Carlyle Secured Lending - 10-Q quarterly report FY2026 Q2

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| Non-Affiliated Issuer | First Lien Debt | 1251 Insurance Distribution Platform Payco, LP | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | AAH Topco., LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | AArete Investment, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Addev Group (France) | Aerospace & Defense 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Addev Group (France) | Aerospace & Defense 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Addev Group (France) | Aerospace & Defense 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | ADPD Holdings, LLC | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Advanced Infusion Solutions Acquisition, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Advanced Web Technologies Holding Company | Containers, Packaging & Glass2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | AGS Health BCP LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | AI Grace AUS Bidco Pty LTD (Australia) | Consumer Goods: Non-Durable2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Allied Benefit Systems Intermediate LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Alpine Acquisition Corp II | Transportation: Cargo 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Alpine Acquisition Corp II | Transportation: Cargo 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Alpine Acquisition Corp II | Transportation: Cargo 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | AmpersCap LLC | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | AP Plastics Acquisition Holdings, LLC | Chemicals, Plastics & Rubber2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Apex Companies Holdings, LLC | Environmental Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | API Holdings III LLC | Aerospace & Defense2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Apollo Purchaser, Inc. (Canada) | Telecommunications 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Apollo Purchaser, Inc. (Canada) | Telecommunications 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Artifact Bidco, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Ascend Buyer, LLC | Containers, Packaging & Glass2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Associations, Inc. | Construction & Building2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Athlete Buyer, LLC | Construction & Building2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Atlas US Finco, Inc. | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Auctane, Inc. | Transportation: Cargo2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Auditboard, Inc. | Software 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Auditboard, Inc. | Software 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Azurite Intermediate Holdings, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bamboo Health Holdings, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Barnes & Noble, Inc. | Retail2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bayside OPCP, LLC | Healthcare & Pharmaceuticals 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bayside OPCP, LLC | Healthcare & Pharmaceuticals 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bayside OPCP, LLC | Healthcare & Pharmaceuticals 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | BCTO Bobsled Purchaser, Inc. | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bianalisi S.p.A. (Italy) | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Leisure Products & Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Leisure Products & Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Leisure Products & Services 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Leisure Products & Services 42026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bingo Group Buyer, Inc. | Environmental Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Birsa S.p.A. (Italy) | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bitnova Midco S.p.A. (Italy) | High Tech Industries 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bitnova Midco S.p.A. (Italy) | High Tech Industries 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | BlueCat Networks, Inc. (Canada) | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | BMS Holdings III Corp. | Construction & Building2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Businessolver.com, Inc. | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Celerion Buyer, Inc. | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | CircusTrix Holdings, LLC | Leisure Products & Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Cliffwater LLC | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | CoreWeave Compute Acquisition Co. II, LLC | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | CoreWeave Compute Acquisition Co. IV, LLC | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Cority Software Inc. (Canada) | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Cornerstone Building Brands, Inc. | Construction & Building 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Cornerstone Building Brands, Inc. | Construction & Building 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Coupa Holdings, LLC | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | CST Holding Company | Consumer Goods: Non-Durable2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Dance Midco S.a.r.l. (United Kingdom) | Media: Diversified & Production2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | DCA Buyer LLC | Healthcare & Pharmaceuticals 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | DCA Buyer LLC | Healthcare & Pharmaceuticals 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Deerfield Dakota Holding, LLC | Diversified Financial Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Deerfield Dakota Holding, LLC | Diversified Financial Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Denali Intermediate Holdings, Inc. | Media: Broadcasting & Subscription2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Denali Midco 2, LLC | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Diligent Corporation | Telecommunications2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Divisions Holding Corporation | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Dwyer Instruments, Inc. | Capital Equipment2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Einstein Parent, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Eliassen Group, LLC | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Ellkay, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Eltera Bidco AS (Norway) | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Embark Intermediate Holdings, LLC | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Enkindle Limited (United Kingdom) | Diversified Financial Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Enkindle Limited (United Kingdom) | Diversified Financial Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Enverus, Inc. | Energy: Oil & Gas2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Espresso Bidco Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Essential Services Holding Corporation | Consumer Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Essential Services Holding Corporation | Consumer Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Ethos Bidco, Ltd. (United Kingdom) | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Excel Fitness Holdings, Inc. | Leisure Products & Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Excel Fitness Holdings, Inc. | Leisure Products & Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Excelitas Technologies Corp. | Capital Equipment 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Excelitas Technologies Corp. | Capital Equipment 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Flexera Software LLC | Software 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Flexera Software LLC | Software 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | FPG Intermediate Holdco, LLC | Consumer Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | FPG Intermediate Holdco, LLC | Consumer Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Fullsteam Operations LLC | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Generator US Buyer, Inc. | Energy: Electricity2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | GGG Midco, LLC | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | GI DI Emerald Intermediate Limited (United Kingdom) | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Greenhouse Software, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | GS AcquisitionCo, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Guidehouse LLP | Sovereign & Public Finance2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Gymspa (France) | Leisure Products & Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hadrian Acquisition Limited (United Kingdom) | Diversified Financial Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hadrian Acquisition Limited (United Kingdom) | Diversified Financial Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hercules Borrower LLC | Environmental Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hermes BidCo Germany GmbH (Germany) | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Higginbotham Insurance Agency, Inc. | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Holding Argon (France) | Business Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Holding Argon (France) | Business Services 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Holding Argon (France) | Business Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hoosier Intermediate, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Horizon Avionics Buyer, LLC | Aerospace & Defense2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | HS Spa Holdings Inc. | Consumer Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | HS Spa Holdings Inc. | Consumer Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hyphen Solutions, LLC | Construction & Building2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Icefall Parent, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | iCIMS, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | IEM New Sub 2, LLC | Energy: Electricity2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | IG Investments Holdings, LLC | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Infront Luxembourg Finance S.À R.L. (Luxembourg) | Leisure Products & Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | IQN Holding Corp. | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Iron Infinity Buyer Sub, Inc. | Utilities: Oil & Gas2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Jawbreaker Parent, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Jeg's Automotive, LLC | Auto Aftermarket & Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Jeg's Automotive, LLC | Auto Aftermarket & Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Kona Buyer, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | LDS Intermediate Holdings, L.L.C. | Transportation: Cargo2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Leo BuyerCo, LLC | Capital Equipment2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Lifelong Learner Holdings, LLC | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Material Holdings, LLC | Business Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Material Holdings, LLC | Business Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Material Holdings, LLC | Business Services 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Matterhorn Finco, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | McQueen Bidco PTY LTD. (Australia) | Auto Aftermarket & Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | McQueen Bidco PTY LTD. (Australia) | Auto Aftermarket & Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | McQueen Bidco PTY LTD. (Australia) | Auto Aftermarket & Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Merative L.P. | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Mindbody, Inc. | Leisure Products & Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Modernizing Medicine, Inc. | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Monarch Buyer, Inc. | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | More Cowbell II, LLC | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | NFO Orange Buyer, LLC | Construction & Building2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | NMI AcquisitionCo, Inc. | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | North Haven Fairway Buyer, LLC | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Nuzoa Bidco, S.L.U. (Spain) | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Oak Purchaser, Inc. | Business Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Oak Purchaser, Inc. | Business Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | OEConnection, LLC | Auto Aftermarket & Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | OEI, Inc. | Construction & Building2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Onward Acquierco, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Optimizely North America Inc. | High Tech Industries 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Optimizely North America Inc. | High Tech Industries 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Optimizely North America Inc. | High Tech Industries 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Orbcomm Inc. | Telecommunications2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Orthrus Limited (United Kingdom) | Diversified Financial Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Orthrus Limited (United Kingdom) | Diversified Financial Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Orthrus Limited (United Kingdom) | Diversified Financial Services 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Orthrus Limited (United Kingdom) | Diversified Financial Services 42026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | PAM Bidco Limited (United Kingdom) | Utilities: Water 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | PAM Bidco Limited (United Kingdom) | Utilities: Water 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | PDI TA Holdings, Inc | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Pound Bidco Inc. (Canada) | Software 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Pound Bidco Inc. (Canada) | Software 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | PPV Intermediate Holdings, LLC | Healthcare & Pharmaceuticals 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | PPV Intermediate Holdings, LLC | Healthcare & Pharmaceuticals 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | PPV Intermediate Holdings, LLC | Healthcare & Pharmaceuticals 32026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Project Castle, Inc. | Capital Equipment2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Propio LS, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | PROS Parent, Inc. | Transportation: Consumer2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | PXO Holdings I Corp. | Chemicals, Plastics & Rubber2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | QBS Parent, Inc. | Energy: Oil & Gas2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Radwell Parent, LLC | Wholesale2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Rialto Management Group, LLC | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Rotation Buyer, LLC | Capital Equipment2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Saguaro Buyer, LLC | Leisure Products & Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | SCHP Purchaser, INC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | SCP Eye Care HoldCo, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Seahawk Bidco, LLC | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Secretariat Advisors LLC | Construction & Building2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Sigma Irish Acquico Limited (Ireland) | Diversified Financial Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Sigma Irish Acquico Limited (Ireland) | Diversified Financial Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | SitusAMC Holdings Corporation | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Smarsh Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Specialty Pharma III, Inc. | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Speedstar Holding LLC | Auto Aftermarket & Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Spotless Brands, LLC | Consumer Services 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Spotless Brands, LLC | Consumer Services 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Summit Bidco, Inc. (Canada) | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Tank Holding Corp. | Capital Equipment 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Tank Holding Corp. | Capital Equipment 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | The Chartis Group, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Thor (BC) Bidco AB (Sweden) | Wholesale 12026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Thor (BC) Bidco AB (Sweden) | Wholesale 22026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Total Power Limited (Canada) | Energy: Electricity2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | TS Imagine Intermediate Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Tufin Software North America, Inc. | Software2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | U.S. Legal Support, Inc. | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | UFT Buyer LLC | Environmental Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | US INFRA SVCS Buyer, LLC | Environmental Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | USR Parent Inc. | Retail2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Vensure Employer Services, Inc. | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Victors Purchaser, LLC | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Vienna Bidco Limited (United Kingdom) | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | VRC Companies, LLC | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Whitney Merger Sub, Inc. | Leisure Products & Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Wineshipping.com LLC | Beverage & Food2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | World 50, Inc. | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | Yellowstone Buyer Acquisition, LLC | Consumer Goods: Durable2026-06-300001544206Investment | Non-Affiliated Issuer | First Lien Debt | YLG Holdings, Inc. | Consumer Services2026-06-300001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesFirstLienMember2026-06-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesSecondLienMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-06-300001544206Investment | Non-Affiliated Issuer | Second Lien Debt | AQA Acquisition Holdings, Inc. | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | Second Lien Debt | Associations, Inc. | Construction & Building 12026-06-300001544206Investment | Non-Affiliated Issuer | Second Lien Debt | Associations, Inc. | Construction & Building 22026-06-300001544206Investment | Non-Affiliated Issuer | Second Lien Debt | Bayside OPCP, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | Second Lien Debt | Denali Midco 2, LLC | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | Second Lien Debt | FPG Intermediate Holdco, LLC | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | Second Lien Debt | PAI Holdco, Inc. | Auto Aftermarket & Services2026-06-300001544206Investment | Non-Affiliated Issuer | Second Lien Debt | TruGreen Limited Partnership | Consumer Services2026-06-300001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesSecondLienMember2026-06-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | 48Forty TopCo LLC | Transportation: Cargo 12026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | 48Forty TopCo LLC | Transportation: Cargo 22026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Aimbridge Acquisition Co., Inc. | Leisure Products & Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Ampersand Partners Feeder AIV LP | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | ANLG Holdings, LLC | Capital Equipment2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Atlas Ontario LP (Canada) | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Bayside HoldCo, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Blackbird Holdco, Inc. | Capital Equipment2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Buckeye Group Holdings, L.P. | Auto Aftermarket & Services 12026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Buckeye Group Holdings, L.P. | Auto Aftermarket & Services 22026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Buckeye Group Holdings, L.P. | Auto Aftermarket & Services 32026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | CIP Revolution Holdings, LLC | Media: Advertising, Printing & Publishing2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Comar Aggregator Co, LLC | Containers, Packaging & Glass2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Cority Software Inc. (Canada) | Software2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | DCA TopCo LP | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Diligent Corporation | Telecommunications2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | ECP Parent, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | EvolveIP, LLC | Telecommunications2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | FPG Intermediate Holdco, LLC | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | FS NU Investors, LP | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | GB Vino Parent, L.P. | Beverage & Food2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | HIG Intermediate, Inc. | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Integrity Marketing Group, LLC | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Navacord Intermediate Holdings Inc. (Canada) | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | NearU Holdings LLC | Consumer Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Pascal Ultimate Holdings, L.P | Capital Equipment2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Profile Holdings I, LP | Chemicals, Plastics & Rubber2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Project Carbo S.a.r.l. (Luxembourg) | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Sinch AB (Sweden) | High Tech Industries2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Summit K2 Midco, Inc. | Diversified Financial Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Talon MidCo 1 Limited | Software2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Tank Holding Corp. | Capital Equipment2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | TW LRW Holdings, LLC | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | TW Material Holdings LP | Business Services 12026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | TW Material Holdings LP | Business Services 22026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | TW Material Holdings LP | Business Services 32026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | U.S. Legal Support Investment Holdings, LLC | Business Services2026-06-300001544206Investment | Non-Affiliated Issuer | Equity Investments | Zenith American Holding, Inc. | Business Services2026-06-300001544206us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-06-300001544206Investment | Affiliated Issuer | First Lien Debt | Align Precision Group, LLC | Aerospace & Defense 12026-06-300001544206Investment | Affiliated Issuer | First Lien Debt | Align Precision Group, LLC | Aerospace & Defense 22026-06-300001544206Investment | Affiliated Issuer | First Lien Debt | SPF Borrower, LLC | Healthcare & Pharmaceuticals 12026-06-300001544206Investment | Affiliated Issuer | First Lien Debt | SPF Borrower, LLC | Healthcare & Pharmaceuticals 22026-06-300001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembercsl:DebtSecuritiesFirstLienMember2026-06-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-06-300001544206Investment | Affiliated Issuer | Equity Investments | Align Precision Group, LLC | Aerospace & Defense2026-06-300001544206Investment | Affiliated Issuer | Equity Investments | SPF HoldCo LLC | Healthcare & Pharmaceuticals2026-06-300001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2026-06-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:OtherThanSecuritiesInvestmentMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-06-300001544206Investment | Affiliated Issuer | Investment Funds | Structured Credit Partners JV, LLC, Class A | Investment Funds2026-06-300001544206Investment | Affiliated Issuer | Investment Funds | Structured Credit Partners JV, LLC, Class B | Investment Funds2026-06-300001544206Investment | Affiliated Issuer | Investment Funds | Structured Credit Partners JV, LLC, Class C | Investment Funds2026-06-300001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:OtherThanSecuritiesInvestmentMember2026-06-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:OtherThanSecuritiesInvestmentMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-06-300001544206Investment | Affiliated Issuer | Investment Funds | Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest | Investment Funds2026-06-300001544206Investment | Affiliated Issuer | Investment Funds | Middle Market Credit Fund, LLC, Mezzanine Loan | Investment Funds2026-06-300001544206us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:OtherThanSecuritiesInvestmentMember2026-06-300001544206csl:JPMorganChaseBankN.A.Memberus-gaap:InterestRateSwapMember2026-06-300001544206csl:JPMorganChaseBankN.A.2Memberus-gaap:InterestRateSwapMember2026-06-300001544206us-gaap:InterestRateSwapMember2026-06-300001544206Forward Currency Contract, Barclays Bank PLC 12026-06-300001544206Forward Currency Contract, Barclays Bank PLC 22026-06-300001544206Forward Currency Contract, Barclays Bank PLC 32026-06-300001544206Forward Currency Contract, Barclays Bank PLC 42026-06-300001544206Forward Currency Contract, Barclays Bank PLC 52026-06-300001544206Forward Currency Contract, Barclays Bank PLC 62026-06-300001544206Forward Currency Contract, Barclays Bank PLC 72026-06-300001544206Forward Currency Contract, Barclays Bank PLC 82026-06-300001544206Forward Currency Contract, Barclays Bank PLC 92026-06-300001544206csl:A30DaySOFRMember2026-06-300001544206csl:A90DaySOFRMember2026-06-300001544206csl:A180DaySOFRMember2026-06-300001544206csl:DailySONIARateMember2026-06-300001544206csl:A30DayEURIBORMember2026-06-300001544206csl:A90DayEURIBORMember2026-06-300001544206csl:A180DayEURIBORMember2026-06-300001544206csl:A30DayCORRAMember2026-06-300001544206csl:A30DayBBSYMember2026-06-300001544206csl:A90DaySTIBORMember2026-06-300001544206csl:A90DayNIBORMember2026-06-300001544206srt:MinimumMember2026-06-300001544206srt:MaximumMember2026-06-300001544206us-gaap:EquitySecuritiesMember2026-06-300001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMember2026-06-300001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2026-06-300001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest2025-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest2026-01-012026-06-300001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest2026-06-300001544206Middle Market Credit Fund, LLC, Mezzanine Loan2025-12-310001544206Middle Market Credit Fund, LLC, Mezzanine Loan2026-01-012026-06-300001544206Middle Market Credit Fund, LLC, Mezzanine Loan2026-06-300001544206Investment | Affiliated Issuer | Align Precision Group, LLC 12025-12-310001544206Investment | Affiliated Issuer | Align Precision Group, LLC 12026-01-012026-06-300001544206Investment | Affiliated Issuer | Align Precision Group, LLC 12026-06-300001544206Investment | Affiliated Issuer | Align Precision Group, LLC 22025-12-310001544206Investment | Affiliated Issuer | Align Precision Group, LLC 22026-01-012026-06-300001544206Investment | Affiliated Issuer | Align Precision Group, LLC 22026-06-300001544206Investment | Affiliated Issuer | Align Precision Group, LLC (Equity)2025-12-310001544206Investment | Affiliated Issuer | Align Precision Group, LLC (Equity)2026-01-012026-06-300001544206Investment | Affiliated Issuer | Align Precision Group, LLC (Equity)2026-06-300001544206Investment | Affiliated Issuer | SPF Borrower, LLC 12025-12-310001544206Investment | Affiliated Issuer | SPF Borrower, LLC 12026-01-012026-06-300001544206Investment | Affiliated Issuer | SPF Borrower, LLC 12026-06-300001544206Investment | Affiliated Issuer | SPF Borrower, LLC 22025-12-310001544206Investment | Affiliated Issuer | SPF Borrower, LLC 22026-01-012026-06-300001544206Investment | Affiliated Issuer | SPF Borrower, LLC 22026-06-300001544206Investment | Affiliated Issuer | SPF HoldCo, LLC (Equity)2025-12-310001544206Investment | Affiliated Issuer | SPF HoldCo, LLC (Equity)2026-01-012026-06-300001544206Investment | Affiliated Issuer | SPF HoldCo, LLC (Equity)2026-06-300001544206Investment | Affiliated Issuer | Structured Credit Partners JV, LLC 12025-12-310001544206Investment | Affiliated Issuer | Structured Credit Partners JV, LLC 12026-01-012026-06-300001544206Investment | Affiliated Issuer | Structured Credit Partners JV, LLC 12026-06-300001544206Investment | Affiliated Issuer | Structured Credit Partners JV, LLC 22025-12-310001544206Investment | Affiliated Issuer | Structured Credit Partners JV, LLC 22026-01-012026-06-300001544206Investment | Affiliated Issuer | Structured Credit Partners JV, LLC 22026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | 1251 Insurance Distribution Platform Payco, LP | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | AAH Topco., LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | AArete Investment, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | AArete Investment, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Addev Group (France) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Advanced Infusion Solutions Acquisition, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Advanced Infusion Solutions Acquisition, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Advanced Web Technologies Holding Company | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | AGS Health BCP LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | AGS Health BCP LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Align Precision Group, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Allied Benefit Systems Intermediate LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Alpine Acquisition Corp II | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Alpine Acquisition Corp II | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | AmpersCap LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | AP Plastics Acquisition Holdings, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | AP Plastics Acquisition Holdings, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Apex Companies Holdings, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | API Holdings III LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | API Holdings III LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Apollo Purchaser, Inc. (Canada) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Apollo Purchaser, Inc. (Canada) | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Artifact Bidco, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Artifact Bidco, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Ascend Buyer, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Associations, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Associations, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Athlete Buyer, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Atlas US Finco, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Auditboard, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Azurite Intermediate Holdings, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Bamboo Health Holdings, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Bayside OPCP, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | BCTO Bobsled Purchaser, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | BCTO Bobsled Purchaser, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Bingo Group Buyer, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Bingo Group Buyer, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Bitnova Midco S.p.A. (Italy) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Businessolver.com, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Businessolver.com, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Celerion Buyer, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Cliffwater LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Cority Software Inc. (Canada) | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Coupa Holdings, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | CST Holding Company | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Dance Midco S.a.r.l. (United Kingdom) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Deerfield Dakota Holding, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Denali Intermediate Holdings, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Diligent Corporation | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Divisions Holding Corporation | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Dwyer Instruments, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Einstein Parent, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Ellkay, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Eltera Bidco AS (Norway) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Embark Intermediate Holdings, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Embark Intermediate Holdings, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Enkindle Limited (United Kingdom) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Enverus, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Enverus, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Espresso Bidco Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Espresso Bidco Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Essential Services Holding Corporation | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Excel Fitness Holdings, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Excelitas Technologies Corp. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Flexera Software LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | FPG Intermediate Holdco, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Fullsteam Operations LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Fullsteam Operations LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | GGG Midco, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | GGG Midco, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | GI DI Emerald Intermediate Limited (United Kingdom) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | GI DI Emerald Intermediate Limited (United Kingdom) | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Greenhouse Software, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | GS AcquisitionCo, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | GS AcquisitionCo, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Gymspa (France) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Hercules Borrower LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Higginbotham Insurance Agency, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Holding Argon (France) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Hoosier Intermediate, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Horizon Avionics Buyer, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Horizon Avionics Buyer, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | HS Spa Holdings Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Hyphen Solutions, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Hyphen Solutions, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Icefall Parent, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | iCIMS, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | IEM New Sub 2, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | IG Investments Holdings, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | IQN Holding Corp. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Iron Infinity Buyer Sub, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Iron Infinity Buyer Sub, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Jawbreaker Parent, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Jawbreaker Parent, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Kona Buyer, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Kona Buyer, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | LDS Intermediate Holdings, L.L.C. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | LDS Intermediate Holdings, L.L.C. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Leo BuyerCo, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Leo BuyerCo, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Lifelong Learner Holdings, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Material Holdings, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Material Holdings, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Matterhorn Finco, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | McQueen Bidco PTY LTD. (Australia) | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Merative L.P. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Merative L.P. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Mindbody, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Modernizing Medicine, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Monarch Buyer, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Monarch Buyer, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | More Cowbell II, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | More Cowbell II, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | NFO Orange Buyer, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | NFO Orange Buyer, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | NMI AcquisitionCo, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | North Haven Fairway Buyer, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Nuzoa Bidco, S.L.U. (Spain) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Oak Purchaser, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Oak Purchaser, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | OEConnection, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | OEConnection, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | OEI, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | OEI, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Onward Acquierco, Inc | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Optimizely North America Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Orbcomm Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Orbcomm Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Orthrus Limited (United Kingdom) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | PAM Bidco Limited (United Kingdom) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Pound Bidco Inc. (Canada) | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | PPV Intermediate Holdings, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | PPV Intermediate Holdings, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Propio LS, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | PROS Parent, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | PXO Holdings I Corp. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | QBS Parent, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | QBS Parent, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Radwell Parent, LLC| Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Radwell Parent, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Rialto Management Group, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Rotation Buyer, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Rotation Buyer, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Saguaro Buyer, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Saguaro Buyer, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | SCHP Purchaser, INC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | SCP Eye Care HoldCo, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Seahawk Bidco, LLC | Delayed Draw 22026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Seahawk Bidco, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Secretariat Advisors LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Sigma Irish Acquico Limited (Ireland) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Smarsh Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Smarsh Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Specialty Pharma III, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Speedstar Holding LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | SPF Borrower, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Spotless Brands, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Summit Bidco, Inc. (Canada) | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Tank Holding Corp. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | The Chartis Group, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | The Chartis Group, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Thor (BC) Bidco AB (Sweden) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Total Power Limited (Canada) | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Total Power Limited (Canada) | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | TS Imagine Intermediate Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | TS Imagine Intermediate Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Tufin Software North America, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | U.S. Legal Support, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | UFT Buyer LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | UFT Buyer LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Victors Purchaser, LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Victors Purchaser, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | VRC Companies, LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Whitney Merger Sub, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Wineshipping.com LLC | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | Wineshipping.com LLC | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | World 50, Inc. | Revolver2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | YLG Holdings, Inc. | Delayed Draw2026-06-300001544206Investments | Non-Affiliated | First and Second Lien Debt | YLG Holdings, Inc. | 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| Non-Affiliated Issuer | First Lien Debt | 1251 Insurance Distribution Platform Payco, LP | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | AAH Topco., LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | AArete Investment, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Addev Group (France) | Chemicals, Plastics & Rubber2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | ADPD Holdings, LLC | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Advanced Web Technologies Holding Company | Containers, Packaging & Glass2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | AGS Health BCP LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | AI Grace AUS Bidco Pty LTD (Australia) | Consumer Goods: Non-Durable2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Allied Benefit Systems Intermediate LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Alpine Acquisition Corp II | Transportation: Cargo2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | AmpersCap LLC | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | AP Plastics Acquisition Holdings, LLC | Chemicals, Plastics & Rubber2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Apex Companies Holdings, LLC | Environmental Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Applied Technical Services, LLC | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Artifact Bidco, Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Ascend Buyer, LLC | Containers, Packaging & Glass2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Associations, Inc. | Construction & Building2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Athlete Buyer, LLC | Construction & Building2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Atlas US Finco, Inc. | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Auditboard, Inc. | Software 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Auditboard, Inc. | Software 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Azurite Intermediate Holdings, Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bamboo Health Holdings, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Barnes & Noble, Inc. | Retail2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bayside OPCP, LLC | Healthcare & Pharmaceuticals 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bayside OPCP, LLC | Healthcare & Pharmaceuticals 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bayside OPCP, LLC | Healthcare & Pharmaceuticals 32025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bianalisi S.p.A. (Italy) | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Leisure Products & Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Leisure Products & Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Leisure Products & Services 32025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Leisure Products & Services 42025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Bingo Group Buyer, Inc. | Environmental Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Birsa S.p.A. (Italy) | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | BlueCat Networks, Inc. (Canada) | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | BMS Holdings III Corp. | Construction & Building2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Businessolver.com, Inc. | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Celerion Buyer, Inc. | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | CircusTrix Holdings, LLC | Leisure Products & Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Cliffwater LLC | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | CoreWeave Compute Acquisition Co. II, LLC | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | CoreWeave Compute Acquisition Co. IV, LLC | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Cority Software Inc. (Canada) | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Cornerstone Building Brands, Inc. | Construction & Building 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Cornerstone Building Brands, Inc. | Construction & Building 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Coupa Holdings, LLC | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | CST Holding Company | Consumer Goods: Non-Durable2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Dance Midco S.a.r.l. (United Kingdom) | Media: Diversified & Production2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | DCA Investment Holding LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Deerfield Dakota Holding, LLC | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Denali Intermediate Holdings, Inc. | Media: Broadcasting & Subscription2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Denali Midco 2, LLC | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Diligent Corporation | Telecommunications2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Divisions Holding Corporation | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Dwyer Instruments, Inc. | Capital Equipment2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Einstein Parent, Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Eliassen Group, LLC | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Ellkay, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Embark Intermediate Holdings, LLC | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Enkindle Limited (United Kingdom) | Diversified Financial Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Enkindle Limited (United Kingdom) | Diversified Financial Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Enverus, Inc. | Energy: Oil & Gas2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Espresso Bidco Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Essential Services Holding Corporation | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Excel Fitness Holdings, Inc. | Leisure Products & Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Excel Fitness Holdings, Inc. | Leisure Products & Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Excelitas Technologies Corp. | Capital Equipment 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Excelitas Technologies Corp. | Capital Equipment 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Flexera Software LLC | Software 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Flexera Software LLC | Software 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | FPG Intermediate Holdco, LLC | Consumer Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | FPG Intermediate Holdco, LLC | Consumer Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Fullsteam Operations LLC | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Galileo Parent, Inc. | Telecommunications2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Generator US Buyer, Inc. | Energy: Electricity2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Greenhouse Software, Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | GS AcquisitionCo, Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Guidehouse LLP | Sovereign & Public Finance2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Gymspa (France) | Leisure Products & Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hadrian Acquisition Limited (United Kingdom) | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hercules Borrower LLC | Environmental Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Higginbotham Insurance Agency, Inc. | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hyphen Solutions, LLC | Construction & Building2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Holding Argon (France) | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Hoosier Intermediate, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Horizon Avionics Buyer, LLC | Aerospace & Defense2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | HS Spa Holdings Inc. | Consumer Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | HS Spa Holdings Inc. | Consumer Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Icefall Parent, Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | IEM New Sub 2, LLC | Energy: Electricity2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | iCIMS, Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | IG Investments Holdings, LLC | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Infront Luxembourg Finance S.