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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. Financial Year FY2024 Q1

Carlyle Secured Lending - 10-Q quarterly report FY2024 Q1


Text size:
00015442062024Q1FALSE12/31http://fasb.org/us-gaap/2023#PrepaidExpenseAndOtherAssetshttp://fasb.org/us-gaap/2023#PrepaidExpenseAndOtherAssets00015442062024-01-012024-03-310001544206us-gaap:CommonStockMember2024-01-012024-03-310001544206csl:A2028SeniorUnsecuredNotesMember2024-01-012024-03-3100015442062024-05-07xbrli:shares0001544206us-gaap:InvestmentUnaffiliatedIssuerMember2024-03-31iso4217:USD0001544206us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001544206us-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001544206us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-3100015442062024-03-3100015442062023-12-31iso4217:USDxbrli:shares0001544206us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-03-310001544206us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-03-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-03-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-03-310001544206us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-03-310001544206us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-03-3100015442062023-01-012023-03-3100015442062022-12-3100015442062023-03-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-31xbrli:pure0001544206First Lien Debt, ADPD Holdings, LLC - Consumer Services2024-03-310001544206First Lien Debt, Advanced Web Technologies Holding Company - Containers, Packaging & Glass2024-03-310001544206First Lien Debt, Advanced Web Technologies Holding Company - Containers, Packaging & Glass 22024-03-310001544206First Lien Debt, Advanced Web Technologies Holding Company - Containers, Packaging & Glass 32024-03-310001544206First Lien Debt, AI Grace AUS Bidco Pty LTD (Australia), - Consumer Goods: Non-Durable2024-03-310001544206First Lien Debt, Allied Benefit Systems Intermediate LLC, - Healthcare & Pharmaceuticals2024-03-310001544206First Lien Debt, Alpine Acquisition Corp II - Transportation: Cargo2024-03-310001544206First Lien Debt, Apex Companies Holdings, LLC, Environmental Industries2024-03-310001544206First Lien Debt, Apex Companies Holdings, LLC, Environmental Industries 12024-03-310001544206First Lien Debt, Applied Technical Services, LLC - Business Services 12024-03-310001544206First Lien Debt, Applied Technical Services, LLC - Business Services 22024-03-310001544206First Lien Debt, Appriss Health, LLC - Healthcare & Pharmaceuticals2024-03-310001544206First Lien Debt, Ardonagh Midco 3 PLC (United Kingdom) - Diversified Financial Services2024-03-310001544206First Lien Debt, Ascend Buyer, LLC - Containers, Packaging & Glass2024-03-310001544206First Lien Debt, Associations, Inc. - Construction & Building2024-03-310001544206 First Lien Debt, Athlete Buyer, LLC - Construction & Building2024-03-310001544206First Lien Debt, Atlas US Finco, Inc., High Tech Industries2024-03-310001544206First Lien Debt, Atlas US Finco, Inc., High Tech Industries 12024-03-310001544206First Lien Debt, Aurora Lux FinCo S.Á.R.L. (Luxembourg) - Software2024-03-310001544206First Lien Debt, Avalara, Inc., Diversified Financial Services2024-03-310001544206 First Lien Debt, Azurite Intermediate Holdings, Inc., - Software2024-03-310001544206First Lien Debt, Barnes & Noble, Inc. - Retail2024-03-310001544206First Lien Debt, Bayside OPCP, LLC, Healthcare & Pharmaceuticals 12024-03-310001544206First Lien Debt, Bayside OPCP, LLC, Healthcare & Pharmaceuticals 22024-03-310001544206First Lien Debt, Bayside OPCP, LLC, Healthcare & Pharmaceuticals 32024-03-310001544206First Lien Debt, BlueCat Networks, Inc. (Canada), High Tech Industries2024-03-310001544206First Lien Debt, BMS Holdings III Corp. - Construction & Building2024-03-310001544206First Lien Debt, Bradyifs Holdings, LLC, Wholesale2024-03-310001544206First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services 12024-03-31iso4217:EUR0001544206First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services 22024-03-31iso4217:GBP0001544206First Lien Debt, Celerion Buyer, Inc., Healthcare & Pharmaceuticals2024-03-310001544206First Lien Debt, Chartis Holding, LLC - Business Services2024-03-310001544206First Lien Debt, Chemical Computing Group ULC (Canada) - Software2024-03-310001544206First Lien Debt, CircusTrix Holdings, LLC - Leisure Products & Services 22024-03-310001544206First Lien Debt, Comar Holding Company, LLC - Containers, Packaging & Glass2024-03-310001544206First Lien Debt, CoreWeave Compute Acquisition Co. II, LLC, High Tech Industries2024-03-310001544206First Lien Debt, Cority Software Inc. (Canada) - Software2024-03-310001544206First Lien Debt, Cority Software Inc. (Canada) - Software 22024-03-310001544206First Lien Debt, Coupa Holdings, LLC, Software2024-03-310001544206First Lien Debt, CPI Intermediate Holdings, Inc., Telecommunications2024-03-310001544206First Lien Debt, CST Holding Company, Consumer Goods: Non-Durable2024-03-310001544206First Lien Debt, DCA Investment Holding LLC - Healthcare & Pharmaceuticals2024-03-310001544206First Lien Debt, Denali Midco 2, LLC - Consumer Services2024-03-310001544206First Lien Debt, Diligent Corporation - Telecommunications2024-03-310001544206First Lien Debt, Dwyer Instruments, Inc. - Capital Equipment2024-03-310001544206First Lien Debt, Eliassen Group, LLC - Business Services2024-03-310001544206First Lien Debt, Ellkay, LLC - Healthcare & Pharmaceuticals2024-03-310001544206First Lien Debt, Emergency Communications Network, LLC - Telecommunications2024-03-310001544206First Lien Debt, EPS Nass Parent, Inc. - Utilities: Electric2024-03-310001544206First Lien Debt, EvolveIP, LLC - Telecommunications2024-03-310001544206First Lien Debt, Excel Fitness Holdings, Inc. - Leisure Products & Services2024-03-310001544206First Lien Debt, Excelitas Technologies Corp. - Capital Equipment2024-03-310001544206First Lien Debt, Excelitas Technologies Corp. - Capital Equipment 22024-03-310001544206First Lien Debt, FPG Intermediate Holdco, LLC - Consumer Services2024-03-310001544206First Lien Debt, Greenhouse Software, Inc. - Software2024-03-310001544206First Lien Debt, GS AcquisitionCo, Inc., - Software2024-03-310001544206First Lien Debt, Guidehouse LLP - Sovereign & Public Finance2024-03-310001544206First Lien Debt, Hadrian Acquisition Limited (United Kingdom) - Diversified Financial Services2024-03-310001544206First Lien Debt, Hadrian Acquisition Limited (United Kingdom) - Diversified Financial Services 22024-03-310001544206First Lien Debt, Harbour Benefit Holdings, Inc. - Business Services2024-03-310001544206First Lien Debt, Heartland Home Services, Inc - Consumer Services2024-03-310001544206First Lien Debt, Heartland Home Services, Inc - Consumer Services 22024-03-310001544206First Lien Debt, Hercules Borrower LLC - Environmental Industries2024-03-310001544206First Lien Debt, Hoosier Intermediate, LLC, Healthcare & Pharmaceuticals2024-03-310001544206First Lien Debt, HS Spa Holdings Inc. - Consumer Services2024-03-310001544206First Lien Debt, HS Spa Holdings Inc. - Consumer Services 12024-03-310001544206First Lien Debt, Icefall Parent, Inc. - Software2024-03-310001544206First Lien Debt, iCIMS, Inc., Software 12024-03-310001544206First Lien Debt, iCIMS, Inc., Software 22024-03-310001544206First Lien Debt, Infront Luxembourg Finance S.À R.L. (Luxembourg) - Leisure Products & Services2024-03-310001544206First Lien Debt, Integrity Marketing Acquisition, LLC, Diversified Financial Services2024-03-310001544206First Lien Debt, IQN Holding Corp. - Business Services2024-03-310001544206First Lien Debt, iRobot Corporation, Consumer Goods: Durable2024-03-310001544206First Lien Debt, Jeg's Automotive, LLC - Automotive2024-03-310001544206First Lien Debt, Kaseya, Inc. - High Tech Industries2024-03-310001544206First Lien Debt, Lifelong Learner Holdings, LLC - Business Services2024-03-310001544206First Lien Debt, LinQuest Corporation - Aerospace & Defense2024-03-310001544206First Lien Debt, LVF Holdings, Inc. - Beverage & Food2024-03-310001544206First Lien Debt, Material Holdings, LLC - Business Services2024-03-310001544206First Lien Debt, Maverick Acquisition, Inc. - Aerospace & Defense2024-03-310001544206First Lien Debt, Medical Manufacturing Technologies, LLC - Healthcare & Pharmaceuticals2024-03-310001544206First Lien Debt, NEFCO Holding Comapny LLC - Construction & Building2024-03-310001544206First Lien Debt, NMI AcquisitionCo, Inc. - High Tech Industries2024-03-310001544206First Lien Debt, North Haven Fairway Buyer, LLC, Consumer Services2024-03-310001544206First Lien Debt, North Haven Stallone Buyer, LLC, Consumer Services 12024-03-310001544206First Lien Debt, North Haven Stallone Buyer, LLC, Consumer Services 22024-03-310001544206First Lien Debt, Oak Purchaser, Inc. - Business Services2024-03-310001544206First Lien Debt, Oak Purchaser, Inc. - Business Services 12024-03-310001544206First Lien Debt, Oranje Holdco, Inc., Business Services2024-03-310001544206First Lien Debt, Park County Holdings,LLC, Media: Advertising, Printing & Publishing2024-03-310001544206First Lien Debt, PDI TA Holdings, Inc, - Software2024-03-310001544206First Lien Debt, Performance Health Holdings, Inc. - Healthcare & Pharmaceuticals2024-03-310001544206First Lien Debt, Pestco Intermediate, LLC, Environmental Industries2024-03-310001544206First Lien Debt, PF Atlantic Holdco 2, LLC - Leisure Products & Services2024-03-310001544206First Lien Debt, PF Growth Partners, LLC - Leisure Products & Services2024-03-310001544206First Lien Debt, Project Castle, Inc., Capital Equipment2024-03-310001544206First Lien Debt, Prophix Software Inc. (Canada), Software2024-03-310001544206First Lien Debt, Prophix Software Inc. (Canada), Software 12024-03-310001544206First Lien Debt, Pushpay USA Inc., Diversified Financial Services2024-03-310001544206First Lien Debt, PXO Holdings I Corp. - Chemicals, Plastics & Rubber2024-03-310001544206First Lien Debt, QNNECT, LLC, Aerospace & Defense2024-03-310001544206First Lien Debt, Quantic Electronics, LLC - Aerospace & Defense 12024-03-310001544206First Lien Debt, Quantic Electronics, LLC - Aerospace & Defense 22024-03-310001544206First Lien Debt, Radwell Parent, LLC, Wholesale2024-03-310001544206First Lien Debt, Regency Entertainment, Inc., Media: Advertising, Printing & Publishing2024-03-310001544206First Lien Debt, RSC Acquisition, Inc. - Diversified Financial Services2024-03-310001544206First Lien Debt, Sapphire Convention, Inc. - Telecommunications2024-03-310001544206First Lien Debt, SCP Eye Care HoldCo, LLC, Healthcare & Pharmaceuticals2024-03-310001544206First Lien Debt, Smarsh Inc. - Software2024-03-310001544206First Lien Debt, SPay, Inc. - Leisure Products & Services2024-03-310001544206First Lien Debt, Speedstar Holding, LLC - Automotive2024-03-310001544206First Lien Debt, Spotless Brands, LLC, Consumer Services12024-03-310001544206First Lien Debt, Spotless Brands, LLC, Consumer Services22024-03-310001544206First Lien Debt, Summit Acquisition, Inc., Diversified Financial Services2024-03-310001544206First Lien Debt, Tank Holding Corp. - Capital Equipment2024-03-310001544206First Lien Debt, TCFI Aevex LLC - Aerospace & Defense2024-03-310001544206First Lien Debt, TIBCO Software Inc. - High Tech Industries2024-03-310001544206First Lien Debt, Trader Corporation (Canada), Automotive2024-03-31iso4217:CAD0001544206First Lien Debt, Tufin Software North America, Inc. - Software2024-03-310001544206First Lien Debt, Turbo Buyer, Inc. - Automotive2024-03-310001544206First Lien Debt, U.S. Legal Support, Inc. - Business Services2024-03-310001544206First Lien Debt, US INFRA SVCS Buyer, LLC - Environmental Industries2024-03-310001544206First Lien Debt, USALCO, LLC - Chemicals, Plastics & Rubber2024-03-310001544206First Lien Debt, USR Parent Inc. - Retail2024-03-310001544206First Lien Debt, Vensure Employee Services, Inc., Business Services2024-03-310001544206First Lien Debt, Westfall Technik, Inc. - Chemicals, Plastics & Rubber2024-03-310001544206First Lien Debt, Wineshipping.com LLC - Beverage & Food22024-03-310001544206First Lien Debt, World 50, Inc., - Business Services2024-03-310001544206First Lien Debt, Yellowstone Buyer Acquisition, LLC - Consumer Goods: Durable2024-03-310001544206First Lien Debt, YLG Holdings, Inc. - Consumer Services2024-03-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesFirstLienMember2024-03-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesSecondLienMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206Second Lien, 11852604 Canada Inc. (Canada), Healthcare & Pharmaceuticals2024-03-310001544206Second Lien, AI Convoy S.A.R.L (United Kingdom), Aerospace & Defense2024-03-310001544206Second Lien, Aimbridge Acquisition Co., Inc., Hotel, Gaming & Leisure2024-03-310001544206Second Lien, AP Plastics Acquisition Holdings, LLC, Chemicals, Plastics & Rubber2024-03-310001544206Second Lien, AQA Acquisition Holdings, Inc., High Tech Industries2024-03-310001544206Second Lien, Bayside OPCP, LLC, Healthcare & Pharmaceuticals2024-03-310001544206Second Lien, Outcomes Group Holdings, Inc., Business Services2024-03-310001544206Second Lien, PAI Holdco, Inc., Automotive2024-03-310001544206Second Lien, Stonegate Pub Company Bidco Limited (United Kingdom), Beverage, Food & Tobacco2024-03-310001544206Second Lien, TruGreen Limited Partnership, Consumer Services2024-03-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesSecondLienMember2024-03-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206Equity Investments, ANLG Holdings, LLC, Capital Equipment2024-03-310001544206Equity Investments, Appriss Health, LLC, Healthcare & Pharmaceuticals2024-03-310001544206Equity Investments, Atlas Ontario LP (Canada), Business Services2024-03-310001544206Equity Investments, Bayside HoldCo, LLC, Healthcare & Pharmaceuticals2024-03-310001544206Equity Investments, Blackbird Holdco, Inc., Capital Equipment2024-03-310001544206Equity Investments, Buckeye Parent, LLC, Automotive2024-03-310001544206Equity Investments, Chartis Holding, LLC, Business Services2024-03-310001544206Equity Investments, CIP Revolution Holdings, LLC, Media: Advertising, Printing & Publishing2024-03-310001544206Equity Investments, Cority Software Inc. (Canada), Software2024-03-310001544206Equity Investments, Diligent Corporation, Telecommunications2024-03-310001544206Equity Investments, ECP Parent, LLC, Healthcare & Pharmaceuticals2024-03-310001544206Equity Investments, GB Vino Parent, L.P., Beverage, Food & Tobacco2024-03-310001544206Equity Investments, Integrity Marketing Group, LLC, Banking, Finance, Insurance & Real Estate2024-03-310001544206Equity Investments, Legacy.com, Inc., High Tech Industries2024-03-310001544206Equity Investments, NearU Holdings LLC - Consumer Services2024-03-310001544206Equity Investments, NEFCO Holding Comapny LLC - Construction & Building2024-03-310001544206Equity Investments, North Haven Goldfinch Topco, LLC - Containers, Packaging & Glass2024-03-310001544206Equity Investments, Pascal Ultimate Holdings, L.P - Capital Equipment2024-03-310001544206Equity Investments, Profile Holdings I, LP - Chemicals, Plastics & Rubber2024-03-310001544206Equity Investments, Sinch AB (Sweden) - High Tech Industries2024-03-310001544206Equity Investments, Summit K2 Midco, Inc., Diversified Financial Services2024-03-310001544206Equity Investments, Tailwind HMT Holdings Corp. - Energy: Oil & Gas2024-03-310001544206Equity Investments, Talon MidCo 1 Limited, Software2024-03-310001544206Equity Investments, Tank Holding Corp. - Capital Equipment2024-03-310001544206Equity Investments, Titan DI Preferred Holdings, Inc. - Energy: Oil & Gas2024-03-310001544206Equity Investments, Turbo Buyer, Inc. - Automotive2024-03-310001544206Equity Investments,U.S. Legal Support Investment Holdings, LLC - Business Services2024-03-310001544206Equity Investments, Zenith American Holding, Inc., Business Services2024-03-310001544206us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-03-310001544206us-gaap:InvestmentUnaffiliatedIssuerMember2024-03-310001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206First Lien, SPF Borrower, LLC, Healthcare & Pharmaceuticals 12024-03-310001544206First Lien, SPF Borrower, LLC, Healthcare & Pharmaceuticals 22024-03-310001544206csl:DebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206Equity Investments, SPF HoldCo LLC, Healthcare & Pharmaceuticals2024-03-310001544206us-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001544206us-gaap:OtherThanSecuritiesInvestmentMembercsl:InvestmentTypeConcentrationRiskMemberus-gaap:InvestmentAffiliatedIssuerControlledMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206Investment Funds, Middle Market Credit Fund II, LLC, Member's Interest, Investment Funds2024-03-310001544206Investment Funds, Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest, Investment Funds2024-03-310001544206Investment Funds, Middle Market Credit Fund, Mezzanine Loan, Investment Funds2024-03-310001544206us-gaap:OtherThanSecuritiesInvestmentMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001544206us-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001544206us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-03-310001544206us-gaap:InterestRateSwapMember2024-03-310001544206csl:A30DaySOFRMember2024-03-310001544206csl:A90DaySOFRMember2024-03-310001544206csl:A180DaySOFRMember2024-03-310001544206csl:DailySONIARateMember2024-03-310001544206csl:A90DayEURIBORMember2024-03-310001544206csl:A30DayCDORMember2024-03-310001544206srt:MinimumMember2024-03-310001544206srt:MaximumMember2024-03-310001544206us-gaap:EquitySecuritiesMember2024-03-310001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMember2024-03-310001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2024-03-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest2023-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest2024-01-012024-03-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest2024-03-310001544206Middle Market Credit Fund, LLC, Mezzanine Loan2023-12-310001544206Middle Market Credit Fund, LLC, Mezzanine Loan2024-01-012024-03-310001544206Middle Market Credit Fund, LLC, Mezzanine Loan2024-03-310001544206Middle Market Credit Fund II, LLC, Member’s Interest2023-12-310001544206Middle Market Credit Fund II, LLC, Member’s Interest2024-01-012024-03-310001544206Middle Market Credit Fund II, LLC, Member’s Interest2024-03-310001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-03-310001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001544206SPF Borrower, LLC 12023-12-310001544206SPF Borrower, LLC 12024-01-012024-03-310001544206SPF Borrower, LLC 12024-03-310001544206SPF Borrower, LLC 22023-12-310001544206SPF Borrower, LLC 22024-01-012024-03-310001544206SPF Borrower, LLC 22024-03-310001544206SPF HoldCo, LLC (Equity)2023-12-310001544206SPF HoldCo, LLC (Equity)2024-01-012024-03-310001544206SPF HoldCo, LLC (Equity)2024-03-310001544206Direct Travel, Inc. 12023-12-310001544206Direct Travel, Inc. 12024-01-012024-03-310001544206Direct Travel, Inc. 12024-03-310001544206Direct Travel, Inc. 22023-12-310001544206Direct Travel, Inc. 22024-01-012024-03-310001544206Direct Travel, Inc. 22024-03-310001544206Direct Travel, Inc. (Equity)2023-12-310001544206Direct Travel, Inc. (Equity)2024-01-012024-03-310001544206Direct Travel, Inc. (Equity)2024-03-310001544206csl:DirectTravelAndSPFMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001544206csl:DirectTravelAndSPFMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-03-310001544206csl:DirectTravelAndSPFMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001544206First and Second Lien Debt, ADPD Holdings, LLC, Delayed Draw 12024-03-310001544206First and Second Lien Debt, ADPD Holdings, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Advanced Web Technologies Holding Company, Revolver2024-03-310001544206First and Second Lien Debt, Allied Benefit Systems Intermediate LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Alpine Acquisition Corp II, Revolver2024-03-310001544206First and Second Lien Debt, Apex Companies Holdings, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Applied Technical Services, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Applied Technical Services, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Appriss Health, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Ardonagh Midco 3 PLC (United Kingdom), Delayed Draw2024-03-310001544206First and Second Lien Debt, Ascend Buyer, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Associations, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Athlete Buyer, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Atlas US Finco, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Avalara, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Azurite Intermediate Holdings, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, Azurite Intermediate Holdings, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Bayside OPCP, LLC, Revolver2024-03-310001544206First and Second Lien Debt, BlueCat Networks Inc. (Canada), Delayed Draw 12024-03-310001544206First and Second Lien Debt, Bradyifs Holdings, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Bradyifs Holdings, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Delayed Draw2024-03-310001544206First and Second Lien Debt, Celerion Buyer, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Celerion Buyer, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, Chartis Holding, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Chartis Holding, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Chemical Computing Group ULC (Canada), Revolver2024-03-310001544206First and Second Lien Debt, CircusTrix Holdings, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, CircusTrix Holdings, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Cority Software Inc. (Canada), Revolver2024-03-310001544206First and Second Lien Debt, Coupa Holdings, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Coupa Holdings, LLC, Revolver2024-03-310001544206First and Second Lien Debt, CPI Intermediate Holdings, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, CST Holding Company, Revolver2024-03-310001544206First and Second Lien Debt, Diligent Corporation, Revolver2024-03-310001544206First and Second Lien Debt, Dwyer Instruments, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Eliassen Group, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Ellkay, LLC, Revolver2024-03-310001544206First and Second Lien Debt, EPS Nass Parent, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Excel Fitness Holdings, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Excelitas Technologies Corp., Delayed Draw2024-03-310001544206First and Second Lien Debt, Excelitas Technologies Corp., Revolver2024-03-310001544206First and Second Lien Debt, Greenhouse Software, Inc., Revolver 12024-03-310001544206First and Second Lien Debt, GS AcquisitionCo, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, GS AcquisitionCo, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Harbour Benefit Holdings, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Heartland Home Services, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Hercules Borrower LLC, Revolver2024-03-310001544206First and Second Lien Debt, Hoosier Intermediate, LLC, Revolver2024-03-310001544206First and Second Lien Debt, HS Spa Holdings Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, HS Spa Holdings Inc., Revolver2024-03-310001544206First and Second Lien Debt, Icefall Parent, Inc., Revolver2024-03-310001544206First and Second Lien Debt, iCIMS, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, iCIMS, Inc., Revolver2024-03-310001544206First and Second Lien Debt, IQN Holding Corp., Delayed Draw2024-03-310001544206First and Second Lien Debt, IQN Holding Corp., Revolver2024-03-310001544206First and Second Lien Debt, Kaseya, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, Kaseya, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Lifelong Learner Holdings, LLC, Revolver2024-03-310001544206First and Second Lien Debt, LVF Holdings, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Material Holdings, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Medical Manufacturing Technologies, LLC, Revolver2024-03-310001544206First and Second Lien Debt, NEFCO Holding Company LLC, Delayed Draw 12024-03-310001544206First and Second Lien Debt, NEFCO Holding Company LLC, Revolver2024-03-310001544206First and Second Lien Debt, NMI AcquisitionCo, Inc., Revolver2024-03-310001544206First and Second Lien Debt, North Haven Fairway Buyer, LLC, Revolver2024-03-310001544206First and Second Lien Debt, North Haven Stallone Buyer, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Oak Purchaser, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, Oak Purchaser, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Oranje Holdco, Inc., Revolver2024-03-310001544206First and Second Lien Debt, PDI TA Holdings, Inc, Delayed Draw2024-03-310001544206First and Second Lien Debt, PDI TA Holdings, Inc, Revolver2024-03-310001544206First and Second Lien Debt, Pestco Intermediate, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Pestco Intermediate, LLC, Revolver2024-03-310001544206First and Second Lien Debt, PF Atlantic Holdco 2, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Prophix Software Inc. (Canada), Delayed Draw2024-03-310001544206First and Second Lien Debt, Prophix Software Inc. (Canada), Revolver2024-03-310001544206First and Second Lien Debt, Pushpay USA Inc., Revolver2024-03-310001544206First and Second Lien Debt, PXO Holdings I Corp., Revolver2024-03-310001544206First and Second Lien Debt, QNNECT, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Quantic Electronics, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Radwell Parent, LLC, Revolver2024-03-310001544206First and Second Lien Debt, RSC Acquisition, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Sapphire Convention, Inc., Revolver2024-03-310001544206First and Second Lien Debt, SCP Eye Care HoldCo, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, SCP Eye Care HoldCo, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Smarsh Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, Smarsh Inc., Revolver2024-03-310001544206First and Second Lien Debt, SPF Borrower, LLC, Revolver2024-03-310001544206First and Second Lien Debt, Spotless Brands, LLC, Delayed Draw2024-03-310001544206First and Second Lien Debt, Spotless Brands, LLC, Revolver2024-03-310001544206First and Second Lien Debt,Summit Acquisition, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt,Summit Acquisition, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Tank Holding Corp., Revolver2024-03-310001544206First and Second Lien Debt, Trader Corporation (Canada), Revolver2024-03-310001544206First and Second Lien Debt, Tufin Software North America, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, Tufin Software North America, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Turbo Buyer, Inc., Revolver2024-03-310001544206First and Second Lien Debt, U.S. Legal Support, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, U.S. Legal Support, Inc., Revolver2024-03-310001544206First and Second Lien Debt, Vensure Employee Services, Inc., Delayed Draw2024-03-310001544206First and Second Lien Debt, Wineshipping.com LLC, Revolver2024-03-310001544206First and Second Lien Debt, World 50, Inc., Revolver2024-03-310001544206csl:DebtSecuritiesFirstLienMember2024-03-310001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:DebtSecuritiesSecondLienMember2024-03-310001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesSecondLienMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:OtherThanSecuritiesInvestmentMember2024-03-310001544206us-gaap:OtherThanSecuritiesInvestmentMembercsl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:DebtSecuritiesMembercsl:FloatingRateMember2024-03-310001544206csl:InterestRateTypeConcentrationRiskMemberus-gaap:DebtSecuritiesMembercsl:FloatingRateMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:DebtSecuritiesMembercsl:FixedRateMember2024-03-310001544206csl:InterestRateTypeConcentrationRiskMemberus-gaap:DebtSecuritiesMembercsl:FixedRateMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:DebtSecuritiesMember2024-03-310001544206csl:InterestRateTypeConcentrationRiskMemberus-gaap:DebtSecuritiesMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:AerospaceSectorMember2024-03-310001544206us-gaap:AerospaceSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:AutomotiveSectorMember2024-03-310001544206us-gaap:AutomotiveSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:FoodAndBeverageSectorMember2024-03-310001544206us-gaap:FoodAndBeverageSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:BusinessServicesMember2024-03-310001544206csl:BusinessServicesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:CapitalEquipmentMember2024-03-310001544206csl:CapitalEquipmentMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:ChemicalsPlasticsAndRubberMember2024-03-310001544206csl:ChemicalsPlasticsAndRubberMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:ConstructionSectorMember2024-03-310001544206us-gaap:ConstructionSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:ConsumerGoodsDurableMember2024-03-310001544206csl:ConsumerGoodsDurableMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:ConsumerGoodsNonDurableMember2024-03-310001544206csl:ConsumerGoodsNonDurableMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:ConsumerServicesMember2024-03-310001544206csl:ConsumerServicesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:ContainerAndPackagingSectorMember2024-03-310001544206us-gaap:ContainerAndPackagingSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:DiversifiedFinancialServicesMember2024-03-310001544206csl:IndustryConcentrationRiskMembercsl:DiversifiedFinancialServicesMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:EnergySectorOilAndGasMember2024-03-310001544206csl:EnergySectorOilAndGasMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:EnvironmentalIndustriesMember2024-03-310001544206csl:EnvironmentalIndustriesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:HealthcareSectorMember2024-03-310001544206us-gaap:HealthcareSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:TechnologySectorMember2024-03-310001544206us-gaap:TechnologySectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:InvestmentFundsMember2024-03-310001544206csl:InvestmentFundsMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:LeisureProductsServicesSectorMember2024-03-310001544206csl:IndustryConcentrationRiskMembercsl:LeisureProductsServicesSectorMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:MediaAdvertisingPrintingAndPublishingMember2024-03-310001544206csl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:MediaAdvertisingPrintingAndPublishingMember2024-01-012024-03-310001544206us-gaap:RetailSectorMember2024-03-310001544206csl:IndustryConcent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Lien Debt, ADPD Holdings, LLC, Consumer Services2023-12-310001544206First Lien, Advanced Web Technologies Holding Company, Containers, Packaging & Glass2023-12-310001544206First Lien, Advanced Web Technologies Holding Company, Containers, Packaging & Glass 12023-12-310001544206First Lien, Advanced Web Technologies Holding Company, Containers, Packaging & Glass 22023-12-310001544206First Lien, AI Grace AUS Bidco Pty LTD (Australia), Consumer Goods: Non-Durable2023-12-310001544206First Lien, Allied Benefit Systems Intermediate LLC, Healthcare & Pharmaceuticals2023-12-310001544206First Lien Debt, Alpine Acquisition Corp II, Transportation: Cargo2023-12-310001544206First Lien, American Physician Partners, LLC, Healthcare & Pharmaceuticals2023-12-310001544206First Lien Debt, American Physician Partners, LLC, Healthcare & Pharmaceuticals2023-12-310001544206First Lien Debt, Apex Companies Holdings, LLC, Environmental Industries2023-12-310001544206First Lien Debt, Applied Technical Services, LLC - Business Services 12023-12-310001544206First Lien, Applied Technical Services, LLC, Business Services2023-12-310001544206First Lien, Appriss Health, LLC, Healthcare & Pharmaceuticals2023-12-310001544206First Lien, Ascend Buyer, LLC, Containers, Packaging & Glass2023-12-310001544206First Lien, Associations, Inc., Construction & Building2023-12-310001544206First Lien Debt, Atlas AU Bidco Pty Ltd (Australia), High Tech Industries2023-12-310001544206First Lien Debt, Atlas US Finco, Inc., High Tech Industries2023-12-310001544206First Lien, Aurora Lux FinCo S.