (unaudited)(unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income5,183 $4,838 14,263 $14,205 
Expenses
Interest and credit facility expenses2,076 1,190 4,756 3,588 
Other expenses199 177 545 558 
Total expenses2,275 1,367 5,301 4,146 
Net investment income (loss)2,908 3,471 8,962 10,059 
Net change in unrealized appreciation (depreciation) on investments(908)(850)(3,508)(138)
Net increase (decrease) resulting from operations2,000 $2,621 5,454 $9,921 

Below is a summary of Credit Fund II’s portfolio, followed by a listing of the loans in Credit Fund II’s portfolio as of September 30, 2022 and December 31, 2021:
As of
 September 30, 2022December 31, 2021
Senior secured loans (1)
$244,688 $240,878 
Weighted average yields of senior secured loans based on amortized cost (2)
9.57 %7.26 %
Weighted average yields of senior secured loans based on fair value (2)
9.68 %7.24 %
Number of portfolio companies in Credit Fund II34 36 
Average amount per portfolio company (1)
$7,197 $6,691 
Percentage of portfolio at floating interest rates (3) (4)
97.8 %97.7 %
Percentage of portfolio at fixed interest rates (4)
2.2 %2.3 %
Fair value of loans with PIK provisions$11,894 $17,453 
Percentage of portfolio with PIK provisions (4)
5.0 %7.3 %
(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 September 30, 2022 and December 31, 2021. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities 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 on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. 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.
64



Consolidated Schedule of Investments as of September 30, 2022
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (89.5% of fair value)
Airnov, Inc.^(2)(3)Containers, Packaging & GlassLIBOR
5.00%
8.58%12/19/2025$9,870 $9,858 $9,833 
Alpine Acquisition Corp II^(2)(3)(7)Transportation: CargoSOFR
5.50%
8.42%11/30/20263,300 3,190 3,181 
American Physician Partners, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR
6.75%, 3.50% PIK
13.39%10/21/20228,968 8,968 8,939 
Appriss Health, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR
7.25%
9.93%5/6/20277,512 7,379 7,338 
Apptio, Inc.^(2)(3)SoftwareLIBOR
6.00%
8.46%1/10/20255,357 5,309 5,357 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^(2)(3)SoftwareLIBOR
6.00%
8.78%12/24/20264,322 4,250 4,065 
BMS Holdings III Corp.^(2)(3)Construction & BuildingLIBOR
5.50%
9.17%9/30/20263,250 3,199 3,204 
Chartis Holding, LLC^(2)(3)Business ServicesLIBOR
5.25%
6.38%5/1/20259,848 9,835 9,796 
Comar Holding Company, LLC^(2)(3)Containers, Packaging & GlassLIBOR
5.75%
9.39%6/18/20248,642 8,588 8,269 
Cority Software Inc. (Canada)^(2)(3)SoftwareSOFR
5.50%
7.78%7/2/20268,646 8,543 8,569 
Dwyer Instruments, Inc.^(2)(3)Capital EquipmentLIBOR
6.00%
9.38%7/21/20279,939 9,885 9,797 
EvolveIP, LLC^(2)(3)(7)TelecommunicationsSOFR
5.50%
9.20%6/7/20258,643 8,639 8,508 
Harbour Benefit Holdings, Inc.^(2)(3)Business ServicesLIBOR
5.25%
8.79%12/13/20249,926 9,903 9,891 
Hoosier Intermediate, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR
5.50%
8.56%11/15/20286,463 6,270 6,135 
Integrity Marketing Acquisition, LLC^(2)(3)Diversified Financial ServicesLIBOR
5.75%
8.85%8/27/20254,883 4,718 4,655 
Integrity Marketing Acquisition, LLC^(2)(3)Diversified Financial ServicesLIBOR
5.50%
8.00%8/27/20254,546 4,366 4,321 
K2 Insurance Services, LLC^(2)(3)Diversified Financial ServicesLIBOR
5.00%
8.63%7/1/20268,944 8,850 8,911 
Material Holdings, LLC^(2)(3)Business ServicesSOFR
6.00%
9.64%8/19/20277,920 7,846 7,561 
Maverick Acquisition, Inc.^(2)(3)Aerospace & DefenseLIBOR
6.25%
9.92%6/1/20277,920 7,774 7,069 
NMI AcquisitionCo, Inc.^(2)(3)High Tech IndustriesLIBOR
5.75%
8.87%9/6/20258,640 8,640 8,435 
PF Atlantic Holdco 2, LLC^(2)(3)Leisure Products & ServicesLIBOR
5.50%
8.77%11/12/20279,975 9,669 9,802 
QW Holding Corporation^(2)(3)Environmental IndustriesLIBOR
5.50%
8.05%8/31/20269,973 9,825 9,796 
Riveron Acquisition Holdings, Inc.^(2)(3)Diversified Financial ServicesLIBOR
5.75%
9.42%5/22/20258,111 8,032 8,111 
RSC Acquisition, Inc.^(2)(3)(7)Diversified Financial ServicesSOFR
5.50%
8.38%11/1/20268,337 8,231 7,983 
TCFI Aevex LLC^(2)(3)Aerospace & DefenseLIBOR
6.00%
8.69%3/18/20261,688 1,667 1,407 
Turbo Buyer, Inc. ^(2)(3)AutomotiveLIBOR
6.00%
8.88%12/2/20258,029 7,913 7,870 
U.S. Legal Support, Inc.^(2)(3)(7)Business ServicesSOFR
5.75%
9.29%11/30/20246,186 6,178 6,082 
US INFRA SVCS Buyer, LLC^(2)(3)Environmental IndustriesLIBOR
6.50%, 0.25% PIK
8.78%4/13/20263,111 3,071 2,955 
Westfall Technik, Inc.^(2)(3)Chemicals, Plastics & RubberSOFR
6.25%
9.80%9/13/20246,433 6,374 6,304 
65

Consolidated Schedule of Investments as of September 30, 2022
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Wineshipping.com LLC^(2)(3)Beverage & FoodLIBOR
5.75%
7.63%10/29/2027$9,975 $9,618 $9,483 
First Lien Debt Total$216,588 $213,627 
Second Lien Debt (10.5% of fair value)
AI Convoy S.A.R.L (United Kingdom)^(2)(3)Aerospace & DefenseLIBOR
8.25%
9.80%1/17/2028$5,514 $5,422 $5,734 
AP Plastics Acquisition Holdings, LLC^(2)(3)Chemicals, Plastics & RubberLIBOR
7.50%
10.49%8/10/20294,500 4,417 4,406 
AQA Acquisition Holdings, Inc.^(2)(3)High Tech IndustriesLIBOR
7.50%
10.57%3/3/20295,000 4,890 4,843 
Quartz Holding Company^(2)(3)SoftwareLIBOR
8.00%
11.12%4/2/20274,852 4,789 4,821 
World 50, Inc.^(6)Business ServicesFIXED
11.50%
11.50%1/9/20275,465 5,379 5,220 
Second Lien Debt Total$24,897 $25,024 
Total Investments$241,485 $238,651 
^ Denotes that all or a portion of the assets are owned by Credit Fund II Sub. Credit Fund II Sub has entered into the Credit Fund II Sub Notes. The lenders of the Credit Fund II Sub Notes have a first lien security interest in substantially all of the assets of Credit Fund II Sub. Accordingly, such assets are not available to creditors of Credit Fund II.
(1)    Unless otherwise indicated, issuers of investments held by Credit Fund II are domiciled in the United States. As of September 30, 2022, the geographical composition of investments as a percentage of fair value was 3.6% in Canada, 1.7% in Luxembourg, 2.4% in the United Kingdom and 92.3% 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 LIBOR, 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, Credit Fund II has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2022. As of September 30, 2022, the reference rates for Credit Fund II's variable rate loans were the 30-day LIBOR at 3.14%, the 90-day LIBOR at 3.75%, the 180-day LIBOR at 4.23%, the 30-day SOFR at 3.04%, and the 90-day SOFR at 3.59%.
(3)Loan includes interest rate floor feature, which is generally 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 board of managers of Credit Fund II, pursuant to Credit Fund II’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 consolidated financial statements.
(6)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.
(7)Loans include a credit spread adjustment that ranges from 0.10% to 0.25%.
66


Consolidated Schedule of Investments as of December 31, 2021
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (87.0% of fair value)
Airnov, Inc.^(2)(3)Containers, Packaging & GlassLIBOR5.00%6.00%12/19/2025$9,946 $9,930 $9,946 
American Physician Partners, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR
6.75%, 1.50% PIK
9.25%2/21/20228,415 8,415 8,415 
Appriss Health, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR7.25%8.25%5/6/20271,197 1,178 1,198 
Apptio, Inc.^(2)(3)SoftwareLIBOR7.25%8.25%1/10/20255,357 5,295 5,357 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^(2)(3)SoftwareLIBOR6.00%7.00%12/24/20264,355 4,273 3,924 
Avenu Holdings, LLC^(2)(3)Sovereign & Public FinanceLIBOR5.25%6.25%9/28/2024987 980 987 
BMS Holdings III Corp.^(2)(3)Construction & BuildingLIBOR5.50%6.50%9/30/20263,275 3,216 3,224 
Captive Resources Midco, LLC^(2)(3)Banking, Finance, Insurance & Real EstateLIBOR5.50%6.25%5/31/20278,193 8,108 8,147 
Chartis Holding, LLC^(2)(3)Business ServicesLIBOR5.50%6.50%5/1/20259,924 9,907 9,924 
Comar Holding Company, LLC^(2)(3)Containers, Packaging & GlassLIBOR5.75%6.75%6/18/20248,710 8,632 8,536 
Cority Software Inc. (Canada)^(2)(3)SoftwareLIBOR5.00%6.00%7/2/20268,712 8,591 8,707 
Dwyer Instruments, Inc^(2)(3)Capital EquipmentLIBOR5.50%6.25%7/21/202710,000 9,939 9,974 
Ethos Veterinary Health LLC^(2)(3)Consumer ServicesLIBOR4.75%4.85%5/15/20268,134 8,080 8,134 
EvolveIP, LLC^(2)(3)TelecommunicationsLIBOR5.50%6.50%6/7/20258,710 8,701 8,666 
Harbour Benefit Holdings, Inc.^(2)(3)Business ServicesLIBOR5.25%6.25%12/13/20244,717 4,707 4,669 
K2 Insurance Services, LLC^(2)(3)Banking, Finance, Insurance & Real EstateLIBOR5.00%6.00%7/1/20269,012 8,914 8,998 
Kaseya, Inc.^(2)(3)High Tech IndustriesLIBOR
5.50%, 1.00% PIK
7.50%5/3/20259,092 8,987 9,038 
Material Holdings, LLC^(2)(3)Business ServicesLIBOR5.75%6.50%8/19/20277,980 7,896 7,891 
Maverick Acquisition, Inc.^(2)(3)Aerospace & DefenseLIBOR6.00%7.00%6/1/20277,980 7,814 7,808 
National Technical Systems, Inc.^(2)(3)Aerospace & DefenseLIBOR5.50%6.50%6/12/20238,733 8,720 8,733 
NMI AcquisitionCo, Inc.^(2)(3)High Tech IndustriesLIBOR5.75%6.50%9/6/20258,708 8,680 8,601 
Redwood Services Group, LLC^(2)(3)High Tech IndustriesLIBOR6.00%7.00%6/6/20248,736 8,724 8,737 
Riveron Acquisition Holdings, Inc.^(2)(3)Banking, Finance, Insurance & Real EstateLIBOR5.75%6.75%5/22/20258,173 8,074 8,173 
RSC Acquisition, Inc.^(2)(3)Banking, Finance, Insurance & Real EstateLIBOR5.50%6.25%11/1/20268,401 8,277 8,434 
Superior Health Linens, LLC^(2)(3)Business ServicesLIBOR6.50%7.50%3/31/20226,875 6,875 6,875 
TCFI Aevex LLC^(2)(3)Aerospace & DefenseLIBOR6.00%7.00%3/18/20261,701 1,676 1,458 
Turbo Buyer, Inc.^(2)(3)AutomotiveLIBOR6.00%7.00%12/2/20258,091 7,950 7,929 
US INFRA SVCS Buyer, LLC^(2)(3)Environmental IndustriesLIBOR6.50%7.50%4/13/20263,267 3,217 3,189 
67

Consolidated Schedule of Investments as of December 31, 2021
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
USLS Acquisition, Inc.^(2)(3)Business ServicesLIBOR5.50%6.50%11/30/2024$6,234 $6,223 $6,165 
Westfall Technik, Inc.^(2)(3)Chemicals, Plastics & RubberLIBOR5.75%6.75%9/13/20246,418 6,337 6,359 
First Lien Debt Total$208,316 $208,196 
Second Lien Debt (13.0%) of fair value)
AI Convoy S.A.R.L (United Kingdom)^(2)(3)Aerospace & DefenseLIBOR8.25%9.25%1/17/2028$5,514 $5,413 $5,720 
AP Plastics Acquisition Holdings, LLC^(2)(3)Chemicals, Plastics & RubberLIBOR7.50%8.25%8/10/20294,500 4,410 4,526 
AQA Acquisition Holdings, Inc.^(2)(3)High Tech IndustriesLIBOR7.50%8.00%3/3/20295,000 4,881 5,004 
Quartz Holding Company^(2)(3)SoftwareLIBOR8.00%8.10%4/2/20274,852 4,781 4,852 
Tank Holding Corp.^(2)(3)Capital EquipmentLIBOR8.25%8.35%3/26/20275,514 5,446 5,569 
World 50, Inc.^(6)Business ServicesFIXED11.50%11.50%1/9/20275,465 5,368 5,422 
Second Lien Debt Total$30,299 $31,093 
Total Investments$238,615 $239,289 
^ Denotes that all or a portion of the assets are owned by Credit Fund II Sub. Credit Fund II Sub has entered into the Credit Fund II Sub Notes. The lenders of the Credit Fund II Sub Notes have a first lien security interest in substantially all of the assets of Credit Fund II Sub. Accordingly, such assets are not available to creditors of Credit Fund II.
(1)    Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2021, the geographical composition of investments as a percentage of fair value was 3.6% in Canada, 1.6% in Luxembourg, 2.4% in the United Kingdom and 92.4% 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 LIBOR 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 II has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2021. As of December 31, 2021, the reference rates for Credit Fund II's variable rate loans were the 30-day LIBOR at 0.10%, the 90-day LIBOR at 0.22% and the 180-day LIBOR at 0.33%.
(3)Loan includes interest rate floor feature, which is generally 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 board of managers of Credit Fund II, pursuant to Credit Fund II’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 consolidated financial statements.
(6)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.
7. BORROWINGS
The Company is 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. For the purposes of the asset coverage ratio under the Investment Company Act, the Preferred Stock, as defined in Note 1, is considered a senior security and is included in the denominator of the calculation. As of September 30, 2022 and December 31, 2021, asset coverage was 179.56% and 181.94%, respectively.
Below is a summary of the borrowings and repayments under the Credit Facility for the three month and nine month periods ended September 30, 2022 and 2021, and the outstanding balances under the Facilities for the respective periods.
For the three month periods endedFor the nine month periods ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Outstanding Borrowing, beginning of period$443,395 $365,060 $407,655 $347,949 
Borrowings111,011 157,552 313,511 337,031 
Repayments(125,000)(95,000)(284,746)(257,500)
Foreign currency translation(5,447)(2,067)(12,461)(1,935)
Outstanding Borrowing, end of period$423,959 $425,545 $423,959 $425,545 
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Credit Facility
The Company closed on the Credit Facility on March 21, 2014, which was subsequently amended on January 8, 2015, May 25, 2016, March 22, 2017, September 25, 2018, June 14, 2019, November 8, 2019, October 28, 2020, October 11, 2021 and May 25, 2022. The maximum principal amount of the Credit Facility is $688,000, 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 $900,000 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 $50,000 limit for swingline loans and a $20,000 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. Prior to the May 25, 2022 amendment, amounts drawn under the Credit Facility bore interest at either LIBOR plus an applicable spread of 2.25%, or an alternative base rate (which was the highest of a prime rate, the federal funds effective rate plus 0.50%, or one month LIBOR plus 1.00%) plus an applicable spread of 1.25%. 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 undrawn amounts under the Credit Facility and, in respect of each undrawn 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 May 25, 2026 (October 28, 2024 prior to the May 25, 2022 amendment) and the Credit Facility will mature on May 25, 2027 (October 28, 2025 prior to the May 25, 2022 amendment). During the period from May 25, 2026 to May 25, 2027, 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. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, shareholders’ 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 September 30, 2022 and December 31, 2021, the Company was in compliance with all covenants and other requirements of the Credit Facility.
Summary of the Credit Facility
The Credit Facility consisted of the following as of September 30, 2022 and December 31, 2021:
 September 30, 2022
 Total FacilityBorrowings Outstanding
Unused 
Portion (1)
Amount Available (2)
Credit Facility$688,000 $423,959 $264,041 $265,350 
Total$688,000 $423,959 $264,041 $265,350 
 December 31, 2021
 Total FacilityBorrowings Outstanding
Unused 
Portion (1)
Amount Available (2)
Credit Facility$688,000 $407,655 $280,345 $280,706 
Total$688,000 $407,655 $280,345 $280,706 
(1)The unused portion is the amount upon which commitment fees are based.
(2)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