À R.L. (Luxembourg) | Leisure Products & Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | IQN Holding Corp. | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Iron Infinity Buyer Sub, Inc. | Utilities: Oil & Gas2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Jeg's Automotive, LLC | Auto Aftermarket & Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Jeg's Automotive, LLC | Auto Aftermarket & Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Kona Buyer, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | LDS Intermediate Holdings, L.L.C. | Transportation: Cargo2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Leo BuyerCo, LLC | Capital Equipment2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Lifelong Learner Holdings, LLC | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Material Holdings, LLC | Business Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Material Holdings, LLC | Business Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Material Holdings, LLC | Business Services 32025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | McQueen Bidco PTY LTD. (Australia) | Auto Aftermarket & Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Medical Manufacturing Technologies, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Merative L.P. | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Modernizing Medicine, Inc. | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Monarch Buyer, Inc. | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | More Cowbell II, LLC | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | NEFCO Holding Company LLC | Construction & Building2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | NMI AcquisitionCo, Inc. | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | North Haven Fairway Buyer, LLC | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Nuzoa Bidco, S.L.U. (Spain) | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Oak Purchaser, Inc. | Business Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Oak Purchaser, Inc. | Business Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | OEConnection, LLC | Auto Aftermarket & Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | OEI, Inc. | Construction & Building2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Optimizely North America Inc. | High Tech Industries 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Optimizely North America Inc. | High Tech Industries 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Optimizely North America Inc. | High Tech Industries 32025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Orthrus Limited (United Kingdom) | Diversified Financial Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Orthrus Limited (United Kingdom) | Diversified Financial Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Orthrus Limited (United Kingdom) | Diversified Financial Services 32025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Orthrus Limited (United Kingdom) | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PAM Bidco Limited (United Kingdom) | Utilities: Water 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PAM Bidco Limited (United Kingdom) | Utilities: Water 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PDI TA Holdings, Inc | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PF Atlantic Holdco 2, LLC | Leisure Products & Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PF Atlantic Holdco 2, LLC | Leisure Products & Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PPV Intermediate Holdings, LLC | Healthcare & Pharmaceuticals 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PPV Intermediate Holdings, LLC | Healthcare & Pharmaceuticals 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PPV Intermediate Holdings, LLC | Healthcare & Pharmaceuticals 32025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Project Castle, Inc. | Capital Equipment2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Prophix Software Inc. (Canada) | Software 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Prophix Software Inc. (Canada) | Software 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Propio LS, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PROS Parent, Inc. | Transportation: Consumer2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | PXO Holdings I Corp. | Chemicals, Plastics & Rubber2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | QBS Parent, Inc. | Energy: Oil & Gas2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Radwell Parent, LLC | Wholesale2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Rialto Management Group, LLC | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Rotation Buyer, LLC | Capital Equipment2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Saguaro Buyer, LLC | Leisure Products & Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | SCHP Purchaser, INC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | SCP Eye Care HoldCo, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Seahawk Bidco, LLC | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Secretariat Advisors LLC | Construction & Building2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Sigma Irish Acquico Limited (Ireland) | Diversified Financial Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Sigma Irish Acquico Limited (Ireland) | Diversified Financial Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | SitusAMC Holdings Corporation | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Smarsh Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Summit Bidco, Inc. (Canada) | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Specialty Pharma III, Inc. | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Speedstar Holding LLC | Auto Aftermarket & Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Spotless Brands, LLC | Consumer Services 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Spotless Brands, LLC | Consumer Services 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | UFT Buyer LLC | Environmental Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Tank Holding Corp. | Capital Equipment 12025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Tank Holding Corp. | Capital Equipment 22025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | TCFI Aevex LLC | Aerospace & Defense2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | The Chartis Group, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Total Power Limited (Canada) | Energy: Electricity2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Tufin Software North America, Inc. | Software2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Turbo Buyer, Inc. | Auto Aftermarket & Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | U.S. Legal Support, Inc. | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | US INFRA SVCS Buyer, LLC | Environmental Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | USR Parent Inc. | Retail2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Vensure Employer Services, Inc. | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Victors Purchaser, LLC | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Vienna Bidco Limited (United Kingdom) | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | VRC Companies, LLC | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Whitney Merger Sub, Inc. | Leisure Products & Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Wineshipping.com LLC | Beverage & Food2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | World 50, Inc. | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | Yellowstone Buyer Acquisition, LLC | Consumer Goods: Durable2025-12-310001544206Investment | Non-Affiliated Issuer | First Lien Debt | YLG Holdings, Inc. | Consumer Services2025-12-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesFirstLienMember2025-12-310001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesSecondLienMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-12-310001544206Investment | Non-Affiliated Issuer | Second Lien Debt | 11852604 Canada Inc. (Canada) | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | Second Lien Debt | AQA Acquisition Holdings, Inc. | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | Second Lien Debt | Associations, Inc. | Construction & Building2025-12-310001544206Investment | Non-Affiliated Issuer | Second Lien Debt | Bayside OPCP, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | Second Lien Debt | Denali Midco 2, LLC | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | Second Lien Debt | FPG Intermediate Holdco, LLC | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | Second Lien Debt | PAI Holdco, Inc. | Auto Aftermarket & Services2025-12-310001544206Investment | Non-Affiliated Issuer | Second Lien Debt | TruGreen Limited Partnership | Consumer Services2025-12-310001544206us-gaap:InvestmentUnaffiliatedIssuerMembercsl:DebtSecuritiesSecondLienMember2025-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | 48forty Intermediate Holdings, Inc. | Transportation: Cargo2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Aimbridge Acquisition Co., Inc. | Leisure Products & Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Ampersand Partners Feeder AIV LP | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | ANLG Holdings, LLC | Capital Equipment2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Atlas Ontario LP (Canada) | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Bayside HoldCo, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Blackbird Holdco, Inc. | Capital Equipment2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Buckeye Group Holdings, L.P. | Auto Aftermarket & Services 12025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Buckeye Group Holdings, L.P. | Auto Aftermarket & Services 22025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Buckeye Group Holdings, L.P. | Auto Aftermarket & Services 32025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | CIP Revolution Holdings, LLC | Media: Advertising, Printing & Publishing2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Comar Aggregator Co, LLC | Containers, Packaging & Glass2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Cority Software Inc. (Canada) | Software2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Diligent Corporation | Telecommunications2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | ECP Parent, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | EvolveIP, LLC | Telecommunications2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | FPG Intermediate Holdco, LLC | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | FS NU Investors, LP | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | GB Vino Parent, L.P. | Beverage & Food2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | HIG Intermediate, Inc. | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Integrity Marketing Group, LLC | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | NearU Holdings LLC | Consumer Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | NEFCO Holding Company LLC | Construction & Building2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Pascal Ultimate Holdings, L.P | Capital Equipment2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Profile Holdings I, LP | Chemicals, Plastics & Rubber2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Project Carbo S.a.r.l. (Luxemburg) | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Sinch AB (Sweden) | High Tech Industries2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Summit K2 Midco, Inc. | Diversified Financial Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Talon MidCo 1 Limited | Software2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Tank Holding Corp. | Capital Equipment2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Turbo Buyer, Inc. | Auto Aftermarket & Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | TW LRW Holdings, LLC | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | U.S. Legal Support Investment Holdings, LLC | Business Services2025-12-310001544206Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | Zenith American Holding, Inc. | Business Services2025-12-310001544206us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001544206Investment | Affiliated Issuer | First Lien Debt | Align Precision Group, LLC | Aerospace & Defense 12025-12-310001544206Investment | Affiliated Issuer | First Lien Debt | Align Precision Group, LLC | Aerospace & Defense 22025-12-310001544206Investment | Affiliated Issuer | First Lien Debt | SPF Borrower, LLC | Healthcare & Pharmaceuticals 12025-12-310001544206Investment | Affiliated Issuer | First Lien Debt | SPF Borrower, LLC | Healthcare & Pharmaceuticals 22025-12-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembercsl:DebtSecuritiesFirstLienMember2025-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001544206Investment | Affiliated Issuer | Equity Investments | Align Precision Group, LLC | Aerospace & Defense2025-12-310001544206Investment | Affiliated Issuer | Equity Investments | SPF HoldCo LLC | Healthcare & Pharmaceuticals2025-12-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:OtherThanSecuritiesInvestmentMembercsl:InvestmentsAtFairValueMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001544206Investment | Affiliated Issuer | Investment Funds | Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest | Investment Funds2025-12-310001544206Investment | Affiliated Issuer | Investment Funds | Middle Market Credit Fund, LLC, Mezzanine Loan | Investment Funds2025-12-310001544206us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:OtherThanSecuritiesInvestmentMember2025-12-310001544206csl:JPMorganChaseBankN.A.Memberus-gaap:InterestRateSwapMember2025-12-310001544206csl:JPMorganChaseBankN.A.2Memberus-gaap:InterestRateSwapMember2025-12-310001544206us-gaap:InterestRateSwapMember2025-12-310001544206csl:A30DaySOFRMember2025-12-310001544206csl:A90DaySOFRMember2025-12-310001544206csl:A180DaySOFRMember2025-12-310001544206csl:DailySONIARateMember2025-12-310001544206csl:A30DayEURIBORMember2025-12-310001544206csl:A90DayEURIBORMember2025-12-310001544206csl:A180DayEURIBORMember2025-12-310001544206csl:A30DayCORRAMember2025-12-310001544206srt:MinimumMember2025-12-310001544206srt:MaximumMember2025-12-310001544206us-gaap:EquitySecuritiesMember2025-12-310001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMember2025-12-310001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2025-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest2024-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest2025-01-012025-12-310001544206Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest2025-12-310001544206Middle Market Credit Fund, Mezzanine Loan2024-12-310001544206Middle Market Credit Fund, Mezzanine Loan2025-01-012025-12-310001544206Middle Market Credit Fund, Mezzanine Loan2025-12-310001544206Middle Market Credit Fund II, LLC, Member's Interest2024-12-310001544206Middle Market Credit Fund II, LLC, Member's Interest2025-01-012025-12-310001544206Middle Market Credit Fund II, LLC, Member's Interest2025-12-310001544206us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001544206us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001544206Align Precision Group, LLC 12024-12-310001544206Align Precision Group, LLC 12025-01-012025-12-310001544206Align Precision Group, LLC 12025-12-310001544206Align Precision Group, LLC 22024-12-310001544206Align Precision Group, LLC 22025-01-012025-12-310001544206Align Precision Group, LLC 22025-12-310001544206Align Precision Group, LLC (Equity)2024-12-310001544206Align Precision Group, LLC (Equity)2025-01-012025-12-310001544206Align Precision Group, LLC (Equity)2025-12-310001544206SPF Borrower, LLC 12024-12-310001544206SPF Borrower, LLC 12025-01-012025-12-310001544206SPF Borrower, LLC 12025-12-310001544206SPF Borrower, LLC 22024-12-310001544206SPF Borrower, LLC 22025-01-012025-12-310001544206SPF Borrower, LLC 22025-12-310001544206SPF HoldCo, LLC (Equity)2024-12-310001544206SPF HoldCo, LLC (Equity)2025-01-012025-12-310001544206SPF HoldCo, LLC (Equity)2025-12-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001544206us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | 1251 Insurance Distribution Platform Payco, LP | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | AAH Topco., LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | AArete Investment, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | AArete Investment, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Addev Group (France) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Advanced Web Technologies Holding Company | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Advanced Web Technologies Holding Company | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | AGS Health BCP LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | AGS Health BCP LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Align Precision Group, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Allied Benefit Systems Intermediate LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Alpine Acquisition Corp II | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | AmpersCap LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | AP Plastics Acquisition Holdings, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | AP Plastics Acquisition Holdings, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Apex Companies Holdings, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Applied Technical Services, LLC | Delayed Draw 12025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Applied Technical Services, LLC | Delayed Draw 22025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Applied Technical Services, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Artifact Bidco, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Artifact Bidco, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Ascend Buyer, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Associations, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Associations, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Athlete Buyer, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Atlas US Finco, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Auditboard, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Azurite Intermediate Holdings, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Bamboo Health Holdings, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Bayside OPCP, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Bianalisi S.p.A. (Italy) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Big Bus Tours Group Limited (United Kingdom) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Bingo Group Buyer, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Bingo Group Buyer, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Birsa S.p.A. (Italy) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Businessolver.com, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Businessolver.com, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Celerion Buyer, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | CircusTrix Holdings, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Cliffwater LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Cority Software Inc. (Canada) | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Coupa Holdings, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Coupa Holdings, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | CST Holding Company | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Dance Midco S.a.r.l. (United Kingdom) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Deerfield Dakota Holding, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Denali Intermediate Holdings, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Diligent Corporation | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Diligent Corporation | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Divisions Holding Corporation | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Dwyer Instruments, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Einstein Parent, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Ellkay, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Embark Intermediate Holdings, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Embark Intermediate Holdings, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Enkindle Limited (United Kingdom) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Enverus, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Enverus, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Espresso Bidco Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Espresso Bidco Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Essential Services Holding Corporation | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Essential Services Holding Corporation | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Excel Fitness Holdings, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Excel Fitness Holdings, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Excelitas Technologies Corp. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Excelitas Technologies Corp. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Flexera Software LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | FPG Intermediate Holdco, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Fullsteam Operations LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Fullsteam Operations LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Galileo Parent, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Greenhouse Software, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | GS AcquisitionCo, Inc. | Delayed Draw 12025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | GS AcquisitionCo, Inc. | Delayed Draw 22025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | GS AcquisitionCo, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Gymspa (France) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Heartland Home Services, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Hercules Borrower LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Higginbotham Insurance Agency, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Holding Argon (France) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Hoosier Intermediate, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Horizon Avionics Buyer, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Horizon Avionics Buyer, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | HS Spa Holdings Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Hyphen Solutions, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Hyphen Solutions, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Icefall Parent, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | iCIMS, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | IEM New Sub 2, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | IG Investments Holdings, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | IQN Holding Corp. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Iron Infinity Buyer Sub, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Iron Infinity Buyer Sub, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Kona Buyer, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Kona Buyer, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | LDS Intermediate Holdings, L.L.C. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | LDS Intermediate Holdings, L.L.C. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Leo BuyerCo, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Leo BuyerCo, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Lifelong Learner Holdings, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Material Holdings, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Material Holdings, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | McQueen Bidco PTY LTD. (Australia) | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Medical Manufacturing Technologies, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Merative L.P. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Merative L.P. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Modernizing Medicine, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Monarch Buyer, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Monarch Buyer, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | More Cowbell II, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | More Cowbell II, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | NEFCO Holding Company LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | NMI AcquisitionCo, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | North Haven Fairway Buyer, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Nuzoa Bidco, S.L.U. (Spain) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Oak Purchaser, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Oak Purchaser, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | OEConnection, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | OEConnection, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | OEI, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | OEI, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Optimizely North America Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Orthrus Limited (United Kingdom) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | PAM Bidco Limited (United Kingdom) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | PDI TA Holdings, Inc | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | PF Atlantic Holdco 2, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | PF Atlantic Holdco 2, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | PPV Intermediate Holdings, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | PPV Intermediate Holdings, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Prophix Software Inc. (Canada) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Prophix Software Inc. (Canada) | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Propio LS, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | PROS Parent, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | PXO Holdings I Corp. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | QBS Parent, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | QBS Parent, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Radwell Parent, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Rialto Management Group, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Rotation Buyer, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Rotation Buyer, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Saguaro Buyer, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Saguaro Buyer, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | SCHP Purchaser, INC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | SCP Eye Care HoldCo, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | SCP Eye Care HoldCo, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Seahawk Bidco, LLC | Delayed Draw 12025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Seahawk Bidco, LLC | Delayed Draw 22025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Seahawk Bidco, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Secretariat Advisors LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Sigma Irish Acquico Limited (Ireland) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Smarsh Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Smarsh Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Specialty Pharma III, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Speedstar Holding LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | SPF Borrower, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Spotless Brands, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Summit Bidco, Inc. (Canada) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Summit Bidco, Inc. (Canada) | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Tank Holding Corp. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | The Chartis Group, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | The Chartis Group, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Total Power Limited (Canada) | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Total Power Limited (Canada) | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Tufin Software North America, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Turbo Buyer, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | U.S. Legal Support, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | UFT Buyer LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | UFT Buyer LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Vensure Employer Services, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Victors Purchaser, LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Victors Purchaser, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | VRC Companies, LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Whitney Merger Sub, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Wineshipping.com LLC | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | Wineshipping.com LLC | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | World 50, Inc. | Revolver2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | YLG Holdings, Inc. | Delayed Draw2025-12-310001544206Investments | Non-Affiliated | First and Second Lien Debt | YLG Holdings, Inc. | 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(1) | High Tech Industries2026-06-300001544206Credit Fund | First Lien Debt | BMS Holdings III Corp. | Construction & Building2026-06-300001544206Credit Fund | First Lien Debt | Businessolver.com, Inc. | Business Services2026-06-300001544206Credit Fund | First Lien Debt | Celerion Buyer, Inc | Healthcare & Pharmaceuticals2026-06-300001544206Credit Fund | First Lien Debt | Chartwell Cumming Holding Corporation | Construction & Building2026-06-300001544206Credit Fund | First Lien Debt | Cliffwater LLC | Diversified Financial Services2026-06-300001544206Credit Fund | First Lien Debt | Cority Software Inc. (Canada) | Software2026-06-300001544206Credit Fund | First Lien Debt | CST Holding Company | Consumer Goods: Non-Durable2026-06-300001544206Credit Fund | First Lien Debt | Deerfield Dakota Holding, LLC | Diversified Financial Services2026-06-300001544206Credit Fund | First Lien Debt | Denali Intermediate Holdings, Inc. | Media: Broadcasting & Subscription2026-06-300001544206Credit Fund | First Lien Debt | Divisions Holding Corporation | Business Services2026-06-300001544206Credit Fund | First Lien Debt | Dwyer Instruments, Inc. | Capital Equipment2026-06-300001544206Credit Fund | First Lien Debt | Eliassen Group, LLC | Business Services2026-06-300001544206Credit Fund | First Lien Debt | Enverus, Inc. | Energy: Oil & Gas2026-06-300001544206Credit Fund | First Lien Debt | Finastra USA, Inc. | High Tech Industries2026-06-300001544206Credit Fund | First Lien Debt | GGG Midco, LLC | Consumer Services2026-06-300001544206Credit Fund | First Lien Debt | GI DI Emerald Intermediate Limited | Business Services 12026-06-300001544206Credit Fund | First Lien Debt | GI DI Emerald Intermediate Limited | Business Services 22026-06-300001544206Credit Fund | First Lien Debt | Goose Borrower, L.P. | Software2026-06-300001544206Credit Fund | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 12026-06-300001544206Credit Fund | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 22026-06-300001544206Credit Fund | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 32026-06-300001544206Credit Fund | First Lien Debt | Higginbotham Insurance Agency, Inc. | Diversified Financial Services2026-06-300001544206Credit Fund | First Lien Debt | Horizon Avionics Buyer, LLC | Aerospace & Defense2026-06-300001544206Credit Fund | First Lien Debt | Hyphen Solutions, LLC | Construction & Building2026-06-300001544206Credit Fund | First Lien Debt | IEM New Sub 2, LLC | Energy: Electricity2026-06-300001544206Credit Fund | First Lien Debt | Iron Infinity Buyer Sub, Inc. | Utilities: Oil & Gas2026-06-300001544206Credit Fund | First Lien Debt | KBP Investments, LLC | Beverage & Food2026-06-300001544206Credit Fund | First Lien Debt | Kona Buyer, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Credit Fund | First Lien Debt | LDS Intermediate Holdings, L.L.C. | Transportation: Cargo2026-06-300001544206Credit Fund | First Lien Debt | Matterhorn Finco, Inc. | Software2026-06-300001544206Credit Fund | First Lien Debt | McQueen Bidco PTY LTD. (Australia) | Auto Aftermarket & Services2026-06-300001544206Credit Fund | First Lien Debt | Monarch Buyer, Inc. | Business Services2026-06-300001544206Credit Fund | First Lien Debt | More Cowbell II, LLC | Diversified Financial Services2026-06-300001544206Credit Fund | First Lien Debt | NFO Orange Buyer, LLC | Construction & Building2026-06-300001544206Credit Fund | First Lien Debt | North Haven Fairway Buyer, LLC | Consumer Services2026-06-300001544206Credit Fund | First Lien Debt | OEI, Inc. | Construction & Building2026-06-300001544206Credit Fund | First Lien Debt | Onward Acquierco, Inc | Software2026-06-300001544206Credit Fund | First Lien Debt | Orbcomm Inc. | Telecommunications2026-06-300001544206Credit Fund | First Lien Debt | Output Services Group, Inc. | Media: Advertising, Printing & Publishing2026-06-300001544206Credit Fund | First Lien Debt | PROS Parent, Inc. | Transportation: Consumer2026-06-300001544206Credit Fund | First Lien Debt | Pushpay USA Inc. | Diversified Financial Services2026-06-300001544206Credit Fund | First Lien Debt | QBS Parent, Inc. | Energy: Oil & Gas2026-06-300001544206Credit Fund | First Lien Debt | Radwell Parent, LLC | Wholesale2026-06-300001544206Credit Fund | First Lien Debt | Ranpak B.V. (Netherlands) | Containers, Packaging & Glass2026-06-300001544206Credit Fund | First Lien Debt | Ranpak Corp. | Containers, Packaging & Glass2026-06-300001544206Credit Fund | First Lien Debt | Rialto Management Group, LLC | Diversified Financial Services2026-06-300001544206Credit Fund | First Lien Debt | Rotation Buyer, LLC | Capital Equipment2026-06-300001544206Credit Fund | First Lien Debt | SCHP Purchaser, INC | Healthcare & Pharmaceuticals2026-06-300001544206Credit Fund | First Lien Debt | SCHP Purchaser, INC 2 | Healthcare & Pharmaceuticals2026-06-300001544206Credit Fund | First Lien Debt | Seahawk Bidco, LLC | Consumer Services2026-06-300001544206Credit Fund | First Lien Debt | Secretariat Advisors LLC | Construction & Building2026-06-300001544206Credit Fund | First Lien Debt | SIG Parent Holdings, LLC | Diversified Financial Services2026-06-300001544206Credit Fund | First Lien Debt | Sigma Irish Acquico Limited (Ireland) | Diversified Financial Services2026-06-300001544206Credit Fund | First Lien Debt | Solarwinds Corporation | Software2026-06-300001544206Credit Fund | First Lien Debt | Spotless Brands, LLC | Consumer Services2026-06-300001544206Credit Fund | First Lien Debt | Striper Buyer, LLC | Containers, Packaging & Glass2026-06-300001544206Credit Fund | First Lien Debt | Tank Holding Corp. | Capital Equipment2026-06-300001544206Credit Fund | First Lien Debt | The Chartis Group, LLC | Healthcare & Pharmaceuticals2026-06-300001544206Credit Fund | First Lien Debt | Trintech, Inc. | Software2026-06-300001544206Credit Fund | First Lien Debt | TS Imagine Intermediate Inc. | Software2026-06-300001544206Credit Fund | First Lien Debt | U.S. TelePacific Holdings Corp. | Telecommunications2026-06-300001544206Credit Fund | First Lien Debt |Vensure Employer Services, Inc. | Business Services2026-06-300001544206Credit Fund | First Lien Debt | Victors Purchaser, LLC | High Tech Industries2026-06-300001544206Credit Fund | First Lien Debt | VRC Companies, LLC | Business Services2026-06-300001544206Credit Fund | First Lien Debt | Whitney Merger Sub, Inc. | Leisure Products & Services2026-06-300001544206Credit Fund | First Lien Debt | Yellowstone Buyer Acquisition, LLC | Consumer Goods: Durable2026-06-300001544206csl:DebtSecuritiesFirstLienMembercsl:MiddleMarketCreditFundLLCMember2026-06-300001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2026-01-012026-06-300001544206Credit Fund | Equity Investments | 48Forty TopCo LLC | Transportation: Cargo 12026-06-300001544206Credit Fund | Equity Investments | 48Forty TopCo LLC | Transportation: Cargo 22026-06-300001544206Credit Fund | Equity Investments | EvolveIP, LLC | Telecommunications2026-06-300001544206Credit Fund | Equity Investments | Output Services Group, Inc. | Media: Advertising, Printing & Publishing2026-06-300001544206us-gaap:EquitySecuritiesMembercsl:MiddleMarketCreditFundLLCMember2026-06-300001544206country:AUus-gaap:GeographicConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2026-01-012026-06-300001544206country:IEus-gaap:GeographicConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2026-01-012026-06-300001544206country:LUus-gaap:GeographicConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2026-01-012026-06-300001544206country:NLus-gaap:GeographicConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2026-01-012026-06-300001544206country:CAus-gaap:GeographicConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2026-01-012026-06-300001544206country:GBus-gaap:GeographicConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2026-01-012026-06-300001544206country:USus-gaap:GeographicConcentrationRiskMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2026-01-012026-06-300001544206srt:MinimumMembercsl:MiddleMarketCreditFundLLCMember2026-06-300001544206srt:MaximumMembercsl:MiddleMarketCreditFundLLCMember2026-06-300001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMembercsl:MiddleMarketCreditFundLLCMember2026-06-300001544206us-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMembercsl:MiddleMarketCreditFundLLCMember2026-06-300001544206Credit Fund | Unfunded Commitment | Allied Benefit Systems Intermediate LLC | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | Alpine Acquisition Corp II | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | Alpine Acquisition Corp II | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | Celerion Buyer, Inc | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | Chartwell Cumming Holding Corporation | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | Chartwell Cumming Holding Corporation | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | Goose Borrower, L.P. | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | GGG Midco, LLC | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | GGG Midco, LLC | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | Kona Buyer, LLC | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | Kona Buyer, LLC | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | Matterhorn Finco, Inc. | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | NFO Orange Buyer, LLC | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | OEI, Inc. | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | Onward Acquierco, Inc | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | Orbcomm Inc. | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | Orbcomm Inc. | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | PROS Parent, Inc. | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | Seahawk Bidco, LLC | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | Seahawk Bidco, LLC | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | SIG Parent Holdings, LLC | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | SIG Parent Holdings, LLC | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | Trintech, Inc. | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | Trintech, Inc. | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | TS Imagine Intermediate Inc. | Delayed Draw2026-06-300001544206Credit Fund | Unfunded Commitment | TS Imagine Intermediate Inc. | Revolver2026-06-300001544206Credit Fund | Unfunded Commitment | Vensure Employer Services, Inc. | Delayed Draw2026-06-300001544206csl:InvestmentTypeConcentrationRiskMembercsl:DebtSecuritiesFirstLienMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2025-01-012025-12-310001544206Credit Fund | First Lien Debt | Accelya Lux FinCo S.Á.R.L. (Luxembourg) | Transportation: Consumer2025-12-310001544206Credit Fund | First Lien Debt | AGS Health BCP LLC | Healthcare & Pharmaceuticals2025-12-310001544206Credit Fund | First Lien Debt | Alpine Acquisition Corp II | Transportation: Cargo2025-12-310001544206Credit Fund | First Lien Debt | AP Plastics Acquisition Holdings, LLC | Chemicals, Plastics & Rubber2025-12-310001544206Credit Fund | First Lien Debt | Apex Companies Holdings, LLC | Environmental Industries2025-12-310001544206Credit Fund | First Lien Debt | API Technologies Corp. | Aerospace & Defense 12025-12-310001544206Credit Fund | First Lien Debt | API Technologies Corp. | Aerospace & Defense 22025-12-310001544206Credit Fund | First Lien Debt | Applied Technical Services, LLC | Business Services2025-12-310001544206Credit Fund | First Lien Debt | Atlas US Finco, Inc. | High Tech Industries2025-12-310001544206Credit Fund | First Lien Debt | BMS Holdings III Corp. | Construction & Building2025-12-310001544206Credit Fund | First Lien Debt | Businessolver.com, Inc. | Business Services2025-12-310001544206Credit Fund | First Lien Debt | Cliffwater LLC | Diversified Financial Services2025-12-310001544206Credit Fund | First Lien Debt | CST Holding Company | Consumer Goods: Non-Durable2025-12-310001544206Credit Fund | First Lien Debt | Deerfield Dakota Holding, LLC | Diversified Financial Services2025-12-310001544206Credit Fund | First Lien Debt | Denali Intermediate Holdings, Inc. | Media: Broadcasting & Subscription2025-12-310001544206Credit Fund | First Lien Debt | Divisions Holding Corporation | Business Services2025-12-310001544206Credit Fund | First Lien Debt | Dwyer Instruments, Inc. | Capital Equipment2025-12-310001544206Credit Fund | First Lien Debt | Eliassen Group, LLC | Business Services2025-12-310001544206Credit Fund | First Lien Debt | Enverus, Inc. | Energy: Oil & Gas2025-12-310001544206Credit Fund | First Lien Debt | Finastra USA, Inc. | High Tech Industries2025-12-310001544206Credit Fund | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 12025-12-310001544206Credit Fund | First Lien Debt | Heartland Home Services, Inc. | Consumer Services 22025-12-310001544206Credit Fund | First Lien Debt | Higginbotham Insurance Agency, Inc. | Diversified Financial Services2025-12-310001544206Credit Fund | First Lien Debt | Horizon Avionics Buyer, LLC | Aerospace & Defense2025-12-310001544206Credit Fund | First Lien Debt | Hyphen Solutions, LLC | Construction & Building2025-12-310001544206Credit Fund | First Lien Debt | IEM New Sub 2, LLC | Energy: Electricity2025-12-310001544206Credit Fund | First Lien Debt | Iron Infinity Buyer Sub, Inc. | Utilities: Oil & Gas2025-12-310001544206Credit Fund | First Lien Debt | KBP Investments, LLC | Beverage & Food2025-12-310001544206Credit Fund | First Lien Debt | LDS Intermediate Holdings, L.L.C. | Transportation: Cargo2025-12-310001544206Credit Fund | First Lien Debt | McQueen Bidco PTY LTD. (Australia) | Auto Aftermarket & Services2025-12-310001544206Credit Fund | First Lien Debt | Monarch Buyer, Inc. | Business Services2025-12-310001544206Credit Fund | First Lien Debt | More Cowbell II, LLC | Diversified Financial Services2025-12-310001544206Credit Fund | First Lien Debt | NEFCO Holding Company LLC | Construction & Building2025-12-310001544206Credit Fund | First Lien Debt | North Haven Fairway Buyer, LLC | Consumer Services2025-12-310001544206Credit Fund | First Lien Debt | Output Services Group, Inc. | Media: Advertising, Printing & Publishing2025-12-310001544206Credit Fund | First Lien Debt | PF Atlantic Holdco 2, LLC | Leisure Products & Services2025-12-310001544206Credit Fund | First Lien Debt | Pushpay USA Inc. | Diversified Financial Services2025-12-310001544206Credit Fund | First Lien Debt | QBS Parent, Inc. | Energy: Oil & Gas2025-12-310001544206Credit Fund | First Lien Debt | Radwell Parent, LLC | Wholesale2025-12-310001544206Credit Fund | First Lien Debt | Ranpak B.V. (Netherlands) | Containers, Packaging & Glass2025-12-310001544206Credit Fund | First Lien Debt | Ranpak Corp. | Containers, Packaging & Glass2025-12-310001544206Credit Fund | First Lien Debt | Rialto Management Group, LLC | Diversified Financial Services2025-12-310001544206Credit Fund | First Lien Debt | Rotation Buyer, LLC | Capital Equipment2025-12-310001544206Credit Fund | First Lien Debt | SCHP Purchaser, INC | Healthcare & Pharmaceuticals2025-12-310001544206Credit Fund | First Lien Debt | Secretariat Advisors LLC | Construction & Building2025-12-310001544206Credit Fund | First Lien Debt | Sigma Irish Acquico Limited (Ireland) | Diversified Financial Services2025-12-310001544206Credit Fund | First Lien Debt | Solarwinds Corporation | Software2025-12-310001544206Credit Fund | First Lien Debt | Spotless Brands, LLC | Consumer Services2025-12-310001544206Credit Fund | First Lien Debt | Striper Buyer, LLC | Containers, Packaging & Glass2025-12-310001544206Credit Fund | First Lien Debt | Tank Holding Corp. | Capital Equipment2025-12-310001544206Credit Fund | First Lien Debt | The Chartis Group, LLC | Healthcare & Pharmaceuticals2025-12-310001544206Credit Fund | First Lien Debt | Turbo Buyer, Inc. | Auto Aftermarket & Services2025-12-310001544206Credit Fund | First Lien Debt | U.S. TelePacific Holdings Corp. | Telecommunications2025-12-310001544206Credit Fund | First Lien Debt | Victors Purchaser, LLC | High Tech Industries2025-12-310001544206Credit Fund | First Lien Debt | VRC Companies, LLC | Business Services2025-12-310001544206Credit Fund | First Lien Debt | Whitney Merger Sub, Inc. | Leisure Products & Services2025-12-310001544206Credit Fund | First Lien Debt | Yellowstone Buyer Acquisition, LLC | Consumer Goods: Durable2025-12-310001544206csl:DebtSecuritiesFirstLienMembercsl:MiddleMarketCreditFundLLCMember2025-12-310001544206csl:InvestmentTypeConcentrationRiskMemberus-gaap:EquitySecuritiesMembercsl:InvestmentsAtFairValueMembercsl:MiddleMarketCreditFundLLCMember2025-01-012025-12-310001544206Credit Fund | Equity Investments | 48forty Intermediate Holdings, Inc. | Transportation: Cargo2025-12-310001544206Credit Fund | Equity Investments | EvolveIP, LLC | Telecommunications2025-12-310001544206Credit Fund | Equity Investments | Output Services Group, Inc. | Media: Advertising, Printing & 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended June 30, 2026