Á.R.L. (Luxembourg), Software2023-12-310001544206First Lien Debt, Avalara, Inc., Diversified Financial Services2023-12-310001544206First Lien, Barnes & Noble, Inc., Retail2023-12-310001544206First Lien Debt, Bayside OPCP, LLC, Healthcare & Pharmaceuticals 12023-12-310001544206First Lien Debt, Bayside OPCP, LLC, Healthcare & Pharmaceuticals 22023-12-310001544206First Lien Debt, Bayside OPCP, LLC, Healthcare & Pharmaceuticals 32023-12-310001544206First Lien, BlueCat Networks, Inc. (Canada), High Tech Industries2023-12-310001544206First Lien, BMS Holdings III Corp., Construction & Building2023-12-310001544206First Lien Debt, Bradyifs Holdings, LLC, Wholesale2023-12-310001544206First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services 12023-12-310001544206First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services 22023-12-310001544206First Lien Debt, Celerion Buyer, Inc., Healthcare & Pharmaceuticals2023-12-310001544206First Lien Debt, Chartis Holding, LLC, Business Services2023-12-310001544206First Lien, Chemical Computing Group ULC (Canada), Software2023-12-310001544206First Lien, CircusTrix Holdings, LLC, Hotel, Gaming & Leisure2023-12-310001544206First Lien Debt, Comar Holding Company, LLC - Containers, Packaging & Glass2023-12-310001544206First Lien Debt, CoreWeave Compute Acquisition Co. II, LLC, High Tech Industries2023-12-310001544206First Lien, Cority Software Inc. (Canada), Software2023-12-310001544206First Lien, Cority Software Inc. (Canada), Software 22023-12-310001544206First Lien Debt, Coupa Holdings, LLC, Software2023-12-310001544206First Lien, CPI Intermediate Holdings, Inc., Telecommunications2023-12-310001544206First Lien, CST Holding Company, Consumer Goods: Non-Durable2023-12-310001544206First Lien, DCA Investment Holding, LLC, Healthcare & Pharmaceuticals2023-12-310001544206First Lien, Denali Midco 2, LLC, Consumer Services2023-12-310001544206First Lien, Dermatology Associates, Healthcare & Pharmaceuticals 12023-12-310001544206First Lien, Dermatology Associates, Healthcare & Pharmaceuticals 22023-12-310001544206First Lien, Diligent Corporation, Telecommunications2023-12-310001544206First Lien, Dwyer Instruments, Inc, Capital Equipment2023-12-310001544206First Lien, Eliassen Group, LLC, Business Services2023-12-310001544206First Lien, Ellkay, LLC, Healthcare & Pharmaceuticals2023-12-310001544206First Lien, Emergency Communications Network, LLC, Telecommunications2023-12-310001544206First Lien, EPS Nass Parent, Inc., Utilities: Electric2023-12-310001544206First Lien, EvolveIP, LLC, Telecommunications2023-12-310001544206First Lien, Excel Fitness Holdings, Inc., Leisure Products & Services2023-12-310001544206First Lien, Excelitas Technologies Corp., Capital Equipment 12023-12-310001544206First Lien, Excelitas Technologies Corp., Capital Equipment 22023-12-310001544206First Lien, FPG Intermediate Holdco, LLC, Consumer Services2023-12-310001544206First Lien, Greenhouse Software, Inc., Software2023-12-310001544206First Lien, Guidehouse LLP, Sovereign & Public Finance2023-12-310001544206First Lien, Hadrian Acquisition Limited (United Kingdom), Diversified Financial Services 12023-12-310001544206First Lien, Hadrian Acquisition Limited (United Kingdom), Diversified Financial Services 22023-12-310001544206First Lien, Harbour Benefit Holdings, Inc., Business Services2023-12-310001544206First Lien, Heartland Home Services, Inc., Consumer Services2023-12-310001544206First Lien, Heartland Home Services, Inc, Consumer Services2023-12-310001544206First Lien, Hercules Borrower LLC, Environmental Industries2023-12-310001544206First Lien, Hoosier Intermediate, LLC, Healthcare & Pharmaceuticals2023-12-310001544206First Lien, HS Spa Holdings Inc., Consumer Services2023-12-310001544206First Lien, iCIMS, Inc., Software2023-12-310001544206First Lien, Infront Luxembourg Finance S.À R.L. (Luxembourg), Hotel, Gaming & Leisure2023-12-310001544206First Lien, Integrity Marketing Acquisition, LLC, Banking, Finance, Insurance & Real Estate 22023-12-310001544206First Lien, IQN Holding Corp., Business Services2023-12-310001544206First Lien Debt, iRobot Corporation, Consumer Goods: Durable2023-12-310001544206First Lien, Jeg's Automotive, LLC, Automotive2023-12-310001544206First Lien, Kaseya, Inc., High Tech Industries2023-12-310001544206First Lien, Lifelong Learner Holdings, LLC, Business Services2023-12-310001544206First Lien, LinQuest Corporation, Aerospace & Defense2023-12-310001544206First Lien, LVF Holdings, Inc., Beverage & Food 2023-12-310001544206First Lien, Material Holdings, LLC, Business Services2023-12-310001544206First Lien, Maverick Acquisition, Inc., Aerospace & Defense2023-12-310001544206First Lien, Medical Manufacturing Technologies, LLC, Healthcare & Pharmaceuticals2023-12-310001544206First Lien, NEFCO Holding Company LLC, Construction & Building2023-12-310001544206First Lien Debt, NEFCO Holding Comapny LLC - Construction & Building 12023-12-310001544206First Lien, NMI AcquisitionCo, Inc., High Tech Industries2023-12-310001544206First Lien, North Haven Fairway Buyer, LLC, Consumer Services2023-12-310001544206First Lien, North Haven Stallone Buyer, LLC, Consumer Services2023-12-310001544206First Lien Debt, North Haven Stallone Buyer, LLC, Consumer Services 22023-12-310001544206First Lien, Oak Purchaser, Inc., Business Services2023-12-310001544206First Lien Debt, Oranje Holdco, Inc., Business Services2023-12-310001544206First Lien Debt, Park County Holdings,LLC, Media: Advertising, Printing & Publishing2023-12-310001544206First Lien, Performance Health Holdings, Inc, Healthcare & Pharmaceuticals2023-12-310001544206First Lien Debt, Pestco Intermediate, LLC, Environmental Industries2023-12-310001544206First Lien, PF Atlantic Holdco 2, LLC, Leisure Products & Services2023-12-310001544206First Lien, PF Growth Partners, LLC, Leisure Products & Services2023-12-310001544206First Lien, Project Castle, Inc., Capital Equipment2023-12-310001544206First Lien, Prophix Software Inc. (Canada), Software2023-12-310001544206First Lien Debt, Prophix Software Inc. (Canada), Software 12023-12-310001544206First Lien Debt, Pushpay USA Inc., Diversified Financial Services2023-12-310001544206First Lien, PXO Holdings I Corp., Chemicals, Plastics & Rubber2023-12-310001544206First Lien, QNNECT, LLC, Aerospace & Defense2023-12-310001544206First Lien, Quantic Electronics, LLC, Aerospace & Defense2023-12-310001544206First Lien, Quantic Electronics, LLC, Aerospace & Defense 22023-12-310001544206First Lien, Radwell Parent, LLC, Wholesale2023-12-310001544206First Lien, Regency Entertainment, Inc., Media: Diversified & Production2023-12-310001544206First Lien, RSC Acquisition, Inc., Diversified Financial Services2023-12-310001544206First Lien, Sapphire Convention, Inc., Telecommunications2023-12-310001544206First Lien, SCP Eye Care HoldCo, LLC, Healthcare & Pharmaceuticals2023-12-310001544206First Lien, Smarsh Inc., Software2023-12-310001544206First Lien, SPay, Inc., Hotel, Gaming & Leisure2023-12-310001544206First Lien, Speedstar Holding, LLC, Automotive2023-12-310001544206First Lien, Spotless Brands, LLC, Consumer Services2023-12-310001544206First Lien Debt, Spotless Brands, LLC, Consumer Services22023-12-310001544206First Lien Debt, Summit Acquisition, Inc., Diversified Financial Services2023-12-310001544206First Lien Debt, Tank Holding Corp., Capital Equipment2023-12-310001544206First Lien, TCFI Aevex LLC, Aerospace & Defense2023-12-310001544206First Lien, TIBCO Software Inc., High Tech Industries2023-12-310001544206First Lien, Trader Corporation (Canada), Automotive2023-12-310001544206First Lien, Tufin Software North America, Inc., Software2023-12-310001544206First Lien, Turbo Buyer, Inc., Automotive2023-12-310001544206First Lien, U.S. Legal Support, Inc., Business Services2023-12-310001544206First Lien, US INFRA SVCS Buyer, LLC, Environmental Industries2023-12-310001544206First Lien, USALCO, LLC, Chemicals, Plastics & Rubber2023-12-310001544206First Lien, USR Parent Inc., Retail2023-12-310001544206First Lien Debt, Vensure Employee Services, Inc., Business Services2023-12-310001544206First Lien, Westfall Technik, Inc., Chemicals, Plastics & Rubber2023-12-310001544206First Lien, Wineshipping.com LLC, Beverage & Food2023-12-310001544206First Lien, Yellowstone Buyer Acquisition, LLC, Consumer Goods: Durable2023-12-310001544206First Lien, YLG Holdings, Inc., Consumer Services2023-12-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesFirstLienMember2023-12-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesSecondLienMembercsl:InvestmentsAtFairValueMember2023-01-012023-12-310001544206Second Lien, 11852604 Canada Inc. (Canada), Healthcare & Pharmaceuticals2023-12-310001544206Second Lien, AI Convoy S.A.R.L (United Kingdom), Aerospace & Defense2023-12-310001544206Second Lien, Aimbridge Acquisition Co., Inc., Leisure Products & Services2023-12-310001544206Second Lien, AP Plastics Acquisition Holdings, LLC, Chemicals, Plastics & Rubber2023-12-310001544206Second Lien, AQA Acquisition Holdings, Inc., High Tech Industries2023-12-310001544206Second Lien, Bayside OPCP, LLC, Healthcare & Pharmaceuticals2023-12-310001544206Second Lien, Outcomes Group Holdings, Inc., Business Services2023-12-310001544206Second Lien, PAI Holdco, Inc., Automotive2023-12-310001544206Second Lien, Quartz Holding Company, Software2023-12-310001544206Second Lien, Stonegate Pub Company Bidco Limited (United Kingdom), Beverage & Food2023-12-310001544206Second Lien, TruGreen Limited Partnership, Consumer Service2023-12-310001544206Second Lien, World 50, Inc., Business Services2023-12-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesSecondLienMember2023-12-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMembercsl:InvestmentsAtFairValueMember2023-01-012023-12-310001544206Equity Investments, ANLG Holdings, LLC, Capital Equipment2023-12-310001544206Equity Investments, Appriss Health, LLC, Healthcare & Pharmaceuticals2023-12-310001544206Equity Investments, Atlas Ontario LP (Canada), Business Services2023-12-310001544206Equity Investments, Bayside HoldCo, LLC, Healthcare & Pharmaceuticals2023-12-310001544206Equity Investments, Blackbird Holdco, Inc, Capital Equipment2023-12-310001544206Equity Investments, Buckeye Parent, LLC, Automotive2023-12-310001544206Equity Investments, Chartis Holding, LLC, Business Services2023-12-310001544206Equity Investments, CIP Revolution Holdings, LLC, Media: Advertising, Printing & Publishing2023-12-310001544206Equity Investments, Cority Software Inc. (Canada), Software2023-12-310001544206Equity Investments, Derm Growth Partners III, LLC, Healthcare & Pharmaceuticals2023-12-310001544206Equity Investments, Diligent Corporation, Telecommunications2023-12-310001544206Equity Investments, ECP Parent, LLC, Healthcare & Pharmaceuticals2023-12-310001544206Equity Investments, GB Vino Parent, L.P., Beverage & Food2023-12-310001544206Equity Investments, Integrity Marketing Group, LLC, Diversified Financial Services2023-12-310001544206Equity Investments, Legacy.com, Inc., High Tech Industries2023-12-310001544206Equity Investments, NearU Holdings LLC, Consumer Services2023-12-310001544206Equity Investments, Holding Company LLC, Construction & Building2023-12-310001544206Equity Investments, North Haven Goldfinch Topco, LLC, Containers, Packaging & Glass2023-12-310001544206Equity Investments, Pascal Ultimate Holdings, L.P, Capital Equipment2023-12-310001544206Equity Investments, Picard Parent, Inc., High Tech Industries2023-12-310001544206Equity Investments, Profile Holdings I, LP, Chemicals, Plastics & Rubber2023-12-310001544206Equity Investments, Sinch AB (Sweden), High Tech Industries2023-12-310001544206Equity Investments, Summit K2 Midco, Inc., Diversified Financial Services2023-12-310001544206Equity Investments, Tailwind HMT Holdings Corp., Energy: Oil & Gas2023-12-310001544206Equity Investments, Talon MidCo 1 Limited, Software2023-12-310001544206Equity Investments, Tank Holding Corp., Capital Equipment2023-12-310001544206Equity Investments, Titan DI Preferred Holdings, Inc., Energy: Oil & Gas2023-12-310001544206Equity Investments, Turbo Buyer, Inc., Automotive2023-12-310001544206Equity Investments, U.S. Legal Support Investment Holdings, LLC, Business Services2023-12-310001544206Equity Investments, W50 Parent LLC, Business Services2023-12-310001544206Equity Investments, Zenith American Holding, Inc., Business Services2023-12-310001544206us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2023-12-310001544206us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembercsl:InvestmentsAtFairValueMember2023-01-012023-12-310001544206First Lien, Direct Travel, Inc., Leisure Products & Services 12023-12-310001544206First Lien, Direct Travel, Inc., Leisure Products & Services 22023-12-310001544206csl:DebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembercsl:InvestmentsAtFairValueMember2023-01-012023-12-310001544206Equity Investments, Direct Travel, Inc., Leisure Products & Services2023-12-310001544206us-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001544206us-gaap:OtherThanSecuritiesInvestmentMembercsl:InvestmentTypeConcentrationRiskMemberus-gaap:InvestmentAffiliatedIssuerControlledMembercsl:InvestmentsAtFairValueMember2023-01-012023-12-310001544206Investment Funds, Middle Market Credit Fund II, LLC, Member's Interest, Investment Funds2023-12-310001544206Investment Funds, Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest, Investment Funds2023-12-310001544206Investment Funds, Middle Market Credit Fund, Mezzanine Loan, Investment Funds2023-12-310001544206us-gaap:OtherThanSecuritiesInvestmentMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001544206us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001544206us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-12-310001544206us-gaap:InterestRateSwapMember2023-12-310001544206csl:A30DaySOFRMember2023-12-310001544206csl:A90DaySOFRMember2023-12-310001544206csl:A180DaySOFRMember2023-12-310001544206csl:DailySONIARateMember2023-12-310001544206csl:A30DayEURIBORMember2023-12-310001544206csl:A90DayEURIBORMember2023-12-310001544206csl:A30DayCDORMember2023-12-310001544206srt:MinimumMember2023-12-310001544206srt:MaximumMember2023-12-310001544206us-gaap:EquitySecuritiesMember2023-12-310001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMember2023-12-310001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2023-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest2022-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest2023-01-012023-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest2023-12-310001544206Middle Market Credit Fund, Mezzanine Loan2022-12-310001544206Middle Market Credit Fund, Mezzanine Loan2023-01-012023-12-310001544206Middle Market Credit Fund, Mezzanine Loan2023-12-310001544206Middle Market Credit Fund II, LLC, Member's Interest2022-12-310001544206Middle Market Credit Fund II, LLC, Member's Interest2023-01-012023-12-310001544206Middle Market Credit Fund II, LLC, Member's Interest2023-12-310001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001544206csl:MiddleMarketCreditFundLLCAndMiddleMarketCreditFundIILLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-12-310001544206Direct Travel, Inc. 12022-12-310001544206Direct Travel, Inc. 12023-01-012023-12-310001544206Direct Travel, Inc. 22022-12-310001544206Direct Travel, Inc. 22023-01-012023-12-310001544206Direct Travel, Inc. (Equity)2022-12-310001544206Direct Travel, Inc. (Equity)2023-01-012023-12-310001544206csl:DirectTravelAndSPFMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001544206csl:DirectTravelAndSPFMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-12-310001544206First and Second Lien Debt, ADPD Holdings, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, ADPD Holdings, LLC, Revolver2023-12-310001544206First and Second Lien Debt, Advanced Web Technologies Holding Company, Revolver2023-12-310001544206First and Second Lien Debt, Allied Benefit Systems Intermediate LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Alpine Acquisition Corp II, Revolver2023-12-310001544206First and Second Lien Debt, Apex Companies Holdings, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Applied Technical Services, LLC, Revolver2023-12-310001544206First and Second Lien Debt, Appriss Health, LLC, Revolver2023-12-310001544206First and Second Lien Debt, Ascend Buyer, LLC, Revolver2023-12-310001544206First and Second Lien Debt, Associations, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Atlas AU Bidco Pty Ltd (Australia), Revolver2023-12-310001544206First and Second Lien Debt, Avalara, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Bayside OPCP, LLC, Revolver2023-12-310001544206First and Second Lien Debt, BlueCat Networks, Inc. (Canada), Delayed Draw2023-12-310001544206First and Second Lien Debt, Bradyifs Holdings, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Bradyifs Holdings, LLC, Revolver2023-12-310001544206First and Second Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Delayed Draw2023-12-310001544206First and Second Lien Debt, Celerion Buyer, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, Celerion Buyer, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Chartis Holding, LLC, Revolver2023-12-310001544206First and Second Lien Debt, Chemical Computing Group ULC (Canada), Revolver2023-12-310001544206First and Second Lien Debt, CircusTrix Holdings, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, CircusTrix Holdings, LLC, Revolver2023-12-310001544206First and Second Lien Debt, CoreWeave Compute Acquisition Co. II, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Cority Software Inc. (Canada), Revolver2023-12-310001544206First and Second Lien Debt, Coupa Holdings, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Coupa Holdings, LLC, Revolver2023-12-310001544206First and Second Lien Debt, CPI Intermediate Holdings, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, CST Holding Company, Revolver2023-12-310001544206First and Second Lien Debt, Denali Midco 2, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Diligent Corporation, Revolver2023-12-310001544206First and Second Lien Debt, Direct Travel, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, Dwyer Instruments, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Eliassen Group, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Ellkay, LLC, Revolver2023-12-310001544206First and Second Lien Debt, EPS Nass Parent, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Excel Fitness Holdings, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Excelitas Technologies Corp., Delayed Draw2023-12-310001544206First and Second Lien Debt, Excelitas Technologies Corp., Revolver2023-12-310001544206First and Second Lien Debt, FPG Intermediate Holdco, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Greenhouse Software, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Hadrian Acquisition Limited (United Kingdom), Delayed Draw2023-12-310001544206First and Second Lien Debt, Harbour Benefit Holdings, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Heartland Home Services, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Hercules Borrower LLC, Revolver2023-12-310001544206First and Second Lien Debt, Hoosier Intermediate, LLC, Revolver2023-12-310001544206First and Second Lien Debt, HS Spa Holdings Inc., Revolver2023-12-310001544206First and Second Lien Debt, iCIMS, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, iCIMS, Inc., Revolver2023-12-310001544206First and Second Lien Debt, IQN Holding Corp., Delayed Draw2023-12-310001544206First and Second Lien Debt, IQN Holding Corp., Revolver2023-12-310001544206First and Second Lien Debt, Kaseya, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, Kaseya, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Lifelong Learner Holdings, LLC, Revolver2023-12-310001544206First and Second Lien Debt, LVF Holdings, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Material Holdings, LLC, Revolver2023-12-310001544206First and Second Lien Debt, Medical Manufacturing Technologies, LLC, Revolver2023-12-310001544206First and Second Lien Debt, NEFCO Holding Company LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, NEFCO Holding Company LLC, Revolver2023-12-310001544206First and Second Lien Debt, NMI AcquisitionCo, Inc., Revolver2023-12-310001544206First and Second Lien Debt, North Haven Fairway Buyer, LLC, Revolver2023-12-310001544206First and Second Lien Debt, North Haven Stallone Buyer, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Oak Purchaser, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, Oak Purchaser, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Oranje Holdco, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Pestco Intermediate, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Pestco Intermediate, LLC, Revolver2023-12-310001544206First and Second Lien Debt, PF Atlantic Holdco 2, LLC, Revolver2023-12-310001544206First and Second Lien Debt, Prophix Software Inc. (Canada), Delayed Draw2023-12-310001544206First and Second Lien Debt, Prophix Software Inc. (Canada), Revolver2023-12-310001544206First and Second Lien Debt, Pushpay USA Inc., Revolver2023-12-310001544206First and Second Lien Debt, PXO Holdings I Corp., Delayed Draw2023-12-310001544206First and Second Lien Debt, PXO Holdings I Corp., Revolver2023-12-310001544206First and Second Lien Debt, QNNECT, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Radwell Parent, LLC, Revolver2023-12-310001544206First and Second Lien Debt, RSC Acquisition, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Sapphire Convention, Inc., Revolver2023-12-310001544206First and Second Lien Debt, SCP Eye Care HoldCo, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, SCP Eye Care HoldCo, LLC, Revolver2023-12-310001544206First and Second Lien Debt, Smarsh Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, Smarsh Inc., Revolver2023-12-310001544206First and Second Lien Debt, Spotless Brands, LLC, Delayed Draw2023-12-310001544206First and Second Lien Debt, Spotless Brands, LLC, Revolver2023-12-310001544206First and Second Lien Debt,Summit Acquisition, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt,Summit Acquisition, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Tank Holding Corp., Revolver2023-12-310001544206First and Second Lien Debt, Trader Corporation (Canada), Revolver2023-12-310001544206First and Second Lien Debt, Tufin Software North America, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, Tufin Software North America, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Turbo Buyer, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, Turbo Buyer, Inc., Revolver2023-12-310001544206First and Second Lien Debt, U.S. Legal Support, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, U.S. Legal Support, Inc., Revolver2023-12-310001544206First and Second Lien Debt, Vensure Employee Services, Inc., Delayed Draw2023-12-310001544206First and Second Lien Debt, Wineshipping.com LLC, 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Fund II - First Lien Debt - Alpine Acquisition Corp II, Transportation: Cargo2024-03-310001544206Credit Fund II - First Lien Debt - Appriss Health, LLC, Healthcare & Pharmaceuticals2024-03-310001544206Credit Fund II - First Lien Debt - Ascend Buyer, LLC, Containers, Packaging & Glass2024-03-310001544206Credit Fund II - First Lien Debt - Aurora Lux FinCo S.Á.R.L. (Luxembourg), Software2023-12-310001544206Credit Fund II - First Lien Debt - Aurora Lux FinCo S.Á.R.L. (Luxembourg), Software2024-03-310001544206Credit Fund II - First Lien Debt - BMS Holdings III Corp., Construction & Building2024-03-310001544206Credit Fund II - First Lien Debt - Chartis Holding, LLC, Business Services2024-03-310001544206Credit Fund II - First Lien Debt - Comar Holding Company, LLC, Containers, Packaging & Glass2023-12-310001544206Credit Fund II - First Lien Debt - Comar Holding Company, LLC, Containers, Packaging & Glass2024-03-310001544206Credit Fund II - First Lien Debt - Cority Software Inc. (Canada), Software 12024-03-310001544206Credit Fund II - First Lien Debt - Cority Software Inc. (Canada), Software 22024-03-310001544206Credit Fund II - First Lien Debt - Dwyer Instruments, Inc., Capital Equipment2024-03-310001544206Credit Fund II - First Lien Debt - EvolveIP, LLC, Telecommunications2024-03-310001544206Credit Fund II - First Lien Debt - Harbour Benefit Holdings, Inc., Business Services2024-03-310001544206Credit Fund II - First Lien Debt - Hoosier Intermediate, LLC, Healthcare & Pharmaceuticals2024-03-310001544206Credit Fund II - First Lien Debt - HS Spa Holdings Inc., Consumer Services2024-03-310001544206Credit Fund II - First Lien Debt - Integrity Marketing Acquisition, LLC, Diversified Financial Services 12024-03-310001544206Credit Fund II - First Lien Debt - Integrity Marketing Acquisition, LLC, Diversified Financial Services 22024-03-310001544206Credit Fund II - First Lien Debt - LVF Holdings, Inc., Beverage & Food2024-03-310001544206Credit Fund II - First Lien Debt - Material Holdings, LLC, Business Services2024-03-310001544206Credit Fund II - First Lien Debt - Maverick Acquisition, Inc., Aerospace & Defense2024-03-310001544206Credit Fund II - First Lien Debt - NMI AcquisitionCo, Inc., High Tech Industries2024-03-310001544206Credit Fund II - First Lien Debt - PF Atlantic Holdco 2, LLC, Leisure Products & Services2024-03-310001544206Credit Fund II - First Lien Debt - PXO Holdings I Corp., Chemicals, Plastics & Rubber2024-03-310001544206Credit Fund II - First Lien Debt - Radwell Parent, LLC, Wholesale2024-03-310001544206Credit Fund II - First Lien Debt - RSC Acquisition, Inc., Diversified Financial Services2024-03-310001544206Credit Fund II - First Lien Debt - Spotless Brands, LLC, Consumer Services2024-03-310001544206Credit Fund II - First Lien Debt - Tank Holding Corp., Capital Equipment2024-03-310001544206Credit Fund II - First Lien Debt - TCFI Aevex LLC, Aerospace & Defense2024-03-310001544206Credit Fund II - First Lien Debt - Turbo Buyer, Inc., Automotive2024-03-310001544206Credit Fund II - First Lien Debt - U.S. Legal Support, Inc., Business Services2024-03-310001544206Credit Fund II - First Lien Debt - US INFRA SVCS Buyer, LLC, Environmental Industries2023-12-310001544206Credit Fund II - First Lien Debt - US INFRA SVCS Buyer, LLC, Environmental Industries2024-03-310001544206Credit Fund II - First Lien Debt - Westfall Technik, Inc., Chemicals, Plastics & Rubber2023-12-310001544206Credit Fund II - First Lien Debt - Westfall Technik, Inc.2024-03-310001544206Credit Fund II - First Lien Debt - Wineshipping.com LLC, Beverage & Food2024-03-310001544206csl:MiddleMarketCreditFundIILLCMembercsl:DebtSecuritiesFirstLienMember2024-03-310001544206csl:SecondLienDebtMembercsl:MiddleMarketCreditFundIILLCMembercsl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206Credit Fund II - Second Lien Debt, AI Convoy S.A.R.L (United Kingdom), Aerospace & Defense2024-03-310001544206Credit Fund II - Second Lien Debt, AP Plastics Acquisition Holdings, LLC, Chemicals, Plastics & Rubber2024-03-310001544206Credit Fund II - Second Lien Debt, AQA Acquisition Holdings, Inc., High Tech Industries2024-03-310001544206csl:SecondLienDebtMembercsl:MiddleMarketCreditFundIILLCMember2024-03-310001544206us-gaap:GeographicConcentrationRiskMembercsl:MiddleMarketCreditFundIILLCMembercountry:CAcsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:GeographicConcentrationRiskMembercsl:MiddleMarketCreditFundIILLCMembercountry:LUcsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:GeographicConcentrationRiskMembercsl:MiddleMarketCreditFundIILLCMembercountry:GBcsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206us-gaap:GeographicConcentrationRiskMembercountry:UScsl:MiddleMarketCreditFundIILLCMembercsl:InvestmentsAtFairValueMember2024-01-012024-03-310001544206csl:MiddleMarketCreditFundIILLCMembersrt:MinimumMember2024-03-310001544206csl:MiddleMarketCreditFundIILLCMembersrt:MaximumMember2024-03-310001544206us-gaap:MeasurementInputCreditSpreadMembercsl:MiddleMarketCreditFundIILLCMembersrt:MinimumMember2024-03-310001544206us-gaap:MeasurementInputCreditSpreadMembercsl:MiddleMarketCreditFundIILLCMembersrt:MaximumMember2024-03-310001544206csl:MiddleMarketCreditFundIILLCMembercsl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMembercsl:InvestmentsAtFairValueMember2023-01-012023-12-310001544206Credit Fund II - First Lien Debt - Alpine Acquisition Corp II, Transportation: Cargo2023-12-310001544206Credit Fund II - First Lien Debt - American Physician Partners, LLC, Healthcare & Pharmaceuticals2023-12-310001544206Credit Fund II - First Lien Debt - Appriss Health, LLC, Healthcare & Pharmaceuticals2023-12-310001544206Credit Fund II - First Lien Debt - Ascend Buyer, LLC, Containers, Packaging & Glass2023-12-310001544206Credit Fund II - First Lien Debt - BMS Holdings III Corp., Construction & Building2023-12-310001544206Credit Fund II - First Lien Debt - Chartis Holding, LLC, Business Services2023-12-310001544206Credit Fund II - First Lien Debt - Cority Software Inc. (Canada), Software 12023-12-310001544206Credit Fund II - First Lien Debt - Cority Software Inc. (Canada), Software 22023-12-310001544206Credit Fund II - First Lien Debt - Dwyer Instruments, Inc., Capital Equipment2023-12-310001544206Credit Fund II - First Lien Debt - EvolveIP, LLC, Telecommunications2023-12-310001544206Credit Fund II - First Lien Debt - Harbour Benefit Holdings, Inc., Business Services2023-12-310001544206Credit Fund II - First Lien Debt - Hoosier Intermediate, LLC, Healthcare & Pharmaceuticals2023-12-310001544206Credit Fund II - First Lien Debt - HS Spa Holdings Inc., Consumer Services2023-12-310001544206Credit Fund II - First Lien Debt - Integrity Marketing Acquisition, LLC, Diversified Financial Services 12023-12-310001544206Credit Fund II - First Lien Debt - Integrity Marketing Acquisition, LLC, Diversified Financial Services 22023-12-310001544206Credit Fund II - First Lien Debt - LVF Holdings, Inc., Beverage & Food2023-12-310001544206Credit Fund II - First Lien Debt - Material Holdings, LLC, Business Services2023-12-310001544206Credit Fund II - First Lien Debt - Maverick Acquisition, Inc., Aerospace & Defense2023-12-310001544206Credit Fund II - First Lien Debt - NMI AcquisitionCo, Inc., High Tech Industries2023-12-310001544206Credit Fund II - First Lien Debt - PF Atlantic Holdco 2, LLC, Leisure Products & Services2023-12-310001544206Credit Fund II - First Lien Debt - PXO Holdings I Corp., Chemicals, Plastics & Rubber2023-12-310001544206Credit Fund II - First Lien Debt - Radwell Parent, LLC, Wholesale2023-12-310001544206Credit Fund II - First Lien Debt - RSC Acquisition, Inc., Diversified Financial Services2023-12-310001544206Credit Fund II - First Lien Debt - Spotless Brands, LLC, Consumer Services2023-12-310001544206Credit Fund II - First Lien Debt - Tank Holding Corp., Capital Equipment2023-12-310001544206Credit Fund II - First Lien Debt - TCFI Aevex LLC, Aerospace & Defense2023-12-310001544206Credit Fund II - First Lien Debt - Turbo Buyer, Inc., Automotive2023-12-310001544206Credit Fund II - First Lien Debt - U.S. Legal Support, Inc., Business Services2023-12-310001544206Credit Fund II - First Lien Debt - Wineshipping.com LLC, Beverage & Food2023-12-310001544206csl:MiddleMarketCreditFundIILLCMembercsl:DebtSecuritiesFirstLienMember2023-12-310001544206csl:SecondLienDebtMembercsl:MiddleMarketCreditFundIILLCMembercsl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2023-01-012023-12-310001544206Credit Fund II - Second Lien Debt - AI Convoy S.A.R.L (United Kingdom) - Aerospace & Defense2023-12-310001544206Credit Fund II - Second Lien Debt - AP Plastics Acquisition Holdings, LLC - Chemicals, Plastics & Rubber2023-12-310001544206Credit Fund II - Second Lien Debt - AQA Acquisition Holdings, Inc. - High Tech Industries2023-12-310001544206Credit Fund II - Second Lien Debt - Quartz Holding Company - Software2023-12-310001544206Credit Fund II - Second Lien Debt - World 50, Inc. - Business 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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 March 31, 2024
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
8.20% notes due 2028CGBDLThe 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 May 7, 2024 was 50,794,941.