69

For the three month and nine month periods ended September 30, 2022 and 2021, the components of interest expense and credit facility fees were as follows:
 For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest expense$4,292 $2,638 $9,395 $6,809 
Facility unused commitment fee175 243 805 885 
Amortization of deferred financing costs271 192 746 574 
Total interest expense and credit facility fees$4,738 $3,073 $10,946 $8,268 
Cash paid for interest expense$2,242 $2,730 $7,717 $7,094 
Average principal debt outstanding$423,487 $432,039 $385,509 $376,421 
Weighted average interest rate3.97 %2.39 %3.21 %2.39 %

As of September 30, 2022 and December 31, 2021, the components of interest and credit facilities payable were as follows:
As of
September 30, 2022December 31, 2021
Interest expense payable$875 $264 
Unused commitment fees payable— 3 
Other credit facility fees payable25 — 
Interest and credit facilities payable$900 $267 
Weighted average interest rate (based on floating benchmark rates)4.28 %2.39 %

8. NOTES PAYABLE
Senior Notes
On December 30, 2019, the Company closed a private offering of $115.0 million in aggregate principal amount of 4.750% Senior Unsecured Notes due December 31, 2024. Interest is payable quarterly, beginning March 31, 2020. On December 11, 2020, the Company issued an additional $75.0 million aggregate principal amount of senior unsecured notes due December 31, 2024. The 2020 Notes bear interest at an interest rate of 4.500% and the interest is payable quarterly, beginning December 31, 2020.
The interest rate on the Senior Notes is subject to increase (up to an additional 1.00% over the stated rate of such notes) in the event that, subject to certain exceptions, the Senior Notes cease to have an investment grade rating. The Company is obligated to offer to repay the notes at par if certain change in control events occur. The Senior Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. Interest expense on the Senior Notes for the three month periods ended September 30, 2022 and 2021 was $2,210 and $2,209, respectively. Interest expense on the Senior Notes for the nine month periods ended September 30, 2022 and 2021 was $6,628 and $6,628, respectively.
The note purchase agreement, as supplemented by the first supplement, for the Senior Notes contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the Investment Company Act and a regulated investment company under the Code, minimum asset coverage ratio and interest coverage ratio, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, breach of covenant, material breach of representation or warranty under the note purchase agreement, cross-acceleration under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. As of September 30, 2022, the Company was in compliance with these terms and conditions.

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2015-1R Notes
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:
•$160,000 of Aaa/AAA Class A-1A Notes;
•$40,000 of Aaa/AAA Class A-1B Notes;
•$27,000 of Aaa/AAA Class A-1C Notes; and
•$46,000 of Aa2 Class A-2 Notes.
The 2015-1 Notes were issued at par and were scheduled to mature on July 15, 2027. The Company received 100% of the 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. The 2015-1 Issuer Preferred Interests do not bear interest and had a nominal value of $125,900 at closing. In connection with the contribution, the Company made customary representations, warranties and covenants to the 2015-1 Issuer in the purchase agreement. The Class A-1A, Class A-1B and Class A-1C and Class A-2 Notes are included in these consolidated financial statements. The 2015-1 Issuer Preferred Interests were eliminated in consolidation.
On the closing date of the 2015-1 Debt Securitization, the 2015-1 Issuer effected a one-time distribution to the Company of a substantial portion of the proceeds of the private placement of the 2015-1 Notes, net of expenses, which distribution was used to repay a portion of certain amounts outstanding under the SPV Credit Facility (which terminated on December 11, 2020) and the Credit Facility. As part of the 2015-1 Debt Securitization, certain first and second lien senior secured loans were distributed by the SPV to the Company pursuant to a distribution and contribution 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, among other things:
(a) refinanced the issued Class A-1A Notes by redeeming in full the Class A-1A Notes and issuing new AAA Class A-1-1-R Notes in an aggregate principal amount of $234,800 which bear interest at the three-month LIBOR plus 1.55%;
(b) refinanced the issued Class A-1B Notes by redeeming in full the Class A-1B Notes and issuing new AAA Class A-1-2-R Notes in an aggregate principal amount of $50,000 which bear interest at the three-month LIBOR plus 1.48% for the first 24 months and the three-month LIBOR plus 1.78% thereafter;
(c) refinanced the issued Class A-1C Notes by redeeming in full the Class A-1C Notes and issuing new AAA Class A-1-3-R Notes in an aggregate principal amount of $25,000 which bear interest at 4.56%;
(d) refinanced the issued Class A-2 Notes by redeeming in full the Class A-2 Notes and issuing new Class A-2-R Notes in an aggregate principal amount of $66,000 which bear interest at the three-month LIBOR plus 2.20%;
(e) issued new single-A Class B Notes and BBB- Class C Notes in aggregate principal amounts of $46,400 and $27,000, respectively, which bear interest at the three-month LIBOR plus 3.15% and the three-month LIBOR plus 4.00%, respectively;
(f) reduced the 2015-1 Issuer Preferred Interests by approximately $21,375 from a nominal value of $125,900 to approximately $104,525 at close; and
(g) 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 are secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans.
On the closing date of the 2015-1 Debt Securitization Refinancing, the 2015-1 Issuer effected a one-time distribution to the Company of a substantial portion of the proceeds of the private placement of the 2015-1R Notes, net of expenses, which distribution was used to repay a portion of certain amounts outstanding under the SPV Credit Facility and the Credit Facility. As part of the 2015-1 Debt Securitization Refinancing, certain first and second lien senior secured loans were distributed by the SPV to the Company pursuant to a distribution and contribution agreement. 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
71

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, 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, 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 of the 2015-1 Issuer and in accordance with the Company’s investment strategy.
The Investment Adviser serves as collateral manager to the 2015-1 Issuer under a collateral management agreement (the “Collateral Management Agreement”). 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 and nine month periods ended September 30, 2022 and 2021. 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 September 30, 2022, the Company was in compliance with its undertaking.
The 2015-1 Issuer pays ongoing administrative expenses to the trustee, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2015-1 Issuer.
As of September 30, 2022, the 2015-1R Notes were secured by 67 first lien and second lien senior secured loans with a total fair value of approximately $550,981 and cash of $29,643. The pool of loans 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 2015-1R Notes.
For the nine month periods ended September 30, 2022 and 2021, the effective annualized weighted average interest rates, which include amortization of debt issuance costs on the 2015-1R Notes, were 3.27% and 2.33%, respectively, based on floating LIBOR rates. As of September 30, 2022 and December 31, 2021 the weighted average interest rates were 4.52% and 2.27% respectively, based on floating LIBOR rates.
For the for the three and nine month periods ended September 30, 2022 and 2021, the components of interest expense on the 2015-1R Notes were as follows:
 For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest expense$4,927 $2,609 $10,964 $7,926 
Amortization of deferred financing costs62 63 185 186 
Total interest expense and credit facility fees$4,989 $2,672 $11,149 $8,112 
Cash paid for interest expense$5,293 $2,637 $10,558 $8,028 

As of September 30, 2022 and December 31, 2021, $4,340 and $2,200, respectively, of interest expense was included in interest and credit facility fees payable.
72

9. COMMITMENTS AND CONTINGENCIES
A summary of significant contractual payment obligations was as follows as of September 30, 2022 and December 31, 2021:
Payment Due by PeriodSeptember 30, 2022December 31, 2021
Less than one year$— $— 
1-3 years190,000 190,000 
3-5 years423,959 407,655 
More than 5 years449,200 449,200 
Total$1,063,159 $1,046,855 
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 consolidated financial statements as of September 30, 2022 and December 31, 2021 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 Value as of
 September 30, 2022December 31, 2021
Unfunded delayed draw commitments$111,141 $112,985 
Unfunded revolving loan commitments74,804 67,513 
Total unfunded commitments$185,945 $180,498 

10. NET ASSETS
The Company has the authority to issue 198,000,000 shares of common stock, par value $0.01 per share, and 2,000,000 shares of preferred stock, par value $0.01 per share.
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 has 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 are 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. After May 5, 2027, the dividend rate will increase annually, in each case by 1.00% per annum.
    The Preferred Stock is convertible, in whole or in part, at the option of the holder of the Preferred Stock into the number of shares of common stock equal to the Liquidation Preference plus any accumulated but unpaid dividends, divided by an initial conversion price of $9.50, subject to certain adjustments to prevent dilution as set forth in the Company's articles supplementary (the “Articles Supplementary”) that establishes the terms of the Preferred Stock. The conversion price as of September 30, 2022 was $9.37. At any time after May 5, 2023, the Company, with the approval of the Board of Directors, including a majority of the Independent Directors, will have the option to redeem all of the Preferred Stock for cash consideration equal to the Liquidation Preference plus any accumulated but unpaid dividends. The holders of the Preferred Stock will have the right to convert all or a portion of their shares of Preferred Stock prior to the date fixed for such redemption. At any time after May 5, 2027, the holders of the Preferred Stock will have the option to require the Company to redeem any or all of the then-outstanding Preferred Stock upon 90 days’ notice. The form of consideration used in any such redemption is at the option of the Board of Directors, including a majority of the Independent Directors, and may be cash consideration equal to the Liquidation Preference plus any accumulated but unpaid dividends, or shares of common stock. Holders also have the right to redeem the Preferred Stock upon a Change in Control (as defined in the Articles Supplementary).
73

The following table summarizes the Company’s dividends declared on the Preferred Stock during the prior year and the current fiscal year to-date. Unless otherwise noted, dividends were declared and paid, or are payable, in cash.
Date DeclaredRecord DatePayment DatePer Share Amount
March 31, 2021March 31, 2021March 31, 20210.438 
June 30, 2021June 30, 2021June 30, 20210.438 
September 30, 2021September 30, 2021September 30, 20210.438 
December 29, 2021December 31, 2021December 31, 20210.438 
March 25, 2022March 31, 2022March 31, 20220.438 
June 27, 2022June 30, 2022June 30, 20220.438 
September 22, 2022September 30, 2022September 30, 20220.438 
Total$3.066 
Company Stock Repurchase Program
On August 1, 2022, the Company's Board of Directors approved the continuation of the Company's stock repurchase program (the “Company Stock Repurchase Program”) until November 5, 2023, or until the approved dollar amount has been used to repurchase shares of common stock, and increased the size of the Company Stock Repurchase Program by $50 million to an aggregate amount of $200 million. This program may be suspended, extended, modified or discontinued by the Company at any time, subject to applicable law. 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 Stock Repurchase Program through September 30, 2022, the Company has repurchased 10,951,887 shares of the Company's common stock at an average cost of $13.37 per share, or $146,407 in the aggregate, resulting in accretion to net assets per share of $0.60.
Changes in Net Assets
For the three and nine month periods ended September 30, 2022, the Company repurchased and extinguished 531,439 and 1,525,682 shares, respectively, for $7,144 and $21,120, respectively. The following tables summarize capital activity for the three and nine month periods ended September 30, 2022:
 Preferred Stock
 
Common Stock
Capital in Excess of Par ValueOffering
Costs		Accumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmountSharesAmount
Balance, July 1, 20222,000,000 $50,000 52,148,211 $521 $1,038,462 $(1,633)$23,268 $(117,811)$(66,314)$926,493 
Repurchase of common stock — — (531,439)(4)(7,140)— — — — (7,144)
Net investment income (loss)— — — — — — 31,153 — — 31,153 
Net realized gain (loss) — — — — — — — (4,579)— (4,579)
Net change in unrealized appreciation (depreciation)— — — — — — — — 11,256 11,256 
Dividends declared on common stock and preferred stock— — — — — — (21,528)— — (21,528)
Balance, September 30, 20222,000,000 $50,000 51,616,772 $517 $1,031,322 $(1,633)$32,893 $(122,390)$(55,058)$935,651 
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 Preferred Stock
 