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

For the transition period to

Commission File No. 814-00995

Carlyle Secured Lending, Inc.

(Exact name of Registrant as specified in its charter)


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

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

N/A

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

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


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

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

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

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

Large accelerated filer

☒

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at August 5, 2026 was 68,804,581.

Table of Contents

CARLYLE SECURED LENDING, INC.

INDEX


PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30 , 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the three and six months ended June 30 , 2026 and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the six months ended June 3 0 , 2026 and 2025 (unaudited)	6
	Consolidated Statements of Cash Flows for the six months ended June 30 , 2026 and 2025 (unaudited)	7
	Consolidated Schedules of Investments as of June 30, 2026 (unaudited) and December 31, 2025	9
	Notes to Consolidated Financial Statements (unaudited)	49
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	101
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	122
Item 4.	Controls and Procedures	123
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	124
Item 1A.	Risk Factors	124
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	124
Item 3.	Defaults Upon Senior Securities	124
Item 4.	Mine Safety Disclosures	124
Item 5.	Other Information	125
Item 6.	Exhibits	126
	Signatures	127

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CARLYLE SECURED LENDING, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

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


	June 30, 2026		December 31, 2025
ASSETS	(unaudited)
Investments, at fair value
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $2,114,798 and $2,202,028, respectively)	$	2,069,056	$	2,197,244
Investments—non-controlled/affiliated, at fair value (amortized cost of $169,042 and $96,367, respectively)	167,200		103,064
Investments—controlled/affiliated, at fair value (amortized cost of $130,501 and $171,001, respectively)	123,753		163,614
Total investments, at fair value (amortized cost of $2,414,341 and $2,469,396, respectively)	2,360,009		2,463,922
Cash, cash equivalents and restricted cash	48,856		76,493
Receivable for investments sold	407		214,757
Interest and dividend receivable	24,577		24,678
Derivative assets, at fair value (Note 8)	765		298
Prepaid expenses and other assets	9,086		10,019
Total assets	$	2,443,700	$	2,790,167
LIABILITIES
Debt and secured borrowings (Note 9)	$	1,290,348	$	1,531,210
Payable for investments purchased	—		21,547
Interest and credit facility fees payable (Note 9)	19,597		19,092
Dividend payable (Note 11)	24,214		28,723
Base management and incentive fees payable (Note 4)	13,768		14,360
Administrative service fees payable (Note 4)	668		1,261
Derivative liabilities, at fair value (Note 8)	11,899		1,436
Other accrued expenses and liabilities	3,458		5,150
Total liabilities	1,363,952		1,622,779
Commitments and contingencies (Notes 10 and 14)
NET ASSETS

Common stock, $0.01 par value; 198,000,000 shares authorized; 69,160,814 and 71,807,190 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	692		718
Paid-in capital in excess of par value	1,332,997		1,363,998
Offering costs	(1,633)		(1,633)
Total distributable earnings (loss)	(252,308)		(195,695)
Total net assets	$	1,079,748	$	1,167,388
NET ASSETS PER COMMON SHARE	$	15.61	$	16.26

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

Table of Contents

CARLYLE SECURED LENDING, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	45,530	$	54,258	$	94,021	$	95,397
PIK income	5,665		5,189		10,872		10,056
Other income	864		1,449		3,457		2,398
Total investment income from non-controlled/non-affiliated investments	52,059		60,896		108,350		107,851
From non-controlled/affiliated investments:
Interest income	807		1,383		1,449		2,224
PIK income	1,185		—		2,459		512
Dividend income	2,282		—		2,584		—
Other income	2		2		4		4
Total investment income from non-controlled/affiliated investments	4,276		1,385		6,496		2,740
From controlled/affiliated investments:
Interest income	—		—		568		—
Dividend income	5,750		5,000		10,750		11,554

Total investment income from controlled/affiliated investments	5,750		5,000		11,318		11,554
Total investment income	62,085		67,281		126,164		122,145
Expenses:
Base management fees (Note 4)	8,643		8,665		17,429		16,274
Incentive fees (Note 4)	5,125		5,934		10,473		10,334
Professional fees	1,001		1,015		2,098		1,730
Administrative service fees (Note 4)	649		498		1,131		904
Interest expense and credit facility fees (Note 9)	21,284		21,727		43,054		40,330
Directors’ fees and expenses	200		188		387		336
Other general and administrative	507		624		1,271		1,302
Total expenses	37,409		38,651		75,843		71,210
Net investment income (loss) before taxes	24,676		28,630		50,321		50,935
Excise tax expense	680		380		1,121		1,056
Net investment income (loss)	23,996		28,250		49,200		49,879
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments	(1,793)		(357)		(11,275)		(7,384)

Controlled/affiliated investments	—		—		—		(14,502)
Net realized currency gain (loss) on non-investment assets and liabilities	259		229		123		(367)
Net realized gain (loss) on forward currency contracts	—		(2,471)		—		313
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments	(17,396)		457		(40,958)		(139)
Non-controlled/affiliated investments	(8,433)		(2,342)		(8,539)		(803)
Controlled/affiliated investments	770		(1,227)		639		14,127
Net change in unrealized currency gain (loss) on non-investment assets and liabilities	1,772		(9,404)		5,767		(10,743)

Table of Contents


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net change in unrealized gain (loss) on forward currency contracts	765		1,495		765		(1,697)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	(24,056)		(13,620)		(53,478)		(21,195)
Net increase (decrease) in net assets resulting from operations	(60)		14,630		(4,278)		28,684
Preferred stock dividend	—		—		—		826
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	(60)	$	14,630	$	(4,278)	$	27,858
Basic and diluted earnings per common share (Note 11)
Basic	$	0.00	$	0.20	$	(0.06)	$	0.45
Diluted	$	0.00	$	0.20	$	(0.06)	$	0.44
Weighted average shares of common stock outstanding (Note 11)
Basic	69,542,646		72,902,981		70,221,506		62,475,544
Diluted	69,542,646		72,902,981		70,221,506		65,168,847

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

Table of Contents

CARLYLE SECURED LENDING, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(amounts in thousands) (unaudited)


	Six Months Ended June 30,
		2026		2025
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		$	49,200	$	49,879
Net realized gain (loss) on investments, non-investment assets and liabilities, and forward currency contracts		(11,152)		(21,940)
Net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts		(42,326)		745
Net increase (decrease) in net assets resulting from operations		(4,278)		28,684
Capital transactions:

Common stock issued, net of offering and underwriting costs		—		101
Preferred Stock Exchange		—		(50,000)
Common Stock issued - Preferred Stock Exchange		—		50,000
Common stock issued - CSL III Merger		—		315,838
Reinvestment of dividends		—		949
Repurchase of common stock		(31,027)		—
Dividends declared on preferred and common stock (Note 11)		(52,335)		(52,918)
Net increase (decrease) in net assets resulting from capital transactions		(83,362)		263,970
Net increase (decrease) in net assets		(87,640)		292,654
Net assets at beginning of period		1,167,388		905,204
Net assets at end of period		$	1,079,748	$	1,197,858

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

Table of Contents

CARLYLE SECURED LENDING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands) (unaudited)


	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(4,278)	$	28,684
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred financing costs and debt issuance costs	1,710		1,491
Net accretion of discount on investments	(4,079)		(6,189)
Paid-in-kind interest	(14,183)		(11,818)
Net realized (gain) loss on investments	11,275		21,886
Net realized currency (gain) loss on non-investment assets and liabilities	(123)		367

Net change in unrealized (appreciation) depreciation on investments	48,858		(13,185)
Net change in unrealized currency (gain) loss on non-investment assets and liabilities	(5,767)		10,743
Net change in unrealized (gain) loss on forward currency contracts	(765)		1,697
Net change in unrealized (gain) loss on interest rate swaps	(10,719)		7,460
Cost of investments purchased and change in payable for investments purchased	(516,551)		(702,640)
Proceeds from sales and repayments of investments and change in receivable for investments sold	771,348		532,208
Cash acquired in CSL III Merger(1)	—		37,751
Cash acquired in Credit Fund II Purchase(2)	—		6
Changes in operating assets:
Interest and dividend receivable	101		13,887
Prepaid expenses and other assets	204		(731)
Changes in operating liabilities:

Interest and credit facility fees payable	505		3,768
Base management and incentive fees payable	(592)		1,278
Administrative service fees payable	(593)		(619)
Other accrued expenses and liabilities	9,659		(11,167)
Net cash provided by (used in) operating activities	286,010		(85,123)
Cash flows from financing activities:


Repurchase of common stock	(31,027)		—
Borrowings on Credit Facilities	386,240		530,882
Repayments of Credit Facilities	(611,948)		(407,426)




Deferred financing costs and debt issuance costs paid	(68)		(76)
Proceeds from issuance of common stock from at the market offering, net of offering and underwriting costs	—		101
Dividends paid in cash	(56,844)		(45,715)
Net cash provided by (used in) financing activities	(313,647)		77,766
Net increase (decrease) in cash, cash equivalents and restricted cash	$	(27,637)	$	(7,357)
Cash, cash equivalents and restricted cash, beginning of period	76,493		56,575
Cash, cash equivalents and restricted cash, end of period	$	48,856	$	49,218

Table of Contents


	Six Months Ended June 30,
	2026		2025
Supplemental disclosures:
Interest and credit facility fees paid during the period	$	41,756	$	37,974
Taxes, including excise tax, paid during the period	$	2,086	$	2,726
Dividends declared on preferred and common stock during the period	$	52,335	$	52,918
Dividends reinvested during the period	$	—	$	949

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

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

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

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

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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (78.9% of fair value)
1251 Insurance Distribution Platform Payco, LP	(a)(b)	(2)(3)(15)	Diversified Financial Services	SOFR	4.50%	8.23%	3/31/2025	3/31/2031	$	21,619	$	21,430	$	21,458	1.99	%
AAH Topco., LLC	(a)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.64%	3/31/2025	12/31/2027	4,962		4,899		4,916		0.46
AArete Investment, LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.98%	6/5/2025	6/5/2031	3,288		3,224		3,280		0.30
Addev Group (France)	(a)	(2)(7)(15)	Aerospace & Defense	EURIBOR	5.50%	7.79%	10/28/2025	10/28/2032	€	37	43		41		0.00
Addev Group (France)	(a)	(2)(7)	Aerospace & Defense	SOFR	5.50%	9.23%	10/28/2025	10/28/2032	258		253		254		0.02
Addev Group (France)	(a)	(2)(7)	Aerospace & Defense	SONIA	5.50%	9.23%	10/28/2025	10/28/2032	£	96	131		126		0.01
ADPD Holdings, LLC	(a)(c)	(2)(3)(11)	Consumer Services	SOFR	1.00%, 5.00% PIK	9.85%	8/16/2022	8/16/2028	22,260		21,593		18,693		1.73
Advanced Infusion Solutions Acquisition, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.64%	6/4/2026	6/4/2032	15,260		14,910		14,906		1.38
Advanced Web Technologies Holding Company	(a)(b)	(2)(3)(15)	Containers, Packaging & Glass	SOFR	4.25%, 2.25% PIK	10.37%	12/17/2020	12/17/2027	15,793		15,731		15,634		1.45
AGS Health BCP LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.92%	7/31/2025	7/31/2032	—		(8)		8		0.00
AI Grace AUS Bidco Pty LTD (Australia)	(b)(c)	(2)(3)(7)	Consumer Goods: Non-Durable	SOFR	5.25%	8.90%	12/5/2023	12/5/2029	4,571		4,514		4,562		0.42
Allied Benefit Systems Intermediate LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.64%	10/31/2023	10/31/2030	14,094		14,115		14,076		1.30
Alpine Acquisition Corp II	(a)	(2)(3)(15)	Transportation: Cargo	SOFR	4.75%	8.38%	1/14/2026	1/14/2031	—		—		—		—
Alpine Acquisition Corp II	(a)	(2)(3)	Transportation: Cargo	SOFR	5.00%	8.64%	1/14/2026	1/14/2031	2,035		2,035		2,035		0.19
Alpine Acquisition Corp II	(a)	(2)(3)	Transportation: Cargo	SOFR	5.25%	8.89%	1/14/2026	1/14/2031	2,613		2,613		2,613		0.24
AmpersCap LLC	(a)(b)	(2)(3)(7)(15)	Diversified Financial Services	SOFR	5.25%	8.98%	12/17/2024	12/17/2032	11,828		11,676		11,690		1.08
AP Plastics Acquisition Holdings, LLC	(a)	(2)(3)(15)	Chemicals, Plastics & Rubber	SOFR	4.75%	8.37%	3/28/2025	8/10/2030	9,404		9,372		9,202		0.85
Apex Companies Holdings, LLC	(a)(b)(c)	(2)(3)(15)	Environmental Industries	SOFR	5.00%	8.67%	1/31/2023	1/31/2030	22,740		22,651		22,608		2.09
API Holdings III LLC	(a)	(2)(3)(15)	Aerospace & Defense	SOFR	5.50%	9.15%	6/5/2026	6/5/2033	19,565		19,317		19,316		1.79
Apollo Purchaser, Inc. (Canada)	(a)	(2)(3)(7)(15)	Telecommunications	CORRA	5.00%	7.34%	6/30/2026	6/30/2033	C$	4,845	3,356		3,356		0.31
Apollo Purchaser, Inc. (Canada)	(a)	(2)(3)(7)	Telecommunications	SOFR	5.00%	8.73%	6/30/2026	6/30/2033	3,411		3,377		3,377		0.31
Artifact Bidco, Inc.	(a)	(2)(3)(15)	Software	SOFR	4.15%	7.88%	7/26/2024	7/26/2031	1,409		1,399		1,409		0.13
Ascend Buyer, LLC	(a)(b)(c)(d)	(2)(3)(15)	Containers, Packaging & Glass	SOFR	5.25%	8.98%	9/30/2021	9/30/2028	28,716		28,730		28,604		2.65
Associations, Inc.	(a)(b)	(2)(3)(11)(15)	Construction & Building	SOFR	6.50%	10.24%	5/3/2024	7/2/2028	20,108		20,143		20,108		1.86
Athlete Buyer, LLC	(a)(b)(c)	(2)(3)(11)(15)	Construction & Building	SOFR	6.00%	9.73%	3/29/2024	4/26/2029	14,652		14,472		11,929		1.10

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Atlas US Finco, Inc.	(a)(b)	(2)(3)(7)(15)	High Tech Industries	SOFR	4.50%	8.16%	12/15/2022	12/9/2029	$	5,193	$	5,121	$	5,197	0.48	%
Auctane, Inc.	(a)	(2)(3)	Transportation: Cargo	SOFR	5.75%	9.42%	6/1/2026	6/1/2033	25,000		24,628		24,625		2.28
Auditboard, Inc.	(a)(c)	(2)(3)(15)	Software	SOFR	5.00%	8.73%	7/12/2024	7/12/2031	13,286		13,187		12,993		1.20
Auditboard, Inc.	(a)	(2)(3)	Software	SOFR	5.00%	8.73%	12/10/2025	7/12/2031	3,143		3,121		3,081		0.29
Azurite Intermediate Holdings, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	6.00%	9.64%	3/19/2024	3/19/2031	15,389		15,231		15,123		1.40
Bamboo Health Holdings, LLC	(a)(b)(d)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.39%	5/6/2021	5/6/2028	28,361		28,250		28,286		2.62
Barnes & Noble, Inc.	(a)(b)	(2)(3)(10)(11)	Retail	SOFR	7.16%	10.80%	5/7/2025	5/7/2030	15,795		15,501		15,399		1.43
Bayside OPCP, LLC	(a)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	7.00%	10.73%	5/31/2023	5/31/2027	351		351		351		0.03
Bayside OPCP, LLC	(a)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	7.25%	10.98%	5/31/2023	5/31/2027	4,839		4,839		4,838		0.45
Bayside OPCP, LLC	(a)	(2)(3)(11)	Healthcare & Pharmaceuticals	SOFR	7.25%	10.98%	5/31/2023	5/31/2027	13,681		13,681		13,681		1.27
BCTO Bobsled Purchaser, Inc.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.48%	1/16/2026	1/16/2033	3,309		3,275		3,276		0.30
Bianalisi S.p.A. (Italy)	(a)	(2)(7)	Healthcare & Pharmaceuticals	EURIBOR	6.00%	8.29%	2/26/2025	2/26/2032	€	17,373	18,644		19,652		1.82
Big Bus Tours Group Limited (United Kingdom)	(a)(c)	(2)(7)	Leisure Products & Services	EURIBOR	8.10%, 0.50% PIK	10.75%	6/4/2024	6/4/2031	€	6,949	7,406		7,484		0.69
Big Bus Tours Group Limited (United Kingdom)	(a)(c)	(2)(7)	Leisure Products & Services	EURIBOR	8.10%, 0.50% PIK	10.75%	7/17/2025	6/4/2031	€	475	552		512		0.05
Big Bus Tours Group Limited (United Kingdom)	(a)(c)	(2)(7)(15)	Leisure Products & Services	SOFR	8.10%, 0.50% PIK	12.23%	6/4/2024	6/4/2031	620		592		538		0.05
Big Bus Tours Group Limited (United Kingdom)	(b)(c)	(2)(7)	Leisure Products & Services	SOFR	8.10%, 0.50% PIK	12.26%	6/4/2024	6/4/2031	11,237		10,995		10,535		0.98
Bingo Group Buyer, Inc.	(a)(b)(c)	(2)(3)(15)	Environmental Industries	SOFR	4.75%	8.48%	7/10/2024	7/10/2031	9,705		9,622		9,567		0.89
Birsa S.p.A. (Italy)	(a)	(2)(7)	Healthcare & Pharmaceuticals	EURIBOR	5.50%	7.91%	7/2/2024	6/30/2031	€	10,310	11,072		11,575		1.07
Bitnova Midco S.p.A. (Italy)	(a)	(2)(7)	High Tech Industries	EURIBOR	5.50%	7.72%	2/19/2026	2/19/2033	€	6,521	7,527		7,321		0.68
Bitnova Midco S.p.A. (Italy)	(a)	(2)(7)(15)	High Tech Industries	EURIBOR	5.50%	7.82%	2/19/2026	2/19/2033	€	—	(39)		(36)		0.00
BlueCat Networks, Inc. (Canada)	(a)(b)(c)	(2)(3)(7)	High Tech Industries	SOFR	5.50%	9.16%	8/8/2022	8/8/2028	19,247		19,122		18,921		1.75
BMS Holdings III Corp.	(b)(d)	(2)(3)(11)	Construction & Building	SOFR	2.75%, 3.25% PIK	9.73%	9/30/2019	3/31/2028	7,889		7,867		7,240		0.67
Businessolver.com, Inc.	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.23%	12/3/2025	12/3/2032	—		(19)		(55)		(0.01)
Celerion Buyer, Inc.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.63%	5/18/2026	5/8/2033	8,306		8,215		8,214		0.76
CircusTrix Holdings, LLC	(a)(b)	(2)(3)	Leisure Products & Services	SOFR	6.75%	10.40%	7/18/2023	7/14/2028	14,625		14,454		13,775		1.28

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Cliffwater LLC	(a)	(2)(3)(7)(15)	Diversified Financial Services	SOFR	4.50%	8.14%	4/22/2025	4/22/2032	$	11,267	$	11,140	$	11,195	1.04	%
CoreWeave Compute Acquisition Co. II, LLC	(a)	(2)(3)	High Tech Industries	SOFR	9.62%	13.35%	7/30/2023	7/30/2028	1,832		1,829		1,851		0.17
CoreWeave Compute Acquisition Co. IV, LLC	(a)	(2)	High Tech Industries	SOFR	6.00%	9.73%	5/22/2024	5/22/2029	16,742		16,576		16,575		1.54
Cority Software Inc. (Canada)	(a)	(2)(3)(7)(15)	Software	SOFR	4.50%	8.16%	10/31/2025	10/31/2032	—		(17)		(20)		0.00
Cornerstone Building Brands, Inc.	(a)(c)	(2)(3)	Construction & Building	SOFR	5.63%	9.29%	1/29/2025	8/1/2028	7,835		7,560		4,466		0.41
Cornerstone Building Brands, Inc.	(a)	(2)(3)	Construction & Building	SOFR	4.50%	8.16%	2/18/2025	5/15/2031	3,112		2,856		1,581		0.15
Coupa Holdings, LLC	(a)(b)	(2)(3)(15)	Software	SOFR	5.25%	8.91%	2/27/2023	2/28/2030	12,038		11,919		12,038		1.11
CST Holding Company	(a)(c)	(2)(3)(11)(15)	Consumer Goods: Non-Durable	SOFR	5.00%	8.64%	11/1/2022	11/1/2028	—		(5)		(2)		0.00
Dance Midco S.a.r.l. (United Kingdom)	(a)(c)	(2)(7)(15)	Media: Diversified & Production	EURIBOR	5.00%	7.44%	10/25/2024	10/25/2031	€	12,648	13,594		14,334		1.33
DCA Buyer LLC	(a)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.25%, 2.25% PIK	10.16%	6/2/2026	6/2/2031	7,502		7,502		7,502		0.69
DCA Buyer LLC	(a)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.66%	6/2/2026	6/2/2031	1,110		1,099		1,110		0.10
Deerfield Dakota Holding, LLC	(a)	(2)(3)	Diversified Financial Services	SOFR	3.00%, 2.75% PIK	9.48%	9/12/2025	9/12/2032	26,017		25,788		25,455		2.36
Deerfield Dakota Holding, LLC	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	5.25%	8.98%	9/12/2025	9/12/2032	1,567		1,529		1,475		0.14
Denali Intermediate Holdings, Inc.	(a)	(2)(3)(15)	Media: Broadcasting & Subscription	SOFR	5.50%	9.15%	8/26/2025	8/26/2032	259		246		248		0.02
Denali Midco 2, LLC	(a)(b)(c)	(2)(3)	Consumer Services	SOFR	5.50%	9.14%	9/15/2022	12/22/2028	16,881		16,791		16,780		1.55
Diligent Corporation	(a)	(2)(3)(15)	Telecommunications	SOFR	5.00%	8.67%	8/4/2020	8/4/2030	8,156		8,203		7,884		0.73
Divisions Holding Corporation	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.23%	4/17/2025	4/17/2032	480		462		483		0.04
Dwyer Instruments, Inc.	(a)(b)(c)	(2)(3)(15)	Capital Equipment	SOFR	4.75%	8.48%	7/21/2021	7/21/2029	28,276		28,222		28,276		2.62
Einstein Parent, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	5.25%	8.91%	1/22/2025	1/22/2031	30,371		29,735		29,028		2.69
Eliassen Group, LLC	(a)(b)(c)	(2)(3)	Business Services	SOFR	5.75%	9.48%	4/14/2022	4/14/2028	10,657		10,579		10,182		0.94
Ellkay, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	3.00%, 3.50% PIK	10.13%	5/14/2025	9/14/2030	35,661		35,361		34,207		3.17
Eltera Bidco AS (Norway)	(a)	(2)(7)(15)	Business Services	NIBOR	5.00%	9.54%	5/11/2026	5/12/2033	NOK	61,361	6,550		6,072		0.56
Embark Intermediate Holdings, LLC	(a)	(2)(3)(15)	Business Services	SOFR	4.50%	8.14%	9/2/2025	9/2/2032	3,077		3,041		3,042		0.28
Enkindle Limited (United Kingdom)	(a)	(2)(3)(7)(15)	Diversified Financial Services	SONIA	3.85%, 4.20% PIK	11.79%	4/16/2025	4/16/2031	£	1,583	1,915		2,026		0.19
Enkindle Limited (United Kingdom)	(a)	(2)(3)(7)(10)	Diversified Financial Services	SONIA	3.85%, 4.20% PIK	11.79%	4/16/2025	4/16/2031	£	4,220	5,445		5,472		0.51

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Enverus, Inc.	(a)	(2)(3)(15)	Energy: Oil & Gas	SOFR	4.50%	8.15%	12/18/2025	12/18/2032	$	1,946	$	1,926	$	1,902	0.18	%
Espresso Bidco Inc.	(a)	(2)(3)(15)	Software	SOFR	2.63%, 3.13% PIK	9.49%	3/25/2025	3/25/2032	27,597		27,238		27,180		2.52
Essential Services Holding Corporation	(a)(c)	(2)(3)	Consumer Services	SOFR	2.88%, 2.88% PIK	9.43%	6/17/2024	6/17/2031	1,523		1,519		1,509		0.14
Essential Services Holding Corporation	(a)(c)	(2)(3)(15)	Consumer Services	SOFR	5.25%	8.93%	6/17/2024	6/17/2031	82		81		80		0.01
Ethos Bidco, Ltd. (United Kingdom)	(a)	(2)(7)	Healthcare & Pharmaceuticals	SONIA	5.25%	8.98%	3/12/2026	3/12/2033	£	7,033	9,302		9,189		0.85
Excel Fitness Holdings, Inc.	(a)(c)	(2)(3)(15)	Leisure Products & Services	SOFR	4.75%	8.38%	4/29/2022	4/29/2030	—		(8)		(32)		0.00
Excel Fitness Holdings, Inc.	(a)(b)(c)	(2)(3)	Leisure Products & Services	SOFR	4.75%	8.48%	5/13/2024	4/29/2030	15,944		15,867		15,600		1.44
Excelitas Technologies Corp.	(a)(c)	(2)	Capital Equipment	EURIBOR	5.25%	7.46%	8/12/2022	8/12/2029	€	3,356	3,556		3,828		0.35
Excelitas Technologies Corp.	(a)(b)(c)	(2)(3)(15)	Capital Equipment	SOFR	5.25%	8.89%	8/12/2022	8/12/2029	11,074		11,037		11,055		1.02
Flexera Software LLC	(a)	(2)(3)	Software	EURIBOR	4.50%	6.71%	8/15/2025	8/15/2032	€	1,968	2,298		2,198		0.20
Flexera Software LLC	(a)	(2)(3)(15)	Software	SOFR	4.50%	8.15%	8/15/2025	8/15/2032	8,408		8,388		8,183		0.76
FPG Intermediate Holdco, LLC	(a)	(2)(3)(15)	Consumer Services	SOFR	5.00% (100% PIK)	8.63%	7/25/2025	6/30/2029	49		47		49		0.00
FPG Intermediate Holdco, LLC	(a)	(2)(3)	Consumer Services	SOFR	5.00% (100% PIK)	8.67%	7/25/2025	6/30/2029	94		94		94		0.01
Fullsteam Operations LLC	(a)	(2)(3)(15)	High Tech Industries	SOFR	5.25%	8.90%	8/8/2025	8/8/2031	6,767		6,685		6,404		0.59
Generator US Buyer, Inc.	(a)(c)	(2)(3)(7)	Energy: Electricity	SOFR	4.50%	8.36%	10/1/2024	7/22/2030	2,482		2,459		2,446		0.23
GGG Midco, LLC	(a)	(2)(3)(15)	Consumer Services	SOFR	4.75%	8.42%	4/1/2026	4/1/2033	2,032		2,003		2,003		0.19
GI DI Emerald Intermediate Limited (United Kingdom)	(a)	(2)(3)(7)(15)	Business Services	SOFR	4.75%	8.48%	2/12/2026	2/12/2033	—		(71)		(72)		(0.01)
Greenhouse Software, Inc.	(a)(b)	(2)(3)(15)	Software	SOFR	5.75%	9.48%	3/1/2021	9/1/2028	32,796		32,468		32,420		3.00
GS AcquisitionCo, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	5.25%	8.98%	3/26/2024	5/25/2028	5,677		5,698		5,344		0.49
Guidehouse LLP	(a)(c)	(2)(3)	Sovereign & Public Finance	SOFR	4.75%	8.39%	9/30/2022	12/16/2030	6,132		6,165		5,807		0.54
Gymspa (France)	(a)	(2)(7)(15)	Leisure Products & Services	EURIBOR	5.75%, 1.75% PIK	9.78%	5/14/2025	5/14/2031	€	9,973	10,855		11,456		1.06
Hadrian Acquisition Limited (United Kingdom)	(a)	(2)(3)(7)(10)	Diversified Financial Services	SONIA	5.19%, 3.29% PIK	12.00%	4/30/2026	2/28/2029	£	6,246	8,230		8,305		0.77
Hadrian Acquisition Limited (United Kingdom)	(a)	(2)(3)(7)(10)	Diversified Financial Services	SONIA	5.19%, 3.29% PIK	12.00%	2/28/2022	2/28/2029	£	16,846	22,141		22,345		2.07
Heartland Home Services, Inc.	(a)(b)	(2)(3)(11)	Consumer Services	SOFR	5.75%	9.48%	2/10/2022	12/15/2026	9,964		9,953		9,797		0.91
Heartland Home Services, Inc.	(a)	(2)(3)(11)	Consumer Services	SOFR	6.00%	9.73%	12/15/2020	12/15/2026	6,934		6,927		6,827		0.63
Heartland Home Services, Inc.	(a)	(2)(3)(11)	Consumer Services	SOFR	6.75%	10.49%	12/15/2020	12/15/2026	637		635		627		0.06
Hercules Borrower LLC	(a)(b)	(2)(3)(11)(15)	Environmental Industries	SOFR	4.75%	8.48%	12/14/2020	12/14/2028	17,670		17,535		17,536		1.62

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Hermes BidCo Germany GmbH (Germany)	(a)	(2)(3)(7)	Healthcare & Pharmaceuticals	EURIBOR	5.25%	7.54%	4/29/2026	4/29/2033	€	8,446	$	9,668	$	9,457	0.88	%
Higginbotham Insurance Agency, Inc.	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	4.50%	8.14%	12/11/2025	6/11/2031	7,859		7,766		7,767		0.72
Holding Argon (France)	(a)	(2)(7)(15)	Business Services	EURIBOR	6.00%	8.24%	1/16/2026	4/16/2032	€	1,405	1,587		1,499		0.14
Holding Argon (France)	(a)	(2)(7)	Business Services	EURIBOR	6.00%	8.24%	4/16/2025	4/16/2032	€	13,142	14,579		14,603		1.35
Holding Argon (France)	(a)	(2)(7)	Business Services	SOFR	6.00%	9.68%	1/16/2026	4/16/2032	445		445		436		0.04
Hoosier Intermediate, LLC	(a)(b)(d)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.65%	11/15/2021	11/15/2028	15,782		15,695		15,781		1.46
Horizon Avionics Buyer, LLC	(a)	(2)(3)(15)	Aerospace & Defense	SOFR	4.75%	8.49%	10/25/2025	3/28/2032	6,055		5,993		5,994		0.56
HS Spa Holdings Inc.	(a)(c)(d)	(2)(3)(15)	Consumer Services	SOFR	5.25%	8.88%	6/2/2022	6/2/2029	9,532		9,565		9,460		0.88
HS Spa Holdings Inc.	(a)	(2)(3)	Consumer Services	SOFR	5.25%	8.91%	3/12/2024	6/2/2029	746		743		741		0.07
Hyphen Solutions, LLC	(a)	(2)(3)(15)	Construction & Building	SOFR	4.50%	8.14%	8/6/2025	8/6/2032	—		(8)		(26)		0.00
Icefall Parent, Inc.	(a)(b)(c)	(2)(3)(15)	Software	SOFR	4.50%	8.23%	1/26/2024	1/26/2030	10,088		9,975		10,005		0.93
iCIMS, Inc.	(a)(b)	(2)(3)(15)	Software	SOFR	5.75%	9.42%	8/18/2022	8/18/2028	28,181		27,994		26,888		2.49
IEM New Sub 2, LLC	(a)	(2)(3)(15)	Energy: Electricity	SOFR	4.75%	8.37%	12/3/2025	12/3/2031	—		(17)		(16)		0.00
IG Investments Holdings, LLC	(a)(c)	(2)(3)(15)	Business Services	SOFR	5.00%	8.66%	11/1/2024	9/22/2028	4,376		4,382		4,376		0.41
Infront Luxembourg Finance S.À R.L. (Luxembourg)	(a)	(2)(7)	Leisure Products & Services	EURIBOR	4.50%, 5.50% PIK	12.23%	5/28/2021	5/28/2027	€	8,840	10,628		10,100		0.94
IQN Holding Corp.	(a)(c)	(2)(3)(15)	Business Services	SOFR	5.25%	8.99%	5/2/2022	5/2/2029	11,924		11,890		11,824		1.10
Iron Infinity Buyer Sub, Inc.	(a)(b)	(2)(3)(15)	Utilities: Oil & Gas	SOFR	4.50%	8.23%	10/16/2025	10/16/2032	14,870		14,803		14,529		1.35
Jawbreaker Parent, Inc.	(a)	(2)(3)(15)	Software	SOFR	4.75%	8.48%	1/30/2026	1/30/2033	6,871		6,790		6,791		0.63
Jeg's Automotive, LLC	(a)	(2)(3)(8)	Auto Aftermarket & Services	SOFR	2.90%, 6.00% PIK	12.53%	12/22/2021	12/31/2029	7,168		6,204		7,167		0.66
Jeg's Automotive, LLC	(a)	(2)(3)(8)	Auto Aftermarket & Services	SOFR	1.00%, 6.00% PIK	10.63%	12/22/2021	12/31/2029	1,190		1,036		1,190		0.11
Kona Buyer, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.16%	6/27/2025	7/23/2031	536		531		538		0.05
LDS Intermediate Holdings, L.L.C.	(a)(c)	(2)(3)(15)	Transportation: Cargo	SOFR	5.00%	8.64%	2/7/2025	2/7/2032	7,049		6,870		6,748		0.62
Leo BuyerCo, LLC	(a)(b)	(2)(3)(15)	Capital Equipment	SOFR	4.75%	8.48%	11/25/2025	11/25/2032	9,142		9,006		9,008		0.83
Lifelong Learner Holdings, LLC	(a)	(2)(3)(11)(15)	Business Services	SOFR	1.00%, 6.75% PIK	11.41%	10/18/2019	4/12/2027	4,533		4,527		3,688		0.34
Material Holdings, LLC	(a)(d)	(2)(3)(11)	Business Services	SOFR	2.29%, 3.71% PIK	9.73%	8/19/2021	8/19/2027	14,196		14,198		9,314		0.86
Material Holdings, LLC	(a)(d)	(2)(3)(8)(11)	Business Services	SOFR	6.00% (100% PIK)	9.73%	8/19/2021	8/19/2027	4,041		1,103		—		—
Material Holdings, LLC	(a)(d)	(2)(3)(11)(15)	Business Services	SOFR	6.00% (100% PIK)	9.73%	6/25/2025	8/19/2027	1,110		1,110		1,110		0.10
Matterhorn Finco, Inc.	(a)	(2)(3)(15)	Software	SOFR	5.50%	9.23%	3/5/2026	3/5/2033	7,222		7,141		7,142		0.66