CARLYLE SECURED LENDING, INC.
INDEX
 
Part I.Financial Information
Item 1.Financial Statements
2
3
4
5
6
34
Item 2.
75
Item 3.
93
Item 4.
94
Part II.Other Information
Item 1.
95
Item 1A.
95
Item 2.
95
Item 3.
95
Item 4.
95
Item 5.
96
Item 6.
97
98

1


CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(amounts in thousands, except share and per share data)
March 31, 2024December 31, 2023
ASSETS(unaudited)
Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,492,311 and $1,586,761, respectively)
$1,472,096 $1,539,120 
Investments—non-controlled/affiliated, at fair value (amortized cost of $66,167 and $47,037, respectively)
64,199 53,382 
Investments—controlled/affiliated, at fair value (amortized cost of $271,097 and $271,097, respectively)
248,598 249,379 
Total investments, at fair value (amortized cost of $1,829,575 and $1,904,895, respectively)
1,784,893 1,841,881 
Cash, cash equivalents and restricted cash69,921 60,447 
Receivable for investments sold66 36 
Interest and dividend receivable33,940 33,725 
Prepaid expenses and other assets6,251 6,489 
Total assets$1,895,071 $1,942,578 
LIABILITIES
Debt and secured borrowings (Note 8)
$930,182 $980,183 
Interest and credit facility fees payable (Note 8)
8,025 8,591 
Dividend payable (Note 10)
24,353 22,321 
Base management and incentive fees payable (Note 4)
12,755 13,067 
Administrative service fees payable (Note 4)
2,752 2,991 
Other accrued expenses and liabilities184 2,613 
Total liabilities978,251 1,029,766 
Commitments and contingencies (Notes 9 and 12)
NET ASSETS
Cumulative convertible preferred stock, $0.01 par value; 2,000,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023
50,000 50,000 
Common stock, $0.01 par value; 198,000,000 shares authorized; 50,794,941 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
508 508 
Paid-in capital in excess of par value1,015,681 1,015,681 
Offering costs(1,633)(1,633)
Total distributable earnings (loss)(147,736)(151,744)
Total net assets$916,820 $912,812 
NET ASSETS PER COMMON SHARE$17.07 $16.99 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
2


CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share and per share data) (unaudited)
 For the three month periods ended
 March 31, 2024March 31, 2023
Investment income:
From non-controlled/non-affiliated investments:
Interest income$42,765 $43,254 
PIK income5,507 4,188 
Other income1,780 961 
Total investment income from non-controlled/non-affiliated investments50,052 48,403 
From non-controlled/affiliated investments:
Interest income3,677 1,694 
Other income2 2 
Total investment income from non-controlled/affiliated investments3,679 1,696 
From controlled/affiliated investments:
Dividend income8,276 8,276 
Total investment income from controlled/affiliated investments8,276 8,276 
Total investment income62,007 58,375 
Expenses:
Base management fees (Note 4)
6,888 7,236 
Incentive fees (Note 4)
5,867 5,472 
Professional fees745 689 
Administrative service fees (Note 4)
501 28 
Interest expense and credit facility fees (Note 8)
17,863 17,281 
Directors’ fees and expenses151 123 
Other general and administrative713 453 
Total expenses32,728 31,282 
Net investment income (loss) before taxes29,279 27,093 
Excise tax expense830 523 
Net investment income (loss)28,449 26,570 
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments(23,199)(13,503)
Non-controlled/affiliated investments4,013 — 
Controlled/affiliated investments— 188 
Net realized currency gain (loss) on non-investment assets and liabilities640 (53)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments27,426 12,906 
Non-controlled/affiliated investments(8,313)4,976 
Controlled/affiliated investments(781)(1,867)
Net change in unrealized currency gains (losses) on non-investment assets and liabilities1,029 (1,230)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities815 1,417 
Net increase (decrease) in net assets resulting from operations29,264 27,987 
Preferred stock dividend875 875 
Net increase in net assets resulting from operations attributable to Common Stockholders$28,389 $27,112 
Basic and diluted earnings per common share (Note 10)
Basic$0.56 $0.53 
Diluted$0.52 $0.50 
Weighted-average shares of common stock outstanding (Note 10)
Basic50,794,941 50,887,075 
Diluted56,330,563 56,289,347 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3


CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(amounts in thousands) (unaudited)
 For the three month periods ended
 March 31, 2024March 31, 2023
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)$28,449 $26,570 
Net realized gain (loss) on investments and non-investment assets and liabilities(18,546)(13,368)
Net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities19,361 14,785 
Net increase (decrease) in net assets resulting from operations29,264 27,987 
Capital transactions:
Repurchase of common stock— (3,993)
Dividends declared on preferred and common stock (Note 10)
(25,256)(23,224)
Net increase (decrease) in net assets resulting from capital transactions(25,256)(27,217)
Net increase (decrease) in net assets4,008 770 
Net assets at beginning of period912,812 917,423 
Net assets at end of period$916,820 $918,193 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4


