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.

[2]

[3]

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

[4]

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

[5]

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.

[6]

[7]

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.

[8]

[9]

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.

[10]

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.

[11]

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

[12]

[13]

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.

[14]

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

[15]

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

[16]

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”).

[17]

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

[18]

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

[19]

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


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

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

[20]

[21]

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

[22]

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

[23]

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


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


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


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


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


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


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

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

[24]

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.

[25]

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

[26]

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.

[27]

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

[28]

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.

[29]

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%.

[30]

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

[31]

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

[32]

[33]

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


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


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

[34]

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

[35]

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

[36]

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.

[37]

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

[38]

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.

[39]

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

[40]

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


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


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


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)


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)


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		—


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)

[41]

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

[42]

[43]

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.

[44]

[45]

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