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
McQueen Bidco PTY LTD. (Australia)	(a)	(2)(3)(7)	Auto Aftermarket & Services	BBSY	4.50%	8.98%	5/26/2026	11/28/2032	A$	300	$	215	$	210	0.02	%
McQueen Bidco PTY LTD. (Australia)	(a)	(2)(3)(7)	Auto Aftermarket & Services	EURIBOR	4.50%	6.70%	5/26/2026	11/28/2032	€	429	499		494		0.05
McQueen Bidco PTY LTD. (Australia)	(a)	(2)(3)(7)(15)	Auto Aftermarket & Services	SOFR	4.50%	8.13%	11/20/2025	11/28/2032	—		(16)		27		0.00
Merative L.P.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.23%	9/30/2025	9/30/2032	40,971		40,744		40,971		3.79
Mindbody, Inc.	(a)	(2)(3)(15)	Leisure Products & Services	SOFR	6.00%	9.73%	3/30/2026	3/30/2033	21,475		21,122		21,122		1.96
Modernizing Medicine, Inc.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	2.50%, 2.25% PIK	8.48%	4/30/2025	4/30/2032	12,060		11,950		12,071		1.12
Monarch Buyer, Inc.	(a)	(2)(3)(15)	Business Services	SOFR	4.75%	8.49%	6/2/2025	6/2/2032	5,986		5,840		5,756		0.53
More Cowbell II, LLC	(a)	(2)(3)(15)	Diversified Financial Services	SOFR	4.50%	8.24%	9/3/2025	9/1/2030	—		—		—		—
NFO Orange Buyer, LLC	(a)	(2)(3)(15)	Construction & Building	SOFR	4.50%	8.13%	1/13/2026	1/13/2033	2,068		2,052		2,052		0.19
NMI AcquisitionCo, Inc.	(a)(b)(d)	(2)(3)(11)(15)	High Tech Industries	SOFR	4.50%	8.14%	9/6/2017	9/6/2028	47,698		47,692		47,506		4.40
North Haven Fairway Buyer, LLC	(a)(b)(c)	(2)(3)(15)	Consumer Services	SOFR	5.00%	8.74%	5/17/2022	5/17/2028	31,181		31,030		31,002		2.87
Nuzoa Bidco, S.L.U. (Spain)	(a)	(2)(7)(15)	Healthcare & Pharmaceuticals	EURIBOR	5.50%	8.10%	6/24/2025	6/24/2032	€	6,657	7,544		7,451		0.69
Oak Purchaser, Inc.	(a)(b)(c)	(2)(3)(15)	Business Services	SOFR	5.50%	9.23%	4/28/2022	5/31/2028	14,548		14,467		14,421		1.34
Oak Purchaser, Inc.	(a)(c)	(2)(3)(15)	Business Services	SOFR	5.50%	9.23%	2/1/2024	5/31/2028	5,055		4,997		4,931		0.46
OEConnection, LLC	(a)	(2)(3)(15)	Auto Aftermarket & Services	SOFR	4.50%	8.14%	12/23/2025	12/23/2032	1,137		1,128		1,112		0.10
OEI, Inc.	(a)	(2)(3)(15)	Construction & Building	SOFR	4.50%	8.23%	12/29/2025	12/29/2032	2,272		2,179		2,398		0.22
Onward Acquierco, Inc.	(a)	(2)(3)(15)	Software	SOFR	2.38%, 2.68% PIK	8.69%	4/1/2026	4/1/2033	—		(24)		(24)		0.00
Optimizely North America Inc.	(a)	(2)(3)	High Tech Industries	EURIBOR	3.25%, 2.50% PIK	7.96%	10/30/2024	10/30/2031	€	2,404	2,584		2,529		0.23
Optimizely North America Inc.	(a)(b)	(2)(3)(15)	High Tech Industries	SOFR	3.00%, 2.50% PIK	9.14%	10/30/2024	10/30/2031	7,116		7,063		6,481		0.60
Optimizely North America Inc.	(a)	(2)(3)	High Tech Industries	SONIA	3.50%, 2.50% PIK	9.73%	10/30/2024	10/30/2031	£	962	1,236		1,179		0.11
Orbcomm Inc.	(a)(b)	(2)(15)	Telecommunications	SOFR	5.25%	8.98%	4/27/2026	4/27/2032	9,339		9,242		9,242		0.86
Orthrus Limited (United Kingdom)	(a)(c)	(2)(7)	Diversified Financial Services	EURIBOR	3.50%, 2.75% PIK	8.55%	12/4/2024	12/4/2031	€	1,881	1,998		2,128		0.20
Orthrus Limited (United Kingdom)	(a)(c)	(2)(3)(7)	Diversified Financial Services	SOFR	3.50%, 2.75% PIK	9.90%	12/4/2024	12/4/2031	4,970		4,921		4,921		0.46
Orthrus Limited (United Kingdom)	(a)(c)	(2)(3)(7)	Diversified Financial Services	SOFR	3.50%, 2.75% PIK	9.90%	7/24/2025	12/4/2031	719		719		712		0.07

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Orthrus Limited (United Kingdom)	(a)(c)	(2)(7)(15)	Diversified Financial Services	SONIA	3.50%, 2.75% PIK	9.98%	12/4/2024	12/4/2031	£	2,105	$	2,696	$	2,759	0.26	%
PAM Bidco Limited (United Kingdom)	(a)(c)	(7)(15)	Utilities: Water	FIXED	10.75%	10.75%	10/29/2024	10/29/2031	£	82	105		107		0.01
PAM Bidco Limited (United Kingdom)	(a)(c)	(2)(7)(15)	Utilities: Water	SONIA	7.30%	11.03%	10/29/2024	10/29/2031	£	6,955	8,867		9,143		0.85
PDI TA Holdings, Inc	(a)(c)	(2)(3)	Software	SOFR	3.50%, 2.50% PIK	9.74%	2/1/2024	2/1/2031	17,051		17,093		15,927		1.48
Pound Bidco Inc. (Canada)	(a)	(2)(3)(7)(15)	Software	SOFR	5.25%	8.95%	2/1/2021	5/1/2029	1,350		1,347		1,343		0.12
Pound Bidco Inc. (Canada)	(a)(b)	(2)(3)(7)	Software	SOFR	5.25%	8.89%	11/21/2023	5/1/2029	18,101		18,057		18,036		1.67
PPV Intermediate Holdings, LLC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.25%	8.92%	8/7/2024	8/31/2029	5,079		5,028		4,565		0.42
PPV Intermediate Holdings, LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	5.75%	9.42%	8/7/2024	8/31/2029	15,799		15,762		15,473		1.43
PPV Intermediate Holdings, LLC	(a)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	6.00%	9.67%	8/7/2024	8/31/2029	206		205		201		0.02
Project Castle, Inc.	(b)(c)	(2)(3)(8)	Capital Equipment	SOFR	5.50%	9.13%	6/24/2022	6/1/2029	8,181		7,645		1,888		0.17
Propio LS, LLC	(a)(b)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.48%	5/12/2025	5/12/2030	12,010		11,910		11,725		1.09
PROS Parent, Inc.	(a)	(2)(3)(15)	Transportation: Consumer	SOFR	4.75%	8.40%	12/9/2025	12/9/2032	521		519		520		0.05
PXO Holdings I Corp.	(a)(b)(d)	(2)(3)(15)	Chemicals, Plastics & Rubber	SOFR	5.50%	9.23%	3/8/2022	3/8/2028	23,115		23,000		22,704		2.10
QBS Parent, Inc.	(a)	(2)(3)(15)	Energy: Oil & Gas	SOFR	4.50%	8.23%	11/7/2024	6/3/2032	1,284		1,235		1,131		0.10
Radwell Parent, LLC	(a)(b)(d)	(2)(3)(15)	Wholesale	SOFR	4.75%	8.48%	12/1/2022	4/1/2030	20,721		20,469		20,698		1.92
Rialto Management Group, LLC	(a)(b)(c)	(2)(3)(7)(15)	Diversified Financial Services	SOFR	5.00%	8.64%	12/5/2024	12/5/2030	14,993		14,877		14,817		1.37
Rotation Buyer, LLC	(a)(c)	(2)(3)(15)	Capital Equipment	SOFR	4.75%	8.49%	12/27/2024	12/27/2031	4,917		4,867		4,747		0.44
Saguaro Buyer, LLC	(a)	(2)(3)(15)	Leisure Products & Services	SOFR	4.50%	8.23%	7/3/2025	7/3/2032	5,924		5,857		5,861		0.54
SCHP Purchaser, INC	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.16%	10/24/2025	10/24/2032	—		(28)		(23)		0.00
SCP Eye Care HoldCo, LLC	(a)(b)(c)	(2)(3)(11)(15)	Healthcare & Pharmaceuticals	SOFR	5.75%	9.39%	10/7/2022	10/7/2029	11,062		11,089		11,062		1.02
Seahawk Bidco, LLC	(a)(b)(c)	(2)(3)(15)	Consumer Services	SOFR	5.00%	8.73%	12/19/2024	12/19/2031	13,952		13,842		13,732		1.27
Secretariat Advisors LLC	(a)	(2)(15)	Construction & Building	SOFR	4.00%	7.73%	2/28/2025	3/1/2032	—		(9)		(47)		0.00
Sigma Irish Acquico Limited (Ireland)	(a)	(2)(7)	Diversified Financial Services	EURIBOR	5.25%	7.57%	3/19/2025	3/19/2032	€	6,766	7,310		7,654		0.71
Sigma Irish Acquico Limited (Ireland)	(a)	(2)(7)(15)	Diversified Financial Services	SOFR	5.25%	8.87%	3/19/2025	3/19/2032	—		(32)		(24)		0.00

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
SitusAMC Holdings Corporation	(a)(b)	(2)(3)	Diversified Financial Services	SOFR	5.50%	9.23%	5/14/2025	5/14/2031	$	27,485	$	27,368	$	27,315	2.53	%
Smarsh Inc.	(a)(b)	(2)(3)(15)	Software	SOFR	4.75%	8.48%	2/18/2022	2/18/2029	9,455		9,364		9,268		0.86
Specialty Pharma III, Inc.	(a)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.75%	8.45%	12/23/2025	12/23/2032	15,750		15,668		15,699		1.45
Speedstar Holding LLC	(a)(b)	(2)(3)(15)	Auto Aftermarket & Services	SOFR	6.00%	9.73%	7/2/2024	7/22/2027	17,897		17,802		14,434		1.34
Spotless Brands, LLC	(a)	(2)(3)	Consumer Services	SOFR	5.50%	9.35%	8/30/2024	7/25/2028	8,977		8,927		8,961		0.83
Spotless Brands, LLC	(a)(b)(c)(d)	(2)(3)(15)	Consumer Services	SOFR	5.75%	9.60%	6/21/2022	7/25/2028	46,396		46,158		46,396		4.30
Summit Bidco, Inc. (Canada)	(a)	(2)(3)(7)(15)	Diversified Financial Services	CORRA	4.75%	7.09%	10/1/2025	10/1/2032	C$	744	528		519		0.05
Tank Holding Corp.	(a)(b)(d)	(2)(3)(11)(15)	Capital Equipment	SOFR	5.75%	9.38%	3/31/2022	3/31/2028	24,806		24,662		22,559		2.09
Tank Holding Corp.	(a)	(2)(3)(11)	Capital Equipment	SOFR	6.00%	9.64%	9/26/2024	3/31/2028	3,504		3,485		3,214		0.30
The Chartis Group, LLC	(a)(c)	(2)(3)(15)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.98%	9/17/2024	9/17/2031	1,172		1,126		1,172		0.11
Thor (BC) Bidco AB (Sweden)	(a)	(2)(7)	Wholesale	STIBOR	5.00%	7.06%	6/1/2026	6/1/2033	SEK	74,240	7,905		7,580		0.70
Thor (BC) Bidco AB (Sweden)	(a)	(2)(7)(15)	Wholesale	STIBOR	5.00%	7.32%	6/1/2026	6/1/2033	SEK	—	(11)		(15)		0.00
Total Power Limited (Canada)	(a)(c)	(2)(3)(7)(15)	Energy: Electricity	CORRA	4.50%	6.84%	7/22/2024	7/22/2030	C$	13,647	9,654		9,450		0.87
TS Imagine Intermediate Inc.	(a)	(2)(3)(15)	Software	SOFR	6.25%	9.91%	6/12/2026	6/12/2031	12,281		12,077		12,076		1.12
Tufin Software North America, Inc.	(a)(b)(c)	(2)(3)(11)(15)	Software	SOFR	4.93%	8.58%	8/17/2022	8/17/2028	38,361		38,087		38,361		3.55
U.S. Legal Support, Inc.	(a)(b)(d)	(2)(3)(11)(15)	Business Services	SOFR	5.25%	8.92%	11/30/2018	5/31/2027	23,067		23,067		22,850		2.11
UFT Buyer LLC	(a)	(2)(3)(15)	Environmental Industries	SOFR	2.25%, 2.75% PIK	8.73%	12/4/2025	12/4/2032	1,055		1,042		1,051		0.10
US INFRA SVCS Buyer, LLC	(a)(d)	(2)(3)(8)(11)	Environmental Industries	SOFR	1.00%, 5.75% PIK	10.38%	4/13/2020	6/13/2028	11,231		10,955		3,482		0.32
USR Parent Inc.	(a)(b)(c)	(2)(3)(10)	Retail	SOFR	7.60%	11.22%	4/22/2022	4/25/2027	3,685		3,674		3,649		0.34
Vensure Employer Services, Inc.	(a)(b)	(2)(3)	Business Services	SOFR	5.00%	8.73%	9/27/2024	9/27/2031	14,767		14,650		14,540		1.35
Victors Purchaser, LLC	(a)	(2)(3)(15)	High Tech Industries	SOFR	4.50%	8.24%	12/23/2025	12/23/2032	247		229		238		0.02
Vienna Bidco Limited (United Kingdom)	(a)	(2)(3)(7)	Healthcare & Pharmaceuticals	SONIA	5.65%	9.38%	8/20/2025	8/20/2030	£	7,264	9,533		9,394		0.87
VRC Companies, LLC	(a)	(2)(3)(11)(15)	Business Services	SOFR	5.50%	9.16%	7/29/2025	6/29/2027	—		(1)		(3)		0.00
Whitney Merger Sub, Inc.	(a)(b)	(2)(3)(15)	Leisure Products & Services	SOFR	4.75%	8.48%	7/3/2025	7/3/2032	24,144		23,887		23,622		2.19
Wineshipping.com LLC	(a)(d)	(2)(3)(11)(15)	Beverage & Food	SOFR	6.25% (100% PIK)	9.98%	10/29/2021	12/29/2028	18,600		17,663		11,827		1.10
World 50, Inc.	(a)(b)	(2)(3)(15)	Business Services	SOFR	4.50%	8.17%	3/22/2024	3/22/2030	18,593		18,328		18,586		1.72
Yellowstone Buyer Acquisition, LLC	(a)	(2)(3)(11)	Consumer Goods: Durable	SOFR	5.75%	9.52%	9/13/2021	9/13/2027	431		428		401		0.04

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
YLG Holdings, Inc.	(a)(b)	(2)(3)(15)	Consumer Services	SOFR	4.75%	8.43%	9/30/2020	12/23/2030	$	6,489	$	6,473	$	6,481	0.60	%



First Lien Debt Total											$	1,911,944	$	1,861,546	172.41	%
Second Lien Debt (3.3% of fair value)
AQA Acquisition Holdings, Inc.	(a)(b)(d)	(2)(3)	High Tech Industries	SOFR	6.25%	9.91%	3/3/2021	3/3/2029	$	40,000	$	39,618	$	31,979	2.96	%
Associations, Inc.	(a)	(9)	Construction & Building	FIXED	14.25% (100% PIK)	14.25%	5/3/2024	5/3/2030	7,374		7,374		7,374		0.68
Associations, Inc.	(a)	(9)	Construction & Building	FIXED	14.25% (100% PIK)	14.25%	5/3/2024	5/3/2030	2,816		2,816		2,823		0.26
Bayside OPCP, LLC	(a)	(2)(3)(9)(11)	Healthcare & Pharmaceuticals	SOFR	10.00% (100% PIK)	13.88%	5/31/2023	5/31/2027	7,002		7,000		7,002		0.65
Denali Midco 2, LLC	(a)		Consumer Services	FIXED	13.00% (100% PIK)	13.00%	10/4/2024	12/22/2029	3,220		3,189		3,177		0.30
FPG Intermediate Holdco, LLC	(a)	(2)(3)(8)	Consumer Services	SOFR	5.00%	8.63%	7/25/2025	6/30/2029	38		35		38		0.00
PAI Holdco, Inc.	(a)	(2)(3)	Auto Aftermarket & Services	SOFR	5.50%, 2.00% PIK	11.17%	10/28/2020	10/28/2028	15,147		14,997		14,391		1.33
TruGreen Limited Partnership	(a)(b)	(2)(3)(11)	Consumer Services	SOFR	8.50%	12.16%	11/16/2020	11/2/2028	13,000		12,898		11,505		1.07




Second Lien Debt Total											$	87,927	$	78,289	7.25	%


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Common and Preferred Equity Investments (5.5% of fair value)
48Forty TopCo LLC	(a)	(6)(12)	Transportation: Cargo		1/14/2026	1	$	6,511	$	5,636	0.52	%
48Forty TopCo LLC	(a)	(6)(12)	Transportation: Cargo		1/14/2026	1	—		—		—
Aimbridge Acquisition Co., Inc.	(a)	(6)(12)	Leisure Products & Services		3/11/2025	23	1,142		1,234		0.11
Ampersand Partners Feeder AIV LP	(a)	(6)(7)(12)	Diversified Financial Services		7/9/2025	170	3,530		3,592		0.33
ANLG Holdings, LLC	(a)	(6)(12)	Capital Equipment		6/22/2018	592	592		1,116		0.10
Atlas Ontario LP (Canada)	(a)	(6)(7)(12)	Business Services		4/7/2021	5,114	5,114		10,381		0.96
Bayside HoldCo, LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		5/31/2023	6	—		9,521		0.88
Blackbird Holdco, Inc.	(a)	(6)	Capital Equipment	12.50% (100% PIK)	12/14/2021	17	16,990		17,038		1.58
Buckeye Group Holdings, L.P.	(a)	(6)(8)	Auto Aftermarket & Services	10.63% (100% PIK)	12/31/2024	5,118	1,521		—		—
Buckeye Group Holdings, L.P.	(a)	(6)(12)	Auto Aftermarket & Services		12/31/2024	9,417	—		—		—
Buckeye Group Holdings, L.P.	(a)	(6)(12)	Auto Aftermarket & Services		12/31/2024	5,118	—		—		—
CIP Revolution Holdings, LLC	(a)	(6)(12)	Media: Advertising, Printing & Publishing		8/19/2016	318	318		220		0.02
Comar Aggregator Co, LLC	(a)(d)	(6)(12)	Containers, Packaging & Glass		10/31/2025	21	10,674		10,749		1.00
Cority Software Inc. (Canada)	(a)	(6)(7)(12)	Software		7/2/2019	250	250		873		0.08

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
DCA TopCo LP	(a)	(6)(12)	Healthcare & Pharmaceuticals		6/2/2026	483	$	4,533	$	4,530	0.42	%
Diligent Corporation	(a)	(6)	Telecommunications	10.50% (100% PIK)	4/5/2021	17	16,783		15,936		1.48
ECP Parent, LLC	(a)	(6)(12)	Healthcare & Pharmaceuticals		3/29/2018	268	—		4		0.00
EvolveIP, LLC	(a)(d)	(6)(12)	Telecommunications		10/30/2024	107	215		378		0.04
FPG Intermediate Holdco, LLC	(a)	(6)(12)	Consumer Services		7/25/2025	1	48		—		0.00
FS NU Investors, LP	(a)	(6)(8)	Consumer Services	20.00% (100% PIK)	8/9/2024	3	219		—		—
GB Vino Parent, L.P.	(a)	(6)(12)	Beverage & Food		10/29/2021	4	274		—		—
HIG Intermediate, Inc.	(a)	(6)	Diversified Financial Services	10.50%	12/10/2024	2	1,509		1,511		0.14
Integrity Marketing Group, LLC	(a)	(6)	Diversified Financial Services	10.50%	12/21/2021	24,072	24,081		23,728		2.20
Navacord Intermediate Holdings Inc. (Canada)	(a)	(6)(7)(15)	Diversified Financial Services	11.00% (100% PIK)	2/2/2026	14	10,361		9,941		0.92
NearU Holdings LLC	(a)	(6)(12)	Consumer Services		8/16/2022	30	2,598		—		—
Pascal Ultimate Holdings, L.P	(a)	(6)(12)	Capital Equipment		7/21/2021	36	346		1,025		0.10
Profile Holdings I, LP	(a)	(6)(12)	Chemicals, Plastics & Rubber		3/8/2022	5	523		353		0.03
Project Carbo S.a.r.l. (Luxembourg)	(a)	(6)(7)	High Tech Industries	14.30% (100% PIK)	1/27/2025	2,168	2,352		2,512		0.23
Sinch AB (Sweden)	(a)	(6)(7)(12)	High Tech Industries		3/26/2019	106	1,168		414		0.04
Summit K2 Midco, Inc.	(a)	(6)(12)	Diversified Financial Services		4/27/2023	212	164		272		0.03
Talon MidCo 1 Limited	(a)	(6)(12)	Software		8/17/2022	1,154	1,718		3,111		0.29
Tank Holding Corp.	(a)	(6)(12)	Capital Equipment		3/26/2019	850	—		2,416		0.22
TW LRW Holdings, LLC	(a)(b)(d)	(6)(12)	Business Services		6/14/2024	4	—		—		—
TW Material Holdings LP	(a)(b)(d)	(6)(12)	Business Services		3/6/2026	0	—		—		—
TW Material Holdings LP	(a)(d)	(6)(12)	Business Services		3/6/2026	0	—		—		—
TW Material Holdings LP	(a)(b)(d)	(6)(12)	Business Services		3/6/2026	0	—		—		—
U.S. Legal Support Investment Holdings, LLC	(a)	(6)(12)	Business Services		11/30/2018	641	641		951		0.09
Zenith American Holding, Inc.	(a)	(6)(12)	Business Services		12/13/2017	1,564	752		1,779		0.16
Equity Investments Total							$	114,927	$	129,221	11.97	%

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)

Investments—non-controlled/non-affiliated (1)

Footnotes

Industry

All-In Rate

Acquisition Date

Shares/ Units

Cost

Fair

Value (5)

%
of Net Assets

Total investments—non-controlled/non-affiliated

2,114,798

2,069,056

191.63


Investments—non-controlled/affiliated		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (3.1% of fair value)
Align Precision Group, LLC	(a)	(2)(3)(14)	Aerospace & Defense	SOFR	6.75% (100% PIK)	10.48%	7/3/2025	7/3/2030	$	21,385	$	21,385	$	21,385	1.98	%
Align Precision Group, LLC	(a)	(2)(3)(14)(15)	Aerospace & Defense	SOFR	6.75% (100% PIK)	10.48%	7/3/2025	7/3/2030	3,900		3,835		3,900		0.36
SPF Borrower, LLC	(a)(b)	(2)(3)(11)(14)(15)	Healthcare & Pharmaceuticals	SOFR	6.25%	9.98%	2/1/2024	2/1/2028	31,528		31,528		31,528		2.92
SPF Borrower, LLC	(a)	(2)(3)(11)(14)	Healthcare & Pharmaceuticals	SOFR	9.50% (100% PIK)	13.38%	2/1/2024	2/1/2028	16,206		16,206		16,206		1.50

First Lien Debt Total											$	72,954	$	73,019	6.76	%


Investments—non-controlled/affiliated		Footnotes	Industry	All-In Rate	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (1.1% of fair value)
Align Precision Group, LLC	(a)	(6)(12)(14)	Aerospace & Defense		7/3/2025	10	$	5,875	$	4,878	0.45	%
SPF HoldCo LLC	(a)	(6)(12)(14)	Healthcare & Pharmaceuticals		2/1/2024	15,440	20,828		19,918		1.84
Equity Investments Total							$	26,703	$	24,796	2.29	%


Investments—non-controlled/affiliated		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Par/ Principal Amount *		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Investment Funds (2.9% of fair value)
Structured Credit Partners JV, LLC, Class A	(a)	(7)(12)(14)	Investment Funds				2/11/2026	$	1	$	1	$	1	0.00	%
Structured Credit Partners JV, LLC, Class B	(a)	(7)(14)	Investment Funds	FIXED	18.70%	18.70%	2/11/2026	69,384		69,384		69,384		6.43
Structured Credit Partners JV, LLC, Class C	(a)	(7)(12)(14)	Investment Funds				2/11/2026	—		—		—		—
Investment Funds Total										$	69,385	$	69,385	6.43	%
Total investments—non-controlled/affiliated										$	169,042	$	167,200	15.48	%

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


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

Investment Funds (5.2% of fair value)
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest	(a)	(7)(13)	Investment Funds	FIXED	17.60%	17.60%	2/29/2016	12/31/2030	$	130,500	$	130,501	$	123,753	11.46	%
Middle Market Credit Fund, LLC, Mezzanine Loan	(a)	(2)(7)(9)(13)	Investment Funds	SOFR	6.50%	10.13%	6/30/2016	5/21/2028	—		—		—		—
Investment Funds Total											$	130,501	$	123,753	11.46	%
Total investments—controlled/affiliated											$	130,501	$	123,753	11.46	%
Total investments											$	2,414,341	$	2,360,009	218.57	%


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

Interest Rate Swap	JP Morgan Chase Bank N.A.	SOFR + 3.235%(e)	6.75%	February 18, 2030	$	300,000	$	(5,021)	$	(5,319)	$	—
Interest Rate Swap	JP Morgan Chase Bank N.A.	SOFR + 2.312%(f)	5.75%	February 15, 2031	300,000		(6,878)		(5,442)		—
Total					$	600,000	$	(11,899)	$	(10,761)	$	—


Derivative Instruments**	Counterparty	Notional Amount to be Purchased		Notional Amount to be Sold		Maturity Date	Unrealized Appreciation (Depreciation)
Forward Currency Contract	Barclays	$	211	A$	300	7/22/2026	$	3
Forward Currency Contract	Barclays	$	160	NOK	1,485	10/14/2026	10
Forward Currency Contract	Barclays	$	143	SEK	1,326	10/16/2026	6
Forward Currency Contract	Barclays	$	164	NOK	1,525	1/13/2027	10
Forward Currency Contract	Barclays	$	146	SEK	1,343	1/15/2027	6
Forward Currency Contract	Barclays	$	163	NOK	1,519	4/13/2027	10
Forward Currency Contract	Barclays	$	147	SEK	1,346	4/16/2027	6
Forward Currency Contract	Barclays	$	8,263	SEK	75,685	5/28/2027	307
Forward Currency Contract	Barclays	$	6,797	NOK	63,530	5/28/2027	407


Total Derivative Instruments							$	765

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

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

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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)

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

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

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

* Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Canadian Dollar (“C$”), Euro (“€”), British Pound (“£”), Swedish Krona (“SEK”), Norwegian Krone (“NOK”), or Australian Dollar (“A$”).

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

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2026, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2026, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2026. As of June 30, 2026, the reference rates for variable rate loans were the 30-day SOFR at 3.63%, the 90-day SOFR at 3.63%, the 180-day SOFR at 3.67%, the daily SONIA at 3.73%, the 30-day EURIBOR at 2.20%, the 90-day EURIBOR at 2.32%, the 180-day EURIBOR at 2.57%, the 30-day CORRA at 2.34%, the 30-day BBSY at 4.52%, the 90-day STIBOR at 1.97%, and 90-day NIBOR at 4.57%.

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

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

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

(6)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2026, the aggregate fair value of these securities is $154,017, or 14.26% of the Company’s net assets.

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

(8)Represents an investment on non-accrual status as of June 30, 2026.

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

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

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

(12)Represents a non-income producing security as of June 30, 2026.

(13)Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, to these unaudited consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the six months ended June 30, 2026, were as follows:


Investments—controlled/affiliated	Fair Value as of December 31, 2025		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2026		Dividend and Interest Income
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest	$	123,114	$	—	$	—	$	—	$	639	$	123,753	$	10,750
Middle Market Credit Fund, LLC, Mezzanine Loan	40,500		—		(40,500)		—		—		—		568


Total investments—controlled/affiliated	$	163,614	$	—	$	(40,500)	$	—	$	639	$	123,753	$	11,318

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)

(14)Under the Investment Company Act, the Company is deemed an “affiliated person” of the portfolio companies because the Company owns 5% or more of the portfolio company’s outstanding voting securities. See Note 7, Structured Credit Partners JV, LLC, to these unaudited consolidated financial statements for more details. Transactions related to the portfolio companies during the six months ended June 30, 2026 were as follows:


Investments—non-controlled/affiliated	Fair Value as of December 31, 2025		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of June 30, 2026		Interest, Dividend, and PIK Income
Align Precision Group, LLC	$	20,306	$	1,079	$	—	$	—	$	—	$	21,385	$	1,080
Align Precision Group, LLC	2,886		1,036		(16)		—		(6)		3,900		198
Align Precision Group, LLC (Equity)	5,452		—		—		—		(574)		4,878		—
SPF Borrower, LLC	31,372		156		—		—		—		31,528		1,595
SPF Borrower, LLC	15,171		1,035		—		—		—		16,206		1,040
SPF HoldCo, LLC (Equity)	27,877		—		—		—		(7,959)		19,918		—
Structured Credit Partners JV, LLC	—		1		—		—		—		1		—
Structured Credit Partners JV, LLC	—		69,384		—		—		—		69,384		2,583

Total investments—non-controlled/affiliated	$	103,064	$	72,691	$	(16)	$	—	$	(8,539)	$	167,200	$	6,496

(15)As of June 30, 2026, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value in the accompanying Consolidated Statements of Assets and Liabilities:


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
1251 Insurance Distribution Platform Payco, LP	Revolver	0.50%	$	1,272	$	(9)
AAH Topco., LLC	Delayed Draw	1.00	2,865		(17)
AArete Investment, LLC	Delayed Draw	1.00	1,628		(2)
AArete Investment, LLC	Revolver	0.50	651		(1)
Addev Group (France)	Delayed Draw	1.50	€	37	(1)
Advanced Infusion Solutions Acquisition, LLC	Delayed Draw	1.00	6,866		(103)
Advanced Infusion Solutions Acquisition, LLC	Revolver	0.50	1,446		(22)
Advanced Web Technologies Holding Company	Revolver	0.50	1,406		(13)
AGS Health BCP LLC	Delayed Draw	1.00	3,152		7
AGS Health BCP LLC	Revolver	0.25	1,119		2
Align Precision Group, LLC	Delayed Draw	1.00	258		—
Allied Benefit Systems Intermediate LLC	Delayed Draw	1.00	743		(1)
Alpine Acquisition Corp II	Delayed Draw	0.50	196		—
Alpine Acquisition Corp II	Revolver	0.50	784		—
AmpersCap LLC	Delayed Draw	1.00	7,058		(52)
AP Plastics Acquisition Holdings, LLC	Delayed Draw	1.00	892		(17)
AP Plastics Acquisition Holdings, LLC	Revolver	0.50	339		(6)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
Apex Companies Holdings, LLC	Delayed Draw	1.00%	$	6,532	$	(29)
API Holdings III LLC	Delayed Draw	0.50	2,717		(27)
API Holdings III LLC	Revolver	0.50	2,717		(27)
Apollo Purchaser, Inc. (Canada)	Delayed Draw	—	C$	1,995	(14)
Apollo Purchaser, Inc. (Canada)	Revolver	0.50	C$	1,710	(12)
Artifact Bidco, Inc.	Delayed Draw	0.50	345		(0		)
Artifact Bidco, Inc.	Revolver	0.25	246		(0		)
Ascend Buyer, LLC	Revolver	0.50	2,199		(8)
Associations, Inc.	Delayed Draw	—	716		—
Associations, Inc.	Revolver	0.50	1,221		—
Athlete Buyer, LLC	Revolver	0.50	307		(56)
Atlas US Finco, Inc.	Revolver	0.50	2,594		1
Auditboard, Inc.	Revolver	0.50	1,714		(33)
Azurite Intermediate Holdings, Inc.	Revolver	0.50	875		(14)
Bamboo Health Holdings, LLC	Revolver	0.50	4,542		(10)
Bayside OPCP, LLC	Revolver	0.50	1,623		—
BCTO Bobsled Purchaser, Inc.	Delayed Draw	0.50	1,103		(8)
BCTO Bobsled Purchaser, Inc.	Revolver	0.50	331		(2)
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50	700		(44)
Bingo Group Buyer, Inc.	Delayed Draw	0.75	3,280		(33)
Bingo Group Buyer, Inc.	Revolver	0.50	636		(6)
Bitnova Midco S.p.A. (Italy)	Delayed Draw	1.25	€	1,787	(36)
Businessolver.com, Inc.	Delayed Draw	1.00	2,825		(38)
Businessolver.com, Inc.	Revolver	0.50	1,258		(17)
Celerion Buyer, Inc.	Revolver	0.50	893		(9)
Cliffwater LLC	Revolver	0.38	3,465		(17)
Cority Software Inc. (Canada)	Revolver	0.38	4,025		(20)
Coupa Holdings, LLC	Revolver	0.50	246		—
CST Holding Company	Revolver	0.50	940		(2)
Dance Midco S.a.r.l. (United Kingdom)	Delayed Draw	1.00	€	1,013	(9)
Deerfield Dakota Holding, LLC	Revolver	0.50	2,706		(58)
Denali Intermediate Holdings, Inc.	Revolver	0.50	1,179		(9)
Diligent Corporation	Revolver	0.50	467		(15)
Divisions Holding Corporation	Revolver	0.50	1,920		2
Dwyer Instruments, Inc.	Revolver	0.50	615		—
Einstein Parent, Inc.	Revolver	0.50	3,142		(126)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
Ellkay, LLC	Revolver	0.50%	$	2,460	$	(94)
Eltera Bidco AS (Norway)	Delayed Draw	—	NOK	22,559	(34)
Embark Intermediate Holdings, LLC	Delayed Draw	1.00	476		(4)
Embark Intermediate Holdings, LLC	Revolver	0.50	397		(4)
Enkindle Limited (United Kingdom)	Delayed Draw	1.00	£	923	(28)
Enverus, Inc.	Delayed Draw	1.00	2,718		(20)
Enverus, Inc.	Revolver	0.50	1,088		(8)
Espresso Bidco Inc.	Delayed Draw	1.00	474		(6)
Espresso Bidco Inc.	Revolver	0.50	2,616		(36)
Essential Services Holding Corporation	Revolver	0.50	104		(1)
Excel Fitness Holdings, Inc.	Revolver	0.50	1,484		(32)
Excelitas Technologies Corp.	Revolver	0.50	2,069		(3)
Flexera Software LLC	Revolver	0.38	607		(14)
FPG Intermediate Holdco, LLC	Delayed Draw	—	20		—
Fullsteam Operations LLC	Delayed Draw	1.00	2,177		(84)
Fullsteam Operations LLC	Revolver	0.50	490		(19)
GGG Midco, LLC	Delayed Draw	1.00	678		(7)
GGG Midco, LLC	Revolver	0.50	387		(4)
GI DI Emerald Intermediate Limited (United Kingdom)	Delayed Draw	0.50	5,085		(48)
GI DI Emerald Intermediate Limited (United Kingdom)	Revolver	0.50	2,543		(24)
Greenhouse Software, Inc.	Revolver	0.50	2,204		(24)
GS AcquisitionCo, Inc.	Delayed Draw	1.00	1,127		(55)
GS AcquisitionCo, Inc.	Revolver	0.50	—		(0		)
Gymspa (France)	Delayed Draw	1.73	€	554	3
Hercules Borrower LLC	Revolver	0.38	2,160		(15)
Higginbotham Insurance Agency, Inc.	Delayed Draw	0.50	12,945		(58)
Holding Argon (France)	Delayed Draw	1.00	€	3,268	(75)
Hoosier Intermediate, LLC	Revolver	0.38	2,401		—
Horizon Avionics Buyer, LLC	Delayed Draw	1.00	5,592		(25)
Horizon Avionics Buyer, LLC	Revolver	0.50	2,186		(10)
HS Spa Holdings Inc.	Revolver	0.50	960		(7)
Hyphen Solutions, LLC	Delayed Draw	1.00	1,256		(16)
Hyphen Solutions, LLC	Revolver	0.50	754		(10)
Icefall Parent, Inc.	Revolver	0.25	992		(7)
iCIMS, Inc.	Revolver	0.50	1,727		(75)
IEM New Sub 2, LLC	Delayed Draw	1.00	3,842		(16)

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
IG Investments Holdings, LLC	Revolver	0.50%	$	350	$	—
IQN Holding Corp.	Revolver	0.38	391		(3)
Iron Infinity Buyer Sub, Inc.	Delayed Draw	0.50	10,231		(119)
Iron Infinity Buyer Sub, Inc.	Revolver	0.50	4,213		(49)
Jawbreaker Parent, Inc.	Delayed Draw	—	896		(8)
Jawbreaker Parent, Inc.	Revolver	0.50	896		(8)
Kona Buyer, LLC	Delayed Draw	1.00	425		1
Kona Buyer, LLC	Revolver	0.50	38		0
LDS Intermediate Holdings, L.L.C.	Delayed Draw	1.00	7,844		(126)
LDS Intermediate Holdings, L.L.C.	Revolver	0.50	3,809		(61)
Leo BuyerCo, LLC	Delayed Draw	1.00	3,429		(31)
Leo BuyerCo, LLC	Revolver	0.50	2,171		(20)
Lifelong Learner Holdings, LLC	Revolver	0.50	2		(0		)
Material Holdings, LLC	Delayed Draw	—	808		—
Material Holdings, LLC	Revolver	—	192		—
Matterhorn Finco, Inc.	Revolver	0.25	1,111		(11)
McQueen Bidco PTY LTD. (Australia)	Revolver	0.38	3,399		27
Merative L.P.	Delayed Draw	0.50	4,706		—
Merative L.P.	Revolver	0.50	4,118		—
Mindbody, Inc.	Revolver	0.50	2,684		(39)
Modernizing Medicine, Inc.	Revolver	0.50	1,099		1
Monarch Buyer, Inc.	Delayed Draw	1.00	7,550		(102)
Monarch Buyer, Inc.	Revolver	0.50	3,463		(47)
More Cowbell II, LLC	Delayed Draw	0.50	1,483		—
More Cowbell II, LLC	Revolver	0.50	2,966		—
NFO Orange Buyer, LLC	Delayed Draw	—	176		(1)
NFO Orange Buyer, LLC	Revolver	0.50	1,018		(5)
NMI AcquisitionCo, Inc.	Revolver	0.50	320		(1)
North Haven Fairway Buyer, LLC	Revolver	0.50	675		(4)
Nuzoa Bidco, S.L.U. (Spain)	Delayed Draw	1.25	€	2,401	(41)
Oak Purchaser, Inc.	Delayed Draw	0.50	2,618		(42)
Oak Purchaser, Inc.	Revolver	0.50	1,390		(11)
OEConnection, LLC	Delayed Draw	0.50	667		(9)
OEConnection, LLC	Revolver	0.50	176		(2)
OEI, Inc.	Delayed Draw	1.00	10,651		100
OEI, Inc.	Revolver	0.50	414		4

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
Onward Acquierco, Inc	Revolver	0.50%	$	3,316	$	(24)
Optimizely North America Inc.	Revolver	0.50	1,091		(84)
Orbcomm Inc.	Delayed Draw	—	262		(3)
Orbcomm Inc.	Revolver	0.50	399		(4)
Orthrus Limited (United Kingdom)	Delayed Draw	1.00	£	421	(6)
PAM Bidco Limited (United Kingdom)	Delayed Draw	2.19	£	1,412	(14)
Pound Bidco Inc. (Canada)	Revolver	0.50	643		(2)
PPV Intermediate Holdings, LLC	Delayed Draw	1.00	7,901		(312)
PPV Intermediate Holdings, LLC	Revolver	0.50	858		(17)
Propio LS, LLC	Revolver	0.50	251		(6)
PROS Parent, Inc.	Revolver	0.38	132		(0		)
PXO Holdings I Corp.	Revolver	0.50	585		(10)
QBS Parent, Inc.	Delayed Draw	1.00	7,778		(91)
QBS Parent, Inc.	Revolver	0.50	4,120		(48)
Radwell Parent, LLC	Delayed Draw	0.50	3,849		(3)
Radwell Parent, LLC	Revolver	0.38	1,791		(2)
Rialto Management Group, LLC	Revolver	0.50	1,506		(16)
Rotation Buyer, LLC	Delayed Draw	1.00	2,369		(49)
Rotation Buyer, LLC	Revolver	0.50	909		(19)
Saguaro Buyer, LLC	Delayed Draw	1.00	974		(8)
Saguaro Buyer, LLC	Revolver	0.50	574		(5)
SCHP Purchaser, INC	Revolver	0.50	3,100		(23)
SCP Eye Care HoldCo, LLC	Revolver	0.50	861		—
Seahawk Bidco, LLC	Delayed Draw	1.00	9,627		(87)
Seahawk Bidco, LLC	Revolver	0.50	761		(7)
Secretariat Advisors LLC	Delayed Draw	4.00	2,151		(47)
Sigma Irish Acquico Limited (Ireland)	Delayed Draw	0.50	1,930		(24)
Smarsh Inc.	Delayed Draw	1.00	1,451		(24)
Smarsh Inc.	Revolver	0.50	522		(9)
Specialty Pharma III, Inc.	Revolver	0.50	1,750		(5)
Speedstar Holding LLC	Delayed Draw	1.00	1,789		(315)
SPF Borrower, LLC	Revolver	0.50	1,544		—
Spotless Brands, LLC	Revolver	0.50	1,553		—
Summit Bidco, Inc. (Canada)	Revolver	0.38	C$	96	(1)
Tank Holding Corp.	Revolver	0.38	1,462		(125)
The Chartis Group, LLC	Delayed Draw	1.00	3,601		—

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount *		Fair Value
The Chartis Group, LLC	Revolver	0.50%	$	2,390	$	—
Thor (BC) Bidco AB (Sweden)	Delayed Draw	—	SEK	14,897	(15)
Total Power Limited (Canada)	Delayed Draw	1.00	C$	1,237	(13)
Total Power Limited (Canada)	Revolver	0.50	C$	1,246	(13)
TS Imagine Intermediate Inc.	Delayed Draw	—	409		(6)
TS Imagine Intermediate Inc.	Revolver	0.50	1,023		(15)
Tufin Software North America, Inc.	Revolver	0.50	3,738		—
U.S. Legal Support, Inc.	Revolver	0.50	939		(8)
UFT Buyer LLC	Delayed Draw	0.50	267		(1)
UFT Buyer LLC	Revolver	0.50	132		(0		)
Victors Purchaser, LLC	Delayed Draw	0.50	1,330		(3)
Victors Purchaser, LLC	Revolver	0.50	2,282		(5)
VRC Companies, LLC	Revolver	0.50	833		(3)
Whitney Merger Sub, Inc.	Revolver	0.50	4,895		(88)
Wineshipping.com LLC	Delayed Draw	—	949		(325)
Wineshipping.com LLC	Revolver	0.50	238		(82)
World 50, Inc.	Revolver	0.50	860		(0		)
YLG Holdings, Inc.	Delayed Draw	1.00	454		(0		)
YLG Holdings, Inc.	Revolver	0.50	456		(0		)

Total unfunded commitments			$	354,011	$	(4,345)

The type of investments as of June 30, 2026 consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value
First Lien Debt	$	1,984,898	$	1,934,565	82.0	%
Second Lien Debt	87,927		78,289		3.3
Equity Investments	141,630		154,017		6.5
Investment Funds	199,886		193,138		8.2
Total	$	2,414,341	$	2,360,009	100.0	%

The rate type of debt investments as of June 30, 2026 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	2,059,341	$	1,999,373	99.3	%
Fixed Rate	13,484		13,481		0.7
Total	$	2,072,825	$	2,012,854	100.0	%

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)

The industry composition of investments as of June 30, 2026 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	56,832	$	55,894	2.4	%
Auto Aftermarket & Services	43,386		39,025		1.7
Beverage & Food	17,937		11,827		0.5
Business Services	162,218		160,694		6.8
Capital Equipment	110,408		106,170		4.5
Chemicals, Plastics & Rubber	32,895		32,259		1.4
Construction & Building	67,302		59,898		2.5
Consumer Goods: Durable	428		401		0.0
Consumer Goods: Non-Durable	4,509		4,560		0.2
Consumer Services	195,368		187,952		8.0
Containers, Packaging & Glass	55,135		54,987		2.3
Diversified Financial Services	217,090		217,033		9.2
Energy: Electricity	12,096		11,880		0.5
Energy: Oil & Gas	3,161		3,033		0.1
Environmental Industries	61,805		54,244		2.3
Healthcare & Pharmaceuticals	415,251		423,313		17.9
High Tech Industries	158,763		149,071		6.3
Investment Funds	199,886		193,138		8.2
Leisure Products & Services	123,349		121,807		5.2
Media: Advertising, Printing & Publishing	318		220		0.0
Media: Broadcasting & Subscription	246		248		0.0
Media: Diversified & Production	13,594		14,334		0.6

Retail	19,175		19,048		0.8
Software	300,534		298,774		12.7
Sovereign & Public Finance	6,165		5,807		0.2
Telecommunications	41,176		40,173		1.7
Transportation: Cargo	42,657		41,657		1.8
Transportation: Consumer	519		520		0.0

Utilities: Oil & Gas	14,803		14,529		0.6
Utilities: Water	8,972		9,250		0.4
Wholesale	28,363		28,263		1.2

Total	$	2,414,341	$	2,360,009	100.0	%

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 30, 2026

(amounts in thousands) (unaudited)

The geographical composition of investments as of June 30, 2026 was as follows:


Geography	Amortized Cost		Fair Value		% of Fair Value
Australia	$	5,212	$	5,293	0.2	%
Canada	71,149		76,177		3.3

France	27,893		28,415		1.2
Germany	9,668		9,457		0.4
Ireland	7,278		7,630		0.3
Italy	37,204		38,512		1.6
Luxembourg	12,980		12,612		0.5

Norway	6,550		6,072		0.3
Spain	7,544		7,451		0.3
Sweden	9,062		7,979		0.3
United Kingdom	108,940		109,832		4.7
United States	2,110,861		2,050,579		86.9
Total	$	2,414,341	$	2,360,009	100.0	%

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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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


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


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

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

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

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

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

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

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

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

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

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

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

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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)

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

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


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

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


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

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


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)

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


Type	Amortized Cost		Fair Value		% of Fair Value


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

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


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

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


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

CARLYLE SECURED LENDING, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2025

(amounts in thousands)


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

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

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

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


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

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

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CARLYLE SECURED LENDING, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

As of June 30, 2026

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

1. ORGANIZATION

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

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments in U.S. middle market companies. The Company's core investment strategy focuses on lending to U.S. middle market companies, which the Company defines as companies with approximately $25 million or greater of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. This core strategy is opportunistically supplemented with differentiated and complementary lending and investing strategies, which take advantage of the broad capabilities of Carlyle’s Global Credit platform while offering risk-diversifying portfolio benefits. The Company seeks to achieve its objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans (collectively, “Middle Market Senior Loans”), with a minority of its assets invested in higher yielding investments (which may include unsecured debt, subordinated debt and investments in equities and structured products). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.

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

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

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

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

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

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

On February 29, 2016, the Company and Credit Partners USA LLC (“Credit Partners”) entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Middle Market Credit Fund, LLC (“Credit Fund”). Credit Fund primarily invests in first lien loans of middle market companies. Credit Fund is managed by a six-member board of managers, on which the Company and Credit Partners each have equal representation. The Company and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $250,000 each as of June 30, 2026, increased from $175,000 each on February 11, 2026. Refer to Note 5, Middle Market Credit Fund, LLC, to these unaudited consolidated financial statements for details.

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

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

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

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

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

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

The unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of unaudited consolidated financial statements for the interim periods presented have been included. These adjustments are of a normal, recurring nature. This Form 10-Q should be read in conjunction with the Company's annual report on Form 10-K for the year ended December 31, 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results to be expected for the full year.

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

Use of Estimates

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

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

Investments

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

Derivative Instruments

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

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

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

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

Cash, Cash Equivalents and Restricted Cash

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

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limit. As of June 30, 2026 and December 31, 2025, the Company held restricted cash balances of $22,920 and $31,474, respectively. Restricted cash balances represent amounts that are collected and held by trustees appointed by the Company for payment of interest expense and principal on the outstanding borrowings and reinvestment into new assets. Restricted cash balances also include amounts held by the Company in a separate account to cover collateral obligations under the terms of any interest rate swap agreements. The amounts are held by the trustees as custodians of the assets securing certain of the Company’s financing transactions. As of June 30, 2026 and December 31, 2025, there was no restricted cash denominated in foreign currencies. As of June 30, 2026 and December 31, 2025, the cost of foreign currencies was $923 and $3,453, respectively. As of June 30, 2026 and December 31, 2025, the fair value of foreign currencies was $932 and $3,467, respectively.

Revenue Recognition

Interest from Investments

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

The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK income represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. As of June 30, 2026 and December 31, 2025, the fair value of the loans in the portfolio with PIK provisions was $368,267 and $305,090, respectively, which represents approximately 15.6% and 12.4%, respectively, of total investments at fair value. For the three and six months ended June 30, 2026, the Company earned $6,850 and $13,331 in PIK income, respectively. For the three and six months ended June 30, 2025, the Company earned $5,189 and $10,568 in PIK income, respectively.

Dividend Income

Dividend income from the investment funds, Credit Fund, Credit Fund II and Structured Credit Partners, and other investment 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 and six months ended June 30, 2026, the Company earned $866 and $3,461, respectively, in other income, primarily from amendment fees, prepayment fees and unused commitment fees. For the three and six months ended June 30, 2025, the Company earned $1,451 and $2,402, respectively, in other income, primarily from amendment fees, prepayment fees and unused commitment fees.

Non-Accrual Income

Loans are generally placed on non-accrual status when principal or interest payments are past due or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are current or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in management’s judgment, are likely to remain current. Management may determine not to place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2026 and December 31, 2025, the fair value of investments on non-accrual status was $13,765 and $30,541, respectively. The remaining income producing investments were performing and current on their interest payments as of June 30, 2026 and December 31, 2025 and for the periods then ended.

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

The Credit Facilities, the 2015-1N Debt, and the Senior Notes, each as defined within Note 9, Borrowings, to these unaudited consolidated financial statements, are recorded at carrying value, which approximates fair value. Interest expense and unused commitment fees on the Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.

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

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

Asset Acquisition

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

The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets (for example, cash), and does not give rise to goodwill. To the extent that the consideration paid to the CSL III shareholders or the members of acquired entities exceeded the relative fair values of the net identifiable assets acquired, other than “non-qualifying” assets, any such premium paid by the Company was further allocated to the cost of the assets acquired by the Company pro-rata to their relative fair value, other than “non-qualifying” assets, which are investments in loans, equity securities and forward currency contracts. Immediately following the completion of the CSL III Merger and the Credit Fund II Purchase, the Company recorded the acquired assets at their respective fair values and, as a result, the purchase premium or discount allocated to the cost basis of the assets acquired was immediately recognized as unrealized depreciation or appreciation on the Company’s Consolidated Statement of Operations. The purchase premium or discount allocated to investments in loan securities will amortize over the life of the loans through interest income, with a corresponding reversal of the unrealized depreciation/appreciation on the loans acquired through their ultimate disposition. Net increase (decrease) to investment income from the amortization of purchase premiums and discounts relating to asset acquisitions for the three and six months ended June 30, 2026 was $(94) and $(272). The purchase premium or discount allocated to investments in equity securities and forward currency contracts will not amortize through interest income and, assuming no subsequent change to the fair value of such equity securities and disposition at fair value, the Company will recognize a realized loss or a reduction in realized gains with a corresponding reversal of the unrealized depreciation or appreciation upon disposition of the CSL III equity securities and forward currency contracts acquired.

Income Taxes

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

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next

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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 and six months ended June 30, 2026, the Company incurred $680 and $1,121 in excise tax expense, respectively. For the three and six months ended June 30, 2025, the Company incurred $380 and $1,056 in excise tax expense, respectively.

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

Dividends and Distributions to Common Stockholders

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

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

Functional Currency

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

Earnings Per Common Share

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

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Segment Reporting

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

Recent Accounting Standards Updates

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

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

3. FAIR VALUE MEASUREMENTS

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

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

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

•the nature and realizable value of any collateral;

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

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

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•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 June 30, 2026 and audited consolidated financial statements as of December 31, 2025.

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

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

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

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

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

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

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The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets
First Lien Debt	$	—	$	—	$	1,934,565	$	1,934,565
Second Lien Debt	—		—		78,289		78,289
Equity Investments	414		—		153,603		154,017
Investment Funds	—		—		193,138		193,138


Total Investments	$	414	$	—	$	2,359,595	$	2,360,009


Derivative assets(1)	—		765		—		765
Liabilities
Derivative liabilities(1)	—		(11,899)		—		(11,899)
Total							$	2,348,875


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


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


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

(1)As of June 30, 2026 derivative assets and liabilities consisted of interest rate swaps and forward currency contracts and as of December 31, 2025, derivative assets and liabilities consisted of interest rate swaps.

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Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2026, there were transfers of $276 out of Level 3 and no transfers into Level 3. For the six months ended June 30, 2025, there were no transfers between levels.

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


	Financial Assets
	Three Months Ended June 30, 2026
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	1,899,631	$	78,325	$	156,091	$	142,782	$	2,276,829
Purchases	238,574		774		5,766		49,586		294,700
Sales	(134,729)		(686)		(68)		—		(135,483)
Paydowns	(51,027)		—		—		—		(51,027)
Accretion of discount	1,426		122		18		—		1,566
Net realized gains (losses)	(2,556)		686		77		—		(1,793)
Net change in unrealized appreciation (depreciation)	(16,754)		(932)		(8,281)		770		(25,197)

Balance, end of period	$	1,934,565	$	78,289	$	153,603	$	193,138	$	2,359,595
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	$	(18,517)	$	(932)	$	(8,281)	$	770	$	(26,960)


	Financial Assets
	Six Months Ended June 30, 2026
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	2,061,847	$	95,130	$	143,331	$	163,614	$	2,463,922
Purchases	436,901		1,839		24,675		69,385		532,800


Sales	(297,582)		(701)		(2,059)		—		(300,342)
Paydowns	(228,115)		(11,702)		—		(40,500)		(280,317)
Accretion of discount	3,697		350		32		—		4,079
Net realized gains (losses)	(12,025)		376		374		—		(11,275)
Net change in unrealized appreciation (depreciation)	(30,158)		(7,003)		(12,474)		639		(48,996)
Transfers Out of Level 3	—		—		(276)		—		(276)
Balance, end of period	$	1,934,565	$	78,289	$	153,603	$	193,138	$	2,359,595
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	$	(40,073)	$	(6,930)	$	(11,635)	$	639	$	(57,999)

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	Financial Assets
	Three Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	1,873,091	$	129,629	$	121,515	$	121,391	$	2,245,626
Purchases	373,530		1,060		2,344		—		376,934


Sales	(149,351)		—		(11)		—		(149,362)
Paydowns	(99,899)		(38,090)		—		—		(137,989)
Accretion of discount	2,424		741		56		—		3,221
Net realized gains (losses)	(362)		(6)		11		—		(357)
Net change in unrealized appreciation (depreciation)	(2,115)		(2,369)		2,599		(1,227)		(3,112)
Balance, end of period	$	1,997,318	$	90,965	$	126,514	$	120,164	$	2,334,961
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	$	(1,587)	$	(1,771)	$	2,599	$	(1,227)	$	(1,986)


	Financial Assets
	Six Months Ended June 30, 2025
	First Lien Debt		Second Lien Debt		Equity Investments		Investment Funds		Total
Balance, beginning of period	$	1,323,697	$	116,467	$	116,746	$	182,636	$	1,739,546
Purchases	545,453		2,049		5,942		—		553,444
Transfer In - CSL III Merger	479,124		4,117		2,432		—		485,673
Transfer In - Credit Fund II Purchase	181,645		9,493		63		—		191,201
Sales	(237,636)		(1,137)		(6,426)		(62,500)		(307,699)
Paydowns	(286,905)		(38,190)		—		—		(325,095)
Accretion of discount	5,173		901		115		—		6,189
Net realized gains (losses)	563		(7,980)		33		—		(7,384)
Net change in unrealized appreciation (depreciation)	(13,796)		5,245		7,609		28		(914)
Balance, end of period	$	1,997,318	$	90,965	$	126,514	$	120,164	$	2,334,961
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	$	(15,224)	$	(2,128)	$	7,485	$	28	$	(9,839)

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.

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.

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

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

Investments in Credit Fund’s mezzanine loan are valued using collateral analysis with the expected recovery rate of principal and interest. Investments in Credit Fund’s subordinated loan and member’s interest and in Structured Credit Partners Class A and Class B membership interests 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 June 30, 2026 and December 31, 2025:


	Fair Value as of		Valuation Techniques	Significant Unobservable Inputs	Range				Weighted Average
	June 30, 2026				Low		High
Investments in First Lien Debt	$	1,670,624	Discounted Cash Flow	Discount Rate	7.41	%	24.07	%	9.72	%
	180,902		Consensus Pricing	Indicative Quotes	23.08	%	100.00	%	95.78	%
	83,039		Income Approach	Discount Rate	8.59	%	18.00	%	10.00	%
			Market Approach	Comparable Multiple	4.03x		11.27x		9.49x
Total First Lien Debt	1,934,565
Investments in Second Lien Debt	59,744		Discounted Cash Flow	Discount Rate	14.29	%	21.72	%	18.55	%
	11,505		Consensus Pricing	Indicative Quotes	88.50	%	88.50	%	88.50	%
	7,040		Income Approach	Discount Rate	9.93	%	10.57	%	9.93	%
Total Second Lien Debt	78,289
Investments in Equity	70,711		Income Approach	Discount Rate	8.79	%	15.96	%	12.35	%
	19,918		Consensus Pricing	Indicative Quotes	1.29x		1.29x		1.29x
	62,974		Market Approach	Comparable Multiple	3.00x		18.75x		10.14x
Total Equity Investments	153,603

Investments in Investment Funds	193,138		Discounted Cash Flow	Discount Rate	13.00	%	13.50	%	13.18	%
			Discounted Cash Flow	Default Rate	2.00	%	2.00	%	2.00	%
			Discounted Cash Flow	Recovery Rate	60.00	%	60.00	%	60.00	%

Total Investments in Investment Funds	193,138
Total Level 3 Investments	$	2,359,595

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

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

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

The significant unobservable inputs used in the fair value measurement of the Company’s investments in the subordinated loan and member’s interest of Credit Fund and the member’s interest of Structured Credit Partners 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.

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Financial instruments disclosed but not carried at fair value

The following table presents the principal amount and fair value of the Credit Facility, the Senior Notes, and the 2015-1N Debt as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
	Principal Amount		Fair Value		Principal Amount		Fair Value
Secured borrowings	$	332,137	$	332,137	$	563,660	$	563,660

2030 Notes	300,000		305,024		300,000		299,749
2031 Notes	300,000		306,878		300,000		301,436






2015-1N Aaa/AAA Class A-1-1-A Notes	240,000		240,078		240,000		240,118
2015-1N Aaa/AAA Class A-L Loans	50,000		50,016		50,000		50,025
2015-1N Aaa/AAA Class A-1-2-B Notes	20,000		20,001		20,000		20,001
2015-1N AA Class A-2-RR Notes	30,000		29,913		30,000		29,858
2015-1N A Class B-R Notes	40,000		39,916		40,000		39,799

Total	$	1,312,137	$	1,323,963	$	1,543,660	$	1,544,646

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

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

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

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

4. RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Below is a summary of the base management fees and incentive fees incurred during the three and six months ended June 30, 2026 and 2025.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Base management fees	$	8,643	$	8,665	$	17,429	$	16,274
Incentive fees	5,125		5,934		10,473		10,334
Total base management fees and incentive fees	$	13,768	$	14,599	$	27,902	$	26,608

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 and six months ended June 30, 2026 and 2025, there were no accrued or realized capital gains incentive fees.

As of June 30, 2026 and December 31, 2025, $13,768 and $14,360, respectively, was included in base management and incentive fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

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

Administration Agreement

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

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

For the three and six months ended June 30, 2026, the Company incurred $649 and $1,131, respectively, in fees under the Administration Agreement. For the three and six months ended June 30, 2025, the Company incurred $498 and $904, respectively, in fees under the Administration Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of June 30, 2026 and December 31, 2025, $668 and $1,261, respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

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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 April 29, 2026, the Company’s Board of Directors, including a majority of the Independent Directors, approved the continuance of each Sub-Administration Agreement for a one year period. The State Street Sub-Administration Agreement may be terminated upon at least 60 days’ written notice and without penalty by the vote of a majority of the outstanding securities of the Company, or by the vote of the Board of Directors or by either party to the State Street Sub-Administration Agreement.

For the three and six months ended June 30, 2026, the Company incurred $198 and $404, respectively, in fees under the State Street Sub-Administration Agreement. For the three and six months ended June 30, 2025, the Company incurred $201 and $383, respectively, in fees under the State Street Sub-Administration Agreement. These fees are included in other general and administrative expenses in the accompanying Consolidated Statements of Operations. As of June 30, 2026 and December 31, 2025, $471 and $333, respectively, was unpaid and included in other accrued expenses and liabilities in the accompanying Consolidated Statements of Assets and Liabilities.

License Agreement

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

Board of Directors

The Company’s Board of Directors currently consists of seven members, four of whom are Independent Directors. The Board of Directors has established an Audit Committee, a Pricing Committee, a Nominating and Governance Committee, and a Compensation Committee. The members of Audit, Nominating and Governance and Compensation committees consist entirely of Independent Directors. In 2024, the Board of Directors established a Special Committee, consisting solely of Independent Directors, to evaluate the terms of the CSL III Merger. The Special Committee is no longer active. The Board of Directors may establish additional committees in the future. For the three and six months ended June 30, 2026, the Company incurred $200 and $387, respectively, in fees and expenses associated with its directors' services on the Company's Board of Directors and its committees. For the three and six months ended June 30, 2025, the Company incurred $188 and $336, respectively, in fees and expenses associated with its directors' services on the Company's Board of Directors and its committees. These fees are included in directors’ fees and expenses in the accompanying Consolidated Statements of Operations. As of June 30, 2026 and December 31, 2025, no fees or expenses associated with its directors were payable.

Transactions with Investment Funds

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


	Three Months Ended June 30,
	2026		2025


Number of investments sold	9		9
Proceeds from investments	$	121,420	$	149,058
Realized gain (loss) from investments	$	(300)	$	(371)

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	Six Months Ended June 30,
	2026		2025


Number of investments sold	18		16
Proceeds from investments	$	274,062	$	237,908
Realized gain (loss) from investments	$	(741)	$	392

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

Cumulative Convertible Preferred Stock

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

In connection with the completion of the CSL III Merger, on March 27, 2025, and in a transaction exempt from registration under the Securities Act, CIM exchanged all 2,000,000 outstanding shares of the Company’s Preferred Stock for 3,004,808 shares of the Company’s common stock based on the aggregate $50,000 liquidation preference of the Preferred Stock and the Company’s net asset value per share as of March 25, 2025, equal to $16.64. All accrued and unpaid dividends on the Preferred Stock were paid in cash immediately prior to the exchange. The Preferred Stock was cancelled upon exchange, and CIM now holds only the Company’s common stock. See Note 11, Net Assets, to these unaudited consolidated financial statements for further information about the Preferred Stock and Preferred Stock Exchange. For the period from January 1, 2025 to the Preferred Stock Exchange on March 27, 2025, the Company declared and paid dividends on the Preferred Stock of $826.

Transactions with Carlyle

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

CSL III Merger

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

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

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

5. MIDDLE MARKET CREDIT FUND, LLC

Overview

On February 29, 2016, the Company and Credit Partners entered into an amended and restated limited liability company agreement, which was most recently amended on February 11, 2026 to co-manage Credit Fund, a Delaware limited liability company that is not consolidated in the Company’s unaudited consolidated financial statements. Credit Fund primarily

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invests in first lien loans of middle market companies. Credit Fund is managed by a six-member board of managers, on which the Company and Credit Partners each have equal representation. Establishing a quorum for Credit Fund’s board of managers requires at least four members to be present at a meeting, including at least two of the Company’s representatives and two of Credit Partners’ representatives. The Company and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $250,000 each as of June 30, 2026, increased from $175,000 each on February 11, 2026. Funding of such commitments generally requires the approval of the board of Credit Fund, including the board members appointed by the Company. By virtue of its membership interest, the Company and Credit Partners each indirectly bear an allocable share of all expenses and other obligations of Credit Fund.

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

Middle Market Credit Fund SPV, LLC (the “Credit Fund Sub”), a Delaware limited liability company, was formed on April 5, 2016. Credit Fund Sub is a wholly owned subsidiary of Credit Fund and is consolidated in Credit Fund’s consolidated financial statements commencing from the date of its formation. Credit Fund Sub primarily invests in first lien loans of middle market companies. Credit Fund and its wholly owned subsidiary follow the same Internal Risk Rating System as the Company. 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 June 30, 2026 and December 31, 2025, the Company and Credit Partners each made capital contributions of $1 in members’ equity and $216,000 in subordinated loans to Credit Fund. On March 24, 2025, the Company and Credit Partners each received an aggregate return of capital on subordinated loans of $62,500. Since inception, the Company and Credit Partners each have received an aggregate return of capital on subordinated loans of $85,500. Below is certain summarized consolidated financial information for Credit Fund as of June 30, 2026 and December 31, 2025.