CARLYLE SECURED LENDING, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands) (unaudited)
 For the three month periods ended
 March 31, 2024March 31, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$29,264 $27,987 
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 costs515 291 
Net accretion of discount on investments(3,158)(1,855)
Paid-in-kind interest(5,797)(5,227)
Net realized (gain) loss on investments19,186 13,315 
Net realized currency (gain) loss on non-investment assets and liabilities(640)53 
Net change in unrealized (appreciation) depreciation on investments(18,332)(16,015)
Net change in unrealized currency (gain) loss on non-investment assets and liabilities(1,029)1,230 
Net unrealized gain (loss) on derivative instruments(950)— 
Cost of investments purchased and change in payable for investments purchased(66,911)(52,585)
Proceeds from sales and repayments of investments and change in receivable for investments sold132,614 62,997 
Changes in operating assets:
Interest and dividend receivable(215)(2,151)
Prepaid expenses and other assets4 (319)
Changes in operating liabilities:
Interest and credit facility fees payable(566)33 
Base management and incentive fees payable(312)48 
Administrative service fees payable(239)(490)
Other accrued expenses and liabilities(2,429)(1,754)
Net cash provided by (used in) operating activities81,005 25,558 
Cash flows from financing activities:
Repurchase of common stock— (3,993)
Borrowings on Credit Facility49,000 44,792 
Repayments of Credit Facility(74,000)(30,641)
Repayments of 2015-1R Notes(23,274)— 
Debt issuance costs paid(33)— 
Dividends paid in cash(23,224)(23,349)
Net cash provided by (used in) financing activities(71,531)(13,191)
Net increase (decrease) in cash, cash equivalents and restricted cash9,474 12,367 
Cash, cash equivalents and restricted cash, beginning of period60,447 30,506 
Cash, cash equivalents and restricted cash, end of period$69,921 $42,873 
Supplemental disclosures:
Interest and credit facility fees paid during the period$17,924 $16,712 
Taxes, including excise tax, paid during the period$2,432 $1,843 
Dividends declared on preferred and common stock during the period$25,256 $23,224 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(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 (68.4% of fair value)
ADPD Holdings, LLC^*(2)(3)(11)(15)Consumer ServicesSOFR6.00%11.50%8/16/20228/15/2028$10,574 $10,364 $9,137 1.00 %
Advanced Web Technologies Holding Company^*(2)(3)(11)(15)Containers, Packaging & GlassSOFR6.25%11.71%12/17/202012/17/20269,198 9,095 9,299 1.01 
Advanced Web Technologies Holding Company^(2)(3)(11)Containers, Packaging & GlassSOFR6.75%12.21%6/2/202312/17/2026640 624 646 0.07 
Advanced Web Technologies Holding Company^*(2)(3)(11)Containers, Packaging & GlassSOFR6.50%11.96%12/16/202112/17/20261,589 1,570 1,604 0.17 
AI Grace AUS Bidco Pty LTD (Australia)^(2)(3)(7)Consumer Goods: Non-DurableSOFR6.50%11.83%12/5/202312/5/20292,286 2,220 2,236 0.24 
Allied Benefit Systems Intermediate LLC^(2)(3)(15)Healthcare & PharmaceuticalsSOFR5.25%10.58%10/31/202310/31/2030— (22)11 0.00 
Alpine Acquisition Corp II^*(2)(3)(11)(15)Transportation: CargoSOFR6.00%11.45%4/19/202211/30/20269,940 9,770 9,284 1.01 
Apex Companies Holdings, LLC^*(2)(3)Environmental IndustriesSOFR6.25%11.57%1/31/20231/31/202812,320 12,045 12,325 1.34 
Apex Companies Holdings, LLC^(2)(3)(15)Environmental IndustriesSOFR5.75%11.08%3/14/20241/31/2028745 579 642 0.07 
Applied Technical Services, LLC^(2)(3)(11)Business ServicesSOFR6.00%11.45%9/18/202312/29/2026478 470 476 0.05 
Applied Technical Services, LLC^(2)(3)(11)(15)Business ServicesSOFR5.75%11.20%12/29/202012/29/20261,159 1,129 1,139 0.12 
Appriss Health, LLC^(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR7.00%12.48%5/6/20215/6/202736,783 36,299 36,076 3.93 
Ardonagh Midco 3 PLC (United Kingdom)^(2)(3)(7)(15)Diversified Financial ServicesSOFR4.75%10.04%3/1/20242/15/2031366 360 360 0.04 
Ascend Buyer, LLC^*(2)(3)(11)(15)Containers, Packaging & GlassSOFR6.40%11.86%9/30/20219/30/20283,805 3,742 3,752 0.41 
Associations, Inc.^(2)(3)(11)(15)Construction & BuildingSOFR
4.00%,
2.50% PIK
12.09%7/2/20217/2/202713,607 13,530 13,607 1.48 
Athlete Buyer, LLC^(2)(3)(11)(15)Construction & BuildingSOFR6.25%11.65%3/29/20244/26/20291,485 1,219 1,218 0.13 
Atlas US Finco, Inc.^(2)(3)(7)(15)High Tech IndustriesSOFR7.25%12.55%12/15/202212/12/20292,890 2,809 2,914 0.32 
Atlas US Finco, Inc.^(2)(3)(7)High Tech IndustriesSOFR6.75%12.05%12/18/202312/10/20291,338 1,312 1,321 0.14 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^*(2)(3)(7)(11)SoftwareSOFR
3.00%,
4.00% PIK
12.41%12/24/201912/24/202632,632 32,264 31,264 3.41 
Avalara, Inc.^(2)(3)(15)Diversified Financial ServicesSOFR7.25%12.56%10/19/202210/19/202822,500 21,998 22,871 2.49 
Azurite Intermediate Holdings, Inc.^(2)(3)(15)SoftwareSOFR6.50%11.83%3/19/20243/19/20311,093 1,034 1,033 0.11 
Barnes & Noble, Inc.^(2)(3)(10)(11)RetailSOFR8.31%13.74%8/7/201912/20/202621,266 20,821 21,236 2.32 
Bayside OPCP, LLC^(2)(3)(11)Healthcare & PharmaceuticalsSOFR
7.25%
(100% PIK)
12.66%5/31/20235/31/20264,939 4,939 4,939 0.54 
Bayside OPCP, LLC^(2)(3)(11)Healthcare & PharmaceuticalsSOFR
7.25%
(100% PIK)
12.66%5/31/20235/31/202613,963 13,963 13,963 1.52 
Bayside OPCP, LLC^(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR
7.00%
(100% PIK)
12.30%5/31/20235/31/2026— — — — 
6
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(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
BlueCat Networks, Inc. (Canada)^(2)(3)(7)(15)High Tech IndustriesSOFR
4.00%,
2.00% PIK
11.24%8/8/20228/8/2028$3,702 $3,643 $3,645 0.40 %
BMS Holdings III Corp.^(2)(3)(11)Construction & BuildingSOFR5.50%10.96%9/30/20199/30/20264,772 4,722 4,672 0.51 
Bradyifs Holdings, LLC^(2)(3)(15)WholesaleSOFR6.00%11.31%10/31/202310/31/20298,574 8,385 8,482 0.93 
CD&R Madison Parent Ltd (United Kingdom)^(2)(7)Business ServicesEURIBOR
5.75%,
2.00% PIK
11.70%2/27/20232/27/2030€612 631 672 0.07 
CD&R Madison Parent Ltd (United Kingdom)^(2)(7)(15)Business ServicesSONIA
6.25%,
2.00% PIK
13.44%2/27/20232/27/2030£1,298 1,516 1,671 0.18 
Celerion Buyer, Inc.^*(2)(3)(15)Healthcare & PharmaceuticalsSOFR6.50%11.77%11/3/202211/3/20293,113 3,031 3,151 0.34 
Chartis Holding, LLC^*(2)(3)(15)Business ServicesSOFR5.75%11.18%5/1/201911/1/20278,562 8,362 8,483 0.93 
Chemical Computing Group ULC (Canada)^*(2)(3)(7)(11)(15)SoftwareSOFR4.50%9.93%8/30/20188/30/2025384 384 384 0.04 
CircusTrix Holdings, LLC^*(2)(3)(15)Leisure Products & ServicesSOFR6.50%11.83%7/18/20237/14/202812,518 12,187 12,797 1.40 
Comar Holding Company, LLC^*(2)(3)(11)Containers, Packaging & GlassSOFR
2.00%,
4.75% PIK
12.08%6/18/20186/18/202629,642 29,605 25,681 2.80 
CoreWeave Compute Acquisition Co. II, LLC^(2)(3)High Tech IndustriesSOFR8.75%14.06%7/30/20237/30/20282,027 1,996 1,997 0.22 
Cority Software Inc. (Canada)^*(2)(3)(7)(15)SoftwareSOFR5.50%10.83%7/2/20197/2/202610,276 10,184 10,276 1.12 
Cority Software Inc. (Canada)^(2)(3)(7)SoftwareSOFR7.00%12.33%9/3/20207/2/2026546 538 546 0.06 
Coupa Holdings, LLC^(2)(3)(15)SoftwareSOFR7.50%12.81%2/27/20232/28/20308,638 8,417 8,838 0.96 
CPI Intermediate Holdings, Inc.^*(2)(3)(15)TelecommunicationsSOFR5.50%10.82%10/6/202210/6/20293,833 3,764 3,790 0.41 
CST Holding Company^*(2)(3)(11)(15)Consumer Goods: Non-DurableSOFR6.75%12.18%11/1/202211/1/20284,969 4,837 5,072 0.55 
DCA Investment Holding LLC^*(2)(3)Healthcare & PharmaceuticalsSOFR6.41%11.71%3/11/20214/3/202814,263 14,144 14,159 1.54 
Denali Midco 2, LLC^*(2)(3)(11)Consumer ServicesSOFR6.50%11.93%9/15/202212/22/20279,875 9,652 9,875 1.08 
Diligent Corporation^(2)(3)(11)(15)TelecommunicationsSOFR6.25%11.71%8/4/20208/4/2025657 650 657 0.07 
Dwyer Instruments, Inc.^*(2)(3)(11)(15)Capital EquipmentSOFR5.75%11.15%7/21/20217/21/20273,781 3,725 3,781 0.41 
Eliassen Group, LLC^*(2)(3)(15)Business ServicesSOFR5.50%10.81%4/14/20224/14/20282,200 2,148 2,187 0.24 
Ellkay, LLC^*(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR
5.50%,
2.00% PIK
12.96%9/14/20219/14/202713,928 13,739 12,333 1.35 
Emergency Communications Network, LLC^*(2)(3)TelecommunicationsSOFR
2.50%,
6.75% PIK
14.56%6/1/20176/30/202428,508 28,502 24,353 2.66 
EPS Nass Parent, Inc.^(2)(3)(11)(15)Utilities: ElectricSOFR5.75%11.21%4/19/20214/19/2028931 920 910 0.10 
EvolveIP, LLC^*(2)(3)(11)TelecommunicationsSOFR5.50%10.95%11/26/20196/7/20256,213 6,213 6,003 0.65 
Excel Fitness Holdings, Inc.^*(2)(3)(11)(15)Leisure Products & ServicesSOFR5.25%10.70%4/29/20224/29/20296,141 6,032 6,115 0.67 
Excelitas Technologies Corp.^(2)(3)(11)(15)Capital EquipmentSOFR5.75%11.16%8/12/20228/12/20293,326 3,270 3,360 0.37 
Excelitas Technologies Corp.^(2)Capital EquipmentEURIBOR5.75%9.65%8/12/20228/12/2029€1,259 1,271 1,372 0.15 
FPG Intermediate Holdco, LLC^(2)(3)(11)Consumer ServicesSOFR
2.75%, 4.00% PIK
12.08%8/5/20223/5/2027359 354 334 0.04 
7
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(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
Greenhouse Software, Inc.^(2)(3)(15)SoftwareSOFR7.00%12.31%3/1/20219/1/2028$32,796 $32,189 $32,661 3.56 %
GS AcquisitionCo, Inc.^(2)(3)(15)SoftwareSOFR5.00%10.30%3/26/20245/25/20281,020 1,016 1,020 0.11 
Guidehouse LLP^(2)(3)Sovereign & Public FinanceSOFR
3.75%,
2.00% PIK
11.08%9/30/202212/16/203079 78 80 0.01 
Hadrian Acquisition Limited (United Kingdom)^(2)(3)(7)(10)Diversified Financial ServicesSONIA
5.17%,
3.21% PIK
13.57%2/28/20222/28/2029£15,309 19,968 19,322 2.11 
Hadrian Acquisition Limited (United Kingdom)^(2)(3)(7)(10)Diversified Financial ServicesSONIA
5.17%,
3.21% PIK
13.57%2/28/20222/28/2029£5,812 7,605 7,335 0.80 
Harbour Benefit Holdings, Inc.^*(2)(3)(11)(15)Business ServicesSOFR5.00%10.34%12/13/201712/13/20243,575 3,566 3,529 0.38 
Heartland Home Services, Inc.^*(2)(3)(11)Consumer ServicesSOFR5.75%11.08%2/10/202212/15/202610,197 10,137 9,821 1.07 
Heartland Home Services, Inc.^*(2)(3)(11)(15)Consumer ServicesSOFR6.00%11.31%12/15/202012/15/20267,098 7,054 6,858 0.75 
Hercules Borrower LLC^*(2)(3)(11)(15)Environmental IndustriesSOFR6.25%11.66%12/14/202012/14/202618,034 17,747 18,034 1.97 
Hoosier Intermediate, LLC^*(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR5.00%10.46%11/15/202111/15/20289,784 9,612 9,600 1.05 
HS Spa Holdings Inc.^(2)(3)(15)Consumer ServicesSOFR5.75%11.09%6/2/20226/2/2029195 177 195 0.02 
HS Spa Holdings Inc.^(2)(3)(15)Consumer ServicesSOFR5.25%10.55%3/12/20246/2/2029— (6)(4)0.00 
Icefall Parent, Inc.^(2)(3)(15)SoftwareSOFR6.50%11.80%1/26/20241/26/20307,811 7,644 7,662 0.84 
iCIMS, Inc.^(2)(3)(15)SoftwareSOFR7.25%12.58%8/18/20228/18/202826,995 26,636 27,082 2.95 
iCIMS, Inc.^(2)(3)(15)SoftwareSOFR6.75%12.08%8/18/20228/18/2028— — — — 
Infront Luxembourg Finance S.À R.L. (Luxembourg)^(2)(7)Leisure Products & ServicesEURIBOR9.00%12.95%5/28/20215/28/2027€8,250 9,855 8,901 0.97 
Integrity Marketing Acquisition, LLC^(2)(3)(11)Diversified Financial ServicesSOFR6.02%11.46%12/3/20218/27/2026335 332 332 0.04 
IQN Holding Corp.^(2)(3)(15)Business ServicesSOFR5.25%10.59%5/2/20225/2/20296,888 6,828 6,888 0.75 
iRobot Corporation^(2)(3)(7)(11)Consumer Goods: DurableSOFR
6.50%,
2.50% PIK
14.45%7/25/20237/31/20264,321 4,321 4,191 0.46 
Jeg's Automotive, LLC^*(2)(3)(11)AutomotiveSOFR6.00%11.47%12/22/202112/22/202720,396 20,118 17,914 1.95 
Kaseya, Inc.^(2)(3)(15)High Tech IndustriesSOFR
3.50%,
2.50% PIK
11.31%6/23/20226/23/202936,575 35,958 36,575 3.99 
Lifelong Learner Holdings, LLC^*(2)(3)(11)(15)Business ServicesSOFR5.75%11.20%10/18/201910/18/20254,082 4,047 3,749 0.41 
LinQuest Corporation*(2)(3)(11)Aerospace & DefenseSOFR5.75%11.16%7/28/20217/28/20289,750 9,616 9,453 1.03 
LVF Holdings, Inc.^*(2)(3)(11)(15)Beverage & FoodSOFR5.75%11.21%6/10/20216/10/202718,920 18,660 18,770 2.05 
Material Holdings, LLC^*(2)(3)(11)(15)Business ServicesSOFR6.00%11.41%8/19/20218/19/20278,407 8,312 7,751 0.85 
Maverick Acquisition, Inc.^*(2)(3)(11)Aerospace & DefenseSOFR6.25%11.55%6/1/20216/1/202735,171 34,755 26,959 2.94 
Medical Manufacturing Technologies, LLC^*(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR5.75%11.21%12/23/202112/23/202728,954 28,536 28,383 3.10 
NEFCO Holding Company LLC^*(2)(3)(11)(15)Construction & BuildingSOFR6.50%12.06%8/5/20228/5/202810,130 9,887 10,270 1.12 
NMI AcquisitionCo, Inc.^*(2)(3)(11)(15)High Tech IndustriesSOFR5.75%10.93%9/6/20179/6/202838,019 37,989 37,865 4.13 
8
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(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
North Haven Fairway Buyer, LLC^*(2)(3)(15)Consumer ServicesSOFR6.50%11.81%5/17/20225/17/2028$16,269 $16,014 $16,440 1.79 %
North Haven Stallone Buyer, LLC^(2)(3)Consumer ServicesSOFR5.50%11.18%10/11/20225/24/2027199 196 195 0.02 
North Haven Stallone Buyer, LLC^(2)(3)(11)(15)Consumer ServicesSOFR6.00%11.66%11/3/20235/24/20271,877 1,774 1,825 0.20 
Oak Purchaser, Inc.^(2)(3)(15)Business ServicesSOFR5.50%10.81%4/28/20224/28/20287,475 7,417 7,335 0.80 
Oak Purchaser, Inc.^(2)(3)(15)Business ServicesSOFR5.50%10.81%2/1/20244/28/2028836 790 790 0.09 
Oranje Holdco, Inc.^(2)(3)(15)Business ServicesSOFR7.50%12.81%2/1/20232/1/20298,052 7,859 8,137 0.89 
Park County Holdings, LLC^(2)(3)(10)Media: Advertising, Printing & PublishingSOFR7.28%12.61%11/29/202311/29/202928,759 28,192 28,471 3.11 
PDI TA Holdings, Inc^(2)(3)(15)SoftwareSOFR5.50%10.83%2/1/20242/1/2031409 403 403 0.04 
Performance Health Holdings, Inc.*(2)(3)(11)Healthcare & PharmaceuticalsSOFR5.75%11.16%7/12/20217/12/20276,444 6,365 6,469 0.71 
Pestco Intermediate, LLC^(2)(3)(11)(15)Environmental IndustriesSOFR6.00%11.46%2/6/20232/17/20284,026 3,897 4,064 0.44 
PF Atlantic Holdco 2, LLC^(2)(3)(11)(15)Leisure Products & ServicesSOFR5.50%11.06%11/12/202111/12/202711,547 11,365 11,371 1.24 
PF Growth Partners, LLC*(2)(3)(11)Leisure Products & ServicesSOFR5.00%10.48%7/1/20197/11/20257,854 7,825 7,824 0.85 
Project Castle, Inc.*(2)(3)Capital EquipmentSOFR5.50%10.83%6/24/20226/1/20297,388 6,759 6,686 0.73 
Prophix Software Inc. (Canada)^(2)(3)(7)(11)(15)SoftwareSOFR6.50%11.92%2/1/20212/1/202613,281 13,118 13,281 1.45 
Prophix Software Inc. (Canada)^(2)(3)(7)(11)(15)SoftwareSOFR6.50%11.80%11/21/20232/1/2026— — — — 
Pushpay USA Inc.^*(2)(3)(11)(15)Diversified Financial ServicesSOFR6.75%12.21%5/10/20235/10/203015,969 15,499 16,119 1.76 
PXO Holdings I Corp.^*(2)(3)(11)(15)Chemicals, Plastics & RubberSOFR5.50%10.96%3/8/20223/8/20286,979 6,863 6,879 0.75 
QNNECT, LLC^*(2)(3)(15)Aerospace & DefenseSOFR7.00%12.17%11/2/202211/2/20295,289 5,121 5,421 0.59 
Quantic Electronics, LLC^*(2)(3)(11)(15)Aerospace & DefenseSOFR6.25%11.66%11/19/202011/19/202614,293 14,124 13,990 1.53 
Quantic Electronics, LLC^*(2)(3)(11)Aerospace & DefenseSOFR6.25%11.66%3/1/20213/1/20279,700 9,593 9,512 1.04 
Radwell Parent, LLC^*(2)(3)(15)WholesaleSOFR6.75%12.05%12/1/20224/1/202911,142 10,834 11,342 1.24 
Regency Entertainment, Inc.^(2)(3)(11)Media: Advertising, Printing & PublishingSOFR8.50%13.91%7/5/20236/23/202815,000 14,667 14,918 1.63 
RSC Acquisition, Inc.^(2)(3)(11)(15)Diversified Financial ServicesSOFR5.50%10.96%11/1/201911/1/202910,142 10,067 10,032 1.09 
Sapphire Convention, Inc.^*(2)(3)(11)(15)TelecommunicationsSOFR6.00%11.47%11/20/201811/20/202527,407 27,251 27,407 2.99 
SCP Eye Care HoldCo, LLC^(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR5.75%11.18%10/7/202210/7/2029157 152 157 0.02 
Smarsh Inc.^(2)(3)(15)SoftwareSOFR5.75%11.06%2/18/20222/18/20297,510 7,379 7,510 0.82 
SPay, Inc.^*(2)(3)(11)Leisure Products & ServicesSOFR
2.88%,
6.38% PIK
14.72%6/15/20186/15/202627,303 27,241 23,483 2.56 
Speedstar Holding, LLC^*(2)(3)(11)AutomotiveSOFR7.25%12.74%1/22/20211/22/202729,845 29,463 29,972 3.27 
Spotless Brands, LLC^*(2)(3)(11)(15)Consumer ServicesSOFR6.50%11.97%6/21/20227/25/202813,592 13,368 13,760 1.50 
Spotless Brands, LLC^(2)(3)(11)(15)Consumer ServicesSOFR6.75%12.06%6/21/20227/25/20287,800 7,429 8,025 0.88 
Summit Acquisition, Inc.^(2)(3)(15)Diversified Financial ServicesSOFR6.75%12.06%5/4/20235/1/2030— (54)35 0.00 
Tank Holding Corp.^*(2)(3)(11)(15)Capital EquipmentSOFR5.75%11.18%3/31/20223/31/202814,169 13,946 13,989 1.53 
9
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(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
TCFI Aevex LLC^*(2)(3)(11)Aerospace & DefenseSOFR6.00%11.43%3/18/20203/18/2026$10,905 $10,829 $10,905 1.19 %
TIBCO Software Inc.*(2)(3)High Tech IndustriesSOFR4.50%9.91%9/30/20223/31/202914,850 13,739 14,771 1.61 
Trader Corporation (Canada)^(2)(3)(7)(15)AutomotiveCDOR6.75%12.04%12/22/202212/22/2029C$11,960 8,588 9,031 0.99 
Tufin Software North America, Inc.^(2)(3)(11)(15)SoftwareSOFR7.69%13.12%8/17/20228/17/202827,995 27,548 27,851 3.04 
Turbo Buyer, Inc.^(2)(3)(15)AutomotiveSOFR6.00%11.47%12/2/201912/2/20252,058 2,037 1,994 0.22 
U.S. Legal Support, Inc.^*(2)(3)(11)(15)Business ServicesSOFR5.75%11.21%11/30/20185/31/202616,511 16,457 16,264 1.77 
US INFRA SVCS Buyer, LLC^(2)(3)(11)Environmental IndustriesSOFR
6.50%,
0.75% PIK
12.90%4/13/20204/13/20268,623 8,558 7,885 0.86 
USALCO, LLC^*(2)(3)(11)Chemicals, Plastics & RubberSOFR6.00%11.56%10/19/202110/19/20271,678 1,652 1,678 0.18 
USR Parent Inc.^(2)(3)(10)RetailSOFR7.60%12.93%4/22/20224/25/20273,667 3,642 3,649 0.40 
Vensure Employee Services, Inc.^(2)(3)(15)Business ServicesSOFR5.25%10.57%12/15/20233/26/20271,437 1,368 1,405 0.15 
Westfall Technik, Inc.^*(2)(3)(11)Chemicals, Plastics & RubberSOFR
6.75%,
0.75% PIK
12.95%9/13/20189/13/202427,322 27,248 25,218 2.75 
Wineshipping.com LLC^*(2)(3)(11)(15)Beverage & FoodSOFR5.75%11.24%10/29/202110/29/20275,886 5,807 5,404 0.59 
World 50, Inc.^(2)(3)(15)Business ServicesSOFR5.75%11.08%3/22/20243/22/203019,140 18,742 18,740 2.04 
Yellowstone Buyer Acquisition, LLC^(2)(3)(11)Consumer Goods: DurableSOFR5.75%11.15%9/13/20219/13/2027439 433 430 0.05 
YLG Holdings, Inc.^(2)(3)(11)Consumer ServicesSOFR5.00%10.41%9/30/202011/1/20251,935 1,910 1,935 0.21 
First Lien Debt Total$1,241,068 $1,221,147 133.19 %
Second Lien Debt (9.3% of fair value)
11852604 Canada Inc. (Canada)^(2)(3)(7)(11)Healthcare & PharmaceuticalsSOFR
9.50%
(100% PIK)
14.95%9/30/20219/30/2028$9,113 $9,003 $9,021 0.98 %
AI Convoy S.A.R.L (United Kingdom)^(2)(3)(7)Aerospace & DefenseSOFR8.25%13.62%1/17/20201/17/202824,814 24,492 24,814 2.72 
Aimbridge Acquisition Co., Inc.^(2)(11)Leisure Products & ServicesSOFR7.50%12.94%2/1/20192/1/20279,241 9,168 8,894 0.97 
AP Plastics Acquisition Holdings, LLC^(2)(3)(11)Chemicals, Plastics & RubberSOFR7.50%12.93%8/10/20218/10/202933,680 32,979 33,680 3.67 
AQA Acquisition Holdings, Inc.^*(2)(3)(11)High Tech IndustriesSOFR7.50%12.91%3/3/20213/3/202935,000 34,381 35,000 3.82 
Bayside OPCP, LLC^(2)(3)(8)(9)(11)Healthcare & PharmaceuticalsSOFR
10.00%
(100% PIK)
15.30%5/31/20235/31/20264,861 3,653 3,792 0.41 
Outcomes Group Holdings, Inc.^*(2)Business ServicesSOFR7.50%12.93%10/23/201810/26/20261,731 1,729 1,731 0.19 
PAI Holdco, Inc.^(2)(3)AutomotiveSOFR
5.50%,
2.00% PIK
12.96%10/28/202010/28/202814,451 14,186 13,695 1.49 
Stonegate Pub Company Bidco Limited (United Kingdom)^(2)(7)Beverage & FoodSONIA8.50%13.69%3/12/20203/12/2028£20,000 24,897 22,537 2.46 
TruGreen Limited Partnership^(2)(3)(11)Consumer ServicesSOFR8.50%14.07%11/16/202011/2/202813,000 12,823 12,189 1.33 
Second Lien Debt Total$167,311 $165,353 18.04 %
10
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(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)(12)Capital Equipment6/22/2018592 $592 $1,068 0.12 %
Appriss Health, LLC^(6)Healthcare & Pharmaceuticals5/6/20216 5,759 5,565 0.61 
Atlas Ontario LP (Canada)^(6)(7)(12)Business Services4/7/20215,114 5,114 5,114 0.56 
Bayside HoldCo, LLC^(6)(12)Healthcare & Pharmaceuticals5/31/20236 — — — 
Blackbird Holdco, Inc.^(6)Capital Equipment12/14/202113 12,713 12,492 1.36 
Buckeye Parent, LLC^(6)(12)Automotive12/22/2021885 885 44 0.00 
Chartis Holding, LLC^(6)(12)Business Services5/1/2019433 419 941 0.10 
CIP Revolution Holdings, LLC^(6)(12)Media: Advertising, Printing & Publishing8/19/2016318 318 261 0.03 
Cority Software Inc. (Canada)^(6)(7)(12)Software7/2/2019250 250 710 0.08 
Diligent Corporation^(6)Telecommunications4/5/202113 13,535 13,487 1.47 
ECP Parent, LLC^(6)(12)Healthcare & Pharmaceuticals3/29/2018268 — 197 0.02 
GB Vino Parent, L.P.^(6)(12)Beverage & Food10/29/20214 307 195 0.02 
Integrity Marketing Group, LLC^(6)Diversified Financial Services12/21/202119,016 18,875 18,376 2.00 
Legacy.com, Inc.^(6)(12)High Tech Industries3/20/20171,500 1,500 1,086 0.12 
NearU Holdings LLC^(6)(12)Consumer Services8/16/202225 2,470 1,140 0.12 
NEFCO Holding Company LLC^(6)Construction & Building8/5/20221 608 608 0.07 
North Haven Goldfinch Topco, LLC^(6)(12)Containers, Packaging & Glass6/18/20182,315 2,315 — — 
Pascal Ultimate Holdings, L.P^(6)(12)Capital Equipment7/21/202136 346 940 0.10 
Profile Holdings I, LP^(6)(12)Chemicals, Plastics & Rubber3/8/20225 523 515 0.06 
Sinch AB (Sweden)^(6)(7)(12)High Tech Industries3/26/2019106 1,168 266 0.03 
Summit K2 Midco, Inc.^(6)(12)Diversified Financial Services4/27/2023121 121 161 0.02 
Tailwind HMT Holdings Corp.^(6)(12)Energy: Oil & Gas11/17/201722 1,558 2,038 0.22 
Talon MidCo 1 Limited^(6)(12)Software8/17/20221,018 1,456 1,581 0.17 
Tank Holding Corp.^(6)(12)Capital Equipment3/26/2019850 — 3,143 0.34 
Titan DI Preferred Holdings, Inc.^(6)Energy: Oil & Gas2/11/202010,890 10,774 10,890 1.19 
Turbo Buyer, Inc.^(6)(12)Automotive12/2/20191,925 933 2,041 0.22 
U.S. Legal Support Investment Holdings, LLC^(6)(12)Business Services11/30/2018641 641 803 0.09 
Zenith American Holding, Inc.^(6)(12)Business Services12/13/20171,565 752 1,934 0.21 
Equity Investments Total$83,932 $85,596 9.34 %
Total investments—non-controlled/non-affiliated$1,492,311 $1,472,096 160.57 %
11
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(amounts in thousands) (unaudited)
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 (2.5% of fair value)
SPF Borrower, LLC^(2)(3)(11)(14)(15)Healthcare & PharmaceuticalsSOFR6.25%11.70%2/1/20242/1/2028$31,214 $31,214 $31,214 3.40 %
SPF Borrower, LLC^(2)(3)(11)(14)Healthcare & PharmaceuticalsSOFR9.50%14.95%2/1/20242/1/202814,125 14,125 14,110 1.54 
First Lien Debt Total$45,339 $45,324 4.94 %
Investments—non-controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net 
Assets
Equity Investments (1.1% of fair value)
SPF HoldCo LLC^(6)(12)(14)Healthcare & Pharmaceuticals2/1/202415,440 $20,828 $18,875 2.06 %
Equity Investments Total$20,828 $18,875 2.06 %
Total investments—non-controlled/affiliated$66,167 $64,199 7.00 %
Investments—controlled/affiliated
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition Date
Maturity Date
Par Amount/ LLC Interest
Cost
Fair Value (5)
% of Net 
Assets
Investment Funds (13.9% of fair value)
Middle Market Credit Fund II, LLC, Member's Interest^(7)(13)Investment FundsFIXED
14.22%
14.22%11/3/202012/31/2030$78,122 $78,096 $67,950 7.41 %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7)(13)Investment FundsFIXED
11.40%
11.40%2/29/201612/31/2027193,000 193,001 180,648 19.71 
Middle Market Credit Fund, Mezzanine Loan(2)(7)(9)(13)Investment FundsSOFR
5.50%
10.83%6/30/20165/21/2025— — — — 
Investment Funds Total$271,097 $248,598 27.12 %
Total investments—controlled/affiliated$271,097 $248,598 27.12 %
Total investments$1,829,575 $1,784,893 194.69 %
Derivative InstrumentCounterpartyCompany Pays***Company ReceivesMaturity DateNotional Amount
Fair Value(5)
Change in Unrealized Appreciation / (Depreciation)Upfront Payments / Receipts
Interest Rate SwapMorgan Stanley Capital Services LLC
SOFR + 3.139%
8.20%December 1, 2028$85,000 $35 $(950)$— 
^ 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 8, Borrowings to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (the “2015-1 Issuer”).
* 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, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company.
** Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Canadian Dollar (“C$”), Euro (“€”) or British Pound (“£”).
12
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(amounts in thousands) (unaudited)
*** The interest rate paid by the Company for each interest period is calculated on the basis of a compounded average daily SOFR rate plus 3.139%. The interest rate swap settles quarterly on each of March 1, June 1, September 1, and December 1. Refer to Note 7, Derivative Instruments, to these unaudited consolidated financial statements for further details.
(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2024, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2024, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2024. As of March 31, 2024, the reference rates for variable rate loans were the 30-day SOFR at 5.33%, the 90-day SOFR at 5.30%, the 180-day SOFR at 5.22%, the daily SONIA at 5.19%, the 90-day EURIBOR at 3.89% and the 30-day CDOR at 5.30%.
(3)Loan includes interest rate floor feature, which ranges from 0.50% to 3.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment 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. As of March 31, 2024, the aggregate fair value of these securities is $104,471, or 11.39% 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 March 31, 2024.
(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(10)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders, which has been included in the spread of each applicable investment. Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments.
(11)Loans include a credit spread adjustment that ranges from 0.10% to 0.43%.
(12)Represents a non-income producing security as of March 31, 2024.
(13)Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Notes 5, Middle Market Credit Fund, LLC and 6. Middle Market Credit Fund II, LLC, to these unaudited consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the three months ended March 31, 2024, were as follows:
Investments—controlled/affiliatedFair Value as of December 31, 2023Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of March 31, 2024Dividend and Interest Income
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest
$181,960 $— $— $— $(1,312)$180,648 $5,500 
Middle Market Credit Fund, LLC, Mezzanine Loan— — — — — — — 
Middle Market Credit Fund II, LLC, Member’s Interest67,419 — — — 531 67,950 2,776 
Total investments—controlled/affiliated$249,379 $— $— $— $(781)$248,598 $8,276 
13
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(amounts in thousands) (unaudited)
(14)Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related the portfolio company during the three months ended March 31, 2024 were as follows:
Investments—non-controlled/affiliatedFair Value as of December 31, 2023Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of March 31, 2024Dividend and Interest Income
SPF Borrower, LLC$— $31,214 $— $— $— $31,214 $609 
SPF Borrower, LLC— 14,125 — — (15)14,110 352 
SPF HoldCo, LLC (Equity)— 20,828 — — (1,953)18,875 — 
Direct Travel, Inc.44,407 — (43,341)— (1,066)— 2,352 
Direct Travel, Inc.3,772 — (3,696)— (76)— 364 
Direct Travel, Inc. (Equity)5,203 — (4,013)4,013 (5,203)— — 
Total investments—non-controlled/affiliated$53,382 $66,167 $(51,050)$4,013 $(8,313)$64,199 $3,677 
(15)As of March 31, 2024, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal Amount **Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
ADPD Holdings, LLCDelayed Draw1.00%$2,878 $(304)
ADPD Holdings, LLCRevolver0.50142 (15)
Advanced Web Technologies Holding CompanyRevolver0.50854 9 
Allied Benefit Systems Intermediate LLCDelayed Draw1.001,580 11 
Alpine Acquisition Corp IIRevolver0.501,034 (62)
Apex Companies Holdings, LLCDelayed Draw1.006,056 (92)
Applied Technical Services, LLCDelayed Draw1.00512 (6)
Applied Technical Services, LLCRevolver0.50141 (2)
Appriss Health, LLCRevolver0.502,891 (52)
Ardonagh Midco 3 PLC (United Kingdom)Delayed Draw1.0034 (1)
Ascend Buyer, LLCRevolver0.50856 (10)
Associations, Inc.Revolver0.50352 — 
Athlete Buyer, LLCDelayed Draw1.0011,881 (238)
Atlas US Finco, Inc.Revolver0.50268 2 
Avalara, Inc.Revolver0.502,250 34 
Azurite Intermediate Holdings, Inc.Delayed Draw0.502,484 (37)
Azurite Intermediate Holdings, Inc.Revolver0.50397 (6)
Bayside OPCP, LLCRevolver0.501,974 — 
BlueCat Networks, Inc. (Canada)Delayed Draw1.00195 (3)
Bradyifs Holdings, LLCDelayed Draw1.00696 (6)
Bradyifs Holdings, LLCRevolver0.50709 (6)
14
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal Amount **Fair Value
CD&R Madison Parent Ltd (United Kingdom)Delayed Draw1.50%£214 $3 
Celerion Buyer, Inc.Delayed Draw2.00499 5 
Celerion Buyer, Inc.Revolver0.50249 2 
Chartis Holding, LLCDelayed Draw1.001,959 (14)
Chartis Holding, LLCRevolver0.50707 (5)
Chemical Computing Group ULC (Canada)Revolver0.5029 — 
CircusTrix Holdings, LLCDelayed Draw1.001,613 30 
CircusTrix Holdings, LLCRevolver0.50806 15 
Cority Software Inc. (Canada)Revolver0.503,000 — 
Coupa Holdings, LLCDelayed Draw1.00771 15 
Coupa Holdings, LLCRevolver0.50591 12 
CPI Intermediate Holdings, Inc.Delayed Draw1.00927 (8)
CST Holding CompanyRevolver0.50423 8 
Diligent CorporationRevolver0.5026 — 
Dwyer Instruments, Inc.Revolver0.501,178 — 
Eliassen Group, LLCDelayed Draw1.002,668 (7)
Ellkay, LLCRevolver0.501,071 (114)
EPS Nass Parent, Inc.Revolver0.5010 — 
Excel Fitness Holdings, Inc.Revolver0.50891 (3)
Excelitas Technologies Corp.Delayed Draw1.0025 — 
Excelitas Technologies Corp.Revolver0.5096 1 
Greenhouse Software, Inc.Revolver0.502,204 (8)
GS AcquisitionCo, Inc.Delayed Draw0.50113 — 
GS AcquisitionCo, Inc.Revolver0.5052 — 
Harbour Benefit Holdings, Inc.Revolver0.502,544 (19)
Heartland Home Services, Inc.Revolver0.50619 (19)
Hercules Borrower LLCRevolver0.502,160 — 
Hoosier Intermediate, LLCRevolver0.502,400 (36)
HS Spa Holdings Inc.Delayed Draw0.50640 (4)
HS Spa Holdings Inc.Revolver0.501,041 — 
Icefall Parent, Inc.Revolver0.50744 (13)
iCIMS, Inc.Delayed Draw—5,169 — 
iCIMS, Inc.Revolver0.502,269 7 
IQN Holding Corp.Delayed Draw1.00395 — 
IQN Holding Corp.Revolver0.50489 — 
Kaseya, Inc.Delayed Draw1.001,076 — 
15
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal Amount **Fair Value
Kaseya, Inc.Revolver0.50%$1,541 $— 
Lifelong Learner Holdings, LLCRevolver0.50106 (8)
LVF Holdings, Inc.Revolver0.382,919 (20)
Material Holdings, LLCRevolver1.00192 (15)
Medical Manufacturing Technologies, LLCRevolver0.501,859 (34)
NEFCO Holding Company LLCDelayed Draw1.003,275 33 
NEFCO Holding Company LLCRevolver0.50596 6 
NMI AcquisitionCo, Inc.Revolver0.501,280 (5)
North Haven Fairway Buyer, LLCRevolver0.50879 9 
North Haven Stallone Buyer, LLCDelayed Draw1.003,223 (33)
Oak Purchaser, Inc.Delayed Draw0.501,552 (30)
Oak Purchaser, Inc.Revolver0.50584 (10)
Oranje Holdco, Inc.Revolver0.501,006 10 
PDI TA Holdings, IncDelayed Draw0.50154 (2)
PDI TA Holdings, IncRevolver0.5046 — 
Pestco Intermediate, LLCDelayed Draw1.001,031 7 
Pestco Intermediate, LLCRevolver0.50238 2 
PF Atlantic Holdco 2, LLCRevolver0.502,759 (34)
Prophix Software Inc. (Canada)Delayed Draw—379 — 
Prophix Software Inc. (Canada)Revolver0.501,993 — 
Pushpay USA Inc.Revolver0.501,235 11 
PXO Holdings I Corp.Revolver0.501,315 (16)
QNNECT, LLCDelayed Draw1.001,325 26 
Quantic Electronics, LLCRevolver1.001,381 (27)
Radwell Parent, LLCRevolver0.381,116 18 
RSC Acquisition, Inc.Revolver0.50462 (5)
Sapphire Convention, Inc.Revolver0.504,471 — 
SCP Eye Care HoldCo, LLCDelayed Draw1.0014 — 
SCP Eye Care HoldCo, LLCRevolver0.506 — 
Smarsh Inc.Delayed Draw1.00816 — 
Smarsh Inc.Revolver0.50245 — 
SPF Borrower, LLCRevolver0.501,544 — 
Spotless Brands, LLCDelayed Draw1.007,200 108 
Spotless Brands, LLCRevolver0.501,096 13 
Summit Acquisition, Inc.Delayed Draw1.001,374 23 
Summit Acquisition, Inc.Revolver0.50687 12 
16
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(amounts in thousands) (unaudited)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal Amount **Fair Value
Tank Holding Corp.Revolver0.38%$1,241 $(14)
Trader Corporation (Canada)Revolver0.50C$906 25 
Tufin Software North America, Inc.Delayed Draw—196 (1)
Tufin Software North America, Inc.Revolver0.501,339 (7)
Turbo Buyer, Inc.Revolver0.50852 (19)
U.S. Legal Support, Inc.Delayed Draw0.501,407 (19)
U.S. Legal Support, Inc.Revolver0.50490 (7)
Vensure Employee Services, Inc.Delayed Draw1.003,558 (23)
Wineshipping.com LLCRevolver0.50238 (19)
World 50, Inc.Revolver0.50860 (17)
Total unfunded commitments$138,658 $(998)
As of March 31, 2024, investments at fair value consisted of the following:
TypeAmortized CostFair Value% of Fair Value
First Lien Debt$1,286,407 $1,266,471 70.9 %
Second Lien Debt167,311 165,353 9.3 
Equity Investments104,760 104,471 5.9 
Investment Funds271,097 248,598 13.9 
Total$1,829,575 $1,784,893 100.0 %
The rate type of debt investments at fair value as of March 31, 2024 was as follows:
Rate TypeAmortized CostFair Value% of Fair Value of First and Second Lien Debt
Floating Rate$1,453,718 $1,431,824 100.0 %
Fixed Rate— — — 
Total$1,453,718 $1,431,824 100.0 %
17
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(amounts in thousands) (unaudited)
The industry composition of investments at fair value as of March 31, 2024 was as follows:
IndustryAmortized CostFair Value% of Fair Value
Aerospace & Defense$108,530 $101,054 5.7 %
Automotive76,210 74,691 4.2 
Beverage & Food49,671 46,906 2.6 
Business Services98,297 99,739 5.6 
Capital Equipment42,622 46,831 2.6 
Chemicals, Plastics & Rubber69,265 67,970 3.8 
Construction & Building29,966 30,375 1.7 
Consumer Goods: Durable4,754 4,621 0.3 
Consumer Goods: Non-Durable7,057 7,308 0.4 
Consumer Services93,716 91,725 5.1 
Containers, Packaging & Glass46,951 40,982 2.3 
Diversified Financial Services94,771 94,943 5.3 
Energy: Oil & Gas12,332 12,928 0.7 
Environmental Industries42,826 42,950 2.4 
Healthcare & Pharmaceuticals215,340 212,015 12.0 
High Tech Industries134,495 135,440 7.6 
Investment Funds271,097 248,598 13.9 
Leisure Products & Services83,673 79,385 4.5 
Media: Advertising, Printing & Publishing43,177 43,650 2.4 
Retail24,463 24,885 1.4 
Software170,460 172,102 9.6 
Sovereign & Public Finance78 80 0.0 
Telecommunications79,915 75,697 4.2 
Transportation: Cargo9,770 9,284 0.5 
Utilities: Electric920 910 0.1 
Wholesale19,219 19,824 1.1 
Total$1,829,575 $1,784,893 100.0 %
18
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2024
(amounts in thousands) (unaudited)
The geographical composition of investments at fair value as of March 31, 2024 was as follows:
GeographyAmortized CostFair Value% of Fair Value
Australia$5,029 $5,150 0.3 %
Canada50,822 52,008 2.9 
Luxembourg42,119 40,165 2.3 
Sweden1,168 266 0.0 
United Kingdom79,469 76,711 4.3 
United States1,650,968 1,610,593 90.2 
Total$1,829,575 $1,784,893 100.0 %
The accompanying notes are an integral part of these unaudited consolidated financial statements.