Common Stock
Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmountSharesAmount
Balance, January 1, 20222,000,000 $50,000 53,142,454 $532 $1,052,427 $(1,633)$19,562 $(123,297)$(48,787)$948,804 
Repurchase of common stock — — (1,525,682)(15)(21,105)— — — — (21,120)
Net investment income (loss)— — — — — — 78,542 — — 78,542 
Net realized gain (loss)— — — — — — — 907 — 907 
Net change in unrealized appreciation (depreciation)— — — — — — — — (6,271)(6,271)
Dividends declared on common stock and preferred stock— — — — — — (65,211)— — (65,211)
Balance, September 30, 20222,000,000 $50,000 51,616,772 $517 $1,031,322 $(1,633)$32,893 $(122,390)$(55,058)$935,651 
For the three and nine month periods ended September 30, 2021, the Company repurchased and extinguished 495,871 and 1,605,865 shares, respectively, for $6,770 and $20,497 respectively. The following tables summarize capital activity for the three and nine month periods ended September 30, 2021:
 Preferred Stock 
Common Stock		Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmountSharesAmount
Balance, July 1, 20212,000,000 $50,000 54,210,315 $542 $1,067,720 $(1,633)$15,307 $(136,653)$(70,452)$924,831 
Repurchase of common stock— — (495,871)(5)(6,765)— — — — (6,770)
Net investment income (loss)— — — — — — 22,086 — — 22,086 
Net realized gain (loss)— — — — — — — 7,556 — 7,556 
Net change in unrealized appreciation (depreciation)— — — — — — — — 17,978 17,978 
Dividends declared— — — — — — (21,287)— — (21,287)
Balance, September 30, 20212,000,000 $50,000 53,714,444 $537 $1,060,955 $(1,633)$16,106 $(129,097)$(52,474)$944,394 
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 Preferred Stock 
Common Stock		Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmountSharesAmount
Balance, January 1, 20212,000,000 $50,000 55,320,309 $553 $1,081,436 $(1,633)$14,568 $(140,133)$(103,428)$901,363 
Repurchase of common stock— — (1,605,865)(16)(20,481)— — — — (20,497)
Net investment income (loss)— — — — — — 64,402 — — 64,402 
Net realized gain (loss) — — — — — — — 11,036 — 11,036 
Net change in unrealized appreciation (depreciation)— — — — — — — — 50,954 50,954 
Dividends declared— — — — — — (62,864)— — (62,864)
Balance, September 30, 20212,000,000 $50,000 53,714,444 $537 $1,060,955 $(1,633)$16,106 $(129,097)$(52,474)$944,394 
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. 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:
 For the three month period ended September 30, 2022For the nine month period ended September 30, 2022
 BasicDilutedBasicDiluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$36,955 $37,830 $70,553 $73,178 
Weighted-average common shares outstanding51,863,022 57,182,634 52,388,355 57,707,967 
Basic and diluted earnings per share$0.71 $0.66 $1.35 $1.27 

For the three month period ended September 30, 2021For the nine month period ended September 30, 2021
BasicDilutedBasicDiluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$46,745 $47,620 $123,767 $126,392 
Weighted-average common shares outstanding53,955,338 59,230,725 54,506,760 59,782,147 
Basic and diluted earnings per share$0.87 $0.80 $2.27 $2.11 
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Common Stock Dividends
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 DeclaredRecord DatePayment DatePer Common Share Amount
February 24, 2020March 31, 2020April 17, 2020$0.37 
May 4, 2020June 30, 2020July 17, 2020$0.37 
August 3, 2020September 30, 2020October 16, 2020$0.32 
(2)
August 3, 2020September 30, 2020October 16, 2020$0.05 
(1)
November 2, 2020December 31, 2020January 15, 2021$0.32 
November 2, 2020December 31, 2020January 15, 2021$0.04 
(1)
February 22, 2021March 31, 2021April 16, 2021$0.32 
February 22, 2021March 31, 2021April 16, 2021$0.05 
(1)
May 3, 2021June 30, 2021July 15, 2021$0.32 
May 3, 2021June 30, 2021July 15, 2021$0.04 
(1)
August 2, 2021September 30, 2021October 15, 2021$0.32 
August 2, 2021September 30, 2021October 15, 2021$0.06 
(1)
November 1, 2021December 31, 2021January 14, 2022$0.32 
November 1, 2021December 31, 2021January 14, 2022$0.07 
(1)
February 18, 2022March 31, 2022April 15, 2022$0.32 
February 18, 2022March 31, 2022April 15, 2022$0.08 
(1)
May 2, 2022June 30, 2022July 15, 2022$0.32 
May 2, 2022June 30, 2022July 15, 2022$0.08 
(1)
August 8, 2022September 30, 2022October 14, 2022$0.34 
(2)
August 8, 2022September 30, 2022October 14, 2022$0.06 
(1)
(1)Represents a special/supplemental dividend.
(2)The Company updated its dividend policy such that the base dividend was $0.32 per share of common stock, effective with the third quarter 2020 dividend through the second quarter 2022 dividend. The Company further updated its dividend policy such that the base dividend is $0.34 per share of common stock, effective with the third quarter 2022 dividend.


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11. CONSOLIDATED FINANCIAL HIGHLIGHTS
The following is a schedule of consolidated financial highlights for the nine month periods ended September 30, 2022 and 2021: 
 For the nine month periods ended
 September 30, 2022September 30, 2021
Per Common Share Data:
Net asset value per common share, beginning of period$16.91 $15.39 
Net investment income (loss) (1)
1.45 1.13 
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities(0.10)1.14 
Net increase (decrease) in net assets resulting from operations1.35 2.27 
Dividends declared (2)
(1.20)(1.11)
Other0.01 0.03 
Accretion due to share repurchases0.09 0.07 
Net asset value per common share, end of period$17.16 $16.65 
Market price per common share, end of period$11.44 $13.41 
Number of common shares outstanding, end of period51,616,772 53,714,444 
Total return based on net asset value (3)
8.57 %15.40 %
Total return based on market price (4)
(7.94)%41.52 %
Net assets attributable to Common Stockholders, end of period$885,651 $894,394 
Ratio to average net assets attributable to Common Stockholders(5):
Expenses before incentive fees6.35 %5.71 %
Expenses after incentive fees8.16 %7.22 %
Net investment income (loss) 8.82 %7.40 %
Interest expense and credit facility fees3.23 %2.64 %
Ratios/Supplemental Data:
Asset coverage, end of period179.56 %180.23 %
Portfolio turnover25.70 %30.72 %
Weighted-average shares outstanding52,388,355 54,506,760 
(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 10, Net Assets).
(3)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.
(4)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.
(5)These ratios to average net assets attributable to Common Stockholders have not been annualized.

12. 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 consolidated financial statements. As of September 30, 2022 and December 31, 2021, 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.
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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 consolidated financial statements.

13. TAX
The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of September 30, 2022 and December 31, 2021.
In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. As of September 30, 2022 and December 31, 2021, the Company had filed tax returns and therefore is subject to examination.
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 dividends declared on preferred stock and common stock for nine month periods ended September 30, 2022 and 2021 was as follows:
 For the nine month periods ended
 September 30, 2022September 30, 2021
Ordinary income$65,211 $62,864 
Tax return of capital$— $— 
14. SUBSEQUENT EVENTS
Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below and elsewhere in the consolidated financial statements.
On October 31, 2022, the Board of Directors declared a base quarterly common dividend of $0.36 plus a supplemental common dividend of $0.08, which are payable on January 16, 2023 to common stockholders of record on December 30, 2022.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
(dollar amounts in thousands, except 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,” “CSL” 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 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 as a result of the current COVID-19 pandemic;
•the return or impact of current and future investments;
•the general economy and its impact on the industries in which we invest and the impact of the COVID-19 pandemic thereon;
•the impact of any protracted decline in the liquidity of credit markets on our business and the impact of the COVID-19 pandemic thereon;
•the impact of fluctuations in interest rates on our business, including from the discontinuation of LIBOR and the implementation of alternatives to LIBOR;
•the valuation of our investments in portfolio companies, particularly those having no liquid trading market, and the impact of the COVID-19 pandemic thereon;
•the impact of supply chain constraints on our portfolio companies and the global economy;
•the elevating levels 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;
•our ability to recover unrealized losses;
•market conditions and our ability to access alternative debt markets and additional debt and equity capital, and the impact of the COVID-19 pandemic thereon;
•our contractual arrangements and relationships with third parties;
•uncertainty surrounding the financial stability of the United States, Europe and China;
•the social, geopolitical, financial, trade and legal implications of the exit of the United Kingdom from the European Union, or Brexit;
•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 and the impact of the COVID-19 pandemic thereon;
•the ability to consummate acquisitions;
•the ability of Carlyle Global Credit Investment Management L.L.C., our investment adviser (the “Investment Adviser”), to locate suitable investments for us and to monitor and administer our investments;
•currency fluctuations could adversely affect 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;
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•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;
•the ability of The Carlyle Group Employee Co., L.L.C. to attract and retain highly talented professionals that can provide services to our 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 (the “Code”).
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 statements for any reason, including the factors set forth in “Risk Factors” in Part II, Item 1A of our annual report on Form 10-K for the year ended December 31, 2021 (our “2021 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.

OVERVIEW
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 2021 Form 10-K. Our actual results could differ materially from those anticipated by such forward-looking statements due to factors discussed under “Risk Factors” in our 2021 Form 10-K and “Cautionary Statements Regarding Forward-Looking Statements” appearing elsewhere in this Form 10-Q.
We are a Maryland corporation formed on February 8, 2012, and structured as an externally managed, non-diversified closed-end investment company. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). We have elected to be treated, and intend to continue to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code.
Our investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through secured debt investments in U.S. middle market companies. Our core investment strategy focuses on lending to U.S. middle market companies supported by financial sponsors, which we define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization, which we believe is a useful proxy for cash flow. This core strategy is supplemented with complementary specialty lending and opportunistic 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 the balance of our assets invested in higher yielding investments (which may include unsecured debt, mezzanine debt and investments in equities). We generally make Middle Market Senior Loans to private U.S. middle market companies that are, in many cases, controlled by private equity firms. Depending on market conditions, we expect that between 70% and 80% of the value of our assets will be invested in Middle Market Senior Loans. We expect that the composition of our portfolio will change over time given our Investment Adviser’s view on, among other things, the economic and credit environment (including with respect to interest rates) in which we are operating.
On June 19, 2017, we closed our initial public offering, issuing 9,454,200 shares of our 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, we received cash proceeds of $169,488. Shares of common stock of CSL began trading on the Nasdaq Global Select Market under the symbol “CGBD” on June 14, 2017.
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On June 9, 2017, we acquired NF Investment Corp. (“NFIC”), a BDC managed by our Investment Adviser (the “NFIC Acquisition”). As a result, we issued 434,233 shares of common stock to the NFIC stockholders and approximately $145,602 in cash, and acquired approximately $153,648 in net assets.
We are externally managed by our Investment Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended. Our Administrator provides the administrative services necessary for us to operate. Both our Investment Adviser and our Administrator are wholly owned subsidiaries of Carlyle Investment Management L.L.C., a subsidiary of Carlyle. As of September 30, 2022, our Investment Adviser’s investment team included a team of more than 220 investment professionals across the Carlyle Global Credit segment. Subject to certain delegated authorities, our Investment Adviser’s investment committee (the “Investment Committee”) is responsible for reviewing and approving our investment opportunities. The members of the Investment Committee have experience investing through different credit cycles. The Investment Committee comprises several of the most senior credit professionals within the Carlyle Global Credit segment, with backgrounds and expertise across multiple asset classes with significant industry experience and tenure. The Investment Committee has delegated approval of certain amendments, follow-on investments with existing borrowers, investments below certain size thresholds (existing or new platforms), and other matters as determined by the Investment Committee to a screening committee. In addition, our Investment Adviser and its investment team 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 and resources of Carlyle, including our Investment Adviser and its affiliates.
In conducting our investment activities, we believe that we benefit from the significant scale, relationships and resources of Carlyle, including our Investment Adviser and its affiliates. We have operated our business as a BDC since we began our investment activities in May 2013.
KEY COMPONENTS OF OUR RESULTS OF OPERATIONS
Investments
Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle market companies, the general economic environment and the competitive environment for the type of investments we make.
Revenue
We generate revenue 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 LIBOR or 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. In addition, 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 also reflects the proceeds of sales of securities. We may also generate revenue 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 the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (as amended, the “Investment Advisory Agreement”); (ii) costs and other expenses and our allocable portion of overhead incurred by our Administrator in performing its administrative obligations under the Administration Agreement between us and our Administrator; and (iii) other operating expenses as detailed 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);
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•expenses, including travel expenses, incurred by our Investment Adviser, or members of our Investment Adviser team managing our investments, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, expenses of enforcing our rights;
•certain costs and expenses relating to distributions paid on our shares;
•debt service and other costs of borrowings or other financing arrangements;
•the allocated costs incurred by our 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;
•costs of hedging;
•commissions and other compensation payable to brokers or dealers;
•federal and state registration fees;
•any U.S. federal, state and local taxes, including any excise 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 registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing;
•the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;
•the costs of specialty and custom software for monitoring risk, compliance and overall portfolio, including any development costs incurred prior to the filing of our election to be regulated as a BDC;
•our fidelity bond;
•directors and officers/errors and omissions 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.
We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.
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PORTFOLIO AND INVESTMENT ACTIVITY
Below is a summary of certain characteristics of our investment portfolio as of September 30, 2022 and December 31, 2021.
As of
September 30, 2022December 31, 2021
Fair value of investments$1,948,957 $1,913,052 
Count of investments165 154 
Count of portfolio companies / investment funds127 117 
Count of industries28 27 
Percentage of total investment fair value:
First lien debt68.2 %64.4 %
Second lien debt13.5 %17.9 %
Total secured debt81.7 %82.3 %
Investment Funds13.6 %13.7 %
Equity investments4.7 %4.0 %
Percentage of debt investment fair value:
Floating rate (1)
98.6 %98.4 %
Fixed interest rate1.4 %1.6 %
(1) Primarily subject to interest rate floors.
Our investment activity for the three month periods ended September 30, 2022 and 2021 is presented below (information presented herein is at amortized cost unless otherwise indicated):
 For the three month periods ended
 September 30, 2022September 30, 2021
Investments:
Total investments, beginning of period$1,958,301 $1,936,328 
New investments purchased227,794 272,645 
Net accretion of discount on investments2,835 2,501 
Net realized gain (loss) on investments(4,508)7,565 
Investments sold or repaid(172,235)(222,784)
Total Investments, end of period$2,012,187 $1,996,255 
Principal amount of investments funded:
First Lien Debt$267,262 $217,652 
Second Lien Debt285 58,857 
Equity Investments918 446 
Total$268,465 $276,955 
Principal amount of investments sold or repaid:
First Lien Debt$(180,937)$(195,020)
Second Lien Debt(31,500)(18,230)
Equity Investments— (1,870)
Total$(212,437)$(215,120)
Number of new funded investments16 15 
Average amount of new funded investments$16,147 $10,319 
Percentage of new funded debt investments at floating interest rates100 %100 %
Percentage of new funded debt investments at fixed interest rates— %— %

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As of September 30, 2022 and December 31, 2021, investments consisted of the following:
 September 30, 2022December 31, 2021
 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
First Lien Debt$1,380,925 $1,328,594 $1,271,794 $1,232,084 
Second Lien Debt270,772 263,211 341,538 341,776 
Equity Investments89,393 92,552 73,125 77,093 
Investment Funds271,097 264,600 271,096 262,099 
Total$2,012,187 $1,948,957 $1,957,553 $1,913,052 

The weighted average yields (1) for our first and second lien debt, based on the amortized cost and fair value as of September 30, 2022 and December 31, 2021, were as follows:
 September 30, 2022December 31, 2021
 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
First Lien Debt9.91 %10.31 %7.31 %7.55 %
Second Lien Debt11.18 %11.50 %9.04 %9.04 %
First and Second Lien Debt Total10.12 %10.50 %7.68 %7.87 %
 