	As of
	June 30, 2026		December 31, 2025
Selected Consolidated Balance Sheet Information:	(unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,191,222 and $970,522, respectively)	$	1,175,963	$	957,830
Cash, cash equivalents and restricted cash(1)	31,870		90,283
Other assets	12,786		17,302
Total assets	$	1,220,619	$	1,065,415
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings	$	1,002,509	$	589,000
Mezzanine loans(2)	—		40,500
Other liabilities	18,843		229,032
Subordinated loans and members’ equity(3)	199,267		206,883
Total liabilities and members’ equity	$	1,220,619	$	1,065,415

(1)As of June 30, 2026 and December 31, 2025, $22,153 and $88,417, respectively, of Credit Fund’s cash and cash equivalents was restricted.

(2)As of December 31, 2025, the fair value of the Company’s ownership interest in the mezzanine loan was $40,500. There was no ownership interest in the mezzanine loans as of June 30, 2026.

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(3)As of June 30, 2026 and December 31, 2025, the fair value of the Company's ownership interest in the subordinated loans and members' equity was $123,753 and $123,114, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Selected Consolidated Statements of Operations Information:	(unaudited)				(unaudited)
Total investment income	$	24,666	$	15,416	$	44,294	$	29,646
Expenses
Interest expense and credit facility fees	12,066		6,381		21,449		12,543
Other expenses	683		572		1,282		949
Total expenses	12,749		6,953		22,731		13,492
Net investment income (loss)	11,917		8,463		21,563		16,154
Net realized gain (loss) on investment and foreign currency	(12)		—		(5,174)		—
Net change in unrealized appreciation (depreciation) on investments and foreign currency	(889)		(868)		(2,505)		(3,824)
Net increase (decrease) resulting from operations	$	11,016	$	7,595	$	13,884	$	12,330

Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of June 30, 2026 and December 31, 2025:


	As of
	June 30, 2026			December 31, 2025
Senior secured loans(1)	$	1,197,580		$	978,828
Number of portfolio companies in Credit Fund	69			55
Average amount per portfolio company(1)	$	17,356		$	17,797
Number of loans on non-accrual status	1			2
Fair value of loans on non-accrual status	$	329		$	6,297
Percentage of loans at floating interest rates(2)(3)	100.0		%	100.0		%

Fair value of loans with PIK provisions	$	48,390		$	36,618
Percentage of portfolio with PIK provisions(3)	4.1		%	3.8		%

(1)At par/principal amount.

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

(3)Percentages based on fair value.

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Consolidated Schedule of Investments as of June 30, 2026
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (99.7% of fair value)
Accelya Lux FinCo S.Á.R.L. (Luxembourg)	(b)	(2)	Transportation: Consumer	SOFR	5.25%	8.98%	10/3/2032	$	24,875	$	24,552	$	22,077
AGS Health BCP LLC	(b)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.92%	7/31/2032	9,152		9,130		9,171
Allied Benefit Systems Intermediate LLC	(a)(b)	(2)(3)(9)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.64%	10/31/2030	22,352		22,230		22,321
Alpine Acquisition Corp II	(a)	(2)(3)(9)	Transportation: Cargo	SOFR	5.00%	8.64%	1/14/2031	840		840		840
Alpine Acquisition Corp II	(a)	(2)(3)	Transportation: Cargo	SOFR	5.25%	8.89%	1/14/2031	1,079		1,079		1,079
AP Plastics Acquisition Holdings, LLC	(b)	(2)(3)	Chemicals, Plastics & Rubber	SOFR	4.75%	8.37%	8/10/2030	19,750		19,616		19,373
Apex Companies Holdings, LLC	(b)	(2)(3)	Environmental Industries	SOFR	5.00%	8.67%	1/31/2030	20,375		20,340		20,284
Atlas US Finco, Inc.	(b)	(2)(3)	High Tech Industries	SOFR	5.00%	8.66%	12/9/2029	7,310		7,167		7,346
Atlas US Finco, Inc.	(b)	(2)(3)	High Tech Industries	SOFR	4.50%	8.16%	12/9/2029	21,349		21,265		21,361
BMS Holdings III Corp.	(b)	(2)(3)(6)	Construction & Building	SOFR	2.75%, 3.25% PIK	9.73%	3/31/2028	10,878		10,872		9,983
Businessolver.com, Inc.	(b)	(2)(3)	Business Services	SOFR	4.50%	8.23%	12/3/2032	18,867		18,779		18,612
Celerion Buyer, Inc.	(a)(b)	(2)(3)(9)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.63%	5/8/2033	22,573		22,324		22,323
Chartwell Cumming Holding Corporation	(a)(b)	(2)(3)(9)	Construction & Building	SOFR	4.75%	8.48%	6/16/2033	5,562		5,329		5,327
Cliffwater LLC	(b)	(2)(3)	Diversified Financial Services	SOFR	4.50%	8.14%	4/22/2032	24,812		24,791		24,690
Cority Software Inc. (Canada)	(b)	(2)(3)	Software	SOFR	4.50%	8.16%	10/31/2032	34,617		34,213		34,444
CST Holding Company	(b)	(2)(3)(6)	Consumer Goods: Non-Durable	SOFR	5.00%	8.64%	11/1/2028	9,620		9,620		9,603
Deerfield Dakota Holding, LLC	(b)	(2)(3)	Diversified Financial Services	SOFR	3.00%, 2.75% PIK	9.48%	9/12/2032	20,341		20,152		19,902
Denali Intermediate Holdings, Inc.	(b)	(2)(3)	Media: Broadcasting & Subscription	SOFR	5.50%	9.15%	8/26/2032	14,300		14,168		14,197
Divisions Holding Corporation	(b)	(2)(3)	Business Services	SOFR	4.50%	8.23%	4/17/2032	27,393		27,165		27,426
Dwyer Instruments, Inc.	(b)	(2)(3)	Capital Equipment	SOFR	4.75%	8.48%	7/21/2029	16,282		16,171		16,282
Eliassen Group, LLC	(b)	(2)(3)	Business Services	SOFR	5.75%	9.48%	4/14/2028	18,696		18,609		17,862
Enverus, Inc.	(b)	(2)(3)	Energy: Oil & Gas	SOFR	4.50%	8.15%	12/18/2032	16,974		16,878		16,847
Finastra USA, Inc.	(b)	(2)	High Tech Industries	SOFR	4.00%	7.75%	9/17/2032	24,938		24,711		22,905
GGG Midco, LLC	(a)(b)	(2)(3)(9)	Consumer Services	SOFR	4.75%	8.42%	4/1/2033	16,406		16,164		16,164
GI DI Emerald Intermediate Limited (United Kingdom)	(b)	(2)(3)	Business Services	EURIBOR	4.75%	7.04%	2/12/2033	€	5,440	6,202		6,157
GI DI Emerald Intermediate Limited (United Kingdom)	(b)	(2)(3)	Business Services	SOFR	4.75%	8.48%	2/12/2033	8,826		8,738		8,742
Goose Borrower, L.P.	(a)(b)	(2)(3)(9)	Software	SOFR	4.75%	8.48%	3/2/2033	15,737		15,560		15,561
Heartland Home Services, Inc.	(b)	(2)(3)(6)	Consumer Services	SOFR	5.75%	9.48%	12/15/2026	6,987		6,976		6,870
Heartland Home Services, Inc.	(b)	(2)(3)(6)	Consumer Services	SOFR	6.00%	9.73%	12/15/2026	23,392		23,382		23,030
Heartland Home Services, Inc.	(a)	(2)(3)(6)	Consumer Services	SOFR	6.75%	10.49%	12/15/2026	794		794		782
Higginbotham Insurance Agency, Inc.	(b)	(2)(3)	Diversified Financial Services	SOFR	4.50%	8.14%	6/11/2031	8,755		8,755		8,715
Horizon Avionics Buyer, LLC	(b)	(2)(3)	Aerospace & Defense	SOFR	4.75%	8.49%	3/28/2032	22,078		21,973		21,979

Table of Contents


Consolidated Schedule of Investments as of June 30, 2026
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Hyphen Solutions, LLC	(b)	(2)(3)	Construction & Building	SOFR	4.50%	8.14%	8/6/2032	$	6,748	$	6,718	$	6,661
IEM New Sub 2, LLC	(b)	(2)(3)	Energy: Electricity	SOFR	4.75%	8.37%	12/3/2031	19,705		19,613		19,625
Iron Infinity Buyer Sub, Inc.	(b)	(2)(3)	Utilities: Oil & Gas	SOFR	4.50%	8.23%	10/16/2032	19,950		19,903		19,718
KBP Investments, LLC	(b)	(2)(3)(6)	Beverage & Food	SOFR	5.25%	8.89%	5/25/2027	35,941		35,900		35,280
Kona Buyer, LLC	(a)(b)	(2)(3)(9)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.16%	7/23/2031	10,834		10,723		10,864
LDS Intermediate Holdings, L.L.C.	(b)	(2)(3)	Transportation: Cargo	SOFR	5.00%	8.64%	2/7/2032	25,390		25,225		24,983
Matterhorn Finco, Inc.	(a)(b)	(2)(3)(9)	Software	SOFR	5.50%	9.23%	3/5/2033	10,833		10,714		10,714
McQueen Bidco PTY LTD. (Australia)	(b)	(2)(3)	Auto Aftermarket & Services	SOFR	4.50%	8.13%	11/28/2032	24,480		24,363		24,676
Monarch Buyer, Inc.	(b)	(2)(3)	Business Services	SOFR	4.75%	8.49%	6/2/2032	19,850		19,663		19,583
More Cowbell II, LLC	(b)	(2)(3)	Diversified Financial Services	SOFR	4.50%	8.24%	9/1/2030	21,250		21,250		21,250
NFO Orange Buyer, LLC	(a)(b)	(2)(3)(9)	Construction & Building	SOFR	4.50%	8.13%	1/13/2033	15,009		14,938		14,924
North Haven Fairway Buyer, LLC	(b)	(2)(3)	Consumer Services	SOFR	5.00%	8.74%	5/17/2028	24,823		24,720		24,683
OEI, Inc.	(a)(b)	(2)(3)(9)	Construction & Building	SOFR	4.50%	8.23%	12/29/2032	21,101		20,951		21,335
Onward Acquierco, Inc.	(a)(b)	(2)(3)(9)	Software	SOFR	2.38%, 2.68% PIK	8.69%	4/1/2033	18,696		18,503		18,505
Orbcomm Inc.	(a)(b)	(2)(9)	Telecommunications	SOFR	5.25%	8.98%	4/27/2032	18,090		17,847		17,847
Output Services Group, Inc.	(b)	(2)(3)(6)	Media: Advertising, Printing & Publishing	SOFR	6.25%	9.98%	11/30/2028	4,160		3,112		3,712
PROS Parent, Inc.	(a)(b)	(2)(3)(9)	Transportation: Consumer	SOFR	4.75%	8.40%	12/9/2032	22,467		22,417		22,424
Pushpay USA Inc.	(b)	(2)	Diversified Financial Services	SOFR	3.75%	7.39%	8/18/2031	23,365		23,386		23,286
QBS Parent, Inc.	(b)	(2)(3)	Energy: Oil & Gas	SOFR	4.50%	8.23%	6/3/2032	26,610		26,527		26,299
Radwell Parent, LLC	(b)	(2)(3)	Wholesale	SOFR	4.75%	8.48%	4/1/2030	13,465		13,411		13,453
Ranpak B.V. (Netherlands)	(b)	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.14%	12/19/2031	7,688		7,616		7,649
Ranpak Corp.	(b)	(2)	Containers, Packaging & Glass	SOFR	4.50%	8.14%	12/19/2031	12,012		11,901		11,952
Rialto Management Group, LLC	(b)	(2)(3)	Diversified Financial Services	SOFR	5.00%	8.64%	12/5/2030	15,289		15,261		15,125
Rotation Buyer, LLC	(b)	(2)(3)	Capital Equipment	SOFR	4.75%	8.49%	12/27/2031	8,679		8,627		8,500
SCHP Purchaser, INC	(b)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.16%	10/24/2032	18,601		18,431		18,461
SCHP Purchaser, INC	(b)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	5.00%	8.63%	10/24/2032	4,048		4,008		4,064
Seahawk Bidco, LLC	(a)(b)	(2)(3)(9)	Consumer Services	SOFR	5.00%	8.73%	12/19/2031	14,292		14,201		14,067
Secretariat Advisors LLC	(b)	(2)	Construction & Building	SOFR	4.00%	7.73%	3/1/2032	17,626		17,552		17,241
SIG Parent Holdings, LLC	(a)(b)	(2)(3)(9)	Diversified Financial Services	SOFR	4.75%	8.39%	8/21/2031	3,921		3,760		3,841
Sigma Irish Acquico Limited (Ireland)	(b)	(2)	Diversified Financial Services	SOFR	5.25%	8.87%	3/19/2032	10,222		10,048		10,094
Solarwinds Corporation	(b)	(2)	Software	SOFR	4.00%	7.67%	3/15/2032	2,872		2,754		2,395
Spotless Brands, LLC	(b)	(2)(3)	Consumer Services	SOFR	5.50%	9.35%	7/25/2028	10,701		10,635		10,682
Striper Buyer, LLC	(b)	(2)(3)	Containers, Packaging & Glass	SOFR	5.50%	9.14%	12/30/2028	12,806		12,793		11,327
Tank Holding Corp.	(b)	(2)(3)(6)	Capital Equipment	SOFR	5.75%	9.38%	3/31/2028	19,248		19,045		17,602
The Chartis Group, LLC	(b)	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.25%	7.98%	9/17/2031	15,381		15,277		15,381

Table of Contents


Consolidated Schedule of Investments as of June 30, 2026
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
Trintech, Inc.	(a)(b)	(2)(3)(9)	Software	SOFR	4.75%	8.39%	1/29/2033	$	16,726	$	16,291	$	16,294
TS Imagine Intermediate Inc.	(a)(b)	(2)(3)(9)	Software	SOFR	6.25%	9.91%	6/12/2031	12,281		12,077		12,076
U.S. TelePacific Holdings Corp.	(a)	(2)(3)(6)(7)	Telecommunications	SOFR	1.00%, 7.00% PIK	11.63%	5/2/2026	4,386		2,817		329
Vensure Employer Services, Inc.	(a)(b)	(2)(3)(9)	Business Services	SOFR	5.00%	8.73%	9/27/2031	18,760		18,417		18,390
Victors Purchaser, LLC	(b)	(2)(3)	High Tech Industries	SOFR	4.50%	8.24%	12/23/2032	16,975		16,935		16,936
VRC Companies, LLC	(b)	(2)(3)(6)	Business Services	SOFR	5.50%	9.16%	6/29/2027	22,899		22,829		22,816
Whitney Merger Sub, Inc.	(b)	(2)(3)	Leisure Products & Services	SOFR	4.75%	8.48%	7/3/2032	9,950		9,858		9,771
Yellowstone Buyer Acquisition, LLC	(b)	(2)(3)(6)	Consumer Goods: Durable	SOFR	5.75%	9.52%	9/13/2027	38,100		37,913		35,465

























First Lien Debt Total										$	1,187,475	$	1,172,535




Equity Investments (0.3% of fair value)
48Forty TopCo LLC	(a)	(8)	Transportation: Cargo					1		$	2,688	$	2,327
48Forty TopCo LLC	(a)	(8)	Transportation: Cargo					1		—		—
EvolveIP, LLC	(a)	(8)	Telecommunications					311		1,059		1,101
Output Services Group, Inc.	(a)	(8)	Media: Advertising, Printing & Publishing					205		—		—

Equity Investments Total										$	3,747	$	3,428
Total Investments										$	1,191,222	$	1,175,963

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

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

(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of June 30, 2026, the geographical composition of investments as a percentage of fair value was 2.1% in Australia, 0.9% in Ireland, 1.9% in Luxembourg, 0.7% in the Netherlands, 2.9% in Canada, 1.3% in United Kingdom and 90.2% 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 June 30, 2026. As of June 30, 2026, the reference rates for Credit Fund’s variable rate loans were the 90-day EURIBOR at 2.32%, the 30-day SOFR at 3.63%, the 90-day SOFR at 3.63% and the 180-day SOFR at 3.67%.

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

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

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

(7)Represents an investment on non-accrual status as of June 30, 2026.

(8)Represents a non-income producing security as of June 30, 2026.

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(9)As of June 30, 2026, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value in the accompanying Selected Consolidated Balance Sheet Information:


First Lien Debt – unfunded delayed draw and revolving term loans commitments	Type	Unused Fee		Par/ Principal Amount		Fair Value
Allied Benefit Systems Intermediate LLC	Delayed Draw	1.00	%	$	2,535	$	(3)
Alpine Acquisition Corp II	Delayed Draw	0.50		81		—
Alpine Acquisition Corp II	Revolver	0.50		324		—
Celerion Buyer, Inc	Revolver	0.50		2,427		(24)
Chartwell Cumming Holding Corporation	Delayed Draw	0.50		1,657		(17)
Chartwell Cumming Holding Corporation	Revolver	0.50		16,253		(163)
Goose Borrower, L.P.	Revolver	0.50		2,792		(27)
GGG Midco, LLC	Delayed Draw	1.00		3,125		(30)
GGG Midco, LLC	Revolver	0.50		5,469		(53)
Kona Buyer, LLC	Delayed Draw	0.50		8,598		13
Kona Buyer, LLC	Revolver	0.50		768		1
Matterhorn Finco, Inc.	Revolver	0.25		1,667		(16)
NFO Orange Buyer, LLC	Delayed Draw	—		3,216		(15)
OEI, Inc.	Revolver	0.38		3,846		36
Onward Acquierco, Inc	Delayed Draw	—		7,961		(57)
Orbcomm Inc.	Delayed Draw	0.50		2,743		(27)
Orbcomm Inc.	Revolver	1.00		4,167		(40)
PROS Parent, Inc.	Revolver	0.38		2,533		(4)
Seahawk Bidco, LLC	Delayed Draw	1.00		9,861		(89)
Seahawk Bidco, LLC	Revolver	0.50		779		(7)
SIG Parent Holdings, LLC	Delayed Draw	0.75		15,217		(62)
SIG Parent Holdings, LLC	Revolver	0.38		459		(2)
Trintech, Inc.	Delayed Draw	0.75		2,788		(56)
Trintech, Inc.	Revolver	0.50		2,091		(42)
TS Imagine Intermediate Inc.	Delayed Draw	0.50		409		(6)
TS Imagine Intermediate Inc.	Revolver	0.50		1,023		(15)
Vensure Employer Services, Inc.	Delayed Draw	0.50		5,316		(82)
Total unfunded commitments				$	108,105	$	(787)

Table of Contents


Consolidated Schedule of Investments as of December 31, 2025
Investments (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Maturity Date	Par/ Principal Amount		Amortized Cost (4)		Fair Value (5)
First Lien Debt (99.9% of fair value)
Accelya Lux FinCo S.Á.R.L. (Luxembourg)	+	(2)	Transportation: Consumer	SOFR	5.25%	8.92%	10/3/2032	$	25,000	$	24,658	$	24,781
AGS Health BCP LLC	+	(2)(3)	Healthcare & Pharmaceuticals	SOFR	4.50%	8.32%	7/31/2032	9,152		9,129		9,185
Alpine Acquisition Corp II	+	(2)(3)(7)	Transportation: Cargo	SOFR	6.00%	9.65%	11/30/2029	10,134		9,738		4,652
AP Plastics Acquisition Holdings, LLC	+	(2)(3)	Chemicals, Plastics & Rubber	SOFR	4.75%	8.58%	8/10/2030	19,850		19,715		19,828
Apex Companies Holdings, LLC	+	(2)(3)	Environmental Industries	SOFR	5.00%	8.82%	1/31/2028	20,471		20,425		20,337
API Technologies Corp.	+	(2)(6)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	10.67%	5/9/2027	16,653		15,865		15,187
API Technologies Corp.	+	(2)(3)(6)	Aerospace & Defense	SOFR	1.00%, 6.00% PIK	10.67%	5/9/2027	1,471		1,204		1,471
Applied Technical Services, LLC	+	(2)(3)	Business Services	SOFR	5.25%	8.92%	4/8/2031	15,581		15,446		15,454
Atlas US Finco, Inc.	+	(2)(3)	High Tech Industries	SOFR	4.75%	8.61%	12/12/2029	21,457		21,361		21,473
BMS Holdings III Corp.	+	(2)(3)(6)	Construction & Building	SOFR	5.50%	9.17%	9/30/2026	10,792		10,774		10,087
Businessolver.com, Inc.	+	(2)(3)	Business Services	SOFR	4.50%	8.17%	12/3/2032	18,867		18,774		18,773
Cliffwater LLC	+	(2)(3)	Diversified Financial Services	SOFR	4.75%	8.72%	4/22/2032	24,937		24,915		24,919
CST Holding Company	+	(2)(3)(6)	Consumer Goods: Non-Durable	SOFR	5.00%	8.72%	11/1/2028	9,670		9,670		9,718
Deerfield Dakota Holding, LLC	+	(2)(3)	Diversified Financial Services	SOFR	3.00%, 2.75% PIK	9.42%	9/12/2032	20,168		19,970		19,960
Denali Intermediate Holdings, Inc.	+	(2)(3)	Media: Broadcasting & Subscription	SOFR	5.50%	9.23%	8/26/2032	14,372		14,232		14,231
Divisions Holding Corporation	+	(2)(3)	Business Services	SOFR	4.50%	8.17%	4/17/2032	27,531		27,286		27,715
Dwyer Instruments, Inc.	+	(2)(3)	Capital Equipment	SOFR	4.75%	8.43%	7/21/2029	16,366		16,238		16,366
Eliassen Group, LLC	+	(2)(3)	Business Services	SOFR	5.75%	9.42%	4/14/2028	18,793		18,683		18,313
Enverus, Inc.	^+	(2)(3)(9)	Energy: Oil & Gas	SOFR	4.50%	8.19%	12/18/2032	11,115		11,068		11,068
Finastra USA, Inc.	+	(2)	High Tech Industries	SOFR	4.00%	7.72%	9/17/2032	25,000		24,758		24,438
Heartland Home Services, Inc.	+	(2)(3)(6)	Consumer Services	SOFR	5.75%	9.42%	12/15/2026	7,023		7,001		6,850
Heartland Home Services, Inc.	^+	(2)(3)(6)(9)	Consumer Services	SOFR	6.00%	9.67%	12/15/2026	23,859		23,838		23,306
Higginbotham Insurance Agency, Inc.	+	(2)(3)	Diversified Financial Services	SOFR	4.50%	8.22%	6/11/2031	8,799		8,799		8,755
Horizon Avionics Buyer, LLC	+	(2)(3)	Aerospace & Defense	SOFR	4.75%	8.42%	3/28/2032	22,133		22,023		22,023
Hyphen Solutions, LLC	+	(2)(3)	Construction & Building	SOFR	4.50%	8.22%	8/6/2032	6,782		6,749		6,746
IEM New Sub 2, LLC	+	(2)(3)	Energy: Electricity	SOFR	4.75%	8.27%	12/3/2031	19,807		19,708		19,708
Iron Infinity Buyer Sub, Inc.	+	(2)(3)	Utilities: Oil & Gas	SOFR	4.75%	8.42%	10/16/2032	20,000		19,950		19,945
KBP Investments, LLC	+	(2)(3)(6)	Beverage & Food	SOFR	5.50%	9.19%	5/25/2027	36,917		36,853		35,311
LDS Intermediate Holdings, L.L.C.	+	(2)(3)	Transportation: Cargo	SOFR	5.00%	8.72%	2/7/2032	25,518		25,342		25,436
McQueen Bidco PTY LTD. (Australia)	+	(2)(3)	Auto Aftermarket & Services	SOFR	4.50%	8.17%	11/28/2032	24,480		24,358		24,358
Monarch Buyer, Inc.	+	(2)(3)	Business Services	SOFR	4.50%	8.32%	6/2/2032	19,950		19,751		19,745
More Cowbell II, LLC	+	(2)(3)	Diversified Financial Services	SOFR	4.50%	8.24%	9/1/2030	21,357		21,357		21,351
NEFCO Holding Company LLC	+	(2)(3)	Construction & Building	SOFR	5.00%	8.97%	8/5/2028	19,717		19,582		19,717
North Haven Fairway Buyer, LLC	^+	(2)(3)(9)	Consumer Services	SOFR	5.00%	8.77%	5/17/2028	22,627		22,497		22,439
Output Services Group, Inc.	+	(2)(3)(6)	Media: Advertising, Printing & Publishing	SOFR	6.25%	10.41%	11/30/2028	4,160		2,960		3,755

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
























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



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

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

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

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

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

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

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

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

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

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

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


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









Total unfunded commitments			$	4,585	$	(33)

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Debt

The Credit Fund and Credit Fund Sub are party to separate credit facilities, as described below. As of June 30, 2026 and December 31, 2025, Credit Fund and Credit Fund Sub were in compliance with all covenants and other requirements of their respective credit facility agreements. Below is a summary of each facility and their borrowing and repayment activity for the respective periods.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

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

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


	For the period from January 1, 2025 through March 20, 2025


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

Credit Fund Sub 2025 Facility. On March 20, 2025, Credit Fund Sub closed on the Credit Fund Sub 2025 Facility, which has been amended from time to time, most recently on May 6, 2026. On May 6, 2026, the Company increased the total commitments under the Credit Fund Sub 2025 Facility by $400,000 pursuant to the terms of the agreement, resulting in total commitments increasing to $1,200,000 ($800,000 prior to the May 6, 2026 amendment). The Credit Fund Sub 2025 Facility has a revolving period through March 20, 2028 and maturity date of March 20, 2035. Borrowings under the Credit Fund Sub 2025 Facility bear interest at either a SOFR or alternative benchmark rate, with an applicable margin of 1.70% (1.60% prior to the May 6, 2026 amendment). In addition, Credit Fund Sub is required to pay an unused commitment fee of 0.50% depending on the usage of the Credit Fund Sub 2025 Facility provided that such commitment fee shall not be applicable to $200,000 of the commitments added on May 6, 2026 until August 6, 2026. Payments under the Credit Fund Sub 2025 Facility are made

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quarterly. Subject to certain exceptions, the Credit Fund Sub 2025 Facility is secured by a first lien security interest in substantially all of the portfolio investments held by the Credit Fund Sub.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Outstanding borrowings, beginning of period	$	652,500	$	430,000	$	589,000	$	—
Borrowings	293,347		19,000		433,847		449,000
Repayments	(59,000)		(47,000)		(136,000)		(47,000)
Foreign currency translation	(62)		—		(62)		—
Outstanding borrowings, end of period	$	886,785	$	402,000	$	886,785	$	402,000

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2026		2026

Outstanding borrowings, beginning of period	$	75,724	$	—
Borrowings	40,000		115,724
Repayments	—		—
Outstanding borrowings, end of period	$	115,724	$	115,724

6. MIDDLE MARKET CREDIT FUND II, LLC

Overview

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

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

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

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

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

7. STRUCTURED CREDIT PARTNERS JV, LLC

Overview

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

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

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

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

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


	Class A Capital Commitment		Class A Capital Called		Class B Capital Commitment		Class B Capital Called		Class C Capital Commitment		Class C Capital Called
Carlyle Secured Lending, Inc.	$	1	$	1	$	135,000	$	69,384	$	15,000	$	—
Carlyle Credit Solutions, Inc.	1		1		15,000		7,709		135,000		—
Sixth Street	2		2		150,000		77,093		150,000		—
Total	$	4	$	4	$	300,000	$	154,186	$	300,000	$	—

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As of June 30, 2026, Structured Credit Partners had five subsidiaries. The wholly owned subsidiaries include Carlyle US CLO 2026-3, Ltd., a Cayman Islands Corporation and originally incorporated as Carlyle US CLO 2026-A Ltd., which was formed on December 23, 2025; Carlyle US CLO 2026-B, Ltd., a Cayman Islands Corporation, which was formed on January 2, 2026; Sixth Street CLO 32 Ltd., a Cayman Islands Corporation and originally incorporated as Sixth Street SCP Warehouse 2, Ltd., which was formed on January 14, 2026; and Sixth Street SCP Warehouse 3, Ltd., a Cayman Islands Corporation, which was formed on January 14, 2026. Sixth Street SCP Warehouse 4, Ltd. is a majority owned subsidiary, which was formed on February 3, 2026. Each subsidiary primarily invests in broadly syndicated loans. In accordance with U.S. GAAP, Structured Credit Partners consolidates subsidiaries over which it has a controlling financial interest in its unaudited consolidated financial statements, commencing from the date of their respective formation.

Below is certain summarized consolidated financial information for Structured Credit Partners as of June 30, 2026.


	As of
	June 30, 2026
Selected Consolidated Balance Sheet Information:	(unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,664,368)	$	1,659,630
Cash and cash equivalents(1)	130,014
Other assets	35,583
Total assets	$	1,825,227
LIABILITIES AND EQUITY
Debt and secured borrowings	$	1,353,020
Dividend payable	5,070
Accrued expenses and other liabilities	317,605
Members’ Equity(2)	149,290
Non-controlling interest(3)	242
Total liabilities and equity	$	1,825,227

(1)As of June 30, 2026, $9,743 of cash and cash equivalents was restricted.

(2)As of June 30, 2026, the fair value of the Company's ownership interest in the members' equity was $69,385.

(3)As of June 30, 2026, a third-party investor had a 5% economic interest in Sixth Street SCP Warehouse 4, Ltd., a consolidated subsidiary of Structured Credit Partners.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026			2026
Selected Consolidated Statements of Operations Information:	(unaudited)		(unaudited)
Total investment income	$	22,123		$	23,573
Expenses
Interest expense and credit facility fees	16,442			16,973
Other expenses	368			1,168
Total expenses	16,810			18,141
Net investment income (loss)	5,313			5,432
Net realized gain (loss) on investments	103			133
Net change in unrealized appreciation (depreciation) on investments	29			(4,738)
Net increase (decrease) resulting from operations	5,445			827
Less: Net increase (decrease) resulting from operations attributable to non-controlling interest	(13)			(13)
Net increase (decrease) resulting from operations attributable to Structured Credit Partners JV, LLC	$	5,458		$	840

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Below is a summary of Structured Credit Partners’ portfolio as of June 30, 2026:


	As of
	June 30, 2026
Total Investments(1)	$	1,681,254
Number of portfolio companies in Structured Credit Partners	428
Average amount per portfolio company(1)	$	3,928
Floating rate loans(2)	99.5		%

(1)At par/principal amount.

(2)Percent of total investments at fair value.

The industry and geography composition of investments as of June 30, 2026 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	77,745	$	77,745	4.7	%
Auto Aftermarket & Services	45,943		45,985		2.8
Beverage & Food	50,150		50,261		3.0
Business Services	177,077		176,405		10.6
Capital Equipment	105,834		105,845		6.4
Chemicals, Plastics & Rubber	28,790		28,912		1.7
Construction & Building	91,558		91,241		5.5
Consumer Goods: Durable	31,398		31,391		1.9
Consumer Goods: Non-Durable	27,749		27,792		1.7
Consumer Services	125,242		125,148		7.5
Containers, Packaging & Glass	44,160		44,139		2.7
Diversified Financial Services	212,220		210,609		12.7
Energy: Electricity	15,266		15,222		0.9
Energy: Oil & Gas	29,187		29,185		1.8
Environmental Industries	24,057		24,068		1.5
Forest Products & Paper	2,457		2,387		0.1
Healthcare & Pharmaceuticals	102,635		102,638		6.2
High Tech Industries	121,605		119,392		7.2
Leisure Products & Services	80,886		80,764		4.9
Media: Advertising, Printing & Publishing	12,856		12,930		0.8
Media: Broadcasting & Subscription	21,064		21,102		1.3
Media: Diversified & Production	28,004		28,023		1.7
Metals & Mining	3,976		4,000		0.2
Retail	25,826		25,717		1.5
Telecommunications	20,090		20,180		1.2
Transportation: Cargo	7,392		7,504		0.5
Transportation: Consumer	27,334		27,244		1.6
Utilities: Electric	10,158		10,209		0.6
Utilities: Oil & Gas	4,909		4,949		0.3
Wholesale	108,800		108,643		6.5

Total	$	1,664,368	$	1,659,630	100.0	%

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Geography	Amortized Cost		Fair Value		% of Fair Value
Australia	$	1,980	$	2,009	0.1	%
Canada	16,308		16,208		1.0
Germany	15,482		15,573		0.9
Ireland	879		877		0.1
Luxembourg	19,504		19,393		1.2
Netherlands	22,163		22,267		1.3
Switzerland	631		658		0.0
United Kingdom	21,391		21,160		1.3
United States	1,566,030		1,561,485		94.1
Total	$	1,664,368	$	1,659,630	100.0	%

Debt

Structured Credit Partners and its subsidiaries are party to separate credit facilities and CLOs, as listed below. The following table details the principal amount and carrying amount of Structured Credit Partners’ debt and secured borrowings as of June 30, 2026.