19
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(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 (68.6% of fair value)
ADPD Holdings, LLC^*(2)(3)(11)(15)Consumer ServicesSOFR6.00%11.68%8/16/20228/15/2028$10,119 $9,898 $8,837 0.97 %
Advanced Web Technologies Holding Company^*(2)(3)(11)(15)Containers, Packaging & GlassSOFR6.25%11.76%12/17/202012/17/20269,090 8,979 9,129 1.00 
Advanced Web Technologies Holding Company^(2)(3)(11)Containers, Packaging & GlassSOFR6.75%12.26%6/2/202312/17/2026641 625 652 0.07 
Advanced Web Technologies Holding Company^*(2)(3)(11)Containers, Packaging & GlassSOFR6.50%12.01%12/16/202112/17/20261,593 1,573 1,609 0.18 
AI Grace AUS Bidco Pty LTD (Australia)^(2)(3)(7)Consumer Goods: Non-DurableSOFR6.50%11.85%12/5/202312/5/20292,286 2,218 2,217 0.24 
Allied Benefit Systems Intermediate LLC^(2)(3)(15)Healthcare & PharmaceuticalsSOFR5.25%10.63%10/31/202310/31/2030— (23)(24)0.00 
Alpine Acquisition Corp II^*(2)(3)(11)(15)Transportation: CargoSOFR6.00%11.46%4/19/202211/30/20269,614 9,430 9,128 1.00 
American Physician Partners, LLC^(2)(3)(8)(11)(12)Healthcare & PharmaceuticalsSOFR
10.25%
(100% PIK)
15.71%12/16/20226/30/20233,472 3,082 — — 
American Physician Partners, LLC^*(2)(3)(8)(11)(12)Healthcare & PharmaceuticalsSOFR
10.25%
(100% PIK)
15.71%1/7/20198/5/202235,148 30,117 — — 
Apex Companies Holdings, LLC^*(2)(3)(15)Environmental IndustriesSOFR6.25%11.63%1/31/20231/31/202810,015 9,727 10,040 1.10 
Applied Technical Services, LLC^(2)(3)(11)Business ServicesSOFR6.00%11.43%9/18/202312/29/2026480 470 484 0.05 
Applied Technical Services, LLC^(2)(3)(11)(15)Business ServicesSOFR5.75%11.11%12/29/202012/29/2026542 536 542 0.06 
Appriss Health, LLC^(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR6.75%12.32%5/6/20215/6/202736,554 36,062 36,359 3.97 
Ascend Buyer, LLC^*(2)(3)(11)(15)Containers, Packaging & GlassSOFR6.40%11.91%9/30/20219/30/20283,814 3,748 3,697 0.41 
Associations, Inc.^(2)(3)(11)(15)Construction & BuildingSOFR
4.00%, 2.50% PIK
12.16%7/2/20217/2/202713,440 13,357 13,386 1.47 
Atlas AU Bidco Pty Ltd (Australia)^(2)(3)(7)(15)High Tech IndustriesSOFR7.25%12.58%12/15/202212/12/20292,890 2,805 2,922 0.32 
Atlas US Finco, Inc.^(2)(3)High Tech IndustriesSOFR6.75%12.40%12/18/202312/10/20291,338 1,311 1,311 0.14 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^*(2)(3)(7)(11)SoftwareSOFR
3.00%, 4.00% PIK
12.45%12/24/201912/24/202632,309 31,911 31,010 3.40 
Avalara, Inc.^(2)(3)(15)Diversified Financial ServicesSOFR7.25%12.60%10/19/202210/19/202822,500 21,977 22,872 2.51 
Barnes & Noble, Inc.^(2)(3)(10)(11)RetailSOFR8.81%14.27%8/7/201912/20/202626,402 25,807 26,253 2.87 
Bayside OPCP, LLC^(2)(3)(11)Healthcare & PharmaceuticalsSOFR
7.25%
(100% PIK)
12.77%5/31/20235/31/20264,785 4,785 4,785 0.52 
Bayside OPCP, LLC^(2)(3)(11)Healthcare & PharmaceuticalsSOFR
7.25%
(100% PIK)
12.75%5/31/20235/31/202613,527 13,527 13,527 1.48 
Bayside OPCP, LLC^(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR
7.00%
(100% PIK)
12.33%5/31/20235/31/2026— — — — 
BlueCat Networks, Inc. (Canada)^(2)(3)(7)(15)High Tech IndustriesSOFR
4.00%, 2.00% PIK
11.39%8/8/20228/8/20283,692 3,632 3,609 0.40 
BMS Holdings III Corp.^(2)(3)(11)Construction & BuildingSOFR5.50%10.97%9/30/20199/30/20264,784 4,729 4,675 0.51 
20
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(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
Bradyifs Holdings, LLC^(2)(3)(15)WholesaleSOFR6.00%11.38%10/31/202310/31/2029$8,595 $8,399 $8,396 0.92 %
CD&R Madison Parent Ltd (United Kingdom)^(2)(7)Business ServicesEURIBOR
5.75%, 2.00% PIK
11.71%2/27/20232/27/2030€609 627 682 0.07 
CD&R Madison Parent Ltd (United Kingdom)^(2)(7)(15)Business ServicesSONIA
6.25%, 2.00% PIK
13.44%2/27/20232/27/2030£1,292 1,508 1,676 0.18 
Celerion Buyer, Inc.^*(2)(3)(15)Healthcare & PharmaceuticalsSOFR6.50%11.93%11/3/202211/3/20293,120 3,036 3,159 0.35 
Chartis Holding, LLC^*(2)(3)(11)(15)Business ServicesSOFR5.00%10.52%5/1/20195/1/2025797 793 795 0.09 
Chemical Computing Group ULC (Canada)^*(2)(3)(7)(11)(15)SoftwareSOFR4.50%9.86%8/30/20188/30/2024385 385 383 0.04 
CircusTrix Holdings, LLC^*(2)(3)(15)Leisure Products & ServicesSOFR6.75%12.11%7/18/20237/14/202812,549 12,202 12,585 1.38 
Comar Holding Company, LLC^*(2)(3)(11)Containers, Packaging & GlassSOFR
2.00%, 4.75% PIK
12.28%6/18/20186/18/202629,291 29,233 25,198 2.76 
CoreWeave Compute Acquisition Co. II, LLC^(2)(3)(15)High Tech IndustriesSOFR8.75%14.13%7/30/20237/30/20281,212 1,179 1,176 0.13 
Cority Software Inc. (Canada)^*(2)(3)(7)(15)SoftwareSOFR5.00%10.39%7/2/20197/2/202610,302 10,201 10,257 1.12 
Cority Software Inc. (Canada)^(2)(3)(7)SoftwareSOFR7.00%12.39%9/3/20207/2/2026547 539 546 0.06 
Coupa Holdings, LLC^(2)(3)(15)SoftwareSOFR7.50%12.86%2/27/20232/28/20308,638 8,410 8,838 0.97 
CPI Intermediate Holdings, Inc.^*(2)(3)(15)TelecommunicationsSOFR5.50%10.87%10/6/202210/6/20293,843 3,772 3,803 0.42 
CST Holding Company^*(2)(3)(11)(15)Consumer Goods: Non-DurableSOFR6.50%11.86%11/1/202211/1/20284,981 4,844 5,027 0.55 
DCA Investment Holding LLC^*(2)(3)Healthcare & PharmaceuticalsSOFR6.41%11.75%3/11/20214/3/202814,301 14,177 14,071 1.54 
Denali Midco 2, LLC^*(2)(3)(11)(15)Consumer ServicesSOFR6.50%11.96%9/15/202212/22/20279,023 8,785 9,023 0.99 
Dermatology Associates^(2)(3)(11)Healthcare & PharmaceuticalsSOFR
6.25% (100% PIK)
11.75%5/31/20161/15/202430,871 30,871 30,835 3.37 
Dermatology Associates^(2)(3)(8)(10)Healthcare & PharmaceuticalsSOFR
11.31% (100% PIK)
16.81%5/31/20161/15/202449,028 24,963 34,990 3.82 
Diligent Corporation^(2)(3)(11)(15)TelecommunicationsSOFR6.25%11.78%8/4/20208/4/2025663 656 659 0.07 
Dwyer Instruments, Inc.^*(2)(3)(11)(15)Capital EquipmentSOFR5.75%11.20%7/21/20217/21/20273,791 3,731 3,791 0.42 
Eliassen Group, LLC^*(2)(3)(15)Business ServicesSOFR5.50%10.85%4/14/20224/14/20282,206 2,151 2,145 0.23 
Ellkay, LLC^*(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR6.00%11.28%9/14/20219/14/202713,964 13,754 11,809 1.29 
Emergency Communications Network, LLC^*(2)(3)TelecommunicationsSOFR
2.50%, 6.25% PIK
14.13%6/1/20176/1/202428,060 28,047 23,896 2.62 
EPS Nass Parent, Inc.^(2)(3)(11)(15)Utilities: ElectricSOFR5.75%11.25%4/19/20214/19/2028933 920 902 0.10 
EvolveIP, LLC^*(2)(3)(11)TelecommunicationsSOFR5.50%11.19%11/26/20196/7/20256,154 6,153 5,901 0.65 
Excel Fitness Holdings, Inc.^*(2)(3)(11)(15)Leisure Products & ServicesSOFR5.25%10.75%4/29/20224/29/20296,157 6,043 6,061 0.66 
Excelitas Technologies Corp.^(2)(3)(11)(15)Capital EquipmentSOFR5.75%11.23%8/12/20228/12/20293,287 3,229 3,238 0.35 
Excelitas Technologies Corp.^(2)Capital EquipmentEURIBOR5.75%9.74%8/12/20228/12/2029€1,263 1,274 1,376 0.15 
FPG Intermediate Holdco, LLC^(2)(3)(11)(15)Consumer ServicesSOFR6.75%12.29%8/5/20223/5/2027359 298 321 0.04 
Greenhouse Software, Inc.^(2)(3)(15)SoftwareSOFR7.00%12.35%3/1/20219/1/202832,796 32,162 32,593 3.57 
21
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(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
Guidehouse LLP^(2)(3)Sovereign & Public FinanceSOFR
3.75%, 2.00% PIK
11.11%9/30/202212/16/2030$79 $78 $79 0.01 %
Hadrian Acquisition Limited (United Kingdom)^(2)(3)(7)(10)Diversified Financial ServicesSONIA
5.25%, 3.43% PIK
13.87%2/28/20222/28/2029£15,187 19,798 19,261 2.11 
Hadrian Acquisition Limited (United Kingdom)^(2)(3)(7)(15)Diversified Financial ServicesSONIA
5.00%, 2.75% PIK
12.94%2/28/20222/28/2029£3,928 4,552 4,952 0.54 
Harbour Benefit Holdings, Inc.^*(2)(3)(11)(15)Business ServicesSOFR5.00%10.51%12/13/201712/13/20242,951 2,939 2,905 0.32 
Heartland Home Services, Inc.^*(2)(3)(11)Consumer ServicesSOFR5.75%11.11%2/10/202212/15/202610,223 10,158 9,766 1.07 
Heartland Home Services, Inc.^*(2)(3)(11)(15)Consumer ServicesSOFR6.00%11.36%12/15/202012/15/20267,116 7,068 6,818 0.75 
Hercules Borrower LLC^*(2)(3)(11)(15)Environmental IndustriesSOFR6.25%11.70%12/14/202012/14/202618,081 17,770 18,081 1.98 
Hoosier Intermediate, LLC^*(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR5.00%10.53%11/15/202111/15/20289,809 9,629 9,415 1.03 
HS Spa Holdings Inc.^(2)(3)(15)Consumer ServicesSOFR5.75%11.12%6/2/20226/2/202994 76 95 0.01 
iCIMS, Inc.^(2)(3)(15)SoftwareSOFR7.25%12.62%8/18/20228/18/202826,975 26,596 26,953 2.95 
Infront Luxembourg Finance S.À R.L. (Luxembourg)^(2)(7)Leisure Products & ServicesEURIBOR9.00%12.96%5/28/20215/28/2027€8,250 9,844 9,085 1.00 
Integrity Marketing Acquisition, LLC^(2)(3)(11)Diversified Financial ServicesSOFR6.02%11.51%12/3/20218/27/2026425 422 419 0.05 
IQN Holding Corp.^(2)(3)(15)Business ServicesSOFR5.25%10.64%5/2/20225/2/20296,905 6,843 6,936 0.76 
iRobot Corporation^(2)(3)(11)Consumer Goods: DurableSOFR
6.50%, 2.50% PIK
14.42%7/25/20237/31/20264,939 4,939 5,125 0.56 
Jeg's Automotive, LLC^*(2)(3)(11)AutomotiveSOFR6.00%11.46%12/22/202112/22/202720,487 20,192 17,623 1.93 
Kaseya, Inc.^(2)(3)(15)High Tech IndustriesSOFR
3.50%, 2.50% PIK
11.38%6/23/20226/23/202936,346 35,706 36,352 3.98 
Lifelong Learner Holdings, LLC^*(2)(3)(11)(15)Business ServicesSOFR5.75%11.28%10/18/201910/18/202625,718 25,487 23,589 2.58 
LinQuest Corporation*(2)(3)(11)Aerospace & DefenseSOFR5.75%11.23%7/28/20217/28/20289,775 9,635 9,373 1.03 
LVF Holdings, Inc.^*(2)(3)(11)(15)Beverage & FoodSOFR5.75%11.25%6/10/20216/10/202732,833 32,380 32,290 3.54 
Material Holdings, LLC^*(2)(3)(11)(15)Business ServicesSOFR6.00%11.45%8/19/20218/19/20278,139 8,039 7,816 0.86 
Maverick Acquisition, Inc.^*(2)(3)(11)Aerospace & DefenseSOFR6.25%11.60%6/1/20216/1/202735,261 34,818 27,632 3.03 
Medical Manufacturing Technologies, LLC^*(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR5.50%11.01%12/23/202112/23/202730,679 30,238 30,679 3.36 
NEFCO Holding Company LLC^*(2)(3)(11)(15)Construction & BuildingSOFR6.50%12.14%8/5/20228/5/20286,761 6,643 6,778 0.74 
NEFCO Holding Company LLC^(2)(3)(11)(15)Construction & BuildingSOFR6.50%12.03%12/1/20238/5/2028558 488 567 0.06 
NMI AcquisitionCo, Inc.^*(2)(3)(11)(15)High Tech IndustriesSOFR5.75%11.21%9/6/20179/6/202538,120 38,085 37,848 4.15 
North Haven Fairway Buyer, LLC^*(2)(3)(15)Consumer ServicesSOFR6.50%11.85%5/17/20225/17/202816,032 15,764 16,203 1.78 
North Haven Stallone Buyer, LLC^(2)(3)Consumer ServicesSOFR5.50%11.29%10/11/20225/24/2027199 196 194 0.02 
North Haven Stallone Buyer, LLC^(2)(3)(11)(15)Consumer ServicesSOFR6.00%11.14%11/3/20235/24/2027323 213 232 0.03 
Oak Purchaser, Inc.^(2)(3)(15)Business ServicesSOFR5.50%10.87%4/28/20224/28/20287,309 7,247 7,083 0.78 
Oranje Holdco, Inc.^(2)(3)(15)Business ServicesSOFR7.50%12.88%2/1/20232/1/20298,052 7,852 8,123 0.89 
22
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(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
Park County Holdings, LLC^(2)(3)(10)Media: Advertising, Printing & PublishingSOFR7.11%12.47%11/29/202311/29/2029$30,000 $29,391 $29,385 3.22 %
Performance Health Holdings, Inc.*(2)(3)(11)Healthcare & PharmaceuticalsSOFR5.75%11.32%7/12/20217/12/20276,444 6,360 6,419 0.70 
Pestco Intermediate, LLC^(2)(3)(11)(15)Environmental IndustriesSOFR6.50%12.03%2/6/20232/17/20283,679 3,542 3,633 0.40 
PF Atlantic Holdco 2, LLC^(2)(3)(11)(15)Leisure Products & ServicesSOFR5.50%11.12%11/12/202111/12/202711,576 11,383 11,231 1.23 
PF Growth Partners, LLC*(2)(3)(11)Leisure Products & ServicesSOFR5.00%10.45%7/1/20197/11/20257,875 7,840 7,824 0.86 
Project Castle, Inc.*(2)(3)Capital EquipmentSOFR5.50%10.89%6/24/20226/1/20297,406 6,755 6,536 0.72 
Prophix Software Inc. (Canada)^(2)(3)(7)(11)(15)SoftwareSOFR6.50%11.96%2/1/20212/1/202613,280 13,100 13,280 1.45 
Prophix Software Inc. (Canada)^(2)(3)(7)(11)(15)SoftwareSOFR6.50%11.83%11/21/20232/1/2026— — — — 
Pushpay USA Inc.^*(2)(3)(11)(15)Diversified Financial ServicesSOFR6.75%12.28%5/10/20235/10/203016,009 15,525 15,938 1.75 
PXO Holdings I Corp.^*(2)(3)(11)(15)Chemicals, Plastics & RubberSOFR5.50%11.00%3/8/20223/8/20286,997 6,862 6,801 0.75 
QNNECT, LLC^*(2)(3)(15)Aerospace & DefenseSOFR7.00%12.38%11/2/202211/2/20295,302 5,127 5,420 0.59 
Quantic Electronics, LLC^*(2)(3)(11)Aerospace & DefenseSOFR6.25%11.70%11/19/202011/19/202615,711 15,528 15,270 1.67 
Quantic Electronics, LLC^*(2)(3)(11)Aerospace & DefenseSOFR6.25%11.70%3/1/20213/1/20279,725 9,609 9,452 1.04 
Radwell Parent, LLC^*(2)(3)(15)WholesaleSOFR6.75%12.10%12/1/20224/1/202911,169 10,849 11,242 1.23 
Regency Entertainment, Inc.^(2)(3)(11)Media: Advertising, Printing & PublishingSOFR8.50%13.95%7/5/20236/23/202815,000 14,653 14,891 1.63 
RSC Acquisition, Inc.^(2)(3)(11)(15)Diversified Financial ServicesSOFR5.50%10.93%11/1/201911/1/202910,168 10,088 10,099 1.11 
Sapphire Convention, Inc.^*(2)(3)(11)(15)TelecommunicationsSOFR6.00%11.53%11/20/201811/20/202527,479 27,302 27,479 3.01 
SCP Eye Care HoldCo, LLC^(2)(3)(11)(15)Healthcare & PharmaceuticalsSOFR5.75%11.21%10/7/202210/7/2029158 152 156 0.02 
Smarsh Inc.^(2)(3)(15)SoftwareSOFR5.75%11.10%2/18/20222/18/20297,346 7,211 7,254 0.79 
SPay, Inc.^*(2)(3)(11)Leisure Products & ServicesSOFR
2.88%, 6.38% PIK
14.96%6/15/20186/15/202626,673 26,605 23,068 2.53 
Speedstar Holding, LLC^*(2)(3)(11)AutomotiveSOFR7.25%12.79%1/22/20211/22/202729,922 29,512 29,899 3.28 
Spotless Brands, LLC^*(2)(3)(11)(15)Consumer ServicesSOFR6.50%12.03%6/21/20227/25/202813,864 13,629 13,874 1.52 
Spotless Brands, LLC^(2)(3)(11)(15)Consumer ServicesSOFR6.75%12.08%6/21/20227/25/2028— (380)143 0.02 
Summit Acquisition, Inc.^(2)(3)(15)Diversified Financial ServicesSOFR6.75%12.10%5/4/20235/1/2030— (56)9 0.00 
Tank Holding Corp.^*(2)(3)(11)(15)Capital EquipmentSOFR5.75%11.21%3/31/20223/31/202814,231 13,997 13,873 1.52 
TCFI Aevex LLC^*(2)(3)(11)Aerospace & DefenseSOFR6.00%11.46%3/18/20203/18/202610,934 10,848 10,854 1.19 
TIBCO Software Inc.*(2)(3)High Tech IndustriesSOFR4.50%9.95%9/30/20223/31/202914,887 13,733 14,513 1.59 
Trader Corporation (Canada)^(2)(3)(7)(15)AutomotiveCDOR6.75%12.19%12/22/202212/22/2029C$11,990 8,604 9,156 1.00 
Tufin Software North America, Inc.^(2)(3)(11)(15)SoftwareSOFR7.69%13.20%8/17/20228/17/202827,802 27,336 27,554 3.02 
Turbo Buyer, Inc.^(2)(3)(15)AutomotiveSOFR6.00%11.50%12/2/201912/2/20251,697 1,640 1,620 0.18 
U.S. Legal Support, Inc.^*(2)(3)(11)(15)Business ServicesSOFR5.75%11.11%11/30/201811/30/202416,370 16,296 16,124 1.77 
US INFRA SVCS Buyer, LLC^(2)(3)(11)Environmental IndustriesSOFR
6.50%, 0.75% PIK
12.95%4/13/20204/13/20268,606 8,533 7,928 0.87 
USALCO, LLC^*(2)(3)(11)Chemicals, Plastics & RubberSOFR6.00%11.61%10/19/202110/19/20271,681 1,653 1,681 0.18 
23
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(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
USR Parent Inc.^(2)(3)(10)RetailSOFR7.60%12.94%4/22/20224/25/2027$3,778 $3,751 $3,740 0.41 %
Vensure Employee Services, Inc.^(2)(3)(15)Business ServicesSOFR5.25%10.63%12/15/20233/26/2027610 536 535 0.06 
Westfall Technik, Inc.^*(2)(3)(11)Chemicals, Plastics & RubberSOFR
6.75%, 0.75% PIK
12.96%9/13/20189/13/202427,305 27,183 25,166 2.75 
Wineshipping.com LLC^*(2)(3)(11)(15)Beverage & FoodSOFR5.75%11.29%10/29/202110/29/20275,897 5,812 5,486 0.60 
Yellowstone Buyer Acquisition, LLC^(2)(3)(11)Consumer Goods: DurableSOFR5.75%11.18%9/13/20219/13/2027440 434 427 0.05 
YLG Holdings, Inc.^(2)(3)(11)Consumer ServicesSOFR5.00%10.48%9/30/202011/1/20251,940 1,912 1,940 0.21 
First Lien Debt Total$1,309,175 $1,263,324 138.40 %
Second Lien Debt (10.2% of fair value)
11852604 Canada Inc. (Canada)^(2)(3)(7)(11)Healthcare & PharmaceuticalsSOFR
9.50% (100% PIK)
15.04%9/30/20219/30/2028$8,780 $8,665 $8,670 0.95 %
AI Convoy S.A.R.L (United Kingdom)^(2)(3)(7)Aerospace & DefenseSOFR8.25%13.80%1/17/20201/17/202824,814 24,476 24,938 2.74 
Aimbridge Acquisition Co., Inc.^(2)(11)Leisure Products & ServicesSOFR7.50%12.96%2/1/20192/1/20279,241 9,162 8,680 0.95 
AP Plastics Acquisition Holdings, LLC^(2)(3)(11)Chemicals, Plastics & RubberSOFR7.50%12.96%8/10/20218/10/202933,680 32,957 33,204 3.64 
AQA Acquisition Holdings, Inc.^*(2)(3)(11)High Tech IndustriesSOFR7.50%12.98%3/3/20213/3/202935,000 34,358 35,000 3.83 
Bayside OPCP, LLC^(2)(3)(8)(9)(11)Healthcare & PharmaceuticalsSOFR
10.00% (100% PIK)
15.50%5/31/20235/31/20264,861 3,653 3,071 0.34 
Outcomes Group Holdings, Inc.^*(2)Business ServicesSOFR7.50%13.04%10/23/201810/26/20261,731 1,729 1,731 0.19 
PAI Holdco, Inc.^(2)(3)AutomotiveSOFR
5.50%, 2.00% PIK
13.03%10/28/202010/28/202814,377 14,101 13,449 1.47 
Quartz Holding Company^*(2)(11)SoftwareSOFR8.00%13.46%4/2/20194/2/20277,048 6,979 7,048 0.77 
Stonegate Pub Company Bidco Limited (United Kingdom)^(2)(7)Beverage & FoodSONIA8.50%13.69%3/12/20203/12/2028£20,000 24,883 22,204 2.43 
TruGreen Limited Partnership^(2)(3)(11)Consumer ServicesSOFR8.50%14.14%11/16/202011/2/202813,000 12,817 12,082 1.32 
World 50, Inc.^(9)Business ServicesFIXED11.50%11.50%1/10/20201/9/202718,098 17,877 18,098 1.98 
Second Lien Debt Total$191,657 $188,175 20.61 %
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)(16)Capital Equipment6/22/2018592 $592 $1,027 0.11 %
Appriss Health, LLC^(6)Healthcare & Pharmaceuticals5/6/20216 5,599 5,438 0.60 
Atlas Ontario LP (Canada)^(6)(7)(16)Business Services4/7/20215,114 5,114 5,114 0.56 
Bayside HoldCo, LLC^(6)(16)Healthcare & Pharmaceuticals5/31/20236 — — — 
Blackbird Holdco, Inc.^(6)Capital Equipment12/14/202113 12,314 12,074 1.32 
24
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(amounts in thousands)
Investments—non-controlled/non-affiliated (1)
FootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% 
of Net Assets
Buckeye Parent, LLC^(6)(16)Automotive12/22/2021885 $885 $85 0.01 %
Chartis Holding, LLC^(6)(16)Business Services5/1/2019433 421 637 0.07 
CIP Revolution Holdings, LLC^(6)(16)Media: Advertising, Printing & Publishing8/19/2016318 318 254 0.03 
Cority Software Inc. (Canada)^(6)(7)(16)Software7/2/2019250 250 696 0.08 
Derm Growth Partners III, LLC^(6)(16)Healthcare & Pharmaceuticals5/31/20161,000 1,000 — — 
Diligent Corporation^(6)Telecommunications4/5/202113 12,842 12,761 1.40 
ECP Parent, LLC^(6)(16)Healthcare & Pharmaceuticals3/29/2018268 — 290 0.03 
GB Vino Parent, L.P.^(6)(16)Beverage & Food10/29/20214 307 218 0.02 
Integrity Marketing Group, LLC^(6)Diversified Financial Services12/21/202118,530 18,369 17,824 1.95 
Legacy.com, Inc.^(6)(16)High Tech Industries3/20/20171,500 1,500 1,064 0.12 
NearU Holdings LLC^(6)(16)Consumer Services8/16/202225 2,470 1,140 0.12 
NEFCO Holding Company LLC^(6)Construction & Building8/5/20221 608 608 0.07 
North Haven Goldfinch Topco, LLC^(6)(16)Containers, Packaging & Glass6/18/20182,315 2,315 — — 
Pascal Ultimate Holdings, L.P^(6)(16)Capital Equipment7/21/202136 364 910 0.10 
Picard Parent, Inc.^(6)High Tech Industries9/30/20223 2,897 3,188 0.35 
Profile Holdings I, LP^(6)(16)Chemicals, Plastics & Rubber3/8/20225 523 492 0.05 
Sinch AB (Sweden)^(6)(7)(16)High Tech Industries3/26/2019106 1,168 395 0.04 
Summit K2 Midco, Inc.^(6)(16)Diversified Financial Services4/27/2023121 121 161 0.02 
Tailwind HMT Holdings Corp.^(6)(16)Energy: Oil & Gas11/17/201722 1,558 1,807 0.20 
Talon MidCo 1 Limited^(6)(16)Software8/17/20221,018 1,456 1,694 0.19 
Tank Holding Corp.^(6)(16)Capital Equipment3/26/2019850 — 2,862 0.31 
Titan DI Preferred Holdings, Inc.^(6)Energy: Oil & Gas2/11/202010,534 10,414 10,534 1.15 
Turbo Buyer, Inc.^(6)(16)Automotive12/2/20191,925 933 2,501 0.27 
U.S. Legal Support Investment Holdings, LLC^(6)(16)Business Services11/30/2018641 641 722 0.08 
W50 Parent LLC^(6)(16)Business Services1/10/2020500 190 1,237 0.14 
Zenith American Holding, Inc.^(6)(16)Business Services12/13/20171,565 760 1,888 0.21 
Equity Investments Total$85,929 $87,621 9.60 %
Total investments—non-controlled/non-affiliated$1,586,761 $1,539,120 168.61 %
25
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(amounts in thousands)
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 (2.6% of fair value)
Direct Travel, Inc.^*(2)(3)(11)(14)Leisure Products & ServicesSOFR
6.50%, 2.00% PIK
13.99%10/14/201610/1/2025$44,408 $43,341 $44,407 4.87 %
Direct Travel, Inc.^(2)(3)(11)(14)(15)Leisure Products & ServicesSOFR6.00%11.53%10/1/202010/1/20253,772 3,696 3,772 0.41 
First Lien Debt Total$47,037 $48,179 5.28 %
Investments—non-controlled/affiliatedFootnotesIndustryAcquisition DateShares/ UnitsCost
Fair
Value (5)
% of Net 
Assets
Equity Investments (0.3% of fair value)
Direct Travel, Inc.^(6)(14)(16)Leisure Products & Services10/1/202043 $— $5,203 0.57 %
Equity Investments Total43$— $5,203 0.57 %
Total investments—non-controlled/affiliated$47,037 $53,382 5.85 %
Investments—controlled/affiliated
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Acquisition Date
Maturity Date
Par Amount/ LLC Interest
Cost
Fair Value (5)
% of Net 
Assets
Investment Funds (13.5% of fair value)
Middle Market Credit Fund II, LLC, Member's Interest^(7)(13)Investment FundsFIXED14.22%14.22%11/3/202012/31/2030$78,122 $78,096 $67,419 7.39 %
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest^(7)(13)Investment FundsFIXED11.40%11.40%2/29/201612/31/2027193,000 193,001 181,960 19.93 
Middle Market Credit Fund, Mezzanine Loan(2)(7)(9)(13)Investment FundsSOFR9.00%14.27%6/30/20165/21/2025— — — — 
Investment Funds Total$271,097 $249,379 27.32 %
Total investments—controlled/affiliated$271,097 $249,379 27.32 %
Total investments$1,904,895 $1,841,881 201.78 %
Derivative InstrumentCounterpartyCompany Pays***Company ReceivesMaturity DateNotional Amount
Fair Value(5)
Change in Unrealized Appreciation / (Depreciation)Upfront Payments / Receipts
Interest Rate SwapMorgan Stanley Capital Services LLC
SOFR + 3.139%
8.20%December 1, 2028$85,000 $985 $985 $— 
^ Denotes that all or a portion of the assets are owned by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” or the “Company”). The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 8, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (the “2015-1 Issuer”).
* Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, the 2015-1 Issuer, and secure the notes issued in connection with a term debt securitization completed by the Company on June 26, 2015 (see Note 8, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company.
** Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Canadian Dollar (“C$”), Euro (“€”) or British Pound (“£”).
26
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(amounts in thousands)
*** The interest rate paid by the Company for each interest period is calculated on the basis of a compounded average daily SOFR rate plus 3.139%. The interest rate swap settles quarterly on each of March 1, June 1, September 1, and December 1. Refer to Note 7, Derivative Instruments, to these unaudited consolidated financial statements for further details.
(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, 2023, 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, 2023, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR”), or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33%, the 180-day SOFR at 5.16%, the daily SONIA at 5.19%, the 30-day EURIBOR at 3.85%, the 90-day EURIBOR at 3.91% and the 30-day CDOR at 5.45%.
(3)Loan includes interest rate floor feature, which ranges from 0.50% to 3.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment 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. As of December 31, 2023, the aggregate fair value of these securities is $92,824, or 10.17% 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, 2023.
(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.
(10)In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders, which has been included in the spread of each applicable investment. Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments.
(11)Loans include a credit spread adjustment that ranges from 0.10% to 0.43%.
(12)Loan is in forbearance as of December 31, 2023.
(13)Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Notes 5, Middle Market Credit Fund, LLC and 6, Middle Market Credit Fund II, LLC, to these unaudited consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2023, were as follows:
Investments—controlled/affiliatedFair Value as of December 31, 2022Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of December 31, 2023Dividend and Interest Income
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest$190,065 $— $— $— $(8,105)$181,960 $22,000 
Middle Market Credit Fund, Mezzanine Loan— — — — — — — 
Middle Market Credit Fund II, LLC, Member's Interest72,957 — — — (5,538)67,419 11,104 
Total investments—controlled/affiliated$263,022 $— $— $— $(13,643)$249,379 $33,104 
27
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(amounts in thousands)
(14)Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related the portfolio company during the year ended December 31, 2023 were as follows:
Investments—non-controlled/affiliatedFair Value as of December 31, 2022Additions/PurchasesReductions/Sales/ PaydownsNet Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation)Fair Value as of December 31, 2023Dividend and Interest Income
Direct Travel, Inc.$42,636 $1,329 $— $— $442 $44,407 $5,713 
Direct Travel, Inc.2,731 1,082 — — (41)3,772 672 
Direct Travel, Inc. (Equity)— — — — 5,203 5,203 — 
Total investments—non-controlled/affiliated$45,367 $2,411 $— $— $5,604 $53,382 $6,385 
(15)As of December 31, 2023, 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 Draw1.00%$2,878 $(271)
ADPD Holdings, LLCRevolver0.50621 (59)
Advanced Web Technologies Holding CompanyRevolver0.50985 3 
Allied Benefit Systems Intermediate LLCDelayed Draw1.001,580 (24)
Alpine Acquisition Corp IIRevolver0.501,379 (64)
Apex Companies Holdings, LLCDelayed Draw1.002,305 3 
Applied Technical Services, LLCRevolver0.5022 — 
Appriss Health, LLCRevolver0.502,963 (22)
Ascend Buyer, LLCRevolver0.50856 (22)
Associations, Inc.Revolver0.50468 (2)
Atlas AU Bidco Pty Ltd (Australia)Revolver0.50268 3 
Avalara, Inc.Revolver0.502,250 34 
Bayside OPCP, LLCRevolver0.501,974 — 
BlueCat Networks, Inc. (Canada)Delayed Draw1.00195 (4)
Bradyifs Holdings, LLCDelayed Draw1.00696 (14)
Bradyifs Holdings, LLCRevolver0.50709 (14)
CD&R Madison Parent Ltd (United Kingdom)Delayed Draw1.50£214 3 
Celerion Buyer, Inc.Delayed Draw2.00499 5 
Celerion Buyer, Inc.Revolver0.50249 2 
Chartis Holding, LLCRevolver0.50100 — 
Chemical Computing Group ULC (Canada)Revolver0.5029 — 
CircusTrix Holdings, LLCDelayed Draw1.001,613 4 
CircusTrix Holdings, LLCRevolver0.50806 2 
CoreWeave Compute Acquisition Co. II, LLCDelayed Draw1.00815 (14)
Cority Software Inc. (Canada)Revolver0.503,000 (10)
28
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(amounts in thousands)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Coupa Holdings, LLCDelayed Draw1.00%$771 $15 
Coupa Holdings, LLCRevolver0.50591 12 
CPI Intermediate Holdings, Inc.Delayed Draw1.00927 (9)
CST Holding CompanyRevolver0.50423 3 
Denali Midco 2, LLCDelayed Draw1.00876 — 
Diligent CorporationRevolver0.5022 — 
Direct Travel, Inc.Delayed Draw0.50615 — 
Dwyer Instruments, Inc.Revolver0.501,178 — 
Eliassen Group, LLCDelayed Draw1.002,668 (34)
Ellkay, LLCRevolver0.501,786 (244)
EPS Nass Parent, Inc.Revolver0.5010 — 
Excel Fitness Holdings, Inc.Revolver0.50891 (13)
Excelitas Technologies Corp.Delayed Draw1.0025 — 
Excelitas Technologies Corp.Revolver0.50143 (2)
FPG Intermediate Holdco, LLCDelayed Draw1.003,973 (38)
Greenhouse Software, Inc.Revolver0.502,204 (16)
Hadrian Acquisition Limited (United Kingdom)Delayed Draw2.33£1,842 (11)
Harbour Benefit Holdings, Inc.Revolver0.503,180 (24)
Heartland Home Services, Inc.Revolver0.50619 (25)
Hercules Borrower LLCRevolver0.502,160 — 
Hoosier Intermediate, LLCRevolver0.502,400 (76)
HS Spa Holdings Inc.Revolver0.501,141 — 
iCIMS, Inc.Delayed Draw—5,432 — 
iCIMS, Inc.Revolver0.502,026 (5)
IQN Holding Corp.Delayed Draw1.00395 1 
IQN Holding Corp.Revolver0.50489 2 
Kaseya, Inc.Delayed Draw1.001,076 (2)
Kaseya, Inc.Revolver0.501,541 (2)
Lifelong Learner Holdings, LLCRevolver0.502 — 
LVF Holdings, Inc.Revolver0.382,919 (46)
Material Holdings, LLCRevolver1.00460 (18)
Medical Manufacturing Technologies, LLCRevolver0.50207 — 
NEFCO Holding Company LLCDelayed Draw1.003,018 7 
NEFCO Holding Company LLCRevolver0.50403 1 
NMI AcquisitionCo, Inc.Revolver0.501,280 (9)
North Haven Fairway Buyer, LLCRevolver0.501,154 12 
North Haven Stallone Buyer, LLCDelayed Draw1.004,782 (89)
29
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(amounts in thousands)
Investments—non-controlled/non-affiliatedTypeUnused FeePar/ Principal AmountFair Value
Oak Purchaser, Inc.Delayed Draw0.50%$166 $(5)
Oak Purchaser, Inc.Revolver0.50584 (16)
Oranje Holdco, Inc.Revolver0.501,006 4 
Pestco Intermediate, LLCDelayed Draw2.001,387 (13)
Pestco Intermediate, LLCRevolver0.50238 (2)
PF Atlantic Holdco 2, LLCRevolver0.502,759 (69)
Prophix Software Inc. (Canada)Delayed Draw—379 — 
Prophix Software Inc. (Canada)Revolver0.501,993 — 
Pushpay USA Inc.Revolver0.501,235 (7)
PXO Holdings I Corp.Delayed Draw1.00885 (19)
PXO Holdings I Corp.Revolver0.501,315 (28)
QNNECT, LLCDelayed Draw1.001,325 23 
Radwell Parent, LLCRevolver0.381,116 4 
RSC Acquisition, Inc.Revolver0.50462 (3)
Sapphire Convention, Inc.Revolver0.504,471 — 
SCP Eye Care HoldCo, LLCDelayed Draw1.0014 — 
SCP Eye Care HoldCo, LLCRevolver0.506 — 
Smarsh Inc.Delayed Draw1.00816 (9)
Smarsh Inc.Revolver0.50408 (4)
Spotless Brands, LLCDelayed Draw1.0015,000 136 
Spotless Brands, LLCRevolver0.50859 — 
Summit Acquisition, Inc.Delayed Draw1.001,374 5 
Summit Acquisition, Inc.Revolver0.50687 2 
Tank Holding Corp.Revolver0.381,214 (30)
Trader Corporation (Canada)Revolver0.50C$906 12 
Tufin Software North America, Inc.Delayed Draw—132 (1)
Tufin Software North America, Inc.Revolver0.501,339 (13)
Turbo Buyer, Inc.Delayed Draw1.002,967 (39)
Turbo Buyer, Inc.Revolver0.501,217 (16)
U.S. Legal Support, Inc.Delayed Draw0.501,423 (19)
U.S. Legal Support, Inc.Revolver0.50653 (9)
Vensure Employee Services, Inc.Delayed Draw1.004,389 (66)
Wineshipping.com LLCRevolver0.50238 (16)
Total unfunded commitments$134,409 $(1,269)
(16)Represents a non-income producing security as of December 31, 2023.
30
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(amounts in thousands)
As of December 31, 2023, investments at fair value consisted of the following:
TypeAmortized CostFair Value% of Fair Value
First Lien Debt$1,356,212 $1,311,503 71.3 %
Second Lien Debt191,657 188,175 10.2 
Equity Investments85,929 92,824 5.0 
Investment Funds271,097 249,379 13.5 
Total$1,904,895 $1,841,881 100.0 %
The rate type of debt investments at fair value as of December 31, 2023 was as follows:
Rate TypeAmortized CostFair Value% of Fair Value of First and Second Lien Debt
Floating Rate$1,529,992 $1,481,580 98.8 %
Fixed Rate17,877 18,098 1.2 
Total$1,547,869 $1,499,678 100.0 %
31
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(amounts in thousands)
The industry composition of investments at fair value as of December 31, 2023 was as follows:
IndustryAmortized CostFair Value% of Fair Value
Aerospace & Defense$110,041 $102,939 5.6 %
Automotive75,867 74,333 4.0 
Beverage & Food63,382 60,198 3.3 
Business Services108,056 108,862 5.9 
Capital Equipment42,256 45,687 2.5 
Chemicals, Plastics & Rubber69,178 67,344 3.7 
Construction & Building25,825 26,014 1.4 
Consumer Goods: Durable5,373 5,552 0.3 
Consumer Goods: Non-Durable7,062 7,244 0.4 
Consumer Services82,904 80,668 4.4 
Containers, Packaging & Glass46,473 40,285 2.2 
Diversified Financial Services90,796 91,535 5.0 
Energy: Oil & Gas11,972 12,341 0.7 
Environmental Industries39,572 39,682 2.2 
Healthcare & Pharmaceuticals239,647 213,649 11.6 
High Tech Industries136,374 137,378 7.5 
Investment Funds271,097 249,379 13.4 
Leisure Products & Services130,116 131,916 7.2 
Media: Advertising, Printing & Publishing44,362 44,530 2.4 
Retail29,558 29,993 1.6 
Software166,536 168,106 9.1 
Sovereign & Public Finance78 79 0.0 
Telecommunications78,772 74,499 4.0 
Transportation: Cargo9,430 9,128 0.5 
Utilities: Electric920 902 0.0 
Wholesale19,248 19,638 1.1 
Total$1,904,895 $1,841,881 100.0 %
32
CARLYLE SECURED LENDING, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2023
(amounts in thousands)
The geographical composition of investments at fair value as of December 31, 2023 was as follows:
GeographyAmortized CostFair Value% of Fair Value
Australia$5,023 $5,139 0.3 %
Canada50,490 51,711 2.8 
Luxembourg41,755 40,095 2.2 
Sweden1,168 395 0.0 
United Kingdom75,844 73,713 4.0 
United States1,730,615 1,670,828 90.7 
Total$1,904,895 $1,841,881 100.0 %
The accompanying notes are an integral part of these unaudited consolidated financial statements.
33
CARLYLE SECURED LENDING, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
As of March 31, 2024
(amounts in thousands, except share and per share data, unless otherwise indicated)
1. ORGANIZATION
Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “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 has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In addition, the Company has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”).
The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments in U.S. middle market companies. The Company's core investment strategy focuses on lending to U.S. middle market companies, which the Company defines as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. This core strategy is opportunistically supplemented with differentiated and complementary lending and investing strategies, which take advantage of the broad capabilities of Carlyle’s Global Credit platform while offering risk-diversifying portfolio benefits. The Company seeks to achieve its objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans (collectively, “Middle Market Senior Loans”), with a minority of its assets invested in higher yielding investments (which may include unsecured debt, subordinated debt and investments in equities and structured products). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.
The Company invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if it was rated. These securities, which are often referred to as “junk,” have predominately speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
On May 2, 2013, the Company completed its initial closing of capital commitments (the “Initial Closing”) and subsequently commenced substantial investment operations. Effective March 15, 2017, the Company changed its name from “Carlyle GMS Finance, Inc.” to “TCG BDC, Inc.” On June 19, 2017, the Company closed its initial public offering, issuing 9,454,200 shares of its common stock (including shares issued pursuant to the exercise of the underwriters’ over-allotment option on July 5, 2017) at a public offering price of $18.50 per share. Net of underwriting costs, the Company received cash proceeds of $169,488. Shares of common stock of the Company began trading on the Nasdaq Global Select Market under the symbol “CGBD” on June 14, 2017. Effective April 12, 2022, the Company changed its name from “TCG BDC, Inc.” to “Carlyle Secured Lending, Inc.”
The Company is externally managed by its investment adviser, Carlyle Global Credit Investment Management L.L.C. (the “Investment Adviser”), a wholly-owned subsidiary of The Carlyle Group Inc. and an investment adviser registered under the Investment Advisers Act of 1940, as amended. Carlyle Global Credit Administration L.L.C. (the “Administrator”) provides the administrative services necessary for the Company to operate. Both the Investment Adviser and the Administrator are wholly owned subsidiaries of Carlyle Investment Management L.L.C. (“CIM”), a wholly owned subsidiary of The Carlyle Group Inc. “Carlyle” refers to The Carlyle Group Inc. and its affiliates and its consolidated subsidiaries (other than portfolio companies of its affiliated funds), a global investment firm publicly traded on the Nasdaq Global Select Market under the symbol “CG”. Refer to the sec.gov website for further information on Carlyle.
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 unaudited consolidated financial statements commencing from the date of its formation, January 3, 2013.
On June 26, 2015, the Company completed a $400,000 term debt securitization (the “2015-1 Debt Securitization”). The notes offered in the 2015-1 Debt Securitization (the “2015-1 Notes”) were issued by Carlyle Direct Lending CLO 2015-1R LLC (the “2015-1 Issuer”), a wholly owned and consolidated subsidiary of the Company. On August 30, 2018, the 2015-1 Issuer refinanced the 2015-1 Debt Securitization (the “2015-1 Debt Securitization Refinancing”) by redeeming in full the
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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, Borrowings, to these unaudited consolidated financial statements for details. The 2015-1 Issuer is consolidated in these unaudited consolidated financial statements commencing from the date of its formation, 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, May 16, 2022 and April 20, 2023 (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, to these unaudited consolidated financial statements 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, to these unaudited consolidated financial statements 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 unaudited 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 unaudited financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, the SPV 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.
The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of 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, 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results to be expected for the full year.
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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 unaudited consolidated financial statements. Actual results could differ from these estimates and such differences could be material.
Investments
Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment at the time of exit using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3, Fair Value Measurements, to these unaudited consolidated financial statements for further information about fair value measurements.
Derivative Instruments
The Company follows the guidance in Topic 815, Derivatives and Hedging (“ASC 815”), when accounting for derivative instruments. The Company recognizes all derivative instruments at fair value as either assets or liabilities in its consolidated financial statements. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.
The Company uses interest rate swaps to hedge some of the Company's fixed rate debt. The Company designated the interest rate swaps as the hedging instrument in an effective hedge accounting relationship and therefore the periodic payments and receipts are recognized as components of interest expense and credit facility fees within the accompanying Consolidated Statements of Operations. Depending on the nature of the balance at the end of the period, the fair value of the interest rate swap is either an asset and included in prepaid expenses and other assets on the accompanying Consolidated Statements of Assets and Liabilities or a liability and included in other accrued expenses and liabilities on the accompanying Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. The change in fair value of the interest rate swap is reflected as net unrealized gain (loss) on derivative instruments within the Consolidated Statements of Cash Flows.
Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in prepaid expenses and other assets on the accompanying Consolidated Statements of Assets and Liabilities. Any amounts paid from the counterparty to cover collateral under the terms of the interest rate swap agreement are included in other accrued expenses and liabilities on accompanying Consolidated Statements of Assets and Liabilities.
Cash, Cash Equivalents and Restricted Cash
Cash, cash equivalents and restricted cash consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. treasury notes) with original maturities of three months or less. Cash equivalents are carried at amortized cost, which approximates fair value. The Company’s cash, cash equivalents and restricted cash are held with one large financial institution and cash held in such financial institution may, at times, exceed the Federal Deposit Insurance Corporation insured limit. As of March 31, 2024 and December 31, 2023, the Company held restricted cash balances of $40,662 and $37,891, respectively, which represent amounts that are collected and held by trustees appointed by the Company for payment of interest expense and principal on the outstanding borrowings, or reinvestment into new assets. The amounts are held by the trustees as custodians of the assets securing certain of the Company’s financing transactions. There were no restricted cash balances denominated in a foreign currency as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the cost of foreign currencies was $778 and $659, respectively.
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Revenue Recognition
Interest from Investments
Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any.
The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK income represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. As of March 31, 2024 and December 31, 2023, the fair value of the loans in the portfolio with PIK provisions was $279,267 and $337,061, respectively, which represents approximately 15.6% and 18.3%, respectively, of total investments at fair value. For the three months ended March 31, 2024 and 2023, the Company earned $5,507 and $4,188 in PIK income, respectively.
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 prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. For the three months ended March 31, 2024 and 2023, the Company earned $1,782 and $963, respectively, in other income, primarily from amendment fees and prepayment fees.
Non-Accrual Income
Loans are generally placed on non-accrual status when principal or interest payments are past due or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are current or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in management’s judgment, are likely to remain current. Management may determine not to place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023, the fair value of the loans in the portfolio on non-accrual status was $3,792 and $38,061, respectively. The remaining first and second lien debt investments were performing and current on their interest payments as of March 31, 2024 and December 31, 2023 and for the periods then ended.
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 interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.
On June 26, 2015, the Company completed a $400 million term debt securitization (the “2015-1 Debt Securitization”). The notes offered in the 2015-1 Debt Securitization (the “2015-1 Notes”) were issued by the 2015-1 Issuer and were subsequently refinanced on August 30, 2018 (the “2015-1 Debt Securitization Refinancing”) by redeeming in full the previously issued securitized notes and issuing $449 million in new notes (the “2015-1R Notes”).
On December 30, 2019, the Company closed a private offering of $115.0 million in aggregate principal amount of 4.75% senior unsecured notes due December 31, 2024 (the “2019 Notes”). On December 11, 2020, the Company issued $75.0 million in aggregate principal amount of 4.50% senior unsecured notes due December 31, 2024 (the “2020 Notes,” and together with the 2019 Notes, the “2024 Notes”).
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On November 20, 2023, the Company closed an issuance of $85.0 million in aggregate principal of 8.20% senior unsecured notes due December 1, 2028 (the “2028 Notes” and together with the 2024 Notes, the “Senior Notes”). The Company may redeem the 2028 Notes in whole or in part at our option on or after December 1, 2025. The 2028 Notes are general unsecured obligations of the Company’s that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. 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 prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.
Debt issuance costs include capitalized expenses including structuring and arrangement fees related to the offering of the 2015-1R 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 and credit facility fees 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 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.
In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three months ended March 31, 2024 and 2023, the Company incurred $830 and $523, respectively, in excise tax expense.
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.
Dividends and Distributions to Common Stockholders
To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its common stockholders. Dividends and distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board of Directors each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, are generally distributed at least annually, although the Company may decide to retain such capital gains for investment.