(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of September 30, 2022 and December 31, 2021. Weighted average yield on debt and income producing securities 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 on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities 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 on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.
Total weighted average yields (which includes the effect of accretion of discount and amortization of premiums) of our first and second lien debt investments as measured on an amortized cost basis increased from 7.68% to 10.12% from December 31, 2021 to September 30, 2022.
The following table summarizes the fair value of our performing and non-accrual/non-performing investments as of September 30, 2022 and December 31, 2021:
 September 30, 2022December 31, 2021
 Fair ValuePercentageFair ValuePercentage
Performing$1,911,553 98.1 %$1,836,501 96.0 %
Non-accrual (1)
37,404 1.9 76,551 4.0 
Total$1,948,957 100.0 %$1,913,052 100.0 %
 
(1)For information regarding our non-accrual policy, see Note 2 to the consolidated financial statements included in Part I, Item 1 of this Form 10-Q.
See the Consolidated Schedules of Investments as of September 30, 2022 and December 31, 2021 in our consolidated financial statements in Part I, Item 1 of this Form 10-Q for more information on these investments, including a list of companies and type and amount of investments.
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As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments and rates each of them based on categories, which we refer to as “Internal Risk Ratings”. Pursuant to these risk policies, an Internal Risk Rating of 1 – 5, which are defined below, is assigned to each debt investment in our portfolio. Key drivers of internal risk ratings include financial metrics, financial covenants, liquidity and enterprise value coverage.
Internal Risk Ratings Definitions
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 bases 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.
Our Investment Adviser monitors and, when appropriate, changes the risk ratings assigned to each debt investment in our portfolio. Our Investment Adviser reviews our investment ratings in connection with our quarterly valuation process. The below table summarizes the Internal Risk Ratings assigned as of September 30, 2022 and December 31, 2021.
 September 30, 2022December 31, 2021
 Fair Value% of Fair ValueFair Value% of Fair Value
(dollar amounts in millions)    
Internal Risk Rating 1$33.9 2.1 %$3.8 0.2 %
Internal Risk Rating 21,261.1 79.3 1,205.5 76.6 
Internal Risk Rating 3259.5 16.3 299.5 19.0 
Internal Risk Rating 437.4 2.3 27.6 1.8 
Internal Risk Rating 5— — 37.5 2.4 
Total$1,591.8 100.0 %$1,573.9 100.0 %

As of September 30, 2022 and December 31, 2021, the weighted average Internal Risk Rating of our debt investment portfolio was 2.2 and 2.3, respectively. As of September 30, 2022, two of our debt investments, with an aggregate fair value of $37.4 million were assigned an Internal Risk Rating of 4-5.  As of December 31, 2021, two of our debt investments, with an aggregate fair value of $65.1 million were assigned an Internal Risk Rating of 4-5. As of September 30, 2022 and December 31, 2021, two and five of our debt investments were on non-accrual status, respectively. Our debt investments non-accrual status had a fair value of $37.4 million and $76.6 million, respectively, which represented approximately 1.9% and 4.0%, respectively, of our total investments at fair value as of September 30, 2022 and December 31, 2021. The remaining first and second lien debt investments were performing and current on their interest payments as of September 30, 2022 and December 31, 2021.

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CONSOLIDATED RESULTS OF OPERATIONS
For the three month and nine month periods ended September 30, 2022 and 2021
The net increase or decrease in net assets from operations may vary substantially from period to period as a result of various factors, including the recognition of realized gains and losses and net change in unrealized appreciation and depreciation. As a result, quarterly comparisons may not be meaningful.
Investment Income
Investment income for the three month and nine month periods ended September 30, 2022 and 2021 was as follows: 
 For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Investment income
First Lien Debt$42,436 $27,524 $102,309 $80,706 
Second Lien Debt7,322 7,790 22,392 21,319 
Equity Investments1,861 925 3,947 2,702 
Investment Funds7,524 7,523 22,572 22,539 
Total investment income$59,143 $43,762 $151,220 $127,266 
The increase in investment income for the three month period ended September 30, 2022 from the comparable period in 2021 was primarily driven by an increase in interest income from higher weighted average interest rates, higher other income and one-time income from restoring our Direct Travel, Inc. debt investments to accrual status. As of September 30, 2022, the size of our portfolio increased to $2,012,187 from $1,996,255 as of September 30, 2021, at amortized cost. As of September 30, 2022, the weighted average yield of our first and second lien debt investments increased to 10.12% from 7.69% as of September 30, 2021 on amortized cost, primarily due to the increase in benchmark interest rates and the reduction in non accruals.
Interest income on our first and second lien debt investments is 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 September 30, 2022 and 2021, two and five first lien debt investments, respectively, were on non-accrual status. Non-accrual investments had a fair value of $37,404 and $67,465 respectively, which represented approximately 1.9% and 3.5% of total investments at fair value, respectively, as of September 30, 2022 and 2021. The remaining first and second lien debt investments were performing and current on their interest payments as of September 30, 2022 and 2021.
For the three month periods ended September 30, 2022 and 2021, the Company earned $2,974 and $759, respectively, in other income. For the nine month periods ended September 30, 2022 and 2021, the Company earned $6,844 and $4,636, respectively, in other income. The increase in other income for the three and nine month period ended September 30, 2022 from the comparable period in 2021 was primarily driven by higher underwriting, amendment and prepayment fees.
For the three month periods ended September 30, 2022 and 2021, the Company earned $7,524 and $7,523, respectively, in dividend and interest income from the investment funds. For the nine month periods ended September 30, 2022 and 2021, the Company earned $22,572 and $22,539, respectively, in dividend and interest income from the investment funds.
Net investment income (loss) for the three month and nine month periods ended September 30, 2022 and 2021 was as follows:
 For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Total investment income$59,143 $43,762 $151,220 $127,266 
Net expenses (including excise tax expense)(27,990)(21,676)(72,678)(62,864)
Net investment income (loss)$31,153 $22,086 $78,542 $64,402 
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Expenses
 For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Base management fees$7,262 $7,233 $21,425 $21,024 
Incentive fees6,451 4,516 16,137 13,193 
Professional fees787 836 2,322 2,444 
Administrative service fees470 400 1,337 1,057 
Interest expense11,491 7,519 27,172 21,549 
Credit facility fees446 435 1,551 1,459 
Directors’ fees and expenses173 154 519 420 
Other general and administrative461 420 1,237 1,292 
Excise tax expense449 163 978 426 
Expenses$27,990 $21,676 $72,678 $62,864 

Interest expense and credit facility fees for the three month and nine month periods ended September 30, 2022 and 2021 comprised the following:
 For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest expense$11,491 $7,519 $27,172 $21,549 
Facility unused commitment fee175 243 805 885 
Amortization of deferred financing costs271 192 746 574 
Other fees— — — — 
Total interest expense and credit facility fees$11,937 $7,954 $28,723 $23,008 
Cash paid for interest expense$9,460 $7,576 $24,902 $21,750 
Average principal debt outstanding$1,062,687 $1,071,239 $898,738 $1,015,621 
Weighted average interest rate4.23 %2.75 %3.96 %2.77 %
The increase in interest expense and credit facility fees for the three month and nine month periods ended September 30, 2022 compared to the comparable period in 2021 was primarily driven by higher weighted average interest rates due to higher benchmark rates.
Below is a summary of the base management fees and incentive fees incurred during the three month and nine month periods ended September 30, 2022 and 2021.
For the three month periods endedFor the nine month periods ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Base management fees$7,262 $7,233 $21,425 $21,024 
Incentive fees on pre-incentive fee net investment income6,451 4,516 16,137 13,193 
Realized capital gains incentive fees— — — — 
Accrued capital gains incentive fees— — — — 
Total capital gains incentive fees— — — — 
Total incentive fees6,451 4,516 16,137 13,193 
Total base management fees and incentive fees$13,713 $11,749 $37,562 $34,217 
The increase in base management fees and incentive fees related to pre-incentive fee net investment income for the three and nine month period ended September 30, 2022 from the comparable period in 2021 was driven by higher gross assets and higher pre-incentive fee net investment income, respectively.
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For the three month and nine month periods ended September 30, 2022 and 2021, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of September 30, 2022 and 2021. 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 to the consolidated financial statements included in Part I, Item 1 of this 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) on Investments
During the three month and nine month periods ended September 30, 2022, we had realized gains on 7 and 17 investments, respectively, totaling approximately $598 and $7,953, respectively, which were partially offset by realized losses on 6 and 13 investments, respectively, totaling approximately $5,106 and $6,568, respectively. During the three month and nine month periods ended September 30, 2021, we had realized gains on 9 and 25 investments, respectively, totaling approximately $7,692 and $11,330, respectively, which were partially offset by realized losses on 4 and 6 investments, respectively, totaling approximately $127 and $147, respectively. During the three month and nine month periods ended September 30, 2022, we had unrealized appreciation on 62 and 38 investments, respectively, totaling approximately $25,319 and $39,047, respectively, which was offset by unrealized depreciation on 103 and 141 investments, respectively, totaling approximately $19,524 and $57,776, respectively. During the three month and nine month periods ended September 30, 2021, we had unrealized appreciation on 74 and 105 investments, respectively, totaling approximately $28,462 and $63,658, respectively, which was offset by unrealized depreciation on 81 and 73 investments, respectively, totaling approximately $12,475 and $14,524, respectively.
Net realized gain (loss) and net change in unrealized appreciation (depreciation) by the type of investments for the three month and nine month periods ended September 30, 2022 and 2021 were as follows:
 For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Net realized gain (loss) on investments$(4,508)$7,565 $1,385 $11,183 
Net change in unrealized appreciation (depreciation) on investments5,795 15,987 (18,729)49,134 
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments$1,287 $23,552 $(17,344)$60,317 
Net realized gain (loss) and net change in unrealized appreciation (depreciation) by the type of investments for the three month and nine month periods ended September 30, 2022 and 2021 were as follows:
 For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
TypeNet realized gain (loss)Net change in unrealized appreciation (depreciation)Net realized gain (loss)Net change in unrealized appreciation (depreciation)Net realized gain (loss)Net change in unrealized appreciation (depreciation)Net realized gain (loss)Net change in unrealized appreciation (depreciation)
First Lien Debt$151 $1,205 $590 $8,406 $3,102 $(12,622)$2,218 $27,512 
Second Lien Debt(4,659)3,421 (12)(247)(5,615)(7,800)(28)11,690 
Equity Investments— (753)6,987 175 3,898 (808)8,993 2,835 
Investment Funds— 1,922 — 7,653 — 2,501 — 6,384 
Total$(4,508)$5,795 $7,565 $15,987 $1,385 $(18,729)$11,183 $48,421 
We recorded net change in unrealized appreciation and net change in unrealized depreciation in our investments for the three and nine month period ended September 30, 2022, respectively, compared to net change in unrealized appreciation in our
89

investments for the comparable period in 2021 reflecting the negative impact of widening market yields partially offset by an increase in the value of borrowers on non-accrual status. Net change in unrealized appreciation (depreciation) is also driven by changes in other inputs utilized under our valuation methodology, including, but not limited to, enterprise value multiples, borrower leverage multiples and borrower ratings, and the impact of exits.
MIDDLE MARKET CREDIT FUND, LLC
Overview
On February 29, 2016, the Company and Credit Partners USA LLC (“Credit Partners”) entered into an amended and restated limited liability agreement, which was subsequently amended and restated on June 24, 2016, February 22, 2021 and May 16, 2022 (as amended, the “Limited Liability Company Agreement”) to co-manage Credit Fund, a Delaware limited liability company that is not consolidated in the Company’s 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. 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”), MMCF CLO 2019-2, LLC (the “2019-2 Issuer”) and MMCF Warehouse II, LLC (the “Credit Fund Warehouse II”), each a Delaware limited liability company, were formed on April 5, 2016, November 26, 2018 and August 16, 2019, respectively. Credit Fund Sub, the 2019-2 Issuer, and Credit Fund Warehouse II are wholly owned subsidiaries of Credit Fund and are consolidated in Credit Fund’s consolidated financial statements commencing from the date of their respective formations. In August 2021, the 2019-2 Notes, as defined below, were redeemed and repaid in full. Credit Fund Sub and Credit Fund Warehouse II primarily invest in first lien loans of middle market companies. Credit Fund and its wholly owned subsidiaries follow the same Internal Risk Rating System as the Company. Refer to “Debt” below for discussions regarding the credit facilities 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.
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Selected Financial Data
Since inception of Credit Fund and through September 30, 2022 and December 31, 2021, the Company and Credit Partners each made capital contributions of $1 and $1 in members’ equity, respectively, and $216,000 and $216,000 in subordinated loans, respectively, to Credit Fund. On May 25, 2021, the Company and Credit Partners received an aggregate return of capital on the subordinated loans of $46,000, of which the Company received $23,000. Below is certain summarized consolidated financial information for Credit Fund as of September 30, 2022 and December 31, 2021.
September 30, 2022December 31, 2021
 (unaudited) 
Selected Consolidated Balance Sheet Information
ASSETS
Investments, at fair value (amortized cost of $941,134 and $940,092, respectively)$896,207 $926,959 
Cash, cash equivalents and restricted cash (1)
24,991 54,041 
Other assets8,340 7,698 
Total assets$929,538 $988,698 
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings$571,621 $600,651 
Other liabilities21,122 19,828 
Subordinated loans and members’ equity (2)
336,795 368,219 
Liabilities and members’ equity$929,538 $988,698 
(1) As of September 30, 2022 and December 31, 2021, $10,950 and $10,816, respectively, of Credit Fund's cash and cash equivalents was restricted.
(2) As of September 30, 2022 and December 31, 2021, the fair value of the Company’s ownership interest in the subordinated loans and members’ equity was $189,603 and $184,141, respectively.
For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
 (unaudited)(unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income$18,563 $17,124 $48,049 $50,951 
Expenses
Interest and credit facility expenses6,858 6,701 15,983 17,437 
Other expenses410 510 1,507 1,532 
Total expenses7,268 7,211 17,490 18,969 
Net investment income (loss)11,295 9,913 30,559 31,982 
Net realized gain (loss) on investments(189)220 (189)(1,473)
Net change in unrealized appreciation (depreciation) on investments(4,757)1,500 (31,795)15,693 
Net increase (decrease) resulting from operations$6,349 $11,633 $(1,425)$46,202 

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Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund's portfolio, as of September 30, 2022 and December 31, 2021:
As of
September 30, 2022December 31, 2021
Senior secured loans (1)
$942,952 $942,930 
Weighted average yields of senior secured loans based on amortized cost (2)
8.59 %6.04 %
Weighted average yields of senior secured loans based on fair value (2)
8.96 %6.09 %
Number of portfolio companies in Credit Fund44 45 
Average amount per portfolio company (1)
$21,431 $20,954 
Number of loans on non-accrual status— — 
Fair value of loans on non-accrual status$— $— 
Percentage of portfolio at floating interest rates (3)(4)
100.0 %100.0 %
Percentage of portfolio at fixed interest rates (4)
— %— %
Fair value of loans with PIK provisions$16,302 $— 
Percentage of portfolio with PIK provisions (4)
1.8 %— %
(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 September 30, 2022 and December 31, 2021. Weighted average yield on debt and income producing securities at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities 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 on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.
(3)Floating rate debt investments are primarily subject to interest rate floors.
(4)Percentages based on fair value.