	As of
	June 30, 2026
Carlyle US CLO 2026-3, Ltd.	$	642,250
Carlyle US CLO 2026-B, Ltd.	76,243
Sixth Street CLO 32, Ltd.	552,000
Sixth Street SCP Warehouse 3, Ltd.	68,241
Sixth Street SCP Warehouse 4, Ltd.	18,547
Total Principal Amount Outstanding	1,357,281
Less: unamortized debt issuance costs	(4,261)
Total Carrying Value	$	1,353,020

As of June 30, 2026, Structured Credit Partners and its subsidiaries were in compliance with all covenants and other requirements of their respective credit facility agreements. On a weighted average basis, the credit facilities bear interest at a spread of SOFR + 1.12%. Below is a summary of the borrowings and repayments under the credit facilities for the respective periods.


	Carlyle US CLO 2026-B, Ltd.		Sixth Street SCP Warehouse 3, Ltd.		Sixth Street SCP Warehouse 4, Ltd.		Total
Three Months Ended June 30, 2026
Outstanding borrowings, beginning of period	$	565	$	—	$	—	$	565
Borrowings	75,678		68,241		18,547		162,466
Repayments	—		—		—		—
Outstanding borrowings, end of period	$	76,243	$	68,241	$	18,547	$	163,031
Six Months Ended June 30, 2026
Outstanding borrowings, beginning of period	$	—	$	—	$	—	$	—
Borrowings	76,243		68,241		18,547		163,031
Repayments	—		—		—		—
Outstanding borrowings, end of period	$	76,243	$	68,241	$	18,547	$	163,031

On April 22, 2026, Sixth Street SCP Warehouse 2, Ltd. closed as Sixth Street CLO 32, Ltd. upon the issuance of the Sixth Street CLO 32, Ltd.’s rated and subordinated notes. Sixth Street CLO 32, Ltd. has a reinvestment period ending on April 21, 2031 and a final maturity date of April 21, 2039. On April 30, 2026, Carlyle US CLO 2026-A Ltd. closed as Carlyle US CLO 2026-3, Ltd. upon the issuance of the Carlyle US 2026-3 Ltd.’s rated and subordinated notes. Carlyle US CLO 2026-3 Ltd. has a reinvestment period ending on April 15, 2031 and a final maturity date of April 15, 2039.

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The following tables summarize the terms of the securitizations and principal amount outstanding as of June 30, 2026:

Carlyle US CLO 2026-3, Ltd.

As of

Debt Tranche

Credit Rating

Reference Rate

Spread

June 30, 2026

A-1

AAA

SOFR

1.16%

441,000

A-2

AAA

SOFR

1.50%

21,000

SOFR

1.60%

68,250

SOFR

1.80%

40,250

BBB

SOFR

3.00%

45,500

SOFR

6.00%

26,250

Total Principal Amount Outstanding

642,250

Less: unamortized debt issuance costs

(1,903)

Total Carrying Value

640,347

Sixth Street CLO 32, Ltd.

As of

Debt Tranche

Credit Rating

Reference Rate

Spread

June 30, 2026

A-1

AAA

SOFR

1.17%

378,000

A-2

AAA

SOFR

1.50%

24,000

SOFR

1.65%

54,000

SOFR

1.95%

36,000

BBB

SOFR

3.10%

36,000

D-2

BBB

SOFR

4.10%

4,500

SOFR

6.00%

19,500

Total Principal Amount Outstanding

552,000

Less: unamortized debt issuance costs

(2,358)

Total Carrying Value

549,642

8. DERIVATIVE INSTRUMENTS

The Company enters into derivatives from time to time to help mitigate its foreign currency and interest rate risk exposures. Below is a summary of the outstanding forward currency contracts as of June 30, 2026. There were no outstanding forward currency contracts as of December 31, 2025.


As of June 30, 2026
Counterparty	Notional Amount to be Purchased		Notional Amount to be Sold		Unrealized Appreciation (Depreciation)



Barclays Bank PLC	$	8,699	SEK	79,701	$	325
Barclays Bank PLC	$	7,283	NOK	68,060	437
Barclays Bank PLC	$	211	A$	300	3

					$	765

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

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

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

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

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

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

The following table details the Company’s interest rate swap contracts outstanding as of June 30, 2026 and December 31, 2025.


As of June 30, 2026
Counterparty	Maturity Date	Notional Amount		Fair Value		Financial Statement Location of Net Amounts

JP Morgan Chase Bank N.A.	2/18/2030	$	300,000	$	(5,021)	Derivative liabilities, at fair value
JP Morgan Chase Bank N.A.	2/15/2031	$	300,000	$	(6,878)	Derivative liabilities, at fair value


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

As a result of the Company’s designation of an interest rate swap as a hedging instrument in a qualifying hedge accounting relationship, the Company is required to record the hedging instrument and the related hedged item at their respective fair values, with all associated changes in those fair values recorded in interest expense and credit facility fees. For the three and six months ended June 30, 2026, the net increase (decrease) recorded in interest expense and credit facility fees was $264 and $606, respectively. For the three and six months ended June 30, 2025, the net increase (decrease) recorded in interest expense and credit facility fees was $(131) and $(285), respectively.

The Company’s interest rate swaps and forward currency contracts are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The

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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 June 30, 2026 and December 31, 2025:


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

June 30, 2026	Barclays Bank PLC	$	765	$	—	$	—	$	—	$	765
June 30, 2026	JP Morgan Chase Bank N.A.	—		—		—		—		—
December 31, 2025	JP Morgan Chase Bank N.A.	298		(298)		—		—		—


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

June 30, 2026	Barclays Bank PLC	$	—	$	—	$	—	$	—	$	—
June 30, 2026	JP Morgan Chase Bank N.A.	11,899		—		—		(10,870)		1,029
December 31, 2025	JP Morgan Chase Bank N.A.	1,436		(298)		—		(1,138)		—

9. BORROWINGS

The Company is a party to the Credit Facility, as described below. In accordance with the Investment Company Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act, is at least 150% after such borrowing. As of June 30, 2026 and December 31, 2025, asset coverage was 182.3% and 175.6%, respectively, and the Company was in compliance with all covenants and other requirements of the respective agreements of the Credit Facility.

The following table details the principal amount and carrying amount of the Company’s debt and secured borrowings as of June 30, 2026 and December 31, 2025.


	As of
	June 30, 2026		December 31, 2025
Credit Facility	$	332,137	$	563,660


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

2015-1N Debt	380,000		380,000
Total principal amount outstanding	1,312,137		1,543,660
Less: unamortized debt issuance costs	(9,887)		(11,266)
Effective interest rate swap hedge	(11,902)		(1,184)
Total carrying value	$	1,290,348	$	1,531,210

Credit Facility

On March 21, 2014, the Company entered into a senior secured revolving credit facility (as amended, the “Credit Facility”), which was most recently amended and restated on March 12, 2025, and may be further amended from time to time. The total commitments under the Credit Facility are $875,457 ($960,000 prior to the May 25, 2026 expiration of $135,000 of commitments, of which $50,457 remained outstanding as of June 30, 2026 and will mature on May 25, 2027), subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of the Company’s portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that the Company may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased to $1,402,500 ($1,185,000 prior to the March 12, 2025 amendment), through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility includes a $75,000 ($50,000 prior to the March 12, 2025 amendment) limit for swingline loans and a $30,000

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($20,000 prior to the March 12, 2025 amendment) limit for letters of credit. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Credit Facility, including amounts drawn in respect of letters of credit, bear interest at either (i) a term benchmark rate of the Adjusted Term SOFR Rate, the Adjusted Euribor Rate, or the applicable Local Rate, as the case may be, or (ii) an Alternate Base Rate (which is the highest of (a) the Prime Rate, (b) the NYFRB Rate plus 0.50%, or (c) the Adjusted Term SOFR Rate for one month plus 1.00%) plus an applicable margin, each capitalized term as defined in the Credit Facility. The applicable margin for a term benchmark rate loan will be up to 1.875% and for an Alternate Base Rate loan will be up to 0.875%, in each case depending on the level of the gross borrowing base compared to the combined debt amount. The Company may elect either the term benchmark rate or the Alternative Base Rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The Company also pays a fee of 0.375% on unused amounts under the Credit Facility and, in respect of each unused letter of credit, a fee and interest rate equal to the then-applicable margin under the Credit Facility while the letter of credit is outstanding.

The availability period under the Credit Facility will terminate on March 12, 2029 (August 31, 2027 prior to the March 12, 2025 amendment). The maturity date for the $825,000 of commitments that have not expired is March 12, 2030. Following the commitment termination date and through the maturity date, the Company will be obligated to make mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

Subject to certain exceptions, the Credit Facility is secured by a first lien security interest in substantially all of the portfolio investments held by the Company and Credit Fund II. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, stockholders’ equity and liquidity, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature. As of June 30, 2026 and December 31, 2025, 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 and six months ended June 30, 2026 and 2025, and the outstanding balances under the Credit Facility for the respective periods.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Outstanding borrowings, beginning of period	$	415,319	$	288,169	$	563,660	$	213,439
Borrowings	231,589		241,950		386,240		530,882
Repayments	(312,948)		(160,926)		(611,948)		(376,426)
Foreign currency translation	(1,823)		9,422		(5,815)		10,720
Outstanding borrowings, end of period	$	332,137	$	378,615	$	332,137	$	378,615

The Credit Facility consisted of the following as of June 30, 2026 and December 31, 2025:


	Total Facility		Borrowings Outstanding		Unused Portion (1)		Amount Available (2)
June 30, 2026	$	875,457	$	332,137	$	543,320	$	543,320
December 31, 2025	$	960,000	$	563,660	$	396,340	$	396,340

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

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

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For the three and six months ended June 30, 2026 and 2025, the components of interest expense and credit facility fees of the Credit Facility were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Interest expense	$	4,801		$	4,515		$	10,169		$	9,009
Facility unused commitment fee	509			579			1,010			1,122
Amortization of deferred financing costs and debt issuance costs	282			261			565			482

Total interest expense and credit facility fees	$	5,592		$	5,355		$	11,744		$	10,613
Cash paid for interest expense and credit facility fees	$	5,616		$	5,141		$	11,971		$	9,685

Weighted average debt principal outstanding	$	386,629		$	313,852		$	406,203		$	303,014
Weighted average interest rate(1)	4.91		%	5.69		%	4.98		%	5.91		%

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

As of June 30, 2026 and December 31, 2025, the components of interest and credit facility fees payable of the Credit Facility were as follows:


	As of
	June 30, 2026			December 31, 2025
Interest expense payable	$	306		$	877
Unused commitment fees payable	452			558

Interest and credit facility fees payable	$	758		$	1,435

Weighted average interest rate	4.89		%	5.28		%

CSL III SPV Credit Facility

Effective March 27, 2025, as a result of the completion of the CSL III Merger, the Company succeeded to the obligations of CSL III under a senior secured revolving credit facility (as amended, the “CSL III SPV Credit Facility” and together with the Credit Facility, the “Credit Facilities”) previously entered into by CSL III SPV on September 30, 2022. The CSL III SPV Credit Facility was most recently amended on March 27, 2025. The CSL III SPV Credit Facility provided for secured borrowings of up to $250,000, subject to availability under the CSL III SPV Credit Facility and borrowing restrictions under the Investment Company Act. The CSL III SPV Credit Facility had a revolving period through September 30, 2025 and a stated maturity date of September 30, 2030, with a one-year extension option available at the election of CSL III SPV. Borrowings may have been made in U.S. Dollars and bore interest initially at a rate equal to three-month SOFR (or, if applicable, a base rate comprised of the prime rate or the federal funds rate plus 0.50%) plus 2.85%. The SPV also paid an unused commitment fee of 0.30% per annum on unused amounts under the CSL III SPV Credit Facility. Payments of interest and fees were made quarterly.

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

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

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Below is a summary of the borrowings and repayments under the CSL III SPV Credit Facility for the three months ended June 30, 2025 and for the period from March 27, 2025 through June 30, 2025, and the outstanding balance under the CSL III SPV Credit Facility for the period.


	Three Months Ended June 30, 2025		For the period from March 27, 2025 through June 30, 2025

Outstanding borrowings, beginning of period	$	206,000	$	—
CSL III Merger	—		206,000
Borrowings	—		—
Repayments	(31,000)		(31,000)

Outstanding borrowings, end of period	$	175,000	$	175,000

For the three months ended June 30, 2025 and for the period from March 27, 2025 through June 30, 2025, the components of interest expense and credit facility fees of the CSL III SPV Credit Facility were as follows:


	Three Months Ended June 30, 2025			For the period from March 27, 2025 through June 30, 2025

Interest expense	$	3,164		$	3,369
Facility unused commitment fee	57			59


Total interest expense and credit facility fees	$	3,221		$	3,428
Cash paid for interest expense and credit facility fees	$	2,912		$	2,912

Weighted average debt principal outstanding	$	175,341		$	176,938
Weighted average interest rate(1)	7.14		%	7.14		%

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

Senior Notes

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

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

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

On October 7, 2025, the Company completed a public offering of $300.0 million aggregate principal of its 5.75% senior unsecured notes due February 15, 2031 (the “2031 Notes” and together with the 2024 Notes, 2028 Notes, and 2030 Notes, the “Senior Notes”), pursuant to the CGBD Base Indenture, as supplemented by a third supplemental indenture thereto, dated October 7, 2025 (together, the “2031 Notes Indenture”). The 2031 Notes may be redeemed, in whole or in part, at the

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Company’s option at any time or from time to time, at a redemption price equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on January 15, 2031) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points, less (b) interest accrued to the date of redemption, or (2) 100% of the principal amount of the 2031 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after January 15, 2031, the Company may redeem the 2031 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date.

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

The following table details the Company’s Senior Notes as of June 30, 2026 and December 31, 2025:


	As of
	June 30, 2026		December 31, 2025


2030 Notes	$	300,000	$	300,000
2031 Notes	300,000		300,000
Total principal amount	600,000		600,000
Less: unamortized debt issuance costs	(8,229)		(9,240)
Effective interest rate swap hedge	(11,902)		(1,184)
Total carrying value	$	579,869	$	589,576

For the three and six months ended June 30, 2026 and 2025, the components of interest expense and credit facility fees on the Senior Notes were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Interest expense(1)	$	9,752		$	6,685		$	19,456		$	13,343
Amortization of deferred financing costs and debt issuance costs	509			461			1,012			914
Total interest expense and credit facility fees	$	10,261		$	7,146		$	20,468		$	14,257
Cash paid for interest expense and credit facility fees	$	—		$	1,629		$	18,781		$	9,988

Weighted average debt principal outstanding	$	600,000		$	385,000		$	600,000		$	385,000
Weighted average interest rate(1)(2)	6.43		%	6.87		%	6.45		%	6.89		%

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

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

As of June 30, 2026 and December 31, 2025, $14,278 and $12,847, respectively, of interest expense related to the Senior Notes was included in interest and credit facility fees payable. As of June 30, 2026 and December 31, 2025, the weighted average interest rates were 6.43% and 6.84%, respectively, inclusive of the effect of the interest rate swaps.

The 2030 Notes Indenture and 2031 Notes Indenture each contain certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC; to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, and subject to certain other exceptions. These covenants are subject to important limitations and exceptions that are described in the 2030 Notes Indenture and 2031 Notes Indenture. None of the 2030 Notes Indenture or the 2031 Notes Indenture limits the amount of debt (including secured debt) that may be issued by us or our subsidiaries under the indenture or otherwise. As of June 30, 2026 and December 31, 2025, the Company was in compliance with these terms and conditions.

Securitizations

On June 26, 2015, the Company completed the 2015-1 Debt Securitization. The 2015-1 Notes were issued by the 2015-1 Issuer, a wholly owned and consolidated subsidiary of the Company. The 2015-1 Debt Securitization was executed through a private placement of the 2015-1 Notes, consisting of $273,000 in notes that were issued at par and were scheduled to

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mature on July 15, 2027. The Company received 100% of the $125,900 in nominal value of the non-interest bearing preferred interests issued by the 2015-1 Issuer (the “2015-1 Issuer Preferred Interests”) on the closing date of the 2015-1 Debt Securitization in exchange for the Company’s contribution to the 2015-1 Issuer of the initial closing date loan portfolio. In connection with the contribution, the Company made customary representations, warranties and covenants to the 2015-1 Issuer in the purchase agreement.

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

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

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

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

The following table summarizes the terms of the 2015-1N Debt and the principal amount and carrying value as of June 30, 2026 and December 31, 2025:


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

Total Principal Amount Outstanding				380,000		380,000
Less: unamortized debt issuance costs				(1,658)		(2,026)
Total Carrying Value				$	378,342	$	377,974

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

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

During the reinvestment period, pursuant to the indenture governing the 2015-1R Notes and 2015-1N Debt, all principal collections received on the underlying collateral may be used by the 2015-1 Issuer to purchase new collateral under the direction of the 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.

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Pursuant to the Collateral Management Agreement, the 2015-1 Issuer pays management fees (comprised of base management fees, subordinated management fees and incentive management fees) to the Investment Adviser for rendering collateral management services. As per the Collateral Management Agreement, for the period the Company retains all of the 2015-1 Issuer Preferred Interests, the Investment Adviser does not earn management fees for providing such collateral management services. The Company currently retains all of the 2015-1 Issuer Preferred Interests, thus the Investment Adviser did not earn any management fees from the 2015-1 Issuer for the three and six months ended June 30, 2026 and 2025. Any such waived fees may not be recaptured by the Investment Adviser.

Pursuant to an undertaking by the Company in connection with the 2015-1 Debt Securitization Refinancing, the Company has agreed to hold on an ongoing basis the 2015-1 Issuer Preferred Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate outstanding amount of all collateral obligations by the 2015-1 Issuer for so long as any securities of the 2015-1 Issuer remain outstanding. As of June 30, 2026, the Company was in compliance with its undertaking.

As of June 30, 2026, the 2015-1N Debt was secured by 67 investments with a total fair value of approximately $483,247 and cash of $12,050. The pool of investments in the securitization must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture governing the 2015-1N Debt.

For the three and six months ended June 30, 2026 and 2025, the components of interest expense and credit facility fees on the Securitizations were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Interest expense	$	5,390		$	5,957		$	10,754		$	11,937
Amortization of deferred financing costs and debt issuance costs	41			48			88			95
Total interest expense and credit facility fees	$	5,431		$	6,005		$	10,842		$	12,032
Cash paid for interest expense and credit facility fees	$	5,330		$	6,557		$	11,004		$	15,389

Weighted average debt principal outstanding	$	380,000		$	380,000		$	380,000		$	380,000
Weighted average interest rate(1)	5.65		%	6.25		%	5.67		%	6.30		%

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

As of June 30, 2026 and December 31, 2025, $4,561 and $4,810, respectively, of interest expense related to securitizations was included in interest and credit facility fees payable. As of June 30, 2026 and December 31, 2025, the weighted average interest rates were 5.61% and 5.84%, respectively, based on benchmark rates.

10. COMMITMENTS AND CONTINGENCIES

The following table summarizes the Company’s significant contractual payment obligations as of June 30, 2026 and December 31, 2025:


	As of
Payment Due by Period	June 30, 2026		December 31, 2025
Less than one year	$	50,457	$	—
1-3 years	—		75,327
3-5 years	881,680		788,333
More than 5 years	380,000		680,000
Total	$	1,312,137	$	1,543,660

In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the unaudited consolidated financial statements as of June 30, 2026 and audited consolidated financial statements as of December 31, 2025 for any such exposure.

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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
	June 30, 2026		December 31, 2025
Unfunded delayed draw commitments	$	196,942	$	256,926
Unfunded revolving loan commitments	157,069		174,680
Total unfunded commitments	$	354,011	$	431,606

11. NET ASSETS

The Company has the authority to issue 198,000,000 shares of common stock, par value $0.01 per share, of which 69,160,814 and 71,807,190 shares were issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.

Cumulative Convertible Preferred Stock

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

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

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

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

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

Date Declared

Record Date

Payment Date

Per Share Amount

2024

March 26, 2024

March 29, 2024

0.438

June 25, 2024

June 28, 2024

0.438

September 26, 2024

September 30, 2024

0.438

December 11, 2024

December 31, 2024

0.438

Total

1.752

2025

March 12, 2025

March 26, 2025

March 27, 2025

0.413

Total

0.413

Share Issuances

CSL III Merger

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

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

Dividend Reinvestment

No shares were issued under the dividend reinvestment plan during the six months ended June 30, 2026.

The following table summarizes the shares of the Company’s common stock issued under the dividend reinvestment plan during the six months ended June 30, 2025:


	Shares Issued	Total Consideration














Six Months Ended June 30, 2025
January 17, 2025	50,728	$	949

Total	50,728	$	949

At-The-Market (“ATM”) Program

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

No shares were issued under the ATM program during the six months ended June 30, 2026.

The following table summarizes the shares of the Company’s common stock issued under the ATM offering during the six months ended June 30, 2025:


	Shares Issued	Gross Proceeds		Net Proceeds(1)









Six Months Ended June 30, 2025
March 28, 2025	6,075	$	102	$	101

Total	6,075	$	102	$	101

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

Company Stock Repurchase Program

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

The Company's Stock Repurchase Program was originally approved by the Company's Board of Directors on November 5, 2018 and announced on November 6, 2018. Since the inception of the Company’s Stock Repurchase Program through June 30, 2026, the Company has repurchased 15,515,885 shares of the Company's common stock at an average cost of $13.06 per share, or $202,638 in the aggregate, resulting in accretion to NAV per common share of $0.89.

Changes in Net Assets

For the three and six months ended June 30, 2026, the Company repurchased and extinguished 1,110,122 and 2,646,376 shares for $12,526 and $31,027, respectively. For the three and six months ended June 30, 2025, there were no share repurchases. No shares were issued three and six months ended June 30, 2026. There were 21,996,719 shares of common stock issued for $366,888 during the three and six months ended June 30, 2025.

The following tables summarize capital activity during the three and six months ended June 30, 2026:


	Common Stock		Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
		Shares													Amount
Balance, April 1, 2026		70,270,936	$	703	$	1,345,512	$	(1,633)	$	47,019	$	(241,980)	$	(33,060)		$	1,116,561
Repurchase of common stock		(1,110,122)	(11)		(12,515)		—		—		—		—			(12,526)





Net investment income (loss)		—	—		—		—		23,996		—		—			23,996
Net realized gain (loss)		—	—		—		—		—		(1,534)		—			(1,534)
Net change in unrealized appreciation (depreciation)		—	—		—		—		—		—		(22,522)			(22,522)
Dividends declared on common stock		—	—		—		—		(24,227)		—		—			(24,227)

Balance, June 30, 2026		69,160,814	$	692	$	1,332,997	$	(1,633)	$	46,788	$	(243,514)	$	(55,582)		$	1,079,748


	Common Stock		Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
		Shares													Amount
Balance, January 1, 2026		71,807,190	$	718	$	1,363,998	$	(1,633)	$	49,923	$	(232,362)	$	(13,256)		$	1,167,388
Repurchase of common stock		(2,646,376)	(26)		(31,001)		—		—		—		—			(31,027)





Net investment income (loss)		—	—		—		—		49,200		—		—			49,200
Net realized gain (loss)		—	—		—		—		—		(11,152)		—			(11,152)
Net change in unrealized appreciation (depreciation)		—	—		—		—		—		—		(42,326)			(42,326)
Dividends declared on common stock		—	—		—		—		(52,335)		—		—			(52,335)

Balance, June 30, 2026		69,160,814	$	692	$	1,332,997	$	(1,633)	$	46,788	$	(243,514)	$	(55,582)		$	1,079,748

The following tables summarize capital activity during the three and six months ended June 30, 2025:


	Common Stock		Capital in Excess of Par Value		Offering Costs		Accumulated Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)		Accumulated Net Unrealized Appreciation (Depreciation)		Total Net Assets
		Shares													Amount
Balance, April 1, 2025		72,902,981	$	729	$	1,380,976	$	(1,633)	$	66,312	$	(204,687)	$	(29,308)		$	1,212,389






Net investment income (loss)		—	—		—		—		28,250		—		—			28,250
Net realized gain (loss)		—	—		—		—		—		(2,599)		—			(2,599)
Net change in unrealized appreciation (depreciation)		—	—		—		—		—		—		(11,021)			(11,021)
Dividends declared on common stock and preferred stock		—	—		—		—		(29,161)		—		—			(29,161)

Balance, June 30, 2025		72,902,981	$	729	$	1,380,976	$	(1,633)	$	65,401	$	(207,286)	$	(40,329)		$	1,197,858


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

Common stock issued, net of offering and underwriting costs	—	—		6,075	0		101		—		—		—		—		101
Common stock issued - CSL III Merger	—	—		18,935,108	189		315,649		—		—		—		—		315,838
Common stock issued - Preferred Stock Exchange	(2,000,000)	(50,000)		3,004,808	30		49,970		—		—		—		—		—
Dividend reinvestment	—	—		50,728	1		948		—		—		—		—		949
Net investment income (loss)	—	—		—	—		—		—		49,879		—		—		49,879
Net realized gain (loss)	—	—		—	—		—		—		—		(21,940)		—		(21,940)
Net change in unrealized appreciation (depreciation)	—	—		—	—		—		—		—		—		745		745
Dividends declared on common stock and preferred stock	—	—		—	—		—		—		(52,918)		—		—		(52,918)

Balance, June 30, 2025	—	$	—	72,902,981	$	729	$	1,380,976	$	(1,633)	$	65,401	$	(207,286)	$	(40,329)	$	1,197,858

Earnings Per Share

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

Basic and diluted earnings per common share were as follows:


	Three Months Ended June 30,
	2026				2025
	Basic		Diluted		Basic		Diluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	(60)	$	(60)	$	14,630	$	14,630
Weighted average common shares outstanding	69,542,646		69,542,646		72,902,981		72,902,981
Basic and diluted earnings per share	$	0.00	$	0.00	$	0.20	$	0.20


	Six Months Ended June 30,
	2026				2025
	Basic		Diluted		Basic		Diluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders	$	(4,278)	$	(4,278)	$	27,858	$	28,684
Weighted average common shares outstanding	70,221,506		70,221,506		62,475,544		65,168,847
Basic and diluted earnings per share	$	(0.06)	$	(0.06)	$	0.45	$	0.44

The following table summarizes updates to the Company’s dividend policy as of June 30, 2026.


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

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


Date Declared	Record Date	Payment Date	Per Common Share Amount




































February 20, 2024	March 29, 2024	April 17, 2024	$	0.40
February 20, 2024	March 29, 2024	April 17, 2024	$	0.08	(1)
May 2, 2024	June 28, 2024	July 17, 2024	$	0.40
May 2, 2024	June 28, 2024	July 17, 2024	$	0.07	(1)
August 1, 2024	September 30, 2024	October 17, 2024	$	0.40
August 1, 2024	September 30, 2024	October 17, 2024	$	0.07	(1)
November 4, 2024	December 31, 2024	January 17, 2025	$	0.40
November 4, 2024	December 31, 2024	January 17, 2025	$	0.05	(1)
February 18, 2025	March 24, 2025	April 17, 2025	$	0.40
February 18, 2025	March 24, 2025	April 17, 2025	$	0.05	(1)
April 29, 2025	June 30, 2025	July 17, 2025	$	0.40
July 29, 2025	September 30, 2025	October 17, 2025	$	0.40
October 29, 2025	December 31, 2025	January 16, 2026	$	0.40
February 18, 2026	March 31, 2026	April 16, 2026	$	0.40
April 29, 2026	June 30, 2026	July 16, 2026	$	0.35

(1)Represents a special/supplemental dividend.

12. CONSOLIDATED FINANCIAL HIGHLIGHTS

The following is a schedule of consolidated financial highlights for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30,
	2026		2025
Per Common Share Data:
Net asset value per common share, beginning of period	$	16.26	$	16.80
Net investment income (loss)(1)	0.70		0.79
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	(0.76)		(0.34)
Net increase (decrease) in net assets resulting from operations	(0.06)		0.45
Dividends declared(2)	(0.75)		(0.85)
Accretion due to issuance of common stock(3)	—		0.03
Accretion due to share repurchases	0.16		—

Net asset value per common share, end of period	$	15.61	$	16.43
Market price per common share, end of period	$	10.53	$	13.68
Number of common shares outstanding, end of period	69,160,814		72,902,981
Total return based on net asset value(4)	2.41%		3.27%
Total return based on market price(5)	(10.06)%		(19.43)%
Net assets attributable to Common Stockholders, end of period	$	1,079,748	$	1,197,858
Ratio to average net assets attributable to Common Stockholders(6):
Expenses before incentive fees	5.93%		5.69%
Expenses after incentive fees	6.86%		6.64%

Net investment income (loss)	4.39%		4.58%
Interest expense and credit facility fees	3.84%		3.71%
Ratios/Supplemental Data:
Asset coverage, end of period	182.29%		190.84%
Portfolio turnover	22.33%		32.98%
Weighted-average common shares outstanding	70,221,506		62,475,544

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

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

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

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

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

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

13. SEGMENT REPORTING

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

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

14. LITIGATION

The Company may become party to certain lawsuits in the ordinary course of business. The Company does not believe that the outcome of current matters, if any, will materially impact the Company or its unaudited consolidated financial statements. As of June 30, 2026 and December 31, 2025, the Company was not subject to any material legal proceedings, nor, to the Company’s knowledge, is any material legal proceeding threatened against the Company.

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

15. TAX

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of June 30, 2026 and December 31, 2025.

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

The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. The estimated tax character of the dividends declared on preferred and common stock for the six months ended June 30, 2026 and 2025 was as follows:


	Six Months Ended June 30,
	2026		2025
Ordinary income	$	52,335	$	52,918
Tax return of capital	$	—	$	—

16. MERGER WITH CSL III

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

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

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

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


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

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

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

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

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


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

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

17. SUBSEQUENT EVENTS

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

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

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

•the return or impact of current and future investments;

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

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

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

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

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

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

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

•our ability to recover unrealized losses;

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

•our contractual arrangements and relationships with third parties;

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

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

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

•the speculative and illiquid nature of our investments;

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

•our expected financings and investments;

•the adequacy of our cash resources and working capital;

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

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

•the ability to consummate acquisitions;

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

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

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

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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 the investment adviser and administrator;

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

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

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

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

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

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

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

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

Overview

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

Our investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments in U.S. middle market companies. Our core investment strategy focuses on lending to U.S. middle market companies, which we define as companies with approximately $25 million or greater of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors. This core strategy is opportunistically supplemented with differentiated and complementary lending and investing strategies, which take advantage of the broad capabilities of Carlyle's Global Credit platform while offering risk-diversifying portfolio benefits. We seek to achieve our investment objective primarily through direct origination of secured debt instruments, including first lien senior secured loans (which may include stand-alone first lien loans, first lien/last out loans and “unitranche” loans) and second lien senior secured loans (collectively, “Middle Market Senior Loans”), with a minority of our assets invested in higher yielding investments (which may include unsecured debt, subordinated debt and investments in equities and structured products). The Middle Market Senior Loans are generally made to private U.S. middle market companies that are, in many cases, controlled by private equity firms.

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

We are externally managed by the Investment Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Advisers Act”) and a subsidiary of Carlyle. We benefit from the Investment Adviser’s investment team of over 215 investment professionals with deep knowledge and expertise across multiple asset classes who are supported by a team of finance, operations and administrative professionals currently employed by Carlyle Employee Co., a wholly owned subsidiary of Carlyle. In conducting our investment activities, we believe that we benefit from the significant scale, relationships and resources of Carlyle, including the Investment Adviser and its affiliates.

Second Quarter 2026 Highlights

Quarterly Results

•Net investment income was $24.0 million or $0.35 per common share.

•Adjusted for purchase accounting adjustments, the adjusted net investment income per common share (a non-GAAP financial measure) was $0.35. Refer to the Adjusted Net Investment Income and Adjusted Net Income discussion within this section for further details.

•For the second quarter, dividends declared on common shares were $24.2 million, or $0.35 per share.

•Net investment income for the three months ended June 30, 2026 decreased from the comparable period in the prior year primarily driven by lower yields on investments. This was partially offset by a higher average outstanding investment balance due to net origination activity over the last twelve months.