Prior to July 5, 2017, the Company had an “opt in” dividend reinvestment plan. Effective on July 5, 2017, the Company converted the “opt in” dividend reinvestment plan to an “opt out” dividend reinvestment plan that provides for reinvestment of dividends and other distributions on behalf of the common stockholders, other than those common stockholders who have “opted out” of the plan. As a result of adopting the plan, if the Board of Directors authorizes, and the Company declares, a cash dividend or distribution, the common stockholders who have not elected to “opt out” of the dividend reinvestment plan will have their cash dividends or distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash. Each registered stockholder may elect to have such stockholder’s dividends and
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distributions distributed in cash rather than participate in the plan. For any registered stockholder that does not so elect, distributions on such stockholder’s shares will be reinvested by State Street Bank and Trust Company, the Company’s plan administrator, in additional shares. The number of shares to be issued to the stockholder will be determined based on the total dollar amount of the cash distribution payable, net of applicable withholding taxes. The Company intends to use primarily newly issued shares to implement the plan so long as the market value per share is equal to or greater than the net asset value per share on the relevant valuation date. If the market value per share is less than the net asset value per share on the relevant valuation date, the plan administrator would implement the plan through the purchase of common stock on behalf of participants in the open market, unless the Company instructs the plan administrator otherwise.
Functional Currency
The functional currency of the Company is the U.S. Dollar. Investments are generally made in the local currency of the country in which the investments are domiciled and are translated into U.S. Dollars with foreign currency translation gains or losses recorded within net change in unrealized appreciation (depreciation) on investments in the accompanying Consolidated Statements of Operations. Foreign currency translation gains and losses on non-investment assets and liabilities are separately reflected in the accompanying Consolidated Statements of Operations.
Earnings Per Common Share
The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities.
Recent Accounting Standards Updates
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. 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 personnel 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
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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
•comparisons to comparable transactions and publicly traded securities.
Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date which in many cases may reflect a lag in information.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the unaudited consolidated financial statements as of March 31, 2024 and audited consolidated financial statements as of December 31, 2023.
U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.
Investments measured and reported at fair value are classified and disclosed based on the observability of inputs used in determination of fair values, as follows:
•Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. Financial instruments in this category generally include unrestricted securities, including equities and derivatives, listed in active markets. The Investment Adviser does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
•Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. Financial instruments in this category generally include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.
•Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments in this category generally include investments in privately-held entities, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
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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 interests, the practical expedient, or net asset value method, is used. For those structured through subordinated notes, a discounted cash flow method is used.
Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three months ended March 31, 2024 and 2023, 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 March 31, 2024 and December 31, 2023:
 March 31, 2024
 Level 1Level 2Level 3Total
Assets
First Lien Debt$— $— $1,266,471 $1,266,471 
Second Lien Debt— — 165,353 165,353 
Equity Investments— — 104,471 104,471 
Mezzanine Loan— — — — 
Subordinated Loan and Member's Interest— — 180,648 180,648 
Total$— $— $1,716,943 $1,716,943 
Investments measured at net asset value(1)
$67,950 
Total Investments$1,784,893 
Derivative assets(2)
— 35 — 35 
Total$1,784,928 
 December 31, 2023
 Level 1Level 2Level 3Total
Assets
First Lien Debt$— $— $1,311,503 $1,311,503 
Second Lien Debt— — 188,175 188,175 
Equity Investments— — 92,824 92,824 
Mezzanine Loan— — — — 
Subordinated Loan and Member's Interest— — 181,960 181,960 
Total$— $— $1,774,462 $1,774,462 
Investments measured at net asset value(1)
$67,419 
Total Investments$1,841,881 
Derivative assets(2)
— 985 — 985 
Total$1,842,866 
(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.
(2)Located in prepaid expenses and other assets on the accompanying Consolidated Statements of Assets and Liabilities.
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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 months ended March 31, 2024
 First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Mezzanine LoanInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,311,503 $188,175 $92,824 $— $181,960 $1,774,462 
Purchases70,882 406 22,892 — — 94,180 
Sales(35,826)— (5,458)— — (41,284)
Paydowns(84,304)(25,146)(2,738)— — (112,188)
Accretion of discount2,641 394 123 — — 3,158 
Net realized gains (losses)(23,198)— 4,012 — — (19,186)
Net change in unrealized appreciation (depreciation)24,773 1,524 (7,184)— (1,312)17,801 
Balance, end of period$1,266,471 $165,353 $104,471 $— $180,648 $1,716,943 
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations$2,786 $1,814 $(1,643)$— $(1,312)$1,645 
Financial Assets
 For the three months ended March 31, 2023
 First Lien DebtSecond Lien DebtEquity InvestmentsInvestment Fund - Mezzanine LoanInvestment Fund - Subordinated Loan and Member's InterestTotal
Balance, beginning of period$1,359,962 $262,703 $94,190 $— $190,065 $1,906,920 
Purchases54,825 323 2,362 — — 57,510 
Sales(32,001)(6,372)(222)— — (38,595)
Paydowns(28,721)(454)(607)— — (29,782)
Accretion of discount1,621 178 56 — — 1,855 
Net realized gains (losses)(13,429)(49)163 — — (13,315)
Net change in unrealized appreciation (depreciation)8,483 3,100 6,299 — (95)17,787 
Balance, end of period$1,350,740 $259,429 $102,241 $— $189,970 $1,902,380 
Net change in unrealized appreciation (depreciation) relating to Level 3 investments still held at the reporting date and included within the Consolidated Statements of Operations$(2,321)$3,100 $6,643 $— $(95)$7,327 
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 March 31, 2024 and December 31, 2023:
 Fair Value as ofValuation TechniquesSignificant Unobservable InputsRangeWeighted Average
 March 31, 2024LowHigh
Investments in First Lien Debt$1,080,747 Discounted Cash FlowDiscount Rate8.59 %21.00 %12.34 %
44,231 Consensus PricingIndicative Quotes90.50 %100.00 %97.43 %
141,493 Income ApproachDiscount Rate10.45 %15.14 %11.72 %
Market ApproachComparable Multiple9.19x13.59x10.42x
Total First Lien Debt1,266,471 
Investments in Second Lien Debt161,561 Discounted Cash FlowDiscount Rate10.05 %17.97 %13.57 %
3,792 Income ApproachDiscount Rate10.49 %10.49 %10.49 %
Total Second Lien Debt165,353 
Investments in Equity60,810 Income ApproachDiscount Rate11.46 %14.47 %13.23 %
43,661 Market ApproachComparable Multiple6.00x18.00x10.39x
Total Equity Investments104,471 
Investments in Investment Fund
Subordinated Loan and Member's Interest180,648 Discounted Cash FlowDiscount Rate9.75 %9.75 %9.75 %
Discounted Cash FlowDefault Rate3.00 %3.00 %3.00 %
Discounted Cash FlowRecovery Rate65.00 %65.00 %65.00 %
Total Investments in Investment Fund180,648 
Total Level 3 Investments$1,716,943 
43
 Fair Value as ofValuation TechniquesSignificant
Unobservable
Inputs		RangeWeighted Average
 December 31, 2023LowHigh
Investments in First Lien Debt$1,040,756 Discounted Cash FlowDiscount Rate8.79 %18.80 %11.83 %
70,040 Consensus PricingIndicative Quotes88.25 %100.00 %96.99 %
200,707 Income ApproachDiscount Rate10.73 %14.10 %11.69 %
Market ApproachComparable Multiple8.42x12.34x10.05x
Total First Lien Debt1,311,503 
Investments in Second Lien Debt167,006 Discounted Cash FlowDiscount Rate10.05 %18.29 %13.48 %
18,098 Consensus PricingIndicative Quotes100.00 %100.00 %100.00 %
3,071 Income ApproachDiscount Rate10.87 %10.87 %10.87 %
Total Second Lien Debt188,175 
Investments in Equity92,824 Income ApproachDiscount Rate11.65 %14.47 %13.26 %
Market ApproachComparable Multiple6.25x18.00x10.05x
Total Equity Investments92,824 
Investments in Investment Fund
Subordinated Loan and Member's Interest181,960 Discounted Cash FlowDiscount Rate9.75 %9.75 %9.75 %
Discounted Cash FlowDefault Rate3.00 %3.00 %3.00 %
Discounted Cash FlowRecovery Rate65.00 %65.00 %65.00 %
Total Investments in Investment Fund181,960 
Total Level 3 Investments$1,774,462 
The significant unobservable inputs used in the fair value measurement of the Company’s investments in first and second lien debt securities are discount rates, indicative quotes and comparable EBITDA multiples. The significant unobservable inputs used in the fair value measurement of the Company’s investments in equities are discount rates and comparable EBITDA multiples. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in indicative quotes or comparable EBITDA multiples in isolation would result in a significantly lower fair value measurement.
The significant unobservable input used in the fair value measurement of the Company’s investment in the mezzanine loan of Credit Fund is the recovery rate of principal and interest. A significant decrease in the recovery rate would result in a significantly lower fair value measurement.
The significant unobservable inputs used in the fair value measurement of the Company’s investments in the subordinated loan and member’s interest of Credit Fund are the discount rate, default rate and recovery rate. 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 principal amount and fair value of the Credit Facility, Senior Notes, and 2015-1R Notes as of March 31, 2024 and December 31, 2023:
 March 31, 2024December 31, 2023
 Principal AmountFair ValuePrincipal AmountFair Value
Secured borrowings$234,331 $234,331 $260,356 $260,356 
2024 Notes190,000 173,354 190,000 175,677 
2028 Notes85,000 85,035 85,000 85,985 
Aaa/AAA Class A-1-1-R Notes217,160 218,035 234,800 234,636 
Aaa/AAA Class A-1-2-R Notes46,244 46,299 50,000 49,870 
Aaa/AAA Class A-1-3-R Notes23,122 22,660 25,000 24,530 
AA Class A-2-R Notes66,000 66,198 66,000 66,066 
A Class B Notes46,400 46,539 46,400 46,511 
BBB- Class C Notes27,000 26,919 27,000 26,676 
Total$935,257 $919,370 $984,556 $970,307 
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The carrying values of the secured borrowings generally approximate their respective fair values due to their variable interest rates. Secured borrowings are categorized as Level 3 within the hierarchy.
The carrying values of the 2024 Notes and 2028 Notes approximate their respective fair values. The 2024 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 2024 Notes are discount rates. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The carrying value of the 2028 Notes approximates their fair value due to their inclusion of the fair value of the interest rate swap, as further discussed in Note 7, Derivative Instruments, to these unaudited consolidated financial statements. The 2028 Notes are categorized as Level 3 within the hierarchy.
The carrying value of the 2015-1R Notes approximates their fair value. The 2015-1R Notes are categorized as Level 3 within the hierarchy and are valued generally using market quotation(s) received from broker/dealer(s), which are significant unobservable inputs.
The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items.
4. RELATED PARTY TRANSACTIONS
Investment Advisory Agreement
On April 3, 2013, the Company’s Board of Directors, including a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act (the “Independent Directors”), approved an investment advisory agreement (the “Original Investment Advisory Agreement”) between the Company and the Investment Adviser in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, Section 15(c) of the Investment Company Act. The Original Investment Advisory Agreement was amended on September 15, 2017 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 2, 2024, the Company’s Board of Directors, including a majority of the Independent Directors, approved at an in-person meeting the continuance of the Company’s Investment Advisory Agreement with the Adviser for an additional one year term. The Investment Advisory Agreement will automatically terminate in the event of an assignment and may be terminated by either party without penalty upon at least 60 days’ written notice to the other party. Subject to the overall supervision of the Board of Directors, the Adviser provides investment advisory services to the Company. For providing these services, the Adviser receives fees from the Company consisting of two components—a base management fee and an incentive fee.
The base management fee is calculated at an annual rate of 1.50% of the average value of the Company’s gross assets at the end of the two most recently completed fiscal quarters; provided, however, the base management fee is calculated at an annual rate of 1.00% of the Company’s gross assets as of the end of the two most recently completed calendar quarters that exceeds the product of (A) 200% and (B) the average value of the Company’s net asset value at the end of the two most recently completed calendar quarters. “Gross assets” is determined on a consolidated basis in accordance with U.S. GAAP, includes assets acquired through the incurrence of debt (see Note 8, Borrowings, to these unaudited consolidated financial statements), and excludes cash and any temporary investments in cash equivalents. For purposes of this calculation, cash and cash equivalents includes U.S. government securities and other high quality investment grade debt investments that mature in 12 months or less from the date of investment. The base management fee is payable quarterly in arrears, will be appropriately adjusted for any share issuances or repurchases during such the applicable fiscal quarters, and will be appropriately pro-rated for any partial month or quarter.
The incentive fee has two parts. The first part is calculated and payable quarterly in arrears based on the pre-incentive fee net investment income for the immediately preceding calendar quarter. The second part is determined and payable in arrears based on capital gains as of the end of each calendar year.
Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the operating expenses accrued for the quarter (including the base management fee, expenses payable under the administration
45
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 (6.00% annualized) or a “catch-up rate” of 1.82% per quarter (7.28% annualized), as applicable.
Pursuant to the Investment Advisory Agreement, the Company pays its Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:
•no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which its pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%;
•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.82% in any calendar quarter (7.28% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.82%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.82% in any calendar quarter; and
•17.5% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.82% in any calendar quarter (7.28% annualized) will be payable to the Investment Adviser. This reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all pre-incentive fee net investment income thereafter is allocated to the Investment Adviser.
The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 17.5% of realized capital gains, if any, on a cumulative basis from inception through the date of determination, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid capital gain incentive fees, provided that, the incentive fee determined at the end of the first calendar year of operations may be calculated for a period of shorter than twelve calendar months to take into account any realized capital gains computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation.
Below is a summary of the base management fees and incentive fees incurred during the three months ended March 31, 2024 and 2023.
For the three month periods ended
March 31, 2024March 31, 2023
Base management fees$6,888 $7,236 
Incentive fees5,867 5,472 
Total base management fees and incentive fees$12,755 $12,708 
Accrued capital gains incentive fees are based upon the cumulative net realized and unrealized appreciation (depreciation) from inception. Accordingly, the accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. For the three months ended March 31, 2024 and 2023, there were no accrued or realized capital gains incentive fees.
As of March 31, 2024 and December 31, 2023, $12,755 and $13,067, 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.
46
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 and Chief Compliance Officer) and respective staff who provide services to the Company, operations staff who provide services to the Company, and any internal audit staff, to the extent internal audit performs a role in the Company’s 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 2, 2024, 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 months ended March 31, 2024 and 2023, the Company incurred $501 and $28, respectively, in fees under the Administration Agreement, which were included in administrative service fees in the accompanying Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, $2,752 and $2,991, respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities.
Sub-Administration Agreements
On April 3, 2013, the Administrator entered into a sub-administration agreement with Carlyle Employee Co. (the “Carlyle Sub-Administration Agreement”). Pursuant to the Carlyle Sub-Administration Agreement, Carlyle Employee Co. provides the Administrator with access to personnel.
On April 3, 2013, the Administrator entered into a sub-administration agreement with State Street Bank and Trust Company (“State Street” and, such agreement, the “State Street Sub-Administration Agreement” and, together with the Carlyle Sub-Administration Agreement, the “Sub-Administration Agreements”). Unless terminated earlier, the State Street Sub-Administration Agreement renews automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Directors or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the Company’s Independent Directors. On May 2, 2024, 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 months ended March 31, 2024 and 2023, fees incurred in connection with the State Street Sub-Administration Agreement, which amounted to $157 and $157, respectively, were included in other general and administrative expenses in the accompanying Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, $207 and $222, respectively, was unpaid and included in other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities.
License Agreement
The Company has entered into a royalty free license agreement with CIM, which wholly owns the Investment Adviser and is a wholly owned subsidiary of Carlyle, pursuant to which CIM has granted the Company a non-exclusive, revocable and non-transferable license to use the name and mark “Carlyle.”
Board of Directors
The Company’s Board of Directors currently consists of seven members, four of whom are Independent Directors. The Board of Directors has established an Audit Committee, a Pricing Committee, a Nominating and Governance Committee and a Compensation Committee, the members of each of which consist of the Company’s Independent Directors. The Board of Directors may establish additional committees in the future. For the three months ended March 31, 2024 and 2023, the
47
Company incurred $151 and $123, respectively, in fees and expenses associated with its Independent Directors' services on the Company's Board of Directors and its committees. These fees are included in directors’ fees and expenses in the accompanying Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, no fees or expenses associated with its Independent Directors were payable.
Transactions with Investment Funds
At times, the Company will engage in purchase and sale transactions with Credit Fund, as detailed below. See Note 5, Middle Market Credit Fund, LLC, to these unaudited consolidated financial statements for further information about Credit Fund.
For the three month periods ended
March 31, 2024March 31, 2023
Number of investments sold1 — 
Proceeds from investments$9,857 $— 
Realized gain (loss) from investments$(17)$— 
At times, the Company will engage in purchase and sale transactions with Credit Fund II, as detailed below. See Note 6, Middle Market Credit Fund II, LLC, to these unaudited consolidated financial statements for further information about Credit Fund II.
For the three month periods ended
March 31, 2024March 31, 2023
Number of investments sold2 1 
Proceeds from investments$3,829 $9,840 
Realized gain (loss) from investments$20 $10 
Cumulative Convertible Preferred Stock
On May 5, 2020, the Company issued and sold 2,000,000 shares of the cumulative convertible preferred stock, par value $0.01 per share, to an affiliate of Carlyle in a private placement at a price of $25 per share. For both the three months ended March 31, 2024 and 2023, the Company declared and paid dividends on the Preferred Stock of $875, respectively. See Note 10, Net Assets, to these unaudited consolidated financial statements for further information about the Preferred Stock.
Transactions with Carlyle
On November 13, 2023, the Company paid an affiliate of Carlyle a fee for underwriting services rendered in connection with the issuance of the 2028 Notes in the amount of 3.15% of the aggregate principal of the notes underwritten by the affiliate. See Note 8, Borrowings, to these unaudited consolidated financial statements for further information about the 2028 Notes.
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, May 16, 2022 and April 20, 2023 (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.
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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”) and MMCF Warehouse II, LLC (the “Credit Fund Warehouse II”), each a Delaware limited liability company, were formed on April 5, 2016 and August 16, 2019, respectively. Credit Fund Sub 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. Credit Fund Sub primarily invests 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 in this Note 5 for discussions regarding the credit facility entered into and the notes issued by such wholly-owned subsidiaries.
Credit Fund, the Company and Credit Partners entered into an administration agreement with Carlyle Global Credit Administration L.L.C., the administrative agent of Credit Fund (in such capacity, the “Credit Fund Administrative Agent”), pursuant to which the Credit Fund Administrative Agent is delegated certain administrative and non-discretionary functions, is authorized to enter into sub-administration agreements at the expense of Credit Fund with the approval of the board of managers of Credit Fund, and is reimbursed by Credit Fund for its costs and expenses and Credit Fund’s allocable portion of overhead incurred by the Credit Fund Administrative Agent in performing its obligations thereunder.
Selected Financial Data
Since inception of Credit Fund and through March 31, 2024 and December 31, 2023, the Company and Credit Partners each made capital contributions of $1 in members’ equity and $216,000 in subordinated loans to Credit Fund. On May 25, 2021, the Company and Credit Partners each received an aggregate return of capital on the subordinated loans of $23,000. Below is certain summarized consolidated financial information for Credit Fund as of March 31, 2024 and December 31, 2023.
As of
March 31, 2024December 31, 2023
Selected Consolidated Balance Sheet Information:(unaudited)
ASSETS
Investments, at fair value (amortized cost of $729,993 and $794,899, respectively)
$707,735 $761,112 
Cash, cash equivalents and restricted cash(1)
93,544 36,177 
Other assets9,655 7,812 
Total assets$810,934 $805,101 
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings$442,221 $447,221 
Other liabilities31,510 31,617 
Subordinated loans and members’ equity (2)
337,203 326,263 
Total liabilities and members’ equity$810,934 $805,101 
(1)As of March 31, 2024 and December 31, 2023, $16,437 and $14,106, respectively, of Credit Fund’s cash and cash equivalents was restricted.
(2)As of March 31, 2024 and December 31, 2023, the fair value of the Company's ownership interest in the subordinated loans and members' equity was $180,648 and $181,960, respectively.
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For the three month periods ended
March 31, 2024March 31, 2023
Selected Consolidated Statements of Operations Information:(unaudited)(unaudited)
Total investment income$21,823 $22,954 
Expenses
Interest and credit facility expenses10,073 10,272 
Other expenses596 453 
Total expenses10,669 10,725 
Net investment income (loss)11,154 12,229 
Net realized gain (loss) on investments(743)(2,232)
Net change in unrealized appreciation (depreciation) on investments11,529 (2,876)
Net increase (decrease) resulting from operations$21,940 $7,121 
Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of March 31, 2024 and December 31, 2023:
As of
 March 31, 2024December 31, 2023
Senior secured loans(1)
$738,811 $803,541 
Number of portfolio companies in Credit Fund36 38 
Average amount per portfolio company(1)
$20,523 $21,146 
Number of loans on non-accrual status3 3 
Fair value of loans on non-accrual status$13,554 $13,263 
Percentage of portfolio at floating interest rates(2)(3)
100.0 %100.0 %
Fair value of loans with PIK provisions$1,322 $36,481 
Percentage of portfolio with PIK provisions(3)
0.2 %4.8 %
(1)At par/principal amount.
(2)Floating rate debt investments are generally subject to interest rate floors.
(3)Percentages based on fair value.
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Consolidated Schedule of Investments as of March 31, 2024
Investments (1)
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date
Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (100.0% of fair value)
ACR Group Borrower, LLC^+(2)(3)(9)Aerospace & DefenseSOFR4.25%9.55%3/31/2028$37,477 $37,099 $37,338 
Allied Benefit Systems Intermediate LLC+(2)(3)Healthcare & PharmaceuticalsSOFR5.25%10.58%10/31/20308,639 8,515 8,699 
Alpine Acquisition Corp II+(2)(3)(6)Transportation: CargoSOFR6.00%11.45%11/30/20269,874 9,534 9,285 
API Technologies Corp.+(2)(6)(7)Aerospace & DefenseSOFR
1.00%, 6.00% PIK
12.31%5/9/202714,973 13,670 9,109 
API Technologies Corp.^(2)(3)(6)Aerospace & DefenseSOFR
1.00%, 6.00% PIK
12.31%5/9/20271,323 722 1,322 
BMS Holdings III Corp.+(2)(3)(6)Construction & BuildingSOFR5.50%10.96%9/30/202610,990 10,932 10,760 
Chartis Holding, LLC^+(2)(3)(9)Business ServicesSOFR5.75%11.18%11/1/20276,804 6,804 6,741 
Chemical Computing Group ULC (Canada)^+(2)(3)(6)(9)SoftwareSOFR4.50%9.93%8/30/202511,452 11,399 11,452 
Diligent Corporation^+(2)(3)(6)(9)TelecommunicationsSOFR6.25%11.71%8/4/20259,854 9,760 9,854 
Divisions Holding Corporation+(2)(3)(6)Business ServicesSOFR4.75%10.19%5/27/202812,942 12,857 12,917 
DTI Holdco, Inc.+(2)(3)High Tech IndustriesSOFR4.75%10.06%4/26/202929,550 29,088 29,520 
Eliassen Group, LLC+(2)(3)Business ServicesSOFR5.50%10.81%4/14/202819,133 18,951 19,083 
EPS Nass Parent, Inc.^+(2)(3)(6)(9)Utilities: ElectricSOFR5.75%11.21%4/19/202834,443 33,995 33,677 
EvolveIP, LLC^+(2)(3)(6)TelecommunicationsSOFR5.50%10.95%6/7/202543,126 43,110 41,673 
Exactech, Inc.+(2)(3)(6)Healthcare & PharmaceuticalsSOFR3.75%9.19%2/14/202520,799 20,774 10,653 
GSM Acquisition Corp.+(2)(3)(6)Leisure Products & ServicesSOFR5.00%10.44%11/16/202630,584 30,408 30,508 
Heartland Home Services, Inc.+(2)(3)(6)(9)Consumer ServicesSOFR6.00%11.31%12/15/202623,947 23,890 23,178 
Heartland Home Services, Inc.+(2)(3)(6)Consumer ServicesSOFR5.75%11.08%12/15/20267,150 7,090 6,887 
HMT Holding Inc.^+(2)(3)(6)(9)Energy: Oil & GasSOFR6.00%11.51%11/17/202535,961 35,881 35,392 
Integrity Marketing Acquisition, LLC+(2)(3)(6)Diversified Financial ServicesSOFR6.05%11.49%8/27/202628,787 28,633 28,586 
Integrity Marketing Acquisition, LLC^+(2)(3)(6)Diversified Financial ServicesSOFR6.02%11.46%8/27/20265,415 5,379 5,374 
Jensen Hughes, Inc.^+(2)(3)(6)(9)Utilities: ElectricSOFR5.75%11.17%3/22/202534,505 34,499 34,068 
KAMC Holdings, Inc.+(2)(6)Energy: ElectricitySOFR4.00%9.60%8/14/202613,370 13,344 13,153 
KBP Investments, LLC+(2)(3)(6)Beverage & FoodSOFR5.50%11.08%5/25/202737,436 37,298 36,317 
LVF Holdings, Inc.+(2)(3)(6)Beverage & FoodSOFR5.75%11.21%6/10/20279,974 9,838 9,906 
North Haven Fairway Buyer, LLC+(2)(3)Consumer ServicesSOFR6.50%11.81%5/17/20286,683 6,542 6,749 
Output Services Group, Inc.^(2)(3)(6)(7)Media: Advertising, Printing & PublishingSOFR6.25%11.55%11/30/20284,159 3,164 3,192 
PF Atlantic Holdco 2, LLC+(2)(3)(6)Leisure Products & ServicesSOFR5.50%11.06%11/12/202715,201 15,024 15,014 
Radiology Partners, Inc.+(2)(6)Healthcare & PharmaceuticalsSOFR5.00%10.59%1/31/202918,378 18,356 17,712 
Striper Buyer, LLC+(2)(3)Containers, Packaging & GlassSOFR5.50%10.93%12/30/202614,513 14,436 13,759 
Summit Acquisition, Inc.+(2)(3)Diversified Financial ServicesSOFR6.75%12.06%5/1/20305,925 5,762 6,024 
Tank Holding Corp.+(2)(3)(6)Capital EquipmentSOFR5.75%11.18%3/31/202819,699 19,268 19,470 
Turbo Buyer, Inc.+(2)(3)(9)AutomotiveSOFR6.00%11.47%12/2/202534,092 33,967 33,331 
U.S. TelePacific Holdings Corp.^(2)(3)(6)(7)TelecommunicationsSOFR
1.00%, 6.00% PIK
12.30%5/2/20263,857 3,207 1,253 
51
Consolidated Schedule of Investments as of March 31, 2024
Investments (1)
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date
Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
USALCO, LLC+(2)(3)(6)Chemicals, Plastics & RubberSOFR6.00%11.56%10/19/2027$14,658 $14,466 $14,658 
VRC Companies, LLC^+(2)(3)(6)(9)Business ServicesSOFR5.50%11.07%6/29/202723,440 23,222 23,365 
Welocalize, Inc.^+(2)(3)(6)(9)Business ServicesSOFR4.75%10.15%12/23/202432,649 32,561 31,535 
WRE Holding Corp.^+(2)(3)(6)(9)Environmental IndustriesSOFR5.00%10.44%1/3/20258,049 8,047 8,012 
Yellowstone Buyer Acquisition, LLC+(2)(3)(6)Consumer Goods: DurableSOFR5.75%11.15%9/13/202739,000 38,501 38,209 
First Lien Debt Total$729,993 $707,735 
Equity Investments (0.0% of fair value)
Output Services Group, Inc.^(8)Media: Advertising, Printing & Publishing205 $— $— 
Equity Investments Total$— $— 
Total Investments$729,993 $707,735 
^ 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 March 31, 2024, the geographical composition of investments as a percentage of fair value was 1.6% in Canada and 98.4% 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 SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2024. As of March 31, 2024, the reference rates for Credit Fund’s variable rate loans were the 30-day SOFR at 5.33%, the 90-day SOFR at 5.30% and the 180-day SOFR at 5.22%.
(3)Loan includes interest rate floor feature, which ranges from 0.75% to 1.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these unaudited consolidated financial statements.
(6)Loans include a credit spread adjustment that ranges from 0.05% to 0.43%.
(7)Loan was on non-accrual status as of March 31, 2024.
(8)Represents a non-income producing security as of March 31, 2024.
(9)As of March 31, 2024, Credit Fund 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 %$3,570 $(12)
Chartis Holding, LLCRevolver0.502,183 (15)
Chemical Computing Group ULC (Canada)Revolver0.50873 — 
Diligent CorporationRevolver0.50394 — 
EPS Nass Parent, Inc.Revolver0.50359 (8)
Heartland Home Services, Inc.Revolver0.50772 (24)
HMT Holding Inc.Revolver0.501,940 (29)
Jensen Hughes, Inc.Revolver0.501,091 (13)
Turbo Buyer, Inc.Revolver0.50653 (14)
VRC Companies, LLCRevolver0.50833 (3)
Welocalize, Inc.Revolver0.505,625 (164)
52
WRE Holding Corp.Revolver0.50 %$1,123 $(5)
Total unfunded commitments$19,416 $(287)
Consolidated Schedule of Investments as of December 31, 2023
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)(8)Aerospace & DefenseSOFR4.25%9.60%3/31/2028$37,564 $37,165 $37,338 
Allied Benefit Systems Intermediate LLC+(2)(3)Healthcare & PharmaceuticalsSOFR5.25%10.63%10/31/20308,639 8,511 8,509 
Alpine Acquisition Corp II+(2)(3)(6)Transportation: CargoSOFR6.00%11.46%11/30/20269,899 9,531 9,462 
API Technologies Corp.+(2)(6)(7)Aerospace & DefenseSOFR
1.00%, 6.00% PIK
12.36%5/9/202714,752 13,905 8,870 
API Technologies Corp.^(2)(3)(6)Aerospace & DefenseSOFR
1.00%, 6.00% PIK
12.36%5/9/20271,303 620 1,264 
Avalign Technologies, Inc.+(2)(6)Healthcare & PharmaceuticalsSOFR4.50%9.98%12/22/202514,145 14,099 13,120 
BMS Holdings III Corp.+(2)(3)(6)Construction & BuildingSOFR5.50%10.97%9/30/202611,018 10,956 10,768 
Chartis Holding, LLC^+(2)(3)(6)(8)Business ServicesSOFR5.00%10.52%5/1/20258,002 8,002 7,985 
Chemical Computing Group ULC (Canada)^+(2)(3)(6)(8)SoftwareSOFR4.50%9.86%8/30/202411,488 11,415 11,438 
Diligent Corporation^+(2)(3)(6)(8)TelecommunicationsSOFR6.25%11.78%8/4/20259,949 9,839 9,886 
Divisions Holding Corporation+(2)(3)(6)Business ServicesSOFR4.75%10.22%5/27/202814,044 13,948 13,965 
DTI Holdco, Inc.+(2)(3)High Tech IndustriesSOFR4.75%10.13%4/26/202929,625 29,144 29,335 
Eliassen Group, LLC+(2)(3)Business ServicesSOFR5.50%10.85%4/14/202819,181 18,990 18,946 
EPS Nass Parent, Inc.^+(2)(3)(6)(8)Utilities: ElectricSOFR5.75%11.25%4/19/202834,525 34,055 33,365 
EvolveIP, LLC^+(2)(3)(6)TelecommunicationsSOFR5.50%11.19%6/7/202542,720 42,701 40,964 
Exactech, Inc.+(2)(3)(6)Healthcare & PharmaceuticalsSOFR3.75%9.11%2/14/202520,856 20,823 10,636 
GSM Acquisition Corp.+(2)(3)(6)Leisure Products & ServicesSOFR5.00%10.41%11/16/202630,659 30,468 30,429 
Heartland Home Services, Inc.+(2)(3)(6)Consumer ServicesSOFR5.75%11.11%12/15/20267,169 7,104 6,848 
Heartland Home Services, Inc.+(2)(3)(6)(8)Consumer ServicesSOFR6.00%11.36%12/15/202624,008 23,947 23,054 
HMT Holding Inc.^+(2)(3)(6)(8)Energy: Oil & GasSOFR6.00%11.56%11/17/202534,634 34,543 33,931 
Integrity Marketing Acquisition, LLC+(2)(3)(6)Diversified Financial ServicesSOFR6.05%11.54%8/27/202636,572 36,358 36,071 
Integrity Marketing Acquisition, LLC^+(2)(3)(6)Diversified Financial ServicesSOFR6.02%11.51%8/27/20266,879 6,829 6,781 
Jensen Hughes, Inc.^+(2)(3)(6)(8)Utilities: ElectricSOFR5.75%11.20%3/22/202533,730 33,722 33,602 
KAMC Holdings, Inc.+(2)(6)Energy: ElectricitySOFR4.00%9.65%8/14/202613,405 13,377 11,394 
KBP Investments, LLC+(2)(3)(6)Beverage & FoodSOFR
5.50%, 1.00% PIK
11.97%5/25/202737,453 37,305 35,217 
North Haven Fairway Buyer, LLC+(2)(3)Consumer ServicesSOFR6.50%11.85%5/17/20286,700 6,552 6,767 
Output Services Group, Inc.^(2)(3)(6)(7)Media: Advertising, Printing & PublishingSOFR6.25%12.07%11/30/20284,160 3,306 3,225 
PF Atlantic Holdco 2, LLC+(2)(3)(6)Leisure Products & ServicesSOFR5.50%11.12%11/12/202715,240 15,052 14,874 
Premise Health Holding Corp.+(2)(6)Healthcare & PharmaceuticalsSOFR3.75%9.25%7/10/202513,168 13,151 12,904 
Radiology Partners, Inc.+(2)(6)Healthcare & PharmaceuticalsSOFR4.25%10.18%7/9/202527,553 27,515 21,987 
RevSpring Inc.+(2)(6)Media: Advertising, Printing & PublishingSOFR4.00%9.61%10/11/202528,548 28,474 28,425 
53
Consolidated Schedule of Investments as of December 31, 2023
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Striper Buyer, LLC+(2)(3)Containers, Packaging & GlassSOFR5.50%10.96%12/30/2026$14,550 $14,467 $14,460 
Summit Acquisition, Inc.+(2)(3)Diversified Financial ServicesSOFR6.75%12.10%5/1/20305,940 5,772 5,967 
Tank Holding Corp.+(2)(3)(6)Capital EquipmentSOFR5.75%11.21%3/31/202819,749 19,296 19,292 
Turbo Buyer, Inc.+(2)(3)(8)AutomotiveSOFR6.00%11.50%12/2/202533,900 33,757 33,447 
U.S. TelePacific Holdings Corp.^(2)(3)(6)(7)TelecommunicationsSOFR
1.00%, 6.00% PIK
12.53%5/2/20263,799 3,270 1,168 
USALCO, LLC+(2)(3)(6)Chemicals, Plastics & RubberSOFR6.00%11.61%10/19/202714,696 14,493 14,696 
VRC Companies, LLC^+(2)(3)(6)(8)Business ServicesSOFR5.50%11.14%6/29/202723,500 23,267 23,308 
Welocalize, Inc.^+(2)(3)(6)(8)Business ServicesSOFR4.75%10.20%12/23/202432,649 32,531 31,466 
WRE Holding Corp.^+(2)(3)(6)(8)Environmental IndustriesSOFR5.00%10.41%1/3/20258,070 8,068 8,021 
Yellowstone Buyer Acquisition, LLC+(2)(3)(6)Consumer Goods: DurableSOFR5.75%11.18%9/13/202739,100 38,571 37,927 
First Lien Debt Total$794,899 $761,112 
Equity Investments (0.0% of fair value)
Output Services Group, Inc.^(9)Media: Advertising, Printing & Publishing205 $— $— 
Equity Investments Total$— $— 
Total Investments$794,899 $761,112 
^ 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.
+ 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 December 31, 2023, 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 SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for Credit Fund's variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33% and the 180-day SOFR at 5.16%.
(3)Loan includes interest rate floor feature, which ranges from 0.75% to 1.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these unaudited consolidated financial statements.
(6)Loans include a credit spread adjustment that ranges from 0.10% to 0.43%.
(7)Loan was on non-accrual status as of December 31, 2023.
(8)As of December 31, 2023, Credit Fund 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 %$3,570 $(20)
Chartis Holding, LLCRevolver0.50 1,003 (2)
Chemical Computing Group ULC (Canada)Revolver0.50 873 (4)
Diligent CorporationRevolver0.50 323 (2)
EPS Nass Parent, Inc.Revolver0.50 359 (13)
Heartland Home Services, Inc.Revolver0.50 772 (31)
54
HMT Holding Inc.Revolver0.50 $3,351 $(62)
Jensen Hughes, Inc.Revolver0.50 1,955 (7)
Turbo Buyer, Inc.Revolver0.50 933 (12)
VRC Companies, LLCRevolver0.50 833 (6)
Welocalize, Inc.Revolver0.50 5,625 (174)
WRE Holding Corp.Revolver0.50 1,123 (6)
Total unfunded commitments$20,720 $(339)
(9)Represents a non-income producing security as of December 31, 2023.
55
Debt
The Credit Fund and Credit Fund Sub are party to separate credit facilities, as described below. As of March 31, 2024 and December 31, 2023, Credit Fund and Credit Fund Sub were in compliance with all covenants and other requirements of their respective credit facility agreements. Below is a summary of the borrowings and repayments under the credit facilities for the respective periods.
Credit Fund FacilityCredit Fund Sub Facility
2024202320242023
Three months ended March 31,
Outstanding Borrowing, beginning of period$— $— $447,221 $588,621 
Borrowings— — 2,000 9,000 
Repayments— — (7,000)(80,400)
Outstanding Borrowing, end of period$— $— $442,221 $517,221 
Credit Fund Facility. On June 24, 2016, Credit Fund closed on the Credit Fund Facility, 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, May 19, 2022, May 21, 2023, and March 26, 2024 pursuant to which Credit Fund may from time to time request mezzanine loans from the Company. The maximum principal amount of the Credit Fund Facility is $100,000 ($175,000 prior to the May 21, 2023 amendment), subject to availability under the Credit Fund Facility, which is based on certain advance rates multiplied by the value of Credit Fund’s portfolio investments net of certain other indebtedness that Credit Fund may incur in accordance with the terms of the Credit Fund Facility. Proceeds of the Credit Fund Facility may be used for general corporate purposes, including the funding of portfolio investments. Amounts drawn under the Credit Fund Facility bear interest at the greater of zero and SOFR (LIBOR prior to the May 21, 2023 amendment) plus an applicable spread of 5.50% (9.00% prior to the March 26, 2024 amendment) and such interest payments are made quarterly. The availability period under the Credit Fund Facility will terminate on May 21, 2025, (May 21, 2023 prior to the May 21, 2023 amendment), which is also its maturity date upon which Credit Fund is obligated to repay any outstanding borrowings.
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, May 3, 2022, April 20, 2023 and August 28, 2023. The Credit Fund Sub Facility provides for secured borrowings during the applicable revolving period up to an amount equal to $640,000 (the borrowing base as calculated pursuant to the terms of the Credit Fund Sub Facility). The aggregate maximum credit commitment can be increased up to an amount not to exceed $1,400,000, subject to certain restrictions and conditions set forth in the Credit Fund Sub Facility, including adequate collateral to support such borrowings. The Credit Fund Sub Facility has a revolving period through May 23, 2025 (May 23, 2023 prior to the April 20, 2023 amendment) and a maturity date of May 23, 2026, (May 23, 2025 prior to the April 20, 2023 amendment), which may be extended by mutual agreement of the parties to the Credit Fund Sub Facility. Borrowings under the Credit Fund Sub Facility bear interest initially at the applicable commercial paper rate (if the lender is a conduit lender) or SOFR plus 2.70% (2.35% prior to the April 20, 2023 amendment). The Credit Fund Sub is also required to pay an undrawn commitment fee of between 0.50% and 0.75% per year depending on the usage of the Credit Fund Sub Facility. Payments under the Credit Fund Sub Facility are made quarterly. Subject to certain exceptions, the Facility is secured by a first lien security interest in substantially all of the portfolio investments held by the Credit Fund Sub.
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.
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
56
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. Refer to “Credit Fund II Senior Notes” in this Note 6 for discussions regarding the notes issued by Credit Fund II Sub.
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.
Selected Financial Data
Since inception of Credit Fund II and through March 31, 2024, 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 March 31, 2024 and December 31, 2023.
As of
March 31, 2024December 31, 2023
Selected Consolidated Balance Sheet Information:(unaudited)
ASSETS
Investments, at fair value (amortized cost of $234,217 and $251,107, respectively)
$229,860 $237,914 
Cash and cash equivalents(1)
14,728 6,593 
Other assets3,281 2,818 
Total assets$247,869 $247,325 
LIABILITIES AND MEMBERS’ EQUITY
Notes payable, net of unamortized debt issuance costs of $809 and $839, respectively
$156,691 $156,661 
Other liabilities10,414 10,526 
Total members' equity(2)
80,764 80,138 
Total liabilities and members’ equity$247,869 $247,325 
(1)As of March 31, 2024 and December 31, 2023, all of Credit Fund II’s cash and cash equivalents was restricted.
(2)As of March 31, 2024 and December 31, 2023, the fair value of Company's ownership interest in the members' equity was $67,950 and $67,419, respectively.
57
For the three month periods ended
March 31, 2024March 31, 2023
Selected Consolidated Statements of Operations Information:(unaudited)
Total investment income$7,634 $6,607 
Expenses
Interest expense and credit facility fees3,322 2,944 
Other expenses178 275 
Total expenses3,500 3,219 
Net investment income (loss)4,134 3,388 
Net realized gain (loss) on investments(9,045)— 
Net change in unrealized appreciation (depreciation) on investments8,836 (2,080)
Net increase (decrease) resulting from operations$3,925 $1,308 
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 March 31, 2024 and December 31, 2023:
As of
 March 31, 2024December 31, 2023
Senior secured loans(1)
$236,784 $255,486 
Number of portfolio companies in Credit Fund II33 36
Average amount per portfolio company(1)
$7,175 $7,097 
Number of loans on non-accrual status— 1 
Fair value of loans on non-accrual status$— $— 
Percentage of portfolio at floating interest rates(2)(3)
100.0 %97.9 %
Percentage of portfolio at fixed interest rates(3)
— %2.1 %
Fair value of loans with PIK provisions$20,292 $20,117 
Percentage of portfolio with PIK provisions(3)
8.8 %8.5 %
(1)At par/principal amount.
(2)Floating rate debt investments are generally subject to interest rate floors.
(3)Percentages based on fair value.