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Consolidated Schedule of Investments as of September 30, 2022
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (100.0% of fair value)
ACR Group Borrower, LLC^+(2)(3)(7)Aerospace & DefenseLIBOR 4.50% 8.12%3/31/2028$37,278 $36,780 $36,368 
Acrisure, LLC+(2)(3)Diversified Financial ServicesLIBOR 3.50% 6.62%2/13/202725,182 25,162 23,294 
Analogic Corporation^+(2)(3)(7)Capital EquipmentLIBOR 5.25% 8.07%6/22/202420,161 20,150 19,630 
Anchor Packaging, Inc.+(2)(3)Containers, Packaging & GlassLIBOR 4.00% 7.12%7/18/202624,284 24,210 23,464 
API Technologies Corp.+(2)(3)Aerospace & DefenseLIBOR 4.25% 7.92%5/9/202614,512 14,471 13,227 
Aptean, Inc.+(2)(3)SoftwareLIBOR 4.25% 7.32%4/23/202612,062 12,026 11,459 
Avalign Technologies, Inc.+(2)(3)Healthcare & PharmaceuticalsLIBOR 4.50% 7.62%12/22/202514,331 14,259 14,003 
BMS Holdings III Corp.+(2)(3)Construction & BuildingLIBOR 5.50% 9.17%9/30/202611,160 11,073 11,002 
Chartis Holding, LLC^+(2)(3)(7)Business ServicesLIBOR 5.25% 6.38%5/1/20256,911 6,911 6,862 
Chemical Computing Group ULC (Canada)^+(2)(3)(7)SoftwareLIBOR 4.50% 7.64%8/30/202413,805 13,563 13,576 
Diligent Corporation^+(2)(3)(7)TelecommunicationsLIBOR 6.25% 9.11%8/4/202510,044 9,855 9,715 
Divisions Holding Corporation+(2)(3)Business ServicesLIBOR 4.75% 7.87%5/27/202824,750 24,543 23,667 
DTI Holdco, Inc.+(2)(3)High Tech IndustriesSOFR 4.75% 7.33%4/26/202930,000 29,429 28,450 
Eliassen Group, LLC+(2)(3)Business ServicesSOFR 5.75% 9.30%4/14/202819,424 19,187 19,178 
EPS Nass Parent, Inc.^+(2)(3)(7)Utilities: ElectricLIBOR 5.75% 9.42%4/19/202833,810 33,208 32,851 
EvolveIP, LLC^+(2)(3)(6)(7)TelecommunicationsSOFR 5.50% 9.20%6/7/202540,494 40,460 39,816 
Exactech, Inc.+(2)(3)Healthcare & PharmaceuticalsLIBOR 3.75% 6.87%2/14/202521,138 21,071 18,882 
Frontline Technologies Holdings, LLC+(2)(3)SoftwareLIBOR 5.75% 8.89%9/18/202314,552 14,277 14,552 
GSM Acquisition Corp.^+(2)(3)(6)(7)Leisure Products & ServicesSOFR 5.00% 8.73%11/16/202630,207 29,944 28,849 
Heartland Home Services, Inc+(2)(3)Consumer ServicesLIBOR 5.75% 8.80%12/15/20267,260 7,171 7,143 
Heartland Home Services, Inc+(2)(3)(7)Consumer ServicesLIBOR 6.00% 9.12%12/15/202624,317 24,233 24,121 
Higginbotham Insurance Agency, Inc.+(2)(3)Diversified Financial ServicesLIBOR 5.25% 8.37%11/25/20264,500 4,438 4,417 
HMT Holding Inc.^+(2)(3)(6)(7)Energy: Oil & GasSOFR 6.25% 9.27%11/17/202532,232 32,086 30,289 
Integrity Marketing Acquisition, LLC^+(2)(3)Diversified Financial ServicesLIBOR 5.50% 8.00%8/27/202544,004 43,572 41,830 
Jensen Hughes, Inc.^+(2)(3)(7)Utilities: ElectricLIBOR 4.50% 7.29%3/22/202434,127 34,097 33,105 
K2 Insurance Services, LLC^+(2)(3)(7)Diversified Financial ServicesLIBOR 5.00% 8.63%7/1/202612,831 12,832 12,780 
KAMC Holdings, Inc.+(2)(3)Energy: ElectricityLIBOR 4.00% 7.07%8/14/202613,580 13,540 10,983 
KBP Investments, LLC+(2)(3)(7)Beverage & FoodLIBOR 5.50% 8.40%5/25/202737,173 36,966 34,700 
Odyssey Logistics & Technology Corp.^+(2)(3)Transportation: CargoLIBOR 4.00% 6.81%10/12/20249,530 9,512 9,196 
Output Services Group^+(2)(3)Media: Advertising, Printing & PublishingSOFR 5.25%, 1.50% PIK9.80%6/27/202619,168 19,145 13,519 
PF Atlantic Holdco 2, LLC+(2)(3)Leisure Products & ServicesLIBOR 5.50% 8.77%11/12/202715,435 15,196 15,167 
Premise Health Holding Corp.+(2)(3)Healthcare & PharmaceuticalsLIBOR 3.75% 7.92%7/10/202513,341 13,312 13,244 
93

Consolidated Schedule of Investments as of September 30, 2022
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
QW Holding Corporation^+(2)(3)(7)Environmental IndustriesLIBOR 5.50% 8.05%8/31/2026$21,630 $21,483 $21,147 
Radiology Partners, Inc.+(2)(3)Healthcare & PharmaceuticalsLIBOR 4.25% 7.32%7/9/202527,686 27,619 24,173 
RevSpring Inc.+(2)(3)Media: Advertising, Printing & PublishingLIBOR 4.00% 7.67%10/11/202528,924 28,803 27,694 
Riveron Acquisition Holdings, Inc.+(2)(3)Diversified Financial ServicesLIBOR 5.75% 9.42%5/22/202511,314 11,314 11,314 
Striper Buyer, LLC+(2)(3)Containers, Packaging & GlassLIBOR 5.50% 8.62%12/30/202614,738 14,625 14,715 
Turbo Buyer, Inc. +(2)(3)(7)AutomotiveLIBOR 6.00% 8.88%12/2/202534,339 34,115 33,641 
U.S. TelePacific Holdings Corp.+(2)(3)(6)TelecommunicationsSOFR 1.00%, 7.25% PIK11.32%5/2/20266,957 6,944 2,783 
USALCO, LLC+(2)(3)Chemicals, Plastics & RubberLIBOR 6.00% 9.67%10/19/202714,883 14,625 14,300 
VRC Companies, LLC^+(2)(3)(7)Business ServicesLIBOR 5.50% 9.25%6/29/202728,965 28,599 28,093 
Welocalize, Inc.^+(2)(3)(7)Business ServicesLIBOR 4.75% 7.87%12/23/202433,885 33,617 32,764 
WRE Holding Corp.^+(2)(3)(6)(7)Environmental IndustriesSOFR 5.25% 8.79%1/3/20258,428 8,426 8,268 
Yellowstone Buyer Acquisition, LLC+(2)(3)Consumer Goods: DurableLIBOR 5.75% 8.80%9/13/202739,600 38,921 37,976 
First Lien Debt Total$935,770 $896,207 
Equity Investments (0.0% of fair value)
DBI Holding, LLC^Transportation: Cargo2,961 $— $— 
DBI Holding, LLC^Transportation: Cargo13,996 5,364 — 
Equity Investments Total$5,364 $— 
Total Investments$941,134 $896,207 

^ 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 Facility”). The lenders of the Credit Fund Sub 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 September 30, 2022, the geographical composition of investments as a percentage of fair value was 1.5% in Canada and 98.5% 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 LIBOR, 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, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2022. As of September 30, 2022, the reference rates for Credit Fund’s variable rate loans were the 30-day LIBOR at 3.14%, the 90-day LIBOR at 3.75%, the 180-day LIBOR at 4.23%, the 30-day SOFR at 3.04%, and the 90-day SOFR at 3.59%.
(3)Loan includes interest rate floor feature, which is generally 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 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 the Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.
94

(6)As of September 30, 2022, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
First Lien Debt – unfunded delayed draw and revolving term loans commitmentsTypeUnused FeePar/ Principal AmountFair Value
ACR Group Borrower, LLCRevolver0.38%$4,289 $(94)
Analogic CorporationRevolver0.50339 (9)
Chartis Holding, LLCRevolver0.502,183 (12)
Chemical Computing Group ULC (Canada)Revolver0.50873 (14)
Diligent CorporationRevolver0.50351 (11)
EPS Nass Parent, Inc.Delayed Draw0.501,488 (39)
EPS Nass Parent, Inc.Revolver1.001,380 (36)
EvolveIP, LLCRevolver0.502,757 (43)
GSM Acquisition Corp.Delayed Draw1.00825 (36)
Heartland Home Services, IncRevolver0.50771 (6)
HMT Holding Inc.Revolver0.506,173 (312)
Jensen Hughes, Inc.Revolver0.502,000 (57)
K2 Insurance Services, LLCRevolver0.501,170 (4)
KBP Investments, LLCDelayed Draw1.002,598 (162)
QW Holding CorporationRevolver0.505,498 (98)
Turbo Buyer, Inc.Revolver0.50933 (18)
VRC Companies, LLCRevolver0.50708 (21)
Welocalize, Inc.Revolver0.503,375 (96)
Welocalize, Inc.Revolver0.502,250 (64)
WRE Holding Corp.Revolver0.50849 (15)
Total unfunded commitments$40,810 $(1,147)


(7)Loans include a credit spread adjustment that ranges from 0.10% to 0.43%.
95

Consolidated Schedule of Investments as of December 31, 2021
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (100.0% of fair value)
ACR Group Borrower, LLC^+(2)(3)(6)Aerospace & DefenseLIBOR4.25%5.50%3/31/2028$34,477 $33,913 $34,477 
Acrisure, LLC+#(2)(3)Banking, Finance, Insurance & Real EstateLIBOR3.50%3.78%2/13/202725,376 25,353 25,203 
Acrisure, LLC+(2)(3)Banking, Finance, Insurance & Real EstateLIBOR4.25%4.75%2/13/20276,700 6,650 6,687 
Analogic Corporation^+(2)(3)(6)Capital EquipmentLIBOR5.25%6.25%6/22/202419,796 19,781 19,587 
Anchor Packaging, Inc.+#(2)(3)Containers, Packaging & GlassLIBOR4.00%4.10%7/18/202624,472 24,385 24,215 
API Technologies Corp.+#(2)(3)Aerospace & DefenseLIBOR4.25%4.35%5/9/202614,625 14,575 14,251 
Aptean, Inc.+#(2)(3)SoftwareLIBOR4.25%4.35%4/23/202612,157 12,113 12,087 
Avalign Technologies, Inc.+#(2)(3)Healthcare & PharmaceuticalsLIBOR4.50%4.63%12/22/202514,443 14,354 14,320 
Avenu Holdings, LLC+(2)(3)Sovereign & Public FinanceLIBOR5.25%6.25%9/28/202423,350 23,350 23,350 
BMS Holdings III Corp.+(2)(3)Construction & BuildingLIBOR5.50%6.50%9/30/202611,244 11,143 11,071 
Chartis Holding, LLC+(2)(3)(6)Business ServicesLIBOR5.50%6.50%5/1/20256,964 6,964 6,964 
Chemical Computing Group ULC (Canada)^+(2)(3)(6)SoftwareLIBOR4.50%5.50%8/30/202413,912 13,480 13,845 
Chudy Group, LLC^+(2)(3)(6)Healthcare & PharmaceuticalsLIBOR5.75%6.75%6/30/202733,021 32,465 33,657 
Diligent Corporation^+(2)(3)(6)TelecommunicationsLIBOR6.25%7.25%8/4/20259,049 8,816 9,228 
Divisions Holding Corporation+#(2)(3)Business ServicesLIBOR4.75%5.50%5/27/202824,938 24,706 24,953 
DTI Holdco, Inc.+(2)(3)High Tech IndustriesLIBOR4.75%5.75%9/30/202318,495 18,442 18,237 
Eliassen Group, LLC+(2)(3)Business ServicesLIBOR4.50%4.60%11/5/202415,159 15,103 15,152 
EPS Nass Parent, Inc.^+(2)(3)(6)Utilities: ElectricLIBOR5.75%6.75%4/19/202832,846 32,169 32,507 
EvolveIP, LLC^+(2)(3)(6)TelecommunicationsLIBOR5.50%6.50%6/7/202540,196 40,126 39,973 
Exactech, Inc.+#(2)(3)Healthcare & PharmaceuticalsLIBOR3.75%4.75%2/14/202521,307 21,221 21,073 
Excel Fitness Holdings, Inc.+#(2)(3)Hotel, Gaming & LeisureLIBOR5.25%6.25%10/7/202524,500 24,336 24,500 
Frontline Technologies Holdings, LLC+(2)(3)SoftwareLIBOR5.25%6.25%9/18/202314,736 14,269 14,736 
GSM Acquisition Corp.^+(2)(3)(6)Hotel, Gaming & LeisureLIBOR5.00%6.00%11/16/202625,623 25,331 25,396 
Heartland Home Services, Inc+(2)(3)(6)Consumer ServicesLIBOR6.00%7.00%12/15/202617,664 17,664 17,735 
HMT Holding Inc.^+(2)(3)(6)Energy: Oil & GasLIBOR5.75%6.75%11/17/202332,484 32,245 31,086 
Integrity Marketing Acquisition, LLC^+(2)(3)(6)Banking, Finance, Insurance & Real EstateLIBOR5.50%6.25%8/27/202532,853 32,309 32,403 
Jensen Hughes, Inc.+(2)(3)(6)Utilities: ElectricLIBOR4.50%5.50%3/22/202434,392 34,347 33,395 
K2 Insurance Services, LLC+(2)(3)(6)Banking, Finance, Insurance & Real EstateLIBOR5.00%6.00%7/1/202612,929 12,929 12,906 
KAMC Holdings, Inc.+#(2)(3)Energy: ElectricityLIBOR4.00%4.18%8/14/202613,685 13,638 11,450 
KBP Investments, LLC+(2)(3)(6)Beverage, Food & TobaccoLIBOR5.00%5.75%5/25/202736,973 36,599 36,570 
Odyssey Logistics & Technology Corp.+#(2)(3)Transportation: CargoLIBOR4.00%5.00%10/12/20249,605 9,580 9,509 
96