•The NAV per common share decreased to $15.61 as of June 30, 2026 from $15.89 as of March 31, 2026.

Portfolio and Investment Activity

•As of June 30, 2026, we held 263 investments across 177 portfolio companies and 31 industries for a total fair value of $2.4 billion.

•During the three months ended June 30, 2026, our investment balance increased from $2.3 billion to $2.4 billion primarily due to net origination activity.

•As of June 30, 2026, non-accrual investments represented 1.2% and 0.6% of our portfolio based on cost and fair value, respectively.

Liquidity and Capital Activity

•Total liquidity as of June 30, 2026 was $592.2 million in cash and unused debt capacity.

•During the three months ended June 30, 2026, we repurchased 1,110,122 shares of our common stock for an aggregate purchase price of approximately $12.5 million, resulting in accretion to NAV per common share of approximately $0.07.

•On May 25, 2026, the availability period for $135.0 million of commitments under the Credit Facility expired, reducing total commitments to $875.5 million, which includes $50.5 million of borrowings under the expired commitments that remained outstanding as of June 30, 2026 and mature on May 25, 2027.

Recent Developments

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

•From July 1, 2026 through August 5, 2026, we repurchased 356,233 shares of our common stock for an aggregate purchase price of approximately $3.7 million resulting in $0.03 per common share of NAV accretion.

Key Components of Our Results of Operations

As a BDC, we believe that the key components of our results of operations for our business are earnings per share, dividends declared, net investment income and net asset value per common share. For the three months ended June 30, 2026,

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we recorded basic earnings per common share of $0.00, declared a dividend of $0.35 per common share and earned $0.35 of net investment income per common share.

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


		Three Months Ended
	June 30, 2026			March 31, 2026
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders		$	(60)		$	(4,218)
Weighted-average common shares outstanding		69,542,646			70,907,909
Earnings per share - Basic and Diluted		$	0.00		$	(0.06)

For the three months ended June 30, 2026 and March 31, 2026, we declared dividends per common share of $0.35 and $0.40, respectively. As of June 30, 2026 and December 31, 2025, our NAV per share was $15.61 and $16.26, respectively.

Investment Income

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

Expenses

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

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

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

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

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

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

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

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

•transfer agent and custodial fees;

•commissions and other compensation payable to brokers or dealers;

•U.S. federal, state and local taxes;

•independent director fees and expenses;

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

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

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

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

•indemnification payments;

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

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

Net Investment Income

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


	Three Months Ended
	June 30, 2026		March 31, 2026
Total investment income	$	62,085	$	64,079
Total expenses (including excise tax expense)	38,089		38,875
Net investment income	$	23,996	$	25,204
Weighted-average common shares outstanding	69,542,646		70,907,909
Net investment income per common share	$	0.35	$	0.36

Adjusted Net Investment Income and Adjusted Net Income

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

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

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


	Three Months Ended
		June 30, 2026		March 31, 2026
Net investment income		$	23,996	$	25,204

Amortization of premium/discount on acquired assets(1)		94		178
Adjusted Net Investment Income		$	24,090	$	25,382

Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders		$	(60)	$	(4,218)

Amortization of premium/discount on acquired assets(1)		94		178
Reversal of unrealized appreciation from the amortization of premium/discount on acquired assets		(94)		(178)

Adjusted Net Income		$	(60)	$	(4,218)

Net Investment Income Per Share		$	0.35	$	0.36

Amortization of premium/discount on acquired assets(1)		0.00		(0.00)
Adjusted Net Investment Income Per Common Share		$	0.35	$	0.36

Net Income Per Share		$	0.00	$	(0.06)

Amortization of premium/discount on acquired assets(1)		0.00		(0.00)
Reversal of unrealized appreciation from the amortization of premium/discount on acquired assets		0.00		0.00

Adjusted Net Income Per Common Share		$	0.00	$	(0.06)

Weighted-average common shares outstanding		69,542,646		70,907,909

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

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Portfolio and Investment Activity

Portfolio Overview

The following tables summarize certain characteristics of our investment portfolio as of June 30, 2026:


	First Lien Debt			Second Lien Debt			Equity Investments			Investment Funds			Total Investments
Count of investments	210			8			40			5			263
Investments, at amortized cost	$	1,984,898		$	87,927		$	141,630		$	199,886		$	2,414,341
Investments, at fair value	$	1,934,565		$	78,289		$	154,017		$	193,138		$	2,360,009
Percentage of total investments at fair value	82.0		%	3.3		%	6.5		%	8.2		%	100.0		%


	Weighted Average Yields at
	Amortized Cost		Fair Value
First Lien Debt(1)	9.5	%	9.7	%
Second Lien Debt(1)	11.8	%	13.2	%

Total Debt and Income Producing Investments(1)(2)	10.4	%	10.6	%

(1)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2026. Weighted average yield at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount (“OID”) and market discount earned, divided by (b) total fair value included in such securities. Weighted average yield at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned, divided by (b) total amortized cost included in such securities. Weighted average yields exclude investments on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above. Inclusive of all debt and income producing investments and investments on non-accrual status, the weighted average yield on amortized cost was 10.2% as of June 30, 2026.

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

The geographical composition of investments at fair value as of June 30, 2026 were as follows:


	As of
Geography—% of Fair Value	June 30, 2026
Australia	0.2	%
Canada	3.3

France	1.2
Germany	0.4
Ireland	0.3
Italy	1.6
Luxembourg	0.5

Norway	0.3
Spain	0.3
Sweden	0.3
United Kingdom	4.7
United States	86.9
Total	100.0	%

The industry composition of investments at fair value as of June 30, 2026 were as follows:


	As of
Industry—% of Fair Value	June 30, 2026
Aerospace & Defense	2.4	%
Auto Aftermarket & Services	1.7
Beverage & Food	0.5
Business Services	6.8

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	As of
Industry—% of Fair Value	June 30, 2026
Capital Equipment	4.5	%
Chemicals, Plastics & Rubber	1.4
Construction & Building	2.5
Consumer Goods: Durable	0.0
Consumer Goods: Non-Durable	0.2
Consumer Services	8.0
Containers, Packaging & Glass	2.3
Diversified Financial Services	9.2
Energy: Electricity	0.5
Energy: Oil & Gas	0.1
Environmental Industries	2.3
Healthcare & Pharmaceuticals	17.9
High Tech Industries	6.3
Investment Funds	8.2
Leisure Products & Services	5.2
Media: Advertising, Printing & Publishing	0.0
Media: Broadcasting & Subscription	0.0
Media: Diversified & Production	0.6

Retail	0.8
Software	12.7
Sovereign & Public Finance	0.2
Telecommunications	1.7
Transportation: Cargo	1.8
Transportation: Consumer	0.0

Utilities: Oil & Gas	0.6
Utilities: Water	0.4
Wholesale	1.2
Total	100.0	%

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Our investment activity for the three months ended June 30, 2026 is presented below (information presented herein is at amortized cost unless otherwise indicated):


	Three Months Ended
	June 30, 2026
Investments:
Total investments, beginning of period	$	2,306,378
New investments purchased	294,700


Net accretion of discount on investments	1,566
Net realized gain (loss) on investments	(1,793)
Investments sold or repaid	(186,510)
Total Investments, end of period	$	2,414,341
Principal amount of investments funded:
First Lien Debt	$	241,461
Second Lien Debt	773
Equity Investments(1)	5,766
Investment Funds	49,586


Total	$	297,586
Principal amount of investments sold or repaid:
First Lien Debt	$	(190,789)
Second Lien Debt	—
Equity Investments(1)	(68)
Investment Funds	—
Total	$	(190,857)
Number of new investment commitments(2)(3)	14
Average new investment commitment amount	$	16,570

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

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

(3)For the three months ended June 30, 2026, 100.0% of new funded debt investments were at floating interest rates.

See the Consolidated Schedules of Investments as of June 30, 2026 to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on these investments, including a list of companies and type and amount of investments.

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Portfolio Credit

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


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

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

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

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

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

The Investment Adviser monitors and, when appropriate, changes the risk ratings assigned to each first lien and second lien debt investment in our portfolio. The Investment Adviser reviews our investment ratings in connection with our quarterly valuation process. The below table summarizes the Internal Risk Ratings as of June 30, 2026 and December 31, 2025.


	June 30, 2026				December 31, 2025
	Fair Value		% of Fair Value		Fair Value		% of Fair Value
Internal Risk Rating 1	$	—	—	%	$	—	—	%
Internal Risk Rating 2	1,858,202		92.3		2,011,980		93.3
Internal Risk Rating 3	140,887		7.0		114,456		5.3
Internal Risk Rating 4	8,395		0.4		20,240		0.9
Internal Risk Rating 5	5,370		0.3		10,301		0.5
Total	$	2,012,854	100.0	%	$	2,156,977	100.0	%

As of both June 30, 2026 and December 31, 2025, the weighted average Internal Risk Rating of our first lien and second lien debt investment portfolio was 2.1. As of both June 30, 2026 and December 31, 2025, six of our first lien and second lien debt investments were assigned an Internal Risk Rating of 4 or 5.

The following table summarizes the fair value of our performing and non-accrual/non-performing investments as of June 30, 2026 and December 31, 2025:


	June 30, 2026					December 31, 2025
	Number of Investments	Fair Value		% of Fair Value		Number of Investments	Fair Value		% of Fair Value
Performing	255	$	2,346,244	99.4	%	222	$	2,433,381	98.8	%
Non-accrual(1)	8	13,765		0.6		7	30,541		1.2
Total	263	$	2,360,009	100.0	%	229	$	2,463,922	100.0	%

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

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Portfolio Financing

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


	Outstanding Principal Balance as of
	June 30, 2026			December 31, 2025
Secured Debt
Credit Facility	$	332,137		$	563,660

Unsecured Debt


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

2015-1N Debt	380,000			380,000
Total	$	1,312,137		$	1,543,660
Weighted average interest rate	5.80		%	6.02		%

Credit Facilities

On March 21, 2014, we closed on a senior secured revolving credit facility (the “Credit Facility”), which was most recently amended and restated on March 12, 2025, and may be further amended from time to time. The total commitments under the Credit Facility are $875,457 ($960,000 prior to the May 25, 2026 expiration of $135,000 of the commitments, of which $50,457 remained outstanding as of June 30, 2026 and matures on May 25, 2027), pursuant to the terms of the agreement, subject to availability under the Credit Facility, which is based on certain advance rates multiplied by the value of our portfolio investments (subject to certain concentration limitations) net of certain other indebtedness that we may incur in accordance with the terms of the Credit Facility. Proceeds of the Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. Maximum capacity under the Credit Facility may be increased, subject to certain conditions, to $1,402,500 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Credit Facility includes a $75,000 limit for swingline loans and a $30,000 limit for letters of credit. Subject to certain exceptions, the Credit Facility is secured by a first lien security interest in substantially all of the portfolio investments held by us and Credit Fund II. The Credit Facility includes customary covenants, including certain financial covenants related to asset coverage, stockholders’ equity and liquidity, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature.

The Credit Facility consisted of the following as of June 30, 2026 and December 31, 2025:


	Total Facility		Borrowings Outstanding		Unused Portion(1)		Amount Available(2)		Weighted Average Interest Rate
June 30, 2026	$	875,457	$	332,137	$	543,320	$	543,320	4.89	%
December 31, 2025	$	960,000	$	563,660	$	396,340	$	396,340	5.28	%

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

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

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

Unsecured Debt

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

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

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

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

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

The following table details the carrying value of our Senior Notes as of June 30, 2026 and December 31, 2025:


	As of
	June 30, 2026			December 31, 2025


2030 Notes	$	300,000		$	300,000
2031 Notes	300,000			300,000
Total principal amount	600,000			600,000
Less: unamortized debt issuance costs	(8,229)			(9,240)
Effective interest rate swap hedge	(11,902)			(1,184)
Total carrying value	$	579,869		$	589,576
Weighted average interest rate	6.43		%	6.84		%

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

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

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

Securitizations

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

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

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

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


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

Total Principal Amount Outstanding				380,000			380,000
Less: unamortized debt issuance costs				(1,658)			(2,026)
Total Carrying Value				$	378,342		$	377,974
Weighted average interest rate				5.61		%	5.84		%

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

Forward Currency Contracts

In order to better define its contractual rights and to secure rights that will help us mitigate our counterparty risk, we have entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with the derivative counterparty, Barclays Bank PLC (the “Counterparty”), in respect of forward currency contracts. Each ISDA Master Agreement is a bilateral agreement between us and the Counterparty that governs over-the-counter derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of each ISDA Master Agreement with the Counterparty permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the

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counterparty. As of June 30, 2026, the total unrealized appreciation (depreciation) related to forward currency contracts governed by these agreements was $765.

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

On February 29, 2016, we and Credit Partners USA LLC (“Credit Partners”) entered into an amended and restated limited liability company agreement, as amended from time to time, to co-manage Credit Fund, a Delaware limited liability company that is not consolidated in our unaudited consolidated financial statements. Credit Fund is managed by a six-member board of managers, on which we and Credit Partners each have equal representation. We and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $250,000 each as of June 30, 2026, which increased from $175,000 each as of February 11, 2026. Funding of such commitments generally requires the approval of the board of Credit Fund, including the board members appointed by us. By virtue of our respective membership interests, we and Credit Partners each indirectly bear an allocable share of all expenses and other obligations of Credit Fund.

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

Since inception of Credit Fund and through June 30, 2026, we and Credit Partners each made capital contributions of $1 in members’ equity and $216,000 in subordinated loans to Credit Fund. On March 24, 2025, we and Credit Partners each received an aggregate return of capital on subordinated loans of $62,500. Since inception, we and Credit Partners each have received an aggregate return of capital on subordinated loans of $85,500. The cost and fair value of our investment in Credit Fund were $130,501 and $123,753, respectively, as of June 30, 2026 and $171,001 and $163,614, respectively, as of December 31, 2025.

Our share of the dividends declared by Credit Fund was $5,750 and $5,000 for the three months ended June 30, 2026 and March 31, 2026, respectively. As of June 30, 2026 and March 31, 2026, our annualized dividend yield from Credit Fund was 17.6% and 15.3%, respectively. Below is a summary of Credit Fund’s portfolio as of June 30, 2026 and December 31, 2025:


	As of
	June 30, 2026			December 31, 2025
Senior secured loans(1)	$	1,197,580		$	978,828
Weighted average yields of senior secured loans based on amortized cost(2)	8.8		%	9.1		%
Weighted average yields of senior secured loans based on fair value(2)	8.9		%	9.1		%
Number of portfolio companies in Credit Fund	69			55
Average amount per portfolio company(1)	$	17,356		$	17,797
Number of loans on non-accrual status	1			2
Fair value of loans on non-accrual status	$	329		$	6,297
Percentage of loans at floating interest rates(3)(4)	100.0		%	100.0		%

Fair value of loans with PIK provisions	$	48,390		$	36,618
Percentage of portfolio with PIK provisions(4)	4.1		%	3.8		%

(1)At par/principal amount.

(2)Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of June 30, 2026 and December 31, 2025. Weighted average yield on debt at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount (“OID”) and market discount earned, divided by (b) total fair value included in such securities. Weighted average yield on debt at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned, divided by (b) total amortized cost included in such securities. Weighted average yields exclude investments on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above.

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

(4)Percentages based on fair value.

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

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


	Class A Capital Commitment		Class A Capital Called		Class B Capital Commitment		Class B Capital Called		Class C Capital Commitment		Class C Capital Called
Carlyle Secured Lending, Inc.	$	1	$	1	$	135,000	$	69,384	$	15,000	$	—
Carlyle Credit Solutions, Inc.	1		1		15,000		7,709		135,000		—
Sixth Street	2		2		150,000		77,093		150,000		—
Total	$	4	$	4	$	300,000	$	154,186	$	300,000	$	—

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

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

Our share of the dividends declared by Structured Credit Partners was $2,282 and $302 for the three months ended June 30, 2026 and March 31, 2026, respectively. As of June 30, 2026 and March 31, 2026, our annualized dividend yield from Structured Credit Partners was 18.7% and 10.7%, respectively. Below is a summary of Structured Credit Partners’ portfolio as of June 30, 2026:


	As of
	June 30, 2026
Total Investments(1)	$	1,681,254
Weighted average yield on total investments based on amortized cost(2)	6.8		%
Weighted average yield on total investments based on fair value(2)	6.8		%
Number of portfolio companies in Structured Credit Partners	428
Average amount per portfolio company	$	3,928
Floating rate loans(3)	99.5		%

(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 June 30, 2026. Weighted average yield on debt at fair value is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount (“OID”) and market discount earned, divided by (b) total fair value included in such securities. Weighted average yield on debt at amortized cost is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of OID and market discount earned, divided by (b) total amortized cost included in such securities. Weighted average yields exclude investments on non-accrual status. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(3)Percent of total investments at fair value.

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Consolidated Results of Operations

For the three months ended June 30, 2026 and March 31, 2026

The following table sets forth information regarding our consolidated results of operations for the three months ended June 30, 2026 and March 31, 2026:


	Three Months Ended				Change
	June 30, 2026		March 31, 2026		$
Investment income:
Interest income	$	46,337	$	49,701	$	(3,364)
PIK income	6,850		6,481		369
Dividend income	8,032		5,302		2,730
Other income	866		2,595		(1,729)
Total investment income	62,085		64,079		(1,994)
Expenses:
Base management fees	8,643		8,786		(143)
Incentive fees	5,125		5,348		(223)
Professional fees	1,001		1,097		(96)
Administrative service fees	649		482		167
Interest expense and credit facility fees	21,284		21,770		(486)
Directors’ fees and expenses	200		187		13
Other general and administrative	507		764		(257)
Excise tax expense	680		441		239
Total expenses	38,089		38,875		(786)
Net investment income (loss)	23,996		25,204		(1,208)
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments	(1,793)		(9,482)		7,689
Net realized currency gain (loss) on non-investment assets and liabilities	259		(136)		395

Net change in unrealized appreciation (depreciation) on investments	(25,059)		(23,799)		(1,260)
Net change in unrealized currency gain (loss) on non-investment assets and liabilities	1,772		3,995		(2,223)
Net change in unrealized gain (loss) on forward currency contracts	765		—		765
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	(24,056)		(29,422)		5,366
Net increase (decrease) in net assets resulting from operations	$	(60)	$	(4,218)	$	4,158

Investment Income

The decrease in investment income for the three months ended June 30, 2026, as compared to the three months ended March 31, 2026, was primarily driven by a lower average principal balance of our total debt and income-producing investments and lower other income, partially offset by an increase in dividend income from Credit Fund and Structured Credit Partners. As of June 30, 2026, our portfolio at amortized cost increased to $2,414,341 from $2,306,378 as of March 31, 2026. As of June 30, 2026 and March 31, 2026, the weighted average yield of our total debt and income producing investments was 10.4% and 10.0%, 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 June 30, 2026 and March 31, 2026, eight and six of our debt and preferred equity investments were on non-accrual status, respectively. As of June 30, 2026 and March 31, 2026, non-accrual investments had a fair value of $13,765 and $20,617, which represented approximately 0.6% and 0.9% of total investments at fair value,

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respectively. The remaining income producing investments were performing and current on their interest payments as of June 30, 2026 and March 31, 2026.

The decrease in other income for the three months ended June 30, 2026, compared to the three months ended March 31, 2026, was primarily driven by a decrease in prepayment fees.

The increase in dividend income for the three months ended June 30, 2026, compared to the three months ended March 31, 2026, was due to an increase in dividend income from Credit Fund and Structured Credit Partners.

Expenses

The decrease in interest expense and credit facility fees was primarily driven by a lower average principal balance during the three months ended June 30, 2026.

The decrease in base management fees was driven by lower average gross assets for the three months ended June 30, 2026 compared to the three months ended March 31, 2026.

The decrease in incentive fees was driven by lower pre-incentive fee net investment income for the three months ended June 30, 2026 compared to the three months ended March 31, 2026.

For the three months ended June 30, 2026, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of June 30, 2026. The accrual for any capital gains incentive fee under accounting principles generally accepted in the United States (“U.S. GAAP”) in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. See Note 4, Related Party Transactions, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the incentive and base management fees.

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

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

The amount of and number of investments with realized gain (loss) and change in unrealized appreciation (depreciation) for the three months ended June 30, 2026 and March 31, 2026 were as follows:


	Three Months Ended
	June 30, 2026		March 31, 2026
Realized gains on investments	$	842	$	667
Number of investments with realized gains	23		11
Realized losses on investments	$	(2,635)	$	(10,149)
Number of investments with realized losses	13		21
Change in unrealized appreciation on investments	$	8,312	$	12,446
Number of investments with unrealized appreciation	88		52
Change in unrealized depreciation on investments	$	(33,371)	$	(36,245)
Number of investments with unrealized depreciation	135		173

During the three months ended June 30, 2026, we recognized a net realized loss related to the restructuring of our investments in DCA Investment Holding LLC. During the three months ended March 31, 2026, we recognized a net realized loss related to the restructuring of our investments in 48forty Intermediate Holdings, Inc.

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

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For the three and six months ended June 30, 2026 and June 30, 2025

The following table sets forth information regarding our consolidated results of operations for the three and six months ended June 30, 2026 and June 30, 2025:


	Three Months Ended June 30,				Change		Six Months Ended June 30,				Change
	2026		2025		$		2026		2025		$
Investment income:
Interest income	$	46,337	$	55,641	$	(9,304)	$	96,038	$	97,621	$	(1,583)
PIK income	6,850		5,189		1,661		13,331		10,568		2,763
Dividend income	8,032		5,000		3,032		13,334		11,554		1,780
Other income	866		1,451		(585)		3,461		2,402		1,059
Total investment income	62,085		67,281		(5,196)		126,164		122,145		4,019
Expenses:
Base management fees	8,643		8,665		(22)		17,429		16,274		1,155
Incentive fees	5,125		5,934		(809)		10,473		10,334		139
Professional fees	1,001		1,015		(14)		2,098		1,730		368
Administrative service fees	649		498		151		1,131		904		227
Interest expense and credit facility fees	21,284		21,727		(443)		43,054		40,330		2,724
Directors’ fees and expenses	200		188		12		387		336		51
Other general and administrative	507		624		(117)		1,271		1,302		(31)
Excise tax expense	680		380		300		1,121		1,056		65
Total expenses	38,089		39,031		(942)		76,964		72,266		4,698
Net investment income (loss)	23,996		28,250		(4,254)		49,200		49,879		(679)
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments	(1,793)		(357)		(1,436)		(11,275)		(21,886)		10,611
Net realized currency gain (loss) on non-investment assets and liabilities	259		229		30		123		(367)		490
Net realized gain (loss) on forward currency contracts	—		(2,471)		2,471		—		313		(313)
Net change in unrealized appreciation (depreciation) on investments	(25,059)		(3,112)		(21,947)		(48,858)		13,185		(62,043)
Net change in unrealized currency gain (loss) on non-investment assets and liabilities	1,772		(9,404)		11,176		5,767		(10,743)		16,510
Net change in unrealized gain (loss) on forward currency contracts	765		1,495		(730)		765		(1,697)		2,462
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts	(24,056)		(13,620)		(10,436)		(53,478)		(21,195)		(32,283)
Net increase (decrease) in net assets resulting from operations	$	(60)	$	14,630	$	(14,690)	$	(4,278)	$	28,684	$	(32,962)

Investment Income

The decrease in investment income for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, was primarily driven by a lower weighted average yield on our total debt and income producing investments. The increase in investment income for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily driven by a higher average outstanding investment balance, including assets acquired in the CSL III Merger and the Credit Fund II Purchase in the first quarter of 2025. As of June 30, 2026, our portfolio at amortized cost increased to $2,414,341 from $2,366,445 as of June 30, 2025. As of June 30, 2026 and June 30, 2025, the weighted average yield of our total debt and income producing investments was 10.4% and 10.9%, respectively, based on amortized cost.

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equity investments were on non-accrual status, respectively. Non-accrual investments had a fair value of $13,765 and $48,069, which represented approximately 0.6% and 2.1% of total investments at fair value as of June 30, 2026 and June 30, 2025, respectively. The remaining income producing investments were performing and current on their interest payments as of June 30, 2026 and June 30, 2025.

The increase in dividend income for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, was primarily driven by dividend income from Structured Credit Partners and an increase in dividend income from Credit Fund.

The decrease in other income for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was primarily driven by a decrease in prepayment fees and amendment fees. The increase in other income for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was primarily driven by an increase in prepayment fees in the first quarter of 2026.

Expenses

The decrease in interest expense and credit facility fees for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily driven by a lower weighted average cost of borrowings during the three months ended June 30, 2026. The increase in interest expense and credit facility fees for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily driven by a higher average principal balance during the six months ended June 30, 2026.

The decrease in base management fees for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was driven by a lower average gross assets for the three months ended June 30, 2026. The increase in base management fees for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was driven by a higher average gross assets for the six months ended June 30, 2026.

The decrease in incentive fees for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was driven by lower pre-incentive fee net investment income for the three months ended June 30, 2026. The increase in incentive fees for the three months ended June 30, 2025 was driven by higher pre-incentive fee net investment income for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

For the three and six months ended June 30, 2026, there were no accrued capital gains incentive fees based upon the cumulative net realized and unrealized appreciation (depreciation) as of June 30, 2026. The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. See Note 4, Related Party Transactions, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for more information on the incentive and base management fees.

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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 and six months ended June 30, 2026 and June 30, 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Realized gains on investments	$	842	$	121	$	1,508	$	1,065
Number of investments with realized gains	23		13		27		23
Realized losses on investments	$	(2,635)	$	(478)	$	(12,783)	$	(22,951)
Number of investments with realized losses	13		8		30		10
Change in unrealized appreciation on investments	$	8,312	$	20,411	$	16,739	$	52,793
Number of investments with unrealized appreciation	88		85		62		81
Change in unrealized depreciation on investments	$	(33,371)	$	(23,523)	$	(65,597)	$	(39,608)
Number of investments with unrealized depreciation	135		99		182		124

During the six months ended June 30, 2026, we recognized a net realized loss related to the restructurings of our investments in 48forty Intermediate Holdings, Inc. and DCA Investment Holding LLC. During the six months ended June 30, 2025, we recognized a realized loss related to the restructuring of our investment in Aimbridge Acquisition Co., Inc. and the consolidation of our investment in Credit Fund II as a result of Credit Fund II Purchase.

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

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 June 30, 2026, we had $1,312,137 of outstanding consolidated indebtedness under the Credit Facility, the 2015-1N Debt, the 2030 Notes, and the 2031 Notes as previously discussed within Portfolio and Investment Activity - Portfolio Financing. As of June 30, 2026, we had $592,176 of liquidity that can be used to satisfy our short-term cash requirements and working capital for our business. Refer to Note 9, Borrowings, to the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information regarding our financing.

The following table presents our capitalization ratios:


	As of
	June 30, 2026	December 31, 2025
Debt to Equity	1.22x	1.32x
Net Financial Leverage (1)	1.20x	1.13x

(1) Net financial leverage adjusts for net working capital at period end, which was $12.1 million and $214.5 million as of June 30, 2026 and December 31, 2025, respectively.

Sources of Liquidity

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


	As of
	June 30, 2026		December 31, 2025
Cash, cash equivalents and restricted cash	$	48,856	$	76,493
Available borrowings under Credit Facility	543,320		396,340
Total Liquidity	$	592,176	$	472,833

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

Liquidity Needs

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

Contractual Obligations and Contingencies

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

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 June 30, 2026 and December 31, 2025:


	Par/Principal Amount as of
	June 30, 2026		December 31, 2025
Unfunded delayed draw commitments	$	196,942	$	256,926
Unfunded revolving commitments	157,069		174,680
Total unfunded commitments	$	354,011	$	431,606

Pursuant to an undertaking by us in connection with the 2015-1 Debt Securitization, we agreed to hold on an ongoing basis the 2015-1 Issuer Preferred Interests with an aggregate dollar purchase price at least equal to 5% of the aggregate outstanding amount of all collateral obligations by the 2015-1 Issuer for so long as any securities of the 2015-1 Issuer remains outstanding. As of June 30, 2026 and December 31, 2025, we were in compliance with this undertaking.

Cash Flows

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


	Six Months Ended
	June 30, 2026
Cash flows provided by (used in) operating activities	$	286,010

Cash flows provided by (used in) financing activities	(313,647)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	(27,637)

During the six months ended June 30, 2026, we paid $516,551 related to cost of investments purchased and received $771,348 in proceeds from sales and repayments on our investments. During the six months ended June 30, 2026, we had net repayments of $225,708 on our Credit Facility, paid $56,844 of dividends in cash, and we paid $31,027 related to repurchased shares.

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

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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 June 30, 2026 and December 31, 2025, the Company had total senior securities of $1,312,137 and $1,543,660, respectively, consisting of secured borrowings under the Credit Facility, the 2030 Notes, the 2031 Notes, and the 2015-1N Debt, and had asset coverage ratios of 182.3% and 175.6%, respectively.

Critical Accounting Policies and Estimates

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Valuation Risk

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

Interest Rate Risk

As of June 30, 2026, on a fair value basis, approximately 99.3% of our debt investments bear interest at floating rates, which primarily are subject to interest rate floors. The Credit Facility and the 2015-1N Debt are also subject to floating interest rates and are primarily paid based on floating SOFR rates. The 2030 Notes and the 2031 Notes, each which bear fixed rates, were hedged through fixed to floating interest rate swaps, in order to align the interest rates of our liabilities in our investment portfolio.

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

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The following table estimates the potential changes in net cash flow generated from interest income, should interest rates increase or decrease by 100, 200 or 300 basis points. These hypothetical interest income calculations are based on a model of the settled debt investments in our portfolio, excluding structured finance obligations and our investments in Credit Fund and Structured Credit Partners, held as of June 30, 2026 and December 31, 2025, and are only adjusted for assumed changes in the underlying base interest rates and the impact of that change on interest income. Interest expense is calculated based on outstanding secured borrowings and notes payable as of June 30, 2026 and December 31, 2025 and based on the terms of our Credit Facility and notes payable. Interest expense on our Credit Facility and notes payable is calculated using the stated interest rate as of June 30, 2026 and December 31, 2025, adjusted for the hypothetical changes in rates, as shown below. We intend to continue to finance a portion of our investments with borrowings and the interest rates paid on our borrowings may significantly impact our net interest income.

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

Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2026 and December 31, 2025, the following table shows the annual impact on net investment income of base rate changes in interest rates for our settled debt investments (considering interest rate floors for variable rate instruments), excluding our investments in Credit Fund and Structured Credit Partners, and outstanding secured borrowings and notes payable assuming no changes in our investment and borrowing structure:


	As of June 30, 2026						As of December 31, 2025
Basis Point Change	Interest Income		Interest Expense		Net Investment Income		Interest Income		Interest Expense		Net Investment Income
Up 300 basis points	$	61,544	$	(39,364)	$	22,180	$	64,385	$	(46,310)	$	18,075

Up 200 basis points	$	41,029	$	(26,243)	$	14,786	$	42,923	$	(30,873)	$	12,050

Up 100 basis points	$	20,515	$	(13,121)	$	7,394	$	21,462	$	(15,437)	$	6,025


Down 100 basis points	$	(20,515)	$	13,121	$	(7,394)	$	(21,462)	$	15,437	$	(6,025)
Down 200 basis points	$	(40,949)	$	26,243	$	(14,706)	$	(42,809)	$	30,769	$	(12,040)

Down 300 basis points	$	(57,935)	$	38,093	$	(19,842)	$	(60,789)	$	44,940	$	(15,849)

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

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

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting during the fiscal quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

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

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

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

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table provides information regarding purchases of our common stock made by or on behalf of the Company or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) during the three months ended June 30, 2026 for the periods indicated (dollar amounts in thousands, except per share data).


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
April 1, 2026 through April 30, 2026	656,491	$	11.32	656,491	$	102,459
May 1, 2026 through May 31, 2026	291,393	$	11.52	291,393	$	99,102
June 1, 2026 through June 30, 2026	162,238	$	10.72	162,238	$	97,362
Total	1,110,122			1,110,122

(1)On trade date basis.

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

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

During the three months ended June 30, 2026, no director or Section 16 officer of the Company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

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Item 6. Exhibits


Exhibit No.						Description


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

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

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

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

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

101.SCH						Inline XBRL Taxonomy Extension Schema Document*

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*

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

* Filed herewith

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SIGNATURES

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


	CARLYLE SECURED LENDING, INC.

Dated: August 6, 2026	By	/s/ Thomas M. Hennigan
		Thomas M. Hennigan
		Director, President, Chief Financial Officer and Chief Risk Officer (Principal Financial Officer)

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Carlyle Secured Lending - 10-Q quarterly report FY2026 Q2

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