58

Consolidated Schedule of Investments as of March 31, 2024
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (93.5% of fair value)
Alpine Acquisition Corp II^(2)(3)(6)Transportation: CargoSOFR6.00%11.45%11/30/2026$3,225 $3,131 $3,033 
Appriss Health, LLC^(2)(3)(6)Healthcare & PharmaceuticalsSOFR7.00%12.48%5/6/20277,427 7,331 7,295 
Ascend Buyer, LLC^(2)(3)(6)Containers, Packaging & GlassSOFR6.40%11.86%9/30/20288,962 8,837 8,860 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^(2)(3)(6)SoftwareSOFR
3.00%, 4.00% PIK
12.41%12/24/20264,375 4,325 4,191 
BMS Holdings III Corp.^(2)(3)(6)Construction & BuildingSOFR5.50%10.96%9/30/20263,199 3,166 3,132 
Chartis Holding, LLC^(2)(3)Business ServicesSOFR5.75%11.18%11/1/20279,696 9,690 9,628 
Comar Holding Company, LLC^(2)(3)(6)Containers, Packaging & GlassSOFR
2.00%, 4.75% PIK
12.08%6/18/20268,773 8,763 7,601 
Cority Software Inc. (Canada)^(2)(3)SoftwareSOFR7.00%12.33%7/2/20261,290 1,287 1,290 
Cority Software Inc. (Canada)^(2)(3)SoftwareSOFR5.50%10.83%7/2/20268,513 8,448 8,513 
Dwyer Instruments, Inc.^(2)(3)(6)Capital EquipmentSOFR5.75%11.15%7/21/20279,789 9,750 9,789 
EvolveIP, LLC^(2)(3)(6)TelecommunicationsSOFR5.50%10.95%6/7/20258,607 8,605 8,317 
Harbour Benefit Holdings, Inc.^(2)(3)(6)Business ServicesSOFR5.00%10.34%12/13/20249,667 9,660 9,596 
Hoosier Intermediate, LLC^(2)(3)(6)Healthcare & PharmaceuticalsSOFR5.00%10.46%11/15/20286,365 6,212 6,269 
HS Spa Holdings Inc.^(2)(3)Consumer ServicesSOFR5.75%11.09%6/2/20298,497 8,367 8,497 
Integrity Marketing Acquisition, LLC^(2)(3)(6)Diversified Financial ServicesSOFR6.05%11.49%8/27/20263,795 3,720 3,768 
Integrity Marketing Acquisition, LLC^(2)(3)(6)Diversified Financial ServicesSOFR6.02%11.46%8/27/20263,533 3,454 3,506 
LVF Holdings, Inc.^(2)(3)(6)Beverage & FoodSOFR5.75%11.21%6/10/20279,977 9,847 9,909 
Material Holdings, LLC^(2)(3)(6)Business ServicesSOFR6.00%11.41%8/19/20277,820 7,765 7,223 
Maverick Acquisition, Inc.^(2)(3)(6)Aerospace & DefenseSOFR6.25%11.55%6/1/20277,800 7,695 5,979 
NMI AcquisitionCo, Inc.^(2)(3)(6)High Tech IndustriesSOFR5.75%10.93%9/6/20289,872 9,851 9,833 
PF Atlantic Holdco 2, LLC^(2)(3)(6)Leisure Products & ServicesSOFR5.50%11.06%11/12/20279,824 9,596 9,703 
PXO Holdings I Corp.^(2)(3)(6)Chemicals, Plastics & RubberSOFR5.50%10.96%3/8/20289,874 9,741 9,755 
Radwell Parent, LLC^(2)(3)WholesaleSOFR6.75%12.05%4/1/20297,510 7,445 7,632 
RSC Acquisition, Inc.^(2)(3)(6)Diversified Financial ServicesSOFR5.50%10.96%11/1/20299,876 9,766 9,773 
Spotless Brands, LLC^(2)(3)(6)Consumer ServicesSOFR6.50%11.97%7/25/20284,975 4,904 5,032 
Tank Holding Corp.^(2)(3)(6)Capital EquipmentSOFR5.75%11.18%3/31/20283,813 3,746 3,769 
TCFI Aevex LLC^(2)(3)(6)Aerospace & DefenseSOFR6.00%11.43%3/18/20261,662 1,650 1,662 
Turbo Buyer, Inc.^(2)(3)AutomotiveSOFR6.00%11.47%12/2/20257,905 7,841 7,732 
U.S. Legal Support, Inc.^(2)(3)(6)Business ServicesSOFR5.75%11.21%5/31/20266,089 6,087 6,008 
US INFRA SVCS Buyer, LLC^(2)(3)(6)Environmental IndustriesSOFR
6.50%, 0.75% PIK
12.90%4/13/20262,883 2,860 2,636 
Westfall Technik, Inc.^(2)(3)(6)Chemicals, Plastics & RubberSOFR
6.75%, 0.75% PIK
12.95%9/13/20246,353 6,339 5,864 
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Consolidated Schedule of Investments as of March 31, 2024
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)(6)Beverage & FoodSOFR5.75%11.24%10/29/2027$9,824 $9,558 $9,051 
First Lien Debt Total$219,437 $214,846 
Second Lien Debt (6.5% of fair value)
AI Convoy S.A.R.L (United Kingdom)^(2)(3)Aerospace & DefenseSOFR8.25%13.62%1/17/2028$5,514 $5,442 $5,514 
AP Plastics Acquisition Holdings, LLC^(2)(3)(6)Chemicals, Plastics & RubberSOFR7.50%12.93%8/10/20294,500 4,429 4,500 
AQA Acquisition Holdings, Inc.^(2)(3)(6)High Tech IndustriesSOFR7.50%12.91%3/3/20295,000 4,909 5,000 
Second Lien Debt Total$14,780 $15,014 
Total Investments$234,217 $229,860 
^ 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 March 31, 2024, the geographical composition of investments as a percentage of fair value was 4.3% in Canada, 1.8% in Luxembourg, 2.4% in the United Kingdom and 91.5% 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 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 March 31, 2024. As of March 31, 2024, the reference rates for Credit Fund II's variable rate loans were the 30-day SOFR at 5.33%, the 90-day SOFR at 5.30% and the 180-day SOFR at 5.22%.
(3)Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the 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 unaudited consolidated financial statements.
(6)Loans include a credit spread adjustment that ranges from 0.10% to 0.43%.
Consolidated Schedule of Investments as of December 31, 2023
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (89.6% of fair value)
Alpine Acquisition Corp II^(2)(3)(7)Transportation: CargoSOFR6.00%11.46%11/30/2026$3,233 $3,132 $3,091 
American Physician Partners, LLC^(2)(3)(7)(8)(9)Healthcare & PharmaceuticalsSOFR
10.25% (100% PIK)
15.71%8/5/202210,589 9,078 — 
Appriss Health, LLC^(2)(3)(7)Healthcare & PharmaceuticalsSOFR6.75%12.32%5/6/20277,446 7,344 7,409 
Ascend Buyer, LLC^(2)(3)(7)Containers, Packaging & GlassSOFR6.40%11.91%9/30/20288,985 8,854 8,761 
Aurora Lux FinCo S.Á.R.L. (Luxembourg)^(2)(3)(7)SoftwareSOFR
3.00%, 4.00% PIK
12.45%12/24/20264,331 4,278 4,157 
BMS Holdings III Corp.^(2)(3)(7)Construction & BuildingSOFR5.50%10.97%9/30/20263,208 3,172 3,135 
Chartis Holding, LLC^(2)(3)(7)Business ServicesSOFR5.00%10.52%5/1/20259,721 9,714 9,702 
Comar Holding Company, LLC^(2)(3)(7)Containers, Packaging & GlassSOFR
2.00%, 4.75% PIK
12.28%6/18/20268,669 8,653 7,457 
Cority Software Inc. (Canada)^(2)(3)SoftwareSOFR7.00%12.39%7/2/20261,293 1,290 1,292 
Cority Software Inc. (Canada)^(2)(3)SoftwareSOFR5.00%10.39%7/2/20268,535 8,464 8,506 
Dwyer Instruments, Inc.^(2)(3)(7)Capital EquipmentSOFR5.75%11.20%7/21/20279,814 9,773 9,814 
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Consolidated Schedule of Investments as of December 31, 2023
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
EvolveIP, LLC^(2)(3)(7)TelecommunicationsSOFR5.50%11.19%6/7/2025$8,527 $8,525 $8,177 
Harbour Benefit Holdings, Inc.^(2)(3)(7)Business ServicesSOFR5.00%10.51%12/13/20249,703 9,693 9,631 
Hoosier Intermediate, LLC^(2)(3)(7)Healthcare & PharmaceuticalsSOFR5.00%10.53%11/15/20286,382 6,221 6,176 
HS Spa Holdings Inc.^(2)(3)Consumer ServicesSOFR5.75%11.12%6/2/20298,519 8,384 8,524 
Integrity Marketing Acquisition, LLC^(2)(3)(7)Diversified Financial ServicesSOFR6.05%11.54%8/27/20264,821 4,718 4,755 
Integrity Marketing Acquisition, LLC^(2)(3)(7)Diversified Financial ServicesSOFR6.02%11.51%8/27/20264,489 4,379 4,424 
LVF Holdings, Inc.^(2)(3)(7)Beverage & FoodSOFR5.75%11.25%6/10/20276,137 6,026 6,044 
Material Holdings, LLC^(2)(3)(7)Business ServicesSOFR6.00%11.45%8/19/20277,820 7,762 7,526 
Maverick Acquisition, Inc.^(2)(3)(7)Aerospace & DefenseSOFR6.25%11.60%6/1/20277,820 7,708 6,128 
NMI AcquisitionCo, Inc.^(2)(3)(7)High Tech IndustriesSOFR5.75%11.21%9/6/20259,898 9,873 9,829 
PF Atlantic Holdco 2, LLC^(2)(3)(7)Leisure Products & ServicesSOFR5.50%11.12%11/12/20279,849 9,607 9,612 
PXO Holdings I Corp.^(2)(3)(7)Chemicals, Plastics & RubberSOFR5.50%11.00%3/8/20289,899 9,759 9,688 
Radwell Parent, LLC^(2)(3)WholesaleSOFR6.75%12.10%4/1/20297,529 7,461 7,573 
RSC Acquisition, Inc.^(2)(3)(7)Diversified Financial ServicesSOFR5.50%10.93%11/1/20299,901 9,785 9,837 
Spotless Brands, LLC^(2)(3)(7)Consumer ServicesSOFR6.50%12.03%7/25/20284,987 4,914 4,991 
Tank Holding Corp.^(2)(3)(7)Capital EquipmentSOFR5.75%11.21%3/31/20283,823 3,752 3,734 
TCFI Aevex LLC^(2)(3)(7)Aerospace & DefenseSOFR6.00%11.46%3/18/20261,667 1,653 1,655 
Turbo Buyer, Inc.^(2)(3)AutomotiveSOFR6.00%11.50%12/2/20257,926 7,852 7,823 
U.S. Legal Support, Inc.^(2)(3)(7)Business ServicesSOFR5.75%11.11%11/30/20246,105 6,102 6,024 
US INFRA SVCS Buyer, LLC^(2)(3)(7)Environmental IndustriesSOFR
6.50%, 0.75% PIK
12.95%4/13/20262,877 2,852 2,650 
Westfall Technik, Inc.^(2)(3)(7)Chemicals, Plastics & RubberSOFR
6.75%, 0.75% PIK
12.96%9/13/20246,350 6,328 5,853 
Wineshipping.com LLC^(2)(3)(7)Beverage & FoodSOFR5.75%11.29%10/29/20279,849 9,567 9,189 
First Lien Debt Total$226,673 $213,167 
Second Lien Debt (10.4% of fair value)
AI Convoy S.A.R.L (United Kingdom)^(2)(3)Aerospace & DefenseSOFR8.25%13.80%1/17/2028$5,514 $5,439 $5,541 
AP Plastics Acquisition Holdings, LLC^(2)(3)(7)Chemicals, Plastics & RubberSOFR7.50%12.96%8/10/20294,500 4,427 4,436 
AQA Acquisition Holdings, Inc.^(2)(3)(7)High Tech IndustriesSOFR7.50%12.98%3/3/20295,000 4,905 5,000 
Quartz Holding Company^(2)(7)SoftwareSOFR8.00%13.46%4/2/20274,852 4,804 4,852 
World 50, Inc.^(6)Business ServicesFIXED11.50%11.50%1/9/20274,918 4,859 4,918 
Second Lien Debt Total$24,434 $24,747 
Total Investments$251,107 $237,914 
^ 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 December 31, 2023, the geographical composition of investments as a percentage of fair value was 4.1% in Canada, 1.7% in Luxembourg, 2.3% in the United Kingdom and 91.9% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
61
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund II has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for Credit Fund II's variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33% and the 180-day SOFR at 5.16%.
(3)Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the 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 unaudited 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 0.43%.
(8)Loan is in forbearance as of December 31, 2023.
(9)Loan is on non-accrual status as of December 31, 2023.
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Credit Fund II Senior Notes
On November 3, 2020 and as amended on December 29, 2021, June 30, 2022 and August 4, 2023, 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 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%, and amounts issued for the Class A-2 notes totaled $10,000 and bear interest at Term SOFR plus 3.35%. 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, and then the investment principal proceeds are used to directly pay down the principal balance on the Credit Fund II Senior Notes. As of March 31, 2024 and December 31, 2023, Credit Fund II Sub was in compliance with all covenants and other requirements of its respective credit agreements.
7. DERIVATIVE INSTRUMENTS
In November 2023, in connection with the issuance of the 2028 Notes, the Company entered into a five-year interest rate swap agreement with Morgan Stanley Capital Services LLC (“Morgan Stanley”) to mitigate the exposure to adverse fluctuations in interest rates for a total notional amount of $85.0 million, maturing on December 1, 2028. Morgan Stanley has the ability to exercise an early termination commencing on December 1, 2025, subject to providing written notice thirty days prior. Under the interest rate swap agreement, the Company receives a fixed interest of 8.20% and pays a floating rate based on the compounded average daily SOFR rate plus 3.139%. The Company designated this interest rate swap as a hedging instrument to the 2028 Notes.
Refer to Note 3, Fair Value Measurements, to these unaudited consolidated financial statements for details related to the fair value measurement of derivatives instruments and Note 8, Borrowings, to these unaudited consolidated financial statements for details related to the Company’s 2028 Notes.
The following table details our interest rate swap contracts outstanding as of March 31, 2024 and December 31, 2023.
As ofCounterpartyMaturity DateNotional AmountFair ValueFinancial Statement Location of Net Amounts
March 31, 2024Morgan Stanley Capital Services LLC12/1/2028$85,000 $35 Prepaid expenses and other assets
December 31, 2023Morgan Stanley Capital Services LLC12/1/2028$85,000 $985 Prepaid expenses and other assets
As a result of the Company’s designation of the interest rate swap as a hedging instrument in a qualifying hedge accounting relationship, the Company is required to record the hedging instrument and the related hedged item at their respective fair values, with all associated changes in those fair values recorded in interest expense and credit facility fees. The net amount recorded in interest expense and credit facility fees was $83 for the three months ended March 31, 2024. The Company did not enter into any interest rate swap contracts for the three months ended March 31, 2023.
The Company’s interest rate swaps are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported net in the accompanying Consolidated Statements of Assets and Liabilities. The following tables present the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of March 31, 2024 and December 31, 2023:
As ofCounterpartyDerivative Assets subject to Master Netting AgreementDerivatives available for OffsetNon-cash Collateral ReceivedCash Collateral Received Net amount of Derivative Assets
March 31, 2024Morgan Stanley Capital Services LLC$35 $— $— $— $35 
December 31, 2023Morgan Stanley Capital Services LLC$985 $— $— $(940)$45 
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As ofCounterpartyDerivative Liabilities subject to Master Netting AgreementDerivatives available for OffsetNon-cash Collateral PledgedCash Collateral Pledged Net amount of Derivative Liabilities
March 31, 2024Morgan Stanley Capital Services LLC$— $— $— $— $— 
December 31, 2023Morgan Stanley Capital Services LLC$— $— $— $— $— 
8. 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, Organization, to these unaudited consolidated financial statements is considered a senior security and is included in the denominator of the calculation. As of March 31, 2024 and December 31, 2023, asset coverage was 188.0% and 183.4%, respectively, and the Company is in compliance with all covenants and other requirements of the credit facility agreement.
The following table details the principal amount and carrying amount of the Company’s debt and secured borrowings as of March 31, 2024 and December 31, 2023.
As of
March 31, 2024December 31, 2023
Credit Facility$234,331 $260,356 
2024 Notes190,000 190,000 
2028 Notes85,000 85,000 
2015-1R Notes425,926 449,200 
Total principal amount935,257 984,556 
Less: unamortized debt issuance costs(5,110)(5,358)
Effective interest rate swap hedge35 985 
Total carrying value$930,182 $980,183 
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, May 25, 2022, and August 31, 2023. The maximum principal amount of the Credit Facility is $790,000 ($745,000 prior to the August 31, 2023 amendment and $688,000 prior to April 21, 2023), pursuant to the terms of the agreement, subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of the Company’s portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that the Company may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased to $1,185,000 ($900,000 prior to the August 31, 2023 amendment), through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility includes a $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. 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 August 31, 2027 (May 25, 2026 prior to the August 31, 2023 amendment). Prior to the August 31, 2023 amendment, the Credit Facility had a maturity date of May
64
25, 2027. The maturity date for $655,000 of the $790,000 principal amount was extended to August 31, 2028 as part of the August 31, 2023 amendment. On May 25, 2026, $135,000 of commitments will terminate. During the period from May 25, 2026 to August 31, 2028, 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 March 31, 2024 and December 31, 2023, the Company was in compliance with all covenants and other requirements of the Credit Facility.
Below is a summary of the borrowings and repayments under the Credit Facility for the three months ended March 31, 2024 and 2023, and the outstanding balances under the Credit Facility for the respective periods.
For the three month periods ended
March 31, 2024March 31, 2023
Outstanding Borrowing, beginning of period$260,356 $440,441 
Borrowings49,000 44,792 
Repayments(74,000)(30,641)
Foreign currency translation(1,025)1,267 
Outstanding Borrowing, end of period$234,331 $455,859 
The Credit Facility consisted of the following as of March 31, 2024 and December 31, 2023:
 Total
Facility		Borrowings
Outstanding
Unused 
Portion (1)
Amount Available (2)
March 31, 2024$790,000 $234,331 $555,669 $264,960 
December 31, 2023$790,000 $260,356 $529,644 $359,675 
(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.
For the three months ended March 31, 2024 and 2023, the components of interest expense and credit facility fees of the Credit Facility were as follows:
 For the three month periods ended
 March 31, 2024March 31, 2023
Interest expense$4,726 $7,216 
Facility unused commitment fee508 230 
Amortization of deferred financing costs and debt issuance costs214 175 
Total interest expense and credit facility fees$5,448 $7,621 
Cash paid for interest expense and credit facility fees$5,073 $7,617 
Weighted average debt principal outstanding$261,224 $453,741 
Weighted average interest rate(1)
7.16 %6.36 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.
65
    As of March 31, 2024 and December 31, 2023, the components of interest and credit facility fees payable of the Credit Facility were as follows:
As of
March 31, 2024December 31, 2023
Interest expense payable$301 $209 
Unused commitment fees payable521 462 
Interest and credit facility fees payable$822 $671 
Weighted average interest rate7.17 %7.21 %
Senior Notes
On December 30, 2019, the Company closed a private offering of $115.0 million in aggregate principal amount of 4.75% senior unsecured notes due December 31, 2024 (the “2019 Notes”). Interest is payable quarterly, beginning March 31, 2020. On December 11, 2020, the Company issued an additional $75.0 million aggregate principal amount of 4.50% senior unsecured notes due December 31, 2024 (the “2020 Notes” and together with the 2019 Notes, the “2024 Notes”). Interest is payable quarterly, beginning December 31, 2020.
The interest rate on the 2024 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 2024 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.
On November 20, 2023, the Company completed a public offering of $85.0 million in aggregate principal of 8.20% senior unsecured notes due December 1, 2028 (the “2028 Notes” and together with the 2024 Notes, the “Senior Notes”). The Company may redeem the 2028 Notes in whole or in part at its option on or after December 1, 2025.
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.
The following table details the Company’s Senior Notes as of March 31, 2024 and December 31, 2023:
As of
March 31, 2024December 31, 2023
2024 Notes$190,000 $190,000 
2028 Notes85,000 85,000 
Total principal amount$275,000 $275,000 
Less: unamortized debt issuance costs(3,247)(3,434)
Effective interest rate swap hedge35 985 
Total carrying value$271,788 $272,551 
For the three months ended March 31, 2024 and 2023, the components of interest expense and credit facility fees on the Senior Notes were as follows:
 For the three month periods ended
 March 31, 2024March 31, 2023
Interest expense(1)
$4,034 $2,209 
Amortization of deferred financing costs and debt issuance costs220 35 
Total interest expense and credit facility fees$4,254 $2,244 
Cash paid for interest expense and credit facility fees$4,257 $2,209 
Weighted average debt principal outstanding$275,000 $190,000 
Weighted average interest rate(1)(2)
5.80 %4.65 %
(1)Inclusive of net interest expense related to interest rate swaps, as applicable
(2)Excludes amortization of deferred financing costs and debt issuance costs.
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As of March 31, 2024 $600 of interest expense related to the Senior Notes was included in interest and credit facility fees payable. As of December 31, 2023, no amount was outstanding related to interest and credit facility fees on the Senior Notes. As of March 31, 2024 and December 31, 2023, the weighted average interest rates were 5.83% and 5.84%, respectively, inclusive of the effect of the interest rate swaps.
The note purchase agreement relating to the 2024 Notes, as supplemented by the first supplement 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 March 31, 2024 and December 31, 2023, the Company was in compliance with these terms and conditions.
The indenture relating to the 2028 Notes, as supplemented by the first supplemental indenture, contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC; to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, and subject to certain other exceptions. These covenants are subject to important limitations and exceptions that are described in the indenture. The indenture does not limit the amount of debt (including secured debt) that may be issued by us or our subsidiaries under the indenture or otherwise. As of March 31, 2024 and December 31, 2023, the Company was in compliance with these terms and conditions.
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 $273,000 in notes that were issued at par and were scheduled to mature on July 15, 2027. The Company received 100% of the $125,900 in nominal value of the non-interest bearing preferred interests issued by the 2015-1 Issuer (the “2015-1 Issuer Preferred Interests”) on the closing date of the 2015-1 Debt Securitization in exchange for the Company’s contribution to the 2015-1 Issuer of the initial closing date loan portfolio. In connection with the contribution, the Company made customary representations, warranties and covenants to the 2015-1 Issuer in the purchase agreement.
On August 30, 2018, the Company and the 2015-1 Issuer closed the 2015-1 Debt Securitization Refinancing. On the closing date of the 2015-1 Debt Securitization Refinancing, the 2015-1 Issuer, refinanced the 2015-1 Notes to the 2015-1R Notes, reduced the 2015-1 Issuer Preferred Interests by approximately $21,375 to approximately $104,525 and extended the reinvestment period end date and maturity date applicable to the 2015-1 Issuer to October 15, 2023 and October 15, 2031, respectively.
On June 30, 2023, the 2015-1R Notes were amended to transition the benchmark rate to the Term SOFR Rate plus a Term SOFR adjustment (LIBOR prior to the 2015-1R Effective Date, as defined). The amendment was effective at the commencement of the next succeeding interest accrual period following the date of the amendment (the “2015-1R Effective Date”).
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The following table summarizes the terms of the 2015-1R Notes and the principal amount and carrying value:
As of
2015-1R Notes TrancheCredit Rating
Reference Rate(1)
Spread / Fixed Interest RateMarch 31, 2024December 31, 2023
Class A-1-1-RAAASOFR1.55%$217,160 $234,800 
Class A-1-2-RAAASOFR1.78%46,244 50,000 
Class A-1-3-RAAAFixed Rate4.56%23,122 25,000 
Class A-2-RSOFR2.20%66,000 66,000 
Class BSingle ASOFR3.15%46,400 46,400 
Class CBBB-SOFR4.00%27,000 27,000 
Total Principal Amount$425,926 $449,200 
Less: unamortized debt issuance costs(1,863)(1,924)
Total Carrying Value$424,063 $447,276 
(1) Floating rate tranches bear interest at three-month SOFR plus a Term SOFR adjustment.
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.
The Company contributed the loans that comprised the initial closing date loan portfolio (including the loans distributed to the Company from the SPV) to the 2015-1 Issuer pursuant to a contribution agreement. Future loan transfers from the Company to the 2015-1 Issuer will be made pursuant to a sale agreement and are subject to the approval of the Company’s Board of Directors. Assets of the 2015-1 Issuer are not available to the creditors of the SPV or the Company. In connection with the issuance and sale of the 2015-1R Notes, 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 under a collateral management agreement (the “Collateral Management Agreement”) of the 2015-1 Issuer and in accordance with the Company’s investment strategy.
Pursuant to the Collateral Management Agreement, the 2015-1 Issuer pays management fees (comprised of base management fees, subordinated management fees and incentive management fees) to the Investment Adviser for rendering collateral management services. As per the Collateral Management Agreement, for the period the Company retains all of the 2015-1 Issuer Preferred Interests, the Investment Adviser does not earn management fees for providing such collateral management services. The Company currently retains all of the 2015-1 Issuer Preferred Interests, thus the Investment Adviser did not earn any management fees from the 2015-1 Issuer for the three months ended March 31, 2024 and 2023. Any such waived fees may not be recaptured by the Investment Adviser.
Pursuant to an undertaking by the Company in connection with the 2015-1 Debt Securitization Refinancing, the Company has agreed to hold on an ongoing basis the 2015-1 Issuer Preferred Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate outstanding amount of all collateral obligations by the 2015-1 Issuer for so long as any securities of the 2015-1 Issuer remain outstanding. As of March 31, 2024, the Company was in compliance with its undertaking.
As of March 31, 2024, the 2015-1R Notes were secured by 60 first lien and second lien senior secured loans with a total fair value of approximately $477,123 and cash of $40,662. 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.
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For the three months ended March 31, 2024 and 2023, the components of interest expense and credit facility fees on the 2015-1R Notes were as follows:
 For the three month periods ended
 March 31, 2024March 31, 2023
Interest expense$8,100 $7,355 
Amortization of deferred financing costs and debt issuance costs61 62 
Total interest expense and credit facility fees$8,161 $7,417 
Cash paid for interest expense and credit facility fees$8,594 $6,886 
Weighted average debt principal outstanding$429,762 $449,200 
Weighted average interest rate(1)
7.51 %6.60 %
(1)Includes amortization of deferred financing costs and debt issuance costs.
As of March 31, 2024 and December 31, 2023, $6,603 and $7,098, respectively, of interest expense related to the 2015-1R Notes was included in interest and credit facility fees payable. As of March 31, 2024 and December 31, 2023, the weighted average interest rates were 7.27% and 7.49%, respectively, based on benchmark rates.
9. COMMITMENTS AND CONTINGENCIES
A summary of significant contractual payment obligations was as follows as of March 31, 2024 and December 31, 2023:
As of
Payment Due by PeriodMarch 31, 2024December 31, 2023
Less than one year$190,000 $— 
1-3 years— 190,000 
3-5 years319,331 345,356 
More than 5 years425,926 449,200 
Total$935,257 $984,556 
In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the unaudited consolidated financial statements as of March 31, 2024 and audited consolidated financial statements as of December 31, 2023 for any such exposure.
The Company has in the past, currently is and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments. The Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of the indicated dates:
 Par/Principal Amount as of
 March 31, 2024December 31, 2023
Unfunded delayed draw commitments$67,946 $68,017 
Unfunded revolving loan commitments70,712 66,392 
Total unfunded commitments$138,658 $134,409 
10. NET ASSETS
The Company has the authority to issue 198,000,000 shares of common stock, par value $0.01 per share, of which 50,794,941 and 50,794,941 were issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. The Company has 2,000,000 shares of preferred stock, par value $0.01 per share, which are fully issued and outstanding as of March 31, 2024 and December 31, 2023.
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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 March 31, 2024 was $9.03. Effective as of May 5, 2023, the Company, with the approval of the Board of Directors, including a majority of the Independent Directors, has 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 have the right to convert all or a portion of their shares of Preferred Stock prior to the date fixed for such redemption. Effective as of May 5, 2027, the holders of the Preferred Stock 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).
The following table summarizes the Company’s dividends declared on the Preferred Stock during the two most recent fiscal years 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
2022
March 25, 2022March 31, 2022March 31, 2022$0.438 
June 27, 2022June 30, 2022June 30, 20220.438 
September 22, 2022September 30, 2022September 30, 20220.438 
December 16, 2022December 30, 2022December 30, 20220.438 
Total$1.752 
2023
March 23, 2023March 31, 2023March 31, 2023$0.438 
June 27, 2023June 30, 2023June 30, 20230.438 
September 19, 2023September 29, 2023September 29, 20230.438 
December 19, 2023December 29, 2023December 29, 20230.438 
Total$1.752 
2024
March 26, 2024March 29, 2024March 29, 2024$0.438 
Total$0.438 
Company Stock Repurchase Program
On November 2, 2023, the Company's Board of Directors approved the continuation of the Company's $200 million stock repurchase program (the “Stock Repurchase Program”) until November 5, 2024, or until the approved dollar amount has been used to repurchase shares of common stock. 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’s Stock Repurchase Program through March 31, 2024, the Company has repurchased 11,773,718 shares of the Company's common stock at an average cost of $13.40 per share, or $157,737 in the aggregate, resulting in accretion to net assets per share of $0.65.
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Changes in Net Assets
For the three months ended March 31, 2024, there were no share repurchases. For the three months ended March 31, 2023, the Company repurchased and extinguished 265,195 shares for $3,993. There were no shares of common stock issued related to capital activity during the three months ended March 31, 2024 and 2023.
The following table summarizes capital activity during the three months ended March 31, 2024:
 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, 20242,000,000 $50,000 50,794,941 $508 $1,015,681 $(1,633)$62,563 $(149,754)$(64,553)$912,812 
Net investment income (loss)— — — — — — 28,449 — — 28,449 
Net realized gain (loss)— — — — — — — (18,546)— (18,546)
Net change in unrealized appreciation (depreciation)— — — — — — — — 19,361 19,361 
Dividends declared on common stock and preferred stock— — — — — — (25,256)— — (25,256)
Balance, March 31, 20242,000,000 $50,000 50,794,941 $508 $1,015,681 $(1,633)$65,756 $(168,300)$(45,192)$916,820 
The following table summarizes capital activity during the three months ended March 31, 2023:
 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, 20232,000,000 $50,000 51,060,136 $511 $1,022,224 $(1,633)$43,097 $(129,061)$(67,715)$917,423 
Repurchase of common stock— — (265,195)(3)(3,990)— — — — (3,993)
Net investment income (loss)— — — — — — 26,570 — — 26,570 
Net realized gain (loss)— — — — — — — (13,368)— (13,368)
Net change in unrealized appreciation (depreciation)— — — — — — — — 14,785 14,785 
Dividends declared on common stock and preferred stock— — — — — — (23,224)— — (23,224)
Balance, March 31, 20232,000,000 $50,000 50,794,941 $508 $1,018,234 $(1,633)$46,443 $(142,429)$(52,930)$918,193 
Earnings Per Share
The Company calculates earnings per share in accordance with ASC 260. Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations, less preferred dividends, by the weighted average number of common shares outstanding for the period. Diluted earnings per share gives effect to all dilutive potential common shares outstanding using the if-converted method for the convertible Preferred Stock. Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive.
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Basic and diluted earnings per common share were as follows:
For the three month periods ended
March 31, 2024March 31, 2023
BasicDilutedBasicDiluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$28,389 $29,264 $27,112 $27,987 
Weighted-average common shares outstanding50,794,941 56,330,563 50,887,075 56,289,347 
Basic and diluted earnings per share$0.56 $0.52 $0.53 $0.50 
The following table summarizes updates to the Company’s dividend policy as of March 31, 2024. The dividend policy is subject to change by the Board of Directors in its sole discretion at any time.
Record DateBase Dividend Per Share
September 30, 2020$0.32 
September 30, 2022$0.34 
December 30, 2022$0.36 
March 31, 2023$0.37 
March 29, 2024$0.40 
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 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 
August 8, 2022September 30, 2022October 14, 2022$0.06 (1)
October 31, 2022December 30, 2022January 16, 2023$0.36 
October 31, 2022December 30, 2022January 16, 2023$0.08 (1)
February 21, 2023March 31, 2023April 14, 2023$0.37 
February 21, 2023March 31, 2023April 14, 2023$0.07 (1)
May 4, 2023June 30, 2023July 18, 2023$0.37 
May 4, 2023June 30, 2023July 18, 2023$0.07 (1)
August 3, 2023September 29, 2023October 17, 2023$0.37 
August 3, 2023September 29, 2023October 17, 2023$0.07 (1)
November 2, 2023December 29, 2023January 18, 2024$0.37 
November 2, 2023December 29, 2023January 18, 2024$0.07 (1)
February 20, 2024March 29, 2024April 17, 2024$0.40 
February 20, 2024March 29, 2024April 17, 2024$0.08 (1)
(1)Represents a special/supplemental dividend.
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11. CONSOLIDATED FINANCIAL HIGHLIGHTS
The following is a schedule of consolidated financial highlights for the three months ended March 31, 2024 and 2023:
 For the three month periods ended
 March 31, 2024March 31, 2023
Per Common Share Data:
Net asset value per common share, beginning of period$16.99 $16.99 
Net investment income (loss)(1)
0.54 0.50 
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities0.02 0.03 
Net increase (decrease) in net assets resulting from operations0.56 0.53 
Dividends declared(2)
(0.48)(0.44)
Accretion due to share repurchases— 0.01 
Net asset value per common share, end of period$17.07 $17.09 
Market price per common share, end of period$16.28 $13.62 
Number of common shares outstanding, end of period50,794,941 50,794,941 
Total return based on net asset value(3)
3.35 %3.54 %
Total return based on market price(4)
11.94 %(2.03)%
Net assets attributable to Common Stockholders, end of period$866,820 $868,193 
Ratio to average net assets attributable to Common Stockholders(5):
Expenses before incentive fees3.20 %3.03 %
Expenses after incentive fees3.88 %3.66 %
Net investment income (loss)3.29 %3.06 %
Interest expense and credit facility fees2.07 %1.99 %
Ratios/Supplemental Data:
Asset coverage, end of period187.98 %175.82 %
Portfolio turnover5.14 %2.90 %
Weighted-average common shares outstanding50,794,941 50,887,075 
(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, to these unaudited consolidated financial statements).
(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 March 31, 2024 and December 31, 2023, the Company was not subject to any material legal proceedings, nor, to the Company’s knowledge, is any material legal proceeding threatened against the Company.
In addition, portfolio investments of the Company could be the subject of litigation or regulatory investigations in the ordinary course of business. The Company does not believe that the outcome of any current contingent liabilities of its portfolio investments, if any, will materially affect the Company or these unaudited consolidated financial statements.
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 March 31, 2024 and December 31, 2023.
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In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators.The Company’s federal tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they are filed.
The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. The estimated tax character of the dividends declared on preferred and common stock for the three months ended March 31, 2024 and 2023 was as follows:
 For the three month periods ended
 March 31, 2024March 31, 2023
Ordinary income$25,256 $23,224 
Tax return of capital$— $— 
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 these unaudited consolidated financial statements.
On May 2, 2024, the Board of Directors declared a base quarterly common stock dividend of $0.40 per share plus a supplemental common stock dividend of $0.07 per share, which are payable on July 17, 2024 to common stockholders of record on June 28, 2024.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (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 and the documents incorporated by reference herein involve a number of risks and uncertainties, including statements concerning:
•our, or our portfolio companies’, future business, operations, operating results or prospects, including our and their ability to achieve our respective objectives;
•the return or impact of current and future investments;
•the general economy and its impact on the industries in which we invest;
•the impact of any protracted decline in the liquidity of credit markets on our business;
•the impact of fluctuations in interest rates on our business;
•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
•the impact of supply chain constraints on our portfolio companies and the global economy;
•the current inflationary environment, 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;
•our contractual arrangements and relationships with third parties;
•uncertainty surrounding the financial stability of the United States, Europe and China, including a possible shutdown of the U.S. federal government;
•uncertainty surrounding Russia’s military invasion of Ukraine and the impact of geopolitical tensions in other regions such as the Middle East, and developing tensions between China and the United States;
•competition with other entities and our affiliates for investment opportunities;
•the speculative and illiquid nature of our investments;
•the use of borrowed money to finance a portion of our investments;
•our expected financings and investments;
•the adequacy of our cash resources and working capital;
•the timing, form and amount of any dividend distributions;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the ability to consummate acquisitions;
•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;
•the ability of Carlyle Global Credit Investment Management L.L.C., our investment adviser (the “Investment Adviser”), to locate suitable investments for us and to monitor and administer our investments;
•currency fluctuations and the adverse effect such fluctuations could have on the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
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•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 (together with the rules and regulations promulgated thereunder, 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 information for any reason, including the factors set forth in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2023 (our “2023 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 2023 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 2023 Form 10-K and “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this Form 10-Q.
Carlyle Secured Lending, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act and have operated our business as a BDC since we began our investment activities. For U.S. federal income tax purposes, we have elected to be treated as a registered investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”). We were formed in February 2012, commenced investment operations in May 2013 and began trading on the Nasdaq Global Select Market, under the symbol “CGBD,” upon completion of our initial public offering in June 2017. Our principal executive offices are located at One Vanderbilt Avenue, Suite 3400, New York, New York 10017.
Our investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments in U.S. middle market companies. Our core investment strategy focuses on lending to U.S. middle market companies, which we define as companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. This core strategy is opportunistically supplemented with differentiated and complementary lending and investing strategies, which take advantage of the broad capabilities of Carlyle's Global Credit platform while offering risk-diversifying portfolio benefits. We seek to achieve our investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans (collectively, “Middle Market Senior Loans”), with a minority of our assets invested in higher yielding investments (which may include unsecured debt, subordinated debt and investments in equities and structured products). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.
We are externally managed by our Investment Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”) and a subsidiary of Carlyle. We benefit from our Investment Adviser’s investment team of over 200 investment professionals with the deep knowledge and expertise across multiple asset classes who are supported by a team of finance, operations and administrative professionals currently employed by Carlyle Employee Co., a wholly owned subsidiary of
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Carlyle. 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.
First Quarter 2024 Highlights
Quarterly Results
•Net investment income, inclusive of the preferred dividend, was $27.6 million or $0.54 per common share. Dividends declared on common shares were $24.4 million, or $0.48 per share.
•Net investment income for the three months ended March 31, 2024 included a $3.6 million increase in total investment income from the comparable period in the prior year primarily driven by an increase in benchmark interest rates.
•The NAV per common share increased to $17.07 as of March 31, 2024, up from $16.99 as of December 31, 2023, primarily driven by net investment income in excess of our dividend for the quarter.
Portfolio and Investment Activity
•As of March 31, 2024, we held 174 investments across 131 portfolio companies and 26 industries for a total fair value of $1.8 billion.
•During the three months ended March 31, 2024, we had investment fundings of $94.9 million and investment repayments of $173.4 million.
•In February 2024, we completed the successful recapitalization of Dermatology Associates, which contributed to non-accrual investments decreasing to 0.2% and 0.2% of the total portfolio based on amortized cost and fair value, respectively, as of March 31, 2024.
Liquidity and Capital Activity
•Total liquidity as of March 31, 2024 was $334.9 million in cash and undrawn debt capacity.
Key Components of Our Results of Operations
As a BDC, we believe that the key components of our results of operations for our business are earnings per share, dividends declared, net investment income and net asset value per common share. For the three months ended March 31, 2024, we recorded basic earnings per common share of $0.56, declared a dividend of $0.48 per common share and earned $0.54 of net investment income per common share.
The following table sets forth the calculation of basic and diluted earnings per share (dollar amounts in thousands, except per share data):
For the three months ended
 March 31, 2024December 31, 2023
 BasicDilutedBasicDiluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$28,389 $29,264 $28,718 $29,593 
Weighted-average common shares outstanding50,794,941 56,330,563 50,794,941 56,288,837 
Earnings per share$0.56 $0.52 $0.57 $0.53 
For the three months ended March 31, 2024 and December 31, 2023, we declared dividends per common share of $0.48 and $0.44, respectively. As of March 31, 2024 and December 31, 2023, our NAV per share was $17.07 and $16.99, respectively.
Investment Income
We generate investment income primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends on direct equity investments, capital gains on the sales of loans and debt and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and generally bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt
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investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. At times, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity reflects the proceeds of sales of securities. We may also generate investment income in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees.
Expenses
Our primary operating expenses include: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the Investment Advisory Agreement; (ii) debt service and other costs of borrowings or other financing arrangements; (iii) costs and other expenses and our allocable portion of overhead incurred by our Administrator in performing its administrative obligations under the Administration Agreement; and (iv) other operating expenses summarized below:
 