Consolidated Schedule of Investments as of December 31, 2021
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Output Services Group^+(2)(3)Media: Advertising, Printing & PublishingLIBOR4.50%5.50%3/27/2024$19,222 $19,194 $16,467 
Premise Health Holding Corp.+#(2)(3)Healthcare & PharmaceuticalsLIBOR3.50%3.72%7/10/202513,445 13,409 13,419 
Q Holding Company+#(2)(3)AutomotiveLIBOR5.00%6.00%12/31/202321,515 21,421 21,098 
QW Holding Corporation^+(2)(3)(6)Environmental IndustriesLIBOR6.25%7.25%8/31/202414,116 13,887 13,645 
Radiology Partners, Inc.+#(2)(3)Healthcare & PharmaceuticalsLIBOR4.25%4.36%7/9/202527,686 27,603 27,245 
RevSpring Inc.+#(2)(3)Media: Advertising, Printing & PublishingLIBOR4.25%4.47%10/11/202529,149 29,001 29,067 
Striper Buyer, LLC+(2)(3)Containers, Packaging & GlassLIBOR5.50%6.25%12/30/202614,850 14,720 14,850 
Turbo Buyer, Inc.+(2)(3)(6)AutomotiveLIBOR6.00%7.00%12/2/202513,960 13,960 13,661 
U.S. TelePacific Holdings Corp.+(2)(3)TelecommunicationsLIBOR5.50%6.50%5/2/20236,660 6,643 4,995 
USALCO, LLC+(2)(3)Chemicals, Plastics & RubberLIBOR6.00%7.00%10/19/202714,995 14,704 14,704 
VRC Companies, LLC^+(2)(3)(6)Business ServicesLIBOR5.50%6.25%6/29/202726,520 26,103 26,162 
Welocalize, Inc.+(2)(3)(6)Business ServicesLIBOR4.75%5.75%12/23/202434,201 33,868 33,444 
WRE Holding Corp.^+(2)(3)(6)Environmental IndustriesSOFR5.50%6.50%1/3/20258,740 8,724 8,584 
Yellowstone Buyer Acquisition, LLC+(2)(3)Consumer Goods: DurableLIBOR5.75%6.75%9/13/202739,900 39,135 39,095 
First Lien Debt Total$934,728 $926,959 
Equity Investments (0.0% of fair value)
DBI Holding, LLC^Transportation: Cargo2,961 $— $— 
DBI Holding, LLC^Transportation: Cargo13,996 5,364 — 
Equity Investments Total$5,364 $— 
Total Investments
$940,092 $926,959 

^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. Accordingly, such assets are not available to creditors of Credit Fund Sub, the 2019-2 Issuer or Credit Fund Warehouse II.
+ 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 Facility. The lenders of the Credit Fund Sub 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, the 2019-2 Issuer or Credit Fund Warehouse II.
# Denotes that all or a portion of the assets are owned by the Credit Fund Warehouse II. Credit Fund Warehouse II has entered into a revolving credit facility (the “Credit Fund Warehouse II Facility”). The lenders of the Credit Fund Warehouse II Facility have a first lien security interest in substantially all of the assets of the Credit Fund Warehouse II. Accordingly, such assets are not available to creditors of Credit Fund or Credit Fund Sub.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2021, the geographical composition of investments as a percentage of fair value was 1.5% in Canada and 98.5% 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 LIBOR 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, 2021. As of December 31, 2021, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 0.10%, the 90-day LIBOR at 0.22% and the 180-day LIBOR at 0.33%.
(3)Loan includes interest rate floor feature, which is generally 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 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 the consolidated financial statements in Part I, Item 1 of this Form 10-Q.
97

(6)As of December 31, 2021, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
First Lien Debt—unfunded delayed draw and revolving term loans commitmentsTypeUnused FeePar/ Principal AmountFair Value
ACR Group Borrower, LLCRevolver0.38 %$7,350 $— 
Analogic CorporationRevolver0.50 847 (9)
Chartis Holding, LLCRevolver0.50 2,183 — 
Chemical Computing Group ULC (Canada)Revolver0.50 873 (4)
Chudy Group, LLCDelayed Draw1.00 5,517 88 
Chudy Group, LLCRevolver0.50 1,379 22 
Diligent CorporationDelayed Draw1.00 1,653 26 
Diligent CorporationRevolver0.50 703 11 
EPS Nass Parent, Inc.Delayed Draw1.00 3,136 (29)
EPS Nass Parent, Inc.Revolver0.50 941 (9)
EvolveIP, LLCRevolver0.50 3,360 (17)
GSM Acquisition Corp.Delayed Draw1.00 4,313 (33)
Heartland Home Services, IncRevolver0.50 746 3 
HMT Holding Inc.Revolver0.50 6,173 (223)
Integrity Marketing Acquisition, LLCDelayed Draw— 7,000 (71)
Integrity Marketing Acquisition, LLCDelayed Draw1.00 4,453 (45)
Jensen Hughes, Inc.Revolver0.50 2,000 (55)
K2 Insurance Services, LLCRevolver0.50 1,170 (2)
KBP Investments, LLCDelayed Draw1.00 503 (5)
KBP Investments, LLCDelayed Draw1.00 2,415 (24)
QW Holding CorporationDelayed Draw1.00 9,338 (162)
QW Holding CorporationRevolver0.50 3,794 (66)
Turbo Buyer, Inc.Revolver0.50 933 (19)
VRC Companies, LLCDelayed Draw0.75 2,521 (30)
VRC Companies, LLCRevolver0.50 833 (10)
Welocalize, Inc.Revolver0.50 3,375 (64)
Welocalize, Inc.Revolver0.50 2,250 (43)
WRE Holding Corp.Revolver0.50 624 (10)
Total unfunded commitments$80,383 $(780)


Debt
The Credit Fund, Credit Fund Sub and Credit Fund Warehouse II are party to separate credit facilities as described below. As of September 30, 2022 and December 31, 2021, Credit Fund, Credit Fund Sub and Credit Fund Warehouse II 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 three month and nine month periods ended 2022 and 2021, and the outstanding balances under the credit facilities for the respective periods.
98

Credit Fund
Facility		Credit Fund Sub
Facility		Credit Fund Warehouse II Facility
202220212022202120222021
Three Month Periods Ended September 30,
Outstanding Borrowing, beginning of period$— $— $532,621 $515,121 $— $82,163 
Borrowings— — 51,000 167,500 — 44,250 
Repayments— — (12,000)(52,000)— — 
Outstanding Borrowing, end of period$— $— $571,621 $630,621 $— $126,413 
Nine Month Periods Ended September 30,
Outstanding Borrowing, beginning of period$— $— $514,621 $420,859 $86,030 $93,402 
Borrowings— — 138,000 393,000 — 52,250 
Repayments— — (81,000)(183,238)(86,030)(19,239)
Outstanding Borrowing, end of period$— $— $571,621 $630,621 $— $126,413 
Credit Fund Facility. On June 24, 2016, Credit Fund entered into the Credit Fund Facility with the Company, which was subsequently amended on June 5, 2017, October 2, 2017, November 3, 2017, June 22, 2018, June 29, 2018, February 21, 2019, March 20, 2020, February 22, 2021 and May 19, 2022, 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 $175,000. The maturity date of the Credit Fund Facility is May 21, 2023. Amounts borrowed under the Credit Fund Facility bear interest at a rate of LIBOR plus 9.00%.
Credit Fund Sub Facility. On June 24, 2016, Credit Fund Sub closed on the Credit Fund Sub Facility with lenders, which was subsequently amended on May 31, 2017, October 27, 2017, August 24, 2018, December 12, 2019, March 11, 2020, May 3, 2021 and May 3, 2022. The Credit Fund Sub Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $640,000. The facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund Sub. The maturity date of the Credit Fund Sub Facility is May 22, 2025. Amounts borrowed under the Credit Fund Sub Facility bear interest at a rate of SOFR plus 2.35%.
Credit Fund Warehouse II Facility. On August 16, 2019, Credit Fund Warehouse II closed on a revolving credit facility (the “Credit Fund Warehouse II Facility”) with lenders. The Credit Fund Warehouse II Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $150,000. The Credit Fund Warehouse II Facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund Warehouse II Facility. The maturity date of the Credit Fund Warehouse II Facility was August 16, 2022 and Credit Fund Warehouse II repaid all outstanding amounts on June 28, 2022. Amounts borrowed under the Credit Fund Warehouse II Facility during the first 12 months bore interest at a rate of LIBOR plus 1.05%, and amounts borrowed in the second 12 months bore interest at LIBOR plus 1.15%. Other amounts borrowed under the Credit Fund Warehouse II Facility bore interest at a rate of LIBOR plus 1.50%.
2019-2 Notes
On May 21, 2019, Credit Fund completed the 2019-2 Debt Securitization. The notes offered in the 2019-2 Debt Securitization (the “2019-2 Notes”) were issued by the 2019-2 Issuer, a wholly owned and consolidated subsidiary of Credit Fund, and are secured by a diversified portfolio of the 2019-2 Issuer consisting primarily of first and second lien senior secured loans. The 2019-2 Debt Securitization was executed through a private placement of the 2019-2 Notes, consisting of:
•$233,000 of Aaa/AAA Class A-1 Notes, which bore interest at the three-month LIBOR plus 1.50%;
•$48,000 of Aa2/AA Class A-2 Notes, which bore interest at the three-month LIBOR plus 2.40%;
•$23,000 of A2/A Class B Notes, which bore interest at the three-month LIBOR plus 3.45%;
•$27,000 of Baa2/BBB- Class C Notes which bore interest at the three-month LIBOR plus 4.55%; and
•$21,000 of Ba2/BB- Class D Notes which bore interest at the three-month LIBOR plus 8.03%.
The 2019-2 Notes were scheduled to mature on April 15, 2029. Credit Fund received 100% of the preferred interests issued by the 2019-2 Issuer (the “2019-2 Issuer Preferred Interests”) on the closing date of the 2019-2 Debt Securitization in exchange for Credit Fund’s contribution to the 2019-2 Issuer of the initial closing date loan portfolio. The 2019-2 Issuer Preferred Interests did not bear interest and had a nominal value of $48,300 at closing.
99

The 2019-2 Notes were fully redeemed during the year ended December 31, 2021. As of the redemption date and as of December 31, 2021, the 2019-2 Issuer was in compliance with all covenants and other requirements of the indenture.
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 that is not consolidated in the Company's consolidated financial statements. Middle Market Credit Fund II, LLC (“Credit Fund II”) primarily invests in senior secured loans of middle market companies. Credit Fund II is managed by a four-member board, on which the Company and CCLF have equal representation. Establishing a quorum for Credit Fund II's board requires at least one of the Company's representatives and one of CCLF's representatives. The Company and CCLF have 84.13% and 15.87% economic ownership of Credit Fund II, respectively. By virtue of its membership interest, each of the Company and CCLF indirectly bears an allocable share of all expenses and other obligations of Credit Fund II.
Credit Fund II's initial portfolio consisted of 45 senior secured loans of middle market companies with an aggregate principal balance of approximately $250 million. Credit Fund II's initial portfolio was funded on November 3, 2020 with existing senior secured debt investments contributed by the Company and as part of the transaction, the Company determined that the contribution met the requirements under ASC 860, Transfers and Servicing.
Credit Fund II is expected to make only limited new investments in senior secured loans of middle market companies. Portfolio and investment decisions with respect to Credit Fund II must be unanimously approved by a quorum of Credit Fund II’s board members consisting of at least one of the Company's representatives and one of CCLF's representatives. Therefore, although the Company owns more than 25% of the voting securities of Credit Fund II, 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 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 are pledged as security for the Credit Fund II Senior Notes (see below).
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.
Credit Fund II Senior Notes
On November 3, 2020 and as amended on December 29, 2021, Credit Fund II Sub closed on the Credit Fund II Senior Notes (the “Credit Fund II Senior Notes”) with lenders. The Credit Fund II Senior Notes provides for secured borrowings totaling $157,500 with two tranches, A-1 and A-2 outstanding. The facility is secured by a first lien security interest in substantially all of the portfolio investments held by Credit Fund II Sub. The maturity date of the Credit Fund II Senior Notes Sub Facility is November 3, 2030. Amounts issued for the Class A-1 notes totaled $147,500 and bear interest at a rate of Term SOFR plus 2.85% (LIBOR plus 2.70% prior to the June 30, 2022 amendment), and amounts issued for the Class A-2 notes totaled $10,000 and bear interest at LIBOR plus 3.20% Term SOFR plus 3.35% (LIBOR plus 3.20% prior to the June 30, 2022 amendment). The A-1 Notes were rated AAA, and the A-2 Notes were rated AA by DBRS Morningstar. The terms of the Credit Fund II Senior Notes provide that as loans pay down, up to $100,000 is available from principal proceeds for reinvestment ($50,000 prior to the June 30, 2022 amendment), and then the investment principal proceeds are used to directly pay down the principal balance on the Credit Fund II Senior Notes. As of September 30, 2022 and December 31, 2021, Credit Fund II Sub was in compliance with all covenants and other requirements of its respective credit agreements.
Selected Financial Data
Since inception of Credit Fund II and through September 30, 2022, the Company and CCLF made capital contributions of $78,096 and $12,709 in members’ equity, respectively, to Credit Fund II. Below is certain summarized consolidated information for Credit Fund II as of September 30, 2022 and December 31, 2021.
100

As of
September 30, 2022December 31, 2021
(unaudited)
ASSETS
Investments, at fair value (amortized cost of $241,485 and $238,615, respectively)$238,651 $239,289 
Cash, cash equivalents and restricted cash (1)
10,514 10,092 
Other assets4,125 5,606 
Total assets$253,290 $254,987 
LIABILITIES AND MEMBERS’ EQUITY
Notes payable, net of unamortized debt issuance costs of $746 and $802, respectively$156,754 $156,698 
Other liabilities7,350 5,557 
Total members' equity (2)
89,186 92,732 
Total liabilities and members’ equity$253,290 $254,987 
(1) As of September 30, 2022 and December 31, 2021, all of Credit Fund II's cash and cash equivalents was restricted.
(2) As of September 30, 2022 and December 31, 2021, the fair value of Company's ownership interest in the members' equity was $74,997 and $77,958, respectively.
For the three month periods endedFor the nine month periods ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
 (unaudited)(unaudited)
Selected Consolidated Statement of Operations Information:
Total investment income$5,183 $4,838 14,263 $14,205 
Expenses
Interest and credit facility expenses2,076 1,190 4,756 3,588 
Other expenses199 177 545 558 
Total expenses2,275 1,367 5,301 4,146 
Net investment income (loss)2,908 3,471 8,962 10,059 
Net change in unrealized appreciation (depreciation) on investments(908)(850)(3,508)(138)
Net increase (decrease) resulting from operations$2,000 $2,621 5,454 $9,921 

Below is a summary of Credit Fund II’s portfolio, followed by a listing of the loans in Credit Fund II’s portfolio as of September 30, 2022 and December 31, 2021:
As of
 September 30, 2022December 31, 2021
Senior secured loans (1)
$244,688 $240,878 
Weighted average yields of senior secured loans based on amortized cost (2)
9.57 %7.26 %
Weighted average yields of senior secured loans based on fair value (2)
9.68 %7.24 %
Number of portfolio companies in Credit Fund II34 36 
Average amount per portfolio company (1)
$7,197 $6,691 
Percentage of portfolio at floating interest rates (3) (4)
97.8 %97.7 %
Percentage of portfolio at fixed interest rates (4)
2.2 %2.3 %
Fair value of loans with PIK provisions$11,894 $17,453 
Percentage of portfolio with PIK provisions (4)
5.0 %7.3 %
(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 September 30, 2022 and December 31, 2021. Weighted average yield on debt and income producing securities at fair value is computed
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as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned on accruing debt included in such securities, divided by (b) total first lien and second lien debt at fair value included in such securities. Weighted average yield on debt and income producing securities 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 on accruing debt included in such securities, divided by (b) total first lien and second lien debt at amortized cost included in such securities. 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.

Consolidated Schedule of Investments as of September 30, 2022
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (89.5% of fair value)
Airnov, Inc.^(2)(3)Containers, Packaging & GlassLIBOR 5.00% 8.58%12/19/2025$9,870 $9,858 $9,833 
Alpine Acquisition Corp II^(2)(3)(7)Transportation: CargoSOFR 5.50% 8.42%11/30/20263,300 3,190 3,181 
American Physician Partners, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR 6.75%, 3.50% PIK13.39%10/21/20228,968 8,968 8,939 
Appriss Health, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR 7.25% 9.93%5/6/20277,512 7,379 7,338 
Apptio, Inc.^(2)(3)SoftwareLIBOR 6.00% 8.46%1/10/20255,357 5,309 5,357 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^(2)(3)SoftwareLIBOR 6.00% 8.78%12/24/20264,322 4,250 4,065 
BMS Holdings III Corp.^(2)(3)Construction & BuildingLIBOR 5.50% 9.17%9/30/20263,250 3,199 3,204 
Chartis Holding, LLC^(2)(3)Business ServicesLIBOR 5.25% 6.38%5/1/20259,848 9,835 9,796 
Comar Holding Company, LLC^(2)(3)Containers, Packaging & GlassLIBOR 5.75% 9.39%6/18/20248,642 8,588 8,269 
Cority Software Inc. (Canada)^(2)(3)SoftwareSOFR 5.50% 7.78%7/2/20268,646 8,543 8,569 
Dwyer Instruments, Inc.^(2)(3)Capital EquipmentLIBOR 6.00% 9.38%7/21/20279,939 9,885 9,797 
EvolveIP, LLC^(2)(3)(7)TelecommunicationsSOFR 5.50% 9.20%6/7/20258,643 8,639 8,508 
Harbour Benefit Holdings, Inc.^(2)(3)Business ServicesLIBOR 5.25% 8.79%12/13/20249,926 9,903 9,891 
Hoosier Intermediate, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR 5.50% 8.56%11/15/20286,463 6,270 6,135 
Integrity Marketing Acquisition, LLC^(2)(3)Diversified Financial ServicesLIBOR 5.75% 8.85%8/27/20254,883 4,718 4,655 
Integrity Marketing Acquisition, LLC^(2)(3)Diversified Financial ServicesLIBOR 5.50% 8.00%8/27/20254,546 4,366 4,321 
K2 Insurance Services, LLC^(2)(3)Diversified Financial ServicesLIBOR 5.00% 8.63%7/1/20268,944 8,850 8,911 
Material Holdings, LLC^(2)(3)Business ServicesSOFR 6.00% 9.64%8/19/20277,920 7,846 7,561 
Maverick Acquisition, Inc.^(2)(3)Aerospace & DefenseLIBOR 6.25% 9.92%6/1/20277,920 7,774 7,069 
NMI AcquisitionCo, Inc.^(2)(3)High Tech IndustriesLIBOR 5.75% 8.87%9/6/20258,640 8,640 8,435 
PF Atlantic Holdco 2, LLC^(2)(3)Leisure Products & ServicesLIBOR 5.50% 8.77%11/12/20279,975 9,669 9,802 
QW Holding Corporation^(2)(3)Environmental IndustriesLIBOR 5.50% 8.05%8/31/20269,973 9,825 9,796 
Riveron Acquisition Holdings, Inc.^(2)(3)Diversified Financial ServicesLIBOR 5.75% 9.42%5/22/20258,111 8,032 8,111 
RSC Acquisition, Inc.^(2)(3)(7)Diversified Financial ServicesSOFR 5.50% 8.38%11/1/20268,337 8,231 7,983 
TCFI Aevex LLC^(2)(3)Aerospace & DefenseLIBOR 6.00% 8.69%3/18/20261,688 1,667 1,407 
Turbo Buyer, Inc. ^(2)(3)AutomotiveLIBOR 6.00% 8.88%12/2/20258,029 7,913 7,870 
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Consolidated Schedule of Investments as of September 30, 2022
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
U.S. Legal Support, Inc.^(2)(3)(7)Business ServicesSOFR 5.75% 9.29%11/30/2024$6,186 $6,178 $6,082 
US INFRA SVCS Buyer, LLC^(2)(3)Environmental IndustriesLIBOR 6.50%, 0.25% PIK8.78%4/13/20263,111 3,071 2,955 
Westfall Technik, Inc.^(2)(3)Chemicals, Plastics & RubberSOFR 6.25% 9.80%9/13/20246,433 6,374 6,304 
Wineshipping.com LLC^(2)(3)Beverage & FoodLIBOR 5.75% 7.63%10/29/20279,975 9,618 9,483 
First Lien Debt Total$216,588 $213,627 
Second Lien Debt (10.5% of fair value)
AI Convoy S.A.R.L (United Kingdom)^(2)(3)Aerospace & DefenseLIBOR 8.25% 9.80%1/17/2028$5,514 $5,422 $5,734 
AP Plastics Acquisition Holdings, LLC^(2)(3)Chemicals, Plastics & RubberLIBOR 7.50% 10.49%8/10/20294,500 4,417 4,406 
AQA Acquisition Holdings, Inc.^(2)(3)High Tech IndustriesLIBOR 7.50% 10.57%3/3/20295,000 4,890 4,843 
Quartz Holding Company^(2)(3)SoftwareLIBOR 8.00% 11.12%4/2/20274,852 4,789 4,821 
World 50, Inc.^(6)Business ServicesFIXED11.50% 11.50%1/9/20275,465 5,379 5,220 
Second Lien Debt Total$24,897 $25,024 
Total Investments$241,485 $238,651 
^ Denotes that all or a portion of the assets are owned by Credit Fund II Sub. Credit Fund II Sub has entered into the Credit Fund II Sub Notes. The lenders of the Credit Fund II Sub Notes have a first lien security interest in substantially all of the assets of Credit Fund II Sub. Accordingly, such assets are not available to creditors of Credit Fund II.
(1)    Unless otherwise indicated, issuers of investments held by Credit Fund II are domiciled in the United States. As of September 30, 2022, the geographical composition of investments as a percentage of fair value was 3.6% in Canada, 1.7% in Luxembourg, 2.4% in the United Kingdom and 92.3% 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 LIBOR, 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, Credit Fund II has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2022. As of September 30, 2022, the reference rates for Credit Fund II's variable rate loans were the 30-day LIBOR at 3.14%, the 90-day LIBOR at 3.75%, the 180-day LIBOR at 4.23%, the 30-day SOFR at 3.04%, and the 90-day SOFR at 3.59%.
(3)Loan includes interest rate floor feature, which is generally 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 board of managers of Credit Fund II, pursuant to Credit Fund II’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 the consolidated financial statements included in Part I, Item 1 of this Form 10-Q.
(6)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.
(7)Loans include a credit spread adjustment that ranges from 0.10% to 0.25%.

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Consolidated Schedule of Investments as of December 31, 2021
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (87.0% of fair value)
Airnov, Inc.^(2)(3)Containers, Packaging & GlassLIBOR5.00%6.00%12/19/2025$9,946 $9,930 $9,946 
American Physician Partners, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR
6.75%, 1.50% PIK
9.25%2/21/20228,415 8,415 8,415 
Appriss Health, LLC^(2)(3)Healthcare & PharmaceuticalsLIBOR7.25%8.25%5/6/20271,197 1,178 1,198 
Apptio, Inc.^(2)(3)SoftwareLIBOR7.25%8.25%1/10/20255,357 5,295 5,357 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^(2)(3)SoftwareLIBOR6.00%7.00%12/24/20264,355 4,273 3,924 
Avenu Holdings, LLC^(2)(3)Sovereign & Public FinanceLIBOR5.25%6.25%9/28/2024987 980 987 
BMS Holdings III Corp.^(2)(3)Construction & BuildingLIBOR5.50%6.50%9/30/20263,275 3,216 3,224 
Captive Resources Midco, LLC^(2)(3)Banking, Finance, Insurance & Real EstateLIBOR5.50%6.25%5/31/20278,193 8,108 8,147 
Chartis Holding, LLC^(2)(3)Business ServicesLIBOR5.50%6.50%5/1/20259,924 9,907 9,924 
Comar Holding Company, LLC^(2)(3)Containers, Packaging & GlassLIBOR5.75%6.75%6/18/20248,710 8,632 8,536 
Cority Software Inc. (Canada)^(2)(3)SoftwareLIBOR5.00%6.00%7/2/20268,712 8,591 8,707 
Dwyer Instruments, Inc^(2)(3)Capital EquipmentLIBOR5.50%6.25%7/21/202710,000 9,939 9,974 
Ethos Veterinary Health LLC^(2)(3)Consumer ServicesLIBOR4.75%4.85%5/15/20268,134 8,080 8,134 
EvolveIP, LLC^(2)(3)TelecommunicationsLIBOR5.50%6.50%6/7/20258,710 8,701 8,666 
Harbour Benefit Holdings, Inc.^(2)(3)Business ServicesLIBOR5.25%6.25%12/13/20244,717 4,707 4,669 
K2 Insurance Services, LLC^(2)(3)Banking, Finance, Insurance & Real EstateLIBOR5.00%6.00%7/1/20269,012 8,914 8,998 
Kaseya, Inc.^(2)(3)High Tech IndustriesLIBOR
5.50%, 1.00% PIK
7.50%5/3/20259,092 8,987 9,038 
Material Holdings, LLC^(2)(3)Business ServicesLIBOR5.75%6.50%8/19/20277,980 7,896 7,891 
Maverick Acquisition, Inc.^(2)(3)Aerospace & DefenseLIBOR6.00%7.00%6/1/20277,980 7,814 7,808 
National Technical Systems, Inc.^(2)(3)Aerospace & DefenseLIBOR5.50%6.50%6/12/20238,733 8,720 8,733 
NMI AcquisitionCo, Inc.^(2)(3)High Tech IndustriesLIBOR5.75%6.50%9/6/20258,708 8,680 8,601 
Redwood Services Group, LLC^(2)(3)High Tech IndustriesLIBOR6.00%7.00%6/6/20248,736 8,724 8,737 
Riveron Acquisition Holdings, Inc.^(2)(3)Banking, Finance, Insurance & Real EstateLIBOR5.75%6.75%5/22/20258,173 8,074 8,173 
RSC Acquisition, Inc.^(2)(3)Banking, Finance, Insurance & Real EstateLIBOR5.50%6.25%11/1/20268,401 8,277 8,434 
Superior Health Linens, LLC^(2)(3)Business ServicesLIBOR6.50%7.50%3/31/20226,875 6,875 6,875 
TCFI Aevex LLC^(2)(3)Aerospace & DefenseLIBOR6.00%7.00%3/18/20261,701 1,676 1,458 
Turbo Buyer, Inc.^(2)(3)AutomotiveLIBOR6.00%7.00%12/2/20258,091 7,950 7,929 
US INFRA SVCS Buyer, LLC^(2)(3)Environmental IndustriesLIBOR6.50%7.50%4/13/20263,267 3,217 3,189 
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Consolidated Schedule of Investments as of December 31, 2021
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
USLS Acquisition, Inc.^(2)(3)Business ServicesLIBOR5.50%6.50%11/30/2024$6,234 $6,223 $6,165 
Westfall Technik, Inc.^(2)(3)Chemicals, Plastics & RubberLIBOR5.75%6.75%9/13/20246,418 6,337 6,359 
First Lien Debt Total$208,316 $208,196 
Second Lien Debt (13.0%) of fair value)
AI Convoy S.A.R.L (United Kingdom)^(2)(3)Aerospace & DefenseLIBOR8.25%9.25%1/17/2028$5,514 $5,413 $5,720 
AP Plastics Acquisition Holdings, LLC^(2)(3)Chemicals, Plastics & RubberLIBOR7.50%8.25%8/10/20294,500 4,410 4,526 
AQA Acquisition Holdings, Inc.^(2)(3)High Tech IndustriesLIBOR7.50%8.00%3/3/20295,000 4,881 5,004 
Quartz Holding Company^(2)(3)SoftwareLIBOR8.00%8.10%4/2/20274,852 4,781 4,852 
Tank Holding Corp.^(2)(3)Capital EquipmentLIBOR8.25%8.35%3/26/20275,514 5,446 5,569 
World 50, Inc.^(6)Business ServicesFIXED11.50%11.50%1/9/20275,465 5,368 5,422 
Second Lien Debt Total$30,299 $31,093 
Total Investments$238,615 $239,289 
^ Denotes that all or a portion of the assets are owned by Credit Fund II Sub. Credit Fund II Sub has entered into the Credit Fund II Sub Notes. The lenders of the Credit Fund II Sub Notes have a first lien security interest in substantially all of the assets of Credit Fund II Sub. Accordingly, such assets are not available to creditors of Credit Fund II.
(1)    Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2021, the geographical composition of investments as a percentage of fair value was 3.6% in Canada, 1.6% in Luxembourg, 2.4% in the United Kingdom and 92.4% 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 LIBOR 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 II has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2021. As of December 31, 2021, the reference rates for Credit Fund II's variable rate loans were the 30-day LIBOR at 0.10%, the 90-day LIBOR at 0.22% and the 180-day LIBOR at 0.33%.
(3)Loan includes interest rate floor feature, which is generally 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 board of managers of Credit Fund II, pursuant to Credit Fund II’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 the consolidated financial statements included in Part I, Item 1 of this Form 10-Q.
(6)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We generate cash from the net proceeds of offerings of our common stock and through cash flows from operations, including investment sales and repayments as well as income earned on investments and cash equivalents. We may also fund a portion of our investments through borrowings under the Credit Facility, as defined below, 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 and for other general corporate purposes. We believe our current cash position, available capacity on our revolving credit facilities – 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.
On March 21, 2014, the Company closed on a senior secured revolving credit facility (the “Credit Facility”), which was subsequently amended on January 8, 2015, May 25, 2016, March 22, 2017, September 25, 2018, June 14, 2019, November 8, 2019, October 28, 2020, October 11, 2021 and May 25, 2022. The maximum principal amount of the Credit Facility is $688,000, 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, subject to certain conditions, to $900,000 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
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a $50,000 limit for swingline loans and a $20,000 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 the Company. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, shareholders’ 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.
Although we believe that we will remain in compliance, there are no assurances that we will continue to comply with the covenants in the Credit Facility. Failure to comply with these covenants could result in a default under the Credit Facility that, if we were unable to obtain a waiver from the applicable lenders, could result in the immediate acceleration of the amounts due under the Credit Facility, and thereby have a material adverse impact on our business, financial condition and results of operations. For more information on the Credit Facility, see Note 7 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.
On December 30, 2019, the Company closed a private offering of $115.0 million in aggregate principal amount of 4.750% Senior Unsecured Notes due December 31, 2024 (the “2019 Notes”). Interest is payable quarterly, beginning March 31, 2020. On December 11, 2020, the Company issued an additional $75.0 million aggregate principal amount of senior unsecured notes due December 31, 2024 (the “2020 Notes”, together with the 2019 Notes, the “Senior Notes”). The 2020 Notes bear interest at an interest rate of 4.500%. The interest rates of the Senior Notes are subject to increase (up to an additional 1.00% over the stated rate of such notes) in the event that, subject to certain exceptions, the Senior Notes cease to have an investment grade rating. The Senior Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
On June 26, 2015, we completed the 2015-1 Debt Securitization. The 2015-1 Notes were issued by Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”), a wholly owned and consolidated subsidiary of us. 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 2015-1 Notes and issuing new notes (the “2015-1R Notes”). The 2015-1R Notes are secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans. On the closing date of the 2015-1 Debt Securitization Refinancing, the 2015-1 Issuer, among other things:
(a) refinanced the issued Class A-1A Notes by redeeming in full the Class A-1A Notes and issuing new AAA Class A-1-1-R Notes in an aggregate principal amount of $234,800 which bear interest at the three-month LIBOR plus 1.55%;
(b) refinanced the issued Class A-1B Notes by redeeming in full the Class A-1B Notes and issuing new AAA Class A-1-2-R Notes in an aggregate principal amount of $50,000 which bear interest at the three-month LIBOR plus 1.48% for the first 24 months and the three-month LIBOR plus 1.78% thereafter;
(c) refinanced the issued Class A-1C Notes by redeeming in full the Class A-1C Notes and issuing new AAA Class A-1-3-R Notes in an aggregate principal amount of $25,000 which bear interest at 4.56%;
(d) refinanced the issued Class A-2 Notes by redeeming in full the Class A-2 Notes and issuing new Class A-2-R Notes in an aggregate principal amount of $66,000 which bear interest at the three-month LIBOR plus 2.20%;
(e) issued new single-A Class B Notes and BBB- Class C Notes in aggregate principal amounts of $46,400 and $27,000, respectively, which bear interest at the three-month LIBOR plus 3.15% and the three-month LIBOR plus 4.00%, respectively;
(f) reduced the 2015-1 Issuer Preferred Interests by approximately $21,375 from a nominal value of $125,900 to approximately $104,525 at close; and
(g) extended the reinvestment period end date and maturity date applicable to the 2015-1 Issuer to October 15, 2023 and October 15, 2031, respectively.
In connection with the contribution, we have made customary representations, warranties and covenants to the 2015-1 Issuer. The Class A-1-1-R, Class A-1-2-R, Class A-1-3-R, Class A-2-R, Class B and Class C Notes are included in the consolidated financial statements included in Part I, Item 1 of this Form 10-Q. The 2015-1 Issuer Preferred Interests were eliminated in consolidation. For more information on the 2015-1R Notes, see Note 8 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.
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As of September 30, 2022 and December 31, 2021, we had $68,644 and $93,074, respectively, in cash, cash equivalents and restricted cash. The Credit Facility consisted of the following as of September 30, 2022 and December 31, 2021:
 September 30, 2022
 Total FacilityBorrowings Outstanding
Unused 
Portion (1)
Amount Available (2)
Credit Facility$688,000 $423,959 $264,041 $265,350 
Total$688,000 $423,959 $264,041 $265,350 
 December 31, 2021
 Total FacilityBorrowings Outstanding
Unused 
Portion (1)
Amount Available (2)
Credit Facility688,000 407,655 280,345 280,706 
Total$688,000 $407,655 $280,345 $280,706 
(1)The unused portion is the amount upon which commitment fees are based.
(2)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