•administration fees payable under our Administration Agreement and Sub-Administration Agreements, including related expenses;
•the costs of any offerings of our common stock and other securities, if any;
•calculating individual asset values and our net asset value (including the cost and expenses of any independent valuation firms);
•expenses, including travel expenses, incurred by 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;
•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;
•commissions and other compensation payable to brokers or dealers;
•U.S. federal, state and local taxes;
•independent director fees and expenses;
•costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including federal and state registration and any applicable listing fees;
•the costs of any reports, proxy statements or other notices to our stockholders and the costs of any stockholders’ meetings;
•the costs of specialty and custom software for monitoring risk, compliance and overall portfolio;
•fidelity bond, liability insurance, and any other insurance premiums;
•indemnification payments;
•direct fees and expenses associated with independent audits, agency, consulting and legal costs; and
•all other expenses incurred by us or our Administrator in connection with administering our business, including our allocable share of certain officers and their staff compensation.
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Net Investment Income
The following table summarizes our net investment income and net investment income per common share:
For the three months ended
March 31, 2024December 31, 2023
Total investment income$62,007 $62,685 
Total expenses (including excise tax expense)33,558 33,570 
Net investment income$28,449 $29,115 
Preferred stock dividend875 875 
Net investment income, net of the preferred stock dividend$27,574 $28,240 
Weighted-average common shares outstanding50,794,941 50,794,941 
Net investment income per common share$0.54 $0.56 
Portfolio and Investment Activity
Portfolio Overview
The following tables summarize certain characteristics of our investment portfolio as of March 31, 2024:
First Lien DebtSecond Lien DebtEquity InvestmentsInvestment FundsTotal Investments
Count of investments13210293174
Investments, at amortized cost$1,286,407$167,311$104,760$271,097$1,829,575
Investments, at fair value$1,266,471$165,353$104,471$248,598$1,784,893
Percentage of total investments at fair value70.9 %9.3 %5.9 %13.9 %100.0 %
 Weighted Average Yields at
 Amortized CostFair Value
First Lien Debt(1)
12.6 %12.8 %
Second Lien Debt(1)
13.9 %14.1 %
Total Debt and Income Producing Investments(1)(2)
12.6 %13.0 %
(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2024. Weighted average yield at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount (“OID”) and market discount earned, divided by (b) total fair value included in such securities. Weighted average yield at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned, divided by (b) total amortized cost included in such securities. Weighted average yields exclude investments on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above. Inclusive of all debt and income producing investments and investments on non-accrual status, the weighted average yield on amortized cost was 12.6% as of March 31, 2024.
(2)Weighted average yield for total investments includes Credit Fund and Credit Fund II, as well as income producing equity investments.
The geographical composition of investments at fair value as of March 31, 2024 were as follows:
 As of
Geography—% of Fair ValueMarch 31, 2024
Australia0.3 %
Canada2.9 
Luxembourg2.3 
Sweden0.0 
United Kingdom4.3 
United States90.2 
Total100.0 %
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The industry composition of investments at fair value as of March 31, 2024 were as follows:
 As of
Industry—% of Fair ValueMarch 31, 2024
Aerospace & Defense5.7 %
Automotive4.2 
Beverage & Food2.6 
Business Services5.6 
Capital Equipment2.6 
Chemicals, Plastics & Rubber3.8 
Construction & Building1.7 
Consumer Goods: Durable0.3 
Consumer Goods: Non-Durable0.4 
Consumer Services5.1 
Containers, Packaging & Glass2.3 
Diversified Financial Services5.3 
Energy: Oil & Gas0.7 
Environmental Industries2.4 
Healthcare & Pharmaceuticals12.0 
High Tech Industries7.6 
Investment Funds13.9 
Leisure Products & Services4.5 
Media: Advertising, Printing & Publishing2.4 
Retail1.4 
Software9.6 
Sovereign & Public Finance0.0 
Telecommunications4.2 
Transportation: Cargo0.5 
Utilities: Electric0.1 
Wholesale1.1 
Total100.0 %
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Our investment activity for the three months ended March 31, 2024 is presented below (information presented herein is at amortized cost unless otherwise indicated):
 For the three months ended
 March 31, 2024
Investments:
Total investments, beginning of period$1,904,895 
New investments purchased94,180 
Net accretion of discount on investments3,158 
Net realized gain (loss) on investments(19,186)
Investments sold or repaid(153,472)
Total Investments, end of period$1,829,575 
Principal amount of investments funded:
First Lien Debt$71,581 
Second Lien Debt406 
Equity Investments(1)
22,892 
Total$94,879 
Principal amount of investments sold or repaid:
First Lien Debt$(140,103)
Second Lien Debt(25,146)
Equity Investments(1)
(8,196)
Total$(173,445)
Number of new funded debt investments(2)
10 
Average amount of new funded debt investments$3,291 
(1)Based on cost/proceeds of equity activity.
(2)For the three months ended March 31, 2024, 100.0% of new funded debt investments were at floating interest rates.
See the Consolidated Schedules of Investments as of March 31, 2024 to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on these investments, including a list of companies and type and amount of investments.
Portfolio Credit
As part of the monitoring process, our Investment Adviser has developed risk assessment policies pursuant to which it regularly assesses the risk profile of each of our debt investments and rates each of them based on the following categories, which we refer to as “Internal Risk Ratings”. Key drivers of internal risk ratings include financial metrics, financial covenants, liquidity and enterprise value coverage. Pursuant to these risk policies, an Internal Risk Rating of 1 – 5, which are defined below, is assigned to each debt investment in our portfolio.
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RatingDefinition
1 
Borrower is operating above expectations, and the trends and risk factors are generally favorable.
2 Borrower is operating generally as expected or at an acceptable level of performance. The level of risk to our initial cost basis is similar to the risk to our initial cost basis at the time of origination. This is the initial risk rating assigned to all new borrowers.
3 
Borrower is operating below expectations and level of risk to our cost basis has increased since the time of
origination. The borrower may be out of compliance with debt covenants. Payments are generally current although there may be higher risk of payment default.
4 Borrower is operating materially below expectations and the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due, but generally not by more than 120 days. It is anticipated that we may not recoup our initial cost basis and may realize a loss of our initial cost basis upon exit.
5 Borrower is operating substantially below expectations and the loan’s risk has increased substantially since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.
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 as of March 31, 2024 and December 31, 2023.
 March 31, 2024December 31, 2023
Fair Value% of Fair ValueFair Value% of Fair Value
Internal Risk Rating 1$384 0.0 %$30,282 2.0 %
Internal Risk Rating 21,157,011 80.8 1,158,006 77.3 
Internal Risk Rating 3270,637 18.9 273,329 18.2 
Internal Risk Rating 43,792 0.3 38,061 2.5 
Internal Risk Rating 5— — — — 
Total$1,431,824 100.0 %$1,499,678 100.0 %
As of March 31, 2024 and December 31, 2023, the weighted average Internal Risk Rating of our debt investment portfolio was 2.2. As of March 31, 2024 and December 31, 2023, one and four of our debt investments were assigned an Internal Risk Rating of 4-5, respectively.
The following table summarizes the fair value of our performing and non-accrual/non-performing investments as of March 31, 2024 and December 31, 2023:
 March 31, 2024December 31, 2023
 Number of InvestmentsFair Value% of Fair ValueNumber of InvestmentsFair Value% of Fair Value
Performing173$1,781,101 99.8 %169$1,803,820 97.9 %
Non-accrual(1)
13,792 0.2 438,061 2.1 
Total174$1,784,893 100.0 %173$1,841,881 100.0 %
(1)For information regarding our non-accrual policy, see Note 2, Significant Accounting Policies, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
Portfolio Financing    
Our primary sources of financing consist of Secured Debt, Unsecured Debt, and Securitizations, which are presented on the Consolidated Statements of Assets and Liabilities as Debt and secured borrowings. Refer to Note 8, Borrowings, to the
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unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information regarding our financing. The following table details those sources of financing:
Outstanding Principal Balance, as of
March 31, 2024December 31, 2023
Secured Debt
Credit Facility$234,331 $260,356 
Unsecured Debt
2024 Notes190,000 190,000 
2028 Notes85,000 85,000 
Securitizations
2015-1R Notes425,926 449,200 
Total$935,257 $984,556 
Weighted average interest rate6.82 %6.95 %
Credit Facility
On March 21, 2014, we closed on a senior secured revolving credit facility (the “Credit Facility”), as amended from time to time. The maximum principal amount of the Credit Facility is $790,000, pursuant to the terms of the agreement, subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of our portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that we may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased, subject to certain conditions, to $1,185,000 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility includes a $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 us. 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.
The Credit Facility consisted of the following as of March 31, 2024 and December 31, 2023:
Total Facility
Borrowings Outstanding
Unused
Portion(1)
Amount Available(2)
Weighted Average Interest Rate
March 31, 2024$790,000 $234,331 $555,669 $264,960 7.17 %
December 31, 2023$790,000 $260,356 $529,644 $359,675 7.21 %
(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.
Unsecured Debt
On December 30, 2019, we closed a private offering of $115.0 million in aggregate principal amount of 4.75% senior unsecured notes due December 31, 2024 and on December 11, 2020, we issued an additional $75.0 million aggregate principal amount of 4.50% senior unsecured notes due December 31, 2024 (together the “2024 Notes”). The interest rates of the 2024 Notes are subject to increase (up to an additional 1.00% over the stated rate of such notes) in the event, subject to certain exceptions, the 2024 Notes cease to have an investment grade rating. The 2024 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
On November 20, 2023, we completed a public offering of $85.0 million in aggregate principal of 8.20% senior unsecured notes due December 1, 2028 (the “2028 Notes” and together with the 2024 Notes, the “Senior Notes”). We may redeem the 2028 Notes in whole or in part at our option on our after December 1, 2025. The 2028 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
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The following table details the carrying value of our 2024 Notes and 2028 Notes as of March 31, 2024 and December 31, 2023:
As of
March 31, 2024December 31, 2023
2024 Notes$190,000 $190,000 
2028 Notes85,000 85,000 
Total principal amount$275,000 $275,000 
Less: unamortized debt issuance costs(3,247)(3,434)
Effective interest rate swap hedge35 985 
Total carrying value$271,788 $272,551 
Weighted average interest rate5.83 %5.84 %
Securitizations
On June 26, 2015, we completed the 2015-1 Debt Securitization, which was refinanced on August 30, 2018 (the “2015-1 Debt Securitization Refinancing”) by redeeming in full the previously issued securitized notes and issuing new notes (the “2015-1R Notes”). The 2015-1R Notes were issued by Carlyle Direct Lending CLO 2015-1R LLC (the “2015-1 Issuer”), a wholly owned and consolidated subsidiary of us. The 2015-1R Notes are secured by a diversified portfolio of the 2015-1 Issuer consisting primarily of first and second lien senior secured loans.
We received 100% of the $125,900 in nominal value of the non-interest bearing preferred interests issued by the 2015-1 Issuer (the “2015-1 Issuer Preferred Interests”) on the closing date of the 2015-1 Debt Securitization in exchange for our contribution to the 2015-1 Issuer of the initial closing date loan portfolio. Following the 2015-1 Debt Securitization Refinancing, the 2015-1 Issuer Preferred Interests were reduced by approximately $21,375 to approximately $104,525.
On June 30, 2023, the 2015-1R Notes were amended to transition the benchmark rate to the Term SOFR Rate plus a Term SOFR adjustment (LIBOR prior to the amendment). The 2015-1R Notes reinvestment period ended October 15, 2023 and have a maturity date of October 15, 2031. In connection with the initial financing, we have made customary representations, warranties and covenants to the 2015-1 Issuer.
The following table summarizes the terms and principal amount of the 2015-1R Notes:
As of
2015-1R Notes TrancheCredit Rating
Reference Rate(1)
Spread / Fixed Interest RateMarch 31, 2024December 31, 2023
Class A-1-1-RAAASOFR1.55%$217,160 $234,800 
Class A-1-2-RAAASOFR1.78%46,244 50,000 
Class A-1-3-RAAAFixed Rate4.56%23,122 25,000 
Class A-2-RSOFR2.20%66,000 66,000 
Class BSingle ASOFR3.15%46,400 46,400 
Class CBBB-SOFR4.00%27,000 27,000 
Total Principal Amount$425,926 $449,200 
Less: unamortized debt issuance costs(1,863)(1,924)
Total Carrying Value$424,063 $447,276 
Weighted average interest rate7.27 %7.49 %
(1)Floating rate tranches bear interest at three-month SOFR plus a Term SOFR adjustment.
Middle Market Credit Fund, LLC (“Credit Fund”)
On February 29, 2016, we and Credit Partners USA LLC (“Credit Partners”) entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Credit Fund, a Delaware limited liability company that is not consolidated in our consolidated financial statements. Credit Fund is managed by a six-member board of managers, on which we and Credit Partners each have equal representation. We and Credit Partners each have 50% economic
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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 us. By virtue of our respective membership interests, we and Credit Partners each indirectly bear an allocable share of all expenses and other obligations of Credit Fund.
Credit Fund primarily invests in first lien loans of middle market companies sourced primarily by us and our affiliates. Portfolio and investment decisions with respect to Credit Fund must be unanimously approved by a quorum of Credit Fund’s investment committee consisting of an equal number of representatives of us and Credit Partners. Therefore, although we own more than 25% of the voting securities of Credit Fund, we do not believe that we have control over Credit Fund (other than for purposes of the Investment Company Act). Middle Market Credit Fund SPV, LLC (“Credit Fund Sub”) and MMCF Warehouse II, LLC (“Credit Fund Warehouse II”), each a Delaware limited liability company are wholly owned subsidiaries of Credit Fund and are consolidated in Credit Fund’s consolidated financial statements.
Since inception of Credit Fund and through March 31, 2024, we and Credit Partners each made capital contributions of $1 in members’ equity and $216,000 in subordinated loans to Credit Fund. On May 25, 2021, we and Credit Partners each received an aggregate return of capital on the subordinated loans of $23,000. The cost and fair value of our investment in Credit Fund was $193,001 and $180,648, respectively, as of March 31, 2024 and $193,001 and $181,960, respectively, as of December 31, 2023.
Our portion of the dividends declared by Credit Fund was $5,500 and $5,500 for the three months ended March 31, 2024 and 2023, respectively. As of both March 31, 2024 and December 31, 2023, our annualized dividend yield from Credit Fund was 11.4%.
Below is a summary of Credit Fund’s portfolio as of March 31, 2024 and December 31, 2023:
As of
 March 31, 2024December 31, 2023
Senior secured loans(1)
$738,811 $803,541 
Weighted average yields of senior secured loans based on amortized cost(2)
11.2 %11.2 %
Weighted average yields of senior secured loans based on fair value(2)
11.5 %11.6 %
Number of portfolio companies in Credit Fund36 38 
Average amount per portfolio company(1)
$20,523 $21,146 
Number of loans on non-accrual status3 3 
Fair value of loans on non-accrual status$13,554 $13,263 
Percentage of portfolio at floating interest rates(3)(4)
100.0 %100.0 %
Fair value of loans with PIK provisions$1,322 $36,481 
Percentage of portfolio with PIK provisions(4)
0.2 %4.8 %
(1)At par/principal amount.
(2)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2024 and December 31, 2023. Weighted average yield on debt at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount (“OID”) and market discount earned, divided by (b) total fair value included in such securities. Weighted average yield on debt at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned, divided by (b) total amortized cost included in such securities. Weighted average yields exclude investments on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above.
(3)Floating rate debt investments are generally subject to interest rate floors.
(4)Percentages based on fair value.
Middle Market Credit Fund II, LLC (“Credit Fund II”)
On November 3, 2020, we and Cliffwater Corporate Lending Fund (“CCLF”) entered into a limited liability company agreement to co-manage Credit Fund II, a Delaware limited liability company that is not consolidated in our consolidated financial statements. Credit Fund II is managed by a four-member board, on which we and CCLF have equal representation. We and CCLF have 84.13% and 15.87% economic ownership of Credit Fund II, respectively. By virtue of our respective membership interests, we and CCLF each indirectly bear an allocable share of all expenses and other obligations of Credit Fund II.
Credit Fund II primarily invests in senior secured loans of middle market companies. Credit Fund II's initial portfolio was funded in November 2020 with existing senior secured debt investments contributed by us and as part of the transaction,
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we 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 our representatives and one of CCLF's representatives. Therefore, although we own more than 25% of the voting securities of Credit Fund II, we do not believe that we have 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, is a wholly owned subsidiary of Credit Fund II and is consolidated in Credit Fund II’s consolidated financial statements.
Since inception of Credit Fund II and through March 31, 2024, we and CCLF made capital contributions of $78,096 and $12,709 in members’ equity, respectively, to Credit Fund II. The cost and fair value of our investment in Credit Fund II was $78,096 and $67,950, respectively, as of March 31, 2024 and $78,096 and $67,419, respectively, as of December 31, 2023. Our portion of the dividends declared by Credit Fund II was $2,776 and $2,776 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, our annualized dividend yield from Credit Fund II was 14.2%.
Below is a summary of Credit Fund II’s portfolio as of March 31, 2024 and December 31, 2023:
As of
 March 31, 2024December 31, 2023
Senior secured loans(1)
$236,784 $255,486 
Weighted average yields of senior secured loans based on amortized cost(2)
11.9 %12.0 %
Weighted average yields of senior secured loans based on fair value(2)
12.2 %12.2 %
Number of portfolio companies in Credit Fund II33 36 
Average amount per portfolio company(1)
$7,175 $7,097 
Number of loans on non-accrual status—1
Fair value of loans on non-accrual status$— $— 
Percentage of portfolio at floating interest rates(3)(4)
100.0 %97.9 %
Percentage of portfolio at fixed interest rates(4)
— %2.1 %
Fair value of loans with PIK provisions$20,292 $20,117 
Percentage of portfolio with PIK provisions(4)
8.8 %8.5 %
(1)At par/principal amount.
(2)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2024 and December 31, 2023. Weighted average yield on debt at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount (“OID”) and market discount earned, divided by (b) total fair value included in such securities. Weighted average yield on debt at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned, divided by (b) total amortized cost included in such securities. Weighted average yields exclude investments on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above.
(3)Floating rate debt investments are generally subject to interest rate floors.
(4)Percentages based on fair value.
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Consolidated Results of Operations
For the three months ended March 31, 2024 and December 31, 2023
The following table sets forth information regarding our consolidated results of operations for the three month periods ending March 31, 2024 and December 31, 2023, respectively:
Three Months EndedChange
March 31, 2024December 31, 2023$
Investment income:
Interest income$46,442 $45,886 $556 
PIK income5,507 6,170 (663)
Dividend income8,276 8,276 — 
Other income1,782 2,353 (571)
Total investment income62,007 62,685 (678)
Expenses:
Base management fees6,888 7,014 (126)
Incentive fees5,867 6,027 (160)
Professional fees745 792 (47)
Administrative service fees501 414 87 
Interest expense and credit facility fees17,863 18,335 (472)
Directors’ fees and expenses151 111 40 
Other general and administrative713 465 248 
Excise tax expense830 412 418 
Total expenses33,558 33,570 (12)
Net investment income (loss)28,449 29,115 (666)
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments(19,186)210 (19,396)
Net realized currency gain (loss) on non-investment assets and liabilities640 (13)653 
Net change in unrealized appreciation (depreciation) on investments18,332 3,395 14,937 
Net change in unrealized currency gains (losses) on non-investment assets and liabilities1,029 (3,114)4,143 
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities815 478 337 
Net increase (decrease) in net assets resulting from operations$29,264 $29,593 $(329)
Investment Income
The decrease in investment income for the three months ended March 31, 2024 as compared to the three months ended December 31, 2023 was primarily driven by a decrease in average outstanding investment balance due to sales and repayments of our investments and a decrease in other income. As of March 31, 2024, the size of our portfolio decreased to $1,829,575 from $1,904,895 as of December 31, 2023, at amortized cost. As of March 31, 2024 and December 31, 2023, the weighted average yield of our total debt and income producing investments was 12.6% and 12.7%, respectively, based on amortized cost.
Interest income and PIK income on our first and second lien debt investments are dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of March 31, 2024 and December 31, 2023, one and four of our debt investments were on non-accrual status, respectively. Non-accrual investments had a fair value of $3,792 and $38,061, which represented approximately 0.2% and 2.1% of total investments at fair value as of March 31, 2024 and December 31, 2023, respectively. The remaining first and second lien debt investments were performing and current on their interest payments as of March 31, 2024 and December 31, 2023.
The decrease in other income for the three months ended March 31, 2024 as compared to the three months ended December 31, 2023 was primarily driven by a decrease in amendment and prepayment fees.
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Expenses
The decrease in interest expense and credit facility fees was primarily driven by lower average borrowings outstanding on the Credit Facility during the three months ended March 31, 2024.
The decrease in base management fees was driven by lower average gross assets as a result of net repayments on our investments for the three months ended March 31, 2024 compared to the three months ended December 31, 2023.
The decrease in incentive fees was driven by lower pre-incentive fee net investment income for the three months ended March 31, 2024 compared to the three months ended December 31, 2023.
For the three months ended March 31, 2024, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of March 31, 2024. The accrual for any capital gains incentive fee under accounting principles generally accepted in the United States (“U.S. GAAP”) in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. See Note 4, Related Party Transactions, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the incentive and base management fees.
Professional fees include legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of the Company. Administrative service fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the cost of certain of our executive officers and their respective staff. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.
Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation)
The amount of and number of investments with realized gain (loss) and change in unrealized appreciation (depreciation) for the three months ended March 31, 2024 and December 31, 2023 were as follows:
Three Months Ended
March 31, 2024December 31, 2023
Realized gains on investments$15,052 $243 
Number of investments with realized gains114
Realized losses on investments$(34,238)$(33)
Number of investments with realized losses31
Change in unrealized appreciation on investments$45,498 $13,463 
Number of investments with unrealized appreciation10093
Change in unrealized depreciation on investments$(27,166)$(10,068)
Number of investments with unrealized depreciation7073
During the three months ended March 31, 2024, we recognized a realized loss after the write-off of our investment in American Physician Partners partially offset by a realized gain from the recapitalization of our investment in Dermatology Associates. The net change in unrealized appreciation (depreciation) for the three months ended March 31, 2024 was mainly driven by the reversal of prior period unrealized appreciation (depreciation) related to these two borrowers.
Net change in unrealized appreciation (depreciation) is driven by changes in other inputs utilized under our valuation methodology, including, but not limited to, enterprise value multiples, borrower leverage multiples and borrower ratings, and the impact of exits.
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For the three months ended March 31, 2024 and March 31, 2023
The following table sets forth information regarding our consolidated results of operations for the three month periods ending March 31, 2024 and March 31, 2023:
Three Months EndedChange
March 31, 2024March 31, 2023$
Investment income:
Interest income$46,442 $44,948 $1,494 
PIK income5,507 4,188 1,319 
Dividend income8,276 8,276 — 
Other income1,782 963 819 
Total investment income62,007 58,375 3,632 
Expenses:
Base management fees6,888 7,236 (348)
Incentive fees5,867 5,472 395 
Professional fees745 689 56 
Administrative service fees501 28 473 
Interest expense and credit facility fees17,863 17,281 582 
Directors’ fees and expenses151 123 28 
Other general and administrative713 453 260 
Excise tax expense830 523 307 
Total expenses33,558 31,805 1,753 
Net investment income (loss)28,449 26,570 1,879 
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments(19,186)(13,315)(5,871)
Net realized currency gain (loss) on non-investment assets and liabilities640 (53)693 
Net change in unrealized appreciation (depreciation) on investments18,332 16,015 2,317 
Net change in unrealized currency gains (losses) on non-investment assets and liabilities1,029 (1,230)2,259 
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities815 1,417 (602)
Net increase (decrease) in net assets resulting from operations$29,264 $27,987 $1,277 
Investment Income
The increase in investment income for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023 was primarily driven by an increase in interest income, PIK income and other income. As of March 31, 2024, the size of our portfolio decreased to $1,829,575 from $2,027,648 as of March 31, 2023, at amortized cost. As of March 31, 2024 and March 31, 2023, the weighted average yield of our total debt and income producing investments was 12.6% and 12.1%, respectively, based on amortized cost.
Interest income and PIK income on our first and second lien debt investments are dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of March 31, 2024 and March 31, 2023, one and three of our debt investments were on non-accrual status, respectively. Non-accrual investments had a fair value of $3,792 and $68,890, which represented approximately 0.2% and 3.5% of total investments at fair value as of March 31, 2024 and March 31, 2023, respectively. The remaining first and second lien debt investments were performing and current on their interest payments as of March 31, 2024 and March 31, 2023.
The increase in other income for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily driven by higher amendment fees.
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Expenses
The increase in interest expense and credit facility fees for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023 was primarily driven by higher weighted average interest rates due to higher benchmark rates, partially offset by a lower average principal balance during the three months ended March 31, 2024.
The increase in incentive fees was driven by higher pre-incentive fee net investment income for the three months ended March 31, 2024 compared to the three months ended March 31, 2023.
The decrease in base management fees for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was driven by lower average gross assets as a result of net repayments on our investments.
For the three months ended March 31, 2024, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of March 31, 2024. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. See Note 4, Related Party Transactions, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the incentive and base management fees.
Professional fees include legal, rating agencies, audit, tax, valuation, technology and other professional fees incurred related to the management of the Company. Administrative service fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the cost of certain of our executive officers and their respective staff. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.
Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation)
The amount of and number of investments with realized gain (loss) and changes in unrealized appreciation (depreciation) for the three months ended March 31, 2024 and March 31, 2023 were as follows:
Three Months Ended
March 31, 2024March 31, 2023
Realized gains on investments$15,052 $238 
Number of investments with realized gains114
Realized losses on investments$(34,238)$(13,553)
Number of investments with realized losses35
Change in unrealized appreciation on investments$45,498 $34,772 
Number of investments with unrealized appreciation100107
Change in unrealized depreciation on investments$(27,166)$(18,757)
Number of investments with unrealized depreciation7061
During the three months ended March 31, 2024, we recognized a realized loss after the write-off of our investment in American Physician Partners partially offset by a realized gain from the recapitalization of our investment in Dermatology Associates. The net change in unrealized appreciation (depreciation) for the three months ended March 31, 2024 was mainly driven by the reversal of prior period unrealized appreciation (depreciation) related to these two borrowers.
Net change in unrealized appreciation (depreciation) is 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.
Financial Condition, Liquidity and Capital Resources
Capitalization
We have capitalized our business to date primarily through the issuance and sale of our common stock, asset-level financing, and the issuance of unsecured senior debt. As of March 31, 2024, we had $935,257 of outstanding consolidated indebtedness under the Credit Facility, the 2015-1R Notes and the Senior Notes as previously discussed within Portfolio and
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Investment Activity - Portfolio Financing. As of March 31, 2024, we had $334,881 of liquidity that can be used to satisfy our short-term cash requirements and working capital for our business. Refer to Note 8, Borrowings, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information regarding our financing.
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 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”). The conversion price as of March 31, 2024 was $9.03. Effective as of May 5, 2023, the Company, with the approval of the Board of Directors, including a majority of the Independent Directors, has 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 have the right to convert all or a portion of their shares of Preferred Stock prior to the date fixed for such redemption. Effective as of May 5, 2027, the holders of the Preferred Stock 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).
The following table presents our certain capitalization ratios:
March 31, 2024December 31, 2023
Net Financial Leverage
0.95x1.02x
Statutory Debt to Equity
1.13x1.19x
Sources of Liquidity
Our primary sources of liquidity include cash and cash equivalents and available borrowings under our Credit Facility.
March 31, 2024December 31, 2023
Cash, cash equivalents and restricted cash
$69,921 $60,447 
Available borrowings under Credit Facility
264,960 359,675 
Total Liquidity$334,881 $420,122 
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, the issuance of debt, and through securitization of a portion of our existing investments. The primary use of existing funds and any funds raised in the future is expected to be for investments in portfolio companies, repayment of indebtedness, cash distributions to our stockholders, repurchases of our common stock and for other general corporate purposes. We believe our current cash position, available capacity on our Credit Facility, which is well in excess of our unfunded commitments, and net cash provided by operating activities will provide us with sufficient resources to meet our obligations and continue to support our investment objectives, including reserving for the capital needs which may arise at our portfolio companies.
Liquidity Needs
Our primary liquidity needs include our funding of new and existing portfolio investments, payment of operating expenses and interest and principal payments under the Credit Facility. From time to time, we may also repurchase our outstanding debt or shares of our common stock.
Contractual Obligations and Contingencies
In the ordinary course of our business, we enter into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in
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these unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q as of March 31, 2024 and December 31, 2023 in this Quarterly Report on 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 March 31, 2024 and December 31, 2023:
Par / Principal Amount as of
March 31, 2024December 31, 2023
Unfunded delayed draw commitments
$67,946 $68,017 
Unfunded revolving commitments
70,712 66,392 
Total unfunded commitments
$138,658 $134,409 
Pursuant to an undertaking by us in connection with the 2015-1 Debt Securitization, we agreed to hold on an ongoing basis the 2015-1 Issuer Preferred Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate outstanding amount of all collateral obligations by the 2015-1 Issuer for so long as any securities of the 2015-1 Issuer remains outstanding. As of March 31, 2024 and December 31, 2023, we were in compliance with this undertaking.
Cash Flows
The following table details the net change in our cash and cash equivalents:
For the three months ended
March 31, 2024
Cash flows provided by (used in) operating activities$81,005 
Cash flows provided by (used in) financing activities(71,531)
Net increase (decrease) in cash, cash equivalents and restricted cash$9,474 
During the three months ended March 31, 2024, we paid $66,911 related to cost of investments purchased and received $132,614 in repayments on our investments. During the three months ended March 31, 2024, we had net repayments of $25,000 on the Credit Facility and repaid $23,274 of principal on the 2015-1R Notes.
Asset Coverage
In accordance with the Investment Company Act, a BDC is only allowed to borrow amounts such that its “asset coverage,” as defined in the Investment Company Act, satisfies the minimum asset coverage ratio specified in the Investment Company Act after such borrowing. “Asset coverage” generally refers to a company’s total assets, less all liabilities and indebtedness not represented by “senior securities,” as defined in the Investment Company Act, divided by total senior securities representing indebtedness and, if applicable, preferred stock. “Senior securities” for this purpose includes borrowings from banks or other lenders, debt securities and preferred stock.
Prior to March 23, 2018, BDCs were required to maintain a minimum asset coverage ratio of 200%. On March 23, 2018, an amendment to Section 61(a) of the Investment Company Act was signed into law to permit BDCs to reduce the minimum asset coverage ratio from 200% to 150%, so long as certain approval and disclosure requirements are satisfied. Under the 200% minimum asset coverage ratio, BDCs are permitted to borrow up to one dollar for investment purposes for every one dollar of investor equity, and under the 150% minimum asset coverage ratio, BDCs are permitted to borrow up to two dollars for investment purposes for every one dollar of investor equity. In other words, Section 61(a) of the Investment Company Act, as amended, permits BDCs to potentially increase their debt-to-equity ratio from a maximum of 1 to 1 to a maximum of 2 to 1.
On April 9, 2018 and June 6, 2018, the Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the Investment Company Act), and the stockholders of the Company, respectively, approved the application to the Company of the 150% minimum asset coverage ratio set forth in Section 61(a)(2) of the Investment Company Act, as amended. As a result, the minimum asset coverage ratio applicable to the Company was reduced from 200% to 150%, effective as of June 7, 2018.
As of March 31, 2024 and December 31, 2023, the Company had total senior securities of $985,257 and $1,034,556, respectively, consisting of secured borrowings under the Credit Facility, the Senior Notes, the 2015-1R Notes and the Preferred
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Stock, and had asset coverage ratios of 188.0% and 183.4%, respectively. For the purposes of the asset coverage ratio, the Preferred Stock is classified as a senior security.
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. There have been no material changes in the critical accounting estimates since those discussed in our Annual Report on Form 10-K for the year ended December 31, 2023.
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 March 31, 2024, on a fair value basis, approximately 100.0% of our debt investments bear interest at a floating rate, which primarily are subject to interest rate floors. The Credit Facility and 2015-1 Notes are also subject to floating interest rates and are primarily paid based on floating SOFR rates. The 2028 Notes, which bear a fixed rate, are hedged by entering into fixed to floating interest rate swaps, in order to align the interest rates of our liabilities in our investment portfolio. The 2024 Notes bear a fixed rate.
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 March 31, 2024 and December 31, 2023, and are only adjusted for assumed changes in the underlying base interest rates and the impact of that change on interest income. Interest expense is calculated based on outstanding secured borrowings and notes payable as of March 31, 2024 and December 31, 2023 and based on the terms of our Credit Facility and notes payable. Interest expense on our Credit Facility and notes payable is calculated using the stated interest rate as of March 31, 2024 and December 31, 2023, adjusted for the hypothetical changes in rates, as shown below. We intend to continue to finance a portion of our investments with borrowings and the interest rates paid on our borrowings may significantly impact our net interest income.
We regularly measure exposure to interest rate risk. We assess interest rate risk and manage interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.
Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2024 and December 31, 2023, 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
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Fund II, and outstanding secured borrowings and notes payable assuming no changes in our investment and borrowing structure:
 As of March 31, 2024As of December 31, 2023
Basis Point ChangeInterest
Income		Interest
Expense		Net
Investment
Income		Interest
Income		Interest
Expense		Net
Investment
Income
Up 300 basis points$44,159 $(21,667)$22,492 $44,769 $(23,087)$21,682 
Up 200 basis points$29,439 $(14,445)$14,994 $29,846 $(15,391)$14,455 
Up 100 basis points$14,720 $(7,222)$7,498 $14,923 $(7,696)$7,227 
Down 100 basis points$(14,720)$7,222 $(7,498)$(14,923)$7,696 $(7,227)
Down 200 basis points$(29,439)$14,445 $(14,994)$(29,846)$15,391 $(14,455)
Down 300 basis points$(44,135)$21,667 $(22,468)$(44,740)$23,087 $(21,653)
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.
Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting during the fiscal quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 1. Legal Proceedings
The Company may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. The Company is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also Note 12, Litigation, to the unaudited consolidated financial statements in Part I, Item 1 of this Form 10-Q.
Item 1A. Risk Factors
In addition to the other information set forth within this Form 10-Q, consideration should be given to the information disclosed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
We did not sell any equity securities during the period covered in this report that were not registered under the Securities Act of 1933, as amended.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The following table provides information regarding purchases of our common stock made by or on behalf of the Company or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) during the three months ended March 31, 2024 for the periods indicated.
Period
Total Number of Shares Purchased (1)
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)(2)
Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
January 1, 2024 through January 31, 2024— $— — $42,263 
February 1, 2024 through February 29, 2024— — — $42,263 
March 1, 2024 through March 31, 2024— — — $42,263 
Total— — 
(1)On trade date basis.
(2)On November 2, 2023, the Company's Board of Directors approved the continuation of the Company's $200 million Stock Repurchase Program until November 5, 2024, or until the date the approved dollar amount has been used to repurchase shares. 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.
Item 4. Mine Safety Disclosures
Not applicable.
95
Item 5. Other Information
    During the three months ended March 31, 2024, no director or Section 16 officer of the Company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).
96
Item 6. Exhibits
31.1  
31.2  
32.1  
32.2  
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*
101.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document*
104Cover Page Interactive Data File (embedded within the Inline XBRL document)*
* Filed herewith

97
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
CARLYLE SECURED LENDING, INC.
Dated: May 7, 2024By  /s/ Thomas M. Hennigan
  Thomas M. Hennigan
Chief Financial Officer
(principal financial officer)
98

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