The following were the carrying values (before debt issuance costs) and fair values of the Company’s 2015-1R Notes as of September 30, 2022 and December 31, 2021:
 September 30, 2022December 31, 2021
2015-1R NotesCarrying ValueFair ValueCarrying ValueFair Value
Aaa/AAA Class A-1-1-R Notes$234,800 $227,592 $234,800 $234,941 
Aaa/AAA Class A-1-2-R Notes50,000 48,710 50,000 50,075 
Aaa/AAA Class A-1-3-R Notes25,000 23,595 25,000 24,680 
AA Class A-2-R Notes66,000 63,327 66,000 66,003 
A Class B Notes46,400 45,296 46,400 46,430 
BBB- Class C Notes27,000 26,123 27,000 26,714 
Total$449,200 $434,643 $449,200 $448,843 

As of September 30, 2022 and December 31, 2021, we had a combined $1,063,159 and $1,046,855, respectively, of outstanding consolidated indebtedness under the Credit Facility, the 2015-1R Notes and the Senior Notes. Our annualized interest cost as of September 30, 2022 and December 31, 2021, was 4.45% and 2.75%, excluding fees (such as fees on undrawn amounts and amortization of upfront fees). For the three months ended September 30, 2022 and 2021, we incurred $11,491 and $7,519, respectively, of interest expense and $446 and $435, respectively, of credit facility fees. For the nine month periods ended September 30, 2022 and 2021, we incurred $27,172 and $21,549, respectively, of interest expense and $1,551 and $1,459, respectively, of credit facility fees.
Equity Activity
Common shares issued and outstanding as of September 30, 2022 and December 31, 2021 were 51,616,772 and 53,142,454, respectively.
The following table summarizes activity in the number of shares of our common stock outstanding during the nine month periods ended September 30, 2022 and 2021:
 For the nine month periods ended
 September 30, 2022September 30, 2021
Common shares outstanding, beginning of period53,142,454 55,320,309 
Repurchase of common stock (1)
(1,525,682)(1,605,865)
Common shares outstanding, end of period51,616,772 53,714,444 
(1) See Note 10 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q for additional information regarding the Company Stock Repurchase Program.
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On May 5, 2020, we issued and sold 2,000,000 shares of Preferred Stock, par value $0.01, to an affiliate of Carlyle in a private placement at a price of $25 per share. Shares of Preferred Stock issued and outstanding were 2,000,000 as of both September 30, 2022 and December 31, 2021.
OFF BALANCE SHEET ARRANGEMENTS
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 in these consolidated financial statements as of September 30, 2022 and December 31, 2021 in Part I, Item 1 of this Form 10-Q for any such exposure.
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 the indicated dates:
 Principal Amount as of
 September 30, 2022December 31, 2021
Unfunded delayed draw commitments$111,141 $112,985 
Unfunded revolving commitments74,804 67,513 
Total unfunded commitments$185,945 $180,498 
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 September 30, 2022 and December 31, 2021, we were in compliance with this undertaking.
DIVIDENDS AND DISTRIBUTIONS
Prior to July 5, 2017, we had an “opt in” dividend reinvestment plan in respect of our common stock. Effective on July 5, 2017, we converted our “opt in” dividend reinvestment plan to an “opt out” dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our common stockholders, other than those common stockholders who have “opted out” of the plan. As a result of adopting the plan, if our Board of Directors authorizes, and we declare, a cash dividend or distribution on our common stock, our common stockholders who have not elected to “opt out” of our dividend reinvestment plan will have their cash dividends or distributions automatically reinvested in additional shares of our common stock, rather than receiving cash. Each registered common stockholder may elect to have such common stockholder’s dividends and distributions distributed in cash rather than participate in the plan. For any registered common stockholder that does not so elect, distributions on such common stockholder’s shares will be reinvested by State Street Bank and Trust Company, our plan administrator, in additional shares of common stock. The number of common shares to be issued to the common stockholder will be determined based on the total dollar amount of the cash distribution payable, net of applicable withholding taxes. We intend to use primarily newly issued shares of common stock 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 we instruct the plan administrator otherwise.
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The following table summarizes the Company's dividends declared per share of common stock during the two most recent fiscal years and the current fiscal year to date:
Date DeclaredRecord DatePayment DatePer Share Amount
2020
February 24, 2020March 31, 2020April 17, 2020$0.37 
May 4, 2020June 30, 2020July 17, 20200.37 
August 3, 2020September 30, 2020October 16, 20200.32 
(2)
August 3, 2020September 30, 2020October 16, 20200.05 
(1)
November 2, 2020December 31, 2020January 15, 20210.32 
November 2, 2020December 31, 2020January 15, 20210.04 
(1)
Total$1.47 
2021
February 22, 2021March 31, 2021April 16, 2021$0.32 
February 22, 2021March 31, 2021April 16, 20210.05 
(1)
May 3, 2021June 30, 2021July 15, 2021$0.32 
May 3, 2021June 30, 2021July 15, 2021$0.04 
(1)
August 2, 2021September 30, 2021October 15, 2021$0.32 
August 2, 2021September 30, 2021October 15, 2021$0.06 
(1)
November 1, 2021December 31, 2021January 14, 2022$0.32 
November 1, 2021December 31, 2021January 14, 2022$0.07 
(1)
Total$1.50 
2022
February 18, 2022March 31, 2022April 15, 2022$0.32 
February 18, 2022March 31, 2022April 15, 2022$0.08 
(1)
May 2, 2022June 30, 2022July 15, 2022$0.32 
May 2, 2022June 30, 2022July 15, 2022$0.08 
(1)
August 8, 2022September 30, 2022October 14, 2022$0.34 
(2)
August 8, 2022September 30, 2022October 14, 2022$0.06 
(1)
Total$1.20 
(1)Represents a special/supplemental dividend.
(2)The Company updated its dividend policy such that the base dividend was $0.32 per share of common stock, effective with the third quarter 2020 dividend through the second quarter 2022 dividend. The Company further updated its dividend policy such that the base dividend is $0.34 per share of common stock, effective with the third quarter 2022 dividend.

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Our Preferred Stock has 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 on our Preferred Stock are 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 our option, 9.00% per annum of the Liquidation Preference payable in additional shares of Preferred Stock.
The following table summarizes the Company's dividends declared per share of Preferred Stock during the two most recent fiscal years and the current fiscal year to date. Unless otherwise noted, dividends declared were paid in cash.
Date DeclaredRecord DatePayment DatePer Share Amount
2020
June 30, 2020June 30, 2020September 30, 2020$0.277 
September 30, 2020September 30, 2020September 30, 20200.423 
December 31, 2020December 31, 2020December 31, 20200.438 
Total$1.138 
2021
March 31, 2021March 31, 2021March 31, 2021$0.438 
June 30, 2021June 30, 2021June 30, 20210.438 
September 30, 2021September 30, 2021September 30, 20210.438 
December 29, 2021December 31, 2021December 31, 20210.438 
Total$1.752 
2022
March 25, 2022March 31, 2022March 31, 20220.438 
June 27, 2022June 30, 2022June 30, 20220.438 
September 22, 2022September 30, 2022September 30, 20220.438 
Total$1.314 
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 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 September 30, 2022 and December 31, 2021, the Company had total senior securities of $1,113,159 and $1,096,855, respectively, consisting of secured borrowings under the Credit Facility, the Senior Notes, the 2015-1R Notes, and the Preferred Stock, and had asset coverage ratios of 179.56% and 181.94%, respectively.
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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of our 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. We believe the critical accounting policies discussed below affect our more significant judgments and estimates used in the preparation of our consolidated financial statements and should be read in conjunction with our consolidated financial statements and related notes in Part II, Item 8, as well as with our “Risk Factors” in Part I, Item 1A of the Company's annual report on Form 10-K for the year ended December 31, 2021.
Fair Value Measurements
The Company applies fair value accounting in accordance with the terms of Financial Accounting Standards Board 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 members of the Investment Adviser; (iii) the Board of Directors 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 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; (iv) if applicable, prior to September 8, 2022, the Audit Committee of the Board of Directors (the “Audit Committee”) reviewed the assessments of the Investment Adviser and the third-party valuation firm; and (v) if applicable, prior to September 8, 2022, the Board of Directors discussed the valuation recommendations of the Audit Committee and determined the fair value of each investment in the portfolio in good faith based on the input of the Investment Adviser and, where applicable, the third-party valuation firm.
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;
•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
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•comparisons to comparable transactions and publicly traded securities.
Investment performance data utilized are the most recently available financial statements and compliance certificate 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 consolidated financial statements as of September 30, 2022 and December 31, 2021.
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.
For further information on the fair value hierarchies, our framework for determining fair value and the composition of our portfolio, see Note 3 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q.
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 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 Consolidated Statements of Operations in Part I, Item 1 of this Form 10-Q 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.
Revenue Recognition
Non-Accrual Income
Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more 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 paid current 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.
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.
112

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.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.
The SPV and the 2015-1 Issuer are disregarded entities for tax purposes and are consolidated with the tax return of the Company.
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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, our 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 September 30, 2022, on a fair value basis, approximately 1.4% of our debt investments bear interest at a fixed rate and approximately 98.6% of our debt investments bear interest at a floating rate, which primarily are subject to interest rate floors. Additionally, our Credit Facility is also subject to floating interest rates and is currently paid based on floating SOFR rates.
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 Credit Fund II, held as of September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021 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 September 30, 2022 and December 31, 2021, 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 impact significantly 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.
Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2022 and December 31, 2021, 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 Credit Fund II, and outstanding secured borrowings and notes payable assuming no changes in our investment and borrowing structure:
 September 30, 2022December 31, 2021
Basis Point ChangeInterest IncomeInterest ExpenseNet Investment IncomeInterest IncomeInterest ExpenseNet Investment Income
Up 300 basis points$48,325 $(25,668)$22,657 $34,923 $(24,832)$10,091 
Up 200 basis points$32,217 $(17,112)$15,105 $19,935 $(16,513)$3,422 
Up 100 basis points$16,108 $(8,556)$7,552 $4,954 $(8,195)$(3,241)
Down 100 basis points$(15,915)$8,556 $(7,359)$(147)$1,083 $936 
Down 200 basis points$(29,971)$17,078 $(12,893)$(147)$1,083 $936 
Down 300 basis points$(35,283)$22,515 $(12,768)$(147)$1,083 $936 
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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 three month period ended September 30, 2022 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. 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 12 to the 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, 2021.
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 September 30, 2022 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
July 1, 2022 through July 31, 2022228,480 $13.11 228,480 $57,742 
August 1, 2022 through August 31, 2022145,999 14.04 145,999 55,693 
September 1, 2022 through September 30, 2022156,960 13.38 156,960 53,593 
Total531,439 531,439 
(1)On trade date basis.
(2)On August 1, 2022, the Company's Board of Directors approved the continuation of the Company's Stock Repurchase Program until November 5, 2023, or until the date the approved dollar amount has been used to repurchase shares, and increased the size of the Company’s Stock Repurchase Program by $50 million. Pursuant to the program, the Company is authorized to repurchase up to $200 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 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.
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Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
None.
Item 6. Exhibits.
31.1  
31.2  
32.1  
32.2  
* 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: November 8, 2022By  /s/ Thomas M. Hennigan
  Thomas M. Hennigan
Chief Financial Officer
(principal financial officer